DANGOTE SUGAR REFINERY : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

Dangote Sugar Refinery Plc

Consolidated and Separate Financial Statements

for the period ended June 30, 2023

Dangote Sugar Refinery Plc

Consolidated and Separate Financial Statements for the Period Ended June 30, 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 June 30, 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

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Dangote Sugar Refinery Plc

Consolidated and Separate Financial Statements for the Period Ended June 30, 2023

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

				GROUP						COMPANY
	Note(s)	Qtr2, 2023	30/6/2023	Qtr2, 2022	30/6/2022	F/Yr, 2022		Qtr2, 2023	30/6/2023	Qtr2, 2022	30/6/2022	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	100,558,942	202,783,679	91,008,368	185,457,426	403,245,988	100,558,942	202,783,679	91,008,368	185,457,426	403,245,988
Cost of sales	6	(68,121,459)	(144,595,049)	(71,652,785)	(146,639,101)	(311,282,950)	(68,121,459)	(144,595,049)	(71,652,785)	(146,639,101)	(311,282,950)
Gross profit		32,437,483	58,188,630	19,355,583	38,818,325	91,963,038	32,437,483	58,188,630	19,355,583	38,818,325	91,963,038
Other income	11	71,745	144,888	232,841	301,415	1,435,482	71,745	144,888	232,841	301,415	533,276
Selling and distribution expenses	7	(128,992)	(303,554)	(107,998)	(368,809)	(741,408)	(128,992)	(303,554)	(107,998)	(368,809)	(741,408)
Administrative expenses	7	(3,081,949)	(5,831,623)	(2,391,646)	(4,634,839)	(10,310,342)	(2,832,991)	(5,322,309)	(2,188,432)	(4,229,550)	(9,357,639)
Impairment gains/(losses)	23.3	-	-	-	-	63,537	-	-	-	-	63,537
Operating profit	14	29,298,287	52,198,341	17,088,780	34,116,092	82,410,307	29,547,245	52,707,655	17,291,994	34,521,381	82,460,804
Finance income	8	2,266,799	4,848,263	1,137,107	1,947,604	6,379,475	2,266,800	4,848,263	1,137,107	1,947,604	6,379,475
Finance cost	10	(82,599,630)	(90,658,319)	(3,800,820)	(7,306,222)	(9,802,295)	(82,168,920)	(90,277,006)	(3,780,747)	(7,259,985)	(10,248,536)
Finance costs - net		(80,332,831)	(85,810,056)	(2,663,713)	(5,358,618)	(3,422,820)	(79,902,120)	(85,428,743)	(5,312,381)	(5,312,381)	(3,869,061)
Change in fair value adjustment	9	1,135,304	2,246,664	1,706,847	977,373	3,315,333	1,135,304	2,246,664	1,706,847	977,373	3,315,333
(Loss)/Profit before tax		(49,899,240)	(31,365,051)	16,131,914	29,734,847	82,302,820	(49,219,571)	(30,474,424)	13,686,460	30,186,373	81,907,076
Taxation	12.1	9,108,549	3,377,568	(4,759,754)	(9,492,926)	(27,560,686)		9,108,549	3,377,568	(4,759,754)	(9,492,926)	(27,560,686)
(Loss)/Profit for the period		(40,790,691)	(27,987,483)	11,372,160	20,241,921	54,742,134	(40,111,022)	(27,096,856)	8,926,706	20,693,447	54,346,390
(Loss)/Profit attributable to:
Owners of the parent		(40,783,894)	(27,978,577)	11,374,393	20,246,436	54,738,177	(40,111,022)	(27,096,856)	11,595,447	20,693,447	54,346,390
Non-controlling interest		(6,797)	(8,906)	(2,233)	(4,515)	3,957		-	-	-	-	-
		(40,790,691)	(27,987,483)	11,372,160	20,241,921	54,742,134	(40,111,022)	(27,096,856)	11,595,447	20,693,447	54,346,390
Total comprehensive (loss)/income
for the period		(40,790,691)	(27,987,483)	11,372,160	20,241,921	54,742,134	(40,111,022)	(27,096,856)	11,595,447	20,693,447	54,346,390
Total comprehensive (loss)/income
attributable to:
Owners of the parent		(40,783,894)	(27,978,577)	11,374,393	20,246,436	54,738,177	(40,111,022)	(27,096,856)	11,595,447	20,693,447	54,346,390
Non-controlling interest		(6,797)	(8,906)	(2,233)	(4,515)	3,957		-	-	-	-	-
		(40,790,691)	(27,987,483)	11,372,160	20,241,921	54,742,134	(40,111,022)	(27,096,856)	11,595,447	20,693,447	54,346,390
Earnings per share
Per share information
Basic earnings per share (Naira)	15	(3)	-2.30	1	1.67	4.51	(3)	(2.23)	1	1.70	4.47
Diluted earnings per share (Naira)	15
(3)	-2.30	1	1.67	4.51	(3)	-2.23	1	1.70	4.47

