Dangote Sugar Refinery Plc

Consolidated and Separate Financial Statements

for the period ended March 31, 2023

Dangote Sugar Refinery Plc

Consolidated and Separate Financial Statements for the Period Ended March 31, 2023

Index

The reports and statements set out below comprise the consolidated and separate financial statements presented to the shareholders:

Contents

Page

General Information

1

Consolidated and separate statements of profit or loss and other comprehensive income

2

Consolidated and separate statements of financial position

3

Consolidated and separate statements of changes in equity

4

Consolidated and separate statements of cash flows

5

Notes to the Financial Statements

6 - 39

Dangote Sugar Refinery Plc

Consolidated and Separate Financial Statements for the Period Ended March 31, 2023

General Information

Country of incorporation and domicile

Nigeria

Nature of business and principal activities

Refining of raw sugar into edible sugar and selling of refined sugar

Chairman

Alh. Aliko Dangote (GCON)

Group Managing Director/CEO

Mr. Ravindra Singhvi

Director

Mr. Olakunle Alake

Director

Mr. Uzoma Nwankwo

Director

Ms. Bennedikter Molokwu

Director

Dr. Konyinsola Ajayi

Director

Alh. Abdu Dantata

Director

Ms. Maryam Bashir

Director

Mrs. Yabawa Lawan Wabi

Registered office

GDNL Administrative Building

Terminal E, Shed 20

NPA Apapa Wharf Complex

Apapa

Lagos

Holding company

Dangote Industries Limited, incorporated in Nigeria

Ultimate holding company

Greenview International Corp. Cayman Island

Auditors

PricewaterhouseCoopers Chartered Accountants

Landmark Towers

Plot 5B, Water Corporation Road

Victoria Island

Lagos

Bankers

Access Bank Plc

Coronation Merchant Bank

Ecobank Plc

Fidelity Bank Plc

First Bank of Nigeria Limited

First City Monument Bank Plc

FSDH Merchant Bank

Globus Bank Ltd

Guaranty Trust Bank Plc

Greenwich Merchant Bank

Jaiz Bank Plc

Providus bank Plc

Keystone bank Limited

Rand Merchant Bank

Sterling Bank Plc

Stanbic IBTC Bank Plc

Standard Chartered Bank Nigeria Limited

United Bank for Africa Plc

Union Bank of Nigeria Plc

Unity Bank Plc

Wema Bank Plc

Zenith Bank Plc

Company Secretary/Legal Adviser

Mrs. Temitope Hassan

3rd Floor, GDNL Administrative Building

Terminal E, Shed 20

NPA Apapa Wharf Complex

Apapa

Lagos

Registrars

Veritas Registrars Limited

Plot 89A Ajose Adeogun Street

Victoria Island

Lagos

1

Dangote Sugar Refinery Plc

Consolidated and Separate Financial Statements for the Period Ended March 31, 2023

Consolidated and separate statement of profit or loss and other comprehensive income

GROUP

COMPANY

Note(s)

Qtr1, 2023

31/3/2023

Qtr1, 2022

31/3/2022

F/Yr, 2022

Qtr1, 2023

31/3/2023

Qtr1, 2022

31/3/2022

F/Yr, 2022

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

Continuing operations

Revenue

5

102,224,737

102,224,737

94,449,058

94,449,058

403,245,988

102,224,737

102,224,737

94,449,058

94,449,058

403,245,988

Cost of sales

6

(76,473,590)

(76,473,590)

(74,986,316)

(74,986,316)

(311,282,950)

(76,473,590)

(76,473,590)

(74,986,316)

(74,986,316)

(311,282,950)

Gross profit

25,751,147

25,751,147

19,462,742

19,462,742

91,963,038

25,751,147

25,751,147

19,462,742

19,462,742

91,963,038

Other income

11

73,143

73,143

68,574

68,574

1,435,482

73,143

73,143

68,574

68,574

533,276

Selling and distribution expenses

7

(174,562)

(174,562)

(260,811)

(260,811)

(741,408)

(174,562)

(174,562)

(260,811)

(260,811)

(741,408)

Administrative expenses

7

(2,749,674)

(2,749,674)

(2,243,193)

(2,243,193)

(10,310,342)

(2,489,318)

(2,489,318)

(2,041,118)

(2,041,118)

(9,357,639)

Impairment gains/(losses)

23.3

-

-

-

-

63,537

-

-

-

-

63,537

Operating profit

14

22,900,054

22,900,054

17,027,312

17,027,312

82,410,307

23,160,410

23,160,410

17,229,387

17,229,387

82,460,804

Finance income

8

2,581,464

2,581,464

810,497

810,497

6,379,475

2,581,463

2,581,463

810,497

810,497

6,379,475

Finance cost

10

(8,058,689)

(8,058,689)

(3,505,402)

(3,505,402)

(9,802,295)

(8,108,086)

(8,108,086)

(3,479,238)

(3,479,238)

(10,248,536)

Finance costs - net

(5,477,225)

(5,477,225)

(2,694,905)

(2,694,905)

(3,422,820)

-

(5,526,623)

(5,526,623)

(2,668,741)

(2,668,741)

(3,869,061)

Change in fair value adjustment

9

1,111,360

1,111,360

(729,474)

(729,474)

3,315,333

1,111,360

1,111,360

(729,474)

(729,474)

3,315,333

Profit before tax

18,534,189

18,534,189

13,602,933

13,602,933

82,302,820

-

18,745,147

18,745,147

13,831,172

13,831,172

81,907,076

Taxation

12.1

(5,730,981)

