ACADEMY PRESS : YEAR END - FINANCIAL STATEMENT FOR 2024

ACADEMY PRESS PLC

REPORTS AND FINANCIAL STATEMENTS

FOR THE THIRD QUARTER ENDED 31ST MARCH, 2024

Academy Press Plc.

Reports and financial statements for the third quarter ended 31th December, 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 flow	6
Notes to the financial statements	7

			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
	Paul Aderibigbe		- Executive Director
	Oluwakemi Ogunnubi	- 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

Bankers:

First City Monument Bank

WEMA Bank Plc

Zenith Bank Plc.

First Bank of Nigeria Plc

Guaranty Trust Bank Plc.

United Bank for Africa

Sterling Bank Nigeria Plc.

Union Bank of Nigeria Plc.

Academy Press Plc.

FINANCIAL HIGHLIGHTS

	31-03-24	31-03-23	%	31-12-2023	31-12-2022 %		30-09-202330-09-2022	%		31-06-202330-06-2022	%
	2024	2023 (Increase/(Decrease)	2023	2022 (Increase/(Decrease)		2023	2022	Increase/(Decrease)	2023	2022 Increase/(Decrease)
	₦'000	₦'000		₦'000	₦'000			₦'000		₦'000			₦'000	₦'000
Revenue	4,508,327	4,498,888	0.2	3,031,578	3,279,368	(8)		2,589,064		2,328,351		11	1,943,195	1,418,249	37
Profit/(Loss) before taxation	226,709	232,218	(2.4)	(265,544)	134,001	(298)		(2,862)	175,055		(102)	38,223		132,348	(71)
Taxation	-	(214,528)	(100)	-	-		-	-
Profit/(Loss) after taxation	226,709	17,690	1,182	(265,544)	134,001	(298)		(2,862)	175,055		(102)	38,223		132,348	(71)
Other Comprehensive Income	-	326	(100)
Total Comprehensive Income	226,709	18,016	1,158
EPS(Basic)				(44k)	22K	(298)		(0.4k)	29k		(101)	5.1k		22k	(23)
EPS(Adjusted)	30k	2.3k	1,204	(35k)	18K	(298)		(0.38k)	23k		(101)
				31-12-2023	31-12-2022			30-09-2023		30-09-2022		31-06-2023	31-06-2022
				₦'000	₦'000			₦'000			₦'000			₦'000	₦'000
Property, plant & machinery	977,910	899,764	9	972,003	900,848	8		1,040,008	903,635	15	1,052,360	883,717	49
Share Capital	378,000	378,000	-	378,000	378,000	-		378,000		302,400	25	378,000	302,400	25
Equity	573,933	143,276	301	127,837	278,260	(54)		396,454		360,054	10	640,053	396,577	61
	Number	Number		Number	Number			Number		Number		Number	Number
	179	198	(9.6)	226	199	14		208		205		1	211		219	(4)

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Notes		Period ended	Period ended Period ended Period ended	Period ended Period ended
	31/03/24	31/03/23	31/12/23	31/12/22	30/9/2023	30/9/2022		30/6/2023	30/06/22
	N'000	N'000	N'000	N'000	N'000		N'000	N'000	N'000
Revenue	4,508,327	4,498,888	3,031,578	3,279,368	2,589,064	2, 328,351		1,943,915		1,418,249
Cost of sales	2,672,297	(3,485,454)	(1,909,962)	(2,331,561)	(1,913,352)		(1,624,949)		(1,560,780)		(1,025,225)
Gross profit	1,836,031	1,013,434	1,121,616	947,807	675,712		703,402			383,135		393,024
Administrative Expenses	(1,353,754)	(634,265)	(1,103,966)	(631,166)	(512,236)		(407,649)	(265,983)		(204,864)
Distribution Expenses	(258,690)	(71,872)	(67,368)	(52,670)	(42,703)		(36,590)		(23,067)		(13,110)
Foreign Exchange Loss		-	-	-	-		-			-			-
Other income	415,870	61,624	17,654	15,843	12,976		13,867		2,910		4,375
Results from operating activities	639,457	368,921	(32,063)	279,814	133,749		273,030	96,995		179,425
Finance income	--	--	--	--	--		---			--
Finance expenses	(412,748)	(136,703)	(233,480)	(145,813)	(136,611)		(97,975)	(58,772)		(47,077)
Net finance cost	412,748	(136,703)	(233,480)	(145,813)	(136,611)		(97,975)	(58,772)		(47,077)
Profit/(Loss) before taxation	226,709	232,218	(265,544)	134,001	(2,862)		175,055	38,223		132,348
Tax expense	-	(214,528)		-	-				-	-		-
Profit/(Loss) for the year	226,709	17,690	(265,544)	134,001	(2,862)		175,055	38,223		132,348
Other comprehensive income	-	326	--	--	--		--						--
Total comprehensive income/Loss	226,709	18,016	(265,544)	134,001	(2,862)	175,055	38,223	132,348
Attributable to:
Owners of the Company	201,886	(23,765)	(242,032)	142,022	16,164		182,348	50,206		138,136
Non-controlling interest	24,823	41,781	(23,512)	(8,021)	(19,026)		(7,293)	(11,983)	(5,788)
Total comprehensive
Profit/Loss for the year	226,709	18,016	(265,544)	134,001	(2,862)		175,055	38,223	132,348
Earnings Per Share	30k	2.3k	(44k)	22k	(0.4k)	0.29k		5.1k	29k

