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Annual Report 2007/08

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Annual Report 2007/08 New Vision Printing and Publishing Company Limited Annual Report 2007/08 Annual Report 08 - LATEST1.pdf 1 10/28/2008 5:04:12 PM Annual Report 08 - LATEST1.pdf 2 10/28/2008 5:04:13 PM Annual Report 2007/08 1 CONTENTS Notice of Annual General Meeting 2 Company Information 4 Board of Directors 8 Senior Management 9 Chairman’s Report 12 Directors’ Report 18 Statement of Directors’ Responsibilities 20 Report of the Auditor General 21 Income statement 22 Balance Sheet 23 Statement of Changes in Equity 24 Cash Flow Statement 25 Accounting Policies 26 Notes to the Financial Statements 29 Proxy Card 51 Annual Report 08 - LATEST1.pdf 3 10/28/2008 5:04:13 PM New Vision Printing and Publishing Company Limited 2 Annual Report 2007/08 NOTICE OF AGM NOTICE IS HEREBY GIVEN that the 7th ANNUAL GENERAL MEETING (AGM) of the Company will be held on Thursday, October 30, 2008 in the Mayapple hall, Imperial Royale Hotel, Kampala at 3:00pm. AGENDA 1. To receive and adopt the report of the directors and financial statements of the company for the year ended June 30, 2008 together with the report of the auditors. 2. To approve and declare a final dividend for the year ended 30th June 2008. 3. To elect directors as per article 66 of the company’s memorandum and articles of association. 4. To appoint auditors for the financial year 2008/2009. 5. To consider any other business of which due notice has been given. By order of the Board Gervase Ndyanabo COMPANY SECRETARY Note • Articles 49, 53 and 60 provide for appointment of a proxy if a shareholder is unable to attend. (Tear out the proxy card attached at page 51 of the Annual Report) • The proxy card should be delivered to the Company Secretary or faxed on +256 41 434 6432 at least 24 hours before the scheduled time for the meeting. In default of this, it shall be treated as invalid. • All shareholders are required to provide valid postal addresses for communication, including necessary updates. • All shareholders who have not received past dividends should contact the Company Secretary. • Contact can be made by e-mail: [email protected]. Annual Report 08 - LATEST1.pdf 4 10/28/2008 5:04:13 PM Arinaitwe Patrick has been a New Vision newspaper vendor for nine years. He says his earnings from newspaper vending have helped him build a house in Kampala as well as in Kagungi Centre, Mbarara. He is working towards getting a motorbike or even a car for transport. Annual Report 08 - LATEST1.pdf 5 10/28/2008 5:04:13 PM PM New Vision Printing and Publishing Company Limited 4 Annual Report 2007/08 COMPANY INFORMATION History of the Company New Vision Printing and Publishing Company Limited (NVPPCL) started business in March 1986 after the National Resistance Movement (NRM) took power in Uganda. Its initial line of business was the production of an English language newspaper “The New Vision”. It succeeded previous Government-owned newspapers (Voice of Uganda and Uganda Times) that had collapsed for a variety of reasons. The Government granted the new newspaper financial autonomy and editorial independence. The New Vision management set an objective and progressive political line, supportive of the Movement ideals, but critical of failings, as the basis of its editorial philosophy. The company has been a listed entity on the Uganda Securities Exchange since 2004. Mission To inform, educate and entertain, accurately and openly, for a better world. Vision We will expand as the dominant multimedia enterprise through editorial innovations and world-class practices. Values Honesty: Openness and Integrity Courage: Backed by Research and Facts Innovative: Ambition and Continuous Improvement Excellence; In operation, people, customer care both internal and external, meritocracy, performance, product quality, and service Zero tolerance to corruption Social Responsibility Offices Kampala: The New Vision has its headquarters in Industrial Area; Plot 19/21 First Street. Advertising offices are situated in Jubilee House on Kimathi Avenue. Regional offices are situated West – Mbarara, Fort Portal, East – Jinja, Mbale, Soroti, North – Lira, Arua, Gulu Central – Luwero, Masaka Products NVPPCL is a multimedia publishing house, with interests in newspapers, magazines, broadcasting, internet publishing and commercial printing. It also provides advertising and circulation distribution services. Annual Report 08 - LATEST1.pdf 6 10/28/2008 5:04:13 PM New Vision Printing and Publishing Company Limited Annual Report 2007/08 5 Newspapers New Vision – Published in English, and aimed at distinguished and AB income Ugandans. Since inception The New Vision has been the leading daily in Uganda, enjoying about 60% share of the total daily newspaper sales. The editorial philosophy is to provide “information of record” and in a balanced way, covering all the facts and leave the opinion of the matter to the reader. The newspaper has various sections making up the whole paper, with a strong emphasis on enhanced