Lafarge Africa Plc
Unaudited Condensed Financial Statements
30 September 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 |
Mr. Rajesh Surana (Indian) - (appointed w.e.f April 27, 2023) | Non-Executive Director |
Mrs. Claudia Albertini - (appointed w.e.f 28th July 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 | |
(appointed 28th 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 30 September, 2023
Group | Company | ||||||||
3months ended | 3months ended | 9months ended | 9months ended | 3months ended | 3months ended | 9months ended | 9months ended | ||
30/09/2023 | 30/09/2022 | 30/09/2023 | 30/09/2022 | 30/09/2023 | 30/09/2022 | 30/09/2023 | 30/09/2022 | ||
Notes | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
Revenue | 3 | 91,400,205 | 83,265,798 | 289,081,398 | 269,852,450 | 83,286,737 | 77,947,448 | 264,967,798 | 246,265,243 |
Cost of sales (Production) | 4 | (46,732,598) | (44,562,627) | (141,018,646) | (135,078,559) | (46,455,241) | (39,132,049) | (128,007,473) | (116,950,067) |
Gross profit | 44,667,607 | 38,703,171 | 148,062,752 | 134,773,891 | 36,831,496 | 38,815,399 | 136,960,325 | 129,315,176 | |
Selling and distribution costs | 5 | (20,558,923) | (25,000,948) | (60,834,982) | (62,654,051) | (15,957,770) | (23,469,337) | (53,367,638) | (58,073,463) |
Administrative expenses | 6 | (7,161,007) | (5,776,677) | (18,410,276) | (15,889,581) | (6,009,117) | (5,831,677) | (17,180,587) | (15,636,756) |
Other income | 7 | 115,694 | 81,516 | 540,706 | 281,442 | 77,404 | 28,906 | 421,000 | 114,424 |
Impairment reversal/(charge) on receivables | 8 | 382 | 1,611 | (8,909) | 43,645 | 2,665 | 569 | (6,626) | 44,753 |
Operating profit | 17,063,753 | 8,008,673 | 69,349,291 | 56,555,346 | 14,944,678 | 9,543,860 | 66,826,474 | 55,764,134 | |
Finance income | 9 (a) | 1,173,590 | 242,318 | 3,373,884 | 433,950 | 1,092,422 | 227,938 | 3,183,544 | 389,685 |
Finance costs | 9 (b) | (12,396,199) | (1,181,701) | (11,566,820) | (3,041,374) | (11,465,012) | (448,091) | (10,911,936) | (1,626,172) |
Profit before tax | 5,841,144 | 7,069,290 | 61,156,355 | 53,947,922 | 4,572,088 | 9,323,707 | 59,098,082 | 54,527,647 | |
Income tax expense | 10 | (2,015,313) | 419,891 | (21,851,700) | (9,048,383) | (1,550,231) | (184,243) | (21,098,065) | (9,124,687) |
Profit after tax for the period | 3,825,831 | 7,489,181 | 39,304,655 | 44,899,539 | 3,021,857 | 9,139,464 | 38,000,017 | 45,402,960 | |
Other comprehensive income: | |||||||||
Other comprehensive (loss)/income for the | |||||||||
period, net of tax | - | - | - | - | - | - | - | - | |
Total comprehensive income for the period | 3,825,831 | 7,489,181 | 39,304,655 | 44,899,539 | 3,021,857 | 9,139,464 | 38,000,017 | 45,402,960 | |
Profit attributable to : | |||||||||
- Owners | 3,825,831 | 7,489,181 | 39,304,655 | 44,899,539 | 3,021,857 | 9,139,464 | 38,000,017 | 45,402,960 | |
- Non-controlling interests | - | - | - | - | - | - | - | - | |
3,825,831 | 7,489,181 | 39,304,655 | 44,899,539 | 3,021,857 | 9,139,464 | 38,000,017 | 45,402,960 | ||
Total comprehensive income for the period is | |||||||||
attributable to: | |||||||||
- Owners | 3,825,831 | 7,489,181 | 39,304,655 | 44,899,539 | 3,021,857 | 9,139,464 | 38,000,017 | 45,402,960 | |
- Non-controlling interests | - | - | - | - | - | - | - | - | |
3,825,831 | 7,489,181 | 39,304,655 | 44,899,539 | 3,021,857 | 9,139,464 | 38,000,017 | 45,402,960 | ||
Earnings per share attributable to the ordinary | |||||||||
equity holders of the Company: | |||||||||
Basic earnings per share (Kobo) | 21 | 24 | 46 | 244 | 279 | 19 | 57 | 236 | 282 |
4
Lafarge Africa Plc
Consolidated and Separate Statements of Financial Position as at 30 September, 2023
Group | Company | ||||
30 September | 31 December | 30 September | 31 December | ||
2023 | 2022 | 2023 | 2022 | ||
Notes | N'000 | N'000 | N'000 | N'000 | |
ASSETS | |||||
Non-current assets | |||||
Property, plant and equipment | 11 | 344,102,506 | 341,458,500 | 279,227,167 | 276,696,636 |