(5,730,981)

(4,733,172)

(4,733,172)

(27,560,686)

(5,730,981)

(5,730,981)

(4,733,172)

(4,733,172)

(27,560,686)

Profit for the year

12,803,208

12,803,208

8,869,761

8,869,761

54,742,134

13,014,166

13,014,166

9,098,000

9,098,000

54,346,390

Profit attributable to:

Owners of the parent

12,805,318

12,805,318

8,872,043

8,872,043

54,738,177

13,014,166

13,014,166

9,098,000

9,098,000

54,346,390

Non-controlling interest

(2,110)

(2,110)

(2,282)

(2,282)

3,957

-

-

-

-

-

12,803,208

12,803,208

8,869,761

8,869,761

54,742,134

13,014,166

13,014,166

9,098,000

9,098,000

54,346,390

Total comprehensive income for

the year

12,803,208

12,803,208

8,869,761

8,869,761

54,742,134

13,014,166

13,014,166

9,098,000

9,098,000

54,346,390

Total comprehensive income

attributable to:

Owners of the parent

12,805,318

12,805,318

8,872,043

8,872,043

54,738,177

13,014,166

13,014,166

9,098,000

9,098,000

54,346,390

Non-controlling interest

(2,110)

(2,110)

(2,282)

(2,282)

3,957

-

-

-

-

-

12,803,208

12,803,208

8,869,761

8,869,761

54,742,134

13,014,166

13,014,166

9,098,000

9,098,000

54,346,390

Earnings per share

Per share information

Basic earnings per share (Naira)

15

1.05

1.05

0.73

0.73

4.51

1.07

1.07

0.75

0.75

4.47

Diluted earnings per share (Naira)

15

1.05

1.05

0.73

0.73

4.51

1.07

1.07

0.75

0.75

4.47

2

Dangote Sugar Refinery Plc

Consolidated and Separate Financial Statements for the Period Ended March 31, 2023

Consolidated and separate statements of financial position as at March 31, 2023

Assets

Non-current assets

Property, plant and equipment

16

Investment in subsidiaries

20

Deposit for shares

21

Total non-current assets

Current assets

Inventories

22

Biological assets

17

Trade and other receivables

23

Other assets

18

Asset held for sale

19

Cash and cash equivalents

24

Total current assets

Total assets

Equity

Attributable to owners of Parent company

Share capital

25

Share premium

25

Retained earnings

26

Non-controlling interest

27

Liabilities

Non-Current Liabilities

Deferred tax liabilities

13

Lease liability

31.1

Borrowings

28

Current Liabilities

Current tax liabilities

12.3

Lease liability

31.1

Borrowings

28

Trade and other payables

30

Employee benefits

29

Other liabilities

31

Total current liabilities

Total liabilities

Total equity and liabilities

GROUP

GROUP

GROUP

COMPANY

COMPANY

COMPANY

31/3/2023

31/12/2022

31/3/2022

31/3/2023

31/12/2022

31/3/2022

N'000

N'000

N'000

N'000

N'000

N'000

160,537,435

157,761,632

149,935,611

95,975,323

93,696,015

88,913,501

-

-

-

297,000

297,000

297,000

-

-

-

64,834,000

64,025,068

57,925,096

160,537,435

157,761,632

149,935,611

161,106,323

158,018,083

147,135,597

45,700,734

44,264,068

54,717,336

44,799,927

43,387,050

52,980,473

6,676,975

6,942,660

2,685,635

6,676,975

6,942,660

2,685,635

141,816,348

107,434,891

57,857,405

141,056,457

106,797,356

54,849,794

292,908

304,179

992,332

288,046

297,929

983,940

868,642

868,642

868,642

868,642

868,642

868,642

203,019,810

174,858,294

128,593,753

202,749,905

174,658,116

128,261,330

398,375,417

334,672,734

245,715,103

396,439,952

332,951,753

240,629,814

558,912,852

492,434,366

395,650,714

557,546,275

490,969,836

387,765,411

6,073,439

6,073,439

6,073,439

6,073,439

6,073,439

6,073,439

6,320,524

6,320,524

6,320,524

6,320,524

6,320,524

6,320,524

171,650,555

158,845,237

125,125,974

172,649,888

159,635,722

126,534,206

184,044,518

171,239,200

137,519,937

185,043,851

172,029,685

138,928,169

(14,899)

(12,790)

(19,029)

-

-

-

184,029,619

171,226,410

137,500,908

185,043,851

172,029,685

138,928,169

13,238,074

13,238,074

10,431,964

13,238,074

13,238,074

10,431,964

72,706

-

822,816

-

-

128,946

545,194

531,563

699,412

545,194

531,563

699,412

13,855,974

13,769,637

11,954,192

13,783,268

13,769,637

11,260,322

31,273,621

25,542,640

15,182,243

31,273,621

25,542,640

15,182,243

967,330

981,142

1,588,682

967,330

933,022

2,210,261

172,315

243,719

232,156

172,315

243,719

232,156

311,364,595

273,746,758

224,935,743

309,056,493

271,527,073

215,695,479

760,644

762,567

762,567

760,643

762,567

762,567

16,488,754

6,161,493

3,494,223

16,488,754

6,161,493

3,494,214

361,027,259

307,438,319

246,195,614

358,719,156

305,170,514

237,576,920

374,883,233

321,207,956

258,149,806

372,502,424

318,940,151

248,837,242

558,912,852

492,434,366

395,650,714

557,546,275

490,969,836

387,765,411

3

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Dangote Sugar Refinery plc published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 09:46:16 UTC.