LEARN AFRICA : QUARTER 5 - FINANCIAL STATEMENT FOR 2023

LEARN AFRICA PLC

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

LEARN AFRICA PLC

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2023

Content		Page
Financial highlights	i
Directors and other corporate advisers	ii
Report of the directors	iii
Audit committee's report	vi
Statement of directors' responsibilities	1
Statement of compliance	2
Independent auditor's report	3
Statement of financial position	8
Statement of profit or loss and other comprehensive income	9
Statement of changes in equity	10
Statement of cash flows	11
Notes to the financial statements	12
Other national disclosures
Value added statement	57
Financial summary	58

LEARN AFRICA PLC

FINANCIAL HIGHLIGHTS

FOR THE YEAR ENDED 31 MARCH 2023

			Increase/
	2023	2022	(decrease)
	₦'000	₦'000	%
Major financial position items:
Share capital	385,725	385,725	-
Total assets	5,192,395	4,944,603	5
Revenue reserve	1,396,242	1,121,004	25
Shareholder funds	3,789,884	3,514,646	8
Major comprehensive income items:
Turnover	3,472,592	3,698,162	(6)
Profit before taxation	606,735	574,236	6
Profit after taxation	429,532	401,582	7
Dividend (gross)	154,294	115,718	33
Information per 50k ordinary shares
based on 771,450,000 ordinary shares:
Earning per share (kobo)	56	52	7
Dividend per share (kobo)	20	15	33
Net assets per share (kobo)	5	5	-
Number of employees	181	168	8

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LEARN AFRICA PLC

DIRECTORS AND OTHER CORPORATE ADVISERS

FOR THE YEAR ENDED 31 MARCH 2023

BOARD OF DIRECTORS	Chief Emeke Iwerebon	Chairman
	Alhaji Hassan S. Bala	Managing Director
	Mr. Gbola Aiyedun	Publishing Director
	Mrs. Cordelia Ojeile	Finance Director
	Mr. Frederick E. Ijewere	Non-Executive Director
	Hajia Binta Bakari	Non-Executive Director
	Mrs. Yetunde Aina	Non-Executive Director
	Mrs. Egbichi Akinsanya	Independent Non- Executive Director
	Mr. Iyinoluwa Aboyeji	Non-Executive Director
SECRETARIES	Dcsl Corporate Services Limited
	(Corporate Secretaries)
	235 Ikorodu Road
	Ilupeju, Lagos
	Tel: [phone]
	Website: www.dcsl.com.ng
REGISTERED OFFICE	52 Oba Akran Avenue, Ikeja, Lagos
	Website: www.learnafricaplc.com
	Tel: [phone]
REGISTERED NUMBER	RC2637
AUDITOR	PKF Professional Services,
	PKF House,
	205A Ikorodu Road,
	Obanikoro,
	Lagos Nigeria
REGISTRAR	First Registrars and investor services Limited
	Plot 2 Abebe Village Road, Iganmu
	P.M.B 12692, Lagos
SOLICITORS	Citi Point Chambers	Nnoli Lawrence
	(Legal Practitioners)	Plot 5 Chief Yesefu Abiodun Road
	11, IPM Avenue	Victoria Island, Lagos
	Alausa, Lagos
BANKERS	First Bank of Nigeria Limited	United Bank of Africa Plc
	Ikeja Industrial Estate Branch	Oba Akran Avenue Branch
	Oba Akran Avenue, Ikeja, Lagos.	Ikeja, Lagos
	Zenith Bank Plc	Guaranty Trust Bank Plc
	Medical Road Branch	33, Oba Akran Avenue
	8, Simbiat Abiola Way	Ikeja, Lagos.
	Ikeja, Lagos.
INVESTMENT ADVISER	Cordros Capital Limited
	70 Norman Williams Street
	Ikoyi, Lagos
	Tel: [phone]

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LEARN AFRICA PLC

REPORTS OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2023

The directors have pleasure in presenting their report together with the audited financial statements and other national disclosures of Learn Africa Plc ("the company") for the year ended 31 March 2023.

LEGAL FORM

The Company was incorporated in Nigeria under the Companies and Allied Matters Act as a Private Limited Liability Company in Nigeria in 1961. It also commenced business operations that same year. The Company was converted to a Public Limited Liability Company on 28 May 1991 and its shares listed on the Nigerian Exchange Limited on 23 July 1996.

PRINCIPAL ACTIVITIES

The principal activities of the Company are publishing and distribution of educational materials for all levels of learning

- Nursery, Primary, Secondary and Tertiary.

There was no change in the principal activities of the Company in the year under review.

RESULTS FOR THE YEAR	2023	2022
	N'000		N'000
Revenue from contract with customers	3,472,592	3,698,162
Profit before taxation	606,735	574,236
lncome tax expense	(177,203)	(172,654)
Profit after taxation	429,532		401,582

Dividend

The Directors, in submitting to the shareholders the financial statements for the year ended 31 March 2023, proposed the payment of a dividend of 25 kobo per ordinary share of 50 kobo each for the year ended 31 March 2023.

Shareholders and substantial shareholders

The issued and fully paid-up Share Capital of the Company is 771,450,000 ordinary shares of 50 kobo each. The Register of Members shows that as at 31 March 2023, only three persons held more than 5% of the Company's shares; one person Iwerebon Emeke Felix held 13.73%, Mr Fredrick E. Ijewere held 6.23% and Estate of Ade-Ajayi Jacobs Festus held 5.50% of the Company's shares while fourteen (14) members held between 1% and 5%. Other shareholders held less than 1% respectively.

			Shares of 50k each
	2023 %	2022 %
		No. of		No. of
		shares		shares
Major shareholders
The following shareholders held more than	5% of the issued
share capital as at 31 March
Iwerebon Emeke Felix (Chief)	105,895,265	13.73	102,669,428	13.31
Mr Frederick E. 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
Stated below is the company shareholding structure as at the year ended
Structure description		No. of Holders		Holdings	% Holdings
31 March 2023
Corporate	315		151,637,955	19.66
Foreign	13		243,024	0.03
Individuals		8,111		619,569,021	80.31
	8,439		771,450,000	100
31 March 2022
Corporate	302		136,690,474	17.72
Foreign	13		236,726	0.03
Individuals		8,100		634,522,800	82.25
	8,415		771,450,000	100

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