Ethiopian Shipping and Logistics Services Enterprise

Fiscal Year 2016 EC (2024/2025 GC)

Qualified

All Years

Download Original Audit Report FY 2015

Revenue

ETB 55.9B

Net Profit

ETB 6.5B

Total Assets

ETB 81.6B

Total Equity

ETB 24.1B

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 for the Year Ended 30 Sene 2016

FY 2016 EC

Item	Amount (ETB)
Revenue & Cost of Sales
Revenue from Contracts with Customers	55,907,347,000
Direct Costs	-43,322,175,000
Gross Profit	12,585,172,000
Operating Expenses & Income
Administrative Expenses	-2,432,793,000
Net Impairment Losses on Financial and Contract Assets	-1,826,624,000
Foreign Currency Exchange Rate Gains	1,136,706,000
Other Income	306,802,000
Operating Profit	9,769,265,000
Finance & Tax
Finance Costs	-27,628,000
Profit Before Income Tax	9,741,637,000
Income Tax Expense	-3,229,039,000
Profit After Tax	6,512,598,000
Other Comprehensive Income
Remeasurement Gain/(Loss) on Retirement Benefits	-53,414,000
Deferred Tax on Remeasurement	16,024,000
Net OCI (Will Not Be Reclassified)	-37,390,000
Exchange Differences on Translating Foreign Operations	77,655,000
Income Tax on Translation	-23,296,000
Net OCI (Will Be Reclassified)	54,358,000
Total Other Comprehensive Income	16,969,000
Total Comprehensive Income	6,529,566,000

Statement of Financial Position as at 30 Sene 2016

As at end of FY 2016 EC

Item	Amount (ETB)
Non-Current Assets
Property, Plant and Equipment	18,200,076,000
Right of Use Asset	5,498,000
Investment Property	1,337,000
Intangible Assets	209,485,000
Equity Investments	28,226,000
Total Non-Current Assets	18,444,622,000
Current Assets
Inventories	2,352,472,000
Other Assets	3,327,555,000
Trade and Other Receivables	19,109,312,000
Investment in Foreign Branch	869,539,000
Contract Assets	115,329,000
Investment Securities Held at Amortized Cost	2,000,000
Cash and Cash Equivalents	38,008,720,000
Total Current Assets	63,184,924,000
Total Assets
Total Assets	81,629,546,000
Equity
Capital	20,000,000,000
Legal Reserve	2,346,792,000
Other Reserves (Remeasurement Difference on Employee Benefit)	24,508,000
Other Reserves (Foreign Currency Exchange Rate Difference on Translation)	623,717,000
Revaluation Reserve	1,124,976,000
Retained Earnings	0
Total Equity	24,119,993,000
Non-Current Liabilities
Deferred Tax Liabilities	1,038,662,000
Lease Obligation	2,858,000
Defined Benefit Obligations	198,581,000
Total Non-Current Liabilities	1,240,101,000
Current Liabilities
Borrowings	3,014,000
Trade and Other Payables	46,987,912,000
Contract Liabilities	461,144,000
Intersectoral Receivables	3,368,000
Provisions	38,353,000
Defined Benefit Obligations	1,581,000
Current Tax Liabilities	8,774,081,000
Total Current Liabilities	56,269,453,000
Total Liabilities and Equity
Total Liabilities	57,509,554,000
Total Equity and Liabilities	81,629,546,000

Cash Flow Statement

FY 2016 EC

Item	Amount (ETB)
Operating Activities
Cash Generated from Operations	12,652,199,000
Interest Paid	-828,000
Income Tax Paid	-1,788,306,000
Net Cash from Operating Activities	10,863,065,000
Investing Activities
Equity Investment	-334,000
Purchase of Property, Plant and Equipment	-1,114,637,000
Proceeds from Disposal of PP&E	128,024,000
Net Cash Used in Investing Activities	-986,947,000
Financing Activities
Lease Payment	-300,000
Dividend Paid	-1,693,995,000
Principal Repayments of Borrowings	-1,563,000
Net Cash Used in Financing Activities	-1,695,859,000
Net Change in Cash	8,180,258,000
Closing Cash & Equivalents	38,008,720,000

Audit Findings

#1

Trade and other receivable includes abnormal/credit balance; unable to determine adjustments needed

Amount: ETB 400.8M

#2

Bank reconciliation includes long outstanding reconciling items: cheques and deposits in transit, balances not recorded as collection/payment, and void transactions recorded in wrong period

Amount: ETB 1.6B

#3

No overdraft facility available but total credit balance understating cash balance

Amount: ETB 310.2M

#4

Trade and other payables include long outstanding balances with no explanation and debit balances deducted

Amount: ETB 2.3B

#5

Net balance at foreign operation and inter-sectorial account should have been nil out during combination

Amount: ETB 272.9M

#6

Transfer of Ethio-Ferries (Tana Haik Transport Enterprise): net asset per audit differs from recorded amount; no business valuation conducted

Amount: ETB 19.1M

Extracted from audited financial statements via OCR. Figures in Ethiopian Birr (originally reported in Birr'000).