National Veterinary Institute

Fiscal Year 2013 EC (2021/2022 GC)

Qualified

All Years

Download Original Audit Report FY 2014

Revenue

ETB 172.4M

Net Profit

ETB 53.7M

Total Assets

ETB 751.6M

Total Equity

ETB 654.8M

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

FY 2013 EC

Item	Amount (ETB)
Revenue
Revenue	172,448,635
Cost of sales	-65,709,795
Gross profit	106,738,839
Other Income
Other operating income	6,878,693
Gain for currency fluctuation	5,434,523
Total income	119,052,056
Operating Expenses
General and administration expense	-42,374,030
Allowance for doubtful debts	0
Audit fee	-39,500
Board fee	-290,000
Total operating expenses	-42,703,530
Profit
Operating profit	76,348,526
Finance costs	0
Profit before tax	76,348,526
Profit tax expense	-19,182,576
Profit after tax	57,165,951
Deferred tax asset/(liability) movement	-3,453,501
Net profit for the year	53,712,450

Statement of Financial Position

As at end of FY 2013 EC

Item	Amount (ETB)
Non-Current Assets
Property, plant and equipment	376,638,891
Intangible asset	836,269
Investments in CBE & Government bond	28,122,329
Right of use asset - land	3,441,248
Non-current asset held for sale	43,708
Total non-current assets	409,082,445
Current Assets
Inventories	166,298,057
Trade and other receivables	13,630,455
Advance and prepayments	8,981,778
Cash and short-term deposits	153,575,522
Total current assets	342,485,811
Total Assets
Total assets	751,568,256
Equity
Paid up capital	40,189,122
Donated capital	105,502,960
Capital reserve	7,543,588
Legal reserve	8,037,824
Retained earnings	417,123,146
Revaluation reserve	76,429,663
Total equity	654,826,303
Non-Current Liabilities
Termination benefit liabilities	3,975,589
Deferred tax liabilities	12,620,500
Total non-current liabilities	16,596,089
Current Liabilities
Trade and other payables	60,898,166
Other taxes and obligations	2,543,923
Profit tax payables	16,703,775
Total current liabilities	80,145,864
Total Liabilities & Equity
Total liabilities	96,741,953
Total equity and liabilities	751,568,256

Cash Flow Statement

FY 2013 EC

Item	Amount (ETB)
Operating Activities
Profit before tax	76,348,526
Depreciation	16,247,853
Amortization	180,320
Change in severance payable	565,514
(Gain)/Loss on disposal of PPE	0
Decrease in trade and other receivables	-8,261,061
Increase in inventories	36,743,691
Increase in trade and other payables	-374,446
Cash generated from operations	121,450,397
Withholding tax paid	-11,548,710
Profit tax paid	-2,478,801
Net cash from operating activities	107,422,886
Investing Activities
Increase in time deposit	-1,772,429
Purchase of property, plant and equipment	-139,349,420
Purchase of intangible assets	0
Increase in construction in progress	0
Increase in assets held for sale	-41,708
Net cash used in investing activities	-141,163,557
Financing Activities
Donation received	56,013,550
Net cash from financing activities	56,013,550
Net Change in Cash	22,272,878
Closing Cash & Equivalents	153,575,521

Audit Findings

#1

Advance collected amounting to ETB 10,940,227.32 was treated as sales and undelivered sales were recorded against cost of sales; the auditors were not satisfied revenue should be recognized without performance obligations being satisfied.

Amount: ETB 10.9M

#2

Direct and indirect costs (material, labor, overhead) were not absorbed into inventory cost at year end; vaccines inventory was valued at opening standard costing; auditors were not satisfied inventory and cost of sales were fairly stated.

#3

Total sales per monthly VAT declaration and annual sales register machine (Z report) differed by Birr 7,413,400; Z report balance was higher; auditors noted non-compliance could lead to penalties.

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