31ST MARCH 2015DANGOTE CEMENT PLC INTERIM FINANCIAL STATEMENTSDANGOTE CEMENT PLC31st March 2015CONTENTS PAGEIndependent auditor's review report iiiiiiiv - vCondensed consolidated and separate statement of cash flows viNotes to the condensed consolidated financial statements 1 - 13Condensed consolidated and separate statement of profit or loss and other comprehensive incomeCondensed consolidated and separate statement of financial positionCondensed consolidated and separate statement of changes in equityDangote Cement PlcCondensed consolidated and separate statement of profit or loss and other Comprehensive IncomeFor the period ended 31st March 2015 Notes 3 months ended31/03/153 months ended31/03/14Year ended 31/12/143 months ended31/03/153 months ended31/03/14Year ended 31/12/14'000 '000 '000 '000 '000 '000Revenue 3114,737,108103,569,340 391,639,060101,370,663 99,769,053 371,534,117 Cost of sales 5 (39,997,279)(35,936,010) (143,057,897) (30,569,274) (32,229,810) (128,583,576)Gross profit74,739,82967,633,330 248,581,163 70,801,389 67,539,243 242,950,541 Administrative expenses 6 (6,248,024)(5,375,866) (24,084,249) (4,216,187) (4,283,520) (17,364,004)Selling and distribution expenses 7 (11,347,209)(9,218,630) (41,003,586) (9,479,678) (9,133,722) (38,220,532)Other income 81,294,6331,512,355 3,608,671164,652 1,498,596 3,541,936 Profit from operating activities58,439,22954,551,189 187,101,999 57,270,176 55,620,597 190,907,941 Finance income 928,001,3221,650,289 30,565,122 31,999,549 3,648,770 42,498,705 Finance costs 9 (16,272,811)(3,187,072) (32,978,194) (4,905,526) (3,246,878) (20,366,983)Profit before tax 70,167,74053,014,406 184,688,927 84,364,199 56,022,489 213,039,663

Income tax expense 11.1 (1,548,845)(5,394,530) (25,187,434) (1,687,284) (5,543,027) (27,225,540)Profit for the period68,618,89547,619,876 159,501,493 82,676,915 50,479,462 185,814,123 Other comprehensive income, net of income taxItems that may be reclassified subsequently to profit or loss:Currency translation differences1,765,2261,978,521 1,152,198- -- Items that will not be reclassified to profit or loss:Defined benefit plan actuarial gains (losses)--449,717- -449,717 Other comprehensive income for the period, net of income tax1,765,2261,978,521 1,601,915- -449,717 Total comprehensive income for the period70,384,12149,598,397 161,103,408 82,676,915 50,479,462 186,263,840 Profit for the period attributable to: Owners of the Company69,637,71347,784,358 160,578,394 82,676,915 50,479,462 185,814,123 Non-controlling interests (1,018,818) (164,482) (1,076,901) - -- 68,618,89547,619,876 159,501,493 82,676,915 50,479,462 185,814,123 Total comprehensive income for the period attributable to:Owners of the Company71,029,90949,690,981 161,944,112 82,676,915 50,479,462 186,263,840 Non-controlling interests(645,788) (92,584)(840,704) - -- 70,384,12149,598,397 161,103,408 82,676,915 50,479,462 186,263,840 Earnings per share, basic and diluted (Naira)10 4.09 2.809.42 4.852.96 10.90 Group Company(ii)Dangote Cement PlcCondensed consolidated and separate statement of financial positionAt 31st March 2015Notes As at 31/03/15 As at 31/12/14 As at 31/03/15 As at 31/12/14'000 '000 '000 '000ASSETSNon-current assetsProperty, plant and equipment 12 789,767,871747,793,820 527,820,258 526,721,478 Intangible assets 13 3,993,1033,698,535609,171682,327 Investments 14- - 26,077,270 26,077,270 15 71,326,62479,490,715 1,772,564 1,772,564 Deferred tax assets 11.3 16,918,21116,633,430 13,154,316 13,154,316 Other receivables 16- - 327,942,324 277,149,739 Total non-current assets 882,005,809847,616,500 897,375,903 845,557,694 Current assetsInventories 17 51,304,19242,687,840 42,256,050 36,314,579 Trade and other receivables 18 21,019,54815,640,277 10,672,869 8,462,728 Prepayments and other current assets 19 60,396,87458,182,774 58,348,992 56,756,552 Cash and bank balances 20 48,996,40620,593,140 42,848,570 16,349,511 Total current assets 181,717,020137,104,031 