LEARN AFRICA : QUARTER 2 - FINANCIAL STATEMENT FOR 2024

Learn Africa Plc

Quarter 2 Unaudited Financial Statement 1st April 2023 to 30th September 2023

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Contents

Statement of Comprehensive Income	3
Statement of Financial Position	4
Statement of Changes in Equity	5
Statement of Cash Flow	6
Notes to the Financial Statements	7
Free Float Computation	10

2

LEARN AFRICA PLC

Statement of Profit or loss and other Comprehensive Income

For period ended 30 September

2022 Q2	2022 Q2			2023 Q2	2023 Q2
APR - SEPT JULY - SEPT			APR - SEPT JULY - SEPT
N'000	N'000		NOTE	N'000	N'000
1,349,508	1,119,909	Revenue	1	1,463,776	863,935
(542,428)	(437,417)	Cost of sales		(564,523)	(324,413)
807,080	682,492	Gross profit		899,253	539,522
32,964	20,074	Other operating income		16,244	(5,189)
(174,658)	(78,516)	Selling and distribution costs		(247,161)	(131,892)
(498,270)	(258,715)	Administrative expenses		(516,267)	(268,030)
167,116	365,335	Operating Profit		152,069	134,411
(10,219)	(10,219)	Finance costs		(15,534)	(15,534)
357	137	Finance income		5,220	2,604
157,254	355,253	Profit before tax		141,755	121,481
(47,176)	(106,576)	Income tax		(42,526)	(36,445)
110,078	248,677	Profit for the Period		99,228	85,037

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LEARN AFRICA PLC
STATEMENT OF FINANCIAL POSITION
		2023	2023
			SEPTEMEBER		MARCH
DESCRIPTION	NOTE		N'000		N'000
Assets
Non- current assets
Property and equipment	2	414,058		466,549
Investment properties		305,000		305,000
Right of use assets		28,114		18,953
Intangible asset		8,063		-
Deferred tax asset		282,855			282,855
		1,038,090		1,073,357
Current assets
Inventories	3	2,952.990		2,226,194
Trade and other receivables	4	1,358,671	799,402
Other current assets	5	38,312		37,726
Cash and short- term deposits	6	107,900			1,055,716
		4,457,873			4,119,038
Total assets		5,495,963	5,192,395
Equity and liabilities
Equity
Issued share capital		385,725		385,725
Share premium		1,940,214		1,940,214
Other capital reserves		67,703		67,703
Retained earnings			1,302,608		1,396,242
Total equity		3,696,250		3,789,884
Current liabilities
Trade and other payables	7	1,303,628	1,013,378
Current tax Liabilities		42,526		247,379
Provisions		153,557		139,469
Interest bearing loans and borrowings	300,000			2,285
Total Liabilities		1,799,712			1,402,511
Total equity and Liabilities		5,495,963	5,192,395

The Financial Statements was approved by the Board of Directors on 26 October 2023 and signed on their behalf by:

Alhaji Hassan Bala	Ojeile Cordelia (Mrs)
Managing Director	Finance Director
(FRC/2016/IODN/00000015071)	(FRC /2014/ICAN/00000002038)

4

LEARN AFRICA PLC

STATEMENT OF CHANGES OF EQUITY

FOR PERIOD ENDED 30 SEPTEMBER 2023

					OTHER
	ISSUED		SHARE		CAPITAL		RETAINED
	CAPITAL		PREMIUM		RESERVES		EARNINGS		TOTAL
	N'000		N'000		N'000		N'000		N'000
As at 1 April 2022	385,725	1,940,214	67,703	1,121,004	3,514,646
Profit for the period	-	-	-	429,532	429,532
Dividend	-	-	-	(154,294)	(154,294)
As at March 2023	385,725	1,940,214	67,703	1,396,242	3,789,884
As at 1 April 2023	385,725	1,940,214	67,703	1,396,242	3,789,884
Profit for the period	-	-	-	99,228	99,228
Dividend	-	-	-	(192,863)	(192,863)
As at September 2023	385,725	1,940,214	67,703	1,302,608	3,696,250

5

LEARN AFRICA PLC

STATEMENT OF CASH FLOWS

FOR PERIOD ENDED SEPTEMBER, 2023

		2023	2022
		SEPT.		SEPT.
		N'000		N'000
Operating activities
Cash generated from operations	(516,527)	459,968
Income tax paid	(214,319)		(156,391)
Net cash generated from operating activities	(730,846)	303,577
Investing activities
Interest received	5,220	-
Proceeds from sale of fixed assets	-	1,890
Purchase of fixed assets	(13,793)		(109,038)
Net cash used in investing activities	(8,573)	(107,148)
Financing activities
Interest paid	(15,534)	(10,219)
Dividend paid	(192,863)		(154,290)
Net cash used in financing activities	(208,397)		(164,509)
Net (decrease)/increase in cash and cash equivalents	(947,816)	31,920
Cash and cash equivalents at 1 April	1,055,716		274,775
Cash and cash equivalents at 30 September	107,900	306,395

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LEARN AFRICA PLC

NOTES TO THE FINANCIAL STATEMENTS

1. Revenue

These were sales from different depots and area offices.

