ACADEMY PRESS PLC
REPORTS AND FINANCIAL STATEMENTS
FOR THE SECOND QUARTER ENDED 30TH SEPTEMBER, 2023
Academy Press Plc.
Reports and financial statements for the second quarters ended 30th September, 2023
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 flows | 6 |
Notes to the financial statements | 7 |
1
Academy Press Plc. | |||
Corporate Information | |||
Directors: | 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 | ||
Abubakar A.Jimoh | -Non- executive Director | ||
Paul Aderibigbe | - 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
2
Bankers: | Union Bank of Nigeria Plc. |
First Bank of Nigeria Plc. | |
Sterling Bank Nigeria Plc. | |
Zenith Bank Plc. | |
Guaranty Trust Bank Plc. | |
United Bank for Africa |
3
Academy Press Plc. | ||||||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
% | ||||||||||||||||||||
Notes | Period | Period | % | Period | Period | |||||||||||||||
Increase/(Decrease) | Increase/(Decrease) | |||||||||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||||||
30/9/23 | 30/9/22 | 31/6/23 | 31/6/2 | 2 | ||||||||||||||||
₦'000 | ₦'000 | ₦'000 | ₦'000 | |||||||||||||||||
Revenue | 2,589,064 | 2,328,351 | 11 | 1,943,915 | 1,418,249 | 37 | ||||||||||||||
Profit/(Loss) before Taxation (2,861) | 175,055 | (102) | 38,223 | 132,348 | (71) | |||||||||||||||
Taxation | - | - | - | - | ||||||||||||||||
Profit/(Loss) after Taxation | (2,861) | 175,055 | (102) | 38,223 | 132,348 | (71) | ||||||||||||||
EPS | (4k) | 29k | (101) | 5k | 22k | (23) | ||||||||||||||
At period ended: | 30-09-2023 | 30-09-2022 | 31-06-2023 | 31-06-2022 | ||||||||||||||||
₦'000 | ₦'000 | ₦'000 | ₦'000 | |||||||||||||||||
Property,plant and Machiery | 1,040,008 | 903,635 | 15 | 1,319,855 | 883,717 | 49 | ||||||||||||||
Share Capital | 378,000 | 302,400 | 25 | 378,000 | 302,400 | 25 | ||||||||||||||
Equity | 396,454 | 360,054 | 10 | 640,053 | 396,577 | 61 | ||||||||||||||
Number | Number | Number | Number | |||||||||||||||||
208 | 205 | 1 | 211 | 219 | 5 |
-
4
Academy Press Plc.
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Notes | Period ended | Period ended | Period ended | Period ended | |||||||||||||||
30/9/2023 | 30/9/2022 | 30/6/2023 | 30/6/2022 | ||||||||||||||||
N'000 | N'000 | N'000 | N'000 | ||||||||||||||||
Revenue | 5 | 2589,064 | 2,328,351 | 1,943,915. | 1,418,249 | ||||||||||||||
Cost of sales | 6 | (1,913,352) | (1,624,949) | (1,560,779) | (1,025,225) | ||||||||||||||
Gross profit | 675,713 | 703,402 | 383,135 | 393,024 | |||||||||||||||
Administrative Expenses | (512,236) | (407,649) | (265,983) | (204,864) | |||||||||||||||
Distribution Expenses | (42,703) | (36,590) | (23,067) | (13,110) | |||||||||||||||
Foreign Exchange Loss | - | - | - | - | - | ||||||||||||||
Other income | 12,976 | 13,867 | 2,910 | 4,375 | |||||||||||||||
Results from operating activities | 133,750 | 273,030 | 96,995 | 179,425 | |||||||||||||||
Finance income | 7 | -- | -- | -- | -- | -- | --- | ||||||||||||
Finance expenses | (136,611) | (97,975) | (58,772) | (47,077) | |||||||||||||||
Net finance cost | (136,611) | (97,975) | (58,772) | (47,077) | |||||||||||||||
Profit/(Loss) before taxation | (2,861) | 175,055 | 38,223 | 132,348 | |||||||||||||||
Tax expense | - | - | - | - | - | ||||||||||||||
(Loss)/Profit for the year | (2,861) | 175,055 | 38,223 | 132,348 | |||||||||||||||
Other comprehensive income | -- | -- | -- | -- | -- | ||||||||||||||
Total comprehensive income/Loss | (2,861) | 175,055 | 38,223 | 132,348 | |||||||||||||||
Attributable to: | |||||||||||||||||||
Owners of the Company | 16,164 | 182,348 | 50,206 | 138,136 | |||||||||||||||
Non-controlling interest | (19,026) | (7,293) | (11,983) | (5,788) | |||||||||||||||
Total comprehensive | |||||||||||||||||||
Profit/Loss for the year | (2,861) | 175,055 | 38,223 | 132,348 | |||||||||||||||
Earnings Per Share | 8 | (0.4) | 0.29k | 5.1k | 29k |
________________________ | |
Mr. Moses Oladele | Mr. Olugbenga Ladipo |
(Chief Finance Officer) | (Managing Director) |
FRC/2020/001/00000020562 | FRC/2014/ICAN/00000003252 |
OCTOBER 26, 2023
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
30/09/23 | 30/09/22 | 30/06/23 | 31/06/22 | ||||||||||||||||||
Non-Current assets: | ₦'000 | N'000 | N'000 | N'000 | N'000 | ||||||||||||||||
Property, plant and equipment | 16 | 1,040,008 | 903,635 | 1,052,360 | 883,717 | ||||||||||||||||
