UNAUDITED FINANCIAL STATEMENTS FOR SECOND QUARTER ENDED 30TH SEPTEMBER 2024
UNIVERSITY PRESS PLC
UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SECOND QUARTER ENDED 30 SEPTEMBER 2024
Apr -Sept | July -Sept | Apr -Sept | July -Sept | |||
2024 | 2024 | 2023 | 2023 | |||
Notes | N'00 | N'00 | ||||
N'000 | 0 | 0 | N'000 | |||
Revenue | 1 | 2,538,539 | 2,382,461 | 2,090,109 | 1,814,331 | |
Cost of sales | (1,015,702) | (945,945) | (911,950) | (805,454) | ||
Gross profit | 1,522,837 | 1,436,516 | 1,178,159 | 1,008,877 | ||
Other operating income | 2 | 324,234 | 257,401 | 2,499 | 987 | |
Marketing and Distribution expenses | (358,720) | (213,930) | (283,141) | (160,901) | ||
Administrative expenses | (498,003) | (302,479) | (388,529) | (240,577) | ||
Profit/(Loss) from continuing operations | 990,348 | 1,177,508 | 508,988 | 608,386 | ||
Finance Income | 2 | 31,374 | 8,287 | 3,847 | 3,847 | |
Profit/(Loss) before taxation | 1,021,722 | 1,185,795 | 512,835 | 612,233 | ||
Taxation Expense | (338,460) | (338,460) | (167,441) | (167,441) | ||
Profit/(Loss) after tax from continuing | 683,262 | 847,335 | 345,394 | 444,792 | ||
operations | ||||||
Total Comprehensive income | ||||||
attributable to owners of the entity | 683,262 | 847,335 | 345,394 | 444,792 | ||
Basic earnings per 50k share | 158 | 196 | 80 | 103 | ||
Diluted earnings per 50k share | 158 | 196 | 80 | 103 | ||
UNIVERSITY PRESS PLC
UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
September | March | |||
Assets | 2024 | 2024 | ||
Non-current assets | Notes | N'000 | N'000 | |
Property, plant and equipment | 4 | 1,418,274 | 1,459,885 | |
Investment Property | 369,800 | 369,800 | ||
1,788,074 | 1,829,685 | |||
Current assets | ||||
Inventories and work-in-progress | 5 | 1,704,622 | 2,060,806 | |
Trade receivables | 6 | 1,259,704 | 13,677 | |
Other receivables and prepayments | 7 | 79,544 | 45,052 | |
Cash and cash equivalents | 15 | 753,293 | 1,162,348 | |
Total current assets | 3,797,163 | 3,281,883 | ||
Total assets | 5,585,237 | 5,111,568 | ||
Equity and Liabilities | ||||
Current liabilities | ||||
Trade payables | 8 | 654,853 | 918,428 | |
Other payables and accruals | 9 | 818,579 | 914,641 | |
Unclaimed dividends | 109,403 | 109,403 | ||
Current income tax liability | 3 | 340,448 | 77,619 | |
1,923,283 | 2,020,091 | |||
Non-Current liabilities | ||||
Deferred taxation | 20,864 | 20,864 | ||
Total Liabilities | ||||
1,944,147 | 2,040,955 | |||
Net Assets | 3,641,090 | 3,070,612 | ||
Equity | ||||
Share capital | 10 | 215,705 | 215,705 | |
Share premium | 11 | 146,755 | 146,755 | |
Capital reserve | 12 | 1,442 | 1,442 | |
Revaluation reserves | 13 | 992,898 | 1,094,896 | |
Revenue reserve | 14 | 2,284,290 | 1,611,813 | |
3,641,090 | 3,070,612 |
The financial statements were approved by the Board on 28th October, 2024 and signed on its behalf by:
Mr. Obafunso Ogunkeye | Mr. S. Kolawole | Dr. G. A. Adebayo |
Chairman | Managing Director | Executive Director (Finance) |
FRC/2013/CITN/00000003567 FRC/2013/ICSAN/00000003248 FRC/2013/ICAN/00000003250
The accompanying notes and significant accounting policies form an integral part of these financial statements.
