Ethiopian Trading Businesses Corporation

Fiscal Year 2015 EC (2023/2024 GC)

Qualified

Revenue

ETB 14.6B

Net Profit

ETB 1.1B

Total Assets

ETB 14.7B

Total Equity

ETB 2.3B

Key income statement items

Net cash from each activity

Breakdown of total assets

FY 2015 EC

Item	Amount (ETB)
Revenue
Sales Revenue	14,433,171,470
Rent and Other Fees Income	192,443,340
Total Revenue	14,625,614,800
Cost of Sales
Cost of Sales	-12,794,343,860
Gross Profit	1,831,270,940
Operating Expenses
Other Income/Expenses	53,342,920
Selling and distribution cost	-2,589,320
Administrative and General Expenses	-465,927,360
Expected credit loss	-36,615,950
Provision of legal cases	-37,659,370
Total Operating Expenses	-542,792,000
Income from Operation	1,341,821,870
Finance and Tax
Interest and Bank Service Charges	-83,393,040
Gain/Loss on Exchange Rate	44,612,880
Profit before tax	1,303,041,700
Profit tax for the period	-181,336,480
Profit after tax	1,121,705,220
Other Comprehensive Income
Actuarial Gain/Loss	0
Deferred Tax Income/Loss	6,323,710
Total comprehensive income	1,128,028,930

As at end of FY 2015 EC

Item	Amount (ETB)
Non-Current Assets
Property, Plant and Equipment	2,146,907,280
Land Use Right	1,286,954,820
Right-of-use Land	2,048,210
Intangible Asset	1,921,250
Time Deposit	55,202,850
Deferred Tax Asset	13,662,110
Total Non-Current Assets	3,506,696,510
Current Assets
Stock in Hand and In-Transit	3,334,152,700
Trade and Other Debtors	3,597,816,710
Advance, Prepayment and Deposits	50,549,720
Cash and Bank Balance	4,226,129,820
Total Current Assets	11,208,648,960
Total Assets
Total Assets	14,715,345,460
Equity
Paid up Capital	959,100,000
Non-distributable Reserve	1,879,009,470
Legal Reserve	67,303,910
Retained Earnings	-650,339,640
Total Equity	2,256,075,750
Non-Current Liabilities
Long Term Loan	795,487,890
Long Term Lease Obligation	2,353,910
Severance Payable	7,610,870
Deferred Tax Liability	425,464,290
Total Non-Current Liabilities	1,230,916,970
Current Liabilities
Trade and Other Payables	9,106,591,420
Provision Obligation	183,241,710
Dividend Payable	752,521,200
Bank Overdraft	0
Current Maturity of Long Term Loan	1,024,312,550
Annual Leave Payable	4,360,770
Provision for Business Income Tax	157,325,100
Total Current Liabilities	11,228,352,750
Total Liabilities and Equity
Total Liabilities	12,459,269,720
Total Equity and Liabilities	14,715,345,460

FY 2015 EC

Item	Amount (ETB)
Operating Activities
Profit/Loss Before Taxation	1,128,028,930
Depreciation and Amortization	101,084,360
Severance and Annual Leave Expense	1,433,980
Deferred Tax Payables	-6,323,710
Adjustment to Tax and Others	-137,741,970
Time Deposit	-55,202,850
Net Operating Cash Flows before Working Capital	1,031,278,740
Net Decrease/(Increase) in Stocks	2,569,996,130
Net Decrease/(Increase) in Trade and Other Receivable	-2,571,712,290
Net Increase/(Decrease) in Trade and Other Payables	2,821,190,640
Cash Generated from Operation	3,850,753,220
Dividend Paid	-129,501,010
Net Cash from Operating Activities	3,721,252,210
Investing Activities
Purchase of Property, Plant and Equipment	-118,581,920
Proceeds from Disposal	0
Net Cash from Investing Activities	-118,581,920
Financing Activities
Addition (Repayment) of Borrowings	-1,291,963,870
Lease Obligation Paid	-12,280
Net Cash from Financing Activities	-1,291,976,150
Net Change in Cash	2,310,694,140
Closing Cash & Equivalents	4,226,129,820

#1

Trade receivables include approximately Birr 10,686,655,000 in 'Suspense' accounts that do not comply with the IFRS definition of an asset.

Amount: ETB 10.7B

#2

Abnormal waste: unable to determine the cost of sales structure and financial performance as required by IAS 2.

#3

Grain & Coffee Business Unit lacks a formal inventory reconciliation procedure.

#4

Stock adjustment misclassified as storage loss amounting to Birr 12,123,888,000.

Amount: ETB 12.1B

#5

Asset register lacks completeness; unable to verify Property, Plant and Equipment at Birr 3,327,986,340.

Amount: ETB 3.3B

#6

Inventory contains slow-moving items worth ETB 8,972,528,000 not accounted for as required by IAS 2.

Amount: ETB 9.0B

#7

Authorized capital disclosure is incorrect.

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