Go Back Email this Link to a friend


Oando Plc - Reviewed Results For 12 Months Ended 31 December 2005

Release Date: 31/03/2006 12:00:27      Code(s): OAO
Oando Plc - Reviewed results For 12 months ended 31 December 2005               
Oando Plc                                                                       
(Incorporated in Nigeria and registered as                                      
an external company in South Africa)                                            
Registration number RC6474                                                      
(External company registration number 2005/038824/10)                           
Share code on the JSE Limited: OAO & ISIN: NG00000UNTP0                         
Share code on the Nigerian Stock Exchange: UNTP                                 
("Oando" or "the Company")                                                      
Reviewed results For 12 months ended 31 December 2005                           
Highlights                                                                      
Turnover of $1,486.2m                                                          
 Gross profit of $115.0m                                                        
 Gross profit margin of 7.7%                                                    
 Operating profit of $33.3m                                                     
Profit After Tax of $17.8m                                                     
 Attributable Profit After Tax of $15.8m                                        
 Earnings Per Share: 2.76c                                                      
 Continued expansion of the Group into new business areas - Oil field and       
Energy Services, Oil field exploration and Production, Refinery, and Power    
Review of Results                                                               
Oando Plc which has a primary listing on the Nigerian Stock Exchange and a      
secondary listing on the JSE Limited ("JSE") reports 12 months Group Profit     
After Tax (PAT) for the financial year ended 31 December 2005 of $17.759m, an   
increase of 94% on the same period for 2004 when a figure of $9.131m was        
reported.                                                                       
Income Statement Analysis                                                       
The strong growth recorded in consolidated Turnover of 91% to $1,486m during    
2005 from $776m in 2004 reflects two important underlying drivers - one, the    
significant price increase in crude oil, our base product, which reached an     
all time high of over $70 during the course of 2005, averaging a 45% increase   
on the year. Second, new businesses which were not part of the Oando Group in   
the previous period, such as Oando Energy Services, incorporated in January     
2005, enhanced overall Turnover in the year. The core business, the Marketing   
division, which accounted for 83% of revenues in 2004 saw its contribution      
diluted to 59% for the 2005 financial year.                                     
The price at which fuel is sold at the pump to ordinary consumers in            
particular will continue to be a matter that has deep social and political      
ramifications globally, hence the need that some Governments feel that these    
prices should be firmly controlled. The Federal Government of Nigeria, on the   
back of the unprecedented price spiral seen in the commodity during the year    
decided to freeze pump prices - PMS (Petrol) particularly. As the Marketing     
business segment still represents the largest part of our Turnover and the PMS  
product line well over 50% of that unit"s revenues, it was inevitable that      
this inability to reflect the full extent of the price hike in crude at the     
pump would negatively impact our margins.                                       
Further expansion into the low margin but high capital return Supply & Trading  
segment also negatively impacted total Group margin. So while Cost of Sales     
rose by 103% to $1,370.9m, Turnover only increased by 91% which meant that      
profit margins at the Gross level almost halved to 7.7% in 2005, from 13% in    
2004.                                                                           
Despite the difficult margin environment, overall Gross Profit was able to      
expand by 15% to $115.0m mainly due to Oando"s ongoing strategic drive to       
increase volumes of higher margin products such as lubricants, and              
contributions made by new businesses.                                           
At the Operating level, Oando"s profit improved marginally on 2004 to $33.3m    
as a result of a higher Other Income component which rose by 88% to $19.6m,     
which was offset by increased administrative expenses, mainly pre operating     
expenses for new businesses, which cannot be capitalised under IFRS, and        
expenses the Company incurred on the JSE secondary listing.                     
The total PAT increase of 94% to $17.8m partly highlights the significantly     
lower levels of debt payments required by the Group after successfully          
completing a rights issue and offer for subscription at the end of 2004.        
Overall finance costs fell 60% from $22.3m in 2004 to $8.9m in 2005.            
Further, it is worth noting that the effective rate of tax provisioning for     
2005 is likely to increase substantially from the 9% tax rate in 2004 as a      
result of the favourable treatment given to certain asset disposals last year   
which the Group will no longer have the benefit of this year.                   
