Agriculture Fiscal year ends Sene 30

National Veterinary Institute

Produces and distributes veterinary vaccines and drugs for livestock disease prevention.

Qualified (2016)

Revenue

ETB 364.5M

FY 2016

Net Profit

ETB 109.9M

Profit

Total Assets

ETB 1.3B

FY 2016

Total Equity

ETB 1.0B

Revenue & Profitability

Revenue, cost of sales, and net profit over time

Balance Sheet

Total assets, liabilities, and equity over time

Audit Opinion Timeline

Q
2013 Qualified
Q
2014 Qualified
Q
2015 Qualified
Q
2016 Qualified

Key Audit Findings

Basis for qualified opinion from the latest audit report

#1

Advance collections were treated as sales and undelivered sales were recorded against cost of sales; revenue was recognized without satisfying performance obligations.

Advance collections were treated as sales and undelivered sales were recorded against cost of sales; revenue was recognized without satisfying performance obligations.

Amount: ETB 10.2M

#2

Direct and indirect costs (materials, labour and overhead) were not absorbed into inventory cost at year end; vaccines inventory was valued using opening standard costing.

Direct and indirect costs (materials, labour and overhead) were not absorbed into inventory cost at year end; vaccines inventory was valued using opening standard costing.

Financial Summary

All figures in Ethiopian Birr (ETB).

Year Revenue Net Profit Total Assets Total Liabilities Equity Opinion
2013 ETB 172.4M ETB 53.7M ETB 751.6M ETB 96.7M ETB 654.8M Qualified Details
2014 ETB 214.1M ETB 60.7M ETB 1.1B ETB 118.8M ETB 998.9M Qualified Details
2015 ETB 273.3M ETB 81.7M ETB 1.2B ETB 225.8M ETB 944.1M Qualified Details
2016 ETB 364.5M ETB 109.9M ETB 1.3B ETB 246.9M ETB 1.0B Qualified Details