UNIVERSITY PRESS PLC
UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE SECOND QUARTER ENDED 30 SEPTEMBER 2024
PPE | ||||||
Share | Share | Capital | Revaluation | Revenue | Total | |
Capital | Premium | Reserve | Reserve | Reserve | Equity | |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
Balance at 1 April 2023 | 215,705 | 146,755 | 1,442 | 1,094,896 | 1,812,677 | 3,271,475 |
Comprehensive income for the year | - | - | - | - | (157,723) | (157,723) |
- | - | - | - | (157,723) | (157,723) | |
Other comprehensive income | ||||||
Items that will not be reclassified subsequently | ||||||
to profit or loss Revaluation gain net of tax | - | - | - | - | - | - |
- | - | - | - | - | - | |
Total comprehensive income/(loss) | ||||||
- | - | - | - | (157,723) | (157,723) | |
Transactions with owners: | ||||||
Dividend paid | - | - | - | - | (43,141) | (43,141) |
- | - | - | - | (43,141) | (43,141) | |
Balance at 31 March 2024 | 215,705 | 146,755 | 1,442 | 1,094,896 | 1,611,813 | 3,070,612 |
Balance at 1 April 2024 | 215,705 | 146,755 | 1,442 | 1,094,896 | 1,611,813 | 3,070,612 |
Profit for the period | - | - | - | - | 683,262 | 683,262 |
Other comprehensive income | ||||||
Items that will not be reclassified subsequently | ||||||
to profit or loss Revaluation gain net of tax | (101,998) | (101,998) | ||||
Total | ||||||
215,705 | 146,755 | 1,442 | 992,898 | 2,295,075 | 3,651,876 | |
Transactions with owners: | ||||||
Dividend paid | - | - | - | - | (10,785) | (10,785) |
Balance at 30 September 2024 | ||||||
215,705 | 146,755 | 1,442 | 992,898 | 2,284,290 | 3,641,091 | |
UNIVERSITY PRESS PLC
STATEMENT OF CASH FLOWS
FOR THE SECOND QUARTER ENDED 30 SEPTEMBER 2024
2024 | 2023 | |||
Notes | N'000 | N'000 | ||
Cash flows from operating activities | ||||
Profit after tax | 683,262 | 345,394 | ||
Adjustments for: | ||||
Depreciation of property, plant and equipment | 4 | 65,651 | 67,222 | |
Gain from disposal of property, plant and equipment | 4 | (276,598) | (54) | |
Net Finance income | 2 | (31,374) | (3,847) | |
Taxation | 338,460 | 167,441 | ||
779,401 | 576,156 | |||
Working capital changes: | ||||
Decrease/(increase) in inventories | 5 | 356,184 | (637,425) | |
(Increase)/decrease in trade receivables | 6 | (1,246,027) | (1,064,150) | |
Increase in other receivables and prepayment | 7 | (34,492) | 15,092 | |
Increase/(decrease) in trade payables | 8 | (263,575) | 573,728 | |
(Decrease)/increase in other payables | 9 | (96,062) | 137,392 | |
Cash generated from operations | (504,571) | (399,207) | ||
Income tax paid | (75,631) | (73,919) | ||
Net cash from operating activities | (580,202) | (473,126) | ||
Cash flows from investing activities | ||||
Purchase of property plant and equipment | (199,440) | (1,366) | ||
Sales proceed from sale of property, plant and equipment | 350,000 | 54 | ||
Finance income | 2 | 31,374 | 3,847 | |
Net cash used in investing activities | 181,934 | 2,535 | ||
Cash flows from financing activities | ||||
Dividend paid | (10,785) | (43,141) | ||
Net cash used in financing activities | (10,785) | (43,141) | ||
Net increase in cash and cash equivalents | (409,055) | (513,733) | ||
Cash and cash equivalents at the beginning of the year | 1,162,348 | 765,876 | ||
Cash and cash equivalents at the end of the period | 753,293 | 252,143 | ||
UNIVERSITY PRESS PLC
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
1 Revenue
Revenue is derived from sales of printed books in Nigeria.
30 | 30 | |||
September | September | |||
Analysis by zone | 2024 | 2023 | ||
N'000 | N'000 | |||
Western Zone | 1,130,244 | 925,476 | ||
Eastern Zone | 598,095 | 528,970 | ||
Northern Zone | 810,200 | 635,663 | ||
Total | ||||
2,538,539 | 2,090,109 | |||
2.(a) | ||||
Other operating income | N'000 | N'000 | ||
Profit on disposal of property plant and equipment | 276,598 | 54 | ||
Sundry income | 44,729 | 292 | ||
Rent | 2,907 | 2,153 | ||
324,234 | 2,499 | |||
(b) | Finance income | |||
Interest received | 31,374 | 3,847 | ||
31,374 | 3,847 |
3. Taxation
(a) Per income statement | N'0 | N'0 | ||
00 | 00 | |||
Income tax on profit for the period | 307,581 | 147,156 | ||
Education tax | 30,769 | 20,260 | ||
Police Trust Fund Levy | 110 | 25 | ||
Under-provision in previous years | 3,142 | |||
341,602 | 167,441 | |||
30 | 31 | |||
September | March | |||
Per statement of financial position: | 2024 | 2024 | ||
N'000 | N'000 | |||
Opening balance - Income tax | 68,444 | 64,964 | ||
- | Education tax | 9,109 | 8,944 | |
- | Police Trust Fund Levy | 0 | 11 | |
Under-provision/(Overprovision) brought forward | 66 | 66 | ||
77,619 | 73,985 | |||
Payments during the year | ||||
- Income tax | (69,664) | (64,964) |
- Education tax | (9,109) | (8,955) | ||
(1,154) | 66 | |||
Charge for the period | ||||
- | Income tax | 307,581 | 68,444 | |
- | Education tax | 30,769 | 9,109 | |
- | Police Trust Fund Levy | 110 | - | |
338,460 | 77,553 | |||
Under provision in previous years | 3,142 | - | ||
Balance at the end of the period | 340,448 | 77,619 | ||
- 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 basis of the income tax rate of 30% in accordance with CAP C21 LFN, 2004 (as amended).
