Lafarge Africa : Q2 Unaudited Financial Statement

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

4

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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