UNIVERSITY PRESS : YEAR END - FINANCIAL STATEMENT FOR 2024

UNAUDITED FINANCIAL STATEMENTS FOR FOURTH QUARTER ENDED 31ST MARCH 2024

UNIVERSITY PRESS PLC

UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE FOURTH QUARTER ENDED 31 MARCH 2024

		Apr -Mar		Apr -Mar
		2024	2023
	Notes	N'000		N'000
Revenue	1	2,630,845	2,168,247
Cost of sales		(1,165,933)		(841,431)
Gross profit		1,464,912	1,326,816
Other Operating Income	2	55,288	51,345
Marketing and Distribution expenses		(567,819)	(508,315)
Administrative expenses		(1,181,260)		(678,640)
Profit/(Loss) from continuing operations		(228,879)	191,206
Finance Income	2	25,582		31,234
Profit/(Loss) before taxation		(203,297)	222,440
Taxation Expense		(75,181)		(80,155)
Profit/(Loss) after tax from continuing operations		(278,478)	142,285
Total Comprehensive income
attributable to owners of the entity		(280,727)	142,285
Basic earnings per 50k share		(65k)		33k
Diluted earnings per 50k share		(65k)		33k

UNIVERSITY PRESS PLC

UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024

		March		March
Assets		2024	2023
Non-current assets	Notes	N'000		N'000
Property, plant and equipment	4	1,460,547	1,530,103
Investment Property		365,500		365,500
		1,826,047	1,895,603
Current assets
Inventories and work-in-progress	5	2,056,009	1,481,895
Trade receivables	6	19,349	32,540
Other receivables and prepayments	7	42,948	60,177
Cash and cash equivalents	15	1,162,712		765,876
Total current assets		3,281,018		2,340,488
Total assets		5,107,065	4,236,091
Equity and Liabilities
Current liabilities
Trade payables	8	922,563	7,867
Other payables and accruals	9	887,119	588,191
Unclaimed dividends		109,403	131,695
Current income tax liability	3	75,247		73,985
		1,994,332	801,738
Non-Current liabilities
Deferred taxation		162,876	162,876
Total Liabilities
	2,157,208		964,614
Net Assets		2,949,857	3,271,476
Equity
Share capital	10	215,705	215,705
Share premium	11	146,755	146,755
Capital reserve	12	1,442	1,442
Revaluation reserves	13	1,094,896	1,094,896
Revenue reserve	14	1,491,059		1,812,677
		2,949,857		3,271,476

The financial statements were approved by the Board on 29th April, 2024 and signed on its behalf by:

Mr. Obafunso Ogunkeye	Mr. S. Kolawole	Dr. G. A. Adebayo
Chairman	Managing Director	Executive Director (Finance)
FRC/2013/CITN/00000003567	FRC/2013/ICSAN/00000003248	FRC/2013/ICAN/00000003250

The accompanying notes and significant accounting policies form an integral part of these financial statements.

UNIVERSITY PRESS PLC

UNAUDITED STATEMENT OF CHANGES IN EQUITY

FOR THE FOURTH QUARTER ENDED 31 MARCH 2024

		Share	Share	Capital	PPE	Revenue	Total
					revaluation
		Capital	Premium	Reserve	Reserve	Reserve	Equity
		N'000	N'000	N'000	N'000	N'000	N'000
Balance at 1 April 2022	215,705	146,755	1,442	1,094,896	1,713,533	3,172,331
Comprehensive income for the year	-	-	-	-	142,285	142,285
			-
		-	-	-	142,285	142,285
Other comprehensive income
Items that will not be reclassified subsequently
to profit or loss Revaluation gain net of tax	-	-	-	-	-	-
		-	-	-	-	-	-
Total comprehensive income/(loss)		-
-	-	-	142,285	142,285
Transactions with owners:
Dividend paid	-	-	-	-	(43,141)	(43,141)
			-
		-	-	-	(43,141)	(43,141)
Balance at 31 March 2023	215,705	146,755	1,442	1,094,896	1,812,677	3,271,476
Balance at 1 April 2023	215,705	146,755	1,442	1,094,896	1,812,677	3,271,476
Loss for the year	-	-	-	-	(278,478)	(278,478)
Total comprehensive income/(loss)		-
-	-	-	(278,478)	(278,478)
Transactions with owners:
Dividend paid	-	-	-	-	(43,141)	(43,141)
			-
		-	-	-	(43,141)	(43,141)
Balance at 31 March 2024		146,755
215,705	1,442	1,094,896	1,491,058	2,949,857

