Page 77 - Learn Africa 2021 Annual Report

Learn Africa Plc

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

31 March 2020 Open market Corporate Total
Segments $’000 $’000 $’000
Sale of titles 2,194,844 674,566 2,869,410
Total revenue from contracts with customers 2,194,844 674,566 2,869,410

Geographical markets
Head office - 674,566 674,566
Northern zone 584,181 - 584,181
Eastern zone 582,718 - 582,718
Western zone 1,027,945 - 1,027,945
Total revenue from contracts with customers 2,194,844 674,566 2,869,410

Timing or revenue recognition
Goods transferred at a point in time 2,194,844 - 2,194,844
Goods transferred over time - 674,566 674,566
Total revenue from contracts with customers 2,194,844 674,566 2,869,410

Performance obligations
Information about the Company’s performance obligations are summarised below:

Sale of titles
Performance obligation in some contracts is satisfied at a point in time and revenue is recognised
when control of the asset is transferred to the customer. The normal credit term is 30 days after
acceptance of invoice amount by the customer.

For contracts with UBEC, the performance obligation is satisfied over time and revenue is recognised
over time when control of the asset is transferred to the customer. The normal credit term is 30 days
after acceptance of invoice amount by the customer.

4.2 Contract balances 31 Mar 2021 31 Mar 2020
$’000 $’000
Trade receivables (Note 14) 973,852 1,102,222

Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days. In
2021, $646.2 million (31 March 2020: $615.5 million) were recognised as provision for
expected credit losses on trade receivables.

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