Ethiopian Trading Businesses Corporation
Imports, exports, and distributes grain, coffee, and other commodities.
Revenue
ETB 9.5B
FY 2016
Net Profit
ETB 525.3M
Profit
Total Assets
ETB 15.2B
FY 2016
Total Equity
ETB 2.5B
Revenue & Profitability
Revenue, cost of sales, and net profit over time
Balance Sheet
Total assets, liabilities, and equity over time
Audit Opinion Timeline
Key Audit Findings
Basis for qualified opinion from the latest audit report
#1 Trade receivables of Grain and Coffee BU include Birr 1,363,351,892 long-outstanding (>1 year). Allowance for expected credit loss of only Birr 406,543,950 is inadequate. Receivables and profit overstated by Birr 3,710,699,390 and Birr 594,862,390 respectively.
Trade receivables of Grain and Coffee BU include Birr 1,363,351,892 long-outstanding (>1 year). Allowance for expected credit loss of only Birr 406,543,950 is inadequate. Receivables and profit overstated by Birr 3,710,699,390 and Birr 594,862,390 respectively.
Trade receivables of Grain and Coffee BU include Birr 1,363,351,892 long-outstanding (>1 year). Allowance for expected credit loss of only Birr 406,543,950 is inadequate. Receivables and profit overstated by Birr 3,710,699,390 and Birr 594,862,390 respectively.
Amount: ETB 3.7B
#2 Unable to verify Grain and Coffee BU wheat profit margin increase from 2% to 2.5%; risk of revenue overstatement by Birr 30,489,320.
Unable to verify Grain and Coffee BU wheat profit margin increase from 2% to 2.5%; risk of revenue overstatement by Birr 30,489,320.
Unable to verify Grain and Coffee BU wheat profit margin increase from 2% to 2.5%; risk of revenue overstatement by Birr 30,489,320.
Amount: ETB 30.5M
#3 Inventory discrepancy of Birr 28,936,366 between records and physical count (including armed conflict losses). Unable to verify inventory balance of Birr 5,847,831,220.
Inventory discrepancy of Birr 28,936,366 between records and physical count (including armed conflict losses). Unable to verify inventory balance of Birr 5,847,831,220.
Inventory discrepancy of Birr 28,936,366 between records and physical count (including armed conflict losses). Unable to verify inventory balance of Birr 5,847,831,220.
Amount: ETB 5.8B
#4 Trade creditors include Birr 5,050,602,050 long-standing payable to Ministry of Finance and NDPP. Unable to verify trade payables of Birr 10,146,989,170.
Trade creditors include Birr 5,050,602,050 long-standing payable to Ministry of Finance and NDPP. Unable to verify trade payables of Birr 10,146,989,170.
Trade creditors include Birr 5,050,602,050 long-standing payable to Ministry of Finance and NDPP. Unable to verify trade payables of Birr 10,146,989,170.
Amount: ETB 10.1B
#5 Grain and Coffee BU wheat borrowing from NDPP: liability of Birr 3,219,072,242 not adjusted to market price. Unable to verify Birr 4,028,072,242 payable.
Grain and Coffee BU wheat borrowing from NDPP: liability of Birr 3,219,072,242 not adjusted to market price. Unable to verify Birr 4,028,072,242 payable.
Grain and Coffee BU wheat borrowing from NDPP: liability of Birr 3,219,072,242 not adjusted to market price. Unable to verify Birr 4,028,072,242 payable.
Amount: ETB 4.0B
Financial Summary
All figures in Ethiopian Birr (ETB).
| Year | Revenue | Net Profit | Total Assets | Total Liabilities | Equity | Opinion | |
|---|---|---|---|---|---|---|---|
| 2013 | ETB 4.5B | ETB 60.0M | ETB 8.2B | ETB 6.0B | ETB 2.1B | Qualified | Details |
| 2014 | ETB 10.4B | ETB 219.6M | ETB 13.0B | ETB 10.8B | ETB 2.2B | Qualified | Details |
| 2015 | ETB 14.6B | ETB 1.1B | ETB 14.7B | ETB 12.5B | ETB 2.3B | Qualified | Details |
| 2016 | ETB 9.5B | ETB 525.3M | ETB 15.2B | ETB 12.8B | ETB 2.5B | Qualified | Details |
All amounts were originally reported in Birr'000 and have been converted to full ETB. The EC 2013–2015 audit reports were scanned in landscape orientation and have been digitally rotated for processing.