DANGOTE CEMENT PLC

INTERIM FINANCIAL STATEMENTS

31ST MARCH 2015

DANGOTE CEMENT PLC

31st March 2015

CONTENTS

PAGE

Independent auditor's review report

Condensed consolidated and separate statement of profit or loss and other

comprehensive income

ii

Condensed consolidated and separate statement of financial position

iii

Condensed consolidated and separate statement of changes in equity

iv - v

Condensed consolidated and separate statement of cash flows

vi

Notes to the condensed consolidated financial statements

1 - 13

Dangote Cement Plc

Condensed consolidated and separate statement of profit or loss and other Comprehensive Income
For the period ended 31st March 2015

Notes

3 months
ended
31/03/15

Group
3 months
ended
31/03/14

Year ended
31/12/14

3 months
ended
31/03/15

Company
3 months
ended
31/03/14

Year ended
31/12/14

'000

'000

'000

'000

'000

'000

Revenue
Cost of sales

3 114,737,108
5 (39,997,279)

103,569,340
(35,936,010)

391,639,060
(143,057,897)

101,370,663
(30,569,274)

99,769,053
(32,229,810)

371,534,117
(128,583,576)

Gross profit

74,739,829

67,633,330

248,581,163

70,801,389

67,539,243

242,950,541

Administrative expenses

(6,248,024)

(5,375,866)

(24,084,249)

(4,216,187)

(4,283,520)

(17,364,004)

Selling and distribution expenses

7 (11,347,209)

(9,218,630)

(41,003,586)

(9,479,678)

(9,133,722)

(38,220,532)

Other income

1,294,633

1,512,355

3,608,671

164,652

1,498,596

3,541,936

58,439,229

54,551,189

187,101,999

57,270,176

55,620,597

190,907,941

9
28,001,322
9 (16,272,811)

1,650,289
(3,187,072)

30,565,122
(32,978,194)

31,999,549
(4,905,526)

3,648,770
(3,246,878)

42,498,705
(20,366,983)

Profit from operating activities

Finance income
Finance costs
Profit before tax

70,167,740

53,014,406

184,688,927

84,364,199

56,022,489

213,039,663

(1,548,845)

(5,394,530)

(25,187,434)

(1,687,284)

(5,543,027)

(27,225,540)

68,618,895

47,619,876

159,501,493

82,676,915

50,479,462

185,814,123

1,765,226

1,978,521

1,152,198

449,717

449,717

1,765,226

1,978,521

1,601,915

449,717

Total comprehensive income for the period

70,384,121

49,598,397

161,103,408

82,676,915

50,479,462

186,263,840

Profit for the period attributable to:

Owners of the Company
Non-controlling interests

69,637,713
(1,018,818)

47,784,358
(164,482)

160,578,394
(1,076,901)

82,676,915
-

50,479,462
-

185,814,123
-

68,618,895

47,619,876

159,501,493

82,676,915

50,479,462

185,814,123

71,029,909
(645,788)

49,690,981
(92,584)

161,944,112
(840,704)

82,676,915
-

50,479,462
-

186,263,840
-

70,384,121

49,598,397

161,103,408

82,676,915

50,479,462

186,263,840

4.09

2.80

9.42

4.85

2.96

10.90

Income tax expense

11.1

Profit for the period

Other comprehensive income, net of income

tax
Items that may be reclassified subsequently
to profit or loss:
Currency translation differences
Items that will not be reclassified to profit or
loss:
Defined benefit plan actuarial gains (losses)
Other comprehensive income for the period, net
of income tax

Total comprehensive income for the period

attributable to:
Owners of the Company
Non-controlling interests

Earnings per share, basic and diluted (Naira)

10

(ii)

Dangote Cement Plc

Condensed consolidated and separate statement of financial position
At 31st March 2015
Group
Notes As at 31/03/15 As at 31/12/14
'000

'000

Company
As at 31/03/15 As at 31/12/14
'000

'000

ASSETS
Non-current assets
Property, plant and equipment
Intangible assets
Investments
Prepayments for property, plant and
equipment
Deferred tax assets
Other receivables

