Ethiopian Minerals Corporation

Fiscal Year 2015 EC (2023/2024 GC)

Qualified

All Years

Download Original Audit Report

Revenue

ETB 44.2M

Net Loss

ETB -83.9M

Total Assets

ETB 1.3B

Total Equity

ETB 601.1M

Profit Breakdown

Key income statement items

Cash Flow Activities

Net cash from each activity

Asset Composition

Breakdown of total assets

Consolidated Statement of Profit or Loss and Other Comprehensive Income

FY 2015 EC

Item	Amount (ETB)
Revenue
Revenue	44,190,610
Less: Cost of Goods Sold	-46,652,665
Gross profit	-2,462,055
Other Income & Expenses
Other income	32,834,629
(Impairment loss)/Recovery on receivables	-1,111,535
General and Administrative expenses	-122,963,695
Selling and Distribution Expenses	-314,114
Total Operating Expenses	-124,389,344
Profit
Operating profit/(loss)	-94,016,770
Finance costs	-217,603
Profit before taxation	-94,234,374
Taxation Income (Expense)	10,362,779
Profit (Loss) for the year	-83,871,594
Comprehensive Income
Other Comprehensive Income	—
Total Comprehensive Income	-83,871,594
Attributable To
Owner - Ethiopian Mineral, Petroleum & Biofuel Corporation (75.43%)	-79,368,449
Non-controlling Interest (24.57%)	-4,503,144

Consolidated Statement of Financial Position

As at end of FY 2015 EC

Item	Amount (ETB)
Non-Current Assets
Property, Plant and Equipment (Net)	297,399,787
Land Use Right (freehold land)	647,049,731
Intangible Assets	24,169
Investments	1,180,150
Non-current assets	945,653,838
Current Assets
Non-current Assets Held for Sale	7,387,302
Inventories	170,794,921
Trade and Other Receivables	69,334,894
Cash and Cash Equivalents	65,167,078
Current assets	312,684,195
Total Assets
Total assets	1,258,338,032
Equity
Paid up capital	462,767,851
Legal reserve	10,293,099
IFRS Adoption Remeasurement Reserve	645,148,512
Non-controlling interest	33,591,659
Retained Earnings	-550,741,988
Total Stockholders' Equity	601,059,134
Non-Current Liabilities
Loan from Ministry of Finance	227,969,923
Deferred Tax Liabilities	214,906,093
Employee Benefits payable	5,633,142
Total Non-current liabilities	448,509,158
Current Liabilities
Trade & Other Payables	118,457,705
Bank Loan	46,020,575
Employee Benefits payable	5,166,356
Current Tax Liabilities	39,125,103
Total Current Liabilities	208,769,740
Total Liabilities & Equity
Total liabilities	657,278,898
Total Shareholders' Equity and liabilities	1,258,338,032

Cash Flow Statement

FY 2015 EC

Item	Amount (ETB)
Operating Activities
Profit before tax	-94,234,374
Depreciation	55,758,445
Amortization	16,000
Gain on disposal	-7,782,778
Foreign exchange gain	-980,714
Impairment Loss	1,111,534
Prior year Adjustment	-3,689,976
Profit tax written off	384,684
(Increase)/Decrease in inventories	4,868,616
(Increase)/Decrease in Trade and other receivables	-7,920,361
Increase/(Decrease) in trade & other payables	9,042,311
Increase/(Decrease) in Employee Benefits payable	2,448,357
Increase/(Decrease) in current tax liabilities	-6,429,236
2% income tax withheld at source	-2,145,048
Net cash generated from operating activities	-49,552,539
Investing Activities
Cash from Disposal of PPE	8,692,805
Purchase of property, plant and equipment	-75,334
Net cash utilized by investing activities	8,617,471
Financing Activities
Loan from MOF	0
Net cash out flow from financing activities	0
Net Change in Cash	-40,935,069
Closing Cash & Equivalents	65,167,078

Audit Findings

#1

Could not verify the existence of inventory balance as of the balance sheet date due to late appointment as auditor and not attending year-end inventory count.

#2

Goods in Transit with a balance of Br. 11,533,771.13 has been long outstanding over years and its existence is unverifiable.

Amount: ETB 11.5M

#3

Long outstanding loan balance of Br. 46,020,575 has been outstanding over years and the actual existence could not be verified.

Amount: ETB 46.0M

#4

Trade and other payable includes Br. 44,747,538.88 representing receivables with credit balance which has been long outstanding.

Amount: ETB 44.7M

#5

Significant variation between paid up capital in the statement of financial position (Br. 462.76 million) and the paid up capital stated in the establishment regulation (Br. 4.175 billion).

Extracted from audited financial statements via OCR. Figures in Ethiopian Birr.