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Dangote Sugar Refinery Plc

Consolidated and Separate Financial Statements for the Period Ended June 30, 2023

Consolidated and separate statements of financial position as at June 30, 2023

Assets
Non-current assets
Property, plant and equipment	16
Other assets
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
30/6/2023	31/12/2022	30/6/2022	30/6/2023	31/12/2022	30/6/2022
N'000	N'000		N'000		N'000		N'000	N'000
162,311,318	157,761,632	150,435,486	97,416,022	93,696,015	88,131,222
								-
-	-			297,000	297,000	297,000
-	-				65,421,332	64,025,068	62,031,121
162,311,318	157,761,632		150,435,486		163,134,354	158,018,083	150,459,343
85,103,598	44,264,068	63,769,090	83,867,130	43,387,050	62,491,829
7,877,904	6,942,660	5,070,151	7,877,904	6,942,660	5,070,151
148,739,709	107,434,891	47,980,850	148,060,074	106,797,356	47,235,791
3,240,594	304,179	1,288,082	3,234,378	297,929	1,283,906
868,642	868,642	868,642	868,642	868,642	868,642
157,856,885	174,858,294	130,041,619	157,579,407	174,658,116	129,714,189
403,687,332	334,672,734	249,018,434		401,487,535	332,951,753	246,664,508
565,998,650	492,434,366	399,453,920	564,621,889	490,969,836	397,123,851
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
112,641,415	158,845,237	124,353,496	114,318,548		159,635,722	125,982,779
125,035,378	171,239,200	136,747,459	126,712,511	172,029,685	138,376,742
(21,696)	(12,790)	(21,262)	-		-	-
125,013,682	171,226,410	136,726,197	126,712,511	172,029,685	138,376,742
(2,286,475)	13,238,074	10,431,964	(2,286,475)	13,238,074	10,431,964
722,315	-	1,375,276	-	-	1,333,830
394,315	531,563	699,412	394,315	531,563	699,412
(1,169,845)	13,769,637	12,506,652	(1,892,160)	13,769,637	12,465,206
29,877,947	25,542,640	17,463,113	29,875,511	25,542,640	17,463,111
339,220	981,142	972,375	963,241	933,022	915,629
263,466	243,719	177,951	263,466	243,719	177,951
400,328,116	273,746,758	229,522,147	397,353,257	271,527,073	225,639,736
758,932	762,567	762,567	758,931	762,567	762,567
10,587,132	6,161,493	1,322,918	10,587,132	6,161,493	1,322,909
442,154,813	307,438,319	250,221,071	439,801,538	305,170,514	246,281,903
440,984,968	321,207,956	262,727,723	437,909,378	318,940,151	258,747,109
565,998,650	492,434,366	399,453,920	564,621,889	490,969,836	397,123,851

The consolidated and separate financial statements on pages 2 to 39, were approved by the board on July 28, 2023 and were signed on its behalf by:

Alh. Aliko Dangote, GCON	Mr. Ravindra Singh Singhvi	Mr. Oscar Mbeche
Chairman	Group Managing Director/CEO	Group Chief Finance Officer
FRC/2013/IODN/00000001766	FRC/2021/003/000000/22565	FRC*
`		* "Waiver granted by FRCN"

The accompanying notes on pages 6 to 39 form an integral part of the consolidated and separate financial statements.

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