154,126,481 117,883,370 TOTAL ASSETS1,063,722,829984,720,5311,051,502,384 963,441,064 Current liabilitiesTrade and other payables 21 121,760,751100,929,998 97,915,369 80,407,479 Financial debts 22 95,984,799110,639,898 91,683,848 106,442,007 Current income tax payable 11.2 2,617,6342,481,387 2,616,202 2,481,219 Other current liabilities 24 19,528,12318,897,486 18,123,043 16,498,972 Total current liabilities 239,891,307232,948,769 210,338,462 205,829,677 NON CURRENT LIABILITIESFinancial debts 22 133,679,849131,941,708 94,571,340 95,435,088 Retirement benefits obligation 2,325,6512,069,460 2,325,651 2,069,460 Deferred tax liabilities 11.4 22,053,41420,473,166 21,431,626 19,879,325 Deferred revenue 23 1,279,9881,389,885 1,279,988 1,389,885 Long term provisions 25 2,222,3444,011,388335,288294,515 Total non-current liabilities 161,561,246159,885,607 119,943,893 119,068,273 Total Liabilities 401,452,553392,834,376 330,282,355 324,897,950 Net Assets 662,270,276591,886,155 721,220,029 638,543,114 EQUITYShare capital 26 8,520,2548,520,254 8,520,254 8,520,254 Share premium 26 42,430,00042,430,000 42,430,000 42,430,000 Capital contribution 2,876,6422,876,642 2,828,497 2,828,497 Currency transalation reserve(2,444,467)(3,836,663) -- Employee benefit reserve (16,075) (16,075)(16,075)(16,075)Retained Earnings 607,388,507537,750,794 667,457,353 584,780,438 658,754,861587,724,952 721,220,029 638,543,114 Non-controlling interest 3,515,4154,161,203-- 662,270,276591,886,155 721,220,029 638,543,114 TOTAL EQUITY AND LIABILITIES1,063,722,829984,720,5311,051,502,384 963,441,064 Group CompanyPrepayments for property, plant and equipmentEquity attributable to owners of the CompanyTotal Shareholders equity(iii)Dangote Cement PlcCondensed consolidated statement of changes in equityFor the period ended 31st March 2015Employee CurrencyAttributableNon -Share Share Retained Benefittranslation Capitalto the owners controlling Totalcapital premium Earnings reserve reserve Contribution of the parent interests'000 '000 '000 '000 '000 '000 '000 '000 '000 Balance at 1st January 2014 8,520,25442,430,000 496,455,952 (465,792) (4,752,664) 2,876,642545,064,3925,028,878550,093,270 Profit for the period - - 47,784,358- --47,784,358(164,482) 47,619,876 - Total comprehensive income for the period - - 47,784,358-1,906,623-49,690,981(92,584) 49,598,397 Effect of additional participation in Group companies - - -- --- (24,631) (24,631)Payment of dividends - - -- --- - - Balance at 31st March 2014 8,520,25442,430,000544,240,310 (465,792) (2,846,041) 2,876,642594,755,3734,911,663599,667,036 Balance at 1st January 2015 8,520,25442,430,000 537,750,794 (16,075) (3,836,663) 2,876,642587,724,9524,161,203591,886,155 Profit for the period - - 69,637,713- --69,637,713 (1,018,818) 68,618,895 Total comprehensive income for the period - - 69,637,713-1,392,196-71,029,909(645,788) 70,384,121 Payment of dividends - - -- --- - - Balance at 31st March 2015 8,520,25442,430,000 607,388,507 (16,075) (2,444,467) 2,876,642658,754,8613,515,415662,270,276 373,0301,765,226 -1,392,196-1,392,196 71,8981,978,521 Other comprehensive income for the period, net of income tax - - - -1,906,623-1,906,623- Other comprehensive income for the period, net of income tax - - (iv)Dangote Cement PlcCondensed separate statement of changes in equityFor the period ended 31st March 2015Share Totalcapital'000 '000 '000 '000 '000 '000 Balance at 1st January 20148,520,25442,430,000 2,828,497 518,249,867(465,792)571,562,826 Profit for the period- -- 50,479,462 -50,479,462 Other comprehensive income for the period, net of income tax - --- -- Total comprehensive income for the period- -- 50,479,462 -50,479,462 Payment of dividends -- - Balance at 31st March 2014 8,520,25442,430,000 2,828,497 568,729,329 (465,792) 622,042,288 Balance at 1st January 20158,520,25442,430,000 2,828,497 584,780,438(16,075)638,543,114 Profit for the period- -- 82,676,915 -82,676,915 Total comprehensive