Lafarge Africa Plc
Unaudited Condensed Financial Statements
30 June 2023
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 |
Ms. Sonal Shrivastava (Indian) (appointed w.e.f February 25, 2023) | Non-Executive Director |
Mr. Rajesh Surana (Indian) - (appointed w.e.f April 27, 2023) | Non-Executive Director |
Acting Chief Financial Officer | |
Mr Chinedu Richard | |
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 Auditors | |
Ernst & Young Professional Services | |
UBA House Marina Rd | |
Lagos-Island | |
Lagos | |
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 30 June, 2023
Group | Company | ||||||||
3months ended | 3months ended | 6months ended | 6months ended | 3months ended | 3months ended | 6months ended | 6months ended | ||
30/06/2023 | 30/06/2022 | 30/06/2023 | 30/06/2022 | 30/06/2023 | 30/06/2022 | 30/06/2023 | 30/06/2022 | ||
Notes | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
Revenue | 3 | 105,859,743 | 95,980,914 | 197,681,193 | 186,586,652 | 98,338,027 | 86,829,845 | 181,777,370 | 168,317,795 |
Cost of sales (Production) | 4 | (48,942,665) | (42,055,182) | (94,286,048) | (90,515,932) | (42,857,967) | (36,092,916) | (81,552,232) | (77,818,018) |
Gross profit | 56,917,078 | 53,925,732 | 103,395,145 | 96,070,720 | 55,480,060 | 50,736,929 | 100,225,138 | 90,499,777 | |
Selling and distribution costs | 5 | (21,609,204) | (22,630,854) | (40,276,059) | (37,653,103) | (19,943,183) | (20,543,591) | (37,409,868) | (34,604,126) |
Administrative expenses | 6 | (5,489,521) | (4,880,049) | (11,249,269) | (10,112,903) | (5,440,510) | (4,761,741) | (11,171,470) | (9,805,078) |
Other income | 7 | 251,729 | 89,631 | 425,012 | 199,926 | 211,746 | 31,891 | 343,596 | 85,518 |
Impairment reversal on receivables | 8 | (23,599) | 9,345 | (9,291) | 42,034 | - | 8,941 | (9,292) | 44,184 |
Operating profit | 30,046,483 | 26,513,805 | 52,285,538 | 48,546,674 | 30,308,113 | 25,472,429 | 51,978,104 | 46,220,275 | |
Finance income | 9 (a) | 3,151,539 | 136,945 | 4,436,896 | 191,632 | 2,500,231 | 118,223 | 3,749,664 | 161,747 |
Finance costs | 9 (b) | (411,202) | (1,239,305) | (1,407,223) | (1,859,673) | (249,613) | (750,248) | (1,105,466) | (1,178,081) |
Profit before tax | 32,786,820 | 25,411,445 | 55,315,211 | 46,878,633 | 32,558,731 | 24,840,404 | 54,622,302 | 45,203,941 | |
Income tax expense | 10 | (12,289,833) | (5,559,163) | (19,836,387) | (9,468,274) | (12,201,380) | (5,358,122) | (19,546,363) | (8,940,444) |
Profit after tax for the period | 20,496,987 | 19,852,282 | 35,478,824 | 37,410,359 | 20,357,351 | 19,482,282 | 35,075,939 | 36,263,497 | |
Other comprehensive income: | |||||||||
Other comprehensive (loss)/income for the | |||||||||
period, net of tax | - | - | - | - | - | - | - | - | |
Total comprehensive income for the period | 20,496,987 | 19,852,282 | 35,478,824 | 37,410,359 | 20,357,351 | 19,482,282 | 35,075,939 | 36,263,497 | |
Profit attributable to : | |||||||||
- Owners | 20,496,987 | 19,852,282 | 35,478,824 | 37,410,359 | 20,357,351 | 19,482,282 | 35,075,939 | 36,263,497 | |
- Non-controlling interests | - | - | - | - | - | - | - | - | |
20,496,987 | 19,852,282 | 35,478,824 | 37,410,359 | 20,357,351 | 19,482,282 | 35,075,939 | 36,263,497 | ||
Total comprehensive income for the period is | |||||||||
attributable to: | |||||||||
- Owners | 20,496,987 | 19,852,282 | 35,478,824 | 37,410,359 | 20,357,351 | 19,482,282 | 35,075,939 | 36,263,497 | |
- Non-controlling interests | - | - | - | - | - | - | - | - | |
20,496,987 | 19,852,282 | 35,478,824 | 37,410,359 | 20,357,351 | 19,482,282 | 35,075,939 | 36,263,497 | ||
Earnings per share attributable to the ordinary | |||||||||
equity holders of the Company: | |||||||||
Basic earnings per share (Kobo) | 21 | 127 | 123 | 220 | 232 | 126 | 121 | 218 | 225 |