Attributable PAT to ordinary shareholders rose by a wider margin of 139% to     
$15.8m from $6.6m in 2004, highlighting the lower proportion of minority        
interest participation at the Group level. Attributable EPS correspondingly     
went up from 1.16c to 2.76c for the period.                                     
Balance Sheet Analysis                                                          
Oando"s Total Assets rose by 31% to $625m compared to $476m in 2004 and Total   
Liabilities advanced 44% to $451m from $312m as the Group continued its         
expansion drive away from the lower margin segments and into higher value       
areas of the energy value chain like Upstream Exploration & Production, a       
strategy which we believe will yield significant returns in future, driven by   
continued strong crude prices over the medium term.                             
Prospects                                                                       
Our primary ambition is to develop our current platform into becoming one of    
the foremost integrated energy players in Africa. This desire is based on the   
central assumption that the underlying price of crude will minimally remain at  
current levels over the next few years essentially driven by the inability of   
new discoveries to outpace current and near term consumption levels. We         
therefore believe that the capital investments we are currently undertaking     
through expansion into higher value business segments such as Exploration and   
Production will help deliver substantial revenue and earnings growth to         
shareholders in the future.                                                     
This however does not diminish from the fact that we anticipate the continued   
strong performance of the existing businesses - Marketing, Supply & Trading,    
Energy Services and Gaslink - all of which showed better top and bottom line    
numbers than the year before.                                                   
Consolidated balance sheet                                                      
As at 31 December 2005                                                          
2005          2004     
                                                        $"000         $"000     
ASSETS                                                                          
Non-current assets:                                                             
Property, plant and equipment                         110 874        90 824     
Intangible assets                                     103 803        71 418     
Investments in associates                                   -           193     
Long term receivables                                  27 479        28 163     
242 156       190 603     
Current assets                                                                  
Inventories                                            75 623        41 607     
Trade and other receivables                           246 253       169 466     
Held for sale investments                                   -            75     
Cash and cash equivalents                              57 769        74 226     
                                                      379 645       285 374     
Total Assets                                          621 801       475 977     
EQUITY                                                                          
Capital and                                                                     
reserves attributable                                                           
to equity holders                                                               
Share capital                                           2 162         2 162     
Share premium                                         120 842       120 742     
Revaluation reserve                                    18 322        18 314     
Exchange difference                                   (2 380)         (246)     
Retained earnings                                      21 409        11 959     
                                                      160 355       152 931     
Minority interest                                      10 969        10 730     
Total equity                                          171 324       163 661     
LIABILITIES                                                                     
Non-current liabilities:                                                        
Borrowings                                             14 596        12 534     
Deferred income tax liabilities                         5 008         1 600     
Retirement benefit obligation                           8 612        10 049     
Provisions                                              4 111         3 596     
Other non-current liabilities                           3 735         9 674     
                                                       36 062        37 453     
Current liabilities                                                             
Trade and other payables                              183 729       185 787     
Dividend payable                                            8            13     
Current income tax liabilities                          4 782           174     
Borrowings                                            225 897        88 889     
                                                      414 416       274 863     
Total liabilities                                     450 477       312 316     
Total equity and liabilities                          621 801       475 977     
Consolidated income statement                                                   
For the year ended 31 December 2005                                             
                                                         2005          2004     
                                                        $"000         $"000     
Sales                                               1 486 208       776 414     
Cost of sales                                     (1 371 165)     (675 947)     
Gross profit                                          115 043       100 467     
Selling and marketing cost                           (47 517)      (44 136)     
Administrative expenses                              (56 263)      (36 696)     
Interest received                                       2 439         2 295     
Other operating income                                 19 571        10 384     
Operating profit                                       33 273        32 313     
Share of profit of associates                               -            19     
Finance costs                                         (9 110)      (22 310)     
Profit before tax                                      24 164        10 022     
Income tax expense                                    (6 405)         (891)     
Profit after taxation                                  17 759         9 131     
Attributable to:                                                                
Minority interests                                      1 952         2 517     
Equity holders of the company                          15 807         6 614     
17 759         9 131     
Summarised cash flow statement                                                  
For the year ended 31 December 2005                                             
                                                         2005          2004     
$"000         $"000     
Cash and equivalents at the                                                     
beginning of the period                                53 625       (9 136)     
Cash used in operating activities                    (81 409)       (7 143)     
Cash used in investing activities                    (36 075)       (5 367)     
Cash from financing activities                         67 328        75 869     
Exchange gains/(losses) in                                                      
cash and equivalents                                      500         (597)     
Cash and equivalents at                                                         
the end of the period                                   3 969        53 625     
Consolidated statement of changes in shareholders" equity                       
Attributable to equity holders of the Company                                   
Cumulative     
                          Share       Share     Revaluation     Translation     
                        Capital     Premium         Reserve      adjustment     
Balance at                                                                      
1 January 2004            1 195       9 300          22 865           (266)     
Currency translation                                                            
adjustments                  46         290             692              20     
Revaluation surplus                                                             
on disposal of land                                                             
and building                  -           -         (5 243)               -     
Net expense recognised                                                          
directly in equity           46         290         (4 551)              20     
Retained profit for                                                             
