Cash flow Dangote Sugar Refinery Plc

Equities

DANGSUGAR

NGDANSUGAR02

Food Processing

End-of-day quote Nigerian S.E. Other stock markets 2024-09-06			5-day change	1st Jan Change
35.80 ^NGN	-0.56%		-5.54%	-37.19%

07-30	Dangote Sugar Refinery Plc Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2024	CI
04-30	Dangote Sugar Refinery Plc Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

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Published financial data: DANGOTE SUGAR REFINERY PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	161B	214B	276B	403B	441B
Total Revenues	161B	214B	276B	403B	441B
Cost of Goods Sold, Total	123B	158B	226B	308B	347B
Gross Profit	37.8B	56.02B	50.08B	94.9B	94.83B
Selling General & Admin Expenses, Total	8.46B	9.07B	11.19B	10.68B	12.96B
Provision for Bad Debts	194M	17.41M	225M	-728M	383M
Other Operating Expenses	-668M	-890M	-314M	-1.22B	-902M
Other Operating Expenses, Total	7.99B	8.2B	11.1B	8.73B	12.44B
Operating Income	29.82B	47.82B	38.98B	86.18B	82.39B
Interest Expense, Total	-454M	-340M	-4.64B	-7.91B	-29.47B
Interest And Investment Income	720M	685M	1.42B	6.38B	10.56B
Net Interest Expenses	266M	345M	-3.22B	-1.53B	-18.91B
Currency Exchange Gains (Loss)	-61.76M	-1.58B	-1.99B	-1.89B	-172B
Other Non Operating Income (Expenses)	-137M	-413M	240M	-664M	-543M
EBT, Excl. Unusual Items	29.88B	46.18B	34.01B	82.09B	-109B
Gain (Loss) On Sale Of Investments	-	-99M	-	-	-
Gain (Loss) On Sale Of Assets	-68.63M	7.22M	-16.16M	175M	-
Asset Writedown	-1K	-471M	-7.31M	-	-
Insurance Settlements	6.74M	9.42M	35.6M	39.58M	331M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	29.82B	45.62B	34.02B	82.3B	-109B
Income Tax Expense	7.46B	15.85B	11.97B	27.56B	-35.16B
Earnings From Continuing Operations	22.36B	29.78B	22.05B	54.74B	-73.76B
Net Income to Company	22.36B	29.78B	22.05B	54.74B	-73.76B
Minority Interest	87.08M	-10.66M	6.08M	-3.96M	17.61M
Net Income - (IS)	22.45B	29.76B	22.06B	54.74B	-73.74B
Net Income to Common Incl Extra Items	22.45B	29.76B	22.06B	54.74B	-73.74B
Net Income to Common Excl. Extra Items	22.45B	29.76B	22.06B	54.74B	-73.74B
Per Share Items
Net EPS - Basic	1.87	2.45	1.82	4.51	-6.07
Basic EPS - Continuing Operations	1.87	2.45	1.82	4.51	-6.07
Basic Weighted Average Shares Outstanding	12B	12.15B	12.15B	12.15B	12.15B
Net EPS - Diluted	1.87	2.45	1.82	4.51	-6.07
Diluted EPS - Continuing Operations	1.87	2.45	1.82	4.51	-6.07
Diluted Weighted Average Shares Outstanding	12B	12.15B	12.15B	12.15B	12.15B
Normalized Basic EPS	1.56	2.38	1.75	4.22	-5.62
Normalized Diluted EPS	1.56	2.38	1.75	4.22	-5.62
Dividend Per Share	1.1	1.5	1	1.5	-
Payout Ratio	58.8	44.35	82.6	22.19	-24.71
Supplemental Items
EBITDA	35.14B	54.88B	47.45B	95.04B	91.82B
EBITA	29.82B	47.82B	38.98B	86.18B	82.39B
EBIT	29.82B	47.82B	38.98B	86.18B	82.39B
EBITDAR	35.18B	54.91B	47.47B	-	-
Effective Tax Rate - (Ratio)	25.01	34.74	35.18	33.49	32.28
Current Domestic Taxes	10.23B	516M	9.34B	22.59B	9.9B
Total Current Taxes	10.23B	516M	9.34B	22.59B	9.9B
Deferred Domestic Taxes	-3.56B	14.32B	1.53B	2.81B	-46.38B
Total Deferred Taxes	-3.56B	14.32B	1.53B	2.81B	-46.38B
Normalized Net Income	18.76B	28.85B	21.26B	51.3B	-68.27B
Interest on Long-Term Debt	214M	340M	321M	242M	162M
Non-Cash Pension Expense	-	121M	1.44M	-	-
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Selling and Marketing Expenses	814M	677M	906M	741M	644M
General and Administrative Expenses	7.61B	8.37B	10.27B	9.94B	12.31B
Net Rental Expense, Total	39.4M	25.87M	20.49M	-	-
Imputed Operating Lease Interest Expense	55.75M	19.33M	5.96M	-	-
