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NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2016 Following a restructuring of management during the year, West and Central Africa and South and East Africa were merged to form the Pan Africa segment. All segments are involved in the production, distribution, and sale of cement and/or related products. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. 6.2 Segment revenue and results The following is an analysis of the Group’s revenue, results, assets and liabilities by reportable segment. Performance is measured based on segment sales revenue and operating profit, as included in the internal management reports that are reviewed by the Executive Management Committee. Segment revenue and operating profit are used to measure performance as management believes that such information is the most relevant in evaluating results of certain segments relative to other entities that operate within these industries. 2016 Central Segment Results Nigeria Revenue EBITDA* Depreciation & amortisation Operating profit/(loss) Other income Finance income Finance costs Profit/(loss) after tax Segment assets & liabilities Non-current assets Current assets Total assets Segment liabilities Net additions to non-current assets, excluding deferred tax ₦’million 426,129 241,969 47,113 194,856 4,767 224,708 34,042 379,331 1,336,473 193,602 1,530,075 548,795 309,241 Pan Africa ₦’million 195,028 26,456 28,384 (1,928) 5,775 (4,212) 44,267 (38,520) 631,118 126,924 758,042 832,163 234,869 Administrative costs ₦’million - (11,213) - (11,213) - - - (11,213) Eliminations ₦’million (6,054) 31 (747) 778 - (176,679) (32,928) (142,974) - - - - - (742,847) (17,362) (760,209) (650,395) (299,974) Total ₦’million 615,103 257,243 74,750 182,493 10,542 43,817 45,381 186,624 1,224,744 303,164 1,527,908 730,563 244,136 172 Annual Report 2016

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