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Lafarge Africa Plc
Consolidated and Separate Statements of Financial Position as at 30 June, 2023
Group | Company | ||||
30 June | 31 December | 30 June | 31 December | ||
2023 | 2022 | 2023 | 2022 | ||
Notes | N'000 | N'000 | N'000 | N'000 | |
ASSETS | |||||
Non-current assets | |||||
Property, plant and equipment | 11 | 343,383,925 | 341,458,500 | 278,583,430 | 276,696,636 |
Intangible assets | 12 | 83,686 | 91,182 | 83,686 | 91,181 |
Investments in subsidiaries | 13.1 | - | - | 63,906,867 | 63,906,867 |
Other assets | 16 | 58,184,007 | 60,851,702 | 54,516,109 | 57,167,949 |
Deferred tax assets | 1,285,052 | 2,031,419 | 1,285,052 | 2,031,419 | |
Total non-current assets | 402,936,670 | 404,432,803 | 398,375,144 | 399,894,052 | |
Current assets | |||||
Inventories | 17 | 55,231,378 | 53,043,073 | 41,463,609 | 41,896,205 |
Trade and other receivables | 18 | 7,195,084 | 6,353,825 | 50,554,535 | 43,149,848 |
Other assets | 16 | 10,003,064 | 18,462,277 | 9,329,592 | 17,326,786 |
Other financial assets | 14 | 86,193 | 21,000 | 68,843 | 14,335 |
Cash and cash equivalents | 19 | 179,242,891 | 118,398,495 | 170,753,544 | 106,901,117 |
Total current assets | 251,758,610 | 196,278,670 | 272,170,123 | 209,288,291 | |
Total assets | 654,695,280 | 600,711,473 | 670,545,267 | 609,182,343 | |
LIABILITIES | |||||
Non-current liabilities | |||||
Loans and borrowings | 22 | 1,271,117 | 1,530,387 | 198,493 | 529,850 |
Employee benefit obligations | 25 | 2,495,866 | 2,410,849 | 2,090,755 | 2,042,726 |
Deferred income | 24 | 938,341 | 1,094,611 | 957,477 | 1,012,843 |
Provisions | 23 | 3,256,943 | 2,718,463 | 1,489,969 | 1,389,034 |
Deferred tax liabilities | 25,141,039 | 8,472,328 | 16,477,267 | - | |
Total non-current liabilities | 33,103,306 | 16,226,638 | 21,213,961 | 4,974,453 | |
Current liabilities | |||||
Loans and borrowings | 22 | 37,426,522 | 35,062,463 | 35,257,372 | 33,255,574 |
Deferred income | 24 | 279,162 | 261,924 | 110,732 | 110,732 |
Trade and other payables | 26 | 104,034,800 | 80,797,500 | 118,028,761 | 90,874,972 |
Contract liabilities | 27 | 53,362,551 | 46,019,970 | 51,800,279 | 40,410,912 |
Provisions | 23 | 4,608,448 | 2,353,466 | 4,578,648 | 2,108,367 |
Current tax liabilities | 2,515,254 | 3,887,507 | 2,416,675 | 3,171,530 | |
Total current liabilities | 202,226,737 | 168,382,830 | 212,192,467 | 169,932,087 | |
Total liabilities | 235,330,043 | 184,609,468 | 233,406,428 | 174,906,540 | |
EQUITY | |||||
Share capital | 20 | 8,053,899 | 8,053,899 | 8,053,899 | 8,053,899 |
Share premium | 20.1 | 435,148,731 | 435,148,731 | 435,148,731 | 435,148,731 |
Retained earnings | 230,291,664 | 227,028,432 | 187,614,188 | 184,751,152 | |
Other reserves arising on business combination and re- | (254,129,057) | (254,129,057) | (193,677,979) | (193,677,979) | |
organisations | |||||
Capital and reserves attributable to owners | 419,365,237 | 416,102,005 | 437,138,839 | 434,275,802 | |
Non-controlling interests | - | - | - | - | |
Total equity | 419,365,237 | 416,102,005 | 437,138,839 | 434,275,802 | |
Total equity and liabilities | 654,695,280 | 600,711,473 | 670,545,267 | 609,182,343 |
These financial statements were approved and authorised for issue by the board of directors on 27th July 2023 and were signed on its behalf by:
Adebode Adefioye | Lolu Alade-Akinyemi | Chinedu Richard |
Chairman | Group Managing Director/CEO | Acting Chief Financial Officer |
FRC/2017/IODN/00000016512 | FRC/2020/001/00000020157 | FRC/2023/PRO/ANAN/001/294596 |
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Lafarge Africa plc published this content on 29 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2023 17:23:09 UTC.