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Bamburi Construction Solutions for Building Better Cities BAMBURI CONSTRUCTION SOLUTIONS FOR BUILDING BETTER CITIES Annual Report and Financial Statements 2014 MORE HOUSING 2 BAMBURI CEMENT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2014 CONTENTSCONTENTS GROUP INFORMATION 4 2014 HIGHLIGHTS 6 BUSINESS HIGHLIGHTS 8 CHAIRMAN’S STATEMENT 12 INTERVIEW WITH THE MANAGING DIRECTOR 14 OUR BUSINESS IN REVIEW WHAT WE DO 18 VALUE ADDED STATEMENT 19 BOARD OF DIRECTORS 20 BOARD OF DIRECTORS PROFILES 22 EXECUTIVE MANAGEMENT TEAM 24 CORPORATE GOVERNANCE STATEMENT 26 RISK PROFILE 29 SHAREHOLDER PROFILE 31 OUR OPERATIONS IN REVIEW KENYA 34 UGANDA 35 BUILDING THE BRANDS 36 OUR SYSTEMS 37 BUILDING A SUSTAINABLE BUSINESS BUILDING COMMUNITIES 38 BUILDING SUSTAINABLY 41 BUILDING A CIRCULAR ECONOMY 41 CORPORATE SOCIAL RESPONSIBILITY 42 FINANCIAL REVIEW 46-114 SHAREHOLDER INFORMATION NOTICE OF THE ANNUAL GENERAL MEETING 118 PROXY FORM 119 3 BAMBURI CEMENT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2014 GROUP INFORMATION Our Vision To delight our customers with innovative construction solutions while being committed to Ownership sustainability. We are committed to doing things differently and drive for results by thinking creatively so as to offer practical solutions to our customers through the Our Values involvement of all employees and contractors to We are committed to sustaining a culture that ensure the success of the organization. embodies Company values of Ownership, Accountability and Ambition among employees and contractors to drive priorities for the business. MORE CONNECTED Our Priorities To enable us achieve our vision, the Group identified priorities 4. Cost Management in six key areas: To be the lowest delivered cost in our markets through management of variable costs as well as the consistent 1. Health and Safety reduction of Fixed Cost and Sales, General and Administration We are dedicated to upholding best practices in Health and costs (SGA). Safety within our Plants, Offices,Sites we operate in and along our supply chain in the region. 5. Sustainability Ensure secured license to operate, by building sustainable 2. Market Leadership relationships with our stakeholders through a robust and We are committed to being a leader in Eastern Africa market, professional stakeholder engagement program, development focusing on delighting our customers in both domestic and of communities and caring for the environment. inland export markets. 6. People Development 3. Industrial Excellence We are dedicated to having a favourable and constructive We are committed to achieving plant mastery and robust work environment that enhances talent development and operations to ensure achievement of clinker and cement retention. production and dispatch targets. 4 BAMBURI CEMENT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2014 GROUP INFORMATION Accountability Ambition We strive to be accountable to each other and We are focused on achieving greater results by team work is a key pillar in the work place, when going the extra mile in accomplishing projects we work as a team, projects are accomplished on before or on time and empowering our employees time and mistakes are minimized. and contractors to always exceed the expectations We also expect all employees to have integrity. of our customers. About Us Bamburi Cement Ltd A subsidiary of Lafarge, a world leader in building materials that is listed on the Nairobi Securities Exchange. The Company has three subsidiaries (Hima Cement, Bamburi Special Products and Lafarge Eco systems). It also has an integrated plant based in Mombasa and a grinding plant located in Athi River. Hima Cement Uganda based subsidiary with a cement factory located in Kasese, Western Uganda. Bamburi Special Products Wholly owned subsidiary and the largest supplier of Ready Mix Concrete and Precast blocks in Kenya. Lafarge Eco systems A wholly owned subsidiary that manages Company reserve land rehabilitates exhausted quarries and ensures the sustainable utilization of the rehabilitated quarries. 5 BAMBURI CEMENT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2014 2014 HIGHLIGHTS ABOUT BAMBURI CEMENT LTD BAMBURI PROFILE KEY FI GURES BY ACT IVITIES (at December 31, 2014) KEY FIGURES (at December 31, 2014) 2 countries 1. Cement 94% 932 2. Ready Mix, Pre Cast & Others 6% employees 36,029 OUR PRESENCE IN EAST AFRICA revenues in Kshs million UGANDA 3 KENYA production sites (Cement) 2 production sites (Concrete) 4 rehabilitated quarries BAMBURI CEMENT LIMITED 6 ANNUAL REPORT AND FINANCIAL STATEMENTS 2014 2014 HIGHLIGHTS ABOUT LAFARGE A world leader in building materials and top ranking player in the cement, aggregate and concrete industries, we contibute to the construction of cities around the world. Our innovative solutions provide them with more housing and make them more compact, more durable, more beautiuful and better connected. The Group employs 63,000 employees in 61 countries and posted sales of 12.8 billion Euros in 2014. LAFARGE WORLDWIDE (DECEMBER 31, 2014) LAFARGE WORLDWIDE (December 31, 2014) Western Europe North America Central and Eastern Europe Middle East and Africa Latin America Asia GROUP PROFILE KEY FIGURES BY ACTIVITIES (at December 31, 2014) KEY FIGURES (at December 31, 2014) 61 countries World map of Lafarge’s presence as of December 31, 2014 (plants and sales offices). 