Revenue 1 1,761,128 1,385,830 1,402,436 1,270,200 Cost of sales (793,615) (574,066) (573,723) (519,757)

Transcription

1 UNIVERSITY PRESS PLC UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE FOR THE SECOND QUARTER ENDED 3OTH SEPTEMBER 2018 Apr -Sept July - Sept Apr -Sept July - Sept Notes Revenue 1 1,761,128 1,385,830 1,402,436 1,270,200 Cost of sales (793,615) (574,066) (573,723) (519,757) Gross profit 967, , , ,443 Other operating income 2 2,131 1,218 5,076 4,424 Marketing and distribution expenses (270,490) (165,927) (215,297) (121,370) Administrative expenses (283,456) (180,464) (251,728) (163,213) Profit from continuing operations 415, , , ,284 Finance Income 2 13,063 3,655 16,094 1,759 Profit before taxation 428, , , ,043 Taxation Expense 3 (119,148) (119,148) (112,422) (112,422) Profit after tax from continuing operations 309, , , ,621 Total Comprehensive income attributable to owners of the entity 309, , , ,621 Basic earnings per 50k share 71.77k 81.38k 62.69k 83.36k Diluted earnings per 50k share 71.77k 81.38k 62.69k 83.36k

2 UNIVERSITY PRESS PLC UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE SECOND QUARTER ENDED 30 SEPTEMBER 2018 Property Plant Reserve on and Equipment actuarial Revenue Share Share Capital Revaluation valuation Reserve Total Capital Premium Reserve Reserve of gratuity Equity N'000 Balance at 1 April , ,755 1, ,448 (38,304) 1,466,757 2,564,803 Loss for the period , ,613 Other comprehensive income Total comprehensive income 215, ,755 1, ,448 (38,304) 1,776,370 2,874,416 Transactions with owners: (58,862) (58,862) Dividend paid Balance at 30 September , ,755 1, ,448 (38,304) 1,717,508 2,815,554 UNIVERSITY PRESS PLC STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2018 Property, plant and Reserve on equipment actuarial Share Share Capital revaluation valuation Revenue Total Capital Premium Reserve Reserve of gratuity Reserve Equity N'000 Balance at 1 April , ,397 1, ,448 30,666 1,302,487 2,472,145 Comprehensive income for the year: Profit for the year , , , ,411 Other comprehensive income Actuarial loss on defined Valuation surplus on (68,970) - (68,970) (2,642.00) (2,642) - (2,642) - - (68,970) - (71,612) Total comprehensive income - (2,642) - - (68,970) 207, ,799 Transactions with owners: Dividend declared (43,141) (43,141) (43,141) (43,141) Balance at 31 March , ,755 1, ,448 (38,304) 1,466,757 2,564,803

3 UNIVERSITY PRESS PLC STATEMENT OF CASH FLOWS FOR THE SECOND QUARTER ENDED 30 SEPTEMBER Notes Cash flow from operating activities Cash received from customers 1,235,866 1,036,156 Payments to suppliers and employees (1,273,053) (1,340,635) Output VAT (134) Tax paid (69,627) (48,348) Net cash provided by operating activities (106,814) (352,961) Cash flow from investing activities: Interest received 2 13,063 16,087 Dividend 2 6 Disposal of property, plant and equipment 2,521 Purchase of property, plant and equipment 4 (12,526) (3,100) Net cash used in investing activities ,514 Cash flow from financing activities: Dividend paid 15 (58,862) (39,253) Net cash used in financing activities (58,862) (39,253) Net (decrease)/increase in cash and cash equivalents (165,139) (376,700) Cash and cash equivalents at the beginning of the financial year 407, ,087 Cash and cash equivalents at the end of the period , ,387

