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Report 2018/19 ANNUAL REPORT 2018/2019 REINVENTING NEWS THROUGH DIGITAL Vision Group 02 Annual Report 2018/19

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Report 2018/19 ANNUAL REPORT 2018/2019 REINVENTING NEWS THROUGH DIGITAL Vision Group 02 Annual Report 2018/19 Vision Group 01 Annual Report 2018/19 ANNUAL REPORT 2018/2019 REINVENTING NEWS THROUGH DIGITAL Vision Group 02 Annual Report 2018/19 About Us New Vision Printing & Publishing Company Limited started business in March 1986. It is a multimedia business housing newspapers, magazines, internet publishing, televisions, radios, commercial printing, advertising and distribution services. The Company is listed on the Uganda Securities Exchange. Our Vision A globally respected African media powerhouse that advances society Mission To be a market-focused, performance-driven organisation, managed on global standards of operational and financial efficiency Values • Honesty • Innovation • Fairness • Courage • Excellence • Zero tolerance to corruption • Social responsibility Vision Group Vision Group 03 Annual Report 2018/19 Annual Report 2018/19 03 Annual Report For The Financial Year Ended June 30, 2019 Introduction The purpose of this annual report is to provide information for shareholders that will enable them to assess how the directors have performed their duty to promote the success of the company’. This Annual Report contains forward looking statements within the meaning of disclosure of planned actions and the estimated economic benefits of the planned actions All statements contained in this annual report other than statements of historical fact, including statements regarding our future results of operations, operations, financial position, our business strategy and plans and our objectives for future operations are forward looking statements. These forward looking statements are subject to a number of risks, uncertainties and assumptions which may cause actual results to differ materially from those contained in any forward looking statements we may make. Given these risks and uncertainties for these forward looking statements, readers are cautioned not to place undue reliance on such statements. NOTE: words such as “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect” and any such similar expressions are intended to identify forward looking statements. We have based on these forward looking statements largely due to our current expectations and projections about future events and trends we believe will affect our financial condition, results of operation, business strategy and business operations. Please note that we operate in a highly competitive and rapidly changing environment and new risks may keep emerging. The Directors consider the annual report and accounts taken as a whole to be fair, balanced and understandable and the information provided is necessary for shareholders to assess the Company’s performance. VisionVision Group Group 0404 AnnualAnnual Report Report 2018/19 2018/19 Contents 04 Notice of Annual General Meeting 05 Company Profile 15 Business Review 19 Board of Directors 21 Chairperson’s Statement 26 Executive Committee 27 CEO’s Statement 31 Corporate Governance Statement 42 Shareholder Information 47 Proxy Card 50 Sustainability Report 80 Accolades 82 Financial Statements Vision Group 05 Annual Report 2018/19 List of Acronyms AGM Annual General Meeting BARC Board Audit and Risk Committee Board Board of New Vision Printing and Publishing Company Limited CEO Chief Executive Officer CMA Capital Markets Authority Company New Vision Printing and Publishing Company Limited CSR Corporate Social Responsibility ERM Enterprise Risk Management EXCO Executive Management Committee (Senior Management) F.Y Financial Year GRI Global Reporting Initiative HR Human Resource IAS International Accounting Standards IFRS International Financial Reporting Standards IIA Institute of Internal Auditors KPIs Key Performance Indicators NFA National Forest Authority NSSF National Social Security Fund PPDA Public Procurement and Disposal of Public Assets Act Registrar Deloitte Uganda Limited SBU Strategic Business Unit Shs Bn Shillings in Billions Shs M Shillings in Millions TORs Terms of References UCC Uganda Communications Commission URA Uganda Revenue Authority USD United States Dollars USE Uganda Securities Exchange Vision Group Trade name of the company Financial Definitions Earnings Per Share (EPS) Earnings attributable to ordinary shareholders divided by the weighted average number of ordinary shares in issue Dividend Per Share (DPS) Total ordinary dividends declared per share in respect to the year Return on Equity Earnings as a percentage of average ordinary shareholder funds Vision Group 06 Annual Report 2018/19 Notice Of Annual General meeting NOTICE IS HEREBY GIVEN that the 18th ANNUAL GENERAL MEETING (AGM) of New Vision Printing & Publishing Company Limited will be held at the Head Office of the Company, Plot 19/21 First Street Industrial Area, Kampala on Thursday November 21, 2019 at 3:00pm to conduct the following business: Ordinary Business 1. To receive, consider and if approved, adopt the annual Mr. Moses Mwase was appointed during the financial year to audited financial statements for the year ended June fill a casual vacancy on the board. He retires in accordance 30, 2019 together with the reports of the Directors with Article 69 of the Company’s articles of association, and Auditors. and being eligible, offers himself for re-election. 