Intangible assets | 12 | 79,938 | 91,182 | 79,938 | 91,181 |
Investments in subsidiaries | 13.1 | - | - | 63,906,867 | 63,906,867 |
Other assets | 16 | 59,995,682 | 60,851,702 | 55,048,484 | 57,167,949 |
Deferred tax assets | 15 | 1,268,584 | 2,031,419 | 1,268,584 | 2,031,419 |
Total non-current assets | 405,446,710 | 404,432,803 | 399,531,040 | 399,894,052 | |
Current assets | |||||
Inventories | 17 | 53,226,999 | 53,043,073 | 38,743,002 | 41,896,205 |
Trade and other receivables | 18 | 7,180,808 | 6,353,825 | 53,375,383 | 43,149,848 |
Other assets | 16 | 20,573,750 | 18,462,277 | 19,467,900 | 17,326,786 |
Other financial assets | 14 | 24,311 | 21,000 | 16,828 | 14,335 |
Cash and cash equivalents | 19 | 157,145,457 | 118,398,495 | 146,858,975 | 106,901,117 |
Total current assets | 238,151,325 | 196,278,670 | 258,462,088 | 209,288,291 | |
Total assets | 643,598,035 | 600,711,473 | 657,993,128 | 609,182,343 | |
LIABILITIES | |||||
Non-current liabilities | |||||
Loans and borrowings | 22 | 749,347 | 1,530,387 | 333,393 | 529,850 |
Employee benefit obligations | 25 | 2,529,458 | 2,410,849 | 2,115,377 | 2,042,726 |
Deferred income | 24 | 946,794 | 1,094,611 | 929,794 | 1,012,843 |
Provisions | 23 | 3,556,121 | 2,718,462 | 1,590,768 | 1,389,034 |
Deferred tax liabilities | 25,050,993 | 8,472,328 | 16,781,323 | - | |
Total non-current liabilities | 32,832,713 | 16,226,637 | 21,750,655 | 4,974,453 | |
Current liabilities | |||||
Loans and borrowings | 22 | 38,622,096 | 35,062,463 | 36,027,469 | 33,255,574 |
Deferred income | 24 | 206,986 | 261,924 | 110,732 | 110,732 |
Trade and other payables | 26 | 102,571,850 | 80,797,501 | 115,794,935 | 90,874,972 |
Contract liabilities | 27 | 37,222,312 | 46,019,970 | 36,272,947 | 40,410,912 |
Provisions | 23 | 4,346,865 | 2,353,466 | 4,328,311 | 2,108,367 |
Current tax liabilities | 4,604,145 | 3,887,507 | 3,647,852 | 3,171,530 | |
Total current liabilities | 187,574,254 | 168,382,831 | 196,182,246 | 169,932,087 | |
Total liabilities | 220,406,967 | 184,609,468 | 217,932,901 | 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 | 234,117,495 | 227,028,432 | 190,535,576 | 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 | 423,191,068 | 416,102,005 | 440,060,227 | 434,275,802 | |
Non-controlling interests | - | - | - | - | |
Total equity | 423,191,068 | 416,102,005 | 440,060,227 | 434,275,802 | |
Total equity and liabilities | 643,598,035 | 600,711,473 | 657,993,128 | 609,182,343 |
These financial statements were approved and authorised for issue by the board of directors on 30th October 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 |
5
Lafarge Africa Plc
Consolidated Statement of Changes in Equity for the period ended 30 September, 2023
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 at 1 January 2022 | 8,053,899 | 435,148,731 | 189,487,103 | (254,129,057) | 378,560,676 |
Profit for the period ended 30 September 2022 | - | - | 44,899,539 | - | 44,899,539 |
Total comprehensive income for the period | - | - | 44,899,539 | - | 44,899,539 |
Balance at 30 September 2022 | 8,053,899 | 435,148,731 | 234,386,642 | (254,129,057) | 423,460,215 |
Balance at 30 September 2022 | 8,053,899 | 435,148,731 | 234,386,642 | (254,129,057) | 423,460,215 |
Profit for the period (October 1 to December 31 2022) | - | - | 8,747,917 | - | 8,747,917 |
Other comprehensive loss (Net of tax) | - | - | 1,669 | - | 1,669 |
Total comprehensive income for the period | - | - | 8,749,586 | - | 8,749,586 |
Transaction with owners: | |||||
Dividends declared | (16,107,796) | (16,107,796) | |||
Total transaction with owners | - | - | (16,107,796) | - | (16,107,796) |
Balance at 31 December 2022 | 8,053,899 | 435,148,731 | 227,028,432 | (254,129,057) | 416,102,005 |
Balance at 1 January 2023 | 8,053,899 | 435,148,731 | 227,028,432 | (254,129,057) | 416,102,005 |
Profit for the period ended 30 September 2023 | - | - | 39,304,655 | - | 39,304,655 |
Total comprehensive income for the period | - | - | 39,304,655 | - | 39,304,655 |
