Ethiopian Trading Businesses Corporation

Fiscal Year 2014 EC (2022/2023 GC)

Qualified
All Years
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Revenue

ETB 10.4B

Net Profit

ETB 219.6M

Total Assets

ETB 13.0B

Total Equity

ETB 2.2B

Profit Breakdown

Key income statement items

Asset Composition

Breakdown of total assets

Statement of Profit or Loss and Other Comprehensive Income

FY 2014 EC

Item Amount (ETB)
Revenue
Sales Revenue 10,380,126,810
Rent and Other Fees Revenue 55,132,020
Total Revenue 10,435,258,830
Cost of Sales
Cost of Sales -9,382,014,500
Gross Profit 1,053,244,330
Operating Expenses
Other Income 35,306,500
Selling and Distribution Cost -4,441,410
Administrative and General Expenses -344,656,980
Expected Credit Loss -65,129,180
Total Operating Expenses -414,227,570
Income from Operation 674,323,260
Finance and Tax
Interest and Bank Service Charges -399,069,660
Gain/Loss on Exchange Rate 38,703,050
Net Finance Cost -360,366,610
Profit before Tax 313,956,650
Profit Tax for the Period -94,382,160
Profit after Tax 219,574,490
Actuarial Gain/Loss 0
Deferred Tax Income/Loss 8,306,620
Total Comprehensive Income 227,881,110

Statement of Financial Position

As at end of FY 2014 EC

Item Amount (ETB)
Non-Current Assets
Property, Plant and Equipment 2,128,349,980
Land Use Right 1,285,952,820
Right-of-Use Land 2,031,700
Intangible Asset 3,025,620
Deferred Tax Asset 18,649,790
Total Non-Current Assets 3,437,181,780
Current Assets
Stock in Hand and In-Transit 5,908,232,580
Trade and Other Debtors 967,523,980
Advance, Prepayment and Deposits 167,044,760
Cash and Bank Balance 1,915,435,680
Total Current Assets 9,559,018,870
Total Assets
Total Assets 12,996,200,650
Equity
Paid up Capital 959,100,000
Non-distributable Reserve 1,879,009,470
Legal Reserve 14,528,930
Retained Earnings -640,180,160
Total Equity 2,212,458,240
Non-Current Liabilities
Long Term Loan 373,575,840
Long Term Lease Obligation 2,366,200
Severance Payable 3,819,430
Deferred Tax Liability 496,775,880
Total Non-Current Liabilities 876,537,350
Current Liabilities
Total Current Liabilities 9,907,205,060
Total Liabilities and Equity
Total Liabilities 10,783,742,410
Total Equity and Liabilities 12,996,200,650

Cash Flow Statement

Not available for this year.

Audit Findings

#1

Trade receivables include approximately Birr 11,414,787,000 in 'Suspense' accounts carried over from the prior year without resolution.

Trade receivables include approximately Birr 11,414,787,000 in 'Suspense' accounts carried over from the prior year without resolution.

Amount: ETB 11.4B

#2

Unable to determine the cost of sales structure due to abnormal waste, contrary to IAS 2 requirements.

Unable to determine the cost of sales structure due to abnormal waste, contrary to IAS 2 requirements.

#3

Grain and Coffee Business Unit lacks formal inventory reconciliation procedures.

Grain and Coffee Business Unit lacks formal inventory reconciliation procedures.

#4

Stock adjustment for inter-unit transfers misclassified as storage loss.

Stock adjustment for inter-unit transfers misclassified as storage loss.

Amount: ETB 12.1B

#5

Asset register lacks completeness; unable to verify Property, Plant and Equipment.

Asset register lacks completeness; unable to verify Property, Plant and Equipment.

Amount: ETB 2.1B

#6

Slow-moving inventory not accounted for in accordance with IAS 2.

Slow-moving inventory not accounted for in accordance with IAS 2.

Amount: ETB 12.2B

#7

Authorized capital disclosure is incorrect and should match paid-up capital.

Authorized capital disclosure is incorrect and should match paid-up capital.

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