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Dangote Cement 2019 Annual Report

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Dangote Cement 2019 Annual Report Dangote Cement Plc Dangote Cement Plc Annual Report 2019 Driving opportunities Annual Report 2019 in new markets Dangote Cement Plc is Sub-Saharan Africa’s leading cement company, with operations in ten countries. In this Annual Report for 2019, we present a comprehensive account of our financial and operational performance during the last financial year. For the first time, we have combined our Annual Report and our Sustainability Report. This report is structured around the 7 Sustainability Pillars of what we call “The Dangote Way”. Contents Strategic report Financial statements Supplementary information 01 Highlights 136 Report of the Statutory Audit Committee 208 Share capital history 02 At a glance 137 Certification pursuant to Section 60 of the 209 Shareholding range analysis 04 The Dangote Way Investments and Securities Act (ISA) 2007 210 GRI content index 06 Where we operate 138 Statement of Directors’ Responsibilities 216 External assurance statement report for the Preparation and Approval of the 08 Chairman’s statement Financial Statements 219 Related-party transactions 10 Cultural 139 Independent Joint Auditors’ Report 221 Compliance with SEC disclosure requirements 22 Economic 142 Consolidated and separate statement 28 Markets of profit or loss 224 Notice of Annual General Meeting 28 Business model 143 Consolidated and separate statement 225 Directors and professional advisers 30 Strategy of comprehensive income 226 Corporate information 34 Operational 144 Consolidated and separate statement 227 Donations and sponsorships of financial position 42 Executive Committee 231 Board and Committee meeting dates 145 Consolidated statement of changes and attendance 45 Interview with GMD/CEO in equity 234 Notes 47 Regional overview 146 Separate statement of changes in equity 237 e-Mandate Activation form 60 Social 147 Consolidated and separate statement 239 Proxy form 70 Environmental of cash flows 78 Institutional 148 Notes to the consolidated and separate 88 Financial financial statements 94 Risk management 205 Five-year financial summary – other national disclosure Group Corporate governance 206 Five-year financial summary – other 104 Chairman’s corporate governance report national disclosure Company 110 Board roles and activities 207 Statement of value added – other national disclosure 112 Board policies 114 Board of directors 117 Directors report 122 Audit, Compliance and Risk Management Committee report 125 Finance and Investment Committee Report 128 Technical and Sustainability Report 130 Remuneration, Governance and Nomination Commitee Report Find out more at dangotecement.com Highlights 2019: Strong performance Strategic report despite a tough operating environment Financial highlights Revenue down 1.1% Dividend remained strong ₦891.7B ₦16.00 per share 2019 ₦891.7B 2019 ₦16.00 2018 ₦901.2B 2018 ₦16.00 2017 ₦805.6B 2017 ₦10.50 Group volumes up 0.6% Net debt/EBITDA 23.7Mt(including clinker) 0.58x 2019 23.7Mt 2019 0.58x 2018 23.5Mt 2018 0.39x 2017 21.9Mt 2017 0.52x Operational highlights Group sales volumes Nigeria sales Pan Africa sales up by 0.6% volumes flat volumes up 1.9% at 14.1Mt to 9.6Mt Strong volume Maintained Continued focus on growth in Tanzania strong market sustainability drive and Sierra Leone share in Nigeria Annual Report 2019 Dangote Cement Plc 01 At a glance A global leader To be the partner of choice for those who are building Africa, creating sustainable value for all our stakeholders. Our purpose Our vision To be the partner of choice for those Our vision is to be a global leader in cement who are building Africa, creating production, respected for the quality of our sustainable value for all our products and services and for the way we stakeholders. conduct our business. Our mission Our values Our mission is to deliver strong returns to shareholders by selling high-quality products at affordable prices, backed by Service excellent customer service. Leadership Entrepreneurship Excellence Building prosperity 45.6Mt capacity 10 countries 02 Dangote Cement Plc Annual Report 2019 Investment case Strategic report Leading cement Industry-leading 8 reasons producer in diverse margins to drive to invest regional markets excellent returns with excellent and strong balance growth prospects sheet, with low net debt 45.6Mta capacity Robust governance, Significant with modern, with five Independent competitive efficient factories Directors advantages, operating in local markets Fully committed to One of the largest A unique investment sustainable growth companies in opportunity offering that benefits all Sub-Saharan Africa exposure to stakeholders by revenue and Sub-Saharan market capitalisation Africa’s growth potential Annual Report 2019 Dangote Cement Plc 03 The Dangote Way 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 