Go Back Email this Link to a friend

Oando Plc - Unaudited Interim Results For The 6 Months Ended 30 June 2006

Release Date: 08/08/2006 17:30:01      Code(s): OAO
Oando Plc - Unaudited interim results for the 6 months ended 30 June 2006       
Oando Plc                                                                       
(Incorporated in Nigeria and registered as an external company in South Africa) 
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                                                              
("Oando" or "the Company")                                                      
Unaudited interim results for the 6 months ended 30 June 2006                   
-  Turnover of $1,182.98m                                                       
-  Gross profit of $65.42m                                                      
-  Gross profit margin of 6%                                                    
-  Operating profit of $20.26m                                                  
-  Profit After Tax of $13.46m                                                  
-  Attributable profit after tax of $12.26m                                     
-  Earnings per share of: 2.14c                                                 
-  Continued expansion of Oando and its subsidiaries (the "Group") into new     
business areas - Oil field and Energy Services, Oil field exploration and    
Production and Power                                                            
Review of Results                                                               
Oando which has a primary listing on the Nigerian Stock Exchange and a          
secondary listing on the JSE Limited (JSE) reports Group Profit After Tax       
(PAT) for the half year ended 30 June 2006 of $12.26m, an increase of 14%       
on the comparable period for 2005 when $11.83m was reported.                    
Income Statement Analysis                                                       
The strong growth recorded in consolidated turnover of 63% to $1,182.98m for    
the half year ended June 2006 from $726.42m in 2005 reflects three important    
underlying drivers:                                                             
-    the price of crude oil, our base product, reached over $74 during the      
under review, a significant increase:                                           
-    the newer businesses in the Oando Group, Oando Supply and Trading and Oando
-    Energy Services increased: and                                             
-    increased product availability also boosted the turnover growth.           
Early in the year, the Federal Government introduced a petroleum subsidy fund   
which formalised the fuel subsidy thereby making it easier for well capitalised 
and properly structured corporations such as Oando, to source finished products 
for supply into the local market. This has led to improved product availability 
as well as an increase in activity in the sector.                               
Oando"s Supply & Trading business was the main beneficiary of the Petroleum     
Subsidy Fund, however the historically thin margins in this business led to the 
lower gross margin overall, although in absolute terms gross margin rose by 5%. 
Despite the tight margin environment, the overall gross profit expanded by 5%   
to $65.42m 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 increased to $20.26m.        
Selling and marketing costs increased by 23% due to Oando"s increased activity  
in marketing business, while other administrative expenses declined by 10%.     
The PAT increase of 14% to $13.46m partly highlights the significant drop in    
net finance costs from $3.98m to $3.00m.                                        
Attributable PAT to ordinary shareholders rose by 28% to $12.27m from $9.56m in 
the first half of 2006, while the PAT attributable to minority                  
interest dropped from $2.27 to $1.20 in the same period under review, due to    
the relatively lower contribution from partly owned businesses. This            
resulted in a corresponding rise in earnings per share from 1.67c to 2.14c for  
the half year period under review.                                              
Balance Sheet Analysis                                                          
Oando"s total assets rose by 39% to $661.17m compared to $474.91m in the first  
half of 2005 and total liabilities grew by 59% to $479.65m from                 
$301.60m driven mainly by the increased level of activity. The Group continues  
its expansion drive, which involves moving 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.            
Our primary ambition continues to be the development of our platform to become  
one of the foremost integrated energy players in Africa. We anticipate the      
continued strong performance of the existing businesses i.e. Marketing, Supply &
Trading, Energy Services, Exploration & Production and Gaslink.                 
