ACADEMY PRESS : AUDITED FINANCIAL STATEMENT FOR 2022

ACADEMY PRESS PLC

LAGOS, NIGERIA

ANNUAL REPORT OF THE DIRECTORS, CONSOLIDATED AND SEPARATE AUDITED FINANCIAL STATEMENTS

AND OTHER NATIONAL DISCLOSURES

FOR THE YEAR ENDED 31 MARCH 2022

ACADEMY PRESS PLC

REPORT OF THE DIRECTORS, CONSOLIDATED AND SEPARATE AUDITED FINANCIAL STATEMENTS AND OTHER NATIONAL DISCLOSURES

FOR THE YEAR ENDED 31 MARCH 2022

TABLE OF CONTENTS	PAGE
Corporate Information	3
Report of the Directors	4
Corporate governance report	8
Statement of Directors' Responsibilities	12
Certificate of Account	13
Report of the Audit Committee	14
Independent Auditor's Report	15
Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income	19
Consolidated and Separate Statements of Financial Position	20
Consolidated and Separate Statements of Changes in Equity	22
Consolidated and Separate Statements of Cash Flows	23
Notes to the Consolidated and Separate Financial Statements	25
Other National Disclosures:
Value Added Statement	83
Five-year financial Summary - Group	84
Five-year financial Summary - Company	85

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ACADEMY PRESS PLC

REPORT OF THE DIRECTORS, CONSOLIDATED AND SEPARATE AUDITED FINANCIAL STATEMENTS AND OTHER NATIONAL DISCLOSURES

FOR THE YEAR ENDED 31 MARCH 2022

CORPORATE INFORMATION
DIRECTORS
	Mr. Wahab. B. Dabiri	Chairman
	Mr. Olugbenga Ladipo	Managing Director/Chief Executive Officer
	Mr. Paul Aderibigbe	Executive Director (Appointed 0 1 J a n u a r y ,2021)
	Mrs. Folashade. B. Omo-Eboh	Non-Executive Director
	Mr Pritchard David (British)	Non-Executive Director
	Mr. Oyewole Olaoye	Non-Executive Director
	Mr. Femi Akingbe	Non-Executive Director
	Mr Abubakar J imoh	Non-Executive Director (Resigned 31 March, 2022)
REGISTERED OFFICE:	28/32, Industrial Avenue,
	Ilupeju Industrial Estate,
	Ilupeju, Lagos.
	Tel: [phone] & 07014900034
	Email: applc@academy press- plc.com
	www.academypress-plc.com
EXTERNAL AUDITOR	Ernst & Young
	10th & 13th Floors, UBA House
	57, Marina, Lagos
	Nigeria
	E-mail:[e-mail]
SOLICITOR	Lekan Sofolahan & Co
	OPIC Plaza, 1st Floor suite 117
`	Mobolaji Bank - Anthony Way
Ikeja Lagos
	Nigeria
BANKERS	First Bank of Nigeria Limited
	Guaranty Trust Bank Limited
	Union Bank of Nigeria Plc
	Wema Bank Plc
	Zenith Bank Plc.
REGISTRAR	Pace Registrars Limited,
	Knight Frank Building (8th floor),
	24, Campbell Street, Lagos.
	Tel: [phone]
	E-mail: Info @ paceregistrars.Com
SECRETARY	Alpha-Genasec Limited,
	Krestal Laurel Complex (4th Floor),

376,Ikorodu road, Maryland, Ikeja, Lagos Tel: [phone]

E-mail:[e-mail]

ACADEMY PRESS PLC

The directors have the pleasure in presenting their report on the affairs of Academy Press Plc (―the company‖) together with its subsidiaries (―the Group‖),the consolidated and separate audited financial statements of the Group and the company and other national disclosures for the year ended 31 March 2022.

Legal form

Academy Press Plc was incorporated in Nigeria as a private limited liability company on the 28th of J uly 1964 and by a special resolution became a public limited liability company on the 22nd of October 1991. The certificate of incorporation number for the Company is RC 3915.The Company offered its shares to the public in November 1994 and these shares were listed on the Nigerian Stock Exchange on the 15th of J une 1995.

