ACADEMY PRESS : QUARTER 2 - FINANCIAL STATEMENT FOR 2024

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:[phone]
	Email: alpha-genasec @bakertilly.com
Registered office:	28/32, Industrial Avenue,
	Ilupeju Industrial Estate,
	Ilupeju, Lagos.
	Tel: [phone]&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: [e-mail]
Registrars:	Pace Registrars Limited,
	Knight Frank Building (8th floor),
	24, Campbell Street, Lagos.

Tel: [phone]

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