Ethiopian National Lottery Administration
Fiscal Year 2015 EC (2023/2024 GC)
Revenue
ETB 1.1B
Net Profit
ETB 564.2M
Total Assets
ETB 802.8M
Total Equity
ETB 2.6M
Cash Flow Activities
Net cash from each activity
Asset Composition
Breakdown of total assets
Profit and Loss Account
FY 2015 EC
| Item | Amount (ETB) |
|---|---|
| Sales | |
| Proceeds from ticket sales | 1,112,986,373 |
| Sales commission | -169,850,574 |
| Net ticket sales | 943,135,799 |
| Prizes | |
| Prizes | -467,965,304 |
| Gross surplus | 475,170,495 |
| Other Income and Deductions | |
| Value added tax | -62,045,030 |
| Other income | 460,872,808 |
| Expenses | |
| Operating expenses | -202,313,002 |
| Administrative - Head Office | -65,166,789 |
| Advertising and sales promotion | -41,551,675 |
| Drawing expenses | -814,880 |
| Total expenses | -309,846,346 |
| Profit for the year | 564,151,927 |
Balance Sheet
As at end of FY 2015 EC
| Item | Amount (ETB) |
|---|---|
| Non-Current Assets | |
| Property, plant and equipment | 227,617,607 |
| Total Non-Current Assets | 227,617,607 |
| Current Assets | |
| Stock | 49,324,103 |
| Debtors | 72,119,455 |
| Cash and bank balances | 453,772,420 |
| Total Current Assets | 575,215,978 |
| Total Assets | |
| Total Assets | 802,833,584 |
| 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 | 522,749,235 |
| Total Non-Current Liabilities | 522,749,235 |
| Current Liabilities | |
| Creditors | 119,137,772 |
| Prizes payable | 158,329,679 |
| Total Current Liabilities | 277,467,451 |
| Total Liabilities and Equity | |
| Total Liabilities | 800,216,686 |
| Total Equity and Liabilities | 802,833,584 |
Cash Flow Statement
FY 2015 EC
| Item | Amount (ETB) |
|---|---|
| Operating Activities | |
| Profit for the year | 564,151,927 |
| Provision for doubtful debts | 12,504,241 |
| Depreciation of non-current assets | 18,413,521 |
| (Increase)/decrease in stock | 3,695,312 |
| Increase in debtors | -47,845,610 |
| (Decrease)/increase in creditors except MOF accrual | -1,844,776 |
| (Decrease)/increase in prizes payable | -51,894,258 |
| Net cash from operating activities | 497,180,356 |
| Investing Activities | |
| Payments for property, plant and equipment | -95,377,235 |
| Transfer from stock | 44,445,031 |
| Net cash used in investing activities | -50,932,203 |
| Financing Activities | |
| Payments to Central Treasury | -363,938,307 |
| Transfer to MOF reserve account | 100,000,000 |
| Accrual to Ministry of Finance | -44,825,596 |
| Net cash used in financing activities | -308,763,903 |
| Net Change in Cash | 137,484,250 |
| Closing Cash & Equivalents | 453,772,420 |
Audit Findings
#1 Property, plant and equipment not reconciled with the fixed asset register. Physical existence of PPE at Birr 227,617,607 could not be fully ascertained.
Property, plant and equipment not reconciled with the fixed asset register. Physical existence of PPE at Birr 227,617,607 could not be fully ascertained.
Property, plant and equipment not reconciled with the fixed asset register. Physical existence of PPE at Birr 227,617,607 could not be fully ascertained.
Amount: ETB 227.6M
#2 Year-end lottery count and sales receivable shows unreconciled difference of Birr 2,865,358. Staff debtors included abnormal credit balance of Birr 2,261,126. Debtors at Birr 72,119,455 unverifiable.
Year-end lottery count and sales receivable shows unreconciled difference of Birr 2,865,358. Staff debtors included abnormal credit balance of Birr 2,261,126. Debtors at Birr 72,119,455 unverifiable.
Year-end lottery count and sales receivable shows unreconciled difference of Birr 2,865,358. Staff debtors included abnormal credit balance of Birr 2,261,126. Debtors at Birr 72,119,455 unverifiable.
Amount: ETB 72.1M
#3 Inadequate internal control over recording of proceeds from ticket sales. Unable to verify ticket sales at Birr 1,112,986,373.
Inadequate internal control over recording of proceeds from ticket sales. Unable to verify ticket sales at Birr 1,112,986,373.
Inadequate internal control over recording of proceeds from ticket sales. Unable to verify ticket sales at Birr 1,112,986,373.
Amount: ETB 1.1B
#4 VAT and Prize tax payable ledger closing balances showed differences of Birr 6,055,817 and 21,250,067 respectively. Tax payable balance of Birr 41,002,966 under creditors unascertainable.
VAT and Prize tax payable ledger closing balances showed differences of Birr 6,055,817 and 21,250,067 respectively. Tax payable balance of Birr 41,002,966 under creditors unascertainable.
VAT and Prize tax payable ledger closing balances showed differences of Birr 6,055,817 and 21,250,067 respectively. Tax payable balance of Birr 41,002,966 under creditors unascertainable.
Amount: ETB 41.0M
#5 Netted-off unreconciled balance of Birr 41,084,700 between cash at bank ledger and bank statements. Cash certificate discrepancy of Birr 969,555. Cash and bank balances at Birr 453,772,420 unverifiable.
Netted-off unreconciled balance of Birr 41,084,700 between cash at bank ledger and bank statements. Cash certificate discrepancy of Birr 969,555. Cash and bank balances at Birr 453,772,420 unverifiable.
Netted-off unreconciled balance of Birr 41,084,700 between cash at bank ledger and bank statements. Cash certificate discrepancy of Birr 969,555. Cash and bank balances at Birr 453,772,420 unverifiable.
Amount: ETB 453.8M
Extracted from audited financial statements via OCR. Figures in Ethiopian Birr.