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Oando Plc - Posting Of Annual Report And Slight Change Statement

Release Date: 28/04/2006 16:21:58      Code(s): OAO
Oando Plc - Posting Of Annual Report And Slight Change Statement                
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                                              
Share code on the Nigerian Stock Exchange: UNTP                                 
("Oando" or "the Company")                                                      
ISIN: NG00000UNTP0                                                              
Shareholders are advised that the annual financial statements of Oando for the  
year ended 31 December 2005 were dispatched to shareholders today and contain   
slight modifications to the reviewed provisional results which were published on
31 March 2006. The modifications to the financial results are as a result of the
re-classification and treatment of certain items in the income statement.       
Set out below are the differences between the provisional results released on 31
March 2006 and the audited results contained in the Company annual financial    
statements sent to shareholders.                                                
Provisional Results          Audited Results                
                          $"000                        $"000                    
SALES                    1,486,208                    1,381,200                 
Cost of Sales           (1,371,165)                  (1,249,369)                
Gross Profit               115,043                      131,831                 
Selling & marketing costs  (47,517)                     (50,734)                
Administrative Expenses    (56,263)                     (54,550)                
Interest Received            2,439                        2,440                 
Other Operating Income      19,571                        3,930                 
Operating Profit            33,273                       32,917                 
Finance Costs               (9,110)                     (10,019)                
Profit before Tax           24,164                       22,898                 
Income Tax expense          (6,405)                      (6,405)                
Profit after taxation       17,759                       16,493                 
Minority interest             1,952                        1,952                
Equity Holders of the Company15,807                      14,493                 
Apart from the income statement items listed above, the following modifications 
have been made to the balance sheet:                                            
Trade and Other Payables    183,729                      138,224                
Borrowings                  225,897                      277,172                
The annual report will be available online at www.oandoplc.com from May 5 2006.
The Company"s auditors, PricewaterhouseCoopers, have audited the annual         
financial statements. Their unqualified report is available for inspection at   
the Company"s registered office.                                                
A notice of the annual general meeting is included in the annual report. The    
annual general meeting will be held at The Cultural Centre, Mokola Hills,       
Ibadan, Oyo State, Nigeria, on Tuesday, May 30, 2006 at 10.00 a.m.              
28 April 2006                                                                   
Deutsche Securities (SA) (Pty) Ltd                                              
Date: 28/04/2006 04:22:03 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

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