Ethiopian National Lottery Administration

Fiscal Year 2014 EC (2022/2023 GC)

Qualified

All Years

Download Original Audit Report FY 2015

Revenue

ETB 878.0M

Net Profit

ETB 331.3M

Total Assets

ETB 601.2M

Total Equity

ETB 2.6M

Cash Flow Activities

Net cash from each activity

Asset Composition

Breakdown of total assets

Profit and Loss Account

FY 2014 EC

Item	Amount (ETB)
Sales
Proceeds from ticket sales	877,995,020
Sales commission	-142,799,843
Net ticket sales	735,195,177
Prizes
Prizes	-400,219,631
Gross surplus	334,975,546
Other Income and Deductions
Value added tax	-43,558,448
Other income	255,238,215
Expenses
Operating expenses	-153,895,105
Administrative - Head Office	-35,047,446
Advertising and sales promotion	-25,601,487
Audit fee	-560,000
Drawing expenses	-206,470
Total expenses	-215,310,508
Profit for the year	331,344,805

Balance Sheet

As at end of FY 2014 EC

Item	Amount (ETB)
Non-Current Assets
Property, plant and equipment	195,098,924
Total Non-Current Assets	195,098,924
Current Assets
Stock	53,019,415
Debtors	36,778,086
Cash and bank balances	316,288,171
Total Current Assets	406,085,672
Total Assets
Total Assets	601,184,596
Equity
Capital	100,000
Reserve	1,000,000
Contributions	1,516,898
Total Equity	2,616,898
Non-Current Liabilities
Ministry of Finance and Economic Development	267,361,213
Total Non-Current Liabilities	267,361,213
Current Liabilities
Creditors	120,982,548
Prizes payable	210,223,937
Total Current Liabilities	331,206,485
Total Liabilities and Equity
Total Liabilities	598,567,698
Total Equity and Liabilities	601,184,596

Cash Flow Statement

FY 2014 EC

Item	Amount (ETB)
Operating Activities
Profit for the year	331,344,805
Depreciation of non-current assets	11,925,770
Transfer from store	96,444,508
(Increase)/decrease in stock	15,599,913
Decrease in debtors	24,337,801
(Decrease)/increase in creditors	29,344,475
(Decrease)/increase in millennium lottery payable	-4,509,399
Increase in prizes payable	22,105,053
Net cash from operating activities	526,592,927
Investing Activities
Payments for property, plant and equipment	-161,769,512
Net cash used in investing activities	-161,769,512
Financing Activities
Payments to Central Treasury	-180,353,062
Accrual to Ministry of Finance	-90,188,241
Net cash used in financing activities	-270,541,303
Net Change in Cash	94,282,112
Closing Cash & Equivalents	316,288,171

Audit Findings

#1

Property, plant and equipment not reconciled with the fixed asset register. Building capitalized during the year (Birr 71,233,256) without provisional acceptance certificate. Physical existence of PPE at Birr 195,098,924 could not be fully ascertained.

Amount: ETB 195.1M

#2

Long outstanding debtors balance of Birr 20,648,227 with provision of only Birr 9,179,260. Further provision of Birr 11,468,967 needed. Lottery ticket count showed unreconciled difference of Birr 6,220,654. Debtors at Birr 36,778,086 unverifiable.

Amount: ETB 36.8M

#3

Inadequate internal control over recording of proceeds from ticket sales. Sales analysis and ledger discrepancy of Birr 31,262,980. Ticket sales at Birr 877,995,020 unverifiable.

Amount: ETB 878.0M

#4

VAT and Prize tax payable closing balances showed differences of Birr 425,646 and 3,219,080 respectively. VAT withheld difference of Birr 2,038,116. Taxes payable balance of Birr 16,148,378 under creditors unascertainable.

Amount: ETB 16.1M

#5

Aggregate unreconciled balance of Birr 57,008,113 on bank reconciliation statements. Cash and bank balances at Birr 316,288,171 unverifiable.

Amount: ETB 316.3M

#6

Long outstanding creditors balance of Birr 6,228,251 with no satisfactory explanation for non-settlement. Unable to confirm these represent genuine liabilities.

Amount: ETB 6.2M

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