Quarter 2 - financial statement for 2024

Statement of Comprehensive Income

3

Statement of Financial Position

4

Statement of Changes in Equity

5

Statement of Cash Flow

6

Notes to the Financial Statements

7

Free Float Computation

10

2022 Q2

2022 Q2

2023 Q2

2023 Q2

APR - SEPT JULY - SEPT

APR - SEPT JULY - SEPT

N'000

N'000

NOTE

N'000

N'000

1,349,508

1,119,909

Revenue

1

1,463,776

863,935

(542,428)

(437,417)

Cost of sales

(564,523)

(324,413)

807,080

682,492

Gross profit

899,253

539,522

32,964

20,074

Other operating income

16,244

(5,189)

(174,658)

(78,516)

Selling and distribution costs

(247,161)

(131,892)

(498,270)

(258,715)

Administrative expenses

(516,267)

(268,030)

167,116

365,335

Operating Profit

152,069

134,411

(10,219)

(10,219)

Finance costs

(15,534)

(15,534)

357

137

Finance income

5,220

2,604

157,254

355,253

Profit before tax

141,755

121,481

(47,176)

(106,576)

Income tax

(42,526)

(36,445)

110,078

248,677

Profit for the Period

99,228

85,037

LEARN AFRICA PLC

STATEMENT OF FINANCIAL POSITION

2023

2023

SEPTEMEBER

MARCH

DESCRIPTION

NOTE

N'000

N'000

Assets

Non- current assets

Property and equipment

2

414,058

466,549

Investment properties

305,000

305,000

Right of use assets

28,114

18,953

Intangible asset

8,063

-

Deferred tax asset

282,855

282,855

1,038,090

1,073,357

Current assets

Inventories

3

2,952.990

2,226,194

Trade and other receivables

4

1,358,671

799,402

Other current assets

5

38,312

37,726

Cash and short- term deposits

6

107,900

1,055,716

4,457,873

4,119,038

Total assets

5,495,963

5,192,395

Equity and liabilities

Equity

Issued share capital

385,725

385,725

Share premium

1,940,214

1,940,214

Other capital reserves

67,703

67,703

Retained earnings

1,302,608

1,396,242

Total equity

3,696,250

3,789,884

Current liabilities

Trade and other payables

7

1,303,628

1,013,378

Current tax Liabilities

42,526

247,379

Provisions

153,557

139,469

Interest bearing loans and borrowings

300,000

2,285

Total Liabilities

1,799,712

1,402,511

Total equity and Liabilities

5,495,963

5,192,395

Alhaji Hassan Bala

Ojeile Cordelia (Mrs)

Managing Director

Finance Director

(FRC/2016/IODN/00000015071)

(FRC /2014/ICAN/00000002038)

OTHER

ISSUED

SHARE

CAPITAL

RETAINED

CAPITAL

PREMIUM

RESERVES

EARNINGS

TOTAL

N'000

N'000

N'000

N'000

N'000

As at 1 April 2022

385,725

1,940,214

67,703

1,121,004

3,514,646

Profit for the period

-

-

-

429,532

429,532

Dividend

-

-

-

(154,294)

(154,294)

As at March 2023

385,725

1,940,214

67,703

1,396,242

3,789,884

As at 1 April 2023

385,725

1,940,214

67,703

1,396,242

3,789,884

Profit for the period

-

-

-

99,228

99,228

Dividend

-

-

-

(192,863)

(192,863)

As at September 2023

385,725

1,940,214

67,703

1,302,608

3,696,250

2023

2022

SEPT.

SEPT.

N'000

N'000

Operating activities

Cash generated from operations

(516,527)

459,968

Income tax paid

(214,319)

(156,391)

Net cash generated from operating activities

(730,846)

303,577

Investing activities

Interest received

5,220

-

Proceeds from sale of fixed assets

-

1,890

Purchase of fixed assets

(13,793)

(109,038)

Net cash used in investing activities

(8,573)

(107,148)

Financing activities

Interest paid

(15,534)

(10,219)

Dividend paid

(192,863)

(154,290)

Net cash used in financing activities

(208,397)

(164,509)

Net (decrease)/increase in cash and cash equivalents

(947,816)

