LAFARGE AFRICA PLC Lafarge Africa Plc
Unaudited Condensed Financial Statements
31 March 2024
Lafarge Africa Plc
Contents
Directors' and Other Corporate Information | 3 |
Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income | 4 |
Consolidated and Separate Statements of Financial Position | 5 |
Consolidated and Separate Statements of Changes in Equity | 6 |
Consolidated and Separate Statements of Cash Flows | 8 |
Notes to the Consolidated and Separate Financial Statements | 9 |
Lafarge Africa Plc
Directors' and Other Corporate Information
Company registration number
RC 1858
Directors | |
Mr. Adebode Adefioye | Chairman |
Mr. Lolu Alade-Akinyemi | Group Managing Director/CCEO |
Mrs. Elenda Giwa-Amu | Non-Executive Director |
Mrs. Adenike Ogunlesi | Independent Non-Executive Director |
Mrs. Karine Uzan Mercie (French) | Non-Executive Director |
Mr. Khaled Abdel Aziz El Dokani (Egyptian) | Non-Executive Director |
Mr. Gbenga Oyebode, MFR | Independent Non-Executive Director |
Mrs. Oyinkan Adewale (FCA) | Independent Non-Executive Director |
Mr. Kaspar Theiler (Swiss) | Non-Executive Director |
Mrs. Claudia Albertini (Italian) | Non-Executive Director |
Mr. Rajesh Surana (Indian) - (resigned w.e.f 25 February 2024) | Non-Executive Director |
Mr. Grant Earnshaw (British) (appointed w.e.f 26 February 2024) | Non-Executive Director |
Chief Financial Officer | |
Mr. Puneet Sharma | |
Company Secretary | |
Mrs. Adewunmi Alode | |
Company Registered Office | |
Lafarge Africa Plc | |
27B, Gerrard Road, | |
Ikoyi, | |
Lagos | |
Registrar | |
Cardinal Stone (Registrars) Limited | |
[formerly City Securities (Registrars) Limited] | |
335/337 Herbert Macaulay Road, | |
Yaba, | |
Lagos |
Independent Auditor
Ernst & Young Professional Services
57, UBA House Marina Rd
Lagos-Island
Lagos
(appointed 28 April 2023)
Principal Bankers
Access Bank Plc
Citibank Nigeria Limited
Ecobank Nigeria Plc
First Bank of Nigeria Ltd
Guaranty Trust Bank Plc
Standard Chartered Bank Nigeria Ltd
Stanbic IBTC Bank Plc
United Bank for Africa Plc
Wema Bank Plc
Zenith Bank Plc
Globus Bank Limited
Union Bank of Nigeria Plc
3
Lafarge Africa Plc
Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income for the period ended 31 March 2024
Group | Company | ||||
3months | 3months | 3months | 3months | ||
ended | ended | ended | ended | ||
31/03/2024 | 31/03/2023 | 31/03/2024 | 31/03/2023 | ||
Notes | N'000 | N'000 | N'000 | N'000 | |
Revenue | 3 | 137,772,474 | 91,821,450 | 124,397,911 | 83,439,343 |
Cost of sales (Production) | 4 | (72,128,249) | (45,343,383) | (63,592,652) | (38,694,265) |
Gross profit | 65,644,225 | 46,478,067 | 60,805,259 | 44,745,078 | |
Selling and distribution costs | 5 | (27,254,470) | (18,666,855) | (24,487,891) | (17,466,685) |
Administrative expenses | 6 | (8,276,208) | (5,759,748) | (8,277,632) | (5,730,960) |
Other income | 7 | 108,479 | 173,283 | 80,584 | 131,850 |
Impairment reversal on receivables | 8 | 17,522 | 14,308 | 15,080 | 14,891 |
Operating profit | 30,239,548 | 22,239,055 | 28,135,400 | 21,694,174 | |
