Vision “ A globally respected African media powerhouse that advances society”
Misssion “To be a market focused, performance driven organisation, managed on global standards
Values z Honesty z Innovation z Fairness z Courage z Excellence z Zero Tolerance To Corruption z Social Responsibility BROADENING OUR REACH BROADENING OURR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OURR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OURR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENINGCONTENT OUR REACH BROADENING OURR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OURR REACH BROADENING OUR REACH BROOADENING OUR REACH BROADENING OUR REACH BROADENING OUR OADENINGOA OUR REACH BROADENING OUR REACH BROADENING OUR OADENING OUR REACH BROADENING OUR REACH BROADENING OUR OADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OURR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OURR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENINGA OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH AGM Notice 2 BROADENINGA ENING OUR REACH BROADENING OURR REACHE BROADENING OUR REACH BROADENING OUR REACH BROADENINGA ENINGFinancial OUR Highlights REACH BROADENING OURR REACH3E BROADENING OUR REACH BROADENING OUR REACH BROADENINGA OUR REACH BROADENING OURR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENINGA ENINGBoard of OUR Directors REACH BROADENING OURR REACH4E BROADENING OUR REACH BROADENING OUR REACH BROADENINGA OUR REACH BROADENING OUR REACH BROADENING OUR REACREACH BROADENING OUR REACH BROADENINGA ENINGChairman’s OUR StatementREACH BROADENING OURR REACH5EACHH BROADENING OUR REACREACH BROADENING OUR REACH BROADENINGA OUR REACH BROADENING OUR REAACCH BROADENING OUR REACH BROADENING OUR REACH BROADENINGA ENINGSenior ManagementOUR REACH BROADENING OOURUR REACH7EACH BROADENING OUR REACHR BROADENING OUR REACH BROADENINGA ENING OURO REACH BROADENING OUR REACHE BROADENINGENING OUR REACH BROADENING OUR REACH CEO’s Statement 8 BROADENINGA ENINGGO OUR REACH REAC C BROADENINGOGO OUR REACEACH BROADENINGENING OUR REACHR BROADENING OUR REACH BROADENINGA ENINGCorporate OUR Governance REACH StatementBROADENINGADEN OURR RE12EACH BROADENINGDENING OUR REACH BROADENING OUR REACH BROADENINGA OUR REACH BROADENING OUR REACHCH BROADENING OUR REACH BROADENING OUR REACH BROADENINGENINGTop 10 OUShareholdersR REACH BROADENING OURR REACH17EA BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENINGOADENING OUR REACHREA BROADENING OUR REACH BROADENINGENINGCorporate OUR Social REACH ResponsibilityBROADENING Report OURR REACH18EA BROADENINGIN OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OURR REACH BROADENINGIN OUR REACH BROADENING OUR REACH Company Profile 24 BROADENINGENING OUR REACH REAC BROADENING OURR REACHEA BROADENINGIN OUR REACH BROADENING OUR REACH BROADENINGENINGENFinancial OUU StatementsR REACHR BROADENING OURR REACH32EA BROADENINGIN OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENINGIN OUR REACH BROADENING OUR REACH BROADENINGENINGProxy Card OUR REACH BROADENING OURR REACH75EA BROADENINGIN OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENINGOA IN OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENINGOA E IN OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENINGOAADE ING OURO R REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENINGOAADENING OUROUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OURR REACH BROADENINGOAADENING OUROUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENING OUR REACH BROADENINGOAADENING OUROUR REACH BROADENING OUR REACH BROADENING OUR REACH Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the 11th ANNUAL GENERAL MEETING (AGM) of New Vision Printing & Publishing Company Limited will be held at the Head Office of the Company, Plot 19/21 1st Street Industrial Area, Kampala on Thursday, 15th November 2012 at 3:00pm to conduct the following business:
1. To receive and adopt the report of the directors and the financial statements of the Company for the year ended June 30th 2012, together with the report of the auditors.
2. To approve and declare a final dividend of Ushs 35 per share for the year ended 30th June 2012.
3. To rotate and elect directors.
In accordance with Articles 83-87 of the Company’s Articles of Association, Capt. Gad Gasaatura retires by rotation from office as a director of the Company and being eligible offers himself for re-election.
4. To appoint auditors for the financial year 2012/2013 and authorise directors to fix their remuneration in accordance with sections 159-162 of the Companies Act.
AOB:
To conduct any other business that may be conducted at the AGM for which notice will have been duly received.
Dated this 17th day of October, 2012
By order of the Board
Gervase Ndyanabo
COMPANY SECRETARY Note
• Articles 59, 60, 61, 62 and 63 provide for appointment of proxy if a shareholder is unable to
attend. (Tear out the proxy card attached in the Annual Report)
• The proxy should be delivered to the Company Secretary or faxed on +256 414 346 432 at
least 24 hours before scheduled time for meeting. In default of this, it shall be treated as invalid.
• Shareholders are advised to notify the Company Secretary in writing of any change in their addresses or bank account details.
• All shareholders who have not received past dividends should contact the Company Secretary.
• Contact can be done by e-mail: [email protected] or by phone: 0414 337 835
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ANNUAL REPORT 2012 BROADENING OUR FINANCIAL HIGHLIGHTS REACH
2012 2011 2010 %change UGX’000 UGX ‘000 UGX ‘000 Statement of comprehensive Income (Income Statement) Turnover 71,111,117 61,819,630 49,953,106 15 Profit before tax 5,492,720 4,685,859 1,898,963 17 Profit after tax 3,859,053 3,003,680 734,786 28 Statement of Financial Position (Balance Sheet) Property y Plant &Equipment 33,639,844 34,866,599 34,144,551 -4 Total Assets 64,410,639 61,995,235 59,762,245 4 Shareholders funds 51,603,129 49,897,388 48,041,208 3 Financial Performance Gross Profit Margin 29 29 29 0 Net Profit Margin 8840 Return on Capital Employed 11 9 4 2 Return on non current Assets 15 13 5 2 Share Statistics Earnings Per share-basice-basic &&diluted 50 39 10 28% Dividends (Proposed) per share 35 30 15 17%
TuTurnover Trends Ushs Profit After Tax Trends Ushs
80,000,000
70,000,000 5000000 4500000 60,000,000 4000000 50,000,000 3500000 3000000 40,000,000 2500000 30,000,000 2000000 1500000 20,000,000 1000000 2011 10,000,000 500000 2010 0 2009 - 2008 2007 2007 2008 2008 2007 2009 2009 2010 2010 2011 2011 2012 2012
TurnoverTurnover BrBreakdownea 2012 Turnover Breakdown 201120
Sales Sales 90% 70% 79% 80% 60% 60% 70%
50% 60%
40% 50%
30% 27% 40% Sales Sales 30% 26% 20% 12.4% 20% 14% 10% 0.6% 10% 0% 1% Circulation 27% Advertising 60% Comm. Printing scrap sales 0.6% 0% 12.4% Circulation 26.5% Advertising 59% Commercial SrapScrap Sales Sales 0.50.5%% Printing 15% 3
ANNUAL REPORT 2012 BROADENINGBROADENING OUR REACHREACH BOARD OF DIRECTORS
