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

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

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

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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.

DANGOTE CEMENT PLC

DANGOTE CEMENT PLC- QUARTER 3 - FINANCIAL STATEMENT FOR 2021

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