Ethiopian Tourist Trading Enterprise

Fiscal Year 2015 EC (2023/2024 GC)

Qualified

All Years

Download Original Audit Report FY 2014 FY 2016

Revenue

ETB 853.2M

Net Profit

ETB 89.2M

Total Assets

ETB 1.1B

Total Equity

ETB 568.8M

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
Revenue	853,193,799
Cost of Sales	-541,115,304
Gross Profit	312,078,495
Operating Expenses
Other Income	13,462,142
Selling and Distribution	-86,810,098
General and Administration	-98,123,446
Inventory Written Down Allowance	-1,705,250
Operating Profit	138,901,843
Finance and Tax
Finance Costs	-11,031,221
Net Profit before Taxation	127,870,622
Tax Expense	-38,692,247
Net Profit for the Year	89,178,375
Total Comprehensive Income	89,178,375

Statement of Financial Position

As at end of FY 2015 EC

Item	Amount (ETB)
Non-Current Assets
Property, Plant and Equipment	108,473,807
Right of Use Land	123,305,096
Investment in Financial Assets	170,000,000
Intangible Assets	51,485
Deferred Tax Asset	867,066
Total Non-Current Assets	402,697,454
Current Assets
Inventories	655,350,782
Trade and Other Receivables	21,437,617
Cash and Cash Equivalents	60,758,660
Total Current Assets	737,547,059
Total Assets
Total Assets	1,140,244,513
Equity
Paid up Capital	383,428,200
Legal Reserve	8,609,545
Revaluation Reserve	123,305,096
Reserve from IFRS Transition	53,439,496
Total Equity	568,782,337
Non-Current Liabilities
Defined Benefit Obligations	11,916,333
Government Loan	170,000,000
Total Non-Current Liabilities	181,916,333
Current Liabilities
Trade and Other Payables	239,017,565
Bank Overdraft	77,331,708
State Dividend Payable	21,518,009
Industrial Development Fund	14,409,725
Profit Tax Payable	37,268,836
Total Current Liabilities	389,545,843
Total Liabilities and Equity
Total Liabilities	571,462,176
Total Equity and Liabilities	1,140,244,513

Cash Flow Statement

FY 2015 EC

Item	Amount (ETB)
Operating Activities
Profit before Taxation	127,870,622
Finance Costs Recognized in Profit or Loss	10,971,937
Depreciation	10,127,669
Allowance for Expected Credit Loss No Longer Required	-320,507
Allowance for Written Down of Inventories	1,705,250
Amortization of Intangible Assets	38,343
Prior Year Adjustment	-37,078,492
Operating Cash Flow before Working Capital Changes	113,314,822
(Increase)/Decrease in Inventory	-299,377,485
(Increase)/Decrease in Trade and Other Receivables	287,659
(Decrease)/Increase in Defined Benefit Plans	824,588
(Decrease)/Increase in Trade and Other Payables	118,770,329
Cash Flow from Operating Activities	-66,180,087
Interest Paid	-10,971,937
Profit Tax Paid	-72,518,855
Net Cash Generated by (Used by) Operations	-149,670,879
Investing Activities
Payment for Acquisition of Property, Plant and Equipment	-5,461,455
Net Cash Used in Investing Activities	-5,461,455
Financing Activities
Industrial Development Fund	-8,000,000
Proceed (Settlement) of Bank Overdraft	23,551,999
Dividend Paid	-12,000,000
Net Cash from Financing Activities	3,551,999
Net Change in Cash	-151,580,335
Closing Cash & Equivalents	60,758,660

Audit Findings

#1

The Enterprise year-end property, plant and equipment count is not reconciled with the financial records. Furthermore, the Enterprise has not prepared and provided a property, plant and equipment register containing tag number, location, serial number, model, condition, etc.

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