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Dangote Sugar Annual Report 2020

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Dangote Sugar Annual Report 2020 ANNUAL REPORT & FINANCIAL STATEMENTS Sugar for Nigeria Vision, Mission & Values 2 Corporate Information 3 – 4 Company Overview 6 – 9 Strategic Mission 10 Results at a Glance 11 Notice of Annual General Meeting 12 – 13 Chairman’s Statement 14 – 17 The Global Sugar Market 18 – 21 OPERATIONS REVIEW Dangote Sugar Refinery Apapa 24 Dangote Sugar Numan Operations 24 – 25 Sales & Distribution 26 – 27 Supply Chain 28 Distribution 29 Sugar for Nigeria Project 30 – 31 • Nasarawa Sugar Company Limited 32 Management Committee 33 – 35 Group Managing Director/CEO’s Report 36 – 39 SUSTAINABILITY REPORT A Sustainability Growth Culture 42 – 44 Note from the GMD/CEO 45 Our Approach to Sustainability 46 – 52 Cultural 53 – 58 Economic & Social Performance 59 – 67 Health & Safety 68 – 71 Environment 72 – 73 Institutional Standards 74 – 79 Risk Management 80 – 85 Our Reporting Practice 86 – 94 CORPORATE GOVERNANCE Corporate Governance Report 98 – 109 Board of Directors 111 – 113 Report of the Directors 114 – 119 FINANCIAL STATEMENTS Report of the Statutory Audit Committee 122 Statement of Director’s Responsibilities 123 Statement of Corporate Responsibility for Financial Statements 124 Independent Auditor’s Report 125 – 129 Consolidated and Separate Statement of Profit or Loss and Other Comprehensive Income 130 Consolidated and Separate Statement of Financial Position 131 Consolidated and Separate Statements of Changes in Equity 132 Consolidated and Separate Statements of Cash Flows 133 Notes to the Consolidated and Separate Financial Statements 134 – 183 Statement of Value Added 184 – 185 Five-year Financial Summary 186 – 187 SHAREHOLDING & OTHER INFORMATION Share Capitalization History 190 Shareholding Information 191 – 192 Unclaimed dividend position as at 31 December 2020 193 E-Reports 195 E-Mandate Forms 197 Proxy Form 201 Dangote Sugar 2020 Annual Report 1 OUR VISION, MISSION & VALUES Vision Our vision is to be one of the world’s leading integrated sugar producers, respected for the quality of our products and the way we conduct our business. Mission To deliver consistently good returns to our shareholders by selling high-quality products at affordable prices, backed by excellent customer service. Our Values • Customer Service • Entrepreneurship • Excellence • Leadership 2 Dangote Sugar 2020 Annual Report CORPORATE INFORMATION Directors, Officers and Professional Advisers BOARD OF DIRECTORS Aliko Dangote, GCON - Chairman - Ravindra Singh Singhvi Group Managing Direct or/ CEO Sani Dangote - Non-Executive Director Olakunle Alake - Non-Executive Director Abdu Dantata - Non-Executive Director Bennedikter Molokwu - Non-Executive Director Konyinsola Ajayi, SAN - Non-Executive Director Uzoma Nwankwo - Non-Executive Director Maryam Bashir - Independent Non-Execu ti ve Director COMPANY SECRETARY/LEGAL ADVISER Temitope Hassan (Mrs.) AUDITORS PricewaterhouseCoopers Landmark Towers, Plot 5B Water Corporation Road, Victoria Island, Lagos, Nigeria BANKERS Access Bank Plc. Standard Charted Bank Nigeria Limited Coronation Merchant Bank Sterling Bank Plc Ecobank Nigeria Plc. UBA Plc. Fidelity Bank Plc. Union Bank Nigeria Plc First Bank of Nigeria Limited. Unity Bank Plc First City Monument Bank Plc. Zenith Bank Plc. FSDH-FIRST Security Discount House GTBank Plc. Globus Bank Jaiz Bank Plc. StanbicIBTC Bank Plc. CAPITAL MARKET INFORMATION NSE TICKER SYMBOL DANSUG DATE LISTED 8TH MARCH 2007 FINANCIAL CALENDAR (YEAR END) December 31 RC Number 613748 Authorized Share Capital 15,000,000,000 Ordinary Shares of 50k each. Issued/Paid Up Share Capital 12,146,878,241 Ordinary Shares of 50k each SHAREHOLDER INFORMATION Date of Incorporation 4th January 2005 REGISTERED OFFICE 3rd Floor, GDNL Building Terminal E, Shed 20 NPA Wharf Port Complex Apapa Lagos Dangote Sugar 2020 Annual Report 3 CORPORATE INFORMATION Cont‘d FACTORY Shed 20 Apapa Wharf Apapa Lagos DANGOTE SUGAR NUMAN OPERATIONS Km 81, Yola – Gombe Road, Numan, Adamawa State SUBSIDIARIES • Nasarawa Sugar Company Limited 1, Anguwan Kaura, Tunga Central Chiefdom, Tunga, Awe Local Government Council, Nasarawa State. • Dangote Taraba Sugar Limited LAU/TAU PROJECTS C/o Dangote Sugar Refinery Plc Shed 20 Apapa Wharf Complex, Apapa Wharf Lagos • Dangote Adamawa Sugar Limited 1, Alfred Rewane Road Falomo, Ikoyi Lagos REGISTRAR AND TRANSFER OFFICE: VERITAS REGISTRARS LIMITED PLOT 89A, Ajose Adeogun Street, Victoria Island, Lagos. Telephone: (01) 27089304, 2784167-8; Fax: (01)2704085 [email protected] www.veritasregistrars.com INVESTOR RELATIONS CONTACT Douglas Ngharamike +234 8112192595 [email protected] CORPORATE COMMUNICATIONS CONTACT Ngozi Ngene +234 8150983259 [email protected] [email protected] [email protected] www.dangotesugar.com.ng 4 Dangote Sugar 2020 Annual Report WE ARE DANGOTE SUGAR REFINERY PLC 6 Dangote Sugar 2020 Annual Report Dangote Sugar Refinery Plc (DSR) is a Sugar Dangote Sugar commenced business in March 2000 Refining and Production Group, with a success- as the sugar division