Mr.Mr. DaviDaviid SsSsesebebaabbi Mr.Mr. Robbeertrt KaKabbushheengnga BoarBBoard CChhairmaairman ManagingManaging DirectorDirector//CCEEO
MrMrs. CChhririssttiinnnee Guwatuwatuddeatuddde KKinintu Mr.MrM . CChhara lleeses TTuukkacuacungurwnguru waa Mr.Mr. OronoOrono OtOtweytweweyyoo NonNon EExecutivexecutive DDiirectorerectorr NonNNoon ExExecutiveeccuuttive DDiDirecirectorecctorr NonNon ExExecutiveeecututive Directorirecttoor
Capptt. Gad Gasaatura HoHon.onn. SSteventeven BamwangBamwwanngaa MsMs.s. Grace Dwongga Nonon ExecutiveEExecuttive Directorirector Noonn ExExecutiveecutive DireDirectorctor NoNonn EExExecutiveecutivve DDirectorDirector
Dr. Monicca Chibita Mr. OodeO Obella Mr. GeGervaser Ndyaanabo Non Executtiveve Director Non Exeecutive Director Company SecreS cretarye
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AANNUALNNUAL REPREPORTORT 20122012 BROADENING OUR REACH
ision Group reported solid financial results in the last financialy ear with a significant improvement in performance despite the tough operating environment. Overallvera turnover grew by 15% from 61.8 billion Ushs to 71 billionbill Ushs. Profit before tax rose by 17% from 4.7 Vbbiillillion Ushs to 5.55 billion Ushs. Beyyoondnd deliveringdeliveri solid results, the Group has taken strategic actionsactionns for long-termlong success by increasing our investments to enableenable a sustainablesustain growth model for our business. This model reflectsreflects ththehe visivisiono , mission and values that are central to the cocompanmpany’s’s apapproachpr to doing business. We alsoalso seesee goodgooo governance as an essential foundation for the lolong-termngg-term susuccessccce of the Group, and your directors firmly believe
thatthat upholdingupholdingg the highest standards of corporate governance T is anan essentialesssential componentcoo of the delivery of the Group’s strategy. YoYouu willwilll findfind aa ddescription of the Group’s corporate governance structuressstruucturres andand procedures,p along with an explanation of the work ofo tthehhe BBoardoard onon page 12. We expect and UnderstandingUnderstandin our Business are prepared TheThe BoBoardarrd andand ExecutiveExecutive Mr. David Ssebabi ManagementManagementt meetm annually to for increased Board Chairman considercoonnsider andand approveapp the company competition TATEMEN strategysstrategy forfor tthehhee year ahead, and S performanceperformance andaannd progress against in most of the
setset oobjectivesbjectivves are reviewed ’S quarterly.quarterlyrly. market segments but we look In January 2012,20 the directors held a boardrd retreat to develodevelop forward to annual plans and a long-terlong-term strategy for the company. TThe growing our retreat also served as a platforplatform market share for analysisysis on how to improve its performanceance and effectiveeffectiveness robustly to effectivelyctively contributecontribute toto theth HAIRMAN attainmentent of competitive advantage and increase shareholder return. An international management consultant and business C advisor guided the directors on the qualities of an efficieefficient and performing board. Dividend Our continuedontinued improved performance is a clear indicationindi of our commitmenttment to increase shareholders return. The Board of Directors is thus recommending a dividenddi of 35 Uganda Shillingsings per share subject to approval by shareholders at the Annual General Meeting. 5
ANNUAL REPORT 2012 BROADENING OUR REACH
Future Outlook We expect and are prepared for increased competition in most of the market segments and we look forward to growing our market share robustly. We will utilise our financial resources to continue investing in order to offer excellent services to our clients and to position ourselves for sustainable growth and profitability. I am confident that with continued focus, the great efforts will yield even higher returns on our investment in the years to come. Acknowledgement On behalf of the Board of Directors, I wish to recognise and extend my sincere appreciation to our esteemed customers and other stakeholders who have supported us over the years. I sincerely thank the management and staff of Vision Group for their dedicated service and achievements in implementing successful strategies in an extremely challenging and competitive environment duringg the year. I also thank my fellow BoarBoard Members for their support, diligence and commitment as we worwork towards achieving the company’smpany’s objectives of realizing full potential. To our shareholders,ers, we are sincerely gratefulgrate for your support of an investment in the company’s initiatives towards realising its full potential throughh sustaisustainable growth.
Directors at the Board Retreat in Entebbe in January 2012
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ANNUAL REPORT 2012 BROADENINGBROROADEA NING OURUR SENIOR MANAGEMENT REACHREACHH
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ANNUAL REPREPORTORT 2012 BROADENINGBROADENING OUR REACHREACH
Despite the challenging economic times in 2011/2012 the Company demonstrated remarkable resilience and better performance is
Mr. Robert Kabushenga expected in the next financial CEO Vision Groupp year
he previous financial year has been yet another year of realal pprogress in delivering on the Company’s strategy. Bussiness objectives, financial targets and the budgeting proprocess were developed within the broad structuree of the strategic direction set byT the Board of Directors. This has focused the activities of managementgement on specific areas that have enabled the companyy improve its performance. This explains the significantnt progressprogress in in thethe transformationtransformation ofof tthe Company amidst difficult market conditions and ththe Company repositioningoning fofor future growth. Most of the Strategic Business Units recorded an increaseincre in revenue; Bukedde TV maintained market leadership and was ranked thehe most watched TV station in the country by UAMPSUA while TV West remained the biggest TV station in WesternWe Uganda. The year also saw some product innovationsinnovation like the introduction of The Kampala Sun, a weekly EnEnglish tabloidoid and Urban TV aimed at the youth market. To enhance viewership,ership, an agreement was entered into with MultiChoice Africaa Ltd to host Bukedde TV on DStv and GoTv TV packages.pac Theree was also successful product repositioning ofo XFM, Bukeddeedde FM, Flair for Her and BukeddeBuke newspaper. The company also effected a cover price increase on Bukedde and New Vision newspapers in July 2011 due to increased printing costs which was implemented without a reduction
A in sales. Achieving International Standards of Efficiency To achieveeve international standards of financial eefficiency, the Managementment team applied a frugal and disciplineddiscipli approach 8 to the management of cash resourcess. There was aggressive revenue collection and disciplined spendingsp behavior.