reader value. Examples of these added value features are NV Health, NV Education, NV Woman, NV Our Community, NV Weekend, Saturday Soccer, Essence, Intimate, Children’s Vision and Totalman. The company is heavily involved in Education in Uganda and publishes advanced study guides for passing, PLE, ‘A’ and ‘O’ levels. It is also involved in direct-to-school education through the “Newspapers in Education” programme. Sunday Vision – Published in English, and aimed at distinguished and AB income Ugandans. This is the premier weekend read that offers a variety of background news, features, sports, commentary and entertainment. The Sunday Vision is the only newspaper in East Africa to have an A4 magazine, inserted free with every copy. The Sunday Vision also caters for the vast religious category in Uganda and publishes the only Christian Religious supplement available in the country. Bukedde – Published in Luganda, seven days a week. Bukedde is the most brand loyal newspaper in Uganda and is an integral part of the average working Ugandan’s day. Focusing on the human side of life, the newspaper attracts up to 15 readers per copy. Bukedde is also the only daily newspaper with a dedicated section on the KABAKA, the Buganda cultural king. Regional Newspapers Published weekly and focusing on the everyday life and human interest side of the communities outside of Kampala. The Vision Group is the only publishing house in Uganda producing local language newspapers for the different areas in Uganda. Orumuri - published in Runyankore/Rukiga - weekly – Monday Main circulation area is the western part of Uganda, from Masaka to Kabale. Rupiny – published in Luo – weekly - Wednesday Main circulation area is the northern part of Uganda, from Arua to Gulu and Lira Etop – published in Ateso – weekly – Thursday Main circulation area is North Eastern Uganda, Soroti, Katakwi and Kumi Websites www.newvision.co.ug carries digital versions of all the above products. It is the most visited Ugandan web- site with approximately 3,924,904 pageviews a month. www.enteruganda.com – is the definitive guide to all services and activities in Uganda www.chogm.co.ug – Resource and news site for CHOGM Uganda 2007 www.jobs.co.ug – Comprehensive jobs site offering listing jobs and candidates www.schools.co.ug – Comprehensive schools directory Advertising Services – Print media advertising services are provided in both the newspapers, maga- zines and on the website. The excellent quality of the colour and reader delivery makes the service a leading player in the business. Annual Report 08 - LATEST1.pdf 7 10/28/2008 5:04:13 PM New Vision Printing and Publishing Company Limited 6 Annual Report 2007/08 Magazines Unlike the newspapers, magazines deliver to high-end niche audiences. Magazines in Uganda, like the rest of the world, are the fastest growing print media opportunity. The magazines currently comprise of:-Premiership - monthly, City Beat - monthly, Bride & Groom - quar- terly, Flair - every two months and Secondary Schools Directory - annual. New titles are currently under consideration. Premiership is the only soccer magazine published regularly in Uganda and is aimed at the football - enthusiast. It covers all European, English, African and local soccer, and also covers local stars playing inter- nationally. City Beat is the only entertainment magazine published in Uganda aimed at locals between the ages of 19 and 35 who enjoy the finer side of life and have money to spend. Bride & Groom - aimed at couples planning, having or attending a wedding, covering all items from budgeting, through to fashion and the ceremony. Flair FOR HER – aimed at high-end females, covering all aspects of the working exec, working mother, fash- ion and life, published every second month. Secondary Schools Directory taps into the lucrative educational market in Uganda. Published annually in January. Radio services Vision Voice 94.8 FM – Stereo news radio Bukedde FM 100.5 – Luganda language station Radio West 100.2 – The leading radio service in the western part of Uganda; also available on the following frequencies in the respective areas; 94.3 FM Kabale, 106.6 FM Masaka, 95.2 FM Kampala and 91.0 FM Fort Portal Printing services Vision Printing – Printing services include newspapers (most newspapers in Uganda, Rwanda and Southern Sudan are printed by Vision Printing), magazines, posters, books, calendars and cards. Equipment includes, web off-set, flat sheet (A1-A5), perfect binding, saddle stitching, including direct computer-to-plate machinery, making Vision Printing the definitive value printer in Uganda. The Vision Group also sees commercial print- ing as a key development and strategy for the future and is currently investing in new machinery. Already con- firmed is computer-to-plate equipment, an A1 4 colour press, additional web off-set printers and advanced fin- ishing equipment. Vision Printing also offers design, from advertising to books and brochures, layout services of all printed material and translations into all local languages.
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