Finance income | 9 (a) | 1,558,471 | 913,877 | 1,540,559 | 875,347 |
Finance costs | 9 (b) | (23,088,578) | (671,572) | (22,284,659) | (528,798) |
Profit before tax | 8,709,441 | 22,481,360 | 7,391,300 | 22,040,723 | |
Income tax expense | 10 | (3,516,459) | (7,546,554) | (3,045,903) | (7,343,512) |
Profit after tax for the period | 5,192,982 | 14,934,806 | 4,345,397 | 14,697,211 | |
Total comprehensive income for the period | 5,192,982 | 14,934,806 | 4,345,397 | 14,697,211 | |
Profit attributable to: | |||||
- Owners | 5,192,982 | 14,934,806 | 4,345,397 | 14,697,211 | |
5,192,982 | 14,934,806 | 4,345,397 | 14,697,211 | ||
Total comprehensive income for the period is attributable | |||||
- Owners | 5,192,982 | 14,934,806 | 4,345,397 | 14,697,211 | |
5,192,982 | 14,934,806 | 4,345,397 | 14,697,211 | ||
Earnings per share attributable to the ordinary equity | |||||
holders of the Company: | |||||
Basic earnings per share (Kobo) | 20 | 32 | 93 | 27 | 91 |
4
Lafarge Africa Plc
Consolidated and Separate Statements of Financial Position as at 31 March 2024
ASSETS
Non-current assets
Property, plant and equipment
Intangible assets
Investments in subsidiaries
Other assets
Total non-current assets
Current assets
Inventories
Trade and other receivables
Other assets
Other financial assets
Cash and cash equivalents
Total current assets
Total assets
LIABILITIES
Non-current liabilities
Loans and borrowings
Employee benefit obligations
Deferred income
Provisions
Deferred tax liabilities
Total non-current liabilities
Current liabilities
Loans and borrowings
Deferred income
Trade and other payables
Contract liabilities
Provisions
Current tax liabilities
Total current liabilities
Total liabilities
EQUITY Share capital Share premium Retained earnings
Other reserves arising on business combination and re- organisations
Capital and reserves attributable to owners
Total equity
Total equity and liabilities
Group | Company | |||
31 March | 31 December | 31 March | 31 December | |
2024 | 2023 | 2024 | 2023 | |
Notes | N'000 | N'000 | N'000 | N'000 |
11 | 359,429,607 | 360,219,496 | 293,677,666 | 295,361,723 |
12 | 1,732,789 | 1,743,322 | 40,359 | 42,733 |
13.1 | - | - | 63,906,867 | 63,906,867 |
15 | 81,591,671 | 80,349,982 | 74,154,875 | 73,855,897 |
442,754,067 | 442,312,800 | 431,779,767 | 433,167,220 | |
16 | 71,929,270 | 54,340,615 | 59,742,266 | 41,380,869 |
17 | 15,702,199 | 7,869,839 | 65,176,226 | 49,229,247 |
15 | 65,845,042 | 8,222,664 | 64,645,191 | 7,508,475 |
14 | 48,512 | 256,050 | 27,920 | 248,356 |
18 | 77,710,578 | 168,369,604 | 75,006,805 | 158,246,383 |
231,235,601 | 239,058,772 | 264,598,408 | 256,613,330 | |
673,989,668 | 681,371,571 | 696,378,175 | 689,780,550 | |
21 | 326,206 | 1,253,406 | 326,152 | 1,042,554 |
24 | 2,542,263 | 2,194,303 | 2,155,139 | 1,941,498 |
23 | - | 872,966 | - | 867,313 |
22 | 2,161,772 | 2,859,365 | 856,557 | 1,492,476 |
23,984,778 | 30,176,337 | 23,888,063 | 21,656,781 | |
29,015,019 | 37,356,377 | 27,225,911 | 27,000,622 | |
21 | 4,391,799 | 24,991,106 | 4,817,953 | 23,656,807 |