the year                                                                        
Total recognised income                                                         
for the year                 46         290         (4 551)              20     
Bonus shares to                                                                 
shareholders                299           -               -               -     
Issue of shares:                                                                
Public offer                119      23 028               -               -     
Rights issue                 77      14 555               -               -     
Supplementary offer         426      82 670               -               -     
Issue costs                         (9 101)               -               -     
Dividend relating to                                                            
2003                                      -               -               -     
                            921     111 152               -               -     
Balance at                                                                      
31 December 2004          2 162     120 742          18 314           (246)     
Balance at                                                                      
1 January 2005            2 162     120 742          18 314           (246)     
Currency translation                                                            
adjustments                   -         100               8         (2 134)     
Restatement of residual                                                         
values of property plant                                                        
and equipment                                                                   
Deferred tax effect of                                                          
residual value                                                                  
restatement                                                                     
Net expense recognised                                                          
directly in equity            -         100               8         (2 134)     
Retained profit for                                                             
the period                                                                      
Total recognised income                                                         
for the period                -         100               8         (2 134)     
Dividend relating to                                                            
2004                                                                      -     
Minority interest                                                               
dividend                                                                        
in subsidiary                                                                   
Interest in share                                                               
capital                                                                         
of subsidiaries                                                                 
previously                                                                      
excluded from                                                                   
consolidation                 -           -               -               -     
Interest in share                                                               
capital                                                                         
transferred                                                                     
                              -           -               -               -     
Balance at                                                                      
31 December 2005          2 162     120 842          18 322         (2 380)     
                                         Retained                     Total     
                                          Earning     Interest       Equity     
Balance at                                                                      
1 January 2004                              5 308        6 502       44 904     
Currency translation                                                            
adjustments                                     -          209        1 257     
Revaluation surplus                                                             
on disposal of land                                                             
and building                                5 243            -            -     
Net expense recognised                                                          
directly in equity                          5 243          209        1 257     
Retained profit for                                                             
the year                                    6 614        2 517        9 131     
Total recognised income                                                         
for the year                               11 857        2 726       10 388     
Bonus shares to                                                                 
shareholders                                (299)            -            -     
Issue of shares:                                                                
Public offer                                    -            -       23 147     
Rights issue                                    -        1 502       16 134     
Supplementary offer                             -            -       83 096     
Issue costs                                     -            -      (9 101)     
Dividend relating to 2003                 (4 906)            -      (4 906)     
(5 205)        1 502      108 370     
Balance at                                                                      
31 December 2004                           11 959       10 730      163 662     
Balance at                                                                      
1 January 2005                             11 959       10 730      163 661     
Currency translation                                                            
adjustments                                     -      (1 659)      (3 685)     
Restatement of residual                                                         
values of property plant                                                        
and equipment                               7 092                     7 092     
Deferred tax effect of                                                          
residual value                                                                  
restatement                               (2 128)                   (2 128)     
Net expense recognised                                                          
directly in equity                          4 965      (1 659)        1 280     
Retained profit for                                                             
the period                                 15 807        1 952       17 759     
Total recognised income                                                         
for the period                             20 771          293       19 039     
Dividend relating to 2004                 (8 650)                   (8 650)     
Minority interest dividend                                                      
in subsidiary                             (2 672)                   (2 672)     
Interest in share capital                                                       
of subsidiaries previously                                                      
excluded from                                                                   
consolidation                                   -         (71)         (71)     
Interest in share capital                                                       
transferred                                                 18           18     
(11 322)         (53)     (11 375)     
Balance at                                                                      
31 December 2005                           21 409       10 969      171 324     
Analysis of performance by business ($"000)                                     
Business                   Revenue     Gross Margin         PBT         PAT     
Supply and Trading         552 725           11 393       8 500       8 116     
Gaslink                     17 798            3 240       1 713       1 544     
Energy Services             63 623            4 016         338         162     
Marketing                  954 166          100 511      17 730      12 054     
Consolidation Adjustment (102 040)          (4 117)     (4 117)     (4 117)     
Total                    1 486 208          115 043      24 164      17 759     
Notes to the condensed provisional financial statements                         
31 December 2005                                                                
1. General information                                                          
Oando Plc (formerly Unipetrol Nigeria Plc) was registered by a special          
resolution as a result of the acquisition of the shareholding of Esso Africa    
Incorporated (principal shareholder of Esso Standard Nigeria Limited) by the    
the Federal Government of Nigeria. The Company was partially privatised in 1991.
