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Oando Plc - Unaudited Results For The 9 Months Ended 30 September 2006

Release Date: 07/11/2006 12:05:02      Code(s): OAO
Oando Plc - Unaudited results for the 9 months ended 30 September 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 results for the 9 months ended 30 September 2006                      
Highlights                                                                      
-  Turnover of $1,741.61m                                                       
-  Gross profit of $101.04m                                                     
-  Gross profit margin of 5.6%                                                  
-  Operating profit of $32.28m                                                  
-  Profit after tax of $21.09m                                                  
-  Attributable profit after tax of $18.60m                                     
-  Earnings per share of 3.25c                                                  
-  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 profit after tax ("PAT")  
for the 9 months ended 30 September 2006 of $21.09.m.                           
Income statement analysis                                                       
The strong growth recorded in consolidated turnover of 68% to $1,741.61m for    
the 9 months ended September 2006 from $1,039.57m in 2005 is explained by two   
major underlying drivers:                                                       
 the impact of the Oando Energy Services business introduced in 2005; and       
increased product availability.                                                
Since the start of 2006, Oando has positioned itself to make optimal use        
of the opportunities that arose from the ongoing liberalisation of the          
downstream petroleum sector including the introduction of a petroleum subsidy   
fund which makes 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.                                             
As a result of increased turnover, overall gross profit grew by 18% to          
$101.04m from $85.81m in 2005, despite the tight margin environment. A tight    
rein on costs helped ensure a 37% increase in operating profit to $32.28m.      
Selling and marketing costs increased by 15% due to Oando"s increased product   
costs in the marketing business, while other administrative expenses grew by    
13%,this is directly related to increased operational costs. The impact of      
this was, however, dampened by the rise in net finance costs which was as a     
result of increased financing needs for the import of petroleum products.       
Based on the foregoing, PAT increased by 15% to $21.09m from $18.33m in the     
same period in 2005. PAT attributable to ordinary shareholders rose by 17% to   
$18.60m from $15.87m in the 9 months of 2005. This resulted in a                
corresponding rise in earnings per share from 2.77c to 3.25c for the 9 months   
ended 30 September 2006.                                                        
Balance sheet analysis                                                          
Oando"s total assets rose by 85% to $891.57m compared to $480.72m in the third  
quarter of 2005 and total liabilities grew by 139% to $707.37m from $295.8m,    
driven largely by the increased level of activity in all the businesses.        
The Group continues to expand into higher margin segments and higher value      
areas of the energy value chain such as Upstream Exploration & Production,      
a strategy which we believe will yield significant returns in the near future.  
Prospects                                                                       
Oando"s vision is to expand our current platform into one of the                
foremost integrated energy players in Africa. Oando Exploration and             
Production is currently firming up on its farm-in agreements with its           
partners for the development of the Obodugua/Obodeti field in the OML 56 block. 
The Company continues to explore other opportunities within this sector.        
Further, Oando anticipates that the existing businesses - Marketing, Supply &   
Trading, Energy Services and Gaslink, will continue to report strong            
performance in the final quarter of the year.                                   
For and on behalf of the Board                                                  
Mr J Adewale Tinubu                                                             
Group Chief Executive Officer                                                   
November 2006                                                                   
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           -   Director                                     
5. Prince F. N. Atako JP.      -   Director                                     
6. Mr. A. Akinrele SAN         -   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 in Nigeria: 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                                          
South African transfer secretaries: 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                                                                   
E-mail: info@oandoplc.com                                                       
Consolidated Balance Sheet                                                      
As at 30 September 2006                                                         
ASSETS                                                      2006       2005     
                                                            US$m       US$m     
Non current assets                                                              
Property, plant and equipment                             102.17      94.97     
Intangible assets                                         103.73      75.78     
Long-term receivables                                      25.60      26.77     
231.50     197.52     
Current assets                                                                  
Inventories                                               154.63      43.59     
Work-in-progress                                            1.05          -     
Trade and other receivables                               447.82     215.79     
Held for sale investment                                       -       0.08     
Cash and cash equivalents                                  56.57      23.82     
                                                          660.07     283.20     
Total assets                                              891.57     480.72     
EQUITY                                                                          
Capital and reserves attributable to equity holders                             
Share capital                                               2.22       2.17     
Share premium                                             123.88     121.06     
Revaluation reserve                                        18.79      18.36     
Retained earnings                                          27.74      28.24     
                                                          172.63     169.83     
Minority interest                                          11.58      15.52     
Total equity                                              184.21     185.35     
LIABILITIES                                                                     
Non current liabilities                                                         
Borrowings                                                 26.97      25.95     
Deferred income tax liabilities                             1.79       3.55     
Retired benefit obligation                                  1.22       1.10     
Provisions                                                  0.18          -     
30.16      30.60     
Current liabilities                                                             
Trade and other payables                                  125.49     265.21     
Dividend payable                                            0.02       0.01     
Current income tax liabilities                              8.12          -     
Reserves for bonus issues                                  62.18          -     
Borrowings                                                481.42          -     
                                                          677.23     265.22     
Total liabilities                                         707.39     295.81     
Total equity and liabilities                              891.60     481.16     
Consolidated Income Statement                                                   
For the 9 months ended 30 September 2006                                        
2006         2005     
                                                          US$m         US$m     
Sales                                                 1,741.61     1.039.57     
Cost of sales                                       (1,640.57)     (953.76)     
Gross profit                                            101.04        85.81     
Selling and marketing costs                            (58.59)      (51.02)     
Administration expenses                                (14.34)      (12.69)     
Interest received                                         0.03         0.01     
Other operating income                                    4.13         1.47     
Operating profit                                         32.27        23.58     
Share of profit for associates                             -            -       
Finance costs                                           (5.81)       (2.12)     
Profit before tax                                        26.46        21.46     
Income tax expense                                      (5.38)       (3.11)     
Profit after tax                                         21.08        18.35     
Attributable to:                                                                
Minority interest                                         2.49         3.17     
Equity holders of the Company                            18.60        15.87     
                                                         21.09        19.04     
Summarised Consolidated Cash Flow Statements                                    
As at 30 September 2006                                                         