23 | 37,102 | 162,110 | - | 113,829 |
25 | 144,455,938 | 100,955,004 | 161,926,241 | 113,198,553 |
26 | 46,062,295 | 74,982,644 | 40,736,053 | 68,958,839 |
22 | 1,037,530 | 2,212,705 | 877,434 | 1,895,936 |
8,745,138 | 5,659,760 | 6,328,850 | 4,835,627 | |
204,729,802 | 208,963,329 | 214,686,531 | 212,659,592 | |
233,744,821 | 246,319,706 | 241,912,442 | 239,660,214 | |
19 | 8,053,899 | 8,053,899 | 8,053,899 | 8,053,899 |
19.1 | 435,148,731 | 435,148,731 | 435,148,731 | 435,148,731 |
251,171,274 | 245,978,292 | 204,941,082 | 200,595,685 | |
(254,129,057) | (254,129,057) | (193,677,979) | (193,677,979) | |
440,244,847 | 435,051,865 | 454,465,733 | 450,120,336 | |
440,244,847 | 435,051,865 | 454,465,733 | 450,120,336 | |
673,989,668 | 681,371,571 | 696,378,175 | 689,780,550 | |
These financial statements were approved and authorised for issue by the board of directors on 25 April 2024 and were signed on its behalf by:
Adebode Adefioye | Lolu Alade-Akinyemi | Chinedu Richard |
Chairman | Group Managing Director/CCEO | Acting Chief Financial Officer |
FRC/2017/IODN/00000016512 | FRC/2020/001/00000020157 | FRC/2023/PRO/ANAN/001/29459 |
5
Lafarge Africa Plc
Consolidated Statement of Changes in Equity for the period ended 31 March 2024
Group | Attributable to equity holders of the parent | ||||
Other reserves | |||||
arising on business | |||||
Share | Share | Retained | combination and re- | ||
capital | premium | earnings | organisations | Total equity | |
N'000 | N'000 | N'000 | N'000 | N'000 | |
Balance as at 1 January 2023 | 8,053,899 | 435,148,731 | 227,028,432 | (254,129,057) | 416,102,005 |
Profit for the period ended 31 March 2023 | - | - | 14,934,806 | - | 14,934,806 |
Total comprehensive income for the period | - | - | 14,934,806 | - | 14,934,806 |
Balance as at 31 March 2023 | 8,053,899 | 435,148,731 | 241,963,238 | (254,129,057) | 431,036,811 |
Profit for the period (1 April 2023 to 31 December 2023) | - | - | 36,206,264 | - | 36,206,264 |
Other comprehensive income (net of tax) | - | - | 3,688 | - | 3,688 |
Total comprehensive income for the period | - | - | 36,209,952 | - | 36,209,952 |
Profit arising from business combination | - | - | 20,693 | - | 20,693 |
Transaction with owners: | |||||
Dividends declared | (32,215,592) | (32,215,592) | |||
Total transaction with owners | - | - | (32,215,592) | - | (32,215,592) |
Balance as at 31 December 2023 | 8,053,899 | 435,148,731 | 245,978,292 | (254,129,057) | 435,051,865 |
Balance as at 1 January 2024 | 8,053,899 | 435,148,731 | 245,978,292 | (254,129,057) | 435,051,865 |
Profit for the period ended 31 March 2024 | - | - | 5,192,982 | - | 5,192,982 |
Total comprehensive income for the period | - | - | 5,192,982 | - | 5,192,982 |
Balance as at 31 March 2024 | 8,053,899 | 435,148,731 | 251,171,274 | (254,129,057) | 440,244,847 |
6
Lafarge Africa Plc
Separate Statement of Changes in Equity for the period ended 31 March 2024
Company
Other reserves | |||||
arising on business | |||||
Share | Share | Retained | combination and re- | ||