It was however fully privatised in the year 2000 consequent upon the sale of    
Federal Government"s 40% shareholding in the Company. 30% was sold to core      
investors (Ocean and Oil Investments Limited) and the remaining 10% to the      
Nigerian public. In December 2002, the Company merged with Agip Nigeria Plc     
following its acquisition of 60% Agip Petroli"s stake of Agip Nigeria Plc in    
August of the same year. The Company formally changed its name from Unipetrol   
Nigeria Plc to Oando Plc in December 2003.                                      
Oando and its subsidiaries (together "the Group") have their primary listing    
on the Nigerian Stock Exchange.                                                 
The Group has marketing and distribution outlets in Nigeria, Ghana and Togo     
and other smaller markets along the West African coast. During the year, the    
Group"s beneficial ownership in two subsidiaries, Oando Trading (Bermuda) and   
Oando Supply and Trading, was increased from 49% to 51%.                        
Oando Trading and Oando Supply and Trading have been treated as subsidiaries.   
The other investors currently having 49% respectively of Oando Trading and      
Oando Supply and Trading are Ocean and Oil Holdings (Nigeria) Limited and       
Ocean and Oil Holdings (BVI) Limited respectively.                              
Furthermore, the Group invested in a new subsidiary, Oando Energy Services, in  
January 2005 to carry out its energy services business, holding a 51%           
interest while the remaining 49% is owned by Ocean and Oil Holdings (Nigeria)   
Limited.                                                                        
2. Summary of significant accounting policies                                   
The principal accounting policies applied in the preparation of these           
consolidated financial statements are set out below. These policies have been   
consistently applied to all the years presented, unless otherwise stated.       
2.1 Basis of preparation                                                        
The consolidated financial statements of Oando have been prepared in            
accordance with International Financial Reporting Standards ("IFRS"). The       
consolidated financial statements have been prepared under the historical cost  
convention, as modified by the revaluation of land and buildings, and           
financial assets and financial liabilities at fair value through profit or      
loss.                                                                           
The preparation of financial statements in accordance with IFRS requires the    
use of certain critical accounting estimates. It also requires management to    
exercise judgement in the process of applying the Group"s accounting policies.  
Early adoption of standards                                                     
In 2004, the Group early adopted the IFRS below, which are relevant to its      
operations. These have been consistently applied in these financial statements  
for 2005.                                                                       
IAS 2 (revised 2003)    Inventories                                             
IAS 8 (revised 2003)    Accounting Policies, Changes in Accounting Estimates    
                        and Errors                                              
IAS 10 (revised 2003)   Events after the Balance Sheet Date                     
IAS 16 (revised 2003)   Property, Plant and Equipment                           
IAS 17 (revised 2003)   Leases                                                  
IAS 21 (revised 2003)   The Effects of Changes in Foreign Exchange Rates        
IAS 24 (revised 2003)   Related Party Disclosures                               
IAS 27 (revised 2003)   Consolidated and Separate Financial Statements          
IAS 28 (revised 2003)   Investments in Associates                               
IAS 32 (revised 2003)   Financial Instruments: Disclosure and Presentation      
IAS 33 (revised 2003)   Earnings per Share                                      
IAS 36 (revised 2004)   Impairment of Assets                                    
IAS 38 (revised 2004)   Intangible Assets                                       
IAS 39 (revised 2003)   Financial Instruments: Recognition and Measurement      
IFRS 2 (issued 2004)    Share-based Payments                                    
IFRS 3 (issued 2004)    Business Combinations                                   
IFRS 5 (issued 2004)    Non-current Assets Held for Sale and Discontinued       
                        Operations                                              
The early adoption of IAS 10 has resulted in a change in the accounting policy  
for dividends. Proposed dividends, which were previously recognised in the      
year prior to the declaration have been adjusted in accordance with IAS 10 and  
37 respectively.                                                                
The application IAS 16 has affected the accounting for fair value reserve       
relating to revalued land and buildings upon disposal.                          
