Catering and Tourism Training Institute - Genet Hotel

Fiscal Year 2017 EC (2025/2026 GC)

Unmodified

All Years

Download Original Audit Report FY 2016

Revenue

ETB 62.7M

Net Profit

ETB 12.8M

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, 2025

FY 2017 EC

Item	Amount (ETB)
Revenue and Gross Profit
Revenue	62,737,512
Cost of Sales	-35,177,980
Gross Profit	27,559,532
Other Income	3,633,161
Total Income	31,192,694
Operating Expenses
General and Administrative Expenses	-16,055,814
Finance Cost on Saving Account	-63,137
Total Operating Expenses	-16,118,950
Profit and Tax
Profit Before Tax	15,073,743
Income Tax Expense	-2,267,768
Profit After Tax for the Year	12,805,975
Other Comprehensive Income
Part of Depreciation on Remeasurement Reserve	5,718,557
Deferred Tax (Liability)/Asset on Remeasurement Reserve	-1,715,567
Other Comprehensive Income, Net of Income Tax	4,002,990
Total Comprehensive Income for the Year	16,808,965

Statement of Financial Position as at June 30, 2025

As at end of FY 2017 EC

Item	Amount (ETB)
Non-Current Assets
Property, Plant and Equipment	146,165,745
Investment Property	4,919,003
Right of Use Land	1,304,774,673
Bond - Instrument	1,000,000
Total Non-Current Assets	1,456,859,421
Current Assets
Inventories	5,956,418
Trade Receivables	6,187,775
Other Receivables	283,173
Cash and Bank Balances	23,900,142
Total Current Assets	36,327,507
Total Assets
Total Assets	1,493,186,928
Equity
Paid Up Capital	1,177,283
Retained Earnings	68,978,036
Deemed Cost in Excess of Carrying Value	1,377,475,520
Legal Reserve	0
Total Equity	1,447,630,839
Non-Current Liabilities
Provision for Fence Construction	661,803
Retirement Benefit Obligation	3,271,130
Deferred Tax Liability	29,903,008
Total Non-Current Liabilities	33,835,941
Current Liabilities
Trade Payables	2,171,707
Other Liabilities	3,290,363
Current Income Tax Liabilities	6,258,077
Total Current Liabilities	11,720,147
Total Liabilities and Equity
Total Liabilities	45,556,088
Total Equity and Liabilities	1,493,186,928

Cash Flow Statement

FY 2017 EC

Item	Amount (ETB)
Operating Activities
Profit Before Income Tax	15,073,743
Depreciation of Property, Plant and Equipment	8,842,210
Cash Flow Before Working Capital Change	23,915,953
Decrease (Increase) in Inventory	-4,353,054
Decrease (Increase) in Trade Receivables	-3,144,480
Decrease (Increase) in Other Receivables	131,585
Increase (Decrease) in Trade Payables	-1,576,702
Increase (Decrease) in Fence Construction Payables	-188,900
Increase (Decrease) in Severance Payables	365,008
Increase (Decrease) in Other Liabilities	-2,278,417
Cash Generated from Operations	12,870,993
Interest Paid on Saving Account	-63,137
Prior Period Adjustment	718,394
Other Tax Assessment/Taxation Paid	-2,774,856
Income Tax Paid and Other Tax Paid	-5,365,046
Net Cash Generated from (Used in) Operating Activities	5,386,348
Investing Activities
Acquisition of Property, Plant and Equipment	-8,754,556
Net Cash Generated from (Used in) Investing Activities	-8,754,556
Financing Activities
Dividend Paid	-3,066,690
Net Cash Generated from (Used in) Financing Activities	-3,066,690
Net Change in Cash	-6,434,897
Closing Cash & Equivalents	23,900,141

Audit Findings

#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.

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.

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