C O N T E N T S

Corporate

Business

Profile

Review

Governance

Our Core Values

5

Financial Highlights

8

Corporate Information

14

Our Corporate Profile

6

Notice of Annual General Meeting

10

Board of Directors and Company

16

Our Products and Solutions

7

Chairman's Statement

12

Secretary's Profile

Leadership Team

28

Directors' Report

30

Corporate Governance Report

36

Sustainability Report

49

Financial

Statements

Statement of Directors' Responsibilities

60

Audit Committee's Report

61

Statement of Corporate Responsibility for the Consolidated

62

and Separate Financial Statements

Certification of Management's Assessment on

63

Internal Control over Financial Reporting

Management Annual Assessment of and Report on

64

the Entity's Internal Control Over Financial Reporting

Independent Auditor's Attestation Report on Management's

65

Assessment of Internal Control over Financial Reporting

Independent Auditor's Report

67

Consolidated and Separate Statements of Profit or Loss

72

and Other Comprehensive Income

Consolidated and Separate Statements of Financial Position

73

Consolidated and Separate Statements of Changes in Equity

- Group

74

Consolidated and Separate Statements of Changes in Equity

- Company

75

Consolidated and Separate Statements of

76

Cash Flows

Notes to the Consolidated and Separate

77

Financial Statements

Consolidated and Separate Statements of Value Added

151

Five Year Financial Summary - Group

152

Five Year Financial Summary - Company

153

Shareholding and

Other Information

Share Capital History

154

Complaints Management Policy

157

Proxy Form

159

E-Dividend Mandate Activation Form

161

Corporate Events

162

List of Distributors

169

LAFARGE AFRICA PLC

3

2023 Annual Report and Accounts

Shareholding

Corporate

Business

Governance

Financial

and Other

Profile

Review

Statements

Information

OUR CORE VALUES

INTEGRITY

CUSTOMERS

HEALTH AND SAFETY

RESULTS

SUSTAINABILITY PEOPLE,

OPENNESS AND

INCLUSION

CUSTOMERS

Our focus is to build and deliver solutions that meet customers expectations.

We encourage diverse thinking to promote and nurture innovation. We collaborate with our customers

to achieve shared objectives.

INTEGRITY

Through business insights and the quality of our decision making, we introduce new ways of looking at challenges in order to achieve excellent results while ensuring accountability.

HEALTH AND SAFETY

Health and Safety is one of our core value. We believe in visible leadership and personal accountability for Health and Safety at all levels and throughout our organization.

PEOPLE,

OPENNESS AND

INCLUSION

We truly care for and respect every individual. We place a high priority on developing our people and building effective teams.

SUSTAINABILITY

We demonstrate leadership in environment stewardship while role modeling responsibility to future generations. We look towards the broadest possible views on any issue or challenge.

RESULTS

Through business insights and the quality of our decision making, we introduce new ways of looking at challenges in order to achieve excellent results while ensuring accountability.

LAFARGE AFRICA PLC

5

2023 Annual Report and Accounts

Shareholding

Corporate

Business

Governance

Financial

and Other

Profile

Review

Statements

Information

Lafarge Africa Plc is a member of Holcim Group - the global leader in innovative and sustainable building solutions. Lafarge Africa Plc is a publicly quoted company on the Premium Board of The Nigerian Exchange Limited (NGX) and serves Nigeria with a wide range of building and construction solutions designed to meet housing and construction needs from small projects to major infrastructure projects.

With four plants in Nigeria spread across the country: Sagamu and Ewekoro, Ogun State (South-West); Ashaka, Gombe State, (North-East) and Mfamosing, Cross River State (South-East), Lafarge Africa Plc currently has an installed cement production capacity of 10.5 million tons per annum.

Our Vision

To be a building solutions company renowned for creating a greener planet through innovation and operational excellence.

Our

Sustainability

Commitment

Lafarge Africa is committed to 'Building Progress for People and the Planet' and to continually create environmental, economic, and social impacts in its operating communities while advancing the Nigerian economy. The Company is focused on pioneering the transformation of the local building materials and construction sector in Nigeria, addressing important environmental issues, and contributing to the success of the United Nations Sustainable Development Goals and its sustainability ambition pillars which include Climate and Energy, Circular Economy, Nature and People.

6

LAFARGE AFRICA PLC

2023 Annual Report and Accounts

Shareholding

Corporate

Business

Governance

Financial

and Other

Profile

Review

Statements

Information

Our Products and Solutions

CEMENT

Lafarge Africa Plc has five brands of cement solutions:

Elephant Cement

Supaset

Powermax

Etex

Sulphate Resistance Cement.

MORTAR

The first of its kind in the Nigerian Market, Lafarge Africa's Mortar solution, Supafix is designed for tiling and has proven to be efficient, particularly for floor and wall applications. Supafix is a cementitious tile adhesive made of grey cement, calcareous aggregates, organic and inorganic additives.

READYMIX

Leveraging Holcim's over 50 years of global experience in the Readymix business, Lafarge Africa produces quality and innovative concrete and aggregate solutions for small and large construction projects. Some of the benefits of Readymix includes flexibility, speed, quality control, access and cost-effectiveness.

