National Veterinary Institute

Fiscal Year 2016 EC (2024/2025 GC)

Qualified

All Years

Download Original Audit Report FY 2015

Revenue

ETB 364.5M

Net Profit

ETB 109.9M

Total Assets

ETB 1.3B

Total Equity

ETB 1.0B

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 2016 EC

Item	Amount (ETB)
Revenue
Revenue	364,474,383
Cost of sales	-127,202,323
Gross profit	237,272,060
Other Income
Other operating income	17,854,932
Gain for currency fluctuation	27,366
Total income	255,154,357
Operating Expenses
General and administration expense	-97,039,436
Allowance for stock loss and doubtful debts	0
Audit fee	-64,515
Board fee	-356,300
Total operating expenses	-97,460,251
Profit
Operating profit	157,694,107
Finance costs	0
Profit before tax	157,694,107
Current income tax expense	-41,975,858
Profit after tax	115,718,249
Deferred tax asset/(liability)	-5,811,846
Net profit for the year	109,906,402

Statement of Financial Position

As at end of FY 2016 EC

Item	Amount (ETB)
Non-Current Assets
Property, plant and equipment	722,182,873
Intangible assets	1,164,609
Right of use asset - land	3,441,248
Non-current asset held for sale	0
Total non-current assets	726,788,729
Current Assets
Inventories	220,268,000
Trade and other receivables	127,952,816
Advances and prepayments	9,018,070
Cash and short-term deposits	172,064,666
Total current assets	529,303,552
Total Assets
Total assets	1,256,092,281
Equity
Paid up capital	640,004,058
Donated capital	685,687
Capital reserve	0
Legal reserve	9,581,305
Retained earnings	0
Revaluation reserve	358,874,376
Total equity	1,009,145,426
Non-Current Liabilities
Termination benefit liabilities	4,753,409
Deferred tax liabilities	31,011,353
Total non-current liabilities	35,764,763
Current Liabilities
Trade and other payables	170,128,715
Other taxes and obligations	2,232,315
Profit tax payables	38,821,061
Total current liabilities	211,182,091
Total Liabilities & Equity
Total liabilities	246,946,854
Total equity and liabilities	1,256,092,281

Cash Flow Statement

FY 2016 EC

Item	Amount (ETB)
Operating Activities
Profit before tax	157,694,107
Depreciation	24,321,213
Amortization	241,020
Change in severance payable	-225,224
Tax paid on assessment	-6,620,986
State dividend paid	-48,966,268
Decrease in trade and other receivables	-71,476,729
Increase in inventories	3,147,531
Increase in trade and other payables	11,473,710
Withholding tax paid	-3,154,797
Profit tax paid	-24,266,399
Net cash from operating activities	42,167,178
Investing Activities
Purchase of property, plant and equipment	-49,725,407
Purchase of intangible assets	-414,000
Increase in assets held for sale	-43,708
Net cash used in investing activities	-50,183,114
Financing Activities
Donation received	291,506
Net cash from financing activities	291,506
Net Change in Cash	-7,724,429
Closing Cash & Equivalents	172,064,666

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 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.

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