12
13
14

789,767,871
3,993,103
-

747,793,820
3,698,535
-

15

71,326,624

79,490,715

1,772,564

1,772,564

11.3
16

16,918,211
-

16,633,430
-

13,154,316
327,942,324

13,154,316
277,149,739

882,005,809

847,616,500

897,375,903

845,557,694

Total non-current assets

527,820,258
609,171
26,077,270

526,721,478
682,327
26,077,270

Current assets
Inventories

17

51,304,192

42,687,840

42,256,050

36,314,579

Trade and other receivables

Prepayments and other current assets
Cash and bank balances

18
19
20

21,019,548
60,396,874
48,996,406

15,640,277
58,182,774
20,593,140

10,672,869
58,348,992
42,848,570

8,462,728
56,756,552
16,349,511

181,717,020

137,104,031

154,126,481

117,883,370

1,063,722,829

984,720,531

1,051,502,384

963,441,064

Total current assets

TOTAL ASSETS
Current liabilities
Trade and other payables

21

121,760,751

100,929,998

97,915,369

80,407,479

Financial debts

22

95,984,799

110,639,898

91,683,848

106,442,007

Current income tax payable

11.2

2,617,634

2,481,387

2,616,202

2,481,219

24

19,528,123

18,897,486

18,123,043

16,498,972

239,891,307

232,948,769

210,338,462

205,829,677

133,679,849

131,941,708

94,571,340

95,435,088

2,325,651

2,069,460

2,325,651

2,069,460

11.4

22,053,414

20,473,166

21,431,626

19,879,325

Deferred revenue

23

1,279,988

1,389,885

1,279,988

1,389,885

Long term provisions

25

2,222,344

4,011,388

335,288

294,515

Total non-current liabilities

161,561,246

159,885,607

119,943,893

119,068,273

Total Liabilities

401,452,553

392,834,376

330,282,355

324,897,950

Net Assets

662,270,276

591,886,155

721,220,029

638,543,114

Other current liabilities

Total current liabilities
NON CURRENT LIABILITIES
Financial debts

22

Retirement benefits obligation

Deferred tax liabilities

EQUITY
Share capital

26

8,520,254

8,520,254

8,520,254

8,520,254

Share premium

26

42,430,000

42,430,000

42,430,000

42,430,000
2,828,497

Capital contribution

2,876,642

2,876,642

2,828,497

(2,444,467)

(3,836,663)

(16,075)

(16,075)

(16,075)

(16,075)

Retained Earnings

607,388,507

537,750,794

667,457,353

584,780,438

Equity attributable to owners of the

Company

658,754,861

587,724,952

721,220,029

638,543,114

3,515,415

4,161,203

662,270,276

591,886,155

721,220,029

638,543,114

1,063,722,829

984,720,531

1,051,502,384

963,441,064

Currency transalation reserve

Employee benefit reserve

Non-controlling interest
Total Shareholders equity
TOTAL EQUITY AND LIABILITIES

(iii)

Dangote Cement Plc

Condensed consolidated statement of changes in equity
For the period ended 31st March 2015

Share
capital
'000
Balance at 1st January 2014

Share
premium
'000

Employee
Benefit
reserve
'000

Retained
Earnings
'000

Currency
translation
reserve
'000

Attributable
to the owners
of the parent
'000

Capital
Contribution
'000

Non controlling
interests
'000

Total
'000

8,520,254

42,430,000

496,455,952

(465,792)

(4,752,664)

2,876,642

545,064,392

5,028,878

550,093,270

Profit for the period

47,784,358

47,784,358

(164,482)

47,619,876

Other comprehensive income for the

period, net of income tax

1,906,623

1,906,623
-

71,898

1,978,521

Total comprehensive income for the

period

47,784,358

1,906,623

49,690,981

(92,584)

49,598,397

Effect of additional participation in

Group companies

(24,631)

(24,631)

Payment of dividends

Balance at 31st March 2014

8,520,254

42,430,000

544,240,310

(465,792)

(2,846,041)

2,876,642

594,755,373

4,911,663

599,667,036

Balance at 1st January 2015

Profit for the period
Other comprehensive income for the
period, net of income tax

8,520,254
-

42,430,000
-

537,750,794
69,637,713

(16,075)
-

(3,836,663)
-

2,876,642
-

587,724,952
69,637,713

4,161,203
(1,018,818)

591,886,155
68,618,895

1,392,196

1,392,196

373,030

1,765,226

Total comprehensive income for the

period

69,637,713

1,392,196

71,029,909

(645,788)

70,384,121

Payment of dividends

8,520,254

42,430,000

607,388,507

(16,075)

(2,444,467)

2,876,642

658,754,861

3,515,415

662,270,276

Balance at 31st March 2015

(iv)

Dangote Cement Plc

Condensed separate statement of changes in equity
For the period ended 31st March 2015
Employee
benefit
reserve
'000

Share
premium

Capital
contribution

Retained
earnings

'000

'000

'000

8,520,254

42,430,000

2,828,497

518,249,867

(465,792)

571,562,826

Profit for the period

Other comprehensive income for the period, net
of income tax

50,479,462

50,479,462

Total comprehensive income for the period

50,479,462

Share
capital
'000
Balance at 1st January 2014

Payment of dividends

Total
'000

50,479,462
-

Balance at 31st March 2014

8,520,254

42,430,000

2,828,497

568,729,329

(465,792)

622,042,288

Balance at 1st January 2015

Profit for the period
Other comprehensive income for the period, net
of income tax