ANNUAL REPREPORTORT 2012 BROADENING OUR REACH
Management was able to control production cost targets by keeping down wastage and therefore the overall cost of doing business. This was largely due to tight supervision and discipline in consumption in a market that was experiencing very high inflation. The Management team is deliberately driving a culture of frugality with respect to utilities consumption, assets protection and optimization plus handling of consumables. The Finance Team has also established a system of regularly reviewing management of costs by different units to make sure that there is real time response to high cost situations. Financial Performance The company achieved impressive revenue growth in advertising, circulation and printing. Overall Group sales grew by 16%, circulation revenue grew by 22% while advertising revenue grew by 16%. However, there was a decline in printing sales by 2.5% which nevertheless was an improved performance on the previous non-election year (FY 2009/10). The company managed to maintain over 60% market share in both advertising and copy sales for all newspapers also closing in on the dominant market share for Radios, TVs and Digital. Printing gained over Ushs 600,000,000 as a resultesult of packaging media and prinprinting, revenue from the Expo increased from Ushs 69,066,017017 in 2010/11 to Ushs 105,867,471 in 2011/2012 and the Nairobi Sales office started to deliverr consistent advertising revenues for Newspapers,News Radios, TVs and studio production. Business Development The firstrst undertaking undertaking on on our our strategic strategic theme theme was was the the development development of of an an effecti effective marketing functionunction which is now sufficiently skilled to execute the responsibilities of the c company. The team has enhanced capacity to generate data required for decision making on priorities and resourceource allocation. The company is now in a better position to respond to competitorcomp actions, defendfend existing oor even acquire new market share. Basingsing on customer segmentation undertaken by the Marketing Department, ManagementManage devisedvised a new approach to sales by designing tools that focus on audiences rather than mediam properties. Productionroduction of The Kampala Sun grew from the inaugural 3,700 copies to 8,000 copies wweekly and hass also attracted advertising. In addition, Urban TV took on a reality television show (Rated Next) to increase viewership and drive brand awareness. A new radio station (XFM) which is more appealing to a youthful urban-based audience was launched and the station went ahead and expanded its reach to Mbarara to increase listenership. Another radio station in Arua (Arua One 88.7 FM) was also acquired to reach out to the West Nile region which is a business hub for North West Uganda, South Sudan and Eastern Congo. This was also aimed at meetimeeting the company’s target of covering all regionregions in Uganda. The New Vision newspaper maintained an average of 33,000 copies daily throughout the year. This was achieved through improved planning, content innovations and operational efficiency.efficienc The launch of The Kampala Sun newspaper, called for product adjustment and iimprovement to differentiatee thethe NewNew VisionVision onon FridayFriday fromfrom KampalaKampala SunSun whichwhich ledled toto redesiredesigning of the Friday newspaperper that was launched in March 2012. The paper has been able to ggrow from an average of 29,00000 copies to maintaining an average of 32,000. The Sunday VisioVision newspaper was also redesigned thus empoweringpowering it to maintain its lead in the marketmark pushing sales to the region of 30,000 from about 2525,000. 9
ANNUAL REPORT 2012 BROADENING OUR REACH
Senior Management in the board room during their weekly meeting
The New Vision & Bukedde websites were redesigned for better navigation, to susuit the current demands of our targetarget audiences and to increase interactivity. The digital SBU was restructured with a mobile andd online division to respond to the changing consumption memethods of the audience.udience. An e-paper version of the New Vision print edition was introduced on financial subscription basis for those who prefer to read the newspaper online. The New VisionV website remainsmains the only website in Uganda with a mobile version which makes it easier for people to accesscess tthehe wewebsite.bsit Team Management The new company structure split along Strategic Business Units and Corporate/SupportCorporate/Su functions was operationalized resulting in improved productivity, greater efficiency and focus.ocus. A new performance management system that links individual performance targetargets to the businesssiness strategy was rolled out ensuring a direct link of individual staff effort to businesbusiness objectives.ives. Teambuilding programmes aimed at building synergies and cohesion of the teams wereere carried out and created an environment conducive for performance and progressprogress. Internal Controls The Internal Audit department continued to provide independent and objective assurance regarding the adequacy and effectiveness of the company’s risk management, contcontrol and governance processes. The department applies a risk-based audit methodology to guide the audit planning, audit execution and audit reporting processes. As part of improving internalinterna auditudit processes, an external quality assessment of the department’s activities wawas conducted in July 2011 andnd implementation of the recommendations is on coucourse. ICT The process of automation of business processes to reduce on papaperwork and increase 10 efficiency was undertaken dand is iscurrently currently being being implemented. implem
ANNUAL REPORT 2012 BROADENING OUR REACH
Awards and Recognitions Several journalists won awards. Gerald Tenywa received the environment award in the coveted CNN MultiChoice African Journalism awards 2012, Stephen Senkaaba was first runner-up in the Arts and culture category while New Vision was honoured as the best print media house in science related stories. Harvest Money editor Joshua Kato won the Africa Green Revolution Award (AGRF) in the print media category and Gladys Kalibala received recognition for reporting on lost children in the Saturday Vision newspaper. CIO East Africa recognized Vision Group as the top Media House in ICT excellence across the East African region The National Council for Science and Technology (UNCST) jointly with Uganda Science Journalists Association honoured New Vision writer John Kasozi for being the best print science writer in the country. These awards reassure our market and consolidate the confidence audiences and advertisers have in our products and services. Vision Group through its various platforms the Group spearheaded a fundraising drive to generate a cash prize for Stephen Kiprotich who won an Olympic Gold Medal for Uganda. This exercise was able to raise UGX 300,000,000 and other contributions in kind.
Harvest Money editor Joshua Kato receives the Africa Green Revolution Award (AGRF) in the print media category from Kofi Anan
Future Outlook Despite the challenging economic times in 2011/2012 the company demonstrated remaremarkable resilience and better performance is expected in the next financial year.ye I take this opportunity to thank all staff for their commitment, dedication and support. I sincerely thank the Board of Directors for the oversight and guidance they have given to the companycompan andd commend their commitment, support and contribution to the long term grogrowth of Vision Group. I also wish to express my deep gratitude to you our shareholders, our cucustomers and stakeholders foror the unwavering support in the year 2011/202011/2012. We are well prepared for the next financial year and thanks to the dedication of oour wonderful employees, we are confidentthat that we we shall shall continue continue to to outperform outperform our our c competitors and deliver 11 long-term value to our shareholdersholders and stakeholders.
ANNUAL REPORT 2012 BROADENING OUR REACH
The CEO, Mr. Kabushenga (2nd from left) addresses shareholders during last year’s AGM as Hon. Aston Kajara - representing the majority shareholder (centre) and other directors listen attentively. CORPORATE GOVERNANCE STATEMENT
The Board Vision Group is governed by a Board of Directors appointed by shareholders during AnnualA General Meetings (AGMs). The Board, composed of nine non-executive Directors anda a Managinganaging Director has a diverse mix of skills, experience and competence and is, therefore,therefo well placedaced to propel the company forward.for The Board is aware of its mandate and obligations and accounts to shareholders on performance. The Board and Executive Management meet annually to consider and approve the cocompany strategy for the year ahead, and performance and progress against set objectives are revreviewed quarterly. At the Board retreat in January 2012 the agenda included review of progress against strategy, approval of the enterprise risk management framework, corporate governance training and settingetting the direction for the year. The retreat also served as a platform for analysis on hhow to improve itss performance and effectiveness to effectively contribute to the attainment of competitivee advantage and increase shareholder return. An international mmanagement consultant andd business advisor guided the directors on the qualities of an efficient and performing board.rd
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ANNUAL REPORT 2012 BROADENING OUR REACH