level of governance, the 7 Sustainability Pillars are embedded in our corporate culture and guide our approach to building a prosperous and sustainable business. Our 7 Sustainability Pillars Cultural Economic Operational Embody our core values Promote inclusive Deploy cost-effective, into the way we do economic benefits, self- state-of-the-art production business, embracing reliance and self-sufficiency and distribution facilities respect, teamwork, through the sustainable and work with our partners empowerment, inclusion, industrialisation of Africa’s to produce high-quality integrity, learning and key markets for the benefit products that satisfy the meritocracy within our of all our stakeholders. needs of local markets. organisation. > Read more on pages 22–33 > Read more on pages 34–41 > Read more on pages 10–21 04 Dangote Cement Plc Annual Report 2019 Strategic report “ Our commitment is further demonstrated in the enthusiasm with which we continue to operationalise our 7 Dangote Sustainability Pillars, which collectively reflect the ethos behind The Dangote Way.” Aliko Dangote, GCON Chairman, Dangote Cement PLC Social Environmental Financial Institutional Nurture the growth and Take care of our Achieve sustainable Build a world-class wellbeing of our employees environment by creating financial growth by selling company based upon and host communities, sustainable practices to high-quality products at strong governance, ensure they share in our address the challenges of affordable prices, so we sustainable growth, success and enjoy high climate change, can deliver strong returns transparency, dialogue standards of health, safety optimising our energy to shareholders and and compliance with laws and environmental care. efficiency, water usage create value in our host and regulations. > Read more on pages 60–69 and emissions control. economies. > Read more on pages 78–87 > Read more on pages 70–77 > Read more on pages 88–93 Annual Report 2019 Dangote Cement Plc 05 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 of 08 Sub-Saharan Africa’s key markets for cement, 04 10 01 helping the continent become self-sufficient in 07 05 this most basic commodity. 06 Our regional strategy We look for markets that have ample limestone, thriving 02 economies, growing populations and a pressing need 09 for housing and infrastructure. 03 A track record of growth 25 20 15 10 Million tonnes 5 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 Nigeria Cameroon Congo Ethiopia Ghana Senegal Sierra Leone South Africa Tanzania Zambia 06 Dangote Cement Plc Annual Report 2019 Strategic report Type of operations Integrated Import Clinker grinding 01 Nigeria 02 Tanzania 03 South Africa Estimated market share Estimated market share Capacity Low to mid 60s 21% 2.8Mta Capacity Capacity 29.3Mta 3.0Mta 04 Ethiopia 05 Cameroon 06 Congo Estimated market share Estimated market share Estimated market share 26% 39% 33% Capacity Capacity Capacity 2.5Mta 1.5Mta 1.5Mta 07 Ghana 08 Senegal 09 Zambia Estimated market share Estimated market share Estimated market share 7.5% 23% 28% Capacity Capacity Capacity 1.5Mta 1.5Mta 1.5Mta 10 Sierra Leone Estimated market share 35% Capacity 0.5Mta Looking ahead In 2020, we plan to open export facilities in Nigeria and begin exporting clinker and cement to our existing facilities both in Cameroon and the new grinding facilities we are building in West Africa. In addition, we plan to build new integrated factories in Nigeria and Niger that will strengthen our position as Africa’s leading cement producer. Annual Report 2019 Dangote Cement Plc 07 Chairman’s statement Dear fellow Our unreserved stakeholders Before I reflect on the year in review, I hope that you and your families are healthy and commitment safe. The year 2020 has been unprecedented with the numerous uncertainties surrounding the COVID-19 pandemic. The world faces the stark reality to building of a major health crisis, accompanied by a devastating impact on the global economy. During these times, our top priority remains the health and safety of our employees, a sustainable customers, suppliers and society at large. As Africa’s largest cement manufacturer, we take seriously our role of social business responsibility and we have taken deliberate steps to deploy resources to help our communities overcome hardships in this crisis. My thoughts and prayers go out to the world. Group volumes Revenue We have focused this 2019 Annual Report on our commitment to building a 23.7Mt2019: 23.5Mt ₦891.7B sustainable future for all our stakeholders, 2019: ₦901.2B including the local communities that host our operations across Africa. The year in review 2019 was a strong year for us given the tough business environment across most of our operating geographies. Group sales and revenues were relatively flat compared to 2018. We recorded Group volumes of 23.7 million tonnes (Mt) and revenues of ₦891.7 billion.
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