Dangote Sugar Refinery Plc
Consolidated and Separate Financial Statements
for the period ended June 30, 2023
Dangote Sugar Refinery Plc
Consolidated and Separate Financial Statements for the Period Ended June 30, 2023
Index
The reports and statements set out below comprise the consolidated and separate financial statements presented to the shareholders:
Contents | Page |
General Information | 1 |
Consolidated and separate statements of profit or loss and other comprehensive income | 2 |
Consolidated and separate statements of financial position | 3 |
Consolidated and separate statements of changes in equity | 4 |
Consolidated and separate statements of cash flows | 5 |
Notes to the Financial Statements | 6 - 39 |
Dangote Sugar Refinery Plc
Consolidated and Separate Financial Statements for the Period Ended June 30, 2023
General Information
Country of incorporation and domicile | Nigeria |
Nature of business and principal activities | Refining of raw sugar into edible sugar and selling of refined sugar |
Chairman | Alh. Aliko Dangote (GCON) |
Group Managing Director/CEO | Mr. Ravindra Singhvi |
Director | Mr. Olakunle Alake |
Director | Mr. Uzoma Nwankwo |
Director | Ms. Bennedikter Molokwu |
Director | Dr. Konyinsola Ajayi |
Director | Alh. Abdu Dantata |
Director | Ms. Maryam Bashir |
Director | Mrs. Yabawa Lawan Wabi |
Registered office | GDNL Administrative Building |
Terminal E, Shed 20 | |
NPA Apapa Wharf Complex | |
Apapa | |
Lagos | |
Holding company | Dangote Industries Limited, incorporated in Nigeria |
Ultimate holding company | Greenview International Corp. Cayman Island |
Auditors | PricewaterhouseCoopers |
(Chartered Accountants) | |
Landmark Towers | |
Plot 5B, Water Corporation Road | |
Victoria Island | |
Lagos | |
Bankers | Access Bank Plc |
Coronation Merchant Bank | |
Ecobank Plc | |
Fidelity Bank Plc | |
First Bank of Nigeria Limited | |
First City Monument Bank Plc | |
FSDH Merchant Bank | |
Globus Bank Ltd | |
Guaranty Trust Bank Plc | |
Greenwich Merchant Bank | |
Jaiz Bank Plc | |
Providus bank Plc | |
Keystone bank Limited | |
Rand Merchant Bank | |
Sterling Bank Plc | |
Stanbic IBTC Bank Plc | |
Standard Chartered Bank Nigeria Limited | |
United Bank for Africa Plc | |
Union Bank of Nigeria Plc | |
Unity Bank Plc | |
Wema Bank Plc | |
Zenith Bank Plc | |
Company Secretary/Legal Adviser | Mrs. Temitope Hassan |
3rd Floor, GDNL Administrative Building | |
Terminal E, Shed 20 | |
NPA Apapa Wharf Complex | |
Apapa | |
Lagos | |
Registrars | Veritas Registrars Limited |
Plot 89A Ajose Adeogun Street | |
Victoria Island | |
Lagos |
1
Dangote Sugar Refinery Plc
Consolidated and Separate Financial Statements for the Period Ended June 30, 2023
Consolidated and separate statement of profit or loss and other comprehensive income
GROUP | COMPANY | |||||||||||
Note(s) | Qtr2, 2023 | 30/6/2023 | Qtr2, 2022 | 30/6/2022 | F/Yr, 2022 | Qtr2, 2023 | 30/6/2023 | Qtr2, 2022 | 30/6/2022 | F/Yr, 2022 | ||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |||
Continuing operations | ||||||||||||
Revenue | 5 | 100,558,942 | 202,783,679 | 91,008,368 | 185,457,426 | 403,245,988 | 100,558,942 | 202,783,679 | 91,008,368 | 185,457,426 | 403,245,988 | |
Cost of sales | 6 | (68,121,459) | (144,595,049) | (71,652,785) | (146,639,101) | (311,282,950) | (68,121,459) | (144,595,049) | (71,652,785) | (146,639,101) | (311,282,950) | |
Gross profit | 32,437,483 | 58,188,630 | 19,355,583 | 38,818,325 | 91,963,038 | 32,437,483 | 58,188,630 | 19,355,583 | 38,818,325 | 91,963,038 | ||
Other income | 11 | 71,745 | 144,888 | 232,841 | 301,415 | 1,435,482 | 71,745 | 144,888 | 232,841 | 301,415 | 533,276 | |