of Dangote Industries Limited. ful history and the pioneer company in the The division was spun-off as Dangote Sugar Refinery development of the Nigerian Sugar sector of the Plc via a Scheme of Arrangement in January 2006 food and beverage industry. which transferred all the assets, liabilities, and under- takings attributable to the sugar division of Dangote In this Annual Report, we present a comprehen- Industries Limited to Dangote Sugar Refinery. sive account of our financial and operational performance during the year under review and Dangote Sugar Refinery is Nigeria’s largest producer of have combined our Annual and Sustainability household and industrial sugar refined from raw sugar Reports. The Sustainability Report is structured imported from Brazil to Vitamin A fortified granulated around our 7 Sustainability Pillars of what we white sugar suitable for direct consumption and non- call - “The Dangote Way.” fortified sugar for industrial use. Dangote Sugar 2020 Annual Report 7 WE ARE DANGOTE SUGAR REFINERY PLC Cont‘d Dangote Sugar Refinery Plc was listed on the main stronger business with great growth opportunities was board of the Nigerian Stock Exchange in March 2007. born for growth and delivery of superior benefits to all Today, Dangote Sugar is a household name in the stakeholders. Nigerian Food and Beverage industry with core competences in the: Also, the step is in line with DSR’s resolve to achieve its Sugar for Nigeria Project with the Backward Integration • Refining of raw sugar to make high quality and the goal is to become a global force in sugar Vitamin A fortified and non-fortified granulated production, by producing 1.5MMT/PA refined sugar white sugar. from locally grown sugarcane for the domestic and • Marketing and distribution of our refined sugar export markets. grades in 1000kg, 50kg, 1kg, 500g & 250g packages To achieve this, we acquired Dangote Sugar Numan, • Cultivation and milling of sugar cane to finished (Savannah Sugar Company Limited), Adamawa State sugar from the DSR Numan Operations in in 2012, and embarked on the ongoing rehabilitation Adamawa State of its facilities and expansion of the 32,000 hectares’ • Development of Greenfield projects in line with sugarcane estate. Other greenfield sites at Tunga, our “Sugar for Nigeria Project,” strategic plan Nasarawa state and Lau/Tau, Taraba State are being developed. In September 2020, the scheme of merger between DSR and Savannah Sugar was completed and a 8 Dangote Sugar 2020 Annual Report OUR DESIRED OUTCOME TO CONSOLIDATE OUR LEADERSHIP POSITION LOCALLY AND BECOME A LEADING INTEGRATED SUGAR COMPANY IN AFRICA, WITH WORLD CLASS STANDARDS Dangote Sugar 2020 Annual Report 9 STRATEGIC MISSION To deliver consistently, good returns to our shareholders by selling high-quality products at affordable prices, backed by excellent customer service. To satisfy market demand by producing the very best refined granulated sugar using exceptional resources and processes that comply with international standards and industry best practices. To help Nigeria towards self-sufficiency in sugar production by moving from importation and refining to creating new plantations with their own refining facilities, close to major centres of demand, with a target to produce 1.5 - 2.0 million tonnes of refined sugar annually, by 2024 from over 150,000 hectares of locally grown sugar cane. To provide economic benefits to local communities by way of direct and indirect employment. To set a good example in areas such as governance, sustainability, health and safety. 10 Dangote Sugar 2020 Annual Report RESULTS AT A GLANCE GROUP GROUP COMPANY COMPANY 2020 2019 2020 2019 N'000 N'000 N'000 N'000 Turnover 2 1 4 ,2 9 7,747 161,085,778 206,360,656 158,104,577 Profit Before Taxation 4 5 ,6 2 2,319 29,820,430 46,038,948 34,829,241 Taxation ( 1 5 ,8 47,076) (7,459,154) (14,668,289) (10,726,425) Profit After Taxation 2 9 , 7 7 5,243 22,361,276 31,370,659 24,102,816 Other Comprehensive Income Dividend Paid 1 3 ,2 0 0,000 13,200,000 13,200,000 13,200,000 Share Capital 6,073,439 6,000,000 6,073,439 6,000,000 Shareholders’ Fund Per 50 Kobo Share Data (Kobo) 1,027 905 1,032 984 Earnings Per Share (kobo) 245 187 258 20 1 Proposed Dividend The Directors recommend for approval of the shareholders at the Annual General Meeting, a dividend of N1.50k for every ordinary share of 50 kobo each held in the company; for the year ended December 31, 2020. If approved the total cash dividend payable for the year ended December 31, 2020 will be N18.22billion. Dangote Sugar 2020 Annual Report 11 NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN, that the 15th Annual General Meeting of DANGOTE SUGAR REFINERY PLC will be held at the Eko Hotel & Suites, Plot 1415, Adetokunbo Ademola Street, Victoria Island Lagos at 11:00am on Thursday May 27, 2021 to transact the following business: ORDINARY BUSINESS 1. To receive and consider the Audited Financial Statements for the year ended December 31, 2021, the Reports of the Directors, Auditors and Statutory Audit Committee thereon. 2. To declare a dividend.
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