income for the period- -- 82,676,915 -82,676,915 Payment of dividends- ----- Balance at 31st March 2015 8,520,25442,430,000 2,828,497 667,457,353 (16,075) 721,220,029 Retained earnings - - Employee benefit reserveOther comprehensive income for the period, net of income tax - --- Share premiumCapital contribution(v)Dangote Cement PlcCondensed consolidated and separate statement of cash flowsFor the period ended 31st March 2015Period ended 31/03/15Period ended 31/03/14Year ended 31/12/14Period ended 31/03/15Period ended 31/03/14Year ended 31/12/14'000 '000 '000 '000 '000 '000Cash flows from operating activitiesProfit before tax70,167,740 53,014,406 184,688,927 84,364,19956,022,489213,039,663 Adjustments for:Depreciation and amortization13,558,612 8,643,467 36,265,847 11,913,9878,386,84434,202,056 Write off of property plant and equipment 71,314- 1,096,993 - -1,015,261 Interest expense6,062,567 3,157,346 18,049,233 4,783,7893,217,15216,266,576 Interest income(696,277)(1,636,825)(3,147,210)(4,718,919) (3,647,545)(15,139,796)Unrealised exchange loss on borrowings1,592,984-954,7911,592,984 -954,791Exchange gain on non-operating assets ---(26,795,076) -(24,267,851) Amortisation of deferred revenue(124,101) (139,328) (541,736) (124,101)(139,329) (541,736)Other provisions (1,789,044) 140,727 3,634,72340,773 11,399 60,659 Provisions for employee benefits 257,380374,324872,873257,380 356,899 872,873 Loss/(Gain) on disposal of property, plant and equipment --58,692 - - 58,692 89,101,17563,554,117 241,933,13371,315,01664,207,909226,521,188 Changes in working capital:Change in inventory (8,616,352)(6,626,228)(15,020,552)(5,941,471) (7,261,287)(12,737,833)Change in trade and other receivables (5,379,271)3,601,949 (4,152,186)(2,210,141) 3,920,530 658,112 Change in trade and other payables19,170,042 18,368,548 16,931,126 15,917,29517,218,4475,334,762 Change in prepayments and other current assets (2,214,100) 867,001 (18,536,942)(1,592,440)791,822 (19,957,980)Change in other current liabilities 644,841 (3,328,088)(5,264,022)1,638,275 661,530 (3,667,538) 92,706,335 76,437,299 215,890,557 79,126,53479,538,951196,150,711 Gratuity paid and contribution to plan asset(1,189) (120,143) (316,336) (1,189)(120,143) (316,336)Income tax paid -(180,777) (225,936) - (180,777) (225,936)Net cash generated from operating activities92,705,14676,136,379 215,348,28579,125,34579,238,031195,608,439 Investing activitiesInterest received 696,277 1,636,825 3,147,210309,1842,216,3193,072,605 Additions to intangible assets(284,805) (83,141)(1,596,321)-(243,893)Acquisition of property, plant and equipment (58,130,882)(37,849,282)(217,192,188)(12,939,611) (17,410,251)(121,796,962)Proceeds from disposal of property, plant and equipment -- 1,486,613 - -1,486,613 Acquisition of investment -- - - (8,030) (8,030)Changes in non-current prepayment8,164,091 9,167,234 22,109,864 -4,277,98132,056,788 Increase in long term receivables from subsidiaries -- - (19,587,773) (16,348,868)(76,691,920)Net cash provided by investing activities (49,555,319) (27,128,364)(192,044,822) (32,218,200) (27,272,849) (162,124,799)Financing activitiesInterest paid (4,401,856)(3,104,705)(16,608,058)(3,057,002) (2,881,029)(14,825,401)Dividend paid -- (119,283,552)- - (119,283,552)Loans obtained2,483,242 11,789,468 138,898,479 1,528,4219,096,500132,923,092 Loans repaid (18,879,505)(17,817,661)(83,391,130)(18,879,505) (17,817,661)(83,391,130)Net cash provided by financing activities (20,798,119)(9,132,898)(80,384,261)(20,408,086) (11,602,190)(84,576,991)Increase/(decrease) in cash and cash equivalent22,351,708 39,875,117 (57,080,798)26,499,05940,362,992 (51,093,351)Effects of exchange rate changes 5,945,277 2,317,840 3,838,371 - - - Cash and cash equivalents at beginning of year16,403,466 69,645,893 69,645,893 16,349,51167,442,86267,442,862 Cash and cash equivalents at end of the period44,700,451 111,838,850 16,403,466 42,848,570107,805,85416,349,511 Group Company(vi)