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Dangote Cement 2018 Annual Report

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Dangote Cement 2018 Annual Report Dangote Cement Plc Dangote Cement Plc Annual Report 2018 Annual Report 2018 Dangote Cement Plc is Sub-Saharan Africa’s leading cement company, with operations in ten countries. In this Annual Report for 2018, we present a comprehensive account of our financial and operational performance during the last financial year. For the first time, we have structured our Find out more at dangotecement.com Annual Report around the 7 Sustainability Pillars of what we call “The Dangote Way”. We hope it will provide a deeper insight into how we are building a sustainable business for the benefit of all our stakeholders. Strategic report Corporate governance 131 Consolidated and separate statement of financial position 01 Highlights 80 Cha irman’s introduction to governance 132 Consolidated statement of changes 02 At a glance 86 The Board of Directors in equity 06 Where we operate 87 Board activities 133 Separate statement of changes 08 Chairman’s statement 88 Board of Directors in equity 10 Culture 91 Directors’ report 134 Consolidated and separate statement 18 Economic 96 Nomination Committee report of cash flows 20 Markets 98 Audit, Compliance and Risk 135 Notes to the consolidated and separate 22 Business model Management Committee report financial statements 24 Strategy 106 Finance and General Purpose 197 Five-year financial summary Committee report – other national disclosure 26 Operational 110 Technical and Operations 199 Statement of value added 28 Operating review Committee report – other national disclosure 30 Health and safety 114 Remuneration and Governance Supplementary information 32 Executive team Committee report 200 Share capital history 34 Interview with the Chief Executive 200 Related-party transactions 37 Regional overview Financial statements 202 Board policies 38 Operating review 123 Report of the Statutory 204 Compliance with SEC 48 Social Audit Committee disclosure requirements 50 Community 124 Certification pursuant to Section 60 of 207 Notice of 10th Annual General Meeting the Investments and Securities Act (ISA) 54 People 208 Directors and professional advisers 2007 56 Dangote Academy 209 Corporate information 125 Statement of Directors’ Responsibilities 58 Environmental for the Preparation and Approval 210 Donations and sponsorships 64 Financial of the Financial Statements 212 Board and Committee meeting dates 66 Financial review 126 Independent Joint Auditors’ Report and attendance 70 Institutional 129 Consolidated and separate statement of 215 Glossary of abbreviations 73 Risk management profit or loss 217 Mandate for E-Dividend Payment 76 Principal risks 130 Consolidated and separate statement of 219 Proxy Form comprehensive income 4 Dangote Cement Plc Annual Report 2018 Strategic report Strategic report 01 02 03 04 Highlights 2018: A year of record performance Financial highlights Read more on pages 64–69 Revenue up 11.9% Dividend up 52.4% ₦901.2B ₦16.00 per share 2018 ₦901.2B 2018 ₦16.00 2017 ₦805.6B 2017 ₦10.50 2016 ₦615.1B 2016 ₦8.50 EBITDA up 12.1% Net debt/EBITDA ₦435.3B 0.39x 2018 ₦435.3B 2018 0.39x 2017 ₦388.1B 2017 0.52x 2016 ₦257.2B 2016 0.94x Operational highlights Read more on pages 26–47 Group sales volumes Gas turbines now operating up 7.4% to 23.5Mt in Tanzania Nigeria sales volumes up Innovative new products 11.4% to 14.2Mt gaining market share in Nigeria Pan-African sales volumes Enhanced Group-wide level at 9.4Mt sustainability drive implemented Annual Report 2018 Dangote Cement Plc 01 Strategic report At a glance Our purpose To be the partner of choice for those who are building Africa, creating sustainable value for all our stakeholders. “ I’m proud to work for a company with a clear vision for a successful and sustainable future.” Echigeme Grant Shift Manager Ibese Read more on pages 48–57 Vision Mission Values Our vision is to be a global leader Our mission is to deliver strong Service in cement production, respected returns to shareholders by selling Leadership for the quality of our products high-quality products at affordable and services and for the way prices, backed by excellent Entrepreneurship we conduct our business. customer service. Excellence 02 Dangote Cement Plc Annual Report 2018 Strategic report 01 02 03 04 Building prosperity 26,281 staff 13 sites 10 countries Read more on pages 18–25 Investment highlights Leading cement producer in Industry-leading margins diverse regional markets with drive excellent returns and excellent growth prospects strong balance sheet, with low net debt 45.6Mta capacity with Robust governance, with modern, efficient factories five Independent Directors Significant competitive Fully committed to advantages, operating sustainable growth that in local markets benefits all stakeholders One of the largest A unique investment companies in Sub-Saharan opportunity offering Africa by revenue and exposure