Ethiopian Pulp & Paper Share Company

Fiscal Year 2016 EC (2024/2025 GC)

Qualified
All Years
Download Original Audit Report FY 2015 FY 2017

Revenue

ETB 126.5M

Net Loss

ETB -503K

Total Assets

ETB 503.4M

Total Equity

ETB 333.3M

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 2016 EC

Item Amount (ETB)
Revenue
Sales 126,468,879
Cost of goods sold -94,699,776
Gross operating profit 31,769,103
Operating Income
Other income 3,469,227
Expenses
Administration -21,915,733
Selling and distribution -6,115,376
Financial charges -4,182,714
Board & auditors' fee -600,585
Profit
Profit/(Loss) before taxation 2,423,922
Provision for taxation -2,927,288
Net profit/(loss) after taxation -503,366
Other Comprehensive Income
Amortized interest on government bond 33,204
Deferred tax income/expense 1,906,508
Total comprehensive income for the year net of tax 1,436,346

Statement of Financial Position

As at end of FY 2016 EC

Item Amount (ETB)
Non-Current Assets
Property, plant & equipment 268,021,875
Government bond (investment) 280,533
Total non-current assets 268,302,407
Current Assets
Stock 206,976,799
Trade and other receivable 22,546,712
Withhold tax in excess of profit tax 2,548,827
Cash and bank balances 3,018,676
Total current assets 235,091,014
Total Assets
Total assets 503,393,422
Equity
Authorized and paid up capital 165,801,312
First time IFRS adoption revaluation reserve 192,906,436
Legal reserve 2,000,000
Retained earnings -27,421,629
Shareholders' funds 333,286,119
Current Liabilities
Trades and other payables 43,070,093
Bank overdraft 39,652,942
Annual leave pay accrued 2,665,345
Net profit tax closed to WHH 630,707
Total current liabilities 86,019,086
Non-Current Liabilities
Deferred tax liabilities 70,278,603
Severance payable 2,435,134
Long term loan 11,374,479
Total non-current liabilities 84,088,216
Total Liabilities & Equity
Total liabilities 170,107,302
Total equity and liabilities 503,393,422

Cash Flow Statement

FY 2016 EC

Item Amount (ETB)
Operating Activities
Net profit/(loss) for the year 2,423,922
Depreciation 11,979,787
Finance cost recognized in profit or loss 4,182,714
Adjustment of retained earning and WHT receivable -1,858,963
Ethiopian Electric Utility back pay -5,875,932
Decrease/(increase) in stock -23,141,895
Decrease/(increase) in debtors 10,438,407
Increase/(decrease) in creditors -7,425,945
Increase/(decrease) in employee benefits -5,741
Cash generated from (used by) operations -9,283,647
Interest paid -4,182,714
Income tax paid 212,792
Net cash from operating activities -13,253,570
Investing Activities
Payment for purchase of property, plant & equipment -7,636,341
Net cash from investing activities -7,636,341
Financing Activities
Medium term loan repaid 7,747,980
Decrease/increase bank overdraft 15,182,302
Net cash from financing activities 22,930,282
Net Change in Cash 2,040,371
Closing Cash & Equivalents -36,634,266

Audit Findings

#1

Long outstanding debtors and creditors balance of Birr 11,480,427 and Birr 7,045,336 respectively, for more than a year.

Long outstanding debtors and creditors balance of Birr 11,480,427 and Birr 7,045,336 respectively, for more than a year.

Amount: ETB 18.5M

#2

Fixed asset schedule was not presented for both pooling and straight-line method.

Fixed asset schedule was not presented for both pooling and straight-line method.

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