DANGOTE CEMENT : QUARTER 3 - FINANCIAL STATEMENT FOR 2022

DANGOTE CEMENT PLC

UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS AND NINE MONTHS ENDED 30 SEPTEMBER 2022

Dangote Cement Plc

For the three months and nine months ended 30 September 2022

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 September 2022;
• the condensed consolidated and separate statements of profit or loss for the three-month and nine-month periods ended 30 September 2022;
• the condensed consolidated and separate statements of comprehensive income for the three- month and nine-month periods ended 30 September 2022;
• the condensed consolidated and separate statements of changes in equity for the nine-month period ended 30 September 2022;
• the condensed consolidated and separate statements of cash flows for the nine-month period ended 30 September 2022; 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 2022 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

28 October 2022

Lagos, Nigeria

3

Dangote Cement Plc

Condensed consolidated and separate statements of profit or loss

For the three months and nine months ended 30 September 2022

					Group						Company
		3 months		9 months	3 months	9 months		3 months		9 months	3 months	9 months
		ended		ended	ended	ended	Year ended	ended		ended	ended	ended	Year ended
	Notes	30/09/2022		30/09/2022	30/09/2021	30/09/2021	31/12/2021	30/09/2022		30/09/2022	30/09/2021	30/09/2021	31/12/2021
		₦'million		₦'million	₦'million	₦'million	₦'million	₦'million		₦'million	₦'million	₦'million	₦'million
Revenue	3	369,219		1,177,256	331,641	1,022,186	1,383,637	267,673		890,654	235,464	729,603	993,399
Production cost of sales	5	(161,370)		(483,831)	(127,273)	(403,388)	(551,019)	(114,824)		(336,854)	(79,190)	(246,475)	(345,225)
Gross profit		207,849		693,425	204,368	618,798	832,618	152,849		553,800	156,274	483,128	648,174
Administrative expenses	6	(16,281)		(50,415)	(16,717)	(47,426)	(64,349)	(8,800)		(27,586)	(7,831)	(23,789)	(33,319)
Selling and distribution expenses	7	(77,590)		(212,862)	(50,461)	(138,036)	(191,658)	(59,602)		(165,043)	(32,109)	(92,748)	(132,285)
Other income	8	1,514		3,115	1,163	7,214	6,221	680		2,379	440	2,453	1,975
Impairment of financial assets		10		360	(226)	(226)	(341)	-		338	(280)	(280)	(402)
Profit from operating activities		115,502		433,623	138,127	440,324	582,491	85,127		363,888	116,494	368,764	484,143
Finance income	9	6,833		28,834	4,443	13,851	20,765	45,667		70,566	17,463	59,283	92,783
Finance costs	9	(51,325)		(126,557)	(18,337)	(48,688)	(65,707)	(15,822)		(44,466)	(11,309)	(29,732)	(42,501)
Share of profit from associate		-		-	-	-	817	-		-	-	-	-
Profit before tax		71,010		335,900	124,233	405,487	538,366	114,972		389,988	122,648	398,315	534,425
Income tax expense	11.1	(30,013)		(122,799)	(37,613)	(127,237)	(173,927)	(27,087)		(116,411)	(35,189)	(114,278)	(153,325)
Profit for the period/year		40,997		213,101	86,620	278,250	364,439	87,885		273,577	87,459	284,037	381,100
Profit for the period/year
attributable to:
Owners of the Company	10	38,891		209,513	85,372	275,926	361,008	87,885		273,577	87,459	284,037	381,100
Non-controlling interests		2,106		3,588	1,248	2,324	3,431	-		-	-	-	-
		40,997		213,101	86,620	278,250	364,439	87,885		273,577	87,459	284,037	381,100
Earnings per share, basic and
diluted (Naira)	10	2.30		12.41	5.02	16.23	21.24	5.21		16.20	5.14	16.71	22.42

4