BUA CEMENT: AUDITED FINANCIAL STATEMENTS FOR 2021

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BUA Cement Plc

Annual report and financial statements For the year ended December 31, 2021

BUA Cement Plc

Annual report and financial statements

For the year ended December 31, 2021

Contents

Company Information

3

Directors’ report

4 – 8

Corporate Governance Report

9 – 18

Audit committee report

19 – 21

Statement of Directors’ Responsibilities

22

Statement of Corporate Financial Reporting Responsibilities

23

The independent auditor’s report

24 – 27

Statement of net income and other comprehensive income

28

Statement of financial position

29

Statement of changes in equity

30

Cash flow statement

31

Notes to the financial statements

32 – 83

Other National Disclosures:

84

Statement of added value

85

Five-year financial summary

86

Annual report and financial statements For the year ended December 31, 2021

Company Information

Business Number

RC 1193879

board of directors

Abdulsamad Rabiu CON Yusuf Haliru Binji Jacques Piekarski Kabiru Rabiu Chimaobi Madukwe Finn Arnoldsen Shehu Abubakar Khairat A. Gwadabe

Company Secretary

Abubakar Magaji

32 Churchgate Street Victoria Island Lagos

Registration desk

32 Churchgate Street Victoria Island Lagos

Factory locations

Km 164 Benin-Okene Okpella Highway

Edo State

Km 10 Kalambaina Road Sokoto State

independent auditor

PricewaterhouseCoopers Iconic Towers

5B Water Corporation Road Victoria Island

Lagos

Main bankers

Ecobank Nigeria Limited First Bank of Nigeria Limited Guaranty Trust Bank Plc United Bank for Africa Plc Union Bank of Nigeria Plc Access Bank Plc

First City Monument Bank Limited Polaris Bank Limited

Nigerian Nigerian Swiss Nigerian Nigerian Norwegian Nigerian NigerianChairman Managing Director Chief Financial Officer Non-Executive Director Non-Executive Director Non-Executive Director Independent Non-Executive Director Independent Non-Executive DirectorStanbic IBTC Plc Fidelity Bank Plc

Nova Merchant Bank Limited Coronation Merchant Bank Limited Keystone Bank Limited

Standard Chartered Bank Nigeria Limited Zenith Bank Plc

Annual report and financial statements For the year ended December 31, 2021

Directors’ report

The Directors are pleased to present their annual report together with the financial statements of BUA Cement Plc (“the Company”) for the year ended 31 December 2021.

  • 1 Legal status

    BUA Cement Plc was incorporated as a limited liability company on May 30, 2014 and commenced operations in August 2015. The company was converted from a limited liability company to a limited liability company on May 16, 2019, as a prelude to a merge program. . The company merged with the defunct Cement Company of Northern Nigeria Plc under a merger plan on December 23, 2019 and was listed on the Nigerian Stock Exchange on January 9, 2020.

  • 2 Main activities

    The principal activities of the Company are the manufacture and sale of cement to the general public.

  • 3 result of the year

    the Business the results for the year ended December 31, 2021 are shown on page 28. Profit for the year was transferred to retained earnings. The summarized results are presented below:

    December 31st

    December 31st

    2021

    2020

    N’000

    N’000

    Income from contracts with customers

    257 327 091

    209 443 487

    Profit before tax

    102 873 325

    78 873 498

    Income tax and deferred tax expense

    (12,794,314)

    (6,529,162)

    Profit after taxes

    90 079 011

    72,344,336

    4 Declaration of dividend

    The board of directors (“the board”) recommends for shareholders’ approval the payment of a dividend of N2.6k for 1 ordinary share of 50 kobo each, out of the profits declared during the financial year ended on December 31, 2021 (2020: 2.067k).

    If approved, dividends paid to shareholders will be subject to withholding tax at the appropriate rate at the time of payment.

5 Directors and interests of directors

The names of the directors at the end of the financial year and the date of this report are as indicated in the company information page.

The direct and indirect interests of the Directors in the issued share capital of the Company, as recorded in the Register of Directors The shareholding and notified by directors to comply with Section 301 of the Companies and Related Matters Act 2020 and the listing requirements of the Nigerian Exchange Group are given below.

Annual report and financial statements For the year ended December 31, 2021

Directors’ report

5 Directors and interests of directors (continued)

December 31, 2021

December 31, 2020

Number of

Shares held

Number of

Shares held

Direct holding Abdul Samad Rabiu Yusuf H. Binji, FNSE. Kenneth Chimaobi Madukwe Kabiru Isyaku Rabiu

Representing – –

Finn Arnoldsen Alhaji Sheu Abubakar Jacques Piekarski

Indirect holding Abdul Samad RabiouDamnaz Cement Company Limited BUA Industries Limited

BUA International Limited BUA Cement Company Limited

Total

19,044,995,225

827,093

820,000

820,000

820,000

450

820,000

637,403,152 19,166,766 – 13,562,681,069 33,268,353,755

19,044 995,225 7,093 – – – – –

637,403,152 – 74,218,444 11,490,595,760 31,247,219,674

The Directors have complied with the provisions of Section 277 of the Companies and Related Matters Act at the date of this report.

6 Statistical analysis of shareholding as of December 31, 2021

Shareholding range

Number of

Shareholders

Incumbent %

Cumulative Holders

Units

Units %

Accumulated units

1-1000

21,526

60.58%

21,526

8,169,854

0.02%

8,169,854

1001-5000

9,526

26.81%

31,052

20,905,801

0.06%

29,075,655

5001-10000

1,638

4.61%

32,690

11,998,497

0.04%

41 074 152

10001-50000

2,241

6.31%

34,931

54 129 265

0.16%

95 203 417

50001-100000

295

0.83%

35,226

20,872,024

0.06%

116 075 441

100001-500000

218

0.61%

35,444

49,449,578

0.15%

165 525 019

500001-1000000

43

0.12%

35,487

30,440,399

0.09%

195 965 418

1000001-999999999999

44

0.12%

35,531

33,668 388,642

99.42%

33,864,354,060

35,531

100%

33,864,354,060

100%

Substantial interest in shares

According to the register of members as of December 31, 2021, no individual shareholder held more than 5% of the issued share capital of the Company except for the following:

No.

of

Shareholders

shares held

% of shareholding

Rabiu Alhaji Abdulsamad

19,044,995,225

56.24%

BUA Industries Limited

13,562,681,069

40.05%

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BUA Cement plc published this content on March 29, 2022 and is solely responsible for the information contained therein. Distributed by publicunedited and unmodified, on March 29, 2022 4:43:02 PM UTC.

Public now 2022

All news about BUA CEMENT PLC

Sales 2021 258B
620 million
620 million
Net income 2021 94,340M
227M
227M
Net debt 2021

PER 2021 ratio 25.4x
2021 performance 3.49%
Capitalization 2,396B
5,763 million
5,763 million
capi. / Sales 2021 9.30x
capi. / Sales 2022 8.66x
# of employees
Floating 1.61%


Duration :

Period :




Evolution of the income statement

To sell

To buy

Medium consensus UNDERPERFORMANCE
Number of analysts 2
Last closing price NGN70.75
Average target price 50.42 NGN
Average Spread / Target -28.7%


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