4. Property, plant and equipment
Computer | Printing & | Furniture | Motor | ||||
Cost/Valuation | Land | Buildings | other | and | |||
Equipment | Equipment | Fittings | Vehicles | Total | |||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
At 1 April 2023 | 642,429 | 529,700 | 107,656 | 197,654 | 41,733 | 1,164,032 | 2,683,204 |
Additions | 21,821 | 10,799 | 1,260 | 31,080 | 64,960 | ||
Revaluation Surplus | - | ||||||
Disposals | - | (841) | (4,192) | - | (27,629) | (32,662) | |
At 31 March, 2024 | 642,429 | 529,700 | 128,636 | 204,261 | 42,993 | 1,167,483 | 2,715,502 |
At 1 April 2024 | 642,429 | 529,700 | 128,636 | 204,261 | 42,993 | 1,167,483 | 2,715,502 |
Additions | 193,500 | 5,266 | 674 | 199,440 | |||
Disposals | (175,400) | - | (20,650) | (196,050) | |||
At 30 September, 2024 | 467,029 | 723,200 | 133,902 | 204,935 | 42,993 | 1,146,833 | 2,718,892 |
Accumulated | |||||||
depreciation | |||||||
At 1 April 2023 | - | 10,594 | 88,385 | 116,733 | 38,625 | 898,764 | 1,153,101 |
Charge for the year | - | 10,594 | 13,033 | 11,497 | 902 | 99,033 | 135,059 |
Disposals | - | (841) | (4,073) | - | (27,629) | (32,543) | |
At 31 March, 2024 | 21,188 | 100,577 | 124,157 | 39,527 | 970,168 | 1,255,617 | |
At 1 April 2024 | - | 21,188 | 100,577 | 124,157 | 39,527 | 970,168 | 1,255,617 |
Charge for the period | - | 5,621 | 6,857 | 3,627 | 2,937 | 46,609 | 65,651 |
Disposals | - | (20,650) | (20,650) | ||||
At 30 September, 2024 | 26,809 | 107,434 | 127,784 | 42,464 | 996,127 | 1,300,618 | |
Net book values at | |||||||
At 31 March, 2024 | 642,429 | 508,512 | 28,059 | 80,104 | 3,466 | 197,315 | 1,459,885 |
At 30 September, 2024 | 467,029 | 696,391 | 26,468 | 77,151 | 529 | 150,706 1,418,274 |
30 | |||||
September | 31 March | ||||
5 | Inventories and work-in-progress | 2024 | 2024 | ||
N'000 | N'000 | ||||
(a) | Books | 1,565,992 | 2,171,661 | ||
Allowance for obsolete inventories (Note 5(b) | (166,048) | (166,048) | |||
1,399,944 | 2,005,613 | ||||
Papers | 37,379 | 14,447 | |||
Work-in-progress | 257,056 | 31,617 | |||
Consumables | 10,243 | 9,129 | |||
1,704,622 | 2,060,806 | ||||
(b) | Allowance for obsolete inventories | N'000 | N'000 | ||
Balance at the beginning of the period | 166,048 | 161,410 | |||
Allowance for the period | - | 4,638 | |||
Balance at the end of the period | 166,048 | 166,048 | |||
6(a) | Trade receivables | N'000 | N'000 | ||
(a) | Trade receivables | 1,289,932 | 43,905 | ||
Allowance for receivables (Note 6(b) ) | (30,228) | (30,228) | |||
1,259,704 | 13,677 | ||||
Allowance for Receivables | N'000 | N'000 | |||
The movement in allowance for receivables is as follows: | |||||
(b) | Balance at the beginning of the period | 30,228 | 6,696 | ||
Additions/(Reduction) during the year | - | 23,532 | |||
Balance at the end of the period | 30,228 | 30,228 | |||
7 | Other receivables and prepayments | N'000 | N'000 | ||
(a) | Prepayments | 11,142 | 23,406 | ||
Sundry receivables (Note 7(b) ) | 68,402 | 21,646 | |||
79,544 | 45,052 | ||||
(b) | Sundry receivables | N'000 | N'000 | ||
These comprise: | |||||
WHT recoverable | 2,765 | 2,765 | |||
WHT received | 4,052 | 16,158 | |||
Other receivables | 103,219 | 44,357 | |||
110,036 | 63,280 | ||||
Allowance for other receivables (Note 7(c) ) | (41,634) | (41,634) | |||
Balance at the end of the year (Note 7(a) ) | 68,402 | 21,646 | |||
(c) | Allowance for other receivables | N'000 | N'000 | ||
The movement in allowance is as follows: | |||||
Balance at the beginning of the year | 41,634 | 41,634 | |||
Allowance for the year | 0 | 0 | |||
Balance at the end of the period | 41,634 | 41,634 |
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