Ethiopian Agricultural Businesses Corporation

Fiscal Year 2010 EC (2018/2019 GC)

Qualified

All Years

Download Original Audit Report FY 2011

Revenue

ETB 15.1B

Net Profit

ETB 69.0M

Total Assets

ETB 6.7B

Total Equity

ETB 2.3B

Profit Breakdown

Key income statement items

Asset Composition

Breakdown of total assets

Statement of Profit or Loss and Other Comprehensive Income

FY 2010 EC

Item	Amount (ETB)
Revenue
Operating Revenues	15,109,229,849
Cost of Sales	-14,740,929,485
Gross Operating Profit	368,300,364
Other Income
Other Income	31,709,450
Subtotal	400,009,814
Expenses
Selling and Distribution Expense	-58,539,003
General Administration Expenses	-178,336,444
Total Expenses	-236,875,447
Operating Profit	163,134,367
Finance
Finance Charges	-13,253,425
Finance Income	3,300
Finance-net	-13,250,125
Taxation
Profit Before Tax	149,884,243
Provision for Tax	-80,864,745
Profit (loss) for the Year	69,019,498
Other Comprehensive Income
Profit (loss) for the Year	69,019,498
Revaluation of Property, Plant and Equipment	0
Remeasurement Gain/(Loss) on Retirement Benefits Obligations	-110,252
Deferred Tax (Liability)/Asset on Remeasurement Gain or Loss	33,076
Other Comprehensive Income, Net of Tax	-77,176
Total Comprehensive Income	68,942,321

Statement of Financial Position

As at end of FY 2010 EC

Item	Amount (ETB)
Non-Current Assets
Property, Plant and Equipment	1,045,567,490
Intangible Assets	1,035,000
Long Term Investment	1,068,901
Total Non-Current Assets	1,047,671,391
Current Assets
Stock and GIT	2,845,409,547
Future Crops	6,391,278
Trade and Other Receivables	1,766,940,987
Cash and Cash Equivalents	1,033,646,454
Total Current Assets	5,652,388,265
Total Assets
Total Assets	6,700,059,656
Equity
Paid up Capital	610,000,000
Retained Earnings	1,726,490,861
Legal Reserve	6,844,478
Total Equity	2,343,335,339
Non-Current Liabilities
Long Term Loan	277,681,605
Employee Benefit Obligations	4,475,170
Deferred Tax Liability	646,509
Total Non-Current Liabilities	282,803,284
Current Liabilities
Trade and Other Payables	3,661,276,558
Inter Branch and Head Office Accounts	221,720,539
Employee Benefit Obligations	24,681,512
Provisions	8,133,249
Deferred Income	1,890,394
Provision for Tax	156,218,779
Total Current Liabilities	4,073,921,031
Total Liabilities and Equity
Total Liabilities	4,356,724,317
Total Equity and Liabilities	6,700,059,656

Cash Flow Statement

Not available for this year.

Audit Findings

#1

Inter branch account of Birr 221,720,539 was not eliminated on consolidation. This inter branch balance should have been eliminated.

Amount: ETB 221.7M

#2

Trade debtors and other receivable and creditors with debit balance amounting to Birr 147,064,782.33 are long outstanding for more than a year without evidence of recoverability.

Amount: ETB 147.1M

#3

Trade and other payable, debtors with credit balances of Birr 74,497,087.81 are long outstanding for more than a year without supporting evidence.

Amount: ETB 74.5M

Extracted from audited financial statements via OCR. Figures in Ethiopian Birr.