to Sub-Saharan market capitalisation Africa’s growth potential Annual Report 2018 Dangote Cement Plc 03 Strategic report At a glance continued The Dangote Group 7 Sustainability Pillars The Dangote Way Our 7 Sustainability Pillars support our unique approach to creating a world-class enterprise. Driven by the goal of achieving the highest levels of governance, the 7 Sustainability Pillars are embedded in our corporate culture and guide our approach to building a prosperous and sustainable business. Cultural Economic Operational Embody our core values Promote inclusive Deploy cost-effective, into the way we do economic benefits, state-of-the-art business, embracing self-reliance and production and respect, teamwork, self-sufficiency through distribution facilities and empowerment, inclusion, the sustainable work with our partners to integrity, learning and industrialisation of produce high-quality meritocracy within Africa’s key markets products that satisfy the our organisation. for the benefit of all needs of local markets. our stakeholders. Read more on pages Read more on pages 10–17 Read more on pages 26–47 18–25 04 Dangote Cement Plc Annual Report 2018 Strategic report 01 02 03 04 “ The Dangote Way reflects our commitment to building a sustainable business for all stakeholders.” Aliko Dangote, GCON Group President/CEO, Dangote Industries Ltd. Social Environmental Financial Institutional Nurture the growth and Take care of our Achieve sustainable Build a world-class wellbeing of our environment by creating financial growth by company based upon employees and host sustainable practices to selling high-quality strong governance, communities, ensure address the challenges products at affordable sustainable growth, they share in our success of climate change, prices, so we can transparency, dialogue and enjoy high standards optimising our energy deliver strong returns and compliance with of health, safety and efficiency, water usage to shareholders and laws and regulations. environmental care. and emissions control. create value in our host economies. Read more on pages Read more on pages Read more on pages 70–79 48–57 58–63 Read more on pages 64–69 Annual Report 2018 Dangote Cement Plc 05 Strategic report Where we operate Truly Pan-African Dangote Cement has production capacity of 45.6 million tonnes per year across ten countries in Sub-Saharan Africa. We have integrated factories in seven countries, a clinker grinding plant in Cameroon and import and distribution facilities for bulk cement in Ghana and Sierra Leone. Together, these operations make us the largest cement producer in Sub-Saharan Africa. Serving our continent Based in Nigeria, we operate in many 08 of Sub-Saharan Africa’s key markets for 04 10 01 cement, helping the continent become 07 05 self-sufficient in this most basic commodity. 06 Our regional strategy We look for markets that have ample limestone, 02 thriving economies, growing populations and a 09 pressing need for housing and infrastructure. Read more on pages 26–47 03 A track record of growth 25 20 15 10 Million tonnes 5 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 Nigeria Cameroon Congo Ethiopia Ghana Senegal Sierra Leone South Africa Tanzania Zambia 06 Dangote Cement PLC Annual Report 2018 Strategic report 01 02 03 04 Type of operations Import Clinker Integrated grinding 01 Nigeria 02 Tanzania 03 South Africa Revenue Revenue Revenue ₦618.3B ₦19.5B ₦59.0B 2018 ₦618.3B 2018 ₦19.5B 2018 ₦59.0B 2017 ₦552.4B 2017 ₦16.7B 2017 ₦57.3B 2016 ₦426.1B 2016 ₦12.0B 2016 ₦41.4B Capacity Capacity Capacity 29.3Mta 3.0Mta 2.8Mta 04 Ethiopia 05 Cameroon 06 Congo Revenue Revenue Revenue ₦51.4B ₦48.7B ₦7.5B 2018 ₦51.4B 2018 ₦48.7B 2018 ₦7.5B 2017 ₦54.5B 2017 ₦43.2B 2017 ₦1.0B 2016 ₦40.1B 2016 ₦31.2B Capacity Capacity Capacity 2.5Mta 1.5Mta 1.5Mta 07 Ghana 08 Senegal 09 Zambia Revenue Revenue Revenue ₦25.4B ₦35.0B ₦33.1B 2018 ₦25.4B 2018 ₦35.0B 2018 ₦33.1B 2017 ₦28.1B 2017 ₦28.8B 2017 ₦25.1B 2016 ₦32.9B 2016 ₦19.9B 2016 ₦17.0B Capacity Capacity Capacity 1.5Mta 1.5Mta 1.5Mta Future projects 10 Sierra Leone In the coming years we will open Revenue export facilities in Nigeria so we can ₦3.7B export clinker and cement to our 2018 ₦3.7B existing facilities both in Cameroon 2017 ₦3.0B and the new import facilities we plan to build in West Africa. In addition, we plan to build new integrated Capacity factories in Nigeria and Niger that 0.5Mta will strengthen our position as Africa’s leading cement producer. Annual Report 2018 Dangote Cement PLC 07 Strategic report Chairman’s statement Dear fellow stakeholders Before I reflect on what was our most successful year to date, I wish to pay tribute to three of our colleagues whose deaths particularly shocked our Company in May. Our Chief Executive for Ethiopia, Deep Kamra, his Assistant, Beakal Alelign, and Driver, Tsegaye Gidey were brutally killed in an unprovoked act of violence on the road from our plant in Mugher to the capital, Addis Ababa.
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