Development & Hotel Company (Hilton Addis)

Fiscal Year 2014 EC (2022/2023 GC)

Unmodified

All Years

Download Original Audit Report FY 2015

Revenue

ETB 103.1M

Net Profit

ETB 36.2M

Total Assets

ETB 1.5B

Total Equity

ETB 718.9M

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 2022

FY 2014 EC

Item	Amount (ETB)
Income
Revenue (lease income – 75% share of hotel profit)	99,711,350
Other income	3,347,423
Total Income	103,058,773
Expenses
Administration expense	-48,020,303
Board fees	-75,000
Audit fee	-50,000
Total Expenses	-48,145,303
Profit Before Tax
Profit Before Tax	54,913,470
Income tax expense	-18,706,499
Profit after Tax	36,206,971
Add: Deferred income	2,310,646
Total Comprehensive Income	38,517,617

Statement of Financial Position as at 30 June 2022

As at end of FY 2014 EC

Item	Amount (ETB)
Non-Current Assets
Property, plant and equipment	1,048,369,704
Trade receivables – long term	133,902,086
Treasury notes	259,948,000
Total Non-Current Assets	1,442,219,790
Current Assets
Trade receivables	41,789,475
Deposit and prepayments	22,310
Fixed time deposit	45,460,628
Cash and bank balances	8,579,351
Total Current Assets	95,851,764
Total Assets
Total Assets	1,538,071,554
Capital and Reserves
Capital	20,228,479
Legal reserve	4,045,696
General reserve	970,194
Revaluation reserve	102,695,040
Retained earnings	590,995,426
Total Equity and Reserves	718,934,835
Non-Current Liability
Deferred tax liability	230,011,821
Total Non-Current Liability	230,011,821
Current Liabilities
Creditors and accruals	810,919
Profit tax payable	18,722,739
State dividend	154,154,635
Industrial development fund	415,436,605
Total Current Liabilities	589,124,898
Total Liabilities and Equity
Total Liabilities and Equity	1,538,071,554

Cash Flow Statement

FY 2014 EC

Item	Amount (ETB)
Operating Activities
Profit before taxation	54,913,470
Income tax paid	-1,648,982
Investment income	-2,639,641
Gain on disposal of fixed asset	-707,783
Depreciation of PP&E	40,660,505
Subtotal	86,162,733
Increase in trade receivables	-21,172,974
Increase in trade receivables – long term	-21,738,717
Increase in creditors and accruals	173,790
Cash generated from operations	-42,737,901
Net Cash from Operating Activities	43,424,832
Investing Activities
Interest received	2,639,641
Purchase of property and equipment	-21,289,750
Proceeds from sale of PP&E	4,310,002
Net Cash used in Investing Activities	-14,340,107
Financing Activities
Dividend paid	-20,000,000
Net Cash used in Financing Activities	-20,000,000
Net Change in Cash	9,084,725
Closing Cash & Equivalents	54,039,979

Audit Findings

#1

Property, Plant & Equipment: Fixed asset register containing identification numbers, acquisition dates, locations, and serial numbers was not maintained. Physical count of assets was not carried out at year-end.

#2

Property, Plant & Equipment: Construction in progress includes an aggregate balance of Birr 3,024,503 outstanding since June 2011 that had not been cleared or investigated.

Amount: ETB 3.0M

#3

Property, Plant & Equipment: Subsidiary ledger for imported goods was not maintained, resulting in a reconciliation difference of Birr 6,877 between book and records.

Amount: ETB 7K

#4

Trade and Other Receivables: Long outstanding balances totalling Birr 19,779,675 are included in trade receivables; the total provision of Birr 18,004,609 is inadequate for the extent of write-off required.

Amount: ETB 19.8M

#5

Creditors and Accruals: Differences in recording accrued liabilities — audit fee accrual was not considered in full, and a Birr 119,000 tax office adjustment was not treated as the correct charge for the period.

Amount: ETB 119K

#6

General: Lawyers' letters confirming the outcome of outstanding legal cases were not obtained, making it impossible to assess and provide for contingent liabilities.

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