Under previous GAAP, the revaluation surplus included in equity in respect of   
an item of property, plant and equipment were transferred to the income         
statement, when the asset is disposed of, to determine profit on disposal.      
Adjustments have been passed to transfer the related amounts directly to        
retained earnings in accordance with IAS 16. Also, early adoption of IAS 16     
(revised 2004) has necessitated the disclosure of prior year comparatives for   
all movements in property plant and equipment.                                  
IAS 21 (revised 2003) has affected the translation of foreign entities" income  
statements, on which closing rates were previously applied but now amended and  
translated at average rates. The functional currency of each of the             
consolidated entities has also been re-evaluated based on the guidance to the   
revised standard. All the Group entities have the same functional currency as   
their presentation currency. These financial statements have been presented in  
a currency other than the Company"s functional currency, being US dollars, to   
meet the filing requirements of the JSE.                                        
IAS 24 (revised 2003) has affected the identification of related parties and    
some other related-party disclosures.                                           
IAS 27 (revised 2004) has affected the consolidation of subsidiaries. Certain   
subsidiaries, which were not included in the consolidation under previous GAAP  
have now been consolidated.                                                     
The early adoption of IAS 33 has resulted in a change in the computation of     
earnings per share. Earnings per share, which were previously computed on the   
basis of the number of shares in issue at the end of the reporting period,      
have been adjusted on the basis of the weighted average number of shares in     
accordance with IAS 33.                                                         
The early adoption of IAS 39 has resulted in a change in accounting for         
financial assets and liabilities.                                               
Although the Group did not have any share-based payments as at the balance      
sheet date, upon adoption of a scheme, which is currently being considered by   
the Group, all share based payments will be accounted for under IFRS 2.         
The early adoption of IFRS 5 has resulted in a change in the accounting for     
non-current assets held for sale and discontinued operations as qualifying      
assets have been reclassified accordingly.                                      
The early adoption of IFRS 3, IAS 36 (revised 2004) and IAS 38 (revised 2004)   
resulted in a change in the accounting policy for goodwill. Until 31 December   
2002, goodwill was:                                                             
- amortised on a straight line basis over a period ranging from 5 to 20 years;  
  and                                                                           
- assessed for an indication of impairment at each balance sheet date.          
In accordance with the provisions of IFRS 3:                                    
- the Group ceased amortisation of goodwill from 1 January 2003;                
- accumulated amortisation as at 31 December 2002 has been eliminated with a    
corresponding decrease in the cost of goodwill;                               
- goodwill was tested for impairment at 1 January 2003, the transition date.    
  Also, from the year ended 31 December 2003 onwards, goodwill is tested        
  annually for impairment, as well as when there are indications of impairment. 
The Group has also reassessed the useful lives of its intangible assets in    
  accordance with the provisions of IAS 38. No adjustment resulted from this    
  reassessment.                                                                 
All changes in the accounting policies have been made in accordance with the    
transition provisions in the respective standards.                              
The early adoption of IAS 1, 2, 8, 17 28 and 32 (all revised 2003) did not      
result in substantial changes to the Group"s accounting policies.               