Imputed Operating Lease Depreciation	-16.36M	6.54M	14.53M	-	-
Maintenance & Repair Expenses, Total	170M	147M	338M	373M	968M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	24.61B	44.86B	103B	175B	205B
Short Term Investments	5.23B	-	-	-	-
Total Cash And Short Term Investments	29.84B	44.86B	103B	175B	205B
Accounts Receivable, Total	10.54B	10.63B	14.66B	4.65B	5.61B
Other Receivables	7.47B	7.99B	5.93B	16.6B	22.54B
Notes Receivable	126M	101M	107M	361M	393M
Total Receivables	18.13B	18.73B	20.7B	21.61B	28.54B
Inventory	40.93B	67.46B	60.66B	51.21B	62.38B
Prepaid Expenses	74.68M	37.04M	131M	254M	166M
Other Current Assets, Total	11.29B	45.21B	30.33B	86.75B	105B
Total Current Assets	100B	176B	215B	335B	401B
Gross Property Plant And Equipment	122B	148B	200B	222B	241B
Accumulated Depreciation	-38.95B	-46.59B	-55.16B	-64.06B	-73.98B
Net Property Plant And Equipment	83B	102B	145B	158B	167B
Other Intangibles, Total	-	0	-	-	-
Deferred Tax Assets Long-Term	10.44B	-	-	-	33.15B
Other Long-Term Assets, Total	-	-	-	-	-
Total Assets	194B	278B	360B	492B	601B
Liabilities
Accounts Payable, Total	42.39B	96.44B	14.22B	21.38B	33.43B
Accrued Expenses, Total	12.11B	19.01B	20.27B	22.05B	34.99B
Short-term Borrowings	-	-	154B	218B	412B
Current Portion of Long-Term Debt	45.21M	195M	220M	244M	285M
Current Portion of Leases	612M	1.05B	1.22B	981M	116M
Current Income Taxes Payable	11.12B	1.55B	10.45B	25.54B	14.45B
Unearned Revenue Current, Total	1.56B	2.76B	4.51B	6.16B	17.79B
Other Current Liabilities	9.7B	21.04B	13.25B	12.84B	8.42B
Total Current Liabilities	77.54B	142B	219B	307B	521B
Long-Term Debt	1.3B	984M	764M	532M	246M
Long-Term Leases	1.71B	1.38B	1.13B	-	83.95M
Deferred Tax Liability Non Current	5.02B	8.9B	10.43B	13.24B	-
Total Liabilities	85.57B	153B	231B	321B	522B
Common Stock, Total	6B	6.07B	6.07B	6.07B	6.07B
Additional Paid In Capital	6.32B	6.32B	6.32B	6.32B	6.32B
Retained Earnings	96.26B	112B	116B	159B	66.88B
Total Common Equity	109B	125B	129B	171B	79.28B
Minority Interest	-443M	-10.67M	-16.75M	-12.79M	-30.4M
Total Equity	108B	125B	129B	171B	79.25B
Total Liabilities And Equity	194B	278B	360B	492B	601B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	12B	12.15B	12.15B	12.15B	12.15B
ECS Total Common Shares Outstanding	12B	12.15B	12.15B	12.15B	12.15B
Book Value / Share	9.05	10.27	10.59	14.1	6.53
Tangible Book Value	109B	125B	129B	171B	79.28B
Tangible Book Value Per Share	9.05	10.27	10.59	14.1	6.53
Total Debt	3.67B	3.61B	158B	220B	412B
Net Debt	-26.17B	-41.25B	54.74B	45.14B	208B
Debt Equivalent Oper. Leases	315M	207M	164M	-	-
Minority Interest, Total (Incl. Fin. Div)	-443M	-10.67M	-16.75M	-12.79M	-30.4M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	19.16B	28.25B	10.28B	11.54B	4.71B
Inventories - Work In Process, Total	206M	641M	1.66B	2.42B	5.26B
Inventories - Finished Goods, Total	3.38B	5.51B	19.13B	6.94B	11.92B
Inventories - Others	18.19B	33.41B	29.92B	30.65B	40.84B
Land - (BS)	5.56B	5.56B	5.52B	5.52B	6B
Buildings, Total	17.12B	17.43B	18.25B	21.48B	21.55B
Machinery, Total	63.83B	74B	84.41B	92.97B	97.35B
Full Time Employees	2.49K	2.85K	2.83K	3.07K	2.96K
Accumulated Allowance for Doubtful Accounts (Supple)	898M	634M	859M	131M	515M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	22.45B	29.76B	22.06B	54.74B	-73.74B
Depreciation & Amortization - CF	5.95B	7.7B	9.27B	9.73B	10.27B
Amortization of Goodwill and Intangible Assets - (CF)	-1K	-	-	-	-
Depreciation & Amortization, Total	5.95B	7.7B	9.27B	9.73B	10.27B
Amortization of Deferred Charges, Total - (CF)	325K	-	-	-	-
