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Annual Report 2019-2020

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Annual Report 2019-2020 Vision Group Annual Report 2019/20 a b Vision Group Annual Report 2019/20 i Vision Group Annual Report 2019/20 i Annual Report for the Financial Year O1 50 Ended June Executive Committee Sustainability Report 30, 2020 O5 85 Business Review Shareholder Information 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. 11 90 Chairperson’s Statement Financial Statements 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, financial position, our business strategy and plans and our objectives for future operations 17 161 are forward looking statements. CEO’s Statement Notice of Annual General Meeting 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. 19 162 NOTE: words such as “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, Strategy Report Proxy Card “intend”, “expect” and any such similar expressions are intended to identify forward Contents 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. 26 164 Please note that we operate in a highly competitive and rapidly changing environment Corporate Governance Statement Company Profile 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. 27 Board of Directors ii Vision Group Annual Report 2019/20 Vision Group Annual Report 2019/20 iii List Of Acronyms AGM Annual General Meeting BARC Board Audit and Risk Committee CEO Chief Executive Officer CMA Capital Markets Authority NVPPL 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 IESBA International Ethics Standards Board for Accountants IFRS International Financial Reporting Standards IIA Institute of Internal Auditors ISA International Standards on Auditing KPIs Key Performance Indicators NFA National Forest Authority NSSF National Social Security Fund PPDA Public Procurement and Disposal of Public Assets Authority PPE Property, Plant and Equipment 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 Digitisation USE Uganda Securities Exchange VAT Value Added Tax Our New Vision, Our New Story. We are a different kind of media establishment. We aim to deliver our strategy in a way Financial Definitions that makes a positive contribution to all stakeholders, particularly our shareholders, our Earnings Per Share (EPS) Earnings attributable to ordinary shareholders divided by the employees, and the communities we operate in. We are deeply rooted in our societies and weighted average number of ordinary shares in issue we enjoy a timeless bond with our audiences and clients. Over the years, we have mastered the art of telling our stories differently. And this time, we are delivering borderless content Dividends Per Share (DPS) Total ordinary dividends declared per share in respect to the year that is not limited by ink, paper or experience. Our target is to appeal to a far and wider Return on Equity Earnings as a percentage of average ordinary shareholder funds demographic at the convenience of our digital platforms. 1 Vision Group Annual Report 2019/20 Vision Group Annual Report 2019/20 2 With a strong management team, we Making Society a Generating and continue to build sustainable advantage Part of our Purpose Distributing and deliver leading financial returns with strong and reliable cash flows through: And Processes Innovation Quality Content Barbra Kaija Paul Ikanza Bill Tibingana Editor in Chief Head of ICT Head of Broadcast A renewed Focus on Sustainability Robert Kabushenga CEO When schools were shut down due With a content management 80% of the content produced and to the COVID-19 pandemic, Vision system and digital application in published on our media platforms is Group, through its innovative home place, our plan is to automate other native to the societies we operate in. Gender schooling materials, became the (non-content) key functions and The content signifies Uganda’s rich school. This is the true essence implement seamless integration heritage. We understand our people of being a part of our people across all systems to ensure because our people are our content. – A media establishment that accurate business reporting. This advances society. will also enable quicker turn around in decision making and give the company a competitive advantage. We are resolute in our digital transformation strategy. We aim at growing our audiences on our digital platforms to achieve revenue growth. Our platforms enable us to sustainably engage 07 our audiences in many ways. Through engagement, we learn and improve. Continual improvement will define our relevance and propel COMMITTEE our growth in the industry. Growth at the Cash Generation Right Time in our And Reliable Returns Integrity and Investment Cycle to our Shareholders Assurance Good Governance Augustine Tamale Hope Nuwagaba Peace Kabatangare 05 Chief Finance Officer Head of Sales Chief Internal Auditor Gervase Ndyanabo Deputy Managing Director/ Company Secretary EXECUTIVE We have the ability to grow, without We are a going concern worth the Integrity is a core value and a key aspect compromising on quality or attracting investment. Our commercial sales of our organisational culture. We hold unnecessary operational and market are a testimony of our longstanding ourselves to the highest standards of risk. Whilst short term performance relationship with our clients. ethical and business practices as set is important, we run the business This relationship is characterized by by the Board, our regulators and best for the long term. This underpins Efficiency and Trust which keep our practice. As a listed entity, our disclosures The company espouses ethical values of fairness, responsibility, our approach to key investments clients loyal to our brands no matter are comprehensive and our business accountability and transparency which are the basis of our in machinery, our workforce and the adverse market dynamics. dealings transparent. We maintain robust corporate governance structure. Our consistent success is technology. In a fast paced industry risk management, internal control and defined by effective leadership and the collective inclusion of all with highly evolving technology, we see assurance arrangements to ensure our stakeholders in key decisions that determine and affect the a long term benefit in the decision to sustainable business practices. business operations of the company. invest in our digital infrastructure. 3 Vision Group Annual Report 2019/20 Vision Group Annual Report 2019/20 4 Brand Reputation Valuing Our People Dorothy Muttu Gloria Agira Head of Marketing & Comms Chief Human Resource Officer Business We invest time, expertise, research Human capital is the greatest asset of and skill to keep our leading brands any organisation and if there was ever a healthy and commercially viable. doubt, the COVID-19 pandemic created Review We have devised convenient and clarity on how critical and sensitive innovative means of satisfying and human resources is to all organisations. bringing our brands closer to our Our people are the lifeline of the customers. We invest heavily in our organisation and we are committed to communities because our people ensuring that it is reflected in all our are the very reason of our existence practices. Eco Friendly Operations Umar Luyimbazi David Semugga Head of Printing Head of Operations We are deliberate about conserving the environment. Our raw materials, for example, paper is 100% recyclable. The inks meet a range of multi attribute life cycle based criteria related to human health and environmental considerations. We use hi tech, internationally certified machines, which are energy efficient with zero combustion. Waste is managed according to local environmental regulations. 5 Vision Group Annual Report 2019/20 Vision Group Annual Report 2019/20 6 Advertising Revenue Breakdown Financial Highlights 2020 2019 2018 2017 2016 Print 49.3% 52.6% 53.5% 57.8 % 59.9% Financial Performance Statistics 2016-2020 Radio 14.6% 13.4% 13.5% 13.0% 12.5% Television 33.3% 30.6% 30.2% 26.3% 24.4% 2020 2019 2018 2017 2016 Shs'000 Shs'000 Shs'000 Shs'000 Shs'000 Digital 2.8% 3.4% 2.8% 2.9% 3.2% Statement Of Comprehensive Income 100.0% 100.0% 100.0% 100.0%
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