Year end - financial statement for 2025

‌UNIVERSITY PRESS PLC

UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE FOURTH QUARTER ENDED 31 MARCH 2025

Apr -Mar

Apr -Mar

2025

2024

Notes

N'000

N'000

Revenue

1

3,401,917

2,632,232

Cost of sales

(1,401,286)

(1,172,525)

Gross profit

2,000,631

1,459,707

Other operating income

2

388,297

62,647

Marketing and Distribution expenses

(695,368)

(572,033)

Administrative expenses

(1,132,302)

(1,198,086)

Profit/(Loss) from continuing operations

561,258

(247,765)

Finance Income

2

78,338

25,582

Profit/(Loss) before taxation

639,596

(222,183)

Taxation Expense

(238,336)

64,460

Profit/(Loss) after tax from continuing operations

401,260

(157,723)

Total Comprehensive income

attributable to owners of the entity

401,260

(157,723)

Basic earnings per 50k share

93k

(37)K

Diluted earnings per 50k share

93k

(37)K

UNIVERSITY PRESS PLC

UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

March

March

Assets

2025

2024

Non-current assets

Notes

N'000

N'000

Property, plant and equipment

4

1,378,239

1,459,885

Investment Property

369,800

369,800

1,748,039

1,829,685

Current assets

Inventories and work-in-progress

5

1,695,313

2,060,806

Trade receivables

6

7,549

13,677

Other receivables and prepayments

7

63,880

45,052

Cash and cash equivalents

15

1,007,844

1,162,348

Total current assets

2,774,586

3,281,883

Total assets

4,522,625

5,111,568

Equity and Liabilities

Current liabilities

Trade payables

8

13,917

918,428

Other payables and accruals

9

759,004

914,641

Unclaimed dividends

93,756

109,403

Current income tax liability

3

161,944

77,619

1,028,621

2,020,091

Non-Current liabilities

Deferred taxation

134,916

20,864

Total Liabilities

1,163,537

2,040,955

Net Assets

3,359,088

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

2,002,288

1,611,813

3,359,088

3,070,612

Mr. Obafunso Ogunkeye

Chairman

Mr. S. Kolawole

Managing Director

Dr. G. A. Adebayo

Executive Director (Finance)

FRC/2013/CITN/00000003567

FRC/2013/ICSAN/00000003248

FRC/2013/ICAN/00000003250

UNIVERSITY PRESS PLC

UNAUDITED STATEMENT OF CHANGES IN EQUITY

FOR THE FOURTH QUARTER ENDED 31 MARCH 2025

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

-

-

-

-

401,260

401,260

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

2,013,073

3,369,874

Transactions with owners:

Dividend paid

-

-

-

-

(10,785)

(10,785)

Balance at 31 March 2025

215,705

146,755

1,442

992,898

2,002,288

3,359,089

UNIVERSITY PRESS PLC

STATEMENT OF CASH FLOWS

FOR THE FOURTH QUARTER ENDED 31 MARCH 2025

2025

2024

Notes

N'000

N'000

Cash flows from operating activities

Profit/ (Loss) after tax

401,260

(157,723)

Adjustments for:

Depreciation of property, plant and equipment

4

131,888

100,532

Gain from disposal of property, plant and equipment

4

(283,588)

(19,206)

Net Finance income

2

(78,338)

(5,964)

Taxation

238,336

(64,460)

409,558

(146,821)

Working capital changes:

Decrease/(increase) in inventories

5

365,493

(661,285)

(Increase)/decrease in trade receivables

6

6,128

(208,392)

Increase in other receivables and prepayment

7

(18,828)

(3,117)

Increase/(decrease) in trade payables

8

(904,511)

544,345

(Decrease)/increase in other payables

9

(155,637)

(69,820)

Cash generated from operations

(297,797)

(545,090)

Income tax paid

(78,773)

(73,919)

Net cash from operating activities

(376,570)

(619,009)

Cash flows from investing activities

Purchase of property plant and equipment

(227,470)

(5,456)

Sales proceed from sale of property, plant and equipment

381,983

19,206

Finance income

2

78,338

5,964

Net cash used in investing activities

232,851

19,714

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

(154,504)

(642,437)

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

1,007,844

123,439

UNIVERSITY PRESS PLC

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

1

Revenue

Revenue is derived from sales of printed books in Nigeria.

31 March

31 March

Analysis by zone

2025

2024

N'000

N'000

Western Zone

1,625,710

1,190,874

Eastern Zone

688,399

606,496

Northern Zone

1,087,808

834,862

Total

3,401,917

2,632,232

2.(a)

Other operating income

N'000

N'000

Profit on disposal of property plant and equipment

283,588

19,206

Sundry income

99,435

39,966

Rent

5,274

3,475

388,297

62,647

(b)

Finance income

Interest received

78,338

5,964

78,338

5,964

3.