(Gain) Loss From Sale Of Asset	68.63M	-7.22M	16.16M	-175M	-
(Gain) Loss on Sale of Investments - (CF)	-	431M	-15.32M	-63.54M	-
Asset Writedown & Restructuring Costs	-	457M	14.18M	-	-343M
Provision for Credit Losses	-	-	-	-	13.8M
Provision and Write-off of Bad Debts	-	-	-	-	383M
Other Operating Activities, Total	-5.11B	2.34B	10.46B	8.38B	71.59B
Change In Accounts Receivable	7.32B	-29.71B	12.92B	-57.22B	-25.3B
Change In Inventories	-1.42B	-24.11B	7.02B	12.76B	-1.68B
Change In Accounts Payable	8.73B	72.38B	65.94B	75.77B	68.59B
Change in Other Net Operating Assets	366M	1.23B	1.56B	1.45B	11.15B
Cash from Operations	38.35B	60.47B	129B	105B	60.93B
Capital Expenditure	-21.8B	-26.86B	-51.35B	-26.15B	-19.51B
Sale of Property, Plant, and Equipment	23.4M	7.26M	55.65M	203M	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Other Investing Activities, Total	720M	685M	1K	6.38B	10.56B
Cash from Investing	-21.05B	-26.17B	-51.29B	-19.57B	-8.96B
Long-Term Debt Issued, Total	-	-	-	-	135M
Total Debt Issued	-	-	-	-	135M
Long-Term Debt Repaid, Total	-832M	-754M	-1.43B	-1.68B	-287M
Total Debt Repaid	-832M	-754M	-1.43B	-1.68B	-287M
Common Dividends Paid	-13.2B	-13.2B	-18.22B	-12.15B	-18.22B
Common & Preferred Stock Dividends Paid	-13.2B	-13.2B	-18.22B	-12.15B	-18.22B
Other Financing Activities, Total	-240M	-94.39M	-160M	-138M	-85.51M
Cash from Financing	-14.27B	-14.05B	-19.81B	-13.97B	-18.46B
Foreign Exchange Rate Adjustments	-	-	-	-	-3.61B
Net Change in Cash	3.03B	20.25B	58.15B	71.85B	29.9B
Supplemental Items
Cash Interest Paid	240M	94.39M	248M	177M	125M
Cash Income Tax Paid (Refund)	12.27B	11.08B	1.55B	9.66B	22.32B
Levered Free Cash Flow	6.14B	18.65B	14.78B	9.78B	8.95B
Unlevered Free Cash Flow	6.43B	18.87B	17.68B	14.72B	27.37B
Change In Net Working Capital	-3.64B	-8.14B	-35.39B	22.72B	14.88B
Net Debt Issued / Repaid	-832M	-754M	-1.43B	-1.68B	-152M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	10.1	12.67	7.64	12.64	9.42
Return on Total Capital	17.56	24.89	9.58	15.9	11.66
Return On Equity %	21.59	25.57	17.41	36.51	-58.9
Return on Common Equity	21.59	25.52	17.41	36.51	-58.87
Margin Analysis
Gross Profit Margin %	23.47	26.14	18.14	23.54	21.48
SG&A Margin	5.25	4.23	4.05	2.65	2.94
EBITDA Margin %	21.81	25.61	17.19	23.57	20.8
EBITA Margin %	18.51	22.31	14.12	21.37	18.66
EBIT Margin %	18.51	22.31	14.12	21.37	18.66
Income From Continuing Operations Margin %	13.88	13.89	7.99	13.58	-16.71
Net Income Margin %	13.94	13.89	7.99	13.57	-16.7
Net Avail. For Common Margin %	13.94	13.89	7.99	13.57	-16.7
Normalized Net Income Margin	11.65	13.46	7.7	12.72	-15.46
Levered Free Cash Flow Margin	3.81	8.7	5.35	2.42	2.03
Unlevered Free Cash Flow Margin	3.99	8.8	6.4	3.65	6.2
Asset Turnover
Asset Turnover	0.87	0.91	0.87	0.95	0.81
Fixed Assets Turnover	2.19	2.32	2.24	2.67	2.72
Receivables Turnover (Average Receivables)	14.81	20.24	21.83	41.76	86.09
Inventory Turnover (Average Inventory)	3.06	2.92	3.53	5.51	6.1
Short Term Liquidity
Current Ratio	1.29	1.24	0.98	1.09	0.77
Quick Ratio	0.62	0.45	0.57	0.64	0.45
Operating Cash Flow to Current Liabilities	0.49	0.43	0.59	0.34	0.12
Days Sales Outstanding (Average Receivables)	24.65	18.08	16.72	8.74	4.24
Days Outstanding Inventory (Average Inventory)	119.09	125.32	103.47	66.21	59.81
Average Days Payable Outstanding	121.95	137.21	16.23	27.24	27.44
Cash Conversion Cycle (Average Days)	21.79	6.2	103.96	47.71	36.6
Long Term Solvency
Total Debt/Equity	3.39	2.9	122.64	128.48	520.49
Total Debt / Total Capital	3.28	2.82	55.08	56.23	83.88