Catering and Tourism Training Institute - Genet Hotel
A hotel in Addis Ababa operating as both a commercial hotel and a training facility for hospitality students.
Revenue
ETB 62.7M
FY 2017
Net Profit
ETB 12.8M
Profit
Total Assets
ETB 1.5B
FY 2017
Total Equity
ETB 1.4B
Revenue & Profitability
Revenue, cost of sales, and net profit over time
Balance Sheet
Total assets, liabilities, and equity over time
Audit Opinion Timeline
Key Audit Findings
Basis for qualified opinion from the latest audit report
#1 The Company made a back-year adjustment of ETB 858,399.65 for the year ended June 30, 2024, deducted from retained earnings as a donation for poor citizens in the sub-city. An amount of ETB 23,922 birr of roll-over adjustment is an audit error of ETB 15,125 committed since 2021 with remaining error, and ETB 891,510 was adjusted due to tax assessment and opening balance adjustment during the reporting year.
The Company made a back-year adjustment of ETB 858,399.65 for the year ended June 30, 2024, deducted from retained earnings as a donation for poor citizens in the sub-city. An amount of ETB 23,922 birr of roll-over adjustment is an audit error of ETB 15,125 committed since 2021 with remaining error, and ETB 891,510 was adjusted due to tax assessment and opening balance adjustment during the reporting year.
The Company made a back-year adjustment of ETB 858,399.65 for the year ended June 30, 2024, deducted from retained earnings as a donation for poor citizens in the sub-city. An amount of ETB 23,922 birr of roll-over adjustment is an audit error of ETB 15,125 committed since 2021 with remaining error, and ETB 891,510 was adjusted due to tax assessment and opening balance adjustment during the reporting year.
Amount: ETB 858K
#2 The Company entered into a land lease arrangement with Ethiopian Airport Enterprise for the use and construction of open space warehouse. Management determined the Company retains the significant risks and rewards of ownership of the land and consequently the land lease has been accounted for as an operating lease rather than a finance lease.
The Company entered into a land lease arrangement with Ethiopian Airport Enterprise for the use and construction of open space warehouse. Management determined the Company retains the significant risks and rewards of ownership of the land and consequently the land lease has been accounted for as an operating lease rather than a finance lease.
The Company entered into a land lease arrangement with Ethiopian Airport Enterprise for the use and construction of open space warehouse. Management determined the Company retains the significant risks and rewards of ownership of the land and consequently the land lease has been accounted for as an operating lease rather than a finance lease.
Financial Summary
All figures in Ethiopian Birr (ETB).
| Year | Revenue | Net Profit | Total Assets | Total Liabilities | Equity | Opinion | |
|---|---|---|---|---|---|---|---|
| 2014 | ETB 23.4M | ETB -3.5M | ETB 1.5B | ETB 46.2M | ETB 1.5B | Unmodified | Details |
| 2015 | ETB 37.2M | ETB -2.2M | ETB 1.5B | ETB 48.6M | ETB 1.4B | Unmodified | Details |
| 2016 | ETB 60.5M | ETB 4.4M | ETB 1.5B | ETB 53.0M | ETB 1.4B | Unmodified | Details |
| 2017 | ETB 62.7M | ETB 12.8M | ETB 1.5B | ETB 45.6M | ETB 1.4B | Unmodified | Details |
EC filenames: 2014 EC = FY ended 30 June 2022. The EC 2015 report marks the first-time IFRS adoption (transition date: 30 June 2021), which recognized a Right of Use Land asset of ETB 1.3 billion and revalued PP&E. The EC 2014 figures shown here are the IFRS-restated comparatives as presented in the EC 2015 report — they differ materially from the original local GAAP report for that year.