4 UNIVERSITY PRESS PLC UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2018 March Assets 2018 Non-current assets Notes Property, plant and equipment 4 1,155,607 1,206,407 Investment Property 4 279, ,500 Retirement benefits 28,263 28,263 1,463,370 1,514,170 Current assets Inventories and work-in-progress 5 1,400,162 1,231,608 Trade receivables 6 741, ,914 Other receivables and prepayment 7 103, ,580 Cash and cash equivalents , ,720 Total current assets 2,488,136 1,898,822 Total assets 3,951,506 3,412,992 Equity and Liabilities Current liabilities Trade payables 8 157,762 26,244 Other payables and accruals 9 625, ,235 Unclaimed dividends 127, ,018 Current income tax liability 3 119,148 69,627 1,029, ,124 Non-Current liabilities Deferred taxation 106, ,065 Total Liabilities 1,135, ,189 Net Assets 2,815,554 2,564,803 Equity attributable to owners of the Parent Share capital , ,705 Share premium , ,755 Capital reserve 12 1,442 1,442 Revaluation reserves , ,448 Reserve on Actuarial valuation of gratuity (38,304) (38,304) Revenue reserve 14 1,717,508 1,466,757 The financial statements and notes on pages 6 to 13 were approved by the Board of Directors on 26 October and approved on its behalf by:

5 i) Dr Lalekan Are ) Chairman FRC/2013/IODN/ ii) Mr S. Kolawole ) Managing Director FRC/2013/ICSAN/ iii) Mr G.A. Adebayo ) Executive Director(Finance) FRC/2013/ICAN/

6 UNIVERSITY PRESS PLC NOTES FORMING PART OF THE FINANCIAL STATEMENTS Revenue 1 Revenue is derived from sales of printed books in Nigeria. Analysis by zone N'000 N'000 Western Zone 869, ,231 Eastern Zone 411, ,587 Northern Zone 480, ,618 Total 1,761,127 1,402, September 30 September 2.(a) Other operating income (a) Profit on disposal of property, plant and equipment 1,580 Sundry income 46 1,016 Rent 2,085 2,480 2,131 5,076 Finance income (b) Interest received 13,063 16,087 Dividend income ,063 16, Taxation Per income statement Income tax on profit for the period 107,786 97,391 Education tax 11,362 14,632 Underprovision ,422 Deferred tax 119, , September 31 March Per statement of financial position: Opening balance - Income tax 62,363 43,163 - Education tax 7,264 4,786 Underprovisions: Income tax 35,614 Education tax 2,443 69,627 86,006 Payments during the year - Income tax (62,363) (78,777) - Education tax (7,264) (7,229) Charge for the period - Income tax 107,786 62,363 - Education tax 11,362 7,264 Balance at the end of the period 119,148 69,627 (b) (c) Income tax expense is the aggregate of the charge to the income statement in respect of current income tax, education tax and deferred tax. The amount provided as Income Tax on the profit for the year has been computed on the

7 basis of the income tax rate of 30% in accordance with CAP C21 LFN, 2004 (as amended).

8 4 Property, plant and equipment Furniture and Computer Printing and Fittings Motor Cost/Valuation Land Buildings Equipment other Equipment vehicles Total N'000 At 1 April , , , ,296 41, ,746 1,988,856 Additions 6,071 5, ,526 Disposals - - At 30 September, , , , ,001 42, ,746 2,001,382 Accumulated depreciation At 1 April ,963 92,668 95,400 35, , ,449 Charge for the period - 4,123 4,020 4,129 1,518 49,536 63,326 On disposals - At 30 September, ,086 96,688 99,529 37, , ,775 Net book values at At 30 September, , ,622 16,044 35,472 5, ,464 1,155,607 4b Property, plant and equipment Printing and Computer other office Furniture Motor Cost/Valuation Land Buildings equipment equipment and fittings vehicles Total N'000 At 1 April , , , ,618 40, ,901 1,820,432 Additions - - 8, , , ,548 Disposals - - (3,237) (978) (55) (15,846) (20,116) Adjustment (4,008) (4,008) At 31 March , , , ,296 41, ,746 1,988,856 Accumulated depreciation At 1 April ,077 88,213 87,012 32, , ,557 Charge for the year - 9,894 7,692 9,366 3,435 66,629 97,016 On disposals - - (3,237) (978) (55) (15,846) (20,116) Adjustment (4,008) (4,008)

9 - - At 31 March ,963 92,668 95,400 35, , ,449 Carrying values at: 31 March , ,745 13,993 33,896 6, ,000 1,206, March , ,639 13,599 42,606 8, ,938 1,110,875

