Ethiopian Postal Service Enterprise

Fiscal Year 2013 EC (2021/2022 GC)

Qualified

All Years

Download Original Audit Report FY 2014

Revenue

ETB 651.3M

Net Profit

ETB 63.8M

Total Assets

ETB 1.7B

Total Equity

ETB 503.1M

Cash Flow Activities

Net cash from each activity

Asset Composition

Breakdown of total assets

Income Statement

Not available for this year.

Statement of Financial Position

As at end of FY 2013 EC

Item	Amount (ETB)
Non-Current Assets
Property, plant and equipment	535,695,769
Investment property	336,681,914
Intangible assets	20,165,979
Right-of-use assets	1,388,571
Deferred tax asset	8,335,968
Total non-current assets	902,268,200
Current Assets
Inventories	60,524,154
Other assets	2,545,057
Trade and other receivables	382,067,413
Cash and cash equivalents	317,993,849
Total current assets	763,130,473
Total Assets
Total assets	1,665,398,673
Non-Current Liabilities
Defined benefit liability	37,388,659
Lease liability	1,087,168
Grants	6,087,207
Deferred tax liability	110,290,916
Retention payable	8,777,038
Total non-current liabilities	163,630,987
Current Liabilities
Trade and other payables	908,545,942
Accrued annual leave	4,464,939
Lease liability	108,909
Tax and other payables	66,604,038
Current income tax liability	18,960,089
Total current liabilities	998,683,916
Total Liabilities
Total liabilities	1,162,314,904
Equity
Paid-up capital	109,097,601
Legal reserve	11,221,173
Revaluation reserve	247,947,566
Retained earnings	134,817,430
Total equity	503,083,769

Cash Flow Statement

FY 2013 EC

Item	Amount (ETB)
Operating Activities
Net profit	-163,096,076
Net finance cost	13,744,692
Income tax paid	-104,570,309
Net cash from operating activities	-253,921,693
Investing Activities
Purchase of property, plant and equipment	-19,764,381
Purchase of intangible assets	-16,211,587
Purchase of investment property	-7,527,697
Proceeds from sale of PPE	8,333,133
Net cash from investing activities	-35,170,531
Financing Activities
Lease liability movement	0
Net cash from financing activities	0
Net Change in Cash	-289,092,225
Closing Cash & Equivalents	317,993,850

Audit Findings

#1

No sufficient documentation as to whether impairment assessment was performed for property, plant and equipment (IAS 36 / IFRS).

#2

Inventory not adjusted to net realizable value (IAS 2); may affect cost of sales, income tax, net income and equity.

#3

Trade and other receivables include long-outstanding balances of Birr 118,019,468 with expected credit loss of Birr 47,093,422; confirmation responses not obtained for Birr 199,822,223.

Amount: ETB 118.0M

#4

Trade and other payables include long-outstanding balances of Birr 140,404,036; confirmation responses not obtained for Birr 194,100,616.

Amount: ETB 140.4M

#5

Lease accounting not properly applied under IFRS 16 (lease liability movement, interest recognition, disclosures).

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