Ethiopian Pulp & Paper Share Company

Fiscal Year 2014 EC (2022/2023 GC)

Qualified

All Years

Download Original Audit Report FY 2015

Revenue

ETB 139.0M

Net Loss

ETB -2.7M

Total Assets

ETB 488.3M

Total Equity

ETB 247.2M

Profit Breakdown

Key income statement items

Cash Flow Activities

Net cash from each activity

Asset Composition

Breakdown of total assets

Statement of Profit or Loss and Other Comprehensive Income

FY 2014 EC

Item	Amount (ETB)
Revenue
Sales	138,977,725
Cost of goods sold	-109,552,329
Gross operating profit	29,425,396
Operating Income
Other income	1,123,165
Expenses
Administration	-20,808,413
Selling and distribution	-6,812,585
Financial charges	-4,889,468
Board & auditors' fee	-751,500
Profit
Profit/(Loss) before taxation	-2,713,405
Net profit/(loss) after taxation	-2,713,405
Other Comprehensive Income
Creditors provided	772
Amortized interest on government debenture	51,627
Gain on revaluation of property net of tax	1,575,055
Total comprehensive income for the year net of tax	-1,085,951

Statement of Financial Position

As at end of FY 2014 EC

Item	Amount (ETB)
Non-Current Assets
Property, plant & equipment	283,319,249
Government bond (investment)	218,329
Total non-current assets	283,537,578
Current Assets
Stock	153,599,619
Trade and other receivable	35,368,128
Withhold tax in excess of profit tax	10,893,359
Cash and bank balances	4,922,078
Total current assets	204,783,184
Total Assets
Total assets	488,320,762
Equity
Authorized and paid up capital	10,000,000
First time IFRS adoption revaluation reserve	192,906,436
Legal reserve	2,000,000
Retained earnings	42,244,564
Shareholders' funds	247,151,000
Current Liabilities
Trades and other payables	28,115,592
Current maturity of long term loans	5,685,243
Bank overdraft	18,838,402
Annual leave pay accrued	3,169,207
Total current liabilities	55,808,444
Non-Current Liabilities
Deferred tax liabilities	73,876,283
Severance payable	2,399,689
Long term loan	3,626,498
Long term loan - PESSA	105,458,848
Total non-current liabilities	185,361,318
Total Liabilities & Equity
Total liabilities	241,169,762
Total equity and liabilities	488,320,762

Cash Flow Statement

FY 2014 EC

Item	Amount (ETB)
Operating Activities
Net profit/(loss) for the year	-2,713,405
Amortization of deferred expenditures	10,500
Depreciation	12,093,030
Finance cost recognized in profit or loss	4,889,468
Creditor's written back in profit or loss	772
Decrease/(increase) in stock	10,501,155
Decrease/(increase) in debtors	-4,772,936
Increase/(decrease) in creditors	-7,108,545
Increase/(decrease) in employee benefits	81,843
Cash generated from operations	12,981,882
Interest paid	-4,889,468
Income tax paid	-1,944,238
Net cash from operating activities	6,148,176
Investing Activities
Payment for purchase of property, plant & equipment	-5,472,647
Net cash from investing activities	-5,472,647
Financing Activities
Medium term loan repaid	-6,112,677
Government bond redeemed	255,000
Net cash from financing activities	-5,857,677
Net Change in Cash	-5,182,148
Closing Cash & Equivalents	-13,916,324

Audit Findings

#1

Long outstanding balances of trade debtors and bid bond deposits accounts totaling Birr 14,840,121, but the provision maintained is Birr 5,724,219, which is not satisfactory.

Amount: ETB 14.8M

#2

VAT reconciliation statement not obtained for the difference of Birr 1,021,480 between the VAT payable balance and the VAT declaration report.

Amount: ETB 1.0M

#3

Company was assessed for profit tax for years 2008 to 2011 with additional profit tax of Birr 3,987,619 claimed by the tax authority via off-set, and Birr 6,623,929 prepaid profit tax collected as overwithholding tax receivable.

Amount: ETB 4.0M

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