capital | premium | earnings | organisations | Total equity | |
N'000 | N'000 | N'000 | N'000 | N'000 | |
Balance as at 1 January 2023 | 8,053,899 | 435,148,731 | 184,751,152 | (193,677,979) | 434,275,803 |
Profit for the period ended 31 March 2023 | - | - | 14,697,211 | - | 14,697,211 |
Total comprehensive income for the period | - | - | 14,697,211 | - | 14,697,211 |
Balance as at 31 March 2023 | 8,053,899 | 435,148,731 | 199,448,363 | (193,677,979) | 448,973,014 |
Profit for the period (1 April 2023 to 31 December 2023) | |||||
- | - | 33,359,225 | - | 33,359,225 | |
Other comprehensive income (net of tax) | - | - | 3,688 | - | 3,688 |
Total comprehensive loss for the period | - | - | 33,362,914 | - | 33,362,914 |
Transaction with owners: | |||||
Dividends declared | - | - | (32,215,592) | - | (32,215,592) |
Total transaction with owners | - | - | (32,215,592) | - | (32,215,592) |
Balance as at 31 December 2023 | 8,053,899 | 435,148,731 | 200,595,685 | (193,677,979) | 450,120,336 |
Balance as at 1 January 2024 | 8,053,899 | 435,148,731 | 200,595,685 | (193,677,979) | 450,120,336 |
Profit for the period ended 31 March 2024 | - | - | 4,345,397 | - | 4,345,397 |
Total comprehensive income for the period | - | - | 4,345,397 | - | 4,345,397 |
Balance as at 31 March 2024 | 8,053,899 | 435,148,731 | 204,941,082 | (193,677,979) | 454,465,733 |
7
Lafarge Africa Plc
Consolidated and Separate Statements of Cash Flows for the period ended 31 March 2024
Group | Company | ||||
3months ended | 3months ended | 3months ended | 3months ended | ||
31/03/2024 | 31/03/2023 | 31/03/2024 | 31/03/2023 | ||
Notes | N'000 | N'000 | N'000 | N'000 | |
Cash flows from operating activities: | |||||
Profit for the period | 5,192,982 | 14,934,806 | 4,345,397 | 14,697,211 | |
Adjustments to reconcile profit for the period to net | |||||
cash flows: | |||||
Depreciation | 11.2 | 6,886,127 | 7,051,630 | 6,119,481 | 6,310,246 |
Amortization of intangible assets | 12 | 10,531 | 3,747 | 2,374 | 3,747 |
Other non-cash items | 27.3 | (723,718) | (115,692) | (644,512) | (21,854) |
Net unrealized foreign exchange movement | (3,032,128) | 813,896 | 3,425,712 | 295,866 | |
Finance costs | 9(b) | 1,284,675 | 996,021 | 1,230,713 | 855,853 |
Finance income | 9(a) | (1,558,471) | (913,877) | (1,540,559) | (875,347) |
Income tax expense | 10 | 3,516,459 | 7,546,554 | 3,045,903 | 7,343,512 |
Provisions and net movement on employee benefits | 27.2 | (1,187,219) | (1,676,843) | (972,998) | (1,517,213) |
Change in net working capital | 27.1 | (71,077,322) | (14,761,424) | (71,601,192) | (6,141,578) |
Cash flows generated from / (used in) operations
Net cash flows generated from / (used in) operating activities
Cash flows from investing activities Acquisition of property, plant and equipment
Interest income received
(60,688,084) | 13,878,817 | (56,589,681) | 20,950,442 | |
(60,688,084) | 13,878,817 | (56,589,681) | 20,950,442 | |
11.1 | (4,814,818) | (8,201,381) | (3,445,607) | (7,789,393) |
577,330 | 913,877 | 559,418 | 875,347 |