Taxation

(a)

Per income statement

N'000

N'000

Income tax on profit for the period

109,796

68,444

Education tax

10,980

9,109

Police Trust Fund Levy

366

-

121,142

Capital Gain Tax

27,660

Under provision in previous years

3,142

151,944

Deferred Tax charged

114,052

265,996

77,553

31 March

31 March

Per statement of financial position:

2025

2024

N'000

N'000

Opening balance - Income tax

68,444

149,809

9,109

9,138

77,553

158,947

Payments during the year

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

109,796

68,444

- Education tax

10,980

9,109

- Police Trust Fund Levy

366

-

121,142

77,553

Under-provision in previous years

3,142

-

Capital Gain Tax

27,660

Balance at the end of the period

151,944

77,619

(b)

Income tax expense is the aggregate of the charge to the income statement in respect of current income tax, education tax and deferred tax.

(c)

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).

Cost/Valuation

Land

Buildings

Computer Equipment

Printing and other

Equipment

Furniture and

Fittings

Motor 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

21,822

10,799

1,260

31,080

64,961

Revaluation Surplus

-

Disposals

-

(841)

(4,192)

-

(27,629)

(32,662)

At 31 March, 2024

642,429

529,700

128,637

204,261

42,993

1,167,483

2,715,503

At 1 April 2024

642,429

529,700

128,637

204,261

42,993

1,167,483

2,715,503

Additions

146,040

48,500

10,476

5,229

17,225

227,470

Disposals

(175,400)

(3,226)

(84,314)

(262,940)

At 31 March, 2025

613,069

578,200

135,887

209,490

60,218

1,083,169

2,680,033

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

904

99,032

135,060

Disposals

-

(841)

(4,073)

-

(27,629)

(32,543)

At 31 March, 2024

21,188

100,577

124,157

39,529

970,167

1,255,618

At 1 April 2024

-

21,188

100,577

124,157

39,529

970,167

1,255,618

Charge for the period

-

11,402

14,093

12,156

1,136

93,101

131,888

Disposals

-

(1,398)

(84,314)

(85,712)

At 31 March, 2025

32,590

113,272

136,313

40,665

978,954

1,301,794

Net book values at

At 31 March, 2024

642,429

508,512

28,060

80,104

3,464

197,316

1,459,885

At 31 March, 2025

613,069

545,610

22,615

73,177

19,553

104,215

1,378,239

31 March

31 March

5

Inventories and work-in-progress

2025

2024

N'000

N'000

(a)

Books

1,792,749

2,171,661

Allowance for obsolete inventories (Note 5(b)

(176,163)

(166,048)

1,616,586

2,005,613

Papers

9,942

14,447

Work-in-progress

59,669

31,617

Consumables

9,116

9,129

1,695,313

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

10,115

4,638

Balance at the end of the period

176,163

166,048

6(a)

Trade receivables

N'000

N'000

(a)

Trade receivables

12,962

43,905

Allowance for receivables (Note 6(b) )

(5,413)

(30,228)

7,549

13,677

Allowance for Receivables

The movement in allowance for receivables is as follows:

N'000

N'000

(b)

Balance at the beginning of the period

30,228

6,696

Additions/(Reduction) during the year

(24,815)

23,532

Balance at the end of the period

5,413

30,228

7

Other receivables and prepayments

N'000

N'000

(a)

Prepayments

40,635

23,406

Sundry receivables (Note 7(b) )

23,245

21,646

63,880

45,052

(b)

Sundry receivables

These comprise:

N'000

N'000

WHT recoverable

7,571

2,765

WHT received

7,612

16,158

Other receivables

60,949

44,357

76,132

63,280

Allowance for other receivables (Note 7(c) )

(52,887)

(41,634)

Balance at the end of the year (Note 7(a) )

23,245

21,646

(c)

Allowance for other receivables

The movement in allowance is as follows:

N'000

N'000

Balance at the beginning of the year

41,634

41,634

Allowance for the year

11,253

0

Balance at the end of the period

52,887

41,634

31 March

31 March

2025

2024

8

Trade payables

N'000

N'000

Trade payables

13,917

918,428

9

Other payables and accruals

Deposit for special publications

31,143

45,051

Other suppliers

69,989

422,545

Staff pension fund (note 9(a))

13,258

57

Royalty payable (note 9(b) )

508,065

382,543

Staff incentive

79,889

10,428

Withholding tax payable

4,347

16,178

Audit fees

9,962

5,000

Corporate social responsibility

8,620

8,620

Others

33,731

24,219

759,004

914,641

(a)

Staff Pension Fund

Balance at the beginning

57

7,331

Charge for the period

64,228

60,422

Payments during the period

(51,027)

(67,696)

Balance at the end of the year (Note 9(a) )

13,258

57

Contribution to staff pension fund is payable to Pension Fund Custodian/Administrator.