Shareholders at the registration desk during last year’s AGM Appointments and Induction Directors are appointedpointed in accordance with the Company’s Articles of AAssociation. On appointment, theyey undergo induction into the company’s business and operatoperations. They are advised on their duties as well as governance best practice, legal and regulatory requirements and are continuallyly updated on industry and regulatory developments as they ararise. At AGMs, directors who have served for three years are retired by rotation anda may offer themselves for re-election. At the last AGM, Mr. Charles Tukacungurwa was elected as a Director whilehile Mr. David Ssebabi and Mr. Orono Otweyo offered themselves for rotation and were re- electedected as directors.directo Board Meetings The Board meets quarterly and special meetings are convened as need arises. As recommendedrecomme by governance best practice, paperwork for discussion during the meeting is delivereddeliver to thedirectorsedirectors within sufficient time prior to the meeting to enable adequate preparation a and informeded ddecision making. Chairman and Chief Executive Officer (CEO) The roles and responsibilities of the Chairman of the Board and the CEO are distindistinct and separate. The CEO is accountable to the Board and takes charge of executive management for the effective and efficient running of the company on a day-to-day basis. The Chairman is is primarily responsible for leadership of the Board and ensuring its effectiveness. Directors’ Remuneration Non Executivee Directors were paid a quarterly fee as well as a sitting allowanceallowan for every meeting attendedded at a rate as per table below.be
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ANNUAL REPORT 2012 BROADENING OUR REACH
Chairman Directors Sitting allowance (Ushs) 672,000 560,000 Quarterly fees (Ushs) 1,344,000 1,120,000
No bonuses, loans or other remuneration incentives were paid out to Directors in the past financial year. Remuneration of the Non Executive Directors is recommended by the Board for approval by shareholders at the AGM. Board Committees The Board inorder to fulfill its mandate and perform the oversight role has delegated authority to various committees but is ultimately and collectively accountable for performance and corporate governance. Committees of the Board are: Audit & Risk Committee; Finance & Operatioions Committee; Human Resources and Remunerations Committee; and Editorial Committee Audit and Risk Committee Inn line with good corporate governance standards, membership of this committcommittee consists of four non-executive directors.direct The committee has the duty of overseeing the financial reporting process and ensures timely,t objective,jective, accurate and complete disclosure of financial information. The committee also reviewsviews the effectiveness of internal control measures and management of risk. The committeecomm meetsets regularly to carry out their roles and duties and in the past year, the committee met nine ttimes. An independent Internal Audit Department reports and provides assurance on the effectivenesseffectivene of company’smpany’s internal controls, risk management and governance processes. The Board has reviewediewed the company’s system of internal control and is satisfied that the system is effective.effe
Presentation of Audited Accounts by Deloitte & Touche to the Board Audit Committee 14
ANNUAL REPORT 2012 BROADENING OUR REACH
Shareholders vote during last year’s AGM Risk The Audit & Risk Committee oversees risk on behalf of the Board to ensure the interestsintere of shareholdersareholders are protected. It also ensures that risks are properly identified, assessed, evaluatedevalu andd monitored by management.m A risk management framework that put in place risk control measures across the CompanyCom was established in the previous financial year. At the annual retreat, the Board approvedapprove the Enterpriseerprise Risk Management Framework policy which was adopted and implemented duringdurin the year. Appointment of Executive Management The Board recruits and determines the remuneration of key executives in line with ththe long term interests of the Company and its shareholdshareholders. Inn the past financial year, the Board upon recommendation of the Audit and Risk Committee appointed a new Chief Internal Auditor Mrs. Caroline Kyomuhendo Lutalo. Directors’ Training Directors undertookertook several trainings in corporate governance from institutinstitutions such as Strathmore Businesssiness School and Centre for Corporate Governance Kenya, to eenable them effectivey perform their role, dischargedischarge theirtheir dutiesduties andand fulfillfulfill theirtheir obligations.obligations. 15
ANNUAL REPORT 2012 BROADENING OUR REACH
The Board Chairman, Mr David Ssebabi (2nd from right) listens to a question from a shareholder during last year’s AGM Company Secretary Vision Group’s Company Secretary is available to advise all directors on matters relating to the governance off the Company and ensures that boardboa procedures and applicable laws and regulations are comomplied with. Codes and Regulations Vision Group is committedmmitted to complying with legislation and codes of best practice and seeks to maintain the highesthest standards of governance, including transparency and accouaccountability. As a listeded company, New Vision complies with Capital Markets (Corporate Governance)Governanc Guidelines, 2003 and the Listing Rules of the Uganda SecuritiesSecur Exchange (USE). Shareholders Relations Informationormation about the company and its activities is provided in the Annual Report whichwh is sentnt to all shareholders. The company’s half year unaudited results and annual audit accountsacco aree published in the New Vision newspaper and are uploaded onto the corporate website:websit www.visiongroup.co.ug. Thehe corporate website is also used as a tool for regular communication and the interainteractive shareholderolder page is regularly updated with information on corporate social responsibility, performance,mance, unclaimed dividends, FAQs and any other news. There is also room for comments on the page.The company also makes use of electronic means of communication like emails and SMS to send information to shareholders. Shareholders can reach the company via email aat [email protected]. The company has engaged the services of a professional registrar Deloitte (U) Ltd to fafacilitate appropriate responses to shareholder queries and smooth transfer of shares. Shareholders are encouraged to attend the AGM to discuss the progress of their company and utilize the opportunity to ask questions. The company has also appointed an officer to handle shareholder matters and resrespond to their queries. The officerfficer can be reached on 0410414 337835. Vision Group also values its otherher stakeholders and considers their needs and objobjectives in their 16 day to day operations.
ANNUAL REPORT 2012 BROADENING OUR SHAREHOLDER INFORMATION REACH
SUMMARY OF SHAREHOLDERS INSTITUTIONAL No. of Shareholders Shares % Holding Ugandan 75 65,609,403 85.76 Foreign 9 2,126,611 2.78 INDIVIDUAL Ugandan 2,383 7,913,693 10.34 Foreign 104 850,293 1.11 Grand Total 2,571 76,500,000 100.00
LIST OF LARGEST 10 SHAREHOLDERS MEMBERNO ADDRESS SHARES PERCENT
1 GOVERNMENT OF UGANDA 40,800,000 53.34
2 NATIONAL SOCIAL SECURITY FUND 15,000,000 19.61
3 NATIONAL INSURANCE CORPORATION LTD 3,068,172 4.01
BANKANK OF UGANDA STAFF RETIREMENTRETI 4 1,353,380 1.77 BENEFITBENEFIT SCHEME AIG
NATIONAL SOCIAL SECURITY 5 750,000 0.98 FUND-PINEBRIDGE
6 CAPT.T. GAD GASAATURA 741,969744 0.970.97
7 NATIONAL SOCIAL SECURITY FUND-SIMS 648,888 0.85
8 MR. SAMUEL WAZUNULAA MANGAALIANGAALI 510,000510 0.667
9 NOMURA NOMINEES LTD A/C SAMORA LTD 500,000 0.65
10 NOMURA NOMINEES LTDLT A/C KERSERCO 500,000 0.65
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ANNUAL REPORT 2012 BROADENING OUR REACH
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The company ision Group is a responsible citizen and we believe that through its using our resources to inspire and create a positive change in the society is one way of discharging our responsibilities numerous as a multi-media company. In addition, business is carried platforms out in a way that is responsible and sustainable for the Vfuture taking into account all stakeholder needs. linked persons In the past financialy ear, education, provision of basic needs, in need to recognition of exemplary performance, environmental safety and members of health and rekindling lost hopeh were among the key CSR projects undertaken as part of a delibeerate strategy to empower Ugandans of the public all backgrounds and to better the community.co The company through eager to step in itss numerous platforms linked persons in need to members of the public eager to step in and help as it is our belief that together we and help as it is can do more. our belief that Notable CSR activitiestivities undertaken in the just-concludedjust-conclu financial together we year were: can do more.
18 The NiE Team launches the project at St. Jude in Hoima District
ANNUAL REPORT 2012 BROADENING OUR REACH
Margaret Kemigisha of Community Action project, Kabarole and winner of Pakasa Youth Awards displays her work at the awards ceremony at the New Vision head office in November 2011.
Education The Newspapers in Education (NiE) project in partnership with the National DrugD Authority createdeated awareness about drugs amongst primary school children. Teachers were trainedtra on severalveral issues relating to drugs in order to better educate their students and cause lasting chchange throughough education to the youth. Initially 430 copies of the Wednesday New Vision newspnewspaper wereere distributed weekly to 10 selected schools in various districts across the country andan by the end of the financial year, 5,060 copies were distributed every week to 13 schools in vavarious districts across the country. The project is also aimed at improving readership skills and literacylit levelsevels amongst primary school childrechildren. Awakeningning Academic Giants was a project initiated to highlight the plight of highly respected historicalstorical and traditional schools that have produced great leaders but have since gone down to the drain due to neglect to ensure that the high standards are maintained. The project had a great impact and resulted in a motion in parliament with the Ministry of Education tasked to explain what was being done to fund and renovate the schools. Recognising Exemplary Performance Pakasa Awards recognised and rewarded members of the community for excellentexcellen entrepreneurship.ntrepreneurship. Stories of those who have excelled in various areas were publishedpub in the New Vision newspaperwspaper to provide inspiration and role models for readers especiaespecially the youth to serve as motivationotivation to use their entrepreneural skills to excel and to earn a livingliving. The project which is on-goingoing also empowers the youth to be more innovative in tackling poverty and building a bright future regardlessardless of their backgrounds. The youth are encouragedenco to be job makers rather than job seekers in a bid to fight unemployment anda poverty which has 19 continued to tear up the Ugandanndan economy.
