Page 107 - Learn Africa 2021 Annual Report

Learn Africa Plc
Notes to the Financial Statements (cont’d)
For the year ended 31 March 2021

The Company monitors capital using a gearing ratio, which is net debt divided by total
capital plus net debt. The Company includes within net debt, trade and other payables,
interest bearing loans and borrowings less cash equivalents. The Company’s capital
structure and debt-equity ratio are shown below:

2021 2020
₦’000 ₦’000
Trade and other payables (Note 18) 975,912 1,514,905
Interest bearing loans and borrowings (Note 20) 22,653 130,612
Less: cash equivalents (Note 15) (508,700) (177,850)
Net debt 489,865 1,467,668

Equity 3,228,774 3,106,265

Capital and net debt 3,718,639 4,573,933
Debt to equity ratio 13% 32%

27 Capital commitment

As at 31 March 2021, the Company had capital commitment for goods-in-transit of
₦33.8 million (31 March 2020: Nil).

28 Segment information
Segment information is presented in respect of the Company’s business segment. The
primary format, business segments, is based on the Company’s management and internal
reporting structure. For management purposes, the Company is organised into one business
unit based on its product and has only one reportable segment which is publishing of
books.

107