ACADEMY PRESS PLC
REPORTS AND FINANCIAL STATEMENTS
FOR THE SECOND QUARTER ENDED 30TH SEPTEMBER, 2024
Academy Press Plc.
Reports and financial statements for the second quarter ended 30th September, 2024
CONTENTS | PAGE |
Corporate information | 1 |
Financial highlights | 2 |
Consolidated Statements of comprehensive income | 3 |
Consolidated Statements of financial position | 4 |
Consolidated Statements of changes in equity | 5 |
Consolidated Statements of cash flow | 6 |
Notes to the financial statements | 7 |
Academy Press Plc. | ||
Corporate Information | ||
Wahab B.Dabiri | - Chairman | |
Olugbenga Ladipo | - Managing Director | |
David Pritchard (British) | - Non-executive Director | |
Folashade B. Omo-Eboh- (Mrs.) | - Non-executive Director | |
Oyewole Olaoye | - Non-executive Director | |
Femi T. Akingbe | - Non-executive Director | |
Paul Aderibigbe | - Executive Director | |
Oluwakemi Ogunnubi | - Executive Director | |
Secretaries: | Alpha-Genasec Limited, | |
Krestal Laurel Complex (4th Floor), | ||
376, Ikorodu Road, | ||
Maryland, Ikeja, Lagos. | ||
Tel:234(0)8062272121 | ||
Email: alpha-genasec @bakertilly.com | ||
Registered office: | 28/32, Industrial Avenue, | |
Ilupeju Industrial Estate, | ||
Ilupeju, Lagos. | ||
Tel: 09030001367, 09030001368&07014900034 | ||
Email: applc@academy press- plc.com | ||
www.academypress-plc.com | ||
Registered number: | RC. 3915 | |
Auditors: | Ernst & Young | |
(Chartered Accountants) | ||
10th & 13th Floor, UBA House | ||
57, Marina, Lagos | ||
E-mail:services@ng.ey.com | ||
Registrars: | Pace Registrars Limited, | |
Knight Frank Building (8th floor), | ||
24, Campbell Street, Lagos. | ||
Tel: 01-2635607,01-7303445,01-2805538 | ||
E-mail: Info @ paceregistrars.Com | ||
Bankers: | First City Monument Bank | |
WEMA Bank Plc | ||
Zenith Bank Plc. |
First Bank of Nigeria Plc
Guaranty Trust Bank Plc.
United Bank for Africa
Sterling Bank Nigeria Plc.
Union Bank of Nigeria Plc.
Academy Press Plc.
FINANCIAL HIGHLIGHTS | ||||||
30-09-2024 | 30-09-2023 | % | 30-06-2024 | 30-06-2023 | % | |
₦'000 | ₦'000 | Increase/(Decrease) | ₦'000 | ₦'000 | ||
Increase/(Decrease) | ||||||
Revenue | 2,508,269 | 2,589,064 | (0.03) | 1,851,544 | 1,943,915 | (4.8) |
Profit/(Loss) before Taxation | 504,048 | (2,862) | 17,712 | 519,230 | 38,223 | 1,258.4 |
Taxation | - | - | - | - | ||
Profit/(Loss) after Taxation | 504,048 | (2,862) | 17,712 | 519,230 | 38,223 | 1,258.4 |
EPS | N0.67k | (N0.0038k) | 17,732 | N0.69k | N0.05k | 1,280.0 |
At period ended: | 30-09-2024 | 30-09-2023 | 30-06-2024 | 30-06-2023 | ||
₦'000 | ₦'000 | ₦'000 | ₦'000 | |||
Property, plant and Machiery | 913,524 | 1,040,008 | (0.12) | 933,733 | 1,052,360 | (11.27) |
Share Capital | 378,000 | 378,000 | - | 378,000 | 378,000 | - |
Equity | 848,402 | 396,454 | 1.14 | 939,184 | 640,053 | 46.7 |
Staff Number | Staff Number | Staff Number | Staff Number | |||
192 | 208 | (7.7) | 181 | 211 | (14.2) |
ACADEMY PRESS PLC | |||||||||||||
Unaudited Consolidated Statements of Profit or | |||||||||||||
Loss and Other Comprehensive Income for the | |||||||||||||
period ended 30th September 2024 | |||||||||||||
NOTES | Sept'24 | Sept'23 | June'24 | June'23 | |||||||||
- | ₦'000 | ₦'000 | ₦'000 | ₦'000 | |||||||||
REVENUE | 5 | 2,508,269 | 2,589,064 | 1,851,544 | 1,943,915 | ||||||||
COST OF SALES | 6 | (1,053,410) | (1,913,352) | (794,404) | (1,560,780) | ||||||||
GROSS PROFIT | 1,454,859 | 675,712 | 1,057,140 | 383,135 | |||||||||
OTHER INCOME | 79,818 | 12,976 | 45,809 | 2,910 | |||||||||
DISTRIBUTION EXPENSES | (164,786) | (42,703) | (90,598) | (23,067) | |||||||||
ADMINISTRATIVE EXPENSES | (810,328) | (512,236) | (475,645) | (265,983) | |||||||||