Mrs. Oluwakemi Ogunnubi	Mr. Olugbenga Ladipo
(Chief Finance Officer)	(Managing Director)
FRC/2017/PRO/00000016098	FRC/2014/ICAN/00000003252

March 30, 2024

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

			31/03/24			31/03/23	31/12/23	31/12/22		30/09/23	30/09/22	31/06/23		31/06/22
Non-Current assets:		₦'000		₦'000	₦'000		₦'000			N'000	N'000			N'000		N'000
Property, plant and equipment 16	979,336			899,764		972,003	900,848		1,040,008	903,635	1,052,360		883,717
Deferred tax asset		285,637			283,379	273,609	267,557		185,304	267,495
			1,264,973			1,184,796	1,245,612	1,168,405	1,225,312	903,635		319,855		883,717
Current Assets:
Inventories	9	1,212,118			310,029	565,388	425,244		492,301	576,258		690,382	500,275
Trade and other receivables	623,466			1,144,592	584,800	708,825		639,314	845,169		881,009	975,025
Cash and Cash Equivalent	242,302			14,972	50,875	28,056		31,460	56,400		9,181	29,876
Right of return assets
Total Curent Assets		2,077,886			1,469,593	1,201,063	1,162,125		1,163,075	1,477,827	1,580,572	1,505,176
Total Assets		3,342,859			2,654,389		2,446,675	2,330,530	2,388,387	2, 381,462		2,900,427	2,388,893
Liabilities:
Current liabilities:
Current portion of long term loan	75,243		70,000		149,392		96,971		75,718	105,905	85,584	661,405
Trade and other payables		428,918		609,179		426,028	680,691	594,873	773,136	725,277	75,183
Contract Liabilities		681,009
-
Government Grant													-					-
Current income tax liabilities	278,626		418,363	273,497		(29,964)		357,339	(36,887)	174,176	(57,419)
Total current liabilities		1,463,797		1,097,542	848,917		747,697		1,027,933	842,154	985,037	679,169
Non-Current liabilities:
Government Grant													-
Medium term liabilities	11	646,545		600,845		665,724		620,380		465,339	839,023		776,677	845,580
Retirement benefit obligation				25,622		211,097		260,750		498,661	340,231		498,661	467,567
Contract Liabilities					33,474
Provisions		658,584	753,630		593,100		423,442

Total non-current liabilities	1,305,1291,413,571 1,469,9191,304,570	964,000		1,179,254	1,275,338	1,313,147
Total liabilities	2,768,926	2,511,113 2,318,836 2,052,270	1,991,933			2,021,408	2,260,375	1,992,316
Equity
Share capital 12	378,000	378,000	378,000	378,000	378,000			302,400		378,000	302,400
Share premium 13	24,511	24,511	24,511	24,511	24,511		24,511		24,511	24,511
Capital Reserve	12,068		12,608	12,608	12,608			12,608
General Reserve	197,152	(159,011)	(220,790)	(21,689)	25,298		108,454		280,965	181,002
Equity attributable to owners of the
Company	611,730	243,500	193,788	392,889	439,876		447,432		683,475	507,913
Non-controlling interest	(37,797)	(100,224)	(65,951)	(114,629)	(43,422)		(87,378)		(43,422)	(111,335)
Total equity		573,933	143,276	127,837	278,260	396,454		360,054		640,053	396,577
Total equity and liabilities	3,342,859	2,654,389	2,446,675	2,330,530	2,388,387	2,381,462	2,900,428	2,388,893
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED MARCH 2024
			Share	Share	Capital	General Retained	Total	Non-controlling	Total
			Capital	Premium Reserve	Reserve						Earnings			NCI	Equity

		₦'000	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
	1 st April , 2023	378,000	24,511	12,068		(171,079)	243,500	(100,224)	143,276
	Issues of share capital	-	-			-	-	-
	Profit/(Loss) for the period	-	-			368,231	368,231	62,427	305,804
	Revaluation gain/loss	-	-			-	-	-
	Balance as at 31 March, 2024	378,000	24,511	12,068		197,152	611,731	(37,797)	573,934
	CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED MARCH 2023
		Share	Share Capital	General	Retained	Total Non-controlling	Total
		Capital	Premium	Reserve	Reserve	earnings		Interest	Equity
		₦'000	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
	Balance as at 1 April , 2022	302,400	24,511	-	-	742	327,653	(142,,053)	185,600
	Profit / (Loss) for the year			-		(23,977)	(23,977)	41,667	17,690	-
	Cash Dividend	-	-			(60,480)	(60,480)		(60,480)
	Bonus Share Issued during the year	75,600	-			(75,600)	-	-	-
	Other Comprehensive Income (net of Tax)					304	304	162	466
	Balance as at 31st March, 2023	378,000	24,511	-		(159,011)	243,500	100,224	143,276