UNIVERSITY PRESS : QUARTER 2 - FINANCIAL STATEMENT FOR 2024

Apr -

July -

Apr -

July -

Sept.

Sept

Sept.

Sept

2023

2023

2022

2022

Notes

N'000

N'000

N'000

N'000

Revenue

1

2,090,109

1,814,331

1,747,538

1,545,106

Cost of sales

(911,950)

(805,454)

(701,894)

(619,598)

Gross profit

1,178,159

1,008,877

1,045,644

925,508

Other operating income

2

2,499

987

4,504

1,561

Marketing and Distribution expenses

(283,141)

(160,901)

(269,334)

(125,487)

Administrative expenses

(388,529)

(240,577)

(359,339)

(208,787)

Profit/(Loss) from continuing operations

508,988

608,386

421,475

592,795

Finance Income

2

3,847

3,847

8,763

2,094

Profit/(Loss) before taxation

512,835

612,233

430,238

594,889

Taxation Expense

(167,441)

(167,441)

(132,516)

(132,516)

Profit/(Loss) after tax from continuing operations

345,394

444,792

297,722

462,373

Total Comprehensive income

attributable to owners of the entity

345,394

444,792

297,722

462,373

Basic earnings per 50k share

80k

103k

69k

107k

Diluted earnings per 50k share

80k

103k

69k

107k

September

March

Assets

2023

2023

Non-current assets

Notes

N'000

N'000

Property, plant and equipment

4

1,464,247

1,530,103

Investment Property

365,500

365,500

1,829,747

1,895,603

Current assets

Inventories and work-in-progress

5

2,119,320

1,481,895

Trade receivables

6

1,096,690

32,540

Other receivables and prepayments

7

45,085

60,177

Cash and cash equivalents

15

252,143

765,876

Total current assets

3,513,238

2,340,488

Total assets

5,342,985

4,236,091

Equity and Liabilities

Current liabilities

Trade payables

8

581,595

7,867

Other payables and accruals

9

725,583

588,191

Unclaimed dividends

131,695

131,695

Current income tax liability

3

167,507

73,985

1,606,380

801,738

Non-Current liabilities

Deferred taxation

162,876

162,876

Total Liabilities

1,769,256

964,614

Net Assets

3,573,729

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

2,114,931

1,812,677

3,573,729

3,271,476

Mr. Obafunso Ogunkeye

Mr. S. Kolawole

Dr. G. A. Adebayo

Chairman

Managing Director

Executive Director (Finance)

FRC/2013/CITN/00000003567

FRC/2013/ICSAN/0000000324

FRC/2013/ICAN/ICAN/00000003250

PPE

Share

Share

Capital

revaluation

Revenue

Total

Capital

Premium

Reserve

Reserve

Reserve

Equity

Balance at 1 April 2022

N'000

N'000

N'000

N'000

N'000

N'000

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

Profit for the period

-

-

-

-

345,394

345,394

Total comprehensive income/(loss)

-

-

-

-

345,394

345,394

Transactions with owners:

Dividend paid

-

-

-

-

(43,141)

(43,141)

-

-

-

-

(43,141)

(43,141)

Balance at 30 September 2023

215,705

146,755

1,442

1,094,896

2,114,930

3,573,729

UNIVERSITY PRESS PLC

STATEMENT OF CASH FLOWS

FOR THE SECOND QUARTER ENDED 30 SEPTEMBER 2023

2023

2022

Notes

N'000

N'000

Cash flows from operating activities

Profit after tax

345,394

297,722

Adjustments for:

Depreciation of property, plant and equipment

4

67,222

71,647

Gain from disposal of property, plant and equipment

4

(54)

(2,066)

Net Finance income

2

(3,847)

(8,763)

167,441

132,516

576,156

491,056

Working capital changes:

Decrease/(increase) in inventories

5

(637,425)

(207,401)

(Increase)/decrease in trade receivables

6

(1,064,150)

(731,774)

(Increase)/decrease in other receivables and prepayment

7

15,092

(28,942)

Increase/(decrease) in trade payables

8

573,728

(45,385)

(Decrease)/increase in other payables

9

137,392

(4,324)

Cash generated from operations

(399,207)

(526,770)

Income tax paid

(73,919)

(140,728)

Net cash from operating activities

(473,126)

(667,498)

Cash flows from investing activities

Purchase of property plant and equipment

(1,366)

(33,734)

Sales proceed from sale of property, plant and equipment

54

2,066

Finance income

2

3,847

8,763

Net cash used in investing activities

2,535

(22,905)

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

(513,733)

(733,546)

Cash and cash equivalents at the beginning of the year

765,876

841,056

Cash and cash equivalents at the end of the period

252,143

107,510

30

30

September

September

Analysis by zone

2023

2022

N'000

N'000

Western Zone

925,476

780,094

Eastern Zone

635,663

434,988

Northern Zone

528,970

532,456

Total

2,090,109

1,747,538

2.(a) Other operating income

N'000

N'000

Profit on disposal of property plant and equipment

54

2,066

Sundry income

292

5

Rent

2,153

2,433

2,499

4,504

Interest received

3,847

8,763

3,847

8,763

(a) Per income statement

N'000

N'000

Income tax on profit for the period

167,441

132,516

Education tax

-

-

Deferred tax

-

-

167,441

132,516

30 September

31 March

Per statement of financial position:

2023

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 period

-

Income tax

147,156

64,964

-

Education tax

20,260

8,944

-

Police Trust Fund Levy

25

11

167,441

73,919

Under-provision in previous years

-

-

Balance at the end of the period

167,507

73,985

Computer

Printing and

Furniture

Motor

other

and

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

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

1,366

1,366

Disposals

-

-

At 30 September, 2023

642,429

529,700

109,022

197,654

41,733

1,164,032

2,684,570

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

-

5,297

6,215

5,806

440

49,464

67,222

Disposals

-

-

At 30 September, 2023

15,891

94,601

122,539

39,063

948,229

1,220,323

Net book values at

At 31 March, 2023

642,429

519,106

19,270

80,921

3,110

265,267

1,530,103

At 30 September, 2023

642,429

513,809

14,421

75,115

2,670

215,803

1,464,247

30

September

31 March

5

Inventories and work-in-progress

2023

2022

N'000

N'000

(a)

Books

2,111,903

1,589,770

Allowance for obsolete inventories (Note 5(b)

(173,759)

(161,409)

1,938,144

1,428,361

Papers

64,363

22,435

Work-in-progress

43,550

30,027

Goods in transit

64,984

-

Consumables

8,279

1,072

2,119,320

1,481,895

(b)

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

1,103,386

39,236

Allowance for receivables (Note 6(b))

(6,696)

(6,696)

1,096,690

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

33,738

40,269

Sundry receivables (Note 7(b))

11,347

19,908

45,085

60,177

(b)

Sundry receivables

N'000

N'000

These comprise:

WHT recoverable

2,765

2,765

WHT received

4,534

6,406

Other receivables

45,682

52,371

52,981

61,542

Allowance for other receivables (Note 7(c))

(41,634)

(41,634)

Balance at the end of the year (Note 7(a))

11,347

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