New flexible exchange rate to cost Lafarge N28bn
Following the Central Bank of Nigeria (CBN) new foreign exchange guidelines, Lafarge Africa Plc has announced exchange loss of N28 billion arising from Dollar borrowings.
The company in a statement signed by its company Secretary, Uzoma Uja, noted that the cement manufacturing company had borrowed in total sum of $395 million before the new CBN guidelines on foreign exchange.
According to the statement, “the impact of the naira devaluation is expected to be a N28 billion unrealized exchange loss arising from USD borrowings, which at the time of the devaluation consisted of $310 million shareholder loans and $85 million external loans.
“These loans relate to United Cement Company of Nigeria Limited (Unicem) and were mainly set up prior to the acquisition by Lafarge Africa plc of its original 35 per cent stake in Unicem.
“Lafarge Africa Plc has since then increased its stake in Unicem and held at the time of the devaluation, 50 per cent of Unicem, which was fully consolidated.
“Lafarge Africa Plc now holds 100 per cent of Unicem. The N28 billion unrealized exchange loss will have no immediate impact on cash flow,” the company explained in its statement to NSE.
With N28 billion loss in foreign exchange, the company has warned shareholders of possible decline in profit for the half year ended June 30, 2016.
The company also noted that shortage gas supply is expected to interrupt volume of cement production in the half year results of 2016.
The company is however positive about its future outlook for Unicem that is strategically located in Cross River State.
“Lafarge Africa Plc is very positive about the future outlook for Unicem, which is strategically located ub Mfamosing , Calabar, in Cross Rivers State and is a major cement plant in the South-South and South-East region of Nigeria. The plant has a cement capacity of 2.5 million metric tonnes and will double capacity with the commissioning of a 2.5 million tonnes in line during the second half of 2016,” the statement signed by Uja added.
Lafarge Africa recently concluded a Series I and II N60 billion bond issuance, comprising N26 billion, three-year bond at 14.25 per cent, which is due in 2019, and a N33.6 billion five-year bond 14.75 per cent due in 2021.
The firm stated that the proceeds of the bond issuance would be used to part refinance the debt of its wholly-owned subsidiary, UniCem.
“The dual-series issuance, the first of its kind and largest ever bond issuance by a corporate in Nigeria’s debt capital markets, was concluded following a book build, with the order book oversubscribed.
This transaction is Lafarge Africa’s second bond issuance in the Nigerian capital markets, having previously issued a N11.8billion three-year fixed rate bond in 2011,” the company said in a statement.
The company in prior half year had announced 22 per cent increase in profit after tax to N26 billion from N21.6 billion recorded in half year results of 2014.
Revenue also rose by 12 per cent to N116.7 billion in half year of 2015 as against N104 billion recorded in prior half year results.
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