In summary:                                                                     
- IAS 1, 2, 28 and 32 had no material effect on the Group"s policies; and       
- IAS 8 (revised 2004) has resulted in the disclosure of the impact of new      
  standards.                                                                    
2.2 Consolidation                                                               
(a) Subsidiaries                                                                
Subsidiaries include all entities (including special purpose entities) over     
which the Group has the power to govern the financial and operating policies    
generally accompanying a shareholding of more than one half of the voting       
rights. The existence and effect of potential voting rights that are currently  
exercisable or convertible are considered when assessing whether the Group      
controls another entity. Subsidiaries are fully consolidated from the date on   
which control is transferred to the Group. They are deconsolidated from the     
date that control ceases.                                                       
The purchase method of accounting is used to account for the acquisition of     
subsidiaries by the Group. The cost of the acquisition is measured as the fair  
value of the assets given, equity instruments issued and liabilities incurred   
or assumed as the date of plus costs directly attributable to the               
acquisition. Identifiable assets acquired and liabilities and contingent        
liabilities assumed in a business combination are measured initially at their   
fair values at the acquisition date irrespective of the extent of any minority  
interest. The excess of the cost of acquisition over the fair value of the      
Group"s share of the identifiable net assets acquired is recorded as goodwill.  
If the cost of acquisition is less than the fair value of the net assets of     
the subsidiary acquired, the difference is recognised directly in the income    
statement. All balances and unrealised surpluses and deficits on transactions   
between group companies have been eliminated. Where necessary, accounting       
policies for subsidiaries have been changed to be consistent with the policies  
adopted by the Company. Separate disclosure (in equity) is made of Minority     
Interests.                                                                      
(b) Associates                                                                  
Associates are all entities over which the Group has significant influence but  
not control, generally accompanying a shareholding of between 20% and 50% of    
the voting rights. Investments in associates are accounted for by the equity    
method of accounting and are initially recognised at cost. The Group"s          
investment in associates includes goodwill (net of any accumulated impairment   
loss) identified on acquisition. The Group"s share of its associates" post-     
acquisition profits or losses is recognised in the income statement, and its    
share of post-acquisition movements in reserves is recognised in reserves. The  
cumulative post-acquisition movements are adjusted against the carrying amount  
of the investment.                                                              
When the Group"s share of losses in an associate equals or exceeds its          
interest in the associate, including any other unsecured receivables, the       
Group does not recognise further losses, unless it has incurred obligations or  
made payments on behalf of the associate. Unrealised gains on transactions      
between the Group and its associates are eliminated to the extent of the        
Group"s interest in the associates. Unrealised losses are also eliminated       
unless the transaction provides evidence of an impairment of the asset          
transferred. The accounting policies of the associates are consistent with the  
policies adopted by the Group.                                                  
Goodwill included in the carrying amount of an investment is neither amortised  
nor tested for impairment separately by applying the requirements for           
impairment testing goodwill in IAS 36, Impairment of Assets. Instead, the       
entire carrying amount of the investment is tested under IAS 36 for             
impairment.                                                                     
All subsidiaries and associates have uniform calendar year ends.                
2.3 Segment reporting                                                           
A business segment is a group of assets and operations engaged in providing     
products or services that are subject to risks and returns that are different   
from those of other business segments. A geographical segment is engaged in     
providing products or services within a particular economic environment that    
are subject to risks and return that are different from those of segments       
operating in other economic environments.                                       
2.4 Foreign currency translation                                                
(a) Functional and presentation currency                                        
Items included in the financial statements of each of the Group"s entities are  
measured using the currency of the primary economic environment in which the    
entity operates (`the functional currency"). The functional currency of the     
Group is the Naira. The consolidated financial statements are presented in US   
dollars, which is the Company"s presentation currency for the purpose of        
filing outside Nigeria.                                                         
(b) Transactions and balances                                                   
Foreign currency transactions are translated into the functional currency       
using the exchange rates prevailing at the dates of the transactions. Foreign   
exchange gains and losses resulting from the settlement of such transactions    
and from the translation at year-end exchange rates of monetary assets and      
liabilities denominated in foreign currencies are recognised in the income      
statement, except when deferred in equity as qualifying cash flow hedges and    
qualifying net investment hedges.                                               
c) Group companies                                                              
The results and financial position of all the Group entities (none of which     
has the currency of a hyperinflationary economy) that have a functional         
currency different from the presentation currency are translated into the       
presentation currency as follows:                                               
1. assets and liabilities for each balance sheet presented are translated at    
the closing rate at the date of that balance sheet;                             
2. income and expenses for each income statement are translated at average      
exchange rates; and all resulting exchange differences are recognised as a      
separate component of equity;                                                   
3. on consolidation, exchange differences arising from the translation of the   
net investment in foreign entities are taken to shareholders" equity. Upon      
disposal of part or all of the investment, such exchange differences are        
recognised in the income statement as part of the gain or loss on sale.         