Transaction with owners: | |||||
Dividends declared | - | - | (32,215,592) | - | (32,215,592) |
Total transaction with owners | - | - | (32,215,592) | - | (32,215,592) |
Balance at 30 September 2023 | 8,053,899 | 435,148,731 | 234,117,495 | (254,129,057) | 423,191,068 |
6
Lafarge Africa Plc
Consolidated Statement of Changes in Equity for the period ended 30 September, 2023
Company | Attributable to equity holders of the parent | ||||
Other reserves arising on | |||||
Share | Share | Retained | business combination and | ||
capital | premium | earnings | re-organisations | Total equity | |
N'000 | N'000 | N'000 | N'000 | N'000 | |
Balance at 1 January 2022 | 8,053,899 | 435,148,731 | 145,824,819 | (193,677,979) | 395,349,470 |
Profit for the period ended 30 September 2022 | - | - | 45,402,960 | - | 45,402,960 |
Total comprehensive income for the period | - | - | 45,402,960 | - | 45,402,960 |
Balance at 30 September 2022 | 8,053,899 | 435,148,731 | 191,227,779 | (193,677,979) | 440,752,430 |
Balance at 30 September 2022 | 8,053,899 | 435,148,731 | 191,227,779 | (193,677,979) | 440,752,430 |
Profit for the period (October 1 to December 31 2022) | - | - | 9,629,500 | - | 9,629,500 |
Other comprehensive loss (Net of tax) | - | - | 1,669 | - | 1,669 |
Total comprehensive loss for the period | - | - | 9,631,169 | - | 9,631,169 |
Transaction with owners: | |||||
Dividends declared | - | - | (16,107,796) | - | (16,107,796) |
Total transaction with owners | - | - | (16,107,796) | - | (16,107,796) |
At 31 December 2022 | 8,053,899 | 435,148,731 | 184,751,152 | (193,677,979) | 434,275,803 |
At 1 January 2023 | 8,053,899 | 435,148,731 | 184,751,152 | (193,677,979) | 434,275,803 |
Profit for the period ended 30 September 2023 | - | - | 38,000,017 | - | 38,000,017 |
Total comprehensive income for the period | - | - | 38,000,017 | - | 38,000,017 |
Transaction with owners: | |||||
Dividends declared | - | - | (32,215,592) | - | (32,215,592) |
Total transaction with owners | - | - | (32,215,592) | - | (32,215,592) |
Balance at 30 September 2023 | 8,053,899 | 435,148,731 | 190,535,576 | (193,677,979) | 440,060,228 |
7
Lafarge Africa Plc
Consolidated and Separate Statements of Cash Flows for the period ended 30 September, 2023
Group | Company | ||||
30 September | 30 September | 30 September | 30 September | ||
2023 | 2022 | 2023 | 2022 | ||
Notes | N'000 | N'000 | N'000 | N'000 | |
Cash flows from operating activities: | |||||
Profit after tax | 39,304,655 | 44,899,539 | 38,000,017 | 45,402,960 | |
Adjustments to reconcile Profit for the period to | |||||
net cash flows: | |||||
Depreciation | 11.2 | 20,461,141 | 18,398,835 | 18,212,615 | 16,303,308 |
Amortization of intangible assets | 12 | 11,244 | 551,105 | 11,243 | 483,392 |
Other non-cash items | 28.3 | 521,808 | 402,241 | 7,871 | 374,571 |
Net unrealized foreign exchange movement | 231,020 | (30,000) | 17,296 | 175,405 | |
Finance costs | 9(b) | 2,142,731 | 2,074,087 | 1,656,722 | 1,626,876 |
Finance income | 9(a) | (3,373,884) | (433,950) | (3,183,544) | (389,685) |
Income tax expense | 10 | 21,851,700 | 9,048,383 | 21,098,065 | 9,124,687 |
Provisions and net movement on employee benefits | 28.2 | 1,916,633 | (654,574) | 3,537,733 | (572,763) |
Change in net working capital | 28.1 | 14,202,142 | (21,246,329) | 16,613,263 | (24,904,983) |
Cash flow generated from operations | 97,269,190 | 53,009,337 | 95,971,281 | 47,623,766 | |
Income taxes paid | (3,799,068) | (3,418,813) | (3,074,006) | (2,283,317) | |
Net cash flow generated from operating | 93,470,122 | 49,590,524 | 92,897,274 | 45,340,449 | |
activities | |||||
Cash flows from investing activities | |||||
Acquisition of property, plant and equipment | 11.1 | (22,788,652) | (11,589,549) | (20,334,799) | (10,247,344) |
Interest income received | 3,373,884 | 386,919 | 3,183,544 | 342,654 | |
Net cash flow used in investing activities | (19,414,768) | (11,202,630) | (17,151,255) | (9,904,690) | |
