Catering and Tourism Training Institute - Genet Hotel

Fiscal Year 2015 EC (2023/2024 GC)

Unmodified

All Years

Download Original Audit Report FY 2014 FY 2016

Revenue

ETB 37.2M

Net Loss

ETB -2.2M

Total Assets

ETB 1.5B

Total Equity

ETB 1.4B

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 for the Year Ended 30 June 2023

FY 2015 EC

Item	Amount (ETB)
Revenue and Gross Profit
Revenue	37,208,310
Cost of Sales	-13,261,806
Gross Profit	23,946,504
Other Income	3,934,815
Total after Other Income	27,881,319
Operating Expenses
General and Administrative Expenses	-31,847,360
Finance Income (Cost), net	0
Total Operating Expenses	-31,847,360
Profit and Tax
Profit Before Tax	-3,966,042
Income Tax Expense	1,764,099
Profit After Tax for the Year	-2,201,943
Other Comprehensive Income, net of income tax	0
Total Comprehensive Income for the Year	-2,201,943

Statement of Financial Position as at 30 June 2023

As at end of FY 2015 EC

Item	Amount (ETB)
Non-Current Assets
Property, Plant and Equipment	138,770,371
Investment Property	5,557,205
Right of Use Land	1,304,774,673
Bond - Instrument	1,000,000
Total Non-Current Assets	1,450,102,249
Current Assets
Inventories	1,158,298
Trade Receivables	51,795
Other Receivables	194,213
Cash and Bank Balances	32,985,743
Total Current Assets	34,390,048
Total Assets
Total Assets	1,484,492,297
Equity
Paid Up Capital	1,177,283
Retained Earnings	26,813,727
Deemed Cost in Excess of Carrying Value	1,407,895,221
Legal Reserve	0
Total Equity	1,435,886,231
Non-Current Liabilities
Provision for Fence Construction	850,703
Retirement Benefit Obligation	2,878,517
Deferred Tax Liability	37,078,619
Total Non-Current Liabilities	40,807,840
Current Liabilities
Trade Payables	958,682
Other Liabilities	5,140,233
Current Income Tax Liabilities	1,699,310
Total Current Liabilities	7,798,226
Total Liabilities and Equity
Total Liability	48,606,066
Total Equity and Liabilities	1,484,492,297

Cash Flow Statement

FY 2015 EC

Item	Amount (ETB)
Operating Activities
Cash Generated from Operations	11,409,976
Interest Paid	0
Income Tax Paid	-12,162,458
Net Cash Generated from (Used in) Operating Activities	-752,482
Investing Activities
Acquisition of Investment Security	0
Acquisition of Property, Plant and Equipment	-4,767,741
Cash Payment for Construction in Progress	0
Proceeds from Sales of PPE	63,400
Net Cash Generated from (Used in) Investing Activities	-4,704,341
Financing Activities
Loans/Advances	0
Bank Overdraft	0
Bank Loans	0
Refunds/Settlements	-283,061
Additional Investment	0
Settlement of Lease Obligation	0
Net Cash Generated from (Used in) Financing Activities	-283,061
Net Change in Cash	-5,739,884
Closing Cash & Equivalents	32,985,742

Audit Findings

#1

The Company is a first-time adopter of IFRS for the year ended 30 June 2023. Various new accounting policies were selected and implemented, with comparative figures and opening balances of the previous year restated. Proper selection and application of the new accounting policies starting from the transition date of 30 June 2021 were considered as key audit matters.

#2

Prior year adjustment of ETB 858,399.65 was made to retained earnings for the year ended 30 June 2023: ETB 834,478 was deducted as a donation for construction of houses for poor citizens in the sub-city, and ETB 23,922 is a roll-over audit error committed since 2021.

Amount: ETB 834K

#3

Payment of ETB 11,693,856 was made to ERCA (Ethiopian Revenue and Customs Authority) from retained earnings during the year, representing prior-year profit tax paid.

Amount: ETB 11.7M

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