                                                         2006          2005     
                                                         US$m          US$m     
Cash and cash equivalents at the beginning of the       50.42         51.26     
period                                                                          
Net cash inflow used in operating activities          (38.20)         25.10     
Cash used in investing activities                        7.91         16.20     
Net cash flows (used in)/generated from financing       17.96         36.89     
activities                                                                      
Exchange gains / (losses) in cash and cash               1.19          1.10     
equivalents                                                                     
Cash and bank overdrafts at end of period             (12.45)         24.37     
Consolidated Statement of changes in Shareholder"s Equity                       
Attributable to equity holders of the Company                                   
As at 30 September 2006                                                         
                                          Share       Share     Revaluation     
Capital     Premium         reserve     
                                           US$m        US$m            US$m     
Balance as at 1st                                                               
Jan. 2005                                  2.16      120.74           18.31     
Currency translation                                                            
adjustments                                            0.10            0.01     
Restatement of                                                                  
residual value of                                                               
property, plant and                                                             
equipment                                                                       
Deferred tax effect of                                                          
residual value                                                                  
restatement                                                                     
Net expense                                                                     
recognised directly                                                             
into equity                                                                     
Retained profit for the                                                         
period                                                                          
Total income                                                                    
recognised for half                                                             
year                                                                            
Dividend relating to                                                            
2004                                                                            
Minority interest in                                                            
subsidiary                                                                      
Interest in subsidiary                                                          
excluded from                                                                   
consolidation                                                                   
Interest in share                                                               
capital transferred                                                             
Balance as at 31st                                                              
December 2005                              2.16      120.84           18.32     
Balance as at 1st                                                               
January 2006                               2.16      120.84           18.32     
Currency translation                                                            
adjustments                                0.06        3.04            0.48     
Net expense                                                                     
recognised directly                                                             
into equity                                0.06        3.04            0.48     
Retained earnings                                                               
for the period                                                                  
Total recognised                                                                
income for the half                                                             
year                                       0.06        3.04            0.48     
Dividend relating to                                                            
2005                                                                            
Minority interest                                                               
dividend in subsidiary                                                          
Balance as at 30th                                                              
September 2006                             2.22      123.88           18.79     
                          Cumulative     Retained     Minority       Total      
                          translation     earnings     interest      equity     
adjustment         US$m         US$m        US$m     
                                 US$m                                           
Balance as at 1st                                                               
Jan. 2005                      (0.25)        11.96        10.73      163.65     
Currency translation                                                            
adjustments                    (2.13)                    (1.59)      (3.62)     
Restatement of                                                                  
residual value of                                                               
property, plant and                                                             
equipment                                     7.09                     7.09     
Deferred tax effect of                                                          
residual value                                                                  
restatement                                 (2.13)                   (2.13)     
Net expense                                                                     
recognised directly                                                             
into equity                    (2.13)         4.96       (1.59)        1.35     
Retained profit for the                                                         
period                                       15.81         1.95       17.79     
Total income                                                                    
recognised for half                                                             
year                           (2.13)        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                  (2.38)        21.41        10.97      171.32     
Balance as at 1st                                                               
January 2006                   (2.38)        21.41        10.97      171.32     
Currency translation                                                            
adjustments                      2.38         -         0.10        6.05        
Net expense                                                                     
recognised directly                                                             
into equity                      2.38         2.76         0.10        8.80     
Retained earnings                                                               
for the period                               18.60         2.49       21.09     
Total recognised                                                                
income for the half                                                             
year                             2.38        21.36         2.59       29.89     
Dividend relating to                                                            
2005                                       (15.03)                  (15.03)     
Minority interest                                                               
dividend in subsidiary                                   (1.97)      (1.97)     
                                           (15.03)       (1.97)     (17.01)     
Balance as at 30th                                                              
September 2006                 (0.00)        27.74        11.58      184.20     
Notes to the condensed unaudited results for the 9 months ended 30 September    
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          
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 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 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.           
  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 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 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)                           18,603      15,870     
Weighted average number of shares in issue (thousands)  572,301     572,301     
Basic earnings per share (cents)                           3.25        2.77     
Diluted earnings per share (cents)                         3.25        2.77     
Headline earnings per share to earnings basis (cents)      3.25        2.77     
Diluted headline earnings per share (cents)                3.25        2.77     
Net assets per share (cents)                                32          30      
Tangible assets per share (cents)                           161         132     
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 results for the 9 months ended 30 September 2006 have not been reviewed by
Oando"s auditors.                                                               
Sponsor to Oando:                                                               
Deutsche Securities (SA) (Proprietary) Limited                                  
7 November 2006                                                                 
Date: 07/11/2006 12:05:51 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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