10 30 September 31 March 5 Inventories and work-in-progress (a) Books 1,329,148 1,250,843 Allowance for obsolete inventories (Note 5(b) (98,930) (98,930) 1,230,218 1,151,913 Papers (Note 5(c)) 18,270 29,164 Goods in transit 91,201 Work-in-progress 56,749 48,061 Consumables 3,724 2,470 1,400,162 1,231,608 (b) (c) Allowance for obsolete inventories Balance at the beginning of the period 98,930 97,857 Allowance for the period - 1,073 Balance at the end of the period 98,930 98,930 Papers Papers 18,270 29,164 Allowance for obsolete inventories - 18,270 29,164 6(a) Trade receivables (a) Trade receivables 756, ,287 Allowance for impairment of receivables (Note 6(b) ) (14,373) (14,373) 741, ,914 Allowance for impairment The movement in provision for impairment is as follows: (b) Balance at the beginning of the period 14,373 12,254 Allowance for the period - 2,119 Balance at the end of the period 14,373 14,373 7 Other receivables and prepayments (a) Prepayments 38,415 18,735 Sundry receivables (Note 7(b) ) 65, , , ,580 (b) Sundry receivables These comprise: Recoverable workshop expenses 7,710 5,918 WHT recoverable 7,201 7,847 WHT received 23, Other receivables 47,082 49,414 Security deposit for performance bond - 48,119 Deposit for foreign exchange - 9,615 85, ,127 Provision for impairment (Note 7(c) ) (20,282) (20,282) Balance at the end of the year (Note 7(a) ) 65, ,845 (c) Allowance for impairment The movement in provision for impairment is as follows: Balance at the beginning of the year 20,282 19,005 Allowance for the year 0 1,277 Balance at the end of the period 20,282 20,282

11 30 September 31 March 8 Trade payables Trade payables 157,762 26,244 9 Other payables and acruals (a) Deposit for special publications 43,995 29,502 Other suppliers 10, ,369 Staff pension fund (note 9(b)) - 2,317 Royalty payable(note 9(c) ) 311, ,375 Staff incentive 1,066 38,527 Witholding tax payable 47,694 35,633 Provision for audit fees 3,017 5,201 Corporate social responsibility 10,799 10,799 Other payables 197,503 29, , ,235 (b) Staff Pension Fund Balance at the beginning 2,317 2,172 Charge for the period 17,193 26,669 Payments during the period (19,510) (26,524) Balance at the end of the year (Note 9(a) ) - 2,317 Contribution to staff pension fund is payable to Pension Fund Custodian/Administrat (c) Royalty Opening balance 176, ,447 Charge for the period 140, ,442 Payments (5,550) (161,514) Balance at the end of the period 311, ,375

12 10 Share capital (a) Authorised: 30 September March 2018 Number Value Number Value '000 N'000 '000 N'000 Ordinary shares of 50 kobo each 2,000,000 1,000, , ,000 (b) Issued and fully paid Balance at the beginning and end of the year 431, , , , September31 March 11 Share premium Balance at the beginning of the year 146, ,397 Right Issue expenses (2,642) Balance at the end of the year 146, , (a). Capital reserve Balance at the beginning and end of the year 1,442 1,442 (b) This represents 40% of profits retained on cessation of the Nigerian Branch of Oxford University Press. The amount is not remittable but is to be spent in Nigeria. Property, plant and equipment revaluation reserve 13 The movement in revaluation reserve is as follows: Balance at the beginning of the year 772, ,448 - Balance at the end of the period 772, ,448 14(a) Revenue reserve Balance at the beginning of the year 1,466,757 1,302,487 Dividend declared and paid (58,862) (43,141) 1,407,895 1,259,346 Profit for the period 309, ,411 Balance at the end of the period 1,717,508 1,466,757

13 Cash and Cash Equivalents 15 For the purpose of the statement of cashflows, cash comprises cash at bank and in hand and short term in the statement of financial position as follows: Cash at bank and in hand 242, ,537 Short term deposits 0 226, , ,720 Capital commitments 16 There were no commitments for capital expenditure at the statement of financial position date September 2018 : Nil). Related party transactions 17 Related parties include the Board of Directors, the Managing Director, close family members and companies which are controlled by these individuals Post balance sheet events No events or transactions have occurred since 30 September 2018 which would have a material effect upon the financial statements at that date or which need to be mentioned in the financial statements in order not to make them misleading as to 18 the financial position or results of operations at 30 September, 2018 Comparative figures 19 Where necessary, comparative figures have been adjusted to conform to changes in presentation in the current year in accordan with International Accounting Standard (IAS)1.