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DANGCEM-Annual-Report-2015.Pdf 2015 Annual Report Building Prosperity Throughout Africa Beating the drums in celebration Drums hold a special place in the history and culture of Africa and are a significant part of our celebrations. That is why we chose the drum as the symbol of this year’s Annual Report. In the pages that follow you will read about how we commissioned new plants across Africa, creating jobs and prosperity for thousands of Africans, while at the same time making high-quality cement more affordable and accessible to millions. Despite strong economic headwinds across Africa we increased revenues and profitability, improved our operational management and strengthened our corporate governance. Therefore, we believe it is appropriate for us to beat the drums in celebration of the milestones we achieved during the year. Cover picture: The Kpanlogo drum The Kpanlogo comes from the ‘Ga’ people of Accra, West Africa. In the ‘Ga’ language, Kpanlogo it is translated to mean ‘Turning Dance’, to which the drum is played. Contents About Us Financial Statements At a Glance 4 Report of the Statutory Audit Committee 132 Year in Figures 5 Report of the Independent Auditors to Vision, Mission, Values 6 the Members of Dangote Cement Plc 133 Chairman’s Statement 8 Directors’ Responsibilities for the Preparation Group Overview 11 and Approval of the Financial Statements 134 Our Strategy 14 Consolidated and Separate Statement of Profit or Loss 135 Creating Value 18 Consolidated and Separate Statement Current Operations 21 of Comprehensive Income 136 Building for the Future 44 Consolidated and Separate Statement of Financial Position 137 Operational Review Consolidated Statement of Changes in Equity 138 Interview with the Group Chief Executive Officer 48 Separate Statement of Changes in Equity 139 Review by the Group Chief Financial Officer 52 Consolidated and Separate Statement of Cash Flows 140 Risk Management Report 58 Notes to the Consolidated and Separate financial Review of Operations in Nigeria 65 Statements 141 Review of Operations in West & Central Africa 67 Five Year Financial Summary (Group) 196 Review of Operations in South & East Africa 69 Five Year Financial Summary (Company) 197 Our People 71 Statement of Value Added 198 Dangote Academy 73 Our Approach to Sustainability 76 Supplementary Information Our Work with Block Makers 80 Share Capital History 199 Notice of 7th Annual General meeting 200 Corporate Governance Directors and Professional Advisers 201 Corporate Governance Report 84 Corporate Information 202 Board & Committee Structure 95 Donations and Sponsorships 203 Board of Directors 96 Board and Committee meeting dates and attendance 205 Executive Management 102 Glossary of Abbreviations 206 Report of the Directors 106 Mandate for e-dividend payment 207 Audit & Risk Management Committee Report 111 Proxy Form 209 Finance & General Purpose Committee Report 117 Technical & Operations Committee Report 120 Nomination Committee Report 123 Remuneration Report 124 Dangote Cement Plc Annual Report 2015 3 At a Glance Operating in 8 countries 4 countries in 2014 17 countries by 2020 Capacity 43.6Mta 35.1Mta in 2014 77Mta by 2020 Presence 11sites 7 sites in 2014 24 sites by 2020 Employees 14,289 10,601 in 2014 29,000 by 2020 4 Dangote Cement Plc Annual Report 2015 About Us Year in Figures 2015 2014 change Capacity at end of year Mta Mta Nigeria 29.25 29.25 0.0% West & Central Africa 4.0 2.5 60.0% South & East Africa 10.3 3.3 212.1% Total 43.55 35.05 24.3% Sales volumes Mt Mt Nigeria 13.3 12.9 3.2% West & Central Africa 2.1 0.3 597.0% South & East Africa 3.5 0.8 340.4% Total 18.9 14.0 35.0% 2015 2014 Revenues ₦B ₦B Nigeria 389.2 371.5 4.8% West & Central Africa 42.3 6.2 582.3% South & East Africa 61.2 13.9 340.0% Total 491.7 391.6 25.6% EBITDA 262.4 223.4 17.5% EBITDA margin 53.4% 57.0% EBIT 207.8 187.1 11.1% EBIT margin 42.3% 47.8% Profit before tax 188.3 184.7 2.0% ₦ ₦ Earnings per share 10.86 9.42 15.2% Dividend per share 8.0 6.0 33.3% ₦B ₦B Cash flow from operations 299.5 215.3 39.1% Capital expenditure 251.9 217.2 16.0% Net debt 204.2 222.0 (8.0%) Key ratios Net debt/EBITDA 0.78x 1.0x Net gearing 31.5% 37.5% Return on capital employed 24.1% 23.9% Dangote Cement Plc Annual Report 2015 5 Vision, Mission, Values Our vision Our vision is to be Africa’s leading cement company, respected for the quality of our products and services and for the way we conduct our business. Our mission Our mission is to deliver strong returns to shareholders by selling high-quality products at affordable prices, backed by excellent customer service. To help Nigeria and other African countries towards self-reliance and