Selling and distribution expenses | 7 | (128,992) | (303,554) | (107,998) | (368,809) | (741,408) | (128,992) | (303,554) | (107,998) | (368,809) | (741,408) | |
Administrative expenses | 7 | (3,081,949) | (5,831,623) | (2,391,646) | (4,634,839) | (10,310,342) | (2,832,991) | (5,322,309) | (2,188,432) | (4,229,550) | (9,357,639) | |
Impairment gains/(losses) | 23.3 | - | - | - | - | 63,537 | - | - | - | - | 63,537 | |
Operating profit | 14 | 29,298,287 | 52,198,341 | 17,088,780 | 34,116,092 | 82,410,307 | 29,547,245 | 52,707,655 | 17,291,994 | 34,521,381 | 82,460,804 | |
Finance income | 8 | 2,266,799 | 4,848,263 | 1,137,107 | 1,947,604 | 6,379,475 | 2,266,800 | 4,848,263 | 1,137,107 | 1,947,604 | 6,379,475 | |
Finance cost | 10 | (82,599,630) | (90,658,319) | (3,800,820) | (7,306,222) | (9,802,295) | (82,168,920) | (90,277,006) | (3,780,747) | (7,259,985) | (10,248,536) | |
Finance costs - net | (80,332,831) | (85,810,056) | (2,663,713) | (5,358,618) | (3,422,820) | (79,902,120) | (85,428,743) | (5,312,381) | (5,312,381) | (3,869,061) | ||
Change in fair value adjustment | 9 | 1,135,304 | 2,246,664 | 1,706,847 | 977,373 | 3,315,333 | 1,135,304 | 2,246,664 | 1,706,847 | 977,373 | 3,315,333 | |
(Loss)/Profit before tax | (49,899,240) | (31,365,051) | 16,131,914 | 29,734,847 | 82,302,820 | (49,219,571) | (30,474,424) | 13,686,460 | 30,186,373 | 81,907,076 | ||
Taxation | 12.1 | 9,108,549 | 3,377,568 | (4,759,754) | (9,492,926) | (27,560,686) | 9,108,549 | 3,377,568 | (4,759,754) | (9,492,926) | (27,560,686) | |
(Loss)/Profit for the period | (40,790,691) | (27,987,483) | 11,372,160 | 20,241,921 | 54,742,134 | (40,111,022) | (27,096,856) | 8,926,706 | 20,693,447 | 54,346,390 | ||
(Loss)/Profit attributable to: | ||||||||||||
Owners of the parent | (40,783,894) | (27,978,577) | 11,374,393 | 20,246,436 | 54,738,177 | (40,111,022) | (27,096,856) | 11,595,447 | 20,693,447 | 54,346,390 | ||
Non-controlling interest | (6,797) | (8,906) | (2,233) | (4,515) | 3,957 | - | - | - | - | - | ||
(40,790,691) | (27,987,483) | 11,372,160 | 20,241,921 | 54,742,134 | (40,111,022) | (27,096,856) | 11,595,447 | 20,693,447 | 54,346,390 | |||
Total comprehensive (loss)/income | ||||||||||||
for the period | (40,790,691) | (27,987,483) | 11,372,160 | 20,241,921 | 54,742,134 | (40,111,022) | (27,096,856) | 11,595,447 | 20,693,447 | 54,346,390 | ||
Total comprehensive (loss)/income | ||||||||||||
attributable to: | ||||||||||||
Owners of the parent | (40,783,894) | (27,978,577) | 11,374,393 | 20,246,436 | 54,738,177 | (40,111,022) | (27,096,856) | 11,595,447 | 20,693,447 | 54,346,390 | ||
Non-controlling interest | (6,797) | (8,906) | (2,233) | (4,515) | 3,957 | - | - | - | - | - | ||
(40,790,691) | (27,987,483) | 11,372,160 | 20,241,921 | 54,742,134 | (40,111,022) | (27,096,856) | 11,595,447 | 20,693,447 | 54,346,390 | |||
Earnings per share | ||||||||||||
Per share information | ||||||||||||
Basic earnings per share (Naira) | 15 | (3) | -2.30 | 1 | 1.67 | 4.51 | (3) | (2.23) | 1 | 1.70 | 4.47 | |
Diluted earnings per share (Naira) | 15 | |||||||||||
(3) | -2.30 | 1 | 1.67 | 4.51 | (3) | -2.23 | 1 | 1.70 | 4.47 | |||
2
Dangote Sugar Refinery Plc
Consolidated and Separate Financial Statements for the Period Ended June 30, 2023
Consolidated and separate statements of financial position as at June 30, 2023
Assets | |
Non-current assets | |
Property, plant and equipment | 16 |
Other assets | |
Investment in subsidiaries | 20 |
Deposit for shares | 21 |
Total non-current assets | |
Current assets | |
Inventories | 22 |
Biological assets | 17 |
Trade and other receivables | 23 |
Other assets | 18 |
Asset held for sale | 19 |
Cash and cash equivalents | 24 |
Total current assets
Total assets
Equity
Attributable to owners of Parent company
