Ethiopian Postal Service Enterprise

Fiscal Year 2015 EC (2023/2024 GC)

Qualified

All Years

Download Original Audit Report FY 2014 FY 2016

Revenue

ETB 1.2B

Net Profit

ETB 139.7M

Total Assets

ETB 1.9B

Total Equity

ETB 738.2M

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 & Cost of Sales
Revenue from contracts with customers	1,173,562,601
Direct costs	-438,592,325
Gross profit	734,970,276
Operating Performance
Operating expenses	-578,870,877
Other operating income (expense)	65,732,781
EBITDA	221,832,179
Depreciation and amortization	-37,253,544
EBIT	184,578,636
Finance & Tax
Finance income/(cost) - net	15,096,379
Profit before income tax	199,675,014
Income tax expense	-59,939,388
Profit after tax	139,735,627
Total comprehensive income	139,735,627

Statement of Financial Position

As at end of FY 2015 EC

Item	Amount (ETB)
Non-Current Assets
Property, plant and equipment	660,360,005
Investment property	335,958,183
Intangible assets	14,202,171
Right-of-use assets	1,358,675
Deferred tax asset	21,182,415
Current Assets
Inventories	123,395,598
Other assets	27,686,273
Trade and other receivables	442,440,046
Cash and cash equivalents	294,658,859
Total Assets
Total assets	1,921,242,227
Non-Current Liabilities
Defined benefit liability	45,134,977
Lease liability	1,255,075
Grants	5,516,042
Deferred tax liability	114,721,842
Retention payable	15,631,474
Current Liabilities
Trade and other payables	800,892,958
Dividend payable	94,219,795
Accrued annual leave	15,796,246
Lease liability	108,909
Taxes and other payables	31,275,794
Current income tax liability	58,466,834
Total Liabilities
Total liabilities	1,183,019,947
Equity
Paid-up capital	109,097,601
Legal reserve	21,639,450
Revaluation reserve	247,947,566
Retained earnings	359,537,663
Total equity	738,222,280

Cash Flow Statement

FY 2015 EC

Item	Amount (ETB)
Operating Activities
Net profit	109,419,500
Net finance cost	-48,042,676
Net cash from operating activities	61,376,824
Investing Activities
Purchase of property, plant and equipment	-153,282,889
Transfer	5,612,143
Disposal	3,797,665
Purchase of right-of-use asset	-1,097,305
Purchase of investment property	-14,378,445
Proceeds from sale of PPE	10,345,725
Net cash used in investing activities	-149,003,106
Financing Activities
Dividend paid	-3,000,000
Net cash used in financing activities	-3,000,000
Net Change in Cash	-90,626,282
Closing Cash & Equivalents	294,658,859

Audit Findings

#1

Trade and other debtors included long-outstanding balances of Birr 147,271,215 with expected credit loss of Birr 68,943,540; insufficient evidence that amounts are receivable or that the enterprise has legal rights/claims.

Amount: ETB 147.3M

#2

Creditors included long-outstanding balances of Birr 103,275,323 outstanding more than two years; insufficient evidence they still represent actual liabilities. Creditors account shown at Birr 895,070,209.

Amount: ETB 103.3M

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