GEOCYCLE OPERATIONS

Through its Geocycle operations, Lafarge Africa collects waste directly from municipalities and industries, pre-processes it, and co-processes (or reuses) it in its cement plants. Through co-processing (the destruction of waste in its cement kilns), the Company recovers energy and recycled materials from different types of waste, ranging from household plastics to industrial chemicals.

To learn more about Lafarge Africa Plc, please visit: www.lafarge.com.ng

LAFARGE AFRICA PLC

7

2023 Annual Report and Accounts

Shareholding

Corporate

Business

Governance

Financial

and Other

Profile

Review

Statements

Information

FINANCIAL HIGHLIGHTS

for the year ended 31 December 2023

NET SALES

OPERATING PROFIT

406BN

+9%

9%

102BN

+22%

22%

373.2BN

27%

29%

27%

43%

8%

31%

373

406

84

102

293

373

65

84

231

46

2020

2021

2022

2023

2020

2021

2022

2023

PROFIT AFTER TAXES

EARNINGS PER SHARE

-4.7%+5%

-

+5%

+5%

5351BN.7BN

3.33N17==

5%

5%

-4.7%

65%

-5%

65%

99%

99%

54

51

3.17

33.33

3.17

51

31

1.91

2020

2021

2022

2023

2020

2021

2022

2023

8

LAFARGE AFRICA PLC

2023 Annual Report and Accounts

Shareholding

Corporate

Business

Governance

Financial

and Other

Profile

Review

Statements

Information

NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN that the 65th Annual General Meeting ("AGM") of Lafarge Africa PLC (the "Company") will hold at the Grand Banquet Hall, The Civic Centre, Ozumba Mbadiwe Road, Victoria Island, Lagos, on Friday, 26th April 2024 at 10am, to transact the following business:

ORDINARY BUSINESS

  1. To lay before the Shareholders the Audited Financial
    Statements of the Company for the financial year ended 31st December 2023 together with the Reports of the Directors, Independent Auditors and Audit
    Committee thereon.
  2. To declare a final dividend.
  3. Election and Re-election of Directors:
  1. To ratify the appointment of the following Non-
    Executive Directors of the Company:
    1. Mrs. Claudia Albertini
    2. Mr. Grant Earnshaw
  3. To re-elect the following Non-Executive Directors retiring by rotation, who being eligible, offer themselves for re-election:
    1. Mrs. Elenda Osima-Dokubo
    2. Mr. Khaled El-Dokani and
    3. Mrs. Karine Uzan-Mercie.
  1. To authorise the Directors to fix the remuneration of the Independent Auditors.
  2. To disclose the remuneration of the Managers.
  3. To elect members of the Statutory Audit Committee.

SPECIAL BUSINESS

  1. To fix the remuneration of the Directors.
  2. To consider and pass this resolution as an ordinary resolution:
    'Pursuant to Rule 20.8 of The Nigerian Exchange
    Issuers Rule, that the general mandate given to the
    Company to procure goods and services and enter into such incidental transactions necessary for its day-to- day operations from its related parties or interested persons on normal commercial terms, be and is hereby renewed.'

NOTES:

1. NO VOTING BY INTERESTED PERSONS

In line with the provisions of Rule 20.8(c) of the Rules Governing Related Party Transaction of Nigerian Exchange Limited, interested persons have undertaken to ensure that their proxies, representatives, or associates shall abstain from voting on Resolution 8.

2. ATTENDANCE AND VOTING BY PROXY

A member of the Company entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote in his/her stead. Such an appointed proxy need not be a member of the Company.

For the instrument of proxy to be valid, it must be completed, duly stamped for the purpose of this meeting and deposited at the office of the Registrar, CardinalStone Registrars Limited, 335/337 Herbert Macaulay Street, Sabo, Yaba, Lagos or by email to registrars@cardinalstone.com, not less than 48 hours before the time fixed for the meeting. A blank proxy form is enclosed in the Annual Report.

3. DIVIDEND AND CLOSURE OF REGISTER OF MEMBERS

The Register of Members and Transfer Books of the Company will be closed from Tuesday, 2nd April, 2024 to Friday, 5th April, 2024 (both dates inclusive), to enable the Registrar to update its records for dividend payment.

If the final dividend recommended by the Directors is approved, dividend will be paid on Friday, 26th April, 2024 to shareholders whose names are registered in the Company's Register of Members at the close of business on Thursday, 28th March 2024.

4. E-DIVIDEND

Notice is hereby given to all Shareholders without a bank account to open an account for the purpose of dividend payment. A detachable application form for the e-dividend is attached to the Annual Report to enable Shareholders to furnish their bank accounts details to the Registrar as soon as possible.

The e-dividend form is also available on the website of our Registrar: www.cardinalstoneregistrars.com.

10

LAFARGE AFRICA PLC

2023 Annual Report and Accounts

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Lafarge Africa plc published this content on 03 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 April 2024 18:38:03 UTC.