Regarding the refinery, the delays in the privatisation process of the Port     
Harcourt refineries by the Federal Government of Nigeria, for which Oando is a  
strong contender, has resulted in the company shifting its focus its focus to   
its longer term option to assess the feasibility of a new build and other       
refinery opportunities.                                                         
For and on behalf of the Board                                                  
Mr J Adewale Tinubu                                                             
Group Chief Executive Officer                                                   
8 August 2006                                                                   
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              -  Director                                   
5. Prince F. N. Atako JP.         -  Director                                   
6. Mr. A. Akinrele                -  Director                                   
7. HRM Oba A. Gbadebo             -  Director                                   
8. Mr. O. Ibru                    -  Director                                   
9. Alhaji H. Mahmud               -  Director                                   
10.Mr. I. Osakwe                  -  Director                                   
11.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       
Isalnd, Lagos                                                                   
E-mail: info@oandoplc.com                                                       
Consolidated Balance Sheet                                                      
As at 30 June 2006                                                              
ASSETS                                                   2006       2005        
                                                         US$m       US$m        
Non current assets                                     100.29     104.61        
Property, plant and equipment                                      71.38        
Intangible assets                                                   0.23        
Investment in associates                                26.54      30.86        
Long-term receivables                                  225.83     207.08        
Current assets                                                                  
Inventories                                             92.08      39.71        
Work-in-progress                                         0.70                   
Trade and other receivables                            313.83     197.48        
Held for sale investment                                            0.08        
Cash and cash equivalents                               22.75      30.56        
                                                       429.36     267.83        
Total assets                                           655.19     474.91        
Capital and reserves attributable                                               
to equity holders                                                               
Share capital                                            2.23       2.16        
Share premium                                          124.36     120.78        
Revaluation reserve                                     18.86      18.31        
Exchange difference                                      0.00       1.55        
Retained earnings                                       19.37      17.83        
                                                       164.82     160.63        
Minority interest                                       10.73      12.68        
Total equity                                           175.54     173.31        
Non current liabilities                                                         
Borrowings                                              24.33      11.65        
Deferred income tax liabilities                          4.85       4.04        
Retired benefit obligation                               2.17       7.30        
provisions                                               0.16       3.89        
Other non-current liabilities                                      11.61        
                                                        31.51      38.49        
Current liabilities                                                             
Trade and other payables                               157.02     163.69        
Dividend payable                                         0.02       0.01        
Current income tax liabilities                           8.96       3.03        
Borrowings                                             282.15      96.38        
                                                       448.15     263.11        
Total liabilities                                      479.66     301.60        
Total equity and liabilities                           655.19     474.91        
Consolidated Income Statement                                                   
For the first half of the year ended 30 June 2006                               
                                                           2006        2005     
                                                           US$m        US$m     
Sales                                                  1,182.98      726.42     
Cost of sales                                        (1,117.56)     (664.09)    
Gross profit                                              65.42       62.33     
Selling and marketing costs                             (30.570     (24.780     
Administration expense                                  (17.31)     (19.12)     
Interest received                                          0.40                 
Other operating income                                     2.32        0.68     
Operating profit                                          20.26       19.11     
Share of profit for associates                                         0.03     
Finance costs                                            (3.00)      (3.98)     
Profit before tax                                         17.26       15.15     
Income tax expense                                       (3.80)      (3.32)     
Profit after tax                                          13.46       11.83     
Attributable to:                                                                
Minority interest                                          1.20        2.27     
Equity holders of the Company                             12.26        9.56     
13.46       11.83     
Summarised Consolidated Cash Flow Statements                                    
As at 30 June 2006                                                              
                                                    June 2006     June 2005     
US$           US$     
Cash and cash equivalents at the beginning of the                               
                                                        50.77         53.63     
Net cash inflow used in operating activities          (58.97)       (26.08)     
Cash used in investing activities                      (0.59)       (10.30)     
Net cash flows (used in)/generated from financing                               
activities                                            (16.78)       (42.97)     
Exchange gains / (losses) in cash and cash                                      
equivalents                                              1.19          1.03     
Cash and bank overdrafts at end of period             (24.38)       (24.69)     
Consolidated Statement of changes in Shareholder"s Equity                       
Attributable to equity holders of the Company                                   
                          Share       Share     Revalaution     Cummulative     
                        Capital     Premiun         reserve     translation     
                           US$m        US$m            US$m      adjustment     
Balance as at 1ST Jan.                                                          
2005                       2.16      120.74           18.31          (0.25)     
Currency translation                                                            
                                       0.10            0.01          (2.13)     
Restatement of residual                                                         
of Property, plant and                                                          
Deffered tax effect of                                                          
value restatement                                                               
Net expense recognised                                                          
directly into equity                                                 (2.13)     
Retained profit for the                                                         
Total income recognized                                                         
half year                                                            (2.13)     
Dividend relating to                                                            
Minority interest in                                                            