8,520,254
-

42,430,000
-

2,828,497
-

584,780,438
82,676,915

(16,075)
-

638,543,114
82,676,915

Total comprehensive income for the period

82,676,915

82,676,915

Payment of dividends

8,520,254

42,430,000

2,828,497

667,457,353

Balance at 31st March 2015

(v)

(16,075)

721,220,029

Dangote Cement Plc

Condensed consolidated and separate statement of cash flows
For the period ended 31st March 2015
Group

Cash flows from operating activities

Profit before tax
Adjustments for:
Depreciation and amortization
Write off of property plant and equipment
Interest expense
Interest income

Unrealised exchange loss on borrowings

Exchange gain on non-operating assets
Amortisation of deferred revenue
Other provisions
Provisions for employee benefits
Loss/(Gain) on disposal of property, plant and equipment

Period
ended
31/03/14

Year ended
31/12/14

Period ended
31/03/15

Period
ended
31/03/14

Year ended
31/12/14

'000

'000

'000

'000

'000

'000

70,167,740

53,014,406

184,688,927

84,364,199

56,022,489

213,039,663

13,558,612
71,314
6,062,567
(696,277)
1,592,984
(124,101)
(1,789,044)
257,380

8,643,467
3,157,346
(1,636,825)
(139,328)
140,727
374,324

36,265,847
1,096,993
18,049,233
(3,147,210)

11,913,987
4,783,789
(4,718,919)
1,592,984
(26,795,076)
(124,101)
40,773
257,380

8,386,844
3,217,152
(3,647,545)
-

34,202,056
1,015,261
16,266,576
(15,139,796)

Gratuity paid and contribution to plan asset

Income tax paid

954,791
(541,736)
3,634,723
872,873
58,692

(139,329)
11,399
356,899
-

954,791
(24,267,851)
(541,736)
60,659
872,873
58,692

63,554,117

241,933,133

71,315,016

64,207,909

(8,616,352)
(5,379,271)
19,170,042
(2,214,100)
644,841
92,706,335

(6,626,228)
3,601,949
18,368,548
867,001
(3,328,088)
76,437,299

(15,020,552)
(4,152,186)
16,931,126
(18,536,942)
(5,264,022)
215,890,557

(5,941,471)
(2,210,141)
15,917,295
(1,592,440)
1,638,275
79,126,534

(7,261,287)
3,920,530
17,218,447
791,822
661,530
79,538,951

(12,737,833)
658,112
5,334,762
(19,957,980)
(3,667,538)
196,150,711

(1,189)
-

(120,143)
(180,777)

(316,336)

(225,936)

(1,189)
-

(120,143)
(180,777)

(225,936)

215,348,285

79,125,345

79,238,031

195,608,439

3,072,605

89,101,175
Changes in working capital:
Change in inventory
Change in trade and other receivables
Change in trade and other payables
Change in prepayments and other current assets
Change in other current liabilities

Company

Period ended
31/03/15

226,521,188

(316,336)

92,705,146

76,136,379

696,277

1,636,825

3,147,210

309,184

2,216,319

(83,141)
(37,849,282)

(1,596,321)
(217,192,188)

(12,939,611)

(17,410,251)

(243,893)
(121,796,962)

8,164,091
-

9,167,234
-

1,486,613
22,109,864
-

(19,587,773)

(8,030)
4,277,981
(16,348,868)

1,486,613
(8,030)
32,056,788
(76,691,920)

Net cash provided by investing activities

(49,555,319)

(27,128,364)

(192,044,822)

(32,218,200)

(27,272,849)

(162,124,799)

Financing activities
Interest paid
Dividend paid
Loans obtained
Loans repaid

(4,401,856)
2,483,242
(18,879,505)

(3,104,705)
11,789,468
(17,817,661)

(16,608,058)
(119,283,552)
138,898,479
(83,391,130)

(3,057,002)
1,528,421
(18,879,505)

(2,881,029)
9,096,500
(17,817,661)

(14,825,401)
(119,283,552)
132,923,092
(83,391,130)

Net cash provided by financing activities

(20,798,119)

(9,132,898)

(80,384,261)

(20,408,086)

(11,602,190)

(84,576,991)

Increase/(decrease) in cash and cash equivalent

Effects of exchange rate changes

22,351,708
5,945,277

39,875,117
2,317,840

(57,080,798)
3,838,371

26,499,059
-

40,362,992
-

(51,093,351)
-

Cash and cash equivalents at beginning of year

16,403,466

69,645,893

69,645,893

16,349,511

67,442,862

67,442,862

Cash and cash equivalents at end of the period

44,700,451

16,403,466

42,848,570

107,805,854

16,349,511

Net cash generated from operating activities

Investing activities
Interest received
Additions to intangible assets
Acquisition of property, plant and equipment
Proceeds from disposal of property, plant and equipment
Acquisition of investment
Changes in non-current prepayment
Increase in long term receivables from subsidiaries

(284,805)
(58,130,882)

111,838,850

(vi)