Net cash flows used in investing activities | (4,237,488) | (7,287,504) | (2,886,189) | (6,914,046) | |
Cash flows from financing activities | |||||
Interest paid | (1,298,666) | (992,650) | (1,172,104) | (882,206) | |
Dividend paid to equity holders of the company | 25.2 | - | (15,073,151) | - | (15,073,151) |
Repayment of lease liabilities | 21.3 | (255,605) | (939,824) | (255,605) | (939,824) |
Repayment of loans and borrowings | 21.3 | (23,567,413) | (1,295,619) | (21,815,266) | (1,164,652) |
Net cash flows used in financing activities | (25,121,684) | (18,301,244) | (23,242,975) | (18,059,833) | |
Net decrease in cash and cash equivalents | (90,047,256) | (11,709,931) | (82,718,845) | (4,023,437) | |
Cash and cash equivalents at the beginning of the | 18.2 | 165,844,333 | 116,761,553 | 156,410,557 | 105,264,175 |
period | |||||
Effects of exchange rate changes on cash and cash | (611,770) | (173,057) | (520,733) | (163,037) | |
equivalents | |||||
18.2 | |||||
Cash and cash equivalents at the end of the period | 75,185,307 | 104,878,565 | 73,170,979 | 101,077,701 | |
8
Lafarge Africa Plc
Notes to the Consolidated and Separate Financial Statements for the period ended 31 March 2024
1 Business description
Lafarge Africa Plc (Lafarge Africa) was incorporated in Nigeria on 26 February 1959 and commenced business on 10 January 1961. The Company, formerly known as Lafarge Cement WAPCO Nigeria Plc, changed its name after a special resolution was passed by shareholders at an Annual General Meeting held on Wednesday, 9 July 2014. The change of name became effective with the acquisition of shares in Lafarge South Africa Holdings (Proprietary) Limited (LSAH), United Cement Company of Nigeria Limited (UNICEM), AshakaCem Ltd (AshakaCem) and Atlas Cement Company Limited (Atlas). The Company's shares in Lafarge South Africa Holdings (Proprietary) Limited (LSAH) were subsequently disposed off in 2019. The Company's corporate head office is situated at 27B Gerrard Road, Ikoyi, Lagos which is the same as the registered office.
Lafarge Africa is in the business of manufacturing and marketing of cement and other cementitious products such as Ready-Mix Concrete, Aggregates, Fly-Ash etc. On 15 July 2016, Lafarge S.A. France and Holcim Limited, Switzerland, two large global players, merged to form LafargeHolcim Group, based in Zurich, Switzerland. Consequently Lafarge Africa is now a subsidiary company of LafargeHolcim (now Holcim Group, by virtue of a name change resolution passed by shareholders at an Annual General Meeting held on 4 May 2021).
The Group's subsidiaries are as stated below;
31 March 2024 | 31 December 2023 | 31 March 2023 |
AshakaCem Limited | AshakaCem Limited | AshakaCem Limited |
Wapsila Nigeria Limited | Wapsila Nigeria Limited | Wapsila Nigeria Limited |
These consolidated and separate financial statements cover the financial period from 1 January 2024 to 31 March 2024, with 31 March 2023 and 31 December 2023 as comparative for Statement of Profit or Loss and Other Comprehensive Income and Statement of Financial Position, respectively.
