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GROUP CHIEF FINANCIAL OFFICER’S REVIEW Despite many economic challenges in Nigeria and across Africa, we increased earnings per share by 4.5%. Brian Egan Group Chief Financial Officer Financial highlights Year ended Volume of cement sales Nigeria Pan-Africa Inter-company sales Total cement sold Revenue by region Nigeria Pan-Africa Inter-company sales Total revenue Group performance EBITDA EBITDA margin Operating profit Operating margin Profit before tax Earnings per ordinary share (Naira) Dividend per share (Naira) Total assets 64 Annual Report 2016 31-Dec-16 ‘000 tonnes 31-Dec-15 ‘000 tonnes 15,128 13,290 8,639 5,609 (192) (41) 23,575 18,858 31-Dec-16 31-Dec-15 ₦m ₦m 426,129 389,215 195,028 103,477 (6,054) 615,103 (967) 491,725 31-Dec-16 31-Dec-15 ₦m 257,243 41.8% 182,493 29.7% 180,929 11.34 8.5 1,527,908 ₦m 262,448 53.4% 207,822 42.3% 188,294 10.86 8.0 1,110,943

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