ACADEMY PRESS PLC
LAGOS, NIGERIA
ANNUAL REPORT OF THE DIRECTORS,
CONSOLIDATED AND SEPARATE AUDITED FINANCIAL STATEMENTS
AND OTHER NATIONAL DISCLOSURES
FOR THE YEAR ENDED 31 MARCH 2023
ACADEMY PRESS PLC
REPORT OF THE DIRECTORS, CONSOLIDATED AND SEPARATE AUDITED FINANCIAL STATEMENTS AND OTHER NATIONAL DISCLOSURES
FOR THE YEAR ENDED 31 MARCH 2023
TABLE OF CONTENTS | PAGE |
Corporate Information | 3 |
Report of the Directors | 4 |
Corporate governance report | 8 |
Statement of Directors' Responsibilities | 12 |
Statement for Corporate Responsibilities for the Financial Statements | 13 |
Report of the Audit Committee | 14 |
Independent Auditor's Report | 15 |
Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income | 20 |
Consolidated and Separate Statements of Financial Position | 21 |
Consolidated and Separate Statements of Changes in Equity | 23 |
Consolidated and Separate Statements of Cash Flows | 24 |
Notes to the Consolidated and Separate Financial Statements | 26 |
Other National Disclosures: | |
Value Added Statement - Group & Company | 88 |
Five-year financial Summary - Group | 89 |
Five-year financial Summary - Company | 90 |
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ACADEMY PRESS PLC
REPORT OF THE DIRECTORS, CONSOLIDATED AND SEPARATE AUDITED FINANCIAL STATEMENTS AND OTHER NATIONAL DISCLOSURES
FOR THE YEAR ENDED 31 MARCH 2023
CORPORATE INFORMATION | ||
DIRECTORS | ||
Mr. Wahab. B. Dabiri | Chairman | |
Mr. Olugbenga Ladipo | Managing Director/Chief Executive Officer | |
Mr. Paul Aderibigbe | Executive Director | |
Mrs. Folashade. B. Omo-Eboh | Non-Executive Director | |
Mr Pritchard David (British) | Non-Executive Director | |
Mr. Oyewole Olaoye | Non-Executive Director | |
Mr. Femi Akingbe | Non-Executive Director | |
REGISTERED OFFICE: | 28/32, Industrial Avenue, | |
Ilupeju Industrial Estate, | ||
Ilupeju, Lagos. | ||
Tel: 09030001367, 09030001368 & 08023226702 | ||
Email: applc@academy press- plc.com | ||
www.academypress-plc.com | ||
EXTERNAL AUDITOR | Ernst & Young | |
10th & 13th Floors, UBA House | ||
57, Marina, Lagos | ||
Nigeria | ||
E-mail: services@ng.ey.com | ||
SOLICITOR | Steam Solicitors & Co | |
OPIC Plaza, 1st Floor suite 117 | ||
Mobolaji Bank - Anthony Way | ||
` | Ikeja Lagos | |
Nigeria | ||
BANKERS | First Bank of Nigeria Limited | |
Guaranty Trust Bank Plc | ||
Union Bank of Nigeria Plc | ||
Wema Bank Plc | ||
Zenith Bank Plc. | ||
REGISTRAR | Pace Registrars Limited, | |
Knight Frank Building (8th floor), | ||
24, Campbell Street, Lagos. | ||
Tel: 01-2635607,01-7303445,01-2805538 | ||
E-mail: Info @ paceregistrars.Com | ||
SECRETARY | Alpha-Genasec Limited, | |
Krestal Laurel Complex (4th Floor), |
376,Ikorodu road, Maryland, Ikeja, Lagos Tel: 234(0)8062272121
E-mail:alpha-genasec@bakertilly.com
3
ACADEMY PRESS PLC
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023
The directors have the pleasure in presenting their report on the affairs of Academy Press Plc ("the Company") together with its subsidiaries ("the Group"), the consolidated and separate audited financial statements of the Group and the Company and other national disclosures for the year ended 31 March 2023.
Legal form
Academy Press Plc was incorporated in Nigeria as a private limited liability Company on the 28th of July 1964 and by a special resolution became a public limited liability Company on the 22nd of October 1991. The certificate of incorporation number for the Company is RC 3915.The Company offered its shares to the public in November 1994 and these shares were listed on the Nigerian Stock Exchange on the 15th of June 1995.
Principal activities
The Company carries on its business as printers of educational and general books, commercial printing of diaries, labels, calendars, periodicals, annual reports, confidential and other printing. The subsidiaries are involved in security printing, flexibility printing and light packaging.
Statement of affairs
In the opinion of the Directors, the state of the Group's and the Company's affairs is satisfactory and there has been no material change since the reporting date which would affect the financial statements as presented.