Cash flows from financing activities | |||||
Interest paid | (1,584,203) | (1,413,787) | (1,307,051) | (1,280,020) | |
Dividend paid to equity holders of the company | 26.2 | (35,906,456) | (13,556,130) | (35,906,456) | (13,556,130) |
Proceeds from loans and borrowings | 22.3 | 7,889,209 | 22,573,560 | 7,014,412 | 21,552,233 |
Repayment of lease liabilities | 22.3 | (1,761,622) | (2,039,240) | (1,761,622) | (2,039,240) |
Repayment of loans and borrowings | 22.3 | (3,434,194) | (11,930,081) | (2,784,843) | (11,090,572) |
Net cash flow used in financing activities | (34,797,266) | (6,365,678) | (34,745,560) | (6,413,729) | |
Net increase in cash and cash equivalents | 39,258,088 | 32,022,216 | 41,000,459 | 29,022,030 | |
Cash and cash equivalents at the beginning of the | 19.2 | 116,761,553 | 48,625,884 | 105,264,175 | 43,696,638 |
period | |||||
Effects of exchange rate changes on cash and cash | (1,379,429) | 48,352 | (1,241,486) | 45,042 | |
equivalents | |||||
Cash and cash equivalents at the end of the | 19.2 | 154,640,212 | 80,696,452 | 145,023,148 | 72,763,710 |
period | |||||
8
Lafarge Africa Plc
Notes to the Consolidated and Separate Financial Statements for the period ended 30 September, 2023
-
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 the 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), which were disposed of in 2019, United Cement Company of Nigeria Limited (UNICEM), AshakaCem Ltd (AshakaCem) and Atlas Cement Company Limited (Atlas). 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 July 15, 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 the shareholders at an Annual General Meeting held on 4 May 2021).
The Group's subsidiaries are as stated below;
30 September 2023 | 31 December 2022 | 30 September 2022 |
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 2023 to 30 September 2023, with September 2022 and December 2022 as comparative for Income statement and statement of financial position, respectively.
1.1 Shareholding structure Description
Issued Share Capital
Substantial Shareholdings (5% and above) Names of Shareholders
Caricement BV
Associated Intl Cement Ltd U.K Total Substantial Shareholdings
30 September 2023 | 30 September 2022 | ||
Units | Percentage | Units | Percentage |
16,107,795,721 | 100% | 16,107,795,721 | 100% |
9,027,365,874 | 56.04% | 9,027,365,874 | 56.04% |
4,473,044,718 | 27.77% | 4,473,044,718 | 27.77% |
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 | - | - | - | - |
Ms. Karine Uzan Mercie | - | - | - | - |
Mr. Kaspar Theiler | - | - | - | - |
Mrs. Claudia Albertini | - | - | - | - |
Mr. Lolu Alade-Akinyemi | - | - | - | |
Mr. Gbenga Oyebode MFR | - | - | - | - |
Mrs. Oyinkan Adewale | - | - | - | - |
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) | N76,501,396,255.20 | N63,751,163,546.00 |
9
Lafarge Africa Plc
Notes to the Consolidated and Separate Financial Statements for the period ended 30 September, 2023
Declaration:
- A) Lafarge Africa Plc with a free float value of N76,501,396,255.20 as at September 29, 2023 is compliant with The Exchange's free float requirements for companies listed on the Main Board.
- (B) Lafarge Africa Plc with a free float value of N63,751,163,546.00 as at September 29, 2022 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.
-
Summary of Material Accounting Policies
The Group financial statements of Lafarge Africa Plc for the period ended 30 September 2023 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 2020 and the Financial Reporting Council of Nigeria Act, 2011.
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 1st January 2023, 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 2022 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 statement of changes in equity, the consolidated and separate statement 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 realisable 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 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 19:37:07 UTC.