UNIVERSITY PRESS PLC

STATEMENT OF CASH FLOWS
FOR THE FOURTH QUARTER ENDED 31 MARCH 2024	2024	2023
Cash flows from operating activities	Notes	N'000		N'000
Profit/(Loss) after tax		(278,478)	142,285
Adjustments for:
Depreciation of property, plant and equipment	4	135,096	144,872
Gain from disposal of property, plant and equipment	4	(19,325)	(11,794)
Fair value gain on revaluation of investment properties			(11,500)
Deferred tax			6,236
Net Finance income	2	(25,582)	(31,234)
Taxation Expense		75,181		73,919
		(113,108)	312,785
Working capital changes:
Decrease/(increase) in inventories	5	(574,114)	(182,588)
(Increase)/decrease in trade receivables	6	13,191	206,113
(Increase)/decrease in other receivables and prepayment	7	17,229	(24,160)
Increase/(decrease) in trade payables	8	914,696	(60,122)
(Decrease)/increase in other payables	9	298,928	(17,175)
Unclaimed dividend		(22,292)		(12,743)
Cash generated from operations		534,530	222,110
Income tax paid		(73,919)		(140,662)
Net cash from operating activities		460,611	81,448
Cash flows from investing activities:
Purchase of property plant and equipment		(65,543)	(156,515)
Proceeds from sale of property, plant and equipment		19,325	11,794
Finance income	2	25,582		31,234
Net cash used in investing activities		(20,636)	(113,487)
Cash flows from financing activities:
Dividend paid		(43,141)		(43,141)
Net cash used in financing activities		(43,141)		(43,141)
Net increase in cash and cash equivalents		396,834	(75,180)
Cash and cash equivalents at the beginning of the year		765,876	841,056
Cash and cash equivalents at the end of the period		1,162,710	765,876

UNIVERSITY PRESS PLC

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

• Revenue
  Revenue is derived from sales of printed books in Nigeria.

	31 March		31 March
Analysis by zone	2024	2023
	N'000		N'000
Western Zone	1,217,677	998,008
Eastern Zone	589,711	486,881
Northern Zone	823,457	683,358
Total
2,630,845	2,168,247
2.(a) Other operating income
N'000		N'000
Profit on disposal of property plant and equipment	19,325	11,794
Sundry income	30,910	35,699
Rent	5,053	3,852

55,28851,345

1. Finance income

Interest received	25,582		31,234
	25,582		31,234

3. Taxation

(a) Per income statement	N'000	N'000
Income tax on profit for the period	68,118		89,142
Education tax	9,312		10,532
Police Trust Fund Levy	-		15
Deferred tax
			77,430		99,689
			31 March	31 March
Per statement of financial position:	2024		2023
			N'000	N'000
Opening balance - Income tax	64,964		105,618
-	Education tax	8,944		12,479
-	Police Trust Fund Levy	11		18
Under-provision/(Overprovision) brought
forward		66		22,613
			73,985		140,728
Payments during the year
	-	Income tax	(64,964)		(128,165)
	-	Education tax	(8,944)		(12,479)
-	Police Trust Fund Levy	(11)		(18)
			(73,919)		(140,662)

Charge for the year
- Income tax	65,869	64,964
-	Education tax	9,312	8,944
-	Police Trust Fund Levy	-		11
		75,181	73,919
Under-provision in previous years	-		-
Balance at the end of the year	75,247	73,985

1. Income tax expense is the aggregate of the charge to the income statement in respect of current income tax, education tax and deferred tax.
2. The amount provided as Income Tax on the profit for the year has been computed on the basis of the income tax rate of 30% in accordance with CAP C21 LFN, 2004 (as amended).