Results for the year | ||||
The Group | The Company | |||
2023 | 2022 | 2023 | 2022 | |
₦'000 | ₦'000 | ₦'000 | ₦'000 | |
Revenue | 4,498,888 | 4,110,883 | 4,007,849 | 3,754,336 |
====== | ====== | ====== | ====== | |
Profit before taxation | 232,218 | 225,252 | 282,389 | 252,448 |
Income tax (expense)/credit | (214,528) | (51,147) | (160,174) | (54,020) |
Profit after taxation | 17,690 | 174,105 | 122,215 | 198,428 |
====== | ======== | ====== | ======== | |
Total equity | 143,276 | 185,600 | 514,717 | 452,982 |
====== | ======== | ====== | ======== |
Dividend
The directors have recommended no payment of dividend for the year ended 31 March 2023 which is subject to approval by the shareholders at the forthcoming Annual General Meeting (2022: N60,480,000).
Property, plant and equipment
Information relating to movement in property, plant and equipment is shown in Note 17 to the financial statements. In the opinion of the Directors, the market values of the Group's and the Company's properties are not less than the value shown in consolidated and separate financial statements.
Directors' interest in contracts
None of the Directors has notified the Group and the Company for the purpose of Section 303 of the Companies and Allied Matters Act, 2020 of any disclosable interest in contracts with which the Group and the Company are involved as at 31 March 2023.
Donations
The group and the Company made no donation to a charitable organization during the year ended 31 March 2023 (2022: Nil).
The Group | The Company | |||
2023 | 2022 | 2023 | 2022 | |
₦'000 | ₦'000 | ₦'000 | ₦'000 | |
Ilupeju Police Station | 125 | - | 125 | - |
Ilupeju Senior Secondary School | 470 | - | 470 | - |
595 | - | 595 | - | |
====== | ====== | ====== | ====== |
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ACADEMY PRESS PLC
REPORT OF THE DIRECTORS- CONTINUED
FOR THE YEAR ENDED 31 MARCH 2023
Directors
The names of the Directors at the date of this report and of those who held office during the year are as follows:
Mr. Wahab. B. Dabiri | Chairman |
Mr. Olugbenga Ladipo | Managing Director/Chief Executive Officer |
Mr. Paul Aderibigbe | Executive Director |
Mrs. Folashade. B. Omo-Eboh | Non-Executive Director |
Mr Pritchard David (British) | Non-Executive Director |
Mr. Oyewole Olaoye | Non-Executive Director |
Mr. Femi Akingbe | Non-Executive Director |
SHARE HOLDINGS AND SUBSTANTIAL INTEREST IN SHARES
The issued and fully paid share capital of the Group as at 31 March 2023 was beneficially owned as follows:
31 March 2023 | 31 March 2022 | |||||
Name | Number of | Number of | ||||
shareholding | Nominal value | shareholding | Nominal value | |||
% | ₦ | % | ₦ | |||
Alidan Investment | 105,098,182 | 13.9 | 52,549,091 | 84,078,546 | 13.9 | 42,039,273 |
Limited | ||||||
West African Book | 78,600,000 | 10.4 | 39,300,000 | 62,880,000 | 10.4 | 31,440,000 |
Publishers Limited | ||||||
Hambleside Limited | 75,554,010 | 9.99 | 37,777,005 | 60,443,208 | 9.99 | 30,221,604 |
Others | 496,747,808 | 65.71 | 248,373,904 | 397,398,246 | 65.71 | 198,699,123 |
756,000,000 | 378,000,000 | 604,800,000 | 302,400,000 | |||
========= | ========= | ========= | ========= |
Summary of the shareholding position is as follows:
Number of shares issued
Number of shares outstanding
Number of shares in the name of the Group
31 March 2023 | |
Number of | |
shareholding | |
Nigeria (Corporate and individual) | 676,171,735 |
Foreign Investors | 79,828,265 |
756,000,000 | |
=========== | |
Material interest in shares (5% and above) | |
Name | Holdings |
Alidan Investment Limited | 105,098,183 |
West African Book Publishers Limited | 78,600,000 |
Hambleside Limited | 75,554,010 |
2023 | 2022 |
756,000,000 | 604,800,000 |
- | 145,200,000 |
NIL | NIL |
31 March 2022 | ||
Number of | ||
% | shareholding | % |
89 | 539,148,230 | 89 |
11 | 65,651,770 | 11 |
100 | 604,800,000 | 100 |
=== | ========== | === |
% | Holdings | % |
13.9 | 84,078,546 | 13.9 |
10.4 | 62,880,000 | 10.4 |
9.90 | 60,443,208 | 9.90 |
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