National Veterinary Institute

Fiscal Year 2015 EC (2023/2024 GC)

Qualified

All Years

Download Original Audit Report FY 2014 FY 2016

Revenue

ETB 273.3M

Net Profit

ETB 81.7M

Total Assets

ETB 1.2B

Total Equity

ETB 944.1M

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 2015 EC

Item	Amount (ETB)
Revenue
Revenue	273,319,489
Cost of sales	-102,962,469
Gross profit	170,357,020
Other Income
Other operating income	15,596,506
Gain for currency fluctuation	823,252
Total income	186,776,778
Operating Expenses
General and administration expense	-70,679,848
Allowance for stock loss and doubtful debts	-494,064
Audit fee	-54,390
Board fee	-394,500
Total operating expenses	-71,622,801
Profit
Operating profit	115,153,977
Finance costs	0
Profit before tax	115,153,977
Current income tax expense	-26,985,117
Profit after tax	88,168,860
Deferred tax asset/(liability)	-6,449,158
Net profit for the year	81,719,702

Statement of Financial Position

As at end of FY 2015 EC

Item	Amount (ETB)
Non-Current Assets
Property, plant and equipment	696,778,679
Intangible assets	991,529
Right of use asset - land	3,441,248
Non-current asset held for sale	43,708
Total non-current assets	701,255,264
Current Assets
Inventories	223,415,531
Trade and other receivables	61,657,188.95
Advances and prepayments	3,816,567.99
Cash and short-term deposits	179,789,095
Total current assets	468,698,783
Total Assets
Total assets	1,169,954,047
Equity
Paid up capital	40,189,122
Donated capital	106,851,801
Capital reserve	7,543,588
Legal reserve	12,123,309
Retained earnings	418,557,920
Revaluation reserve	358,874,376
Total equity	944,140,416
Non-Current Liabilities
Termination benefit liabilities	4,978,634
Deferred tax liabilities	25,199,507
Total non-current liabilities	30,178,141
Current Liabilities
Trade and other payables	169,100,951
Other taxes and obligations	2,268,140
Profit tax payables	24,266,399
Total current liabilities	195,635,490
Total Liabilities & Equity
Total liabilities	225,813,631
Total equity and liabilities	1,169,954,047

Cash Flow Statement

FY 2015 EC

Item	Amount (ETB)
Operating Activities
Profit before tax	115,153,977
Depreciation	22,946,778
Amortization	212,210
Change in severance payable	805,898
Prior period adjustment	112,162
Decrease in trade and other receivables	-39,189,996
Increase in inventories	-40,684,827
Increase in trade and other payables	14,909,654
Withholding tax paid	-2,718,718
Profit tax paid	-17,084,177
Net cash from operating activities	-4,507,230
Investing Activities
Purchase of property, plant and equipment	-37,893,124
Purchase of intangible assets	-276,000
Net cash used in investing activities	-38,169,124
Financing Activities
Donation received	394,182
Net cash from financing activities	394,182
Net Change in Cash	-42,581,175
Closing Cash & Equivalents	179,789,095

Audit Findings

#1

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

Amount: ETB 18.8M

#2

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

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