4. Property, Plant and Equipment

			Computer	Printing and	Furniture	Motor
				other	&
Cost/Valuation	Land	Buildings	Equipment	Equipment	Fittings	Vehicles	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000
At 1 April 2022	642,429	529,700	97,668	149,385	41,112	1,106,766	2,567,060
Additions			11,662	48,520	629	95,704	156,515
Revaluation Surplus							-
Disposals	-		(1,674)	(251)	(8)	(38,438)	(40,371)
At 31 March, 2023	642,429	529,700	107,656	197,654	41,733	1,164,032	2,683,204
At 1 April 2023	642,429	529,700	107,656	197,654	41,733	1,164,032	2,683,204
Additions			31,033	3,370	1,260	29,880	65,543
Disposals	-		-	(184)		(27,631)	(27,815)
At 31 March, 2024	642,429	529,700	138,689	200,840	42,993	1,166,281	2,720,932
Accumulated depreciation
At 1 April 2022	-	-	79,199	108,537	37,771	823,093	1,048,600
Charge for the year	-	10,594	10,861	8,447	860	114,110	144,872
Disposals	-		(1,674)	(251)	(8)	(38,438)	(40,371)
At 31 March, 2023		10,594	88,386	116,733	38,623	898,765	1,153,101
At 1 April 2023	-	10,594	88,386	116,733	38,623	898,765	1,153,101
Charge for the period	-	10,594	13,307	11,281	883	99,031	135,096
Disposals	-			(181)		(27,631)	(27,812)
At 31 March, 2024		21,188	101,693	127,833	39,506	970,165	1,260,385
Net book values at
At 31 March, 2023	642,429	519,106	19,270	80,921	3,110	265,267	1,530,103

At 31 March, 2024	642,429 508,512	36,996	73,007	3,487	196,116 1,460,547

		31 March		31 March
5	Inventories and work-in-progress	2024	2023
		N'000		N'000
(a)	Books	2,174,064	1,589,770
	Allowance for obsolete inventories (Note 5(b)	(173,759)		(161,409)
		2,000,305	1,428,361
	Papers	14,447	22,435
	Work-in-progress	32,128	30,027
	Consumables	9,129		1,072
		2,056,009		1,481,895

1. Allowance for obsolete inventories

	N'000		N'000
Balance at the beginning of the period	161,409	144,215
Allowance for the period	12,350		17,194
Balance at the end of the period	173,759		161,409

6(a)	Trade receivables	N'000		N'000
(a)	Trade receivables	26,045	39,236
	Allowance for receivables (Note 6(b))	(6,696)	(6,696)
			19,349	32,540
	Allowance for Receivables	N'000		N'000
	The movement in allowance for receivables is as follows:
(b) Balance at the beginning of the period	6,696	10,803
	Additions/(Reduction) during the year	-		(4,107)
	Balance at the end of the period	6,696	6,696
7	Other receivables and prepayments	N'000		N'000
(a)	Prepayments	22,240	40,269
	Sundry receivables (Note 7(b))	20,708		19,908
			42,948	60,177
(b)	Sundry receivables	N'000		N'000
	These comprise:
	WHT recoverable	2,765	2,765
	WHT received	16,158	6,406
	Other receivables	43,419		52,371
			62,342	61,542
	Allowance for other receivables (Note 7(c))	(41,634)		(41,634)
	Balance at the end of the year (Note 7(a))	20,708	19,908
(c)	Allowance for other receivables	N'000		N'000
	The movement in allowance is as follows:
	Balance at the beginning of the year	41,634	41,634
	Allowance for the year	0		0
	Balance at the end of the period		41,634		41,634