LEARN AFRICA : AUDITED FINANCIAL STATEMENT FOR 2022

LEARN AFRICA PLC

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2022

Content		Page
Directors and other corporate advisers
Report of the directors	ii
Audit committee's report	vi
Statement of directors' responsibilities	1
Statement of compliance	2
Independent auditor's report	3
Statement of profit or loss and other comprehensive income	8
Statement of financial position	9
Statement of changes in equity	10
Statement of cash flows	11
Notes to the financial statements	12
Other national disclosures
Value added statement	59
Five -year financial summary	60

LEARN AFRICA PLC

FINANCIAL HIGHLIGHTS

FOR THE YEAR ENDED 31 MARCH 2022

			Increase/
	2022	2021	(decrease)
	₦'000	₦'000	%
Major financial position items:
Share capital	385,725	385,725	-
Total assets	4,944,603	4,467,226	11
Revenue reserve	1,121,004	835,139	34
Shareholder funds	3,514,646	3,228,781	9
Major comprehensive income items:
Turnover	3,698,162	2,390,000	55
Profit before taxation	574,236	282,088	104
Profit after taxation	401,582	161,082	149
Dividend (gross)	115,718	38,573	200
Information per 50k ordinary shares
based on 771,450,000 ordinary shares:
Earning per share (kobo)	52	21	149
Dividend per share (kobo)	15	5	200
Net assets per share (kobo)	5	4	9
Number of employees	168	167	1

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LEARN AFRICA PLC

DIRECTORS AND OTHER CORPORATE ADVISERS

FOR THE YEAR ENDED 31 MARCH 2022

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
	P.O Box 75590

Tel: [phone]

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LEARN AFRICA PLC

REPORTS OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2022

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 2022.

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	2022	2021
	N'000		N'000
Revenue from contract with customers	3,698,162	2,390,000
Profit before taxation	574,236	282,088
lncome tax expense	(172,654)	(121,006)
Profit after taxation	401,582		161,082

Dividend

The Directors, in submitting to the shareholders the financial statements for the year ended 31 March 2022, proposed the payment of a dividend of 20 kobo per ordinary share of 50 kobo each for the year ended 31 March

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 2022, only three persons held more than 5% of the Company's shares; one person Iwerebon Emeke Felix held 13.31% and Estate of Ade-Ajayi Jacobs Festus held 5.50% of the Company's shares while eighteen (18) members held between 1% and 5%. Other shareholders held less than 1% respectively.

		Shares of 50k each
	2022 %	2021 %
	No. of		No. of
Major shareholders
The following shareholders held	more than 5% of the issued
share capital as at 31 March
Iwerebon Emeke Felix (Chief)	102,669,428	13.31	97,168,444	12.60
Mr Frederick E. Ijewere	46,690,627	6.05	40,843,394	5.29
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

31 March 2022

Structure description	No. of Holders		Holdings	% Holdings
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
31 March 2021
Structure description	No. of Holders		Holdings	% Holdings
Corporate	226	114,866,030	14.89
Foreign	14	310,971	0.04
Individuals	8,089		656,272,999	85.07
	8,329	771,450,000	100

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