63,000 employees 55 37 countries KEY FIGURES countries BY GEOGRAPHIC AREA CEMENT N°2 AGGREGATES (at December 31, 2014) WORLD LEADER 37,000 & N°4 CONCRETE 26,000 12,843 employees employees revenues in million euros 8,545 4,253 revenues revenues in million euros in million euros 1,463 149 production sites 1,612 production sites production sites Lafarge - Registration Document 2014 • • Lafarge - Registration Document 2014 BAMBURI CEMENT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2014 7 BUSINESS HIGHLIGHTS KEY FINANCIAL HIGHLIGHTS Group Turnover 40,000 37,491 35,884 36,029 35,000 33,928 30,000 28,075 25,000 20,470 19,403 19,864 20,000 17,579 18,257 17,627 17,021 Shs Million 16,165 15,000 14,525 10,496 10,000 5,000 2010 2011 2012 2013 2014 Kenya Uganda Total Group Operating Income 7,953 8,000 7,282 6,841 7,000 6,000 5,242 5,275 5,000 4,000 Shs Million 3,000 2,000 1,000 2010 2011 2012 2013 2014 Profit attributable to shareholders 8,000 7,000 5,089 5,243 6,000 4,416 5,000 3,468 3,558 4,000 Shs Million 3,000 2,000 1,000 2010 2011 2012 2013 2014 BAMBURI CEMENT LIMITED 8 ANNUAL REPORT AND FINANCIAL STATEMENTS 2014 BUSINESS HIGHLIGHTS KEY FINANCIAL HIGHLIGHTS Net Cash 10,000 8,876 9,000 8,769 8,000 7,616 7,644 7,136 7,000 6,000 5,000 Shs Million 4,000 3,000 2,000 1,000 0 2010 2011 2012 2013 2014 Earnings/ Dividend per Share 16.00 14.44 14.02 14.00 12.17 12.00 12.00 10.50 10.50 10.00 9.55 9.80 10.00 8.50 8.00 Shs per Share 6.00 4.00 2.00 0.00 2010 2011 2012 2013 2014 Finance Costs 400 374 350 300 251 250 200 Shs Million 150 121 91 100 76.0 50 0 2010 2011 2012 2013 2014 BAMBURI CEMENT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2014 9 KEY FINANCIAL HIGHLIGHTS Investments and Net Cashflows from Operating Activities 10,000 8,978 9,000 8,735 8,000 7,595 7,441 7,000 6,638 6,000 5,000 Shs Million 4,000 3,409 3,000 2,000 1,320 1,424 888 898 1,000 - 2010 2011 2012 2013 2014 Net Cash used in Investing activities Net cashflow from operating activities Shareholder Equity 35,000 30,000 28,386 28,930 26,728 25,000 22,028 20,165 20,000 Shs million 15,000 10,000 5,000 - 2010 2011 2012 2013 2014 BAMBURI CEMENT LIMITED 10 ANNUAL REPORT AND FINANCIAL STATEMENTS 2014 BUSINESS HIGHLIGHTS INDUSTRY HIGHLIGHTS East Africa Cement consumption in East Africa grew ahead of GDP, largely supported by strong growth in the home markets, the recovery of the Great Lakes region from geopolitical tensions, closer economic integration within the East African Community as well as a predominantly stable macroeconomic environment supporting good domestic demand. Government UG spending on infrastructure and housing in the region has also spurred demand for cement. KE Kenya The market grew ahead of GDP following recovery in the infrastructure segment as a result RW of good public investment, the trickle-down effects of infrastructure expansion on Individual Home Builders (IHB) segment activity, an increase in diaspora remittances and a stable BU macro-economic environment further stimulating demand. Uganda TZ The market grew ahead of the GDP growth rate supported by recovery in the infrastructure segment as a result of good public investment as well as rising credit growth driven by robust private consumption and improvement in IHB activity. Capacities continued to grow at rates above the growth in demand, putting pressure on prices Continued focus on vertical integration activities, enhanced route to market, channel partner programmes, brand building and innovation to grow revenues The Kenya and Uganda markets remain in a clinker manufacturing deficit and cement surplus in the short run, however the group’s markets extend to larger Eastern and Inland Africa markets which are in a cement-deficit position Progressive excellence in cost optimisation with a key focus on energy costs, which are a key component of our cost of production Outlook Risks Opportunities • Geopolitical tensions • Current stability of the geopolitical climate • Security concerns • Stable macro-economic indicators • Currency and commodities risks • Greater East African Community integration • Favourable weather and fuel prices BAMBURI CEMENT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2014 11 CHAIRMAN’S STATEMENT Committed to the development of the region I take great pleasure as the Chairman of Bamburi Cement Limited in presenting another year of great success.
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