RESULT FROM OPERATING ACTIVITIES | 559,563 | 133,749 | 536,706 | 96,995 | |||||||||
FINANCE INCOME | 3,711 | 2,179 | - | ||||||||||
FINANCE COST | (59,226) | (136,611) | (19,655) | (58,772) | |||||||||
NET FINANCE COST | (55,515) | (136,611) | (17,476) | (58,772) | |||||||||
PROFIT OR (LOSS) BEFORE TAX | 504,048 | (2,862) | 519,230 | 38,223 | |||||||||
TAX EXPENSES | - | - | |||||||||||
PROFIT OR (LOSS) FOR THE PERIOD | 504,048 | (2,862) | 519,230 | 38,223 | |||||||||
OTHER COMPREHENSIVE INCOME | - | - | |||||||||||
TOTAL COMPREHENSIVE INCOME | 504,048 | (2,862) | 519,230 | 38,223 | |||||||||
Profit attributable to: | |||||||||||||
Owners of the Parent | 518,360 | 16,164 | 522,293 | 50,206 | |||||||||
Non- Controlling Interest | (14,312) | (19,026) | (3,063) | (11,983) | |||||||||
504,048 | (2,862) | 519,230 | 38,223 | ||||||||||
EPS - Basic | 8 | N0.67k | (N0.0038k) | N0.69K | N0.05 | ||||||||
Mrs. Oluwakemi Ogunnubi | Mr. Olugbenga Ladipo |
(Executive Director, Finance & Business Development) | (Managing Director) |
FRC/2017/PRO/DIR/003/00000016098 | FRC/2013/PRO/DIR/003/00000003252 |
October 28, 2024
Consolidated Statements of Financial Position | NOTES | Sept'24 | Sept'23 | June'24 | June'23 |
₦'000 | ₦'000 | ₦'000 | ₦'000 | ||
ASSETS | |||||
Non Current Assets | |||||
Property, Plant & Equipment | 16 | 913,524 | 1,040,008 | 932,103 | 1,052,360 |
Intangible asset | 10 | 1,569 | 1,630 | ||
Deffered tax | 157,784 | 185,304 | 152,458 | 267,495 | |
1,072,877 | 1,225,312 | 1,086,191 | 1,319,855 | ||
Current Assets | |||||
Inventories | 9 | 821,030 | 492,301 | 554,226 | 690,382 |
Right of return assets | |||||
Trade Receivables | 928,384 | 639,314 | 994,083 | 422,454 | |
Cash & Cash Equivalent | 154,095 | 31,460 | 201,663 | 9,181 | |
1,903,509 | 1,163,075 | 1,749,972 | 1,122,017 | ||
TOTAL ASSETS | 2,976,386 | 2,388,387 | 2,836,163 | 2,441,872 | |
EQUITY & LIABILITIES | |||||
Equity Attributable to owners of the Parent | |||||
Share Capital | 12 | 378,000 | 378,000 | 378,000 | 378,000 |
Share Premium | 13 | 24,510 | 24,510 | 24,510 | 24,510 |
Capital Reserves | 12,068 | 12,068 | 12,068 | ||
General Reserves | 509,459 | 25,298 | 347,606 | (108,805) | |
Retained Earning | 14 | ||||
924,037 | 439,876 | 762,184 | 293,705 | ||
Non-Controlling Interests | 15 | (75,635) | (43,422) | (101,667) | (112,207) |
Total Equity | 848,402 | 396,454 | 660,517 | 181,498 | |
Non Current Liability | |||||
Deffered taxation | |||||
Employees Benefit Obligations | 460,076 | 498,661 | 460,815 | 498,661 | |
Medium term liabilities | 11 | 653,220 | 465,339 | 648,770 | 776,677 |
Contract liabilities | 80,574 | 1,595 | - | ||
Total Non Current Liability | 1,193,870 | 964,000 | 1,111,180 | 1,275,337 |
Current Liability | |||||||||||||||
Trade Payables | 464,771 | 594,876 | 537,953 | 725,277 | |||||||||||
Borrowings | 11 | 154,147 | 75,718 | 196,593 | 85,584 | ||||||||||
Taxation | 315,196 | 357,339 | 329,920 | 174,176 | |||||||||||
Total Current Liability | 934,114 | 1,027,933 | 1,064,466 | 985,037 | |||||||||||
TOTAL LIABILITIES | 2,127,984 | 1,991,933 | 2,175,646 | 2,260,374 | |||||||||||
TOTAL EQUITY & LIABILITIES | 2,976,386 | 2,388,387 | 2,836,163 | 2,441,872 | |||||||||||
ACADEMY PRESS PLC | |||||||||||||||
Consolidated Statement of Changes in Equity for the period ended September 2024 | |||||||||||||||
as at 30th June 2024 | Share Capital | Share Premium | Capital Reserve | Retained Earnings | Total | NCI | Total Equity | ||||||||
₦'000 | =N=('000) | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | |||||||||
Balance at 30th June,2024 | 378,000 | 24,511 | 12,068 | 347,606 | 762,185 | (101,667) | 660,518 | ||||||||