ANNUAL REPORT 2012 BROADENING OUR REACH
Women Achievers Awards recognised, honored and rewarded hardworking and determined women who had through agriculture taken significant steps to be self reliant to improve their livelihoods and those of their families inorder to empower women especially those at the grassroots to use their strengths to improve their livelihoods. Rekindling Lost Hope Following Vision Group’s deliberate strategy to link needy persons to well wishers, the company used its platforms to highlight plights of members of society and to raise funds where necessary in a bid to improve the livelihoods of needy people who are unable to afford basic needs. Stories of needy persons are run in the newspaper, website, radio and TV and persons who volunteer to help are linked to them. The first project was for building a house for Nyakato (a blind HIV+ widow and mother of four) from Masindi. This project attracted contributions from all over the world and a total of Ushs 8,093,450. Upon completion of the project, Nyakato will be able to live in a decent house.
Vision Group donates to an HIV+ and blind widow from Masindi
To mark this year’s Day of the African Child, Vision Group visited Kireka Home for DiDisabled Children. Other than donating foodstuff to the school that relies on well wishers to mmeet its daily needs, it was also an opportunity for members of staff to interact with the children who rarely get a chance to spend time with people other than their teachers. The children were engaged in various activities to give them hope and remind them that despite their disabilities, they can lead a meaningful and joyous life.life Visionon Group has continued supporting persons with disabilities by creating opportunitieso for them, solicitingciting help for them to achieve their full potential and avenues ththrough which they can meett their aspirations and dreams. It is on this quest that the company supported a blind student att Makerere University to enable him pursue his dreams of acquiringacquirin a degree in Mass Communications after a long period of determination to achieve his dredreams despite his 20 condition
ANNUAL REPORT 2012 BROADENING OUR REACH
Vision Group visits Kireka school of the physically disabled children to commemorate the day of the African child
This was a story off succeeding against all odds and the CCompany was privileged to bring back hope to a studentt who had given up on his dreams. The company alsoo created an avenue for raising funds for Vincent Okech, a yoyoung boy from Soroti with swollenen limbs whose parents were unable to afford money for his trtreatment. The family’s plight wass highlighted in the company’s platforms which caused a lot of reaction from members of the public. Several companies and well wishers volunteered to contrcontribute in order too enable the boy get treatment. The project also saw doctors from the UK visvisit the boy for medical check-up and it is expected that Vincent Okech will be able to receive treatment.tre
Vision Group visits Namirimu, an eight-year-old girl, who takes care of her HIV positive mother 21
ANNUAL REPORT 2012 BROADENING OUR REACH
Responsible Citizenship Etop Radio and Newspaper embarked on an event dubbed “Etop Keep Soroti Clean” which saw members of staff clean up Soroti town a community which the company has for a long time worked together with. The event brought together the Local Councillors, students of Teso College Aloet and residents of Soroti who joined hands to improve hygiene and cleanliness in Soroti town to raise environmental awareness and demonstrate that it is important to keep the environment clean and healthy.
The Etop team, Local councillors, Students of Teso College and residents of Soroti clean up Soroti Town
22
ANNUAL REPORT 2012 BROADENING OUR REACH
The CNN JOURNALIST OF THE YEAR ENVIRONMENT AWARD, presented by Dr Magatte Wade, Acting Head of External Relations and Communication, African Development Bank to Gerald Tenywa, a New Vision Journalist. 23
ANNUAL REPORT 2012 COMPANY PROFILE
NEWSPAPERS
The Vision Group dominates the newspaper market in Uganda with ten publications.
THE NEW VISION is the leading English daily newspaper with New Vision U G A N D A ’ S L E A D I N G D A I L Y Tuesday, June 7, 2011 Vol.26 No.112 Price: USH 1,200 (KSH 80, TZSH 1,200, RF 650) several editions from Monday to Friday. Bukenya rejects Adjusting to life as a court summons politician’s spouse Ex Vice-President accused of abuse Find the tips and much more in HER Vision The newspaper has various sections making up the whole paper, MUSEVENIWARNS
with a strong emphasis on enhanced reader value. The added value NEWMINISTERS PHOTO BY KENNEDY ORYEMA features include: - Pakasa, Mega Deals, Homes, Education, Jobs, Tenders, Her Vision, Health & Beauty, Farming, Children, Business Vision and
President Museveni (centre in yellow tie) posing for a photo with the new ministers after they were sworn in at the State House in Entebbe yesterday. See story on P3 and pictures on P5 Entertainment. Seya refuses to Makerere to traiaini 4 UPDF soldiers killed in Somamali surrender house graduates for ffrre By JOSHUA KATO around Bondhehee districttoon Satuurday. By ANDREW SSEN YONGA By FRANCIS KAGOLO Fourr UPDDF peacccekeeperse s Tibibbihwai is the highest including Lt.t. Col olc ranking UPDUPDQHſEEreto be Former Kampala myor MakeererreUniiversityiit thas Tibibihwa,, havve been killed killed in Mogadishu. Nasseer Sebaggala has invited its graduates who in thehhevolatilee Somali capitaliitalHeta lhails loms fNyyamahunza handeddover r QHſEGVQVJG failed getto jobs tobac ack fo Mogadishu. villag,laa, Mukuunyu sub-coununnt Lord maayorr, Erias Lukwaukwg free vocational training. Tibibihwa,, who was the in Kasese district. However, Sebaggalallaawed The pogramme,, which the EQOOCPFKPIQHſEGſſEEGEGof the In a statement,mentmeenentmynt not ttovacateo thehheowne t clellek’e’s vice-chancelloeell,lllloof. 23 battalion,ioniwason byhithi ta spokesperson Maj. Felix strtayry bullet as he inspected CONTINUED ON PAGE 2 Sebaggala CONTINUED ON PAGE 3 Prof. Baryamureeba the newlwlwy captuttuedu aeas CONTINUED ON PAGE 4
NATIONAL NEWS OBITUARY HARVEST MONE Y SPORTS NEWS The New Vision newspaper supports Education in Uganda and publishes Hepat out in advanced career/study guides and conducts direct school education 908 cases reported, p2 Find out in your free pullout through the “Newspapers in Education” program.
SATURDAY VISION is an Englishnglish weekend entertainment newspaper aimed at leisure, entertainmentment & relaxation for all ages. It offers a variety news features, sports, commentarymentary and entertainment.entertainm
THE SUNDAYDAY VISION comes with a free magazine”Sundaymagazine”Sund Xtra” and offers a goodood readread forfor thethe wholewhole family.family.
BUKEDDEE is the only daily paper published in Luganda. It is the fastest growing newspaperewspaper in Uganda and is an integral part ofo the average working Ugandan’san’s dday.