2. To approve a final dividend of shs. 30/- per ordinary Mr. Peter Kawumi was appointed during the financial year to share as recommended by the Directors and declare fill a casual vacancy on the board. He retires in accordance it payable net of withholding tax on or about January with Article 69 of the Company’s articles of association, 23, 2020 to shareholders on the register at the close and being eligible, offers himself for re-election. of business on January 2, 2020. 5. To approve fees payable to the Non-Executive Directors 3. To appoint directors; for the period until the next Annual General Meeting. In accordance with Articles 67 and 69 of the Company’s 6. To note that the Auditor General is mandated to audit Articles of Association, the Company by virtue of Section 17 of the PERD Act and authorize the Directors to negotiate and fix the ……………………………………….. be appointed a director. remuneration of External Auditors delegated by the In accordance with Articles 67 and 69 of the Company’s Auditor General in accordance with Sections 167-169 Articles of Association, of the Companies Act 2012. ……………………………………….. be appointed a director. 7. To conduct any other business that may be required at the AGM for which notice will have been duly received. 4. To rotate and re-elect Directors; Dated this October 24, 2019 Mr. Patrick Ayota retires by rotation in accordance with Articles 83-84 of the Company’s articles of association, and being eligible, offers himself for re-election by virtue By Order of the Board of Article 85. Ms. Robinah Kaitiritimba Kitungi retires by rotation in accordance with Articles 83-84 of the Company’s articles of association, and being eligible, offers herself for Gervase Ndyanabo re-election by virtue of Article 85. Company Secretary Note: • A shareholder is entitled to attend, speak and vote at the meeting. Articles 60, 61, 62 and 63 of the Company Articles provide for appointment of proxy if a shareholder is unable to attend a meeting. • A “Tear out proxy card” is included in the Annual Report or may be downloaded from the company website at http://visiongroup.co.ug/shareholders/ • The proxy card should be delivered to the Company Secretary at the Company Head Office at Plot 19/21,st 1 Street Industrial Area, P.O Box 9815 Kampala or faxed on +256 414 346 432 or emailed at [email protected] at least 48 hours before the scheduled time for the meeting. In default of this, it shall be treated as invalid. • Shareholders can obtain a detailed version of the audited financial statements from the Company’s registered office at Plot 19/21 First Street Industrial Area Kampala or access it on the website http://visiongroup.co.ug/shareholders/ • Shareholders must 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 by sending an e-mail to [email protected] or by telephoning: 0414 337000. Vision Group 07 Annual Report 2018/19 Vision Group 08 Annual Report 2018/19 COMPANY PROFILE 2019 Vision Group 09 Annual Report 2018/19 English Newspapers Vision Group dominates the English newspaper market in Uganda with four newspapers. YOUTH LOANS: GOVT BODABODA MURDER EASES CONDITIONS P7 GANG RAIDS KASESE P10 THE NEW VISION UGANDA’S LEADING New Vision DAILY Is Uganda’s leading English daily newspaper running from Monday to Friday. Tuesday, July 30, 2019 Vol.034 No.151 Price: USH 2,000 (KSH 107, TZSH 1,600, RF 933) n A total of 30 generals have retired in one year, pages 4, 5 BYE, MUSEVENI TELLS With various sections making up the whole paper, a strong emphasis is placed on enhancing reader value through features including Pakasa, 19 RETIRED GENERALS Mega Deals, Homes, Education, Jobs, Tenders, Her Vision, Health & Beauty, Harvest Money, Mwalimu, Business Vision and Entertainment. Brig. Gen. Francis Ongom Brig. Gen. J.C Anywar Brig. Gen. John Kaganda Gen. Joram Mugume Maj. Gen. Samuel Turyagyenda The New Vision is dedicated to Education and publishes advanced career/ study guides and conducts direct school education through its “Newspapers Brig. Gen. John Tumwebaze Brig. Gen. J.B Mulindwa Brig. Gen. Sam Kakuru Brig. Gen. Adolf Sserwadda Brig. Gen. Charles Wacha in Education” programme. Toto magazine, released every Wednesday is Students held 7,000 defiled in 6 Experts warn of OIL & GAS over school fire months — Police HIV time bomb HOIMA HOUSING Seven students have been arrested The Police have revealed that there Despite the strides made towards SECTOR BOOMING, over setting ablaze a dormitory at is an upsurge in defilement cases. combating HIV/AIDS in Uganda, the country risks getting an explosion a favourite among primary school children. Namirembe Hillside High School in According to Emilian Kayima, the Wakiso district, the Police have officer in charge of information and of the disease due to PRICES SOARING complacency, experts have said.
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