Interest in subsidiary                                                          
excluded from                                                                   
Interest in share                                                               
Balance as at 31st                                                              
2005                       2.16      120.84           18.32          (2.38)     
Balance as at 1st                                                               
2006                       2.16      120.84           18.32          (2.38)     
Currency translation                                                            
adjustments                0.07        3.52            0.54            2.38     
Net expense recognised                                                          
directly into equity                                                            
Retained Earrnings for                                                          
period                                 3.52            0.54            2.38     
Total recognised income                                                         
the half year              0.07        3.52            0.55            2.38     
Dividend relating to                                                            
Minority interest                                                               
dividend in                                                                     
Balance as at 30th June                                                         
2006                       2.23      124.36           18.87          (0.00)     
                                          Retained     Minority       Total     
                                          earnings     interest      equity     
                                              US$m         US$m        US$m     
Balance as at 1ST Jan. 2005                  11.96        10.73      163.65     
Currency translation                                                            
                                                         (1.59)      (3.62)     
Restatement of residual value                                                   
of Property, plant and                                                          
equipment                                     7.09                     7.09     
Deffered tax effect of residual                                                 
value restatement                           (2.13)                   (2.13)     
Net expense recognised                                                          
directly into equity                          4.96       (1.59)        1.35     
Retained profit for the period               15.81         1.95       17.79     
Total income recognized for                                                     
half year                                    20.77         0.36       19.11     
Dividend relating to 2004                   (8.65)                   (8.65)     
Minority interest in subsidiary             (2.67)                   (2.67)     
Interest in subsidiary                                                          
excluded from consolidation                              (0.07)       (0.07     
Interest in share capital                                                       
transferred                                                0.02        0.02     
(11.32)       (0.05)     (11.37)     
Balance as at 31st December                                                     
2005                                         21.41        10,97      171.32     
Balance as at 1st January                                                       
2006                                         21.41        10.97      171.32     
Currency translation                                                            
adjustments                                   0.04         0.12         7.1     
Net expense recognised                                                          
directly into equity                                                            
Retained Earrnings for the                                                      
period                                        0.04         0.12        7.14     
                                             12.26         1.20        11.4     
Total recognised income for                                                     
the half year                                12.30         1.13       11.33     
Dividend relating to 2005                                                       
Minority interest dividend in                                                   
subsidiary                                 (14.34)                  (14.34)     
                                                         (1.56)      (1.56)     
Balance as at 30th June 2006                 19.37        10.73      175.54     
Notes to the Condensed unaudited financial statements                           
30 June 2006                                                                    
1. General information                                                          
Oando (formerly Unipetrol Nigeria Plc) was registered by special resolution     
as a result of the acquisition of the shareholding of Esso Africa Incorporated  
(principal shareholder of Esso Standard Nigeria Limited) by 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 the       
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 in December 2003.                                          
The Group has its 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. 
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          
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   
The application of 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, 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; and                        
-    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          
-    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         
-    changes to the Group"s accounting policies. In summary:                    
-    IAS 1, 2, 28 and 32 had no material effect on the Group"s policies.        
-    IAS 8 (revised 2004) has resulted in the disclosure of the impact of new   
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 and 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.                                    
                                                           2006        2005     
Profit attributable to equity holders of                                        
the Company ($"000)                                         260       9,560     
Weighted average number of shares in issue (thousands)  572,301     572,301     
Basic earnings per share (cents)                                                
                                                           2.14        1.67     
Profit attributable to equity holders of the Company                            
($"000)                                                  12,260       9,560     
Weighted average number of shares in issue (thousands)  572,301     572,301     
Adjustment for bonus issues                                   -           -     
Weighted average number of shares for diluted EPS                               
(thousands)                                             572,301     572,301     
Diluted earnings per share (cents)                                              
                                                           2.14        1.67     
Headline earnings per share (for JSE listing purposes)                          
Profit attributable to equity holders of the Company     12,270       9,560     
Headline earnings per share to earnings basis (cents)      2.35        2.07     
Headline earnings per share diluted earnings basis                              
(cents)                                                    2.35        2.07     
Net assets per share (cents)                                                    
                                                             32          30     
Tangible assets per share (cents)                           116          83     
4. Adjustments to prior year results                                            
We have made adjustments to prior year results to enable like for like          
comparisons with current year results                                           
5. Post balance sheet events                                                    
There are no significant post balance sheet events.                             
6. Independent review by the auditors                                           
These interim results have not been reviewed by Oando"s auditors.               
Sponsor to Oando:                                                               
Deutsche Securities (SA) (Proprietary) Limited                                  
8 August 2006                                                                   
Date: 08/08/2006 05:30:19 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
© 2018 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.