It has a varietyiety of features which include farming, business advice, yiya ssente, relationshipationship advice, leisure, traditional remedies, shocshocking eye openers, Women and health, entertainment, art, people, what’swha on and sports. Bukedde KU SSANDE VOL 14 No.22 SHS 1,000/- SSANDE MAY 27,2012 Abalina Choice Lutaaya
abalaludde P. 3 UPDF bawambye ekitundu kya Al Shabaab ne bawaga
Abajaasi ba UPDF nga beeyongerayo mu kabuga Eelasha Biyaha bakawambe. Omuzimu gwa maama gusaba Sheikh Ali ettaala buli kiro Owa al P.18-19 Shabaab DRAKE LUBEGA: alayidde Mukyalawe okwesasuza avuddeyo gye yali addukidde battunke BATAAMBABBATAATATAAAAAAMYEMYE P. 5
24 ANNUAL REPORT 2012 COMPANY PROFILE
BATTLE OF THE DIME: KAMPALA SUN is a weekly paper capturing the unpredictable rhythms and Mohan Kiwanuka vs Charles Mbire p18
Meat heartbeat of Kampala. We reflect life from all nuances – politics, corporate, excites NRM p7 Vision Group VOL 1 No. %1(# 8 ) N4 18 ȃ 3'412# 8 ) N4 18 1 2'2 1 ȃ religion, sports, fashion and lifestyle; celebrities and the ordinary, all in NATIONAL INNOVATION PRIDE AND GLOBAL EXCELLENCE EXCELLENCE Celeb buzz: Bebe not dramatic language. We focus on the young adults (male and female) in the 18 as chiselled as he thinks – 35 years age bracket and promise to offer editorial content that is appealing he is p20
and give the advertisers a greater opportunity to accurately target this Exposed: Famous Kampala designers stealing audience. international THE BOY fashion labels p16-17 IS MINE
Gossip: Betty Nambooze z Iryn, Maureen Kabasiita chokes on locked in a cold war over a man, food REGIONAL NEWSPAPERS p14-15 house, supremacy in band p2 Regional newspapers are published weekly and focus on PASS PLE TEST Y’ORUMURI ... P. 18 the everyday life and human interest side of the communities in RWA UGANDA www.orumuri.co.ugwww.orumuri.co.ug Western, Northern and Eastern Uganda.
Vision GORUMURIroup NATIONAL INNOVATION PRIDE AND GLOBAL EXCELLENCE EXCELLENCE Vol. 23 No 20 Kyabahezi/May 21 - 27 , 2012 Sh 500
Kyabahezi 21 - 27, 2012 Orumuri 11 The Vision Group is the only publishing house in Uganda producing Omwishiki agambire enaama ya Obama Omwekambi OMUTEEGANDA AHA MURIMO local language newspapers for the different areas in Uganda. ‘YAAKUSHABA TOKAMWIMA’
nigwo musiri gwa Yahaya Peegi 13 - 16 ORUMURI is publisheded in Runyakore/Rukiga weekly every MondMonday. KABALE The main circulation area is the western part of Uganda, from Masaka to Sitore n’ebindi aha P.2 Kansara Kabale, including Toro,o, KasesKasese, Bunyoro. Obama aine omukazi we Michelle enyimaho Ababaagi zYkYaakureeba omu maisho bamuri kubi Genevieve Cook aine Obama omu myaka ey’ira. noogira ebitengo by’omunda Agambiire abanyamakuru oku Obama arikukwana Peegi 4
Orumuri offers a varietyety toto itsits readersreaders which which includ includes local and RADIO P
95.7 FM, Lira- 98.1 FM
Every top of the hour Games, fun, music & internationalnational news, gossip, relationships, education,educatio politics, community Lots of give aways RVoVool.upinyl. 19 No. 38 Ceng Adek June 13-19, 20201122 500/= news,s, wedding pictorial, business, herbal remedieremedies, farming, weekly newss round up and sports.s KONY I KWON DARFUR RUK Odui i Sudan en agwoke ... p2 ...p23
RUPINYPINY is published in Luo weekly every Wednesday. The northernnorthe part of Uganda, Gulu and Lira are Rupiny’s main circulation area. ACAM KWOKKA Okabo tye atoto lim i dam... p11 Man mujinga ame US tye atic kede ikom dul odui apapat Rupinynyy has a variety of features such as farming, locallo and Kwan matut kit me kwero, ngwelo rudi ...p3 internationalonal news, politics, relationship advice, sports, communcommunity KANUKA UGANDA NA EJOK news & gossip,ssip, business, leisure, crazy crazy country, pictorials aand ETOP
Vision Group Aibunget 22 No. 44 - OPEDELEI 24- 30, 2012 sh500 NATIONAL INNOVATION PRIDE AND GLOBAL EXCELLENCE EXCELLENCE readers’rs’ letters & opinions. Akoru AwenaAputosia na 93 nu imedaiipetaiipetai z app 20 zApp 13 zApp 20
ETOP YOGA DO!DO! is publishedhed in Ateso weekly every Thursday. The main Ejiit Obwangor eejiejie circulationlation area covers North Eastern Uganda,Uga Soroti, Katakwa and KKumi.
Koany ...app 2 Etop gives its readers value for money with a variety of featurefeatures Papa Emorimor Augustine Osuban ireikini ates ke Obwangor (teten) kokanisa kalo Immaculate Conception, Soroti that include regionalnal and international news, relationship advice,adv Pass PLE app 18 Ateran kus na Etop na! farming, sports, communityommunity news and gossip, business, pictorial and readers’ letterletters & opinions.
ANNUAL REPORT 2012 25 COMPANY PROFILE
MAGAZINES
Our magazines deliver niche to reach people directly in the associated target market. They are published quarterly.
BRIDE & GROOM is the perfect wedding planners tool, covering all items from budgeting, through to fashion and the wedding ceremony.
UGX 5000 I KSH 250 TSH 3800 I RF2500 VOL 4 ISSUE 6
LI AAIEUAD EY AZNARAD SU 2011 6 ISSUE RWANDA TANZANIA KENYA UGANDA MAGAZINE FLAIR July 2011
FlairFOR HER FLAIR for her is designed for the workinggg woman, covering all aspects of professional life, health and fitness, work-life balance, parenting and fashion. DaD ttes ffromom hele l FINAFFINAAANNNCESCES REAL LIFE: ‘‘I LOSOSOST MYMY FASHION DDAUDAAUGGHTERR HOOWOW TOTOOD DRESSESSESSSSS ONON JULU Y 11’’ FOFFORR YOURY UR AAGEE The First Lady’s manyhats ATA HOMEOME WITHWWITT MRSS. MUSEVENIN DIGITAL AANDNDD HERH R DADAUGGHTERS
WEBSITES PUPUBLISHING www.newvision.co.ugvisi - Ourr flagship website. It is a leading website in East Africa with approximatapproximately over 1.4 millionllion monthly visitors & 6.191 million page viewsviews. www.bukeddde.co.ug - is very popular with Ugandans livingng in the diaspora with approximatelapproximately over 332,02424 monthly visitors & 1.5 million page views. www.enteruganda.comda.co – is the definitive guide to to all all services services and and activities activities in in Uganda Uganda www.jobs.co.ugo.ug – Comprehensive jobs site offering listing jobs and candidates.candidate
VISION MOBILE
With a dedicatedcated SMS platform, 8338 is available for Bulk SMS, SMS polls,po content aggregationgregation and other customized offeringsofferings. Info in your hands
26 ANNUAL REPORT 2012 COMPANY PROFILE
BROADCASTING
Vision Group has six radio stations and three free to air television channels:-
RADIOS
XFM Is Uganda’s freshest and most dynamic youth station that targets 18-28 year old English speakers in Kampala 94.8 FM and Mbarara 96.6 FM. The station features the biggest local and international artists alongside the coolest on-air presenters. u know u want to... Kampalau know 94.8FM u & want Mbarara to... 96.6FM BUKEDDE FM Bukedde FM broadcasts in Luganda offering its listeners a blend of entertainment and information. The radio station shares a close & beneficial relationship with the readership of the Bukedde newspaper and is a prominent station in the central region and Kampala on 100.5 FM. It is also available on 106.8 FM in Masaka.
RADIO WEST 100.2FFM Radio West is westernn Uganda’s dominant Radio Station offering regional news, music & entertainment. It is also available on the following frequencies in the respective areas:- 94.3 FM Kabale, 106.66 FM Masaka, 95.2 FM Kampala,Kampala 91.0FM Fort Portal.
