BUA CEMENT : AUDITED FINANCIAL STATEMENT FOR 2021

BUA Cement Plc

Annual report and financial statements For the year ended 31 December 2021

BUA Cement Plc
Annual report and financial statements
For the year ended 31 December 2021
Contents
Corporate information	3
Report of the directors	4 - 8
Corporate governance report	9 - 18
Report of the audit committee	19 - 21
Statement of directors' responsibilities	22
Statement of corporate responsibilities over financial reporting	23
Independent auditor's report	24 - 27
Statement of profit or loss and other comprehensive income	28
Statement of financial position	29
Statement of changes in equity	30
Statement of cash flows	31
Notes to the financial statements	32 - 83
Other national disclosures:	84
Statement of value added	85
Five-year financial summary	86

Annual report and financial statements For the year ended 31 December 2021

Corporate information

Company registration number

RC 1193879

Board of Directors

Abdulsamad Rabiu CON Yusuf Haliru Binji Jacques Piekarski Kabiru Rabiu Chimaobi Madukwe Finn Arnoldsen Shehu Abubakar Khairat A. Gwadabe

Company secretary

Abubakar Magaji

32 Churchgate Street Victoria Island Lagos

Registered office

32 Churchgate Street Victoria Island Lagos

Plant locations

Km 164 Benin-Okene Expressway Okpella

Edo State

Km 10 Kalambaina Road Sokoto State

Independent auditor

PricewaterhouseCoopers Landmark Towers

5B Water Corporation Road Victoria Island

Lagos

Principal bankers

Ecobank Nigeria Limited First Bank of Nigeria Limited Guaranty Trust Bank Plc United Bank for Africa Plc Union Bank of Nigeria Plc Access Bank Plc

First City Monument Bank Limited Polaris Bank Limited

Nigerian Nigerian Swiss Nigerian Nigerian Norwegian Nigerian NigerianChairman Managing Director Chief Finance Officer Non-Executive Director Non-Executive Director Non-Executive Director Independent Non-Executive Director Independent Non-Executive DirectorStanbic IBTC Plc Fidelity Bank Plc

Nova Merchant Bank Limited Coronation Merchant Bank Limited Keystone Bank Limited

Standard Chartered Bank Nigeria Limited Zenith Bank Plc

Annual report and financial statements For the year ended 31 December 2021

Report of the directors

The Directors are pleased to present their annual report together with the financial statements of BUA Cement Plc ("the Company") for the year ended 31 December 2021.

• 1 Legal form

  BUA Cement Plc was incorporated as a limited liability company on 30 May 2014 and commenced business in August 2015. The Company was converted from a private limited liability company to a public limited liability company on 16 May 2019, as a prelude to a scheme of merger. The Company merged with the defunct Cement Company of Northern Nigeria Plc in a scheme of merger on 23 December 2019 and was listed on the Nigerian Stock Exchange on 9 January 2020.

• 2 Principal activities

  The principal activities of the Company are manufacturing and sale of cement to the general public.

• 3 Result for the year

  The Company's results for the year ended 31 December 2021 are set out on page 28. The profit for the year has been transferred to retained earnings. The summarised results are presented below:

  31 December	31 December
  2021	2020
  N'000	N'000
  Revenue from contracts with customers	257,327,091	209,443,487
  Profit before tax	102,873,325	78,873,498
  Income and deferred tax expense	(12,794,314)	(6,529,162)
  Profit after tax	90,079,011	72,344,336
  4 Dividend declaration

  The Board of Directors ("the Board") recommends for the approval of shareholders a payment of N2.6k dividend per 1 ordinary share of 50 kobo each, out of the profits declared in the financial year ended 31 December 2021 (2020: N2.067k).

  If approved, dividends paid to shareholders will be subject to the deduction of withholding tax at the appropriate rate at the time of payment.

5 Directors and Directors' interests

The names of the Directors as at year end and the date of this report are as set out in the corporate information page.

The direct and indirect interests of Directors in the issued share capital of the Company, as recorded in the Register of Directors' Shareholding and as notified by the Directors for complying with Section 301, of the Companies and Allied Matters Act, 2020 and listing requirements of the Nigerian Exchange Group are as set out below.

Annual report and financial statements For the year ended 31 December 2021

Report of the directors

5 Directors and Directors' interests (continued)

31 December 2021	31 December 2020
Number of Shares held	Number of Shares held
Direct holding Abdul Samad Rabiu Yusuf H. Binji, FNSE. Kenneth Chimaobi Madukwe Kabiru Isyaku Rabiu Representing - - Finn Arnoldsen Alhaji Sheu Abubakar Jacques Piekarski Indirect holding Abdul Samad RabiuDamnaz Cement Company Limited BUA Industries Limited BUA International Limited BUA Cement Company Limited Total	19,044,995,225 827,093 820,000 820,000 820,000 450 820,000 637,403,152 19,166,766 - 13,562,681,069 33,268,353,755	19,044,995,225 7,093 - - - - - 637,403,152 - 74,218,444 11,490,595,760 31,247,219,674

The Directors have complied with the provisions of Section 277 of the Companies and Allied Matters Act at the date of this report.

6 Statistical analysis of the shareholding as at 31 December 2021

Range of Shareholding	Number of Share holders	Holder %	Holders Cumulative	Units	Units %	Units Cumulative
1-1000	21,526	60.58%	21,526	8,169,854	0.02%	8,169,854
1001-5000	9,526	26.81%	31,052	20,905,801	0.06%	29,075,655
5001-10000	1,638	4.61%	32,690	11,998,497	0.04%	41,074,152
10001-50000	2,241	6.31%	34,931	54,129,265	0.16%	95,203,417
50001-100000	295	0.83%	35,226	20,872,024	0.06%	116,075,441
100001-500000	218	0.61%	35,444	49,449,578	0.15%	165,525,019
500001-1000000	43	0.12%	35,487	30,440,399	0.09%	195,965,418
1000001-999999999999	44	0.12%	35,531	33,668,388,642	99.42%	33,864,354,060
35,531	100%	33,864,354,060	100%

Substantial Interest in Shares

According to the register of members as at 31 December 2021, no individual shareholder held more than 5% of the issued share capital of the Company except the following:

No.

of

Shareholders	shares held	% of shareholding
Rabiu Alhaji Abdulsamad	19,044,995,225	56.24%
BUA Industries Limited	13,562,681,069	40.05%