3. Earnings per share                                                           
Basic                                                                           
Earnings Per Share ("EPS") is calculated by dividing the profit                 
attributable to the equity holders of the Company by the weighted average       
number of shares in issue during the period.                                    
                                                         2005          2004     
Profit attributable to equity                                                   
holders of the Company ($"000)                         15 807         6 614     
Weighted average number of shares                                               
in issue (thousands)                                  572 301       367 183     
Basic earnings per share (cents)                         2.76          1.80     
Diluted:                                                                        
Profit attributable to equity holders                                           
of the Company ($"000)                                 15 807         6 614     
Weighted average number of shares                                               
in issue (thousands)                                  572 301       367 183     
Adjustment for bonus issues                                 -             -     
Weighted average number of shares                                               
for diluted EPS (thousands)                           572 301       367 183     
Diluted earnings per share (cents)                       2.76          1.80     
Headline earnings per share (for JSE                                            
listing purposes)                                                               
Profit attributable to equity holders                                           
of the Company                                         15 807         6 614     
Adjusted for:                                                                   
Profit on sale of buildings associated                                          
with discontinued operations                                -       (5 099)     
Profit/(Loss) on sale of other assets                       2            95     
Tax thereon                                                 -         1 097     
                                                       15 809         2 707     
Headline earnings per share attributable                                        
to earnings basis (cents)                                2.76          0.74     
Headline earnings per share attributable                                        
to diluted earnings                                                             
 basis (cents)                                           2.76          0.74     
Net assets per share (cents)                               30            45     
Tangible assets per share (cents)                         194           246     
4. Independent audit by the auditors                                            
These condensed consolidated results are currently being audited by our         
auditors PricewaterhouseCoopers who perform their audit in accordance with the  
International Standards on Auditing. The results have been reviewed by          
PricewaterhouseCoopers whose unqualified review opinion is available for        
inspection at the Company"s registered office.                                  
5. Post-Balance Sheet events                                                    
There are no significant post balance sheet events.                             
For and on behalf of the Board                                                  
Mr J. Adewale Tinubu                                                            
Group Chief Executive Officer                                                   
31 March 2006                                                                   
Registration number: RC 6474 External company registration number:              
2005/038824/10                                                                  
Share code on the JSE Limited: OAO Share Code on the Nigerian Stock Exchange:   
UNTP                                                                            
ISIN: NG00000UNTP0                                                              
Directorate                                                                     
1. General M. Magoro (Rtd.)   -    Chairman                                     
2. Mr. J. A. Tinubu           -    Group CEO                                    
3. Mr. O. Boyo                -    Deputy Group CEO                             
4. Mr. O. P. Okoloko          -    Executive Director                           
5. Prince F. N. Atako JP.     -    Director                                     
6. Mr. A. Akinrele            -    Director                                     
7. Mr. O. Ibru                -    Director                                     
8. Alhaji H. Mahmud           -    Director                                     
9. Mr. I. Osakwe              -    Director                                     
10. Mr. O. Osifo              -    Director                                     
Company Secretary: Mrs. Oredeji Delano                                          
Registered office:                                                              
Stallion House, 2, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria        
Registered office in South Africa:                                              
1st Floor, 32 Fricker Road, Illovo Boulevard, Sandton, 2196, South Africa       
Office of the South African registrars:                                         
Computershare Investor Services 2004 (Proprietary) Limited                      
(Registration number: 2004/003647/07)                                           
70 Marshall Street, Johannesburg, 2001. PO Box 61051, Marshalltown, 2107        
Auditors:                                                                       
PriceWaterhouseCoopers, Plot 252E Muri Okunola Street, Victoria Island, Lagos   
Sponsor:                                                                        
Deutsche Securities (SA) (Proprietary) Limited                                  
E-mail: info@oandoplc.com                                                       
Date: 31/03/2006 12:01:09 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2017 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.