Deferred tax asset | 185,304 | 267,495 | |||||||||||||||||||
Intangible assets | 10 | ||||||||||||||||||||
Retirement benefit assets | |||||||||||||||||||||
1,225,312 | 903,635 | 1,319,855 | 883,717 | ||||||||||||||||||
Current assets: | |||||||||||||||||||||
Inventories | 9 | 492,301 | 576,258 | 690,382 | 601,928 | ||||||||||||||||
Trade and other receivables | 639,314 | 845,169 | 881,009 | 975,025 | |||||||||||||||||
Cash and short term deposit | 31,460 | 56,400 | 9,181 | 15,967 | |||||||||||||||||
Right of return assets | |||||||||||||||||||||
Total curent assets | 1,163,075 | 1,477,827 | 1,580,572 | 1,592,920 | |||||||||||||||||
Total assets | 2,388,387 | 2,381,462 | 2, 900,427 | 2,748,559 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long term loan | 11 | 215,320 | 105,905 | 85,584 | 75,183 | ||||||||||||||||
Trade and other payables | 594,876 | 773,136 | 725,277 | 735,183 | |||||||||||||||||
Refund Liabilities | - | ||||||||||||||||||||
Government Grant | - | - | |||||||||||||||||||
Current income tax liabilities | 357,33 | 9 | ( | 36,887 | ) | 174,175 | 228,100 | ||||||||||||||
Total current liabilities | 1,167,535 | 842,154 | 985,036 | 1,038,836 | |||||||||||||||||
Non-Current liabilities:
Government Grant | - | ||||||||||
Medium term liabilities | 11 | 325,737 | 839,023 | 776,677 | 845,580 | ||||||
Retirement benefit obligation | 498,661 | 340,231 | 498,661 | 467,556 | |||||||
Contract Liabilities | |||||||||||
Deferred tax liabilities | |||||||||||
Total non-current liabilities | 824,398 | 1,179,254 | 1,275,337 | 1,313,146 | |||||||
Total liabilities | 1,916,215 | 2,021,408 | 2,260,373 | 2,351,982 | |||||||
Equity | |||||||||||
Share capital | 12 | 378,000 | 302,400 | 378,000 | 302,400 | ||||||
Share premium | 13 | 24,511 | 24,511 | 24,511 | 24,511 | ||||||
Capital Reserve | 12,068 | 12,608 | 280,965 | 12,608 | |||||||
Retained earnings | 14 | 25,298 | 108,454 | - | 181,002 | ||||||
Equity attributable to owners of the | |||||||||||
Company | 439,876 | 447,432 | 683,475 | 507,912 | |||||||
Non-controlling interest | 15 | (43,422) | (87,378 | ) | (43,422) | (111,335) | |||||
Total equity | 396,454 | 360,054 | 640,053 | 396,577 | |||||||
Total equity and liabilities | 2,388,387 | 2,381,462 | 2,900,427 | 2,388,893 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED SEPTEMBER 2023
Share | Share | Capital | Retained | Non-controlling | Total | ||||||
Capital | premium | reserve | earnings | Interest | Equity | ||||||
₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ||||||
Balance as at 31 June,2023 | 378,000 | 24,511 | 12,068 | 38,223 | (43,422) | 409,380 | |||||
Dividend | - | - | - | (75,600) | - | (75,600) | |||||
Profit/(Loss) for the period | - | - | 62,674 | 62,674 | - | ||||||
Revaluation gain/loss | - | - | - | - | - | ||||||
Balance as at 30 Septembre ,2023 | 378,000 | 24,511 | 12,068 | 25,297 | (43,422) | 396,454 | |||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED SEPTEMBER 2022 | |||||||||||
Share | Share | Capital | Retained | Non-controlling | Total | ||||||
Capital | premium | reserve | earnings | Interest | Equity | ||||||
₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ||||||
Balance as at 31 June,2022 | 302,400 | 24,510 | 181,002 | (111,335) | 396,578 | ||||||
Issues of share capital | - | - | - | - | - | ||||||
Profit/(Loss) for the period | - | - | - | - | - | ||||||
Revaluation gain/loss | - | - | - | - | - | ||||||
Balance as at 30 Septembre ,2022 | 302,400 | 24,510 | 12,068 | 108,454 | (87,378) | 360,055 | |||||
8 | |||||||||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED SEPTEMBER 2021 | |||||||||||
Share | Share | Capital | Retained | Non-controlling | Total | ||||||
Capital | premium reserve | earnings | Interest | Equity | |||||||
N'000 | N'000 | ₦'000 | N'000 | N'000 | N'000 | ||||||
Balance at 31 June, 2021 | 302,400 | 24,511 | (190,989) | (110,083) | 25,839 | ||||||
Issues of share capital | - | - | - | - | - | - | |||||
Profit/ (Loss) for the period | - | - | |||||||||
Revaluation gain/loss | - | - | |||||||||
Balance as at 30 September, 2021 | 302,400 | 24,511 | 60,970 | 12,068 | (165,151) | 234,798 | |||||
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Academy Press plc published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 09:29:42 UTC.