(b)

Royalty

Opening balance

382,543

319,212

Charge for the period

272,153

207,495

Payments

(146,631)

(144,164)

Balance at the end of the period

508,065

382,543

31 March 2025

31 March 2024

10

Share capital

Number

Value

Number

Value

'000

N'000

'000

N'000

Ordinary shares of 50 kobo each

431,410

215,705

431,410

215,705

31 March

31 March

11

Share premium

2025

2024

N'000

N'000

Balance at the beginning of the year

146,755

146,755

Balance at the end of the year

146,755

146,755

12

Capital reserve

N'000

N'000

(a).

Balance at the beginning and end of the year

1,442

1,442

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:

N'000

N'000

Balance at the beginning of the year

1,094,896

1,094,896

Addition

-

-

Revaluation surplus on disposal

(101,998)

Balance at the end of the period

992,898

1,094,896

14

Revenue reserve

N'000

N'000

Balance at the beginning of the year

1,611,813

1,812,677

Dividend paid

(10,785)

(43,141)

1,601,028

1,769,536

Profit (Loss) for the period

401,260

(157,723)

Balance at the end of the period

2,002,288

1,611,813

15

Cash and Cash Equivalents

For the purpose of the statement of cashflows, cash comprises cash at bank and in hand and short term

deposits. Cash at the end of the financial year as shown in the cashflow is reconciled to the related items

in the statement of financial position as follows:

N'000

N'000

Cash at bank and in hand

344,235

295,613

Short term deposits

663,609

866,735

1,007,844

1,162,348

16

Capital commitments

There were no commitments for capital expenditure at the statement of financial position date

31 March 2025: Nil

17

Related party transactions

Related parties include the Board of Directors, the Managing Director, close family members and

companies which are controlled by these individuals.

18

Post balance sheet events

No events or transactions have occurred since 31 March 2025 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 the financial position or results of operations at 31 March, 2025

19

Comparative figures

Where necessary, comparative figures have been adjusted to conform to changes in presentation in

the current year in accordance with International Accounting Standard (IAS)1.

‌FREE FLOAT COMPUTATION

Company Name:

Reporting Period

Issued Share Capital

Share Capital (N)

University Press Plc

Mar 31, 2025

431,409,504

215,704,752

Description

31-Mar-25

31-Mar-24

Unit

Percentage

Unit

Percentage (%)

Issued Share Capital

431,409,504

100

431,409,504

100

Substantial Shareholding (5% and above)

Oxford University Press, UK

74,026,640

17.16

60,912,316

14.12

Awhua Resources Limited

40,155,291

9.31

40,155,291

9.31

Dr Lekan Are

27,101,909

6.28

27,101,909

6.28

Lancelot Fund Portfolio Mgt Ltd

26,066,044

6.04

Sanyaolu Jonathan Ayomitunde

23,530,724

5.45

Chukwuma Ndubueze Ajene

22,007,518

5.10

Total Substantial Shareholding

186,822,082

43.31

154,235,560

35.75

Director's Shareholdings (Direct and indirect)

excluding directors with substantial interests

Mr Obafunso Ogunkeye

905,314

0.21

905,314

0.21

Mr Samuel Kolawole

661,776

0.15

661,776

0.15

Mr Innocent .C. Okorie

582,989

0.14

582,989

0.14

Mallam Adamu .A. Sufi

43,200

0.01

43,200

0.01

Arc. Ayodeji Olorunda

168,228

0.04

168,228

0.04

Mr Yomi .A. Adewusi

324,416

0.08

324,416

0.08

Prof Akachi Ezeigbo

314,265

0.07

314,265

0.07

Mr Olayinka Lawal

386,993

0.09

386,993

0.09

Mr Ganiyu .A. Adebayo

217,077

0.05

217,077

0.05

Mrs Folakemi O. Bademosi

186,000

0.04

186,000

0.04

Total Directors' Shareholding

3,790,258

0.88

3,790,258

0.88

Government Shareholding

72,576

0.02

72,576

0.02

Free Float in Units and Percentage

240,724,588

55.80

273,311,110

63.35

Free Float in Value (N)

120,362,294

136,655,555

Declaration:

(A) University Press Plc with a free float percentage of 55.80% as at March 31, 2025, is compliant with the exchange's free float requirements for companies

listed on the main board

(B) University Press Plc with a free float value of N120,362,294 as at March 31, 2025, is compliant with the exchange's free float requirements for

companies listed on the main board