RADIOIO RUPINY 95.7 FM Radiodio Rupiny is based in Gulu for the people of the northern part of Uganda, stretcstretching fromm Lira, round to Kitgum and Gulu. Broadcasting in a mixture of Acholi and Luo wwith a mixture of politics, news, infotainment, local and international music. It is the radio of RADIO choiceoice for the people of the north. 95.7 FM, Lira-98.1 FM
ETOPOP RADIO 99.4 FFM Baseded in Soroti, Etop broadcasts in Ateso for Eastern Uganda from TorTororo, Mbale and Soroti. The radio offers a mixture similar to it’s sister station in the North, with a combinationation of politics, news, infotainment and mmusic. Etop Radioo is the number one station in the region AICA NA ATEKER Radio ARUAUA ONE 88.788 FM Aruaa One was established as a commercial radio station in 2002 and was acquired by Vision Group in February 2012. Arua One FM is one of the leading multi-lingual F M M stationsions in the West Nile region. The station broadcasts in mainly Lugbara, Swahili and English. Arua One FM’s signalsnals reach an extensive area including the districts of Arua, Nebbi, Yumbe, Moyo, Adjumani,mani, Packwach, Koboko, parts of the Democratic Republic of Congo and Southern Sudan.
ANNUAL REPORT 2012 27 COMPANY PROFILE
TELEVISION
BUKEDDE TV Uganda’s first Luganda TV station, Bukedde TV is the leading station in the Central region. Reaching a 100 KM radius from the centre of Kampala, the station talks to people from Luwero to Jinja, Masaka to Entebbe and includes the Ssese Islands. The station enjoys a strong symbiotic relationship with Bukedde newspaper and Bukedde FM.
TV WEST Is stationed in Mbarara in Western Uganda and is the leading regional station. It also has a strong relationship with Orumuri, Radio West and broadcasts to Bushenyi, Kasese, Isingiro, Ibanda, Kabale and Lyantonde.
URBAN TV Urban is set to be Kampala’ss leading English TV stationstat targeting 15-28 year olds living and working in Kampala. Urban is primarily an entertainment station but also offers news and current affairsa programs. By complementingting XFM, New Vision and Kampala Sun, UUrban ensures that Vision Group’s coverage of issues that affect the youyouth are ...It starts here. adequatelyy addressed.
PRINTING SERVICES delivering value
VISION PRINTING is Vision Group’s commercial printing division and offers customers value for monemoney.
We print anythingything on paper at the most competitive price in Uganda. Some of the products we print include; books,oks, annual reports, spiral bound diaries, calendars (desk, wall, shipping & piano), folders,fo printed stationery,tionery, labels, magazines, newsletters, newspapers, marketing & promotional materials liklike brochures, flyers, leaflets, posters, wobblers among others in quantities from 1 piece to millions.millions
We also provideovide digital color printing with emphasis on high productivity; superb media handling and finishing; xceptionalexceptional fusing fusing and and image image quality quality for for the the sharpest sharpest text text and and clearest clearest graphics; graphics; powerfu powerful workflow integration enablingabling significant, significant, additional additional time time and and cost cost saving saving benefits, benefits, with with features such as on-line ordering,, job ticketing and payment, and direct integration with variable data printing applications.
28 ANNUAL REPORT 2012 COMPANY PROFILE
BENEFITS: • Speedy delivery • Competitive prices • Guaranteed Quality • After-sales service
ADVERTISING SERVICES
We partner with advertisers in order to offer them the best oppotunities to reach their target market.
We offer a unique combination of print design, radio and television advert production and other customized communication packages.
Advertising services included:- • Notices & announcements • Display & Classifedfed adverts • Supplements • Special reviewws • Job adverts • Tenders • Insertions • Website adverts • Radio advertsadvert • Television adverts Pleasease refer to the attached advertising rate cardcard.
ANNUAL REPORT 2012 29 COMPANY PROFILE
CIRCULATION DISTRIBUTION SERVICES
Circulation distribution services ensures that our newspapers and magazines are sold and distributed daily to all major towns in Uganda and neighbouring cities like Nairobi, Kigali and Juba.
Circulation services aims at getting the newspaper on the market early enough to conveniently serve all readers at a profit.
New Vision is a member of the Audit Bureau of Circulations South Africa (ABC). The New Vision, Sunday Vision and Bukedde circulation figures are independently audited every quarter.
ABC registration offers independently audited, accurate, consistent and regular circulation data, in addition it gives credibility to the circulation data; provides content that aids the advertiser in media planning and buying decisions and; aids the publisher in selling advertising.
CONTACT NEW VISION: OFFICES:
HEADQUARTERS Kampalap +256 (0)414 337 000 Our head officeffice is located on Plot 19/21, First StreetStre Industrial Area. +256 (0)312 337 000 Advertising offices are situated at JR Complex, PlotPlo 101 Jinja Road.
EDITORIAL [email protected]@newvision.co.ug Western Ugandaanda +256 (0)414414 337 000 • Masaka - Plot 58 Buddu Street +256 (0)312312 337 000 • MbararaMb - Plot Pl t4St 4 Stanley l RRoad d
ADVERTISINGISIN Eastern Ugandaanda [email protected]@newvision.co.ug • Jinja - Plot 18 African Mall, Clive RoadRo +256 (0)4414 337 000 • Mbale - Plot 51-54-54 RepublicRepublic StreetStre +256 (0)31212 337 000 • Sorotiti - Plot 14 EngwauE Road
PRINTING Northernrn Uganda [email protected] • Lira - Plotot 72/74 Isaya Ogwanguzi RoadRo +256 (0)41414 337 00000 • Arua - Plot 13/15 PakwachPakw Road +256 (0)31212 337 00000 • Gulu - Plot 9/11 Coronation Road
P.O.Box 9815,815, KamKampalap Nairobi 10th floor,or, SouthSouth WingWing BruceBruce House,House, StandardStandard StreetStreet WEBSITESS P.O.Box 13450-001001345 www.newviswvision.co.ug Tel: +254 20 22 135 67 www.visiongroup.co.ug
30 ANNUAL REPORT 2012 BROADENING OUR REACH
The Editorial 31team at the Vision Group ANNUAL REPORT 2012 newsroom FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED CORPORATE INFORMATION
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32 ANNUAL REPORT 2012 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
REPORT OF THE DIRECTORS
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ANNUAL REPORT 2012 33 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
STATEMENT OF DIRECTORS' RESPONSIBILITIES
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34 ANNUAL REPORT 2012 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
REPORT & OPNION OF THE AUDITOR GENERAL ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th JUNE 2012
THE RT.HON. SPEAKER OF PARLIAMENT
By Article 163 (3) of the Constitution of the republic of Uganda, I am required to audit and report to Parliament on the public accounts of Uganda and of all public offices including the Courts, the Central and Local Government administrations, Universities and public institutions of the like nature and any Public Corporation or other bodies or organizations established by an Act of Parliament.
Accordingly, I have audited the financial statements of New Vision Printing and Publishing Company Limited for year ended 30th June 2012, as set out on pages 37 to 71 appended to this report. These financial statements, comprise of the Statement of Financial Position as at 30th June 2012, the Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory notes.
Director’s responsibility for the Financial Statements
The directors are responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards and the requirements of the Ugandan Companies Act (Cap 110). This responsibility includes designing, implementing and maintaining internal controls relevant to the fair presentation of financial statements that are free from material misstatement whether due to fraud or error, selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.
Auditors' Responsibility
My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with International Standards on Auditing. Those standards require that the audit is planned and performed with reasonable assurance as to whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the Auditor’s judgment; including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Auditor considers the internal controls relevant to the entity’s preparation and presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as Ill as evaluating the overall presentation of the financial statements. I believe that the audit evidence obtained was sufficient and appropriate to provide a basis for my opinion.