	2022 Q2	2022 Q2	2023 Q2	2023 Q2
	APR - SEPT	JULY - SEPT APR - SEPT JULY - SEPT
	N'000	N'000	N'000	N'000
HEAD OFFICE	158,186	82,042	483,045	74,293
NORTHERN ZONE	229,629	191,910	266,767	210,304
EASTERN ZONE	302,728	258,369	168,050	137,952
WESTERN ZONE	658,965	587,588	545,914	441,386
	1,349,508	1,119,909	1,463,776	863,935

2. FIXED ASSETS
Leasehold	Leasehold			Furniture
Land	Land and	Plant &	Motor	and
	Building	Machinery	Vehicles	Fittings	Hardware	Total
N'000	N'000	N'000	N'000	N'000	N'000	N'000
Cost/valuation

At 1 April 2023	108,381	142,800	116,713	420,074	194,967	156,879	1,139,814
Additions	-	-	-	-	495	2,549	3,044
Disposals	-	-	-	-		-	-
As at 30th Sept. 2023	108,381	142,800	116,713	420,074	195,462	159,428	1,142,858
Depreciation
At 1 April 2023	-	65,062	79,073	274,437	158,353	107,091	684,016
Charge for the year	-	1,481	2,856	27,632	3,196	9,619	44,784
Disposals		-	-	-	-	-	-
As at 30th Sept. 2023	-	66,543	81,929	302,069	161,549	116,710	728,800
Net book value
As at 30th Sept. 2023	108,381	76,257	34,784	118,005	33,913	42,718	414,058
As at 31st March 2023	108,381	77,738	37,641	145,637	36,613	49,789	455,799

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3. Inventories
	2023	2023
	SEPTEMBER		MARCH
	N'000		N'000
Raw materials	253,311	204,417
Work in progress	44,325	32,323
Publications	2,635,074	1,979,021
Consumables	20,279		10,433
TOTAL	2,952,990	2,226,194

4. Trade and other Receivables
	2023	2023
	SEPTEMBER		MARCH
	N'000		N'000
Trade receivables	2,026,699	1,579,129
Less: impairment of doubtful receivables	(705,813)	(818,127)
Withholding tax recoverable	32,370	33,625
Staff Loan	97	461
Other receivable	5,317		4,314
TOTAL	1,358,671	799,402

5. Prepayments
	2023	2023
	SEPTEMBER		MARCH
	N'000		N'000
Current prepayments	38,312		37,726
	38,312	37,726

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6. cash and cash equivalents
	2023	2023
	SEPTEMBER		MARCH
	N'000		N'000
Cash in hand	77,403	502,606
Cash at bank	30,497		553,109
	107,900	1,055,715

7.Trade and other payables
	2023	2023
	SEPTEMBER		MARCH
	N'000		N'000
Trade payables	364,636	129,852
Royalties	548,831	501,736
Withholding tax	26,612	39,053
Other payables	12,690	69,281
Unclaimed dividend	156,357	135,429
Sundry creditors	194,503		138,028
	1,303,628	1,013,378

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	Free Float Computation
Company Name:		Learn Africa Plc.
Board Listed:		Main Board
Year End:		March
Reporting Period:		Period Ended 30 September 2023
Share Price at end of reporting period:		N3.30(2022: N1.86)
Shareholding Structure/Free Float Status
		30-Sep-23	30-Sep-22
Description		Unit	Percentage	Unit	Percentage
Issued Share Capital		771,450,000	100%	771,450,000	100%
Substantial Shareholdings (5% and above)
Iwerebon Emeke Felix (Chief )		105,895,265	13.73%	102,669,428	13.31%
Mr Frederick Ijewere		48,041,299	6.23%	46,690,627	6.05%
Estate of Ade-Ajayi Jacob Festus (Prof)		42,429,847	5.50%	42,429,847	5.50%
Total Substantial Shareholdings		196,366,411	25.45%	191,789,902	24.86%
Directors' Shareholdings (direct and indirect),
excluding directors with substantial interests
Hajia Binta Bakari (Indirect)		21,878,696	2.84%	21,878,696	2.84%
Hajia Binta Bakari (direct)		140,000	0.02%	-	-
Alhaji Bala Salisu Hassan(Direct)		200,500	0.03%	200,500	0.03%
Mr Gbolagunte Aiyedun(Direct)		200,000	0.03%	200,000	0.03%
Mrs Cordelia Isioma Ojeile(Direct)		181,017	0.02%	181,017	0.02%
Total Directors' Shareholdings		22,600,213	2.93%	22,460,213	2.91%
Other Influential Shareholdings
Ogundipe Phebean Ajibola		26,229,416	3.40%	26,229,416	3.40%
Iwerebon-Onwukwe Margaret		21,285,210	2.76%	21,285,210	2.76%
Estate of Adadevoh Babatunde Kwaku		20,571,908	2.67%	20,571,908	2.67%
Staff trust Scheme		17,858,938	2.31%	17,858,938	2.31%
Iloeje Nwadilibe Paul		15,456,131	2.00%	15,456,131	2.00%
Total Other Influential Shareholdings		101,401,603	13.14%	101,401,603	13.14%
Free Float in Units and Percentage		451,081,773	58.47%	455,798,282	59.08%
Free Float in Value		₦ 1,488,569,850.90	₦ 847,784,804.52

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