Ethio Telecom

Fiscal Year 2015 EC (2023/2024 GC)

Unmodified

All Years

Download Original Audit Report FY 2014 FY 2016

Revenue

ETB 71.5B

Net Profit

ETB 18.0B

Total Assets

ETB 215.1B

Total Equity

ETB 119.7B

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 2015 EC

Item	Amount (ETB)
Revenue and Direct Costs
Revenue from contracts with customers	71,525,993,000
Direct costs	-11,318,736,000
Operating expenses	-27,699,985,000
Net impairment losses on financial asset	-347,607,000
Other income (expense)	5,460,102,000
EBITDA
Earnings before interest, taxes, depreciation and amortization (EBITDA)	37,619,767,000
Depreciation and Amortization
Depreciation of property, plant and equipment	-5,785,449,000
Depreciation charge of right of use asset	-383,706,000
Amortization intangible assets	-323,310,000
Depreciation charge of Investment Property	-4,395,000
Total depreciation and amortization	-6,496,860,000
Operating Profit
Operating profit	31,122,907,000
Finance
Finance income	31,764,000
Finance costs	-2,967,893,000
Finance costs - net	-2,936,129,000
Profit
Profit before income tax	28,186,778,000
Income tax (expense) / credit	-10,158,764,000
Profit after tax	18,028,014,000
Other comprehensive income (OCI) net on income tax
Remeasurement gain/(loss) on post employment benefits	186,047,000
Deferred tax (liability)/asset on remeasurement gain or loss	-55,814,000
Total other comprehensive income	130,233,000
Total comprehensive income for the year	18,158,247,000

Statement of financial position

As at end of FY 2015 EC

Item	Amount (ETB)
Non-Current Assets
Property, plant and equipment	50,924,499,000
Right of use assets	1,207,765,000
Intangible assets	1,293,718,000
Investment Property	213,686,000
Other assets	310,000
Other financial assets at amortised cost	7,101,156,000
Deferred tax Assets	3,576,850,000
Total non-current assets	64,317,984,000
Current Assets
Inventories	14,998,876,000
Other assets	2,974,273,000
Trade receivables	6,773,369,000
Other financial assets at amortised cost	92,483,778,000
Notes receivable at amortised cost	—
Cash and cash equivalents	33,544,592,000
Total current assets	150,774,888,000
Total Assets
Total assets	215,092,872,000
Non-Current Liabilities
Borrowings	16,927,715,000
Provisions	127,778,000
Lease liabilities	647,210,000
Grants	497,000
Defined benefit liabilities	597,441,000
Total non-current liabilities	18,300,641,000
Current Liabilities
Borrowings	5,212,627,000
Contract liabilities	8,231,309,000
Trade and other payables	53,636,335,000
Provisions	31,956,000
Lease liabilities	341,037,000
Grants	23,000
Defined benefit liabilities	76,288,000
Dividend payable	2,304,066,000
Current income tax	7,245,392,000
Total current liabilities	77,079,033,000
Total Liabilities
Total liabilities	95,379,674,000
Equity
Capital	100,000,000,000
Retained earnings	17,241,702,000
Legal reserve	2,301,324,000
Other reserves	170,174,000
Total equity	119,713,200,000
Total Equity and Liabilities
Total equity and liabilities	215,092,872,000

Cash Flow Statement

FY 2015 EC

Item	Amount (ETB)
Operating Activities
Cash generated from operations	43,771,628,000
Interest income received	30,986,000
Interest expense paid	-1,042,711,000
Income tax paid	-10,560,943,000
Net cash (outflow)/inflow from operating activities	32,198,961,000
Investing Activities
Settlement of Treasury Note receivable from MoF	650,000,000
Purchase of intangible assets	-8,678,000
Purchase of property, plant and equipment	-17,895,120,000
Payment for right of use assets	-6,324,000
Proceeds from sale of property, plant and equipment	187,162,000
Net cash (outflow)/inflow from investing activities	-17,072,960,000
Financing Activities
Repayments of borrowings	-6,610,985,000
Principal elements of lease payments	-395,338,000
Payment to Ministry of Finance	-2,500,000,000
Net cash (outflow)/inflow from financing activities	-9,506,323,000
Net Change in Cash	5,619,678,000
Closing Cash & Equivalents	33,544,592,000

Audit Findings

#1

Emphasis of Matter: Receivable from MoF for Paid-up Capital fulfilment as debtor to the Corporation (Note 14c). Opinion is not qualified in respect to this matter.

Amount: ETB 92.5B

#2

Revenue recognition is a key audit matter due to risk of differing interpretations and potential improper revenue recording. No concerns were found after testing.

#3

Possible damage of assets in the Northern Part of Ethiopia due to military operations (Nov 2020 - Nov 2022). The enterprise has not yet assessed the extent of potential damage to assets in Tigray Region.

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