Share capital | 25 |
Share premium | 25 |
Retained earnings | 26 |
Non-controlling interest | 27 |
Liabilities | |
Non-Current Liabilities | |
Deferred tax liabilities | 13 |
Lease liability | 31.1 |
Borrowings | 28 |
Current Liabilities | |
Current tax liabilities | 12.3 |
Lease liability | 31.1 |
Borrowings | 28 |
Trade and other payables | 30 |
Employee benefits | 29 |
Other liabilities | 31 |
Total current liabilities
Total liabilities
Total equity and liabilities
GROUP | GROUP | GROUP | COMPANY | COMPANY | COMPANY | |||
30/6/2023 | 31/12/2022 | 30/6/2022 | 30/6/2023 | 31/12/2022 | 30/6/2022 | |||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |||
162,311,318 | 157,761,632 | 150,435,486 | 97,416,022 | 93,696,015 | 88,131,222 | |||
- | ||||||||
- | - | 297,000 | 297,000 | 297,000 | ||||
- | - | 65,421,332 | 64,025,068 | 62,031,121 | ||||
162,311,318 | 157,761,632 | 150,435,486 | 163,134,354 | 158,018,083 | 150,459,343 | |||
85,103,598 | 44,264,068 | 63,769,090 | 83,867,130 | 43,387,050 | 62,491,829 | |||
7,877,904 | 6,942,660 | 5,070,151 | 7,877,904 | 6,942,660 | 5,070,151 | |||
148,739,709 | 107,434,891 | 47,980,850 | 148,060,074 | 106,797,356 | 47,235,791 | |||
3,240,594 | 304,179 | 1,288,082 | 3,234,378 | 297,929 | 1,283,906 | |||
868,642 | 868,642 | 868,642 | 868,642 | 868,642 | 868,642 | |||
157,856,885 | 174,858,294 | 130,041,619 | 157,579,407 | 174,658,116 | 129,714,189 | |||
403,687,332 | 334,672,734 | 249,018,434 | 401,487,535 | 332,951,753 | 246,664,508 | |||
565,998,650 | 492,434,366 | 399,453,920 | 564,621,889 | 490,969,836 | 397,123,851 | |||
6,073,439 | 6,073,439 | 6,073,439 | 6,073,439 | 6,073,439 | 6,073,439 | |||
6,320,524 | 6,320,524 | 6,320,524 | 6,320,524 | 6,320,524 | 6,320,524 | |||
112,641,415 | 158,845,237 | 124,353,496 | 114,318,548 | 159,635,722 | 125,982,779 | |||
125,035,378 | 171,239,200 | 136,747,459 | 126,712,511 | 172,029,685 | 138,376,742 | |||
(21,696) | (12,790) | (21,262) | - | - | - | |||
125,013,682 | 171,226,410 | 136,726,197 | 126,712,511 | 172,029,685 | 138,376,742 | |||
(2,286,475) | 13,238,074 | 10,431,964 | (2,286,475) | 13,238,074 | 10,431,964 | |||
722,315 | - | 1,375,276 | - | - | 1,333,830 | |||
394,315 | 531,563 | 699,412 | 394,315 | 531,563 | 699,412 | |||
(1,169,845) | 13,769,637 | 12,506,652 | (1,892,160) | 13,769,637 | 12,465,206 | |||
29,877,947 | 25,542,640 | 17,463,113 | 29,875,511 | 25,542,640 | 17,463,111 | |||
339,220 | 981,142 | 972,375 | 963,241 | 933,022 | 915,629 | |||
263,466 | 243,719 | 177,951 | 263,466 | 243,719 | 177,951 | |||
400,328,116 | 273,746,758 | 229,522,147 | 397,353,257 | 271,527,073 | 225,639,736 | |||
758,932 | 762,567 | 762,567 | 758,931 | 762,567 | 762,567 | |||
10,587,132 | 6,161,493 | 1,322,918 | 10,587,132 | 6,161,493 | 1,322,909 | |||
442,154,813 | 307,438,319 | 250,221,071 | 439,801,538 | 305,170,514 | 246,281,903 | |||
440,984,968 | 321,207,956 | 262,727,723 | 437,909,378 | 318,940,151 | 258,747,109 | |||
565,998,650 | 492,434,366 | 399,453,920 | 564,621,889 | 490,969,836 | 397,123,851 | |||
The consolidated and separate financial statements on pages 2 to 39, were approved by the board on July 28, 2023 and were signed on its behalf by:
Alh. Aliko Dangote, GCON | Mr. Ravindra Singh Singhvi | Mr. Oscar Mbeche |
Chairman | Group Managing Director/CEO | Group Chief Finance Officer |
FRC/2013/IODN/00000001766 | FRC/2021/003/000000/22565 | FRC* |
` | * "Waiver granted by FRCN" |
The accompanying notes on pages 6 to 39 form an integral part of the consolidated and separate financial statements.
3
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Dangote Sugar Refinery plc published this content on 30 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2023 22:04:07 UTC.