Profit/Loss for the year: | |||||||||||||||
- | - | - | 237,453 | 237,453 | 26,032 | 263,485 | |||||||||
Dividend | (75,600) | (75,600) | (75,600) | ||||||||||||
Revaluation Gain/Loss | - | - | - | ||||||||||||
Balance at 30th September 2024 | 378,000 | 24,511 | 12,068 | 509,459 | 924,038 | (75,635) | 848,403 | ||||||||
ACADEMY PRESS PLC | |||||||||||||||
Consolidated Statement of Changes in Equity for the period ended September 2023 | |||||||||||||||
as at 31st June 2023 | Share Capital | Share Premium | Capital Reserve | Retained Earnings | Total | NCI | Total Equity | ||||||||
₦'000 | =N=('000) | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | |||||||||
Balance at 31st June,2023 | 378,000 | 24,511 | 12,068 | (120,874) | 293,705 | (112,207) | 181,498 | ||||||||
Profit/Loss for the year: | |||||||||||||||
221,772 | 221,772 | 68,785 | 290,557 | ||||||||||||
Dividend | (75,600) | (75,600) | (75,600) | ||||||||||||
Revaluation Gain/Loss | - | - | - | ||||||||||||
Balance at 30th September 2023 | 378,000 | 24,511 | 12,068 | 25,298 | 439,877 | - | 43,422 | 396,455 | |||||||
ACADEMY PRESS PLC | |||||
Statement of Cash Flow | |||||
for the period ending 30th September 2024 | |||||
Sep-24 | Sep-23 | Jun-24 | Jun-23 | ||
N' 000 | N' 000 | N' 000 | N' 000 | ||
Cash Flows from operating activities | |||||
Cash received from customers | 1,468,141 | 1,501,657 | 850,998 | 936,205 | |
Cash Paid to suppliers and employees | (1,284,907) | (1,702,883) | (1,164,297) | (736,559) | |
Cash generated from operation | 183,234 | (201,226) | (313,299) | 199,646 | |
Company Income tax | - | - | - | - | |
Net Cash provided by operating activities | 183,234 | (201,226) | (313,299) | 199,646 | |
Cash flow from investing activities | |||||
Purchase of PPE | (18,612) | (23,524) | (4,081) | (917) | |
Proceeds from disposal of PPE | 18,925 | - | 18,925 | - | |
Investment income | 3,711 | - | 2,179 | - | |
Net cash absorbed in investing activities | 4,024 | (23,524) | 17,023 | (917) | |
Cash flows from financing activities | |||||
Proceed from Borrowing | |||||
Interest Paid | (59,226) | (136,611) | (7,313) | (1,922) | |
Dividend paid | (75,600) | (75,600) | - | ||
Medium term loan repayment | (100,000) | - | - | - | |
Net cash absorbed in financing activities | (234,826) | (212,211) | (7,313) | (1,922) | |
Net increase / decrease in cash and cash equivalents | |||||
Cash and cash equivalent for the period | (47,568) | (436,961) | (303,589) | 196,807 | |
Cash and cash equivalent at beginning of period | 201,663 | 468,421 | 505,252 | 308,445 | |
Cash and cash equivalent at the end of the period | 154,095 | 31,460 | 201,663 | 505,252 |
NOTES TO THE FINANCIAL STATEMENTS
1 General information
Academy Press Plc. was incorporated in Nigeria as a private limited liability company on 28th July, 1964. By a special resolution, it became a public limited liability company on 22nd October, 1991. It offered its shares to the public in November, 1994 and these shares were listed on the Nigerian Stock Exchange on 15th June, 1995.
The registered address of the company is 28-32, Industrial Avenue, Ilupeju Industrial Estate, Ilupeju, Lagos.
The principal activity of the company is the printing of educational and general books, commercial printing of diaries, labels, calendars, periodicals, annual reports, confidential and other printing works.
The consolidated financial statements of the Group for the period ended 30th June, 2024 comprise the Company and its subsidiaries.
The separate financial statements of the company for the Ist Quarter, June 2024 comprise those of the company only.