ANNUAL REPORT 2012 35 FINANCIAL STATEMENTS
Opinion
In my opinion, the accompanying financial statements give a true and fair view of the state of the financial affairs of the company as at 30 June 2012 and of its profit and cash flows for the year then ended in accordance with International Financial Reporting Standards and the requirements of the Ugandan Companies Act
Report on other Legal Requirements
As required by the Companies Act, I report based on the audit that;
i. all information and explanations which to the best of my knowledge and belief was necessary for the purpose of this audit was obtained. ii. proper books of accounts have been kept by the Company, so far as appears from my examination of those books, and iii. the Company’s statement of financial position and statement of comprehensive income are in agreement with the books of account
JhJohn FSMF.S Muwanga AUDITOR GENERAL KAMPALA 5th October 2012
36 ANNUAL REPORT 2012 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2012
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ANNUAL REPORT 2012 37 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2012 1RWHV 8VKV 8VKV ASSETS
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38 ANNUAL REPORT 2012 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUSLISHING COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2012
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ANNUAL REPORT 2012 39 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
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NEW VISION PRINTING AND PUBLISHING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012
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ANNUAL REPORT 2012 41 FINANCIAL STATEMENTS
NEW VISION PRINTING AND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 (Continued)
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42 ANNUAL REPORT 2012 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING
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ANNUAL REPORT 2012 43 FINANCIAL STATEMENTS
NEW VISION PRINTING AND
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NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
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NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 (Continued)
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ANNUAL REPORT 2012 47 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 (Continued)
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NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
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ANNUAL REPORT 2012 49 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 (Continued)
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(iii) Impairment and uncollectability of financial assets (continued)
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50 ANNUAL REPORT 2012 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 (Continued)
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ANNUAL REPORT 2012 51 FINANCIAL STATEMENTS 5,492,722 5,176,390
TOTAL 4,609,618 5,278,010 433,643
7,551,492 64,410,639 (1,633,667) 6,945,724 415,301 60,428,213 5,566,381
(1,682,178) OTHERS 947,840 1,988,183 116,689 433,643 1,515,680 995,302 (25,244.16) fied on the basis of internal reports about components assess their performance. 8,081,275 e segment. 415,301 1,219,787 704,480 6,129,022 (106,608) eportable segments are jointly liable allocated in proportion to 6,243,429 COMMERCIAL PRINTING - 418,081 947,447 (204,967.90) 9,025,461 70,115 717,631
352,247 - 6,612,222 ELECTRONIC MEDIA - 1,058,143 (228,915.58) 2,298,244 46,308,600 654,977 - 1,589,067 760,020
- PRINT MEDIA 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2,687,412 4,763,593 s (2,582,794) Ushs’000 Ushs’000 Ushs’000 Ushs’000 Ushs’000 Ushs’000 Ushs’000 Ushs’000 Ushs’000 Ushs’000 - 944,385 5,429,212 (1,174,539.42) Depreciation & amortisation expense 2,598,060 2,431,121 645,750 749,238 417,968 109,467 Company that are regularly reviewed by the chief operating decision maker in order to allocate resources segments and For the purposes of monitoring segment performance and allocating resources between segments: • all assets are allocated to reportable segments other than tax assets. Goodwill is also the applicable reportabl • all liabilities are allocated to reportable segments other than current and deferred tax liabilities. Liabilities for which r • Income tax expense is allocated to reportable segments based on their share of profit before tax. The Company has adopted IFRS 8 Operating Segments with effect from 1 July 2009. requires operating segments to be identi segment assets. Capital Expenditure Profit after taxationOTHER INFORMATION Segment Assets 4,611,808 5,389,110 (1,169,519) 41,443,540 (2,257,734) (628,967) (256,220) 190,359 983,899 3,003,681 3,859,055 Income tax expense Segment Liabilities Total SalesSegment profit before taxation 7,194,602 6,563,649 44,738,631 (1,824,496) (2,028,818) 51,437,740 (981,214) 7,471,774 10,025,121 (51,252) 9,203,496 296,967 8,976,357 1,009,143 821,030 4,685,859 1,105,542 62,234,931 71,544,761 External SalesOther Operating Income 44,738,631 51,437,740 7,471,774 10,025,121 9,203,496 8,976,357 405,729 671,899 61,819,630 71,111,117 5 SEGMENT REPORTING a) Adoption of IFRS 8 Operating Segment b) Segment information NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 (Continued)
52 ANNUAL REPORT 2012 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012 (Continued)
),1$1&,$/5,6.0$1$*(0(17
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(a) Credit risk
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ANNUAL REPORT 2012 53 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 (Continued)
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(a) Credit risk (Continued)
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54 ANNUAL REPORT 2012 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 (Continued)
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ANNUAL REPORT 2012 55 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 (Continued)
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(c) Fair value measurements recognized in the statement of financial position
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As at 30 June, 2011
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(d) Market risk
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56 ANNUAL REPORT 2012 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 (Continued)
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(i) Interest rate risk (Continued) 8SWR\HDU
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ANNUAL REPORT 2012 57 FINANCIAL STATEMENTS
NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 (Continued)
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(i) Interest rate risk (Continued)
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ANNUAL REPORT 2012 71 FINANCIAL STATEMENTS
APPENDIX I NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
DETAILED STATEMENT OF INCOME FOR THE YEAR ENDED 30 JUNE 2012
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72 ANNUAL REPORT 2012 FINANCIAL STATEMENTS
APPENDIX II NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
DETAILED STATEMENT OF INCOME FOR THE YEAR ENDED 30 JUNE 2012 (Continued) 8VKV 8VKV Direct costs
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ANNUAL REPORT 2012 73 FINANCIAL STATEMENTS
APPENDIX III NEW VISION PRINTING AND PUBLISHING COMPANY LIMITED
DETAILED STATEMENT OF INCOME FOR THE YEAR ENDED 30 JUNE 2012 (Continued) 8VKV 8VKV Administrative expenses
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74 ANNUAL REPORT 2012 BROADENING Proxy CARD OUR REACH
For the attention of: The Company Secretary New Vision Printing and Publishing Company Limited P.O. Box 9815, Kampala Plot 19/21 1st Street Industrial Area
11th ANNUAL GENERAL MEETING
PROXY CARD
I/We the undersignedned being a shareholder/s in the above mentionementioned company, hereby appoint ...... of
(address)...... as my/our proxy to attend and vote on my/our behalfb at the 11th Annual Generaleral MeetingM of the companympany to be helheld on 15thh day of November 2012 at 3.00pm or at any adjournment thereof.the
Signedned this ...... day of ...... 2012.201
Name ......
SignatureSignature ......
NNote:
1.. This proxy card is to be delivered to the Company Secretary or faxed to +256 (0414) 346432 at least twenty four hours beforeefore the time appointed for holding the meeting and in default the instrument oof proxy shall be treated as invalid.vali
2. In the case off a corporation, the proxy must be under that corporation’scorporat common seal.
75
ANNUAL REPORT 2012 BROADENING n
OURo REACHho s arat es m ffic ffi cs i o pi up ym ro G Ol O G e th ves ves ei ec r at the Vision ga ch c ti t en e ro sh ip bu K n Ka en t h ph p er te S ob S r R R er e r. r n M nn M i wi w O, CE e Th T
76 BROADENING OUR REACH
Micheal Ssebowa, a Bukedde Fama presenter in the studio.
An urban TV presenter in the studio
Gloria Mukibi and Barbara Kakai, members of the printing team at the Commercial Printing offices
A graphics designer at the New Vision Online station
77
ANNUAL REPORT 2012 BROADENING OUR REACH NOTES:
Date:......
Ref:......
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ANNUAL REPORT 2012 www.visiongroup.co.ug Vision Group NATIONAL PRIDE GLOBAL EXCELLENCE