Ethio Telecom

Fiscal Year 2016 EC (2024/2025 GC)

Unmodified

All Years

Download Original Audit Report FY 2015 FY 2017

Revenue

ETB 91.4B

Net Profit

ETB 19.0B

Total Assets

ETB 214.2B

Total Equity

ETB 113.5B

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 2016 EC

Item	Amount (ETB)
Revenue
Revenue from contracts with customers	91,371,290,000
Cost and Expenses
Direct costs	-25,606,800,000
Operating expenses	-28,606,550,000
Net impairment losses on financial asset	-232,387,000
Other income (expense)	4,294,494,000
EBITDA
Earnings before interest, taxes, depreciation and amortization (EBITDA)	41,220,047,000
Depreciation and Amortization
Depreciation of property, plant and equipment	-7,529,546,000
Depreciation charge of right of use asset	-424,275,000
Amortization intangible assets	-403,420,000
Depreciation charge of Investment Property	-4,395,000
Total depreciation and amortization	-8,361,636,000
Operating Profit
Operating profit	32,858,411,000
Finance
Finance income	10,607,000
Finance costs	-3,078,559,000
Finance costs - net	-3,067,952,000
Profit
Profit before income tax	29,790,459,000
Income tax (expense) / credit	-10,777,016,000
Profit after tax	19,013,443,000
Other Comprehensive Income
Remeasurement gain/(loss) on post employment benefits obligations	-186,396,000
Deferred tax (liability)/asset on remeasurement gain or loss	55,919,000
Other comprehensive income net of tax	-130,477,000
Total comprehensive income for the Year	18,882,966,000

Statement of Financial Position

As at end of FY 2016 EC

Item	Amount (ETB)
Non-Current Assets
Property, plant and equipment	141,548,616,000
Right of use assets	1,247,275,000
Intangible assets	1,864,563,000
Investment Property	209,291,000
Other assets	261,000
Other financial assets at amortised cost	7,101,156,000
Deferred tax Assets	3,569,757,000
Total non-current assets	155,540,919,000
Current Assets
Inventories	14,921,202,000
Other assets	4,565,762,000
Trade receivables	9,505,447,000
Other financial assets at amortised cost	15,188,000
Cash and cash equivalents	29,643,117,000
Total current assets	58,650,716,000
Total Assets
Total assets	214,191,635,000
Non-Current Liabilities
Borrowings	13,001,808,000
Provisions	159,549,000
Lease liabilities	731,928,000
Grants	455,000
Defined benefit liabilities	956,574,000
Total non-current liabilities	14,850,314,000
Current Liabilities
Borrowings	4,683,898,000
Contract liabilities	8,099,163,000
Trade and other payables	63,901,534,000
Provisions	20,198,000
Lease liabilities	298,352,000
Grants	21,000
Defined benefit liabilities	51,077,000
Dividend payable	—
Current income tax	8,793,560,000
Total current liabilities	85,847,803,000
Total Liabilities
Total liabilities	100,698,117,000
Equity
Capital	100,000,000,000
Retained earnings	10,201,823,000
Legal reserve	3,251,996,000
Other reserves	39,697,000
Total equity	113,493,516,000
Total Equity and Liabilities
Total equity and liabilities	214,191,635,000

Cash Flow Statement

FY 2016 EC

Item	Amount (ETB)
Operating Activities
Cash generated from operations	43,183,292,000
Interest income received	10,607,000
Interest expense paid	-799,560,000
Income tax paid	-8,823,074,000
Net cash (outflow)/inflow from operating activities	33,571,265,000
Investing Activities
Purchase of intangible assets	-575,329,000
Purchase of property, plant and equipment	-19,660,923,000
Payment for right of use assets	-3,365,000
Proceeds from sale of property, plant and equipment	146,836,000
Net cash (outflow)/inflow from investing activities	-20,092,781,000
Financing Activities
Repayments of borrowings	-5,893,223,000
Principal elements of lease payments	-406,240,000
Payment of Dividend	-9,973,611,000
Net cash (outflow)/inflow from financing activities	-16,273,075,000
Net Change in Cash	-2,794,590,000
Closing Cash & Equivalents	29,643,117,000

Audit Findings

#1

Revenue recognition risk - accounting principles for revenue recognition may be subject to differing interpretations. No material concerns found after testing.

#2

Inventory restatement - CIF charges of ETB 1,850,392 accumulated without cost allocation, systems integration problem of ETB 1,847,154, and incorrect unit pricing overstatement of ETB 3,962,576. Net balance reduction of ETB 265,030.

Amount: ETB 265.0M

#3

Contingent liabilities from legal actions estimated at approximately Birr 47,230 thousand (ETB 47,230,000) if adverse decisions are made.

Amount: ETB 47.2M

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