1.1 Shareholding structure
Description | 31 March 2024 | 31 March 2023 | |||
Units | Percentage | Units | Percentage | ||
Issued Share Capital | 16,107,795,721 | 100% | 16,107,795,721 | 100% | |
Substantial Shareholdings (5% and above) | |||||
Names of Shareholders | |||||
Caricement BV | 9,027,365,874 | 56.04% | 9,027,365,874 | 56.04% | |
Associated Intl Cements Ltd U.K | 4,473,044,718 | 27.77% | 4,473,044,718 | 27.77% | |
Total Substantial Shareholdings | 13,500,410,592 | 83.81% | 13,500,410,592 | 83.81% | |
Details of Directors Shareholdings (direct and indirect), excluding directors' holding substantial interests
Name(s) of Directors
Mr. Adebode Adefioye | - | - | - | - |
Mr. Khaled El Dokani | - | - | - | - |
Mrs. Elenda Giwa-Amu | 203,550 | 0.0015% | 203,550 | 0.0015% |
Mrs. Adenike Ogunlesi | - | - | - | - |
Mr. Grant Earnshaw | - | - | - | - |
Ms. Karine Uzan Mercie | - | - | - | - |
Mr. Kaspar Theiler | - | - | - | - |
Mr. Lolu Alade-Akinyemi | - | - | - | - |
Mr. Gbenga Oyebode MFR | - | - | - | - |
Mrs. Oyinkan Adewale | - | - | - | - |
Mrs. Claudia Albertini | - | - | - | - |
Total Directors' Shareholdings | 203,550 | 0.0015% | 203,550 | 0.0015% |
Details of Other Influential shareholdings, if any (e.g. Government, Promoters) | ||||
Name(s) of Entities/ Government | ||||
Osun State Government | 5,093,271 | 0.03% | 5,093,271 | 0.03% |
Total Other Influential Shareholdings | 5,093,271 | 0.03% | 5,093,271 | 0.03% |
Free Float in Unit and Percentage | 2,602,088,308 | 16.16% | 2,602,088,308 | 16.16% |
Free Float in Value (NGN) | 96,277,267,396.00 | 67,654,296,008.00 | ||
9
Lafarge Africa Plc
Notes to the Consolidated and Separate Financial Statements for the period ended 31 March 2024
Declaration:
- Lafarge Africa Plc with a free float value of ₦96,277,267,396.00 as at 28 March 2024 is compliant with The Exchange's free float requirements for companies listed on the Main Board.
- Lafarge Africa Plc with a free float value of ₦67,654,296,008.00 as at 31 March 2023 is compliant with The Exchange's free float requirements for companies listed on the Main Board.
1.2 Securities Trading Policy
In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule), Lafarge Africa Plc maintains a Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares. The Policy undergoes periodic reviews by the Board and is updated accordingly. The Company has made specific inquiries of all its Directors and other insiders and is not aware of any infringement of the policy during the period under review.
2 Summary of significant accounting policies
The Group financial statements of Lafarge Africa Plc for the period ended 31 March 2024 have been prepared in accordance with International Financial Reporting Standards ("IFRS") and interpretations issued by the IFRS Interpretations Committee (IFRIC) applicable to companies reporting under IFRS and the requirements of the Companies and Allied Matters Act (CAMA), 2020 and the Financial Reporting Council of Nigeria Act, 2023.
Lafarge Africa Plc Group has consistently applied the same accounting policies and methods of computation in its interim condensed consolidated and separate financial statements as in its annual financial statements. There were no new standards, interpretations and amendments, effective for the first time from 1 January 2024, which had a material effect on these financial statements.
2.1 Basis of preparation
-
Compliance with IFRS
These interim condensed consolidated and separate financial statements of Lafarge Africa Plc Group have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2023 annual report. The financial statements were prepared on a going concern basis.
The financial statements comprise the consolidated and separate statements of profit or loss and other comprehensive income, the consolidated and separate statements of financial position, the consolidated and separate statements of changes in equity, the consolidated and separate statements of cash flows and the notes to the financial statements. - Basis of measurement
The financial statements have been prepared in accordance with the going concern assumption under the historical cost concepts, except for the following: - non-derivativefinancial instruments - initially at fair value and subsequently at amortized cost using effective interest rate
- derivative financial instruments - measured at fair value
- defined benefit pension plans - plan assets measured at fair value
- inventory - lower of cost and net realizable value
- lease liabilities - measured at present value of future lease payments
The historical financial information is presented in Naira and all values are rounded to the nearest thousand (N'000), except where otherwise indicated. The accounting policies are applicable to both the Company and Group.
10
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Lafarge Africa plc published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 15:39:30 UTC.