self-sufficiency in the production of the world’s most basic commodity, by establishing efficient production facilities in strategic locations close to key markets. To provide economic benefits to local communities by way of direct and indirect employment in all countries in which we operate. To lead the way in areas such as governance and sustainability and set a good example for other companies to follow. Our values Excellence Customer service Leadership Entrepreneurship 6 Dangote Cement Plc Annual Report 2015 “I am pleased to report that 2015 was a year of successful growth and transformation for Dangote Cement.” Aliko Dangote GCON Dangote Cement Plc Annual Report 2015 7 Chairman’s Statement Dear shareholders, It is my pleasure to deliver this Annual efficiency and establishing a lower, Devaluation was a factor in other Report at the 7th Annual General more sustainable price that has African countries where we operate, Meeting of Dangote Cement. made cement more affordable for all with Ghana, South Africa, Cameroon Nigerians. and particularly Zambia all seeing I am pleased to report that 2015 their currencies fall against the dollar. was a year of successful growth Because of our strong management and transformation for Dangote of the business and quick actions in All of our pan-African operations had Cement, not just in our geographical the face of these external challenges, positive operating profit even though diversification but also in our our sales volumes in Nigeria grew most of their capacities were still in operational management. by 3.2% to 13.3Mt, with revenues of the less-profitable ramp-up phase. ₦389.2B, up 4.8% on the ₦371.5B Our West & Central Africa region Plants that we had been building for we achieved in 2014. contributed an operating profit of ₦4.7B three years were opening across Africa (2014: ₦3.9B loss), while South & East and quickly achieved outstanding Achieving 3.2% sales volume growth Africa posted ₦8.6 (2014: ₦0.06B). success in their respective markets. in Nigeria was an excellent result for You may have wondered whether a year that was far more challenging The result of our hard work throughout we could successfully extend our for the entire market than 2014. Africa is that earnings per share rose business across the continent, I hope Indeed, Nigeria’s record performance by 15.2%, from ₦9.42 to ₦10.86. our success in 2015 has proved to in the final quarter of 2015 makes us your satisfaction that we can. confident that our core market will The Board has recommended for your return to robust growth in the coming approval a dividend of ₦8.0 per 50 Group cement sales in 2015 years, particularly as the new Federal kobo share (2014: ₦6.0). Government is strongly committed 18.9Mt (+35%) to investment in infrastructure and The dividend will be payable on 21st housing and hopes to increase capital April, 2016 to shareholders whose The new factories that we opened spending to 30% of its Budget, as names appear in the Company’s in Senegal, Cameroon, Ethiopia and opposed to the 15% allocated in Register of Members at the close of Zambia made their first contributions previous years. business on 8th April 2016. to the business in 2015 and as a result our volumes rose by 35.0% to Our margins in Nigeria eased slightly This is a total dividend payout ratio of 18.9Mt, driving Group revenues up from an operating margin of 51.4% 74% and is consistent with our aim to 25.6% to ₦491.7B (2014: ₦391.6B). in 2014, to 49.8% in 2015, due to a deliver good returns to shareholders Group operating profit rose by 11.1% combination of gains from the more whilst also managing our finances to ₦207.8B, helped by contributions favourable fuel mix we used during so that we can take advantage of the from the new factories, all of which the year, offset as we expected by the opportunities that Africa presents. had positive operating profit in 2015. impact of the price reduction in the final quarter of the year. Africa is a rapidly developing continent. In our home market we faced The United Nations estimates that its significant challenges from a falling Margins were protected to some population will rise from about one oil price, the devaluation of the Naira, degree by shifting production away billion today to 2.4 billion by 2050, the delay to the General Election and from our LPFO-fuelled Gboko plant with the urbanised poplation rising a shortage of diesel fuel in April. Yet to the gas-fired plants at Ibese and from 400 million to 1.4 billion; that we responded by becoming more Obajana, which sold almost all our is more than four times the current customer focused, improving our cement in Nigeria during the year.
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