Ethiopian Pulp & Paper Share Company
Fiscal Year 2015 EC (2023/2024 GC)
Revenue
ETB 140.9M
Net Loss
ETB -6.1M
Total Assets
ETB 495.5M
Total Equity
ETB 234.1M
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 2015 EC
| Item | Amount (ETB) |
|---|---|
| Revenue | |
| Sales | 140,910,966 |
| Cost of goods sold | -116,711,748 |
| Gross operating profit | 24,199,218 |
| Operating Income | |
| Other income | 697,720 |
| Expenses | |
| Administration | -20,672,422 |
| Selling and distribution | -5,701,434 |
| Financial charges | -3,887,846 |
| Board & auditors' fee | -686,315 |
| Profit | |
| Profit/(Loss) before taxation | -6,051,079 |
| Net profit/(loss) after taxation | -6,051,079 |
| Other Comprehensive Income | |
| Amortized interest on government debenture | 28,999 |
| Gain on revaluation of property net of tax | 1,691,172 |
| Total comprehensive income for the year net of tax | -4,330,908 |
Statement of Financial Position
As at end of FY 2015 EC
| Item | Amount (ETB) |
|---|---|
| Non-Current Assets | |
| Property, plant & equipment | 272,365,320 |
| Government bond (investment) | 247,328 |
| Total non-current assets | 272,612,649 |
| Current Assets | |
| Stock | 183,834,904 |
| Trade and other receivable | 32,985,119 |
| Withhold tax in excess of profit tax | 5,058,200 |
| Cash and bank balances | 978,305 |
| Total current assets | 222,856,528 |
| Total Assets | |
| Total assets | 495,469,177 |
| 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 | 29,219,384 |
| Shareholders' funds | 234,125,820 |
| Current Liabilities | |
| Trades and other payables | 50,496,038 |
| Bank overdraft | 24,470,640 |
| Annual leave pay accrued | 2,570,208 |
| Total current liabilities | 77,536,886 |
| Non-Current Liabilities | |
| Deferred tax liabilities | 72,185,111 |
| Severance payable | 2,536,013 |
| Long term loan | 3,626,498 |
| Long term loan - PESSA | 105,458,848 |
| Total non-current liabilities | 183,806,470 |
| Total Liabilities & Equity | |
| Total liabilities | 261,343,357 |
| Total equity and liabilities | 495,469,177 |
Cash Flow Statement
FY 2015 EC
| Item | Amount (ETB) |
|---|---|
| Operating Activities | |
| Net profit/(loss) for the year | -6,051,079 |
| Depreciation | 11,888,986 |
| Finance cost recognized in profit or loss | 3,887,846 |
| Retained earnings adjustment based on tax decision on WHT receivables | -5,424,061 |
| Decrease/(increase) in stock | -30,235,284 |
| Decrease/(increase) in debtors | 2,383,009 |
| Increase/(decrease) in creditors | 22,380,446 |
| Increase/(decrease) in employee benefits | -462,675 |
| Cash generated from (used by) operations | -1,627,961 |
| Interest paid | -3,887,846 |
| Income tax paid/refunded | 2,564,948 |
| Net cash from operating activities | -2,950,858 |
| Investing Activities | |
| Payment for purchase of property, plant & equipment | -939,909 |
| Net cash from investing activities | -939,909 |
| Financing Activities | |
| Medium term loan repaid (current maturity of long term loans) | -5,685,243 |
| Net cash from financing activities | -5,685,243 |
| Net Change in Cash | -9,576,011 |
| Closing Cash & Equivalents | -23,492,335 |
Audit Findings
#1 Long outstanding balances of trade debtors and bid bond deposits accounts amounting to Birr 12,332,190 and Birr 3,882,733, in aggregate Birr 16,214,923, but the provision maintained is Birr 5,724,219, which is not satisfactory.
Long outstanding balances of trade debtors and bid bond deposits accounts amounting to Birr 12,332,190 and Birr 3,882,733, in aggregate Birr 16,214,923, but the provision maintained is Birr 5,724,219, which is not satisfactory.
Long outstanding balances of trade debtors and bid bond deposits accounts amounting to Birr 12,332,190 and Birr 3,882,733, in aggregate Birr 16,214,923, but the provision maintained is Birr 5,724,219, which is not satisfactory.
Amount: ETB 16.2M
#2 Reconciliation statement not obtained for the difference of Birr 1,304,862 between the VAT receivable ledger balance and the VAT declaration report submitted to the tax Authority.
Reconciliation statement not obtained for the difference of Birr 1,304,862 between the VAT receivable ledger balance and the VAT declaration report submitted to the tax Authority.
Reconciliation statement not obtained for the difference of Birr 1,304,862 between the VAT receivable ledger balance and the VAT declaration report submitted to the tax Authority.
Amount: ETB 1.3M
#3 Company was assessed for profit tax for years 2008 to 2012 and settled additional profit of Birr 2,324,334 including interest. The total depreciation rejected was Birr 14,645,588.98 with no adjustment made for the five years 2008 to 2012.
Company was assessed for profit tax for years 2008 to 2012 and settled additional profit of Birr 2,324,334 including interest. The total depreciation rejected was Birr 14,645,588.98 with no adjustment made for the five years 2008 to 2012.
Company was assessed for profit tax for years 2008 to 2012 and settled additional profit of Birr 2,324,334 including interest. The total depreciation rejected was Birr 14,645,588.98 with no adjustment made for the five years 2008 to 2012.
Amount: ETB 14.6M
Extracted from audited financial statements via OCR. Figures in Ethiopian Birr.