National Veterinary Institute

Fiscal Year 2014 EC (2022/2023 GC)

Qualified

All Years

Download Original Audit Report FY 2013 FY 2015

Revenue

ETB 214.1M

Net Profit

ETB 60.7M

Total Assets

ETB 1.1B

Total Equity

ETB 998.9M

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

FY 2014 EC

Item	Amount (ETB)
Revenue
Revenue	214,056,279
Cost of sales	-89,995,245
Gross profit	124,061,033
Other Income
Other operating income	8,369,035
Gain for currency fluctuation	3,693,004
Total income	136,123,072
Operating Expenses
General and administration expense	-49,111,987
Allowance for doubtful debts	-91,595
Audit fee	-47,750
Board fee	-410,000
Total operating expenses	-49,661,333
Profit
Operating profit	86,461,740
Finance costs	0
Profit before tax	86,461,740
Profit tax expense	-19,678,932
Profit after tax	66,782,808
Deferred tax asset/(liability)	-6,129,850
Net profit for the year	60,652,958

Statement of Financial Position

As at end of FY 2014 EC

Item	Amount (ETB)
Non-Current Assets
Property, plant and equipment	681,832,331
Intangible asset	927,839
Investments in CBE & Government bond	0
Right of use asset - land	3,441,248
Non-current asset held for sale	43,708
Total non-current assets	686,245,126
Current Assets
Inventories	182,730,704
Trade and other receivables	24,422,906
Advance and prepayments	1,881,345
Cash and short-term deposits	222,371,271
Total current assets	431,406,226
Total Assets
Total assets	1,117,651,352
Equity
Paid up capital	40,189,122
Donated capital	106,457,420
Capital reserve	7,543,588
Legal reserve	8,037,824
Retained earnings	477,776,104
Revaluation reserve	358,874,373
Total equity	998,878,431
Non-Current Liabilities
Termination benefit liabilities	4,172,736
Deferred tax liabilities	18,750,349
Total non-current liabilities	22,923,085
Current Liabilities
Trade and other payables	76,440,000
Other taxes and obligations	2,325,720
Profit tax payables	17,084,117
State dividend payable	0
Total current liabilities	95,849,836
Total Liabilities & Equity
Total liabilities	118,772,921
Total equity and liabilities	1,117,651,352

Cash Flow Statement

FY 2014 EC

Item	Amount (ETB)
Operating Activities
Profit before tax	86,461,740
Depreciation	20,080,341
Amortization	208,430
Change in severance payable	197,147
(Gain)/Loss on disposal of PPE	0
Decrease in trade and other receivables	-1,592,018
Increase in inventories	-18,532,649
Increase in trade and other payables	15,323,631
Cash generated from operations	102,146,622
Withholding tax paid	-2,594,816
Profit tax paid	-16,703,775
Net cash from operating activities	82,848,032
Investing Activities
Increase in time deposit	28,122,329
Purchase of property, plant and equipment	-42,829,070
Purchase of intangible assets	-300,000
Increase in assets held for sale	0
Net cash used in investing activities	-15,006,741
Financing Activities
Donation received	954,460
Net cash from financing activities	954,460
Net Change in Cash	68,795,748
Closing Cash & Equivalents	222,371,270

Audit Findings

#1

Advance collected was treated as sales and undelivered sales were recorded against cost of sales. Under IFRS 15, revenue should be recognized when performance obligations are satisfied; the auditor was not satisfied that reported sales and cost of sales were not overstated.

Amount: ETB 7.8M

#2

Direct and indirect costs (materials, labor, and overhead) were not absorbed into inventory cost; vaccines inventory was not valued using standard costing. Under IAS 2, production costs should be absorbed into inventory cost; the auditor was not satisfied that inventory and cost of sales balances were fairly stated.

#3

Total sales per monthly VAT declarations and annual sales register machine (Z report) differed; the Z report balance was higher. The report notes non-compliance with tax laws may lead to penalties.

Amount: ETB 5.6M

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