Annual Report2009/2010
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ANNUAL REPORT2009/2010 R Vision Group INNOVATION AND EXCELLENCE Incorporated as New Vision PPCL Mission To inform, educate and entertain, accurately and openly, for a better world. Vision To 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 Contents Notice of Annual General Meeting 3 Report of the Auditor General 26 Company Profile 5 Statement of Comprehensive Income 28 Board of Directors 14 Statement of Financial Position 29 Senior Management 15 Statement of Changes in Equity 30 Chairman’s Report 17 Statement of Cash Flows 31 Financial Report 23 Notes to the Financial Statements 32 Report of the Directors 24 Detailed Statement of Income 56 Statement of Director’s Responsibilities 25 Proxy Card 59 Annual Report 2009/2010 1 The newly completed factory housing the High-tech GOSS Magnum 4 Printing Press 2 Annual Report 2009/2010 Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the 9th 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 the 28th day of October, 2010 at 3:00 pm for the following purposes: 1. To receive and adopt the report of the directors and the financial statements of the company for the year ended June 30th, 2010 together with the report of the auditors. 2. To approve and declare a final dividend for the year ended 30th June 2010. 3. To rotate and elect directors as per articles 66-68, 73 and 82-86 of the company’s memorandum and articles of association. 4. To approve fees payable to the non-executive directors. 5. To appoint auditors for the financial year 2010/2011. 6. As special business, to consider the proposal that the articles of association of the company be altered to increase the maximum number of directors to eleven from nine. 7. As special business, to consider the proposal that the articles of association of the company be altered to remove the limit to the period within which an annual general meeting is to be held after the end of each financial year. 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 proxy card attached on page 59 of the Annual Report) • The proxy should be delivered to the Company Secretary or faxed on +256 41 434 6432 at least 24 hours before scheduled time for 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 2009/2010 3 Revellers at the Bukedde Radio Embuutu concert at Namboole Stadium 4 Annual Report 2009/2010 Company Profile The New Vision Printing & Publishing Company Limited (NVPPCL) started business in March 1986 and continues to grow into a multimedia business focusing on newspaper, magazines, internet publishing, television, radio broadcasting, commercial printing, advertising and distribution services. NVPPCL enjoys 60% of the print media advertising spend and 65% of the market share of all newspapers sold in Uganda. NVPPCL is now listed on the Uganda Stock Exchange. In the financial year ending June 2009, turnover exceeded 42 billion shillings, with New Vision being one of the top 40 taxpayers in the country. OFFICES Kampala : NVPPCL head office is located on Plot 19/21, First Street Industrial Area Western Uganda : Masaka, Mbarara, Fort Portal Eastern Uganda: Jinja, Mbale, Soroti Northern Uganda: Lira, Arua, Gulu PRODUCTS NVPPCL is a multimedia publishing house, with interests in newspapers, magazines, internet publishing, com- mercial printing, radio and television broadcasting. It also provides advertising and circulation distribution ser- vices. NEWSPAPERS The Uganda newspaper market is mature, therefore New Vision continuously devel- ops new products to generate additional readership and meet the ever changing market needs. All the newspapers are regularly redesigned, giving them a fresh look and keeping them up-to-date with global design trends. THE NEW VISION is the leading English daily newspaper published from Monday to UGANDA’S LEADING DAILY Friday, aimed at the discerning balanced and accurate information. Since inception, New Vision has been the leading daily in Uganda, enjoying a 65% market share of the total daily English newspaper sales. The New Vision editorial philosophy is to provide “information of record” and in a bal- anced way, covering all the facts and leaving the opinion of the matter to the reader. Annual Report 2009/2010 5 New Vision Printing and Publishing Co. Ltd. The newspaper has various sections making up the whole paper, with a strong empha- sis on enhanced reader value. The added value features include: - Mwalimu and Jobs, Woman’s Vision, Health and Beauty, Farming, Business Vision ToTo and Blitz. The New Vision newspaper supports Education