2 Summary of significant accounting policies
The principal accounting policies that have been applied in the preparation of the consolidated and separate financial statements are set out below. These accounting policies have been consistently applied to all the years presented.
2.1 Statement of compliance
The consolidated and separate financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standard Board (IASB), and interpretations issued by the
International Financial Reporting Interpretations committee of IASB (together IFRS) that are effective at 31 March 2016 and requirements of the Companies and Allied Matters Act (CAMA) of Nigeria and the Financial Reporting Council (FRC) Act of Nigeria.
2.2 Basis of presentation
The consolidated and separate financial statements have been prepared in accordance with the going concern principle under the historical cost basis. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
Fair value
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability that market participants would take into account when pricing the asset or liability at the measurement date.
Fair value for measurement and/or disclosure purposes in these consolidated and separate financial statements is determined on such a basis, except for the leasing transactions that are within the scope of IAS 17 and measurements that have some similarities to fair value but are not fair value, such as net realizable value in IAS 2 or where in use in IAS 36.
2.3 Functional and presentation currency
These consolidated and separate financial statements are presented in Nigerian Naira, which is the Company's functional currency. All financial information presented in Naira has been rounded to the nearest thousands, except where otherwise indicated.
2.4 Use of estimates and judgments.
In the application of the company's accounting policies which are described in note 3 below, the management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions, are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised if the revision affects only that year or in the year of the revision and future years if the revision affects both current and future years.
The following are the critical judgments and estimates the management has made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognized in both the consolidated and separate financial statements.
- Property, plant and equipment
Property, plant and equipment represent a significant proportion of the asset base of the company, accounting for 31 % of the company's total assets. Therefore, the estimates and assumptions made to determine their carrying value and related depreciation are critical to the company's financial position and performance.
The charge in respect of periodic depreciation is derived after determining an estimate of an assets expected useful life and the expected residual value at the end of its life. Increasing an assets expected life or it's residual value would result in the reduced depreciation charge in the statement of comprehensive income. The useful lives and residual values of property, plant and equipment are determined by management based on historical experience as well as anticipation of future events and circumstances which may impact their useful lives.
- Allowance for doubtful receivables
Judgment is exercised to make allowance for trade receivables doubtful of recovery by reference to the financial and other circumstances of the debtor in question. Based on objective evidence of impairment, the group makes a collective impairment allowance for doubtful debts.
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