Principal activities

The company carries on its business as printers of educational and general books, commercial printing of diaries, labels, calendars, periodicals, annual reports, confidential and other printing. The subsidiaries are involved in security printing, flexibility printing and light packaging.

State of affairs

In the opinion of the Directors, the state of the Group's and the Company's affairs is satisfactory and there has been no material change since the reporting date which would affect the financial statements as presented.

Results for the year
	The Group		The Company
	2022	2021	2022	2021
	₦'000	₦'000	₦'000	₦'000
Revenue	4,110,883	1,677,934	3,754,336	1,449,735
	======	======	======	======
Profit/(loss) before taxation	225,252	(303,948)	252,570	(254,790)
Income tax (expense)/credit	(51,147)	98,496	(54,020)	86,564
Profit/(loss) after taxation	174,105	(205,452)	198,550	(168,226)
	======	========	======	========

Dividend

The directors have recommended payment of dividend of N60,480,000 at 10kobo per share for the year ended 31 March 2022 which is subject to approval by the shareholders at the forthcoming Annual General Meeting (2021: Nil).

Property, plant and equipment

Information relating to movement in property, plant and equipment is shown in Note 17 to the financial statements. In the opinion of the Directors, the market values of the Group's and the Company's properties are not less than the value shown in consolidated and separate financial statements.

Directors' interest in contracts

None of the Directors has notified the Group and the Company for the purpose of Section 303 of the Companies and Allied Matters Act, 2020 of any disclosable interest in contracts with which the Group and the Company are involved as at 31 March 2022.

Donations

The group and the Company made no donation to a charitable organization during the year ended 31 March 2022 (2021: N50,000).

2022	2021	2022	2021
₦'000	₦'000	₦'000	₦'000
Federal Road Safety Commission - 2020 Ember Months Road
Safety Campaign	50		50
	50		50

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Directors

The names of the Directors at the date of this report and of those who held office during the year are as follows:

Mr. Wahab. B. Dabiri	Chairman
Mr. Olugbenga Ladipo	Managing Director/Chief Executive Officer
Mr. Aderibigbe Paul	Executive Director
Mrs. Folashade. B. Omo-Eboh	Non-Executive	Director
Mr Pritchard David (British)	Non-Executive	Director
Mr. Oyewole Olaoye	Non-Executive	Director
Mr. Femi Akingbe	Non-Executive	Director

Mr Abubakar J imoh	Non-Executive Director (Resigned 31 March, 2022)

SHARE HOLDINGS AND SUBSTANTIAL INTEREST IN SHARES

The issued and fully paid share capital of the Group as at 31 March 2022 was beneficially owned as follows:

		31 March 2022			31 March 2021
Name
			₦			₦
Alidan Investment	84,078,546	13.9	42,039,273	84,078,546	13.9	42,039,273
Limited
West African Book	62,880,000	10.4	31,440,000	62,880,000	10.4	31,440,000
Publishers Limited
Hambleside Limited	60,443,208	9.99	30,221,604	60,443,208	9.99	30,221,604
Others	397,398,246	65.71	198,699,123	397,398,246	65.71	198,699,123

Summary of the shareholding position is as follows:	2022	2021
Number of shares issued	604,800,000	604,800,000
Number of shares outstanding	145,200,000	145,200,000
Number of shares in the name of the Group	NIL	NIL

	31 March 2022		31 March 2021
	Number of		Number of
	shareholding	%	shareholding	%
Nigeria (Corporate and individual)	539,148,230	89	539,148,230	89
Foreign Investors	65,651,770	11	65,651,770	11
	604,800,000	100	604,800,000	100
	===========	===	==========	===
Material interest in shares (5% and above)		%		%
Name	Holdings	Holdings
Alidan Investment Limited	84,078,546	13.9	84,078,546	13.9
West African Book Publishers Limited	62,880,000	10.4	62,880,000	10.4
Hambleside Limited	60,443,208	9.90	60,443,208	9.90

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