Catering and Tourism Training Institute - Genet Hotel

Fiscal Year 2016 EC (2024/2025 GC)

Unmodified

All Years

Download Original Audit Report FY 2015 FY 2017

Revenue

ETB 60.5M

Net Profit

ETB 4.4M

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 June 30, 2024

FY 2016 EC

Item	Amount (ETB)
Revenue and Gross Profit
Revenue	60,538,842
Cost of Sales	-36,578,626
Gross Profit	23,960,217
Other Income	3,776,488
Total Income after Other Income	27,736,704
Operating Expenses
General and Administrative Expenses	-20,291,641
Finance Cost on Saving Account	-76,849
Total Operating Expenses	-20,368,491
Profit and Tax
Profit Before Tax	7,368,214
Income Tax Expense	-2,987,228
Profit After Tax for the Year	4,380,986
Other Comprehensive Income, net of income tax	—
Total Comprehensive Income for the Year	4,380,986

Statement of Financial Position as at June 30, 2024

As at end of FY 2016 EC

Item	Amount (ETB)
Non-Current Assets
Property, Plant and Equipment	145,934,298
Investment Property	5,238,105
Right of Use Land	1,304,774,673
Bond Instrument	1,000,000
Total Non-Current Assets	1,456,947,075
Current Assets
Inventories	1,603,364
Trade Receivables	3,043,294
Other Receivables	414,758
Cash and Bank Balances	30,335,039
Total Current Assets	35,396,455
Total Assets
Total Assets	1,492,343,531
Equity
Paid Up Capital	1,177,283
Retained Earnings	30,303,202
Deemed Cost in Excess of Carrying Value	1,407,895,221
Legal Reserve	—
Total Equity	1,439,375,706
Non-Current Liabilities
Provision for Fence Construction	850,703
Retirement Benefit Obligation	2,906,121
Deferred Tax Liability	34,636,184
Total Non-Current Liabilities	38,393,008
Current Liabilities
Trade Payables	3,748,409
Other Liabilities	5,568,780
Current Income Tax Liabilities	5,257,625
Total Current Liabilities	14,574,814
Total Liabilities and Equity
Total Liabilities	52,967,822
Total Equity and Liabilities	1,492,343,531

Cash Flow Statement

FY 2016 EC

Item	Amount (ETB)
Operating Activities
Cash Generated from Operations	17,744,742
Interest Paid on Saving Account	-76,849
Prior Period Adjustment	-655,257
Income Tax Paid	-1,935,563
Net Cash Generated from Operating Activities	15,077,072
Investing Activities
Acquisition of Investment Security	—
Acquisition of Property, Plant and Equipment	-17,632,589
Net Cash Used in Investing Activities	-17,632,589
Financing Activities
Refunds/Settlements	-38,346
Net Cash Used in Financing Activities	-38,346
Net Change in Cash	-2,593,863
Closing Cash & Equivalents	30,335,039

Audit Findings

#1

Prior period adjustment of ETB 891,510 was made to retained earnings for the year ended June 30, 2024, comprising: ETB 236,253 for ERCA profit tax under-stated per tax assessment in EC year 2015; ETB 455,483 for rollover adjustment on bonus expenses for EC year 2015; ETB (10,500) over-payment of bonus replenishment; ETB 49,746 other adjustment; and ETB 160,527 for stock at Sales Center opening balance adjustment.

Amount: ETB 892K

#2

A back-year adjustment of ETB 858,399.65 was deducted from retained earnings for costs incurred for construction of houses donated to poor citizens in the subcity, and ETB 23,922 roll-over adjustment for an audit error committed since 2021.

Amount: ETB 858K

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