in Uganda and publishes advanced ca- reer/study guides and conducts direct school education through the “Newspapers in Edu- cation” programme. Circulation ABC – 31,000 SATURDAY VISION is an English weekend newspaper aimed at leisure, entertainment & relaxation for all Ugandans. It offers a variety of news features, sports, commentary and entertainment. The entertainment package includes Essence for Her, Total Man, Children & Teens, Intimate, Wellbeing, Krazy Krazy, Homes, Have You Heard (gossip column) and Weekend Soccer. Circulation – 29,000 THE SUNDAY VISION is the only newspaper in East Africa to have an A4 magazine inserted free with every copy. This is the premier weekend read that offers a variety of background news, features, sports, commentary and entertainment. The Sunday Vision also caters for the vast religious category in Uganda and publishes Alive, the only Christian religious supplement available in the country. Its entertainment package includes Its Kawa, Tech Buzz, Personal Finance and a Children’s section. The Sunday Magazine includes Fashion Police, Society, Lifestyle, Style, Parenting, People, Travel, Turning Point and Bad Idea. Circulation ABC – 27,500 BUKEDDE is the only daily paper published in Luganda. It is the most brand loyal newspa- per in Uganda and is an integral part of the average working Ugandan’s day. Focusing on the community and 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, and is highly regarded as the formal authority on the KABAKA and his people. It has a variety of features which include farming, relationship advice, lei- sure, traditional remedies, shocking eye openers, women and health, entertainment, art, people, what’s on and sports Circulation ABC – 26,700 BUKEDDE Ku SSANDE is an entertaining family paper published in Luganda every Sun- day. It has a variety of entertaining features about places, events and people, which include news and commentary, leisure, children and health, lifestyle and sports. Circulation ABC – 24,000 6 Annual Report 2009/2010 Company Profile REGIONAL NEWSPAPERS Regional newspapers are published weekly and focusing on the everyday life and human interest side of the communities in western, northern and eastern Uganda. The Vision Group is the only publishing house in Uganda producing local language newspapers for the different areas in Uganda. ORUMURI is published in Runyankore/Rukiga every Monday. The main circulation area is the western part of Uganda, from Masaka to Kabale, including Toro, Kasese and Bunyoro. Orumuri offers a variety to its readers which includes local and international news, gos- sip, relationship, education, politics, community news, wedding pictorial, business, herbal remedies, farming, weekly news round up and sports. Circulation – 19,500 copies per week RUPINY is published in Luo every Wednesday. The northern part of Uganda, Gulu and Lira are Rupiny’s main circulation areas. Rupiny has a variety of features such as local and international news, politics, relationship advice, sports, community news and gossip, busi- ness, leisure, crazy crazy country, pictorials and readers’ letters and opinions. Circulation – 8,500 copies per week ETOP is published in Ateso every Thursday. The main circulation area covers north-east- ern Uganda, Soroti, Katakwi and Kumi. Etop gives its readers value for money with a variety of features that include regional and international news, relationship advice, sports, community news and gossip, business, crazy crazy country, pictorial and readers’ letters and opinions. Circulation – 11,000 copies per week MAGAZINES Magazines deliver high-end niche audiences which is an attractive vehicle to reach more people. Magazines in Uganda, like the rest of the world, are the fastest growing print media opportunity. Vision Group prints several magazines that currently comprise of:- • Entertainment magazine City Beat • Sports magazine Premiership • Wedding magazine like Bride & Groom • Women magazine Flair, • Speciality magazine like Secondary Schools Directory, Uganda 2009 • Special events souvenir magazines like World Cup, CHOGM magazines In addition new titles are currently under consideration to reach different niche audiences. 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, plus local stars playing internationally. Average monthly circulation is 13,000 copies. Annual Report 2009/2010 7 New Vision Printing and Publishing Co. Ltd. CITY BEAT is the only entertainment magazine published in Uganda aimed at locals be- tween the ages of 19 and 35 who enjoy the finer side of life and have money to spend & enjoy.