31,920

Cash and cash equivalents at 1 April

1,055,716

274,775

Cash and cash equivalents at 30 September

107,900

306,395

2022 Q2

2022 Q2

2023 Q2

2023 Q2

APR - SEPT

JULY - SEPT APR - SEPT JULY - SEPT

N'000

N'000

N'000

N'000

HEAD OFFICE

158,186

82,042

483,045

74,293

NORTHERN ZONE

229,629

191,910

266,767

210,304

EASTERN ZONE

302,728

258,369

168,050

137,952

WESTERN ZONE

658,965

587,588

545,914

441,386

1,349,508

1,119,909

1,463,776

863,935

2. FIXED ASSETS

Leasehold

Leasehold

Furniture

Land

Land and

Plant &

Motor

and

Building

Machinery

Vehicles

Fittings

Hardware

Total

N'000

N'000

N'000

N'000

N'000

N'000

N'000

Cost/valuation

At 1 April 2023

108,381

142,800

116,713

420,074

194,967

156,879

1,139,814

Additions

-

-

-

-

495

2,549

3,044

Disposals

-

-

-

-

-

-

As at 30th Sept. 2023

108,381

142,800

116,713

420,074

195,462

159,428

1,142,858

Depreciation

At 1 April 2023

-

65,062

79,073

274,437

158,353

107,091

684,016

Charge for the year

-

1,481

2,856

27,632

3,196

9,619

44,784

Disposals

-

-

-

-

-

-

As at 30th Sept. 2023

-

66,543

81,929

302,069

161,549

116,710

728,800

Net book value

As at 30th Sept. 2023

108,381

76,257

34,784

118,005

33,913

42,718

414,058

As at 31st March 2023

108,381

77,738

37,641

145,637

36,613

49,789

455,799

3. Inventories

2023

2023

SEPTEMBER

MARCH

N'000

N'000

Raw materials

253,311

204,417

Work in progress

44,325

32,323

Publications

2,635,074

1,979,021

Consumables

20,279

10,433

TOTAL

2,952,990

2,226,194

4. Trade and other Receivables

2023

2023

SEPTEMBER

MARCH

N'000

N'000

Trade receivables

2,026,699

1,579,129

Less: impairment of doubtful receivables

(705,813)

(818,127)

Withholding tax recoverable

32,370

33,625

Staff Loan

97

461

Other receivable

5,317

4,314

TOTAL

1,358,671

799,402

5. Prepayments

2023

2023

SEPTEMBER

MARCH

N'000

N'000

Current prepayments

38,312

37,726

38,312

37,726

6. cash and cash equivalents

2023

2023

SEPTEMBER

MARCH

N'000

N'000

Cash in hand

77,403

502,606

Cash at bank

30,497

553,109

107,900

1,055,715

7.Trade and other payables

2023

2023

SEPTEMBER

MARCH

N'000

N'000

Trade payables

364,636

129,852

Royalties

548,831

501,736

Withholding tax

26,612

39,053

Other payables

12,690

69,281

Unclaimed dividend

156,357

135,429

Sundry creditors

194,503

138,028

1,303,628

1,013,378

Free Float Computation

Company Name:

Learn Africa Plc.

Board Listed:

Main Board

Year End:

March

Reporting Period:

Period Ended 30 September 2023

Share Price at end of reporting period:

N3.30(2022: N1.86)

Shareholding Structure/Free Float Status

30-Sep-23

30-Sep-22

Description

Unit

Percentage

Unit

Percentage

Issued Share Capital

771,450,000

100%

771,450,000

100%

Substantial Shareholdings (5% and above)

Iwerebon Emeke Felix (Chief )

105,895,265

13.73%

102,669,428

13.31%

Mr Frederick Ijewere

48,041,299

6.23%

46,690,627

6.05%

Estate of Ade-Ajayi Jacob Festus (Prof)

42,429,847

5.50%

42,429,847

5.50%

Total Substantial Shareholdings

196,366,411

25.45%

191,789,902

24.86%

Directors' Shareholdings (direct and indirect),

excluding directors with substantial interests

Hajia Binta Bakari (Indirect)

21,878,696

2.84%

21,878,696

2.84%

Hajia Binta Bakari (direct)

140,000

0.02%

-

-

Alhaji Bala Salisu Hassan(Direct)

200,500

0.03%

200,500

0.03%

Mr Gbolagunte Aiyedun(Direct)

200,000

0.03%

200,000

0.03%

Mrs Cordelia Isioma Ojeile(Direct)

181,017

0.02%

181,017

0.02%

Total Directors' Shareholdings

22,600,213

2.93%

22,460,213

2.91%

Other Influential Shareholdings

Ogundipe Phebean Ajibola

26,229,416

3.40%

26,229,416

3.40%

Iwerebon-Onwukwe Margaret

21,285,210

2.76%

21,285,210

2.76%

Estate of Adadevoh Babatunde Kwaku

20,571,908

2.67%

20,571,908

2.67%

Staff trust Scheme

17,858,938

2.31%

17,858,938

2.31%

Iloeje Nwadilibe Paul

15,456,131

2.00%

15,456,131

2.00%

Total Other Influential Shareholdings

101,401,603

13.14%

101,401,603

13.14%

Free Float in Units and Percentage

451,081,773

58.47%

455,798,282

59.08%

Free Float in Value

₦ 1,488,569,850.90

₦ 847,784,804.52