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DANGOTE CEMENT PLC

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DANGOTE CEMENT PLC- QUARTER 3 - FINANCIAL STATEMENT FOR 2021

10/29/2021 | 03:19am EDT

DANGOTE CEMENT PLC

UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS AND NINE MONTHS ENDED 30 SEPTEMBER 2021

Dangote Cement Plc

For the three months and nine months ended 30 September 2021

CONTENTS

PAGE

Independent auditors' report on review of condensed consolidated and separate

interim financial statements

2

Condensed consolidated and separate statements of profit or loss

4

Condensed consolidated and separate statements of comprehensive income

5

Condensed consolidated and separate statements of financial position

6

Condensed consolidated statement of changes in equity

7

Condensed separate statement of changes in equity

8

Condensed consolidated and separate statements of cash flows

9

Notes to the condensed consolidated and separate interim financial statements

10 - 29

1

Independent Auditors' Report on Review of Condensed Consolidated and Separate Interim Financial Statements

To the Shareholders of Dangote Cement Plc

Introduction

We have reviewed the accompanying condensed consolidated and separate interim financial statements of Dangote Cement Plc ("the Company") and its subsidiaries (together, "the Group"), which comprise:

  • the condensed consolidated and separate statements of financial position as at 30 September2021;
  • the condensed consolidated and separate statements of profit or loss for the three-month and nine- month periods ended 30 September 2021;
  • the condensed consolidated and separate statements of comprehensive income for the three- month and nine-month periods ended 30 September 2021;
  • the condensed consolidated and separate statements of changes in equity for the nine-month period ended 30 September 2021;
  • the condensed consolidated and separate statements of cash flows for the nine-month period ended 30 September 2021; and
  • notes to the interim financial statements.

The Directors are responsible for the preparation and presentation of these condensed consolidated and separate interim financial statements in accordance with IAS 34, 'Interim Financial Reporting'. Our responsibility is to express a conclusion on these condensed consolidated and separate interim financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying 30 September 2021 condensed consolidated and separate interim financial statements are not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting'.

Signed:

Goodluck C. Obi, FCA

FRC/2012/ICAN/00000000442

For: KPMG Professional Services

Chartered Accountants

29 October 2021

Lagos, Nigeria

3

Dangote Cement Plc

Condensed consolidated and separate statements of profit or loss

For the three months and nine months ended 30 September 2021

Group

Company

3 month

9 months

3 month

9 months

3 month

9 months

3 month

9 months

ended

ended

ended

ended

Year ended

ended

ended

ended

ended

Year ended

Notes

30/09/2021

30/09/2021

30/09/2020

30/09/2020

31/12/2020

30/09/2021

30/09/2021

30/09/2020

30/09/2020

31/12/2020

'million

'million

'million

'million

'million

'million

'million

'million

'million

'million

Revenue

3

331,641

1,022,186

284,592

761,444

1,034,196

235,464

729,603

200,890

533,267

719,945

Production cost of sales

5

(127,273)

(403,388)

(115,120)

(317,540)

(437,970)

(79,190)

(246,475)

(60,673)

(161,725)

(225,744)

Gross profit

204,368

618,798

169,472

443,904

596,226

156,274

483,128

140,217

371,542

494,201

Administrative expenses

6

(16,717)

(47,426)

(13,901)

(39,952)

(60,339)

(7,831)

(23,789)

(8,292)

(23,082)

(32,289)

Selling and distribution expenses

7

(50,461)

(138,036)

(41,820)

(119,462)

(153,719)

(32,109)

(92,748)

(30,155)

(89,300)

(112,919)

Other income

8

1,163

7,214

698

3,438

4,754

440

2,453

553

2,918

1,922

Impairment of financial assets

(226)

(226)

-

-

(188)

(280)

(280)

-

-

(3,318)

Profit from operating activities

138,127

440,324

114,449

287,928

386,734

116,494

368,764

102,323

262,078

347,597

Finance income

9

4,443

13,851

8,104

18,330

29,814

17,463

59,283

10,983

73,941

112,031

Finance costs

9

(18,337)

(48,688)

(13,444)

(34,298)

(43,988)

(11,309)

(29,732)

(9,631)

(23,320)

(28,881)

Share of profit from associate

-

-

-

-

750

-

-

-

-

-

Profit before tax

124,233

405,487

109,109

271,960

373,310

122,648

398,315

103,675

312,699

430,747

Income tax expense

11.1

(37,613)

(127,237)

(26,567)

(63,275)

(97,242)

(35,189)

(114,278)

(24,605)

(58,882)

(78,138)

Profit for the period/year

86,620

278,250

82,542

208,685

276,068

87,459

284,037

79,070

253,817

352,609

Profit for the period/year

attributable to:

Owners of the Company

10

85,372

275,926

81,877

208,777

275,080

87,459

284,037

79,070

253,817

352,609

Non-controlling interests

1,248

2,324

665

(92)

988

-

-

-

-

-

86,620

278,250

82,542

208,685

276,068

87,459

284,037

79,070

253,817

352,609

Earnings per share, basic and

diluted (Naira)

10

5.02

16.23

4.80

12.25

16.14

5.14

16.71

4.64

14.89

20.69

4

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Disclaimer

Dangote Cement plc published this content on 29 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2021 07:18:06 UTC.


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