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OAO - Oando Plc - Reviewed results for the 12 months ended 31 December 2006

Release Date: 30/03/2007 13:59:52      Code(s): OAO
OAO - Oando Plc - Reviewed results for the 12 months ended 31 December 2006     
Oando Plc                                                                       
(Incorporated in Nigeria and registered as an external company in South         
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")                                                      
Reviewed results for the 12 months ended 31 December 2006                       
-  Turnover of $1,629m                                                          
-  Gross profit of $139m                                                        
-  Gross profit margin of 8.56%                                                 
-  Operating profit of $55m                                                     
-  Profit after tax of $24m                                                     
-  Attributable profit after tax of $21m                                        
-  Earnings per share: 3.66c                                                    
-  Continued expansion and consolidation of efforts across the companies        
within the Group                                                                
-  Gaining competency, improved efficiency and seamless work processes          
Review of results                                                               
Oando 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 2006 of $23.90m, an    
increase of 50% over the prior year when the Company closed with a profit       
figure of $16.49m.                                                              
Income statement analysis                                                       
The strong growth recorded in consolidated Turnover of 18% to $1,629m during    
2006 reflects a number of important underlying drivers - firstly, the           
significant price increase in crude oil, our base product, which exceeded       
$70 per barrel for significant periods during the course of 2006, averaging     
a 70% increase on the year. Secondly, the Nigerian Government introduced the    
Petroleum Subsidy Fund which enabled the Company to directly import fuel        
rather than rely solely on the Nigerian National Petroleum Company.             
The price at which fuel is sold at the pump to retail 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 - Premium Motor Spirit (PMS)                 
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      
despite the increase in volume.                                                 
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 19% to $1,490m, Turnover only increased by 18% which meant     
that Profit Margins at the Gross level reduced to 8.56% from 9.55% in 2005      
At the Operating level, Oando`s profit increased significantly on 2005 to       
$55m as a result of a higher Other Income component which rose by 150% to       
$10m, driven by non fuel revenues that leveraged on our extensive retail        
network. This achievement was further buoyed by the operational and             
administrative efficiency which saw a 9% reduction in our selling, marketing    
and administrative expenses.                                                    
The total PAT increase of 50% to $23.90m was lower than the increase in         
Operating Profit would have suggested due to finance costs which increased      
by $15m (155%). The main driver of the large increase in financing costs was    
a change in operating model due to the introduction of the Petroleum Subsidy    
Fund which meant that as the Company imported fuels for its own account the     
working capital days increased by the shipment period to get the products to    
Attributable PAT to majority shareholders rose by 42% to $20.67m from           
$14.54m in 2005, while minority shareholders` position increased by 65% to      
$3.23m in 2006 from $1.95m the previous year. This indicated the strong         
showing of other subsidiaries vindicating our strategic belief in the           
setting up of the companies.                                                    
Balance sheet analysis                                                          
Oando`s Total Assets rose by 18% to $742m compared to $630m in 2005 and         
Total Liabilities advanced 20% to $552m from $458m 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.            
Our primary ambition remains the development of 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 the fact that we anticipate improved and         
strong performance of the existing businesses on a continuous basis -           
Marketing, Supply & Trading, Energy Services and Gaslink - all of which         
showed better top and bottom line numbers than previous years.                  
Consolidated Balance Sheet                                                      
As at 31 December 2006                                                          
ASSETS                              2006               2005                     
                                   $`000              $`000                     
Non-current assets                                                              
Property Plant & Equipment          109,271            112,756                  
Intangible Assets                   111,685            101,999                  
Long Term Investments               78                 -                        
Long Term Receivables               27,080             28,689                   
248,114            243,444                   
Current assets                                                                  
Inventories                         131,185            75,623                   
Trade & Other Receivables           302,933            252,712                  
Debenture                                              190                      
Cash & Cash Equivalents             59,943             57,769                   
                                   494,061            386,294                   
Total assets                        742,175            629,738                  
Capital & Reserves                                                              
attributable to equity                                                          
Share Capital                       2,228              2,162                    
Share Premium                       124,408            120,792                  
Revaluation Reserve                 18,871             18,322                   
Exchange Difference                                    (300)                    
Retained Earnings                   29,778             20,143                   
                                   175,285            161,119                   
Minority Interest                   14,928             10,969                   
Total equity                        190,213            172,088                  

Non-Current Liabilities                                                         
Borrowings                          12,078             13,866                   
Deferred Income Tax                 4,984              5,140                    
Retirement Benefit                  1,076              8,612                    
Provisions                                             4,111                    
Other non-current                   5,500              5,730                    
                                   23,638             37,459                    
Current Liabilities                                                             
Trade & Other Payables              207,231            138,224                  
Dividend Payables                   15                 13                       
Current Income Tax                  7,383              4,782                    
Borrowings                          313,695            277,172                  
                                   528,324            420,191                   
Total Liabilities                   551,962            457,650                  
Total Equity & Liabilities          742,175            629,738                  
Consolidated Income Statement                                                   
For the year ended 31 December 2006                                             
                                  2006                2005                      
$`000               $`000                     
Sales                              1,629,142           1,381,200                
Cost of Sales                      (1,489,654)         (1,249,369)              
Gross Profit                       139,488             131,831                  
Selling & Marketing Costs          (41,995)            (50,734)                 
Administrative Expenses            (56,460)            (54,550)                 
Interest Income Received           3,554               2,440                    
Other Operating Income             10,042              3,930                    
Operating Profit                   54,629              32,917                   
Shares of Profit  of               -                   -                        
Finance Costs                      (25,464)            (10,019)                 
Profit Before Taxation             29,165              22,898                   
Income Tax Expense                 (5,269)             (6,405)                  
Profit After Expense               23,896              16,493                   
Attributable to:                                                                
Minority Interest                  3,228               1,952                    
Equity Holders of the                                                           
Company                            20,668              14,541                   
                                  23,896              16,493                    
Summarised Consolidated Cash Flow Statement                                     
For the year ended 31 December 2006                                             
                                          2006          2005                    
                                          US$`000       US$`000                 
Cash and cash equivalents at the                                                
beginning of the period                   57,769        74,235                  
Net cash inflow used in operating                                               
activities                                20,274        (132,520)               
Cash used in investing activities         (8,079)       (53,340)                
Net cash flows (used in)/generated from                                         
financing activities                      (11,651)      169,393                 
Exchange gains / (losses) in cash and                                           
cash equivalents                          1,628         1                       
Cash and bank overdrafts at end of                                              
period                                    59,943        57,769                  
Consolidated Statement of changes in Shareholder`s Equity                       
Attributable to equity holders of the Company                                   
                         Share     Share      Revaluation    Cummulative        
                         Capital   Premium    reserve        translation        
                         US$m      US$m       US$m           adjustment         
Balance as at 31                                                                
December 2005             2.16      120.79     18.32          (0.3)             
Dividend relating to                                                            
Minority interest in                                                            
Interest in subsidiary                                                          
excluded from                                                                   
Interest in share                                                               
capital transferred                                                             
Currency Translation      0.07      3.62       0.55           0.3               
Attributable to                                                                 
majority shareholder                                                            
Balance as at 31                                                                
December 2006             2.23      124.41     18.87                            
Balance as at 1 Jan.      2.16      120.74     18.31          (0.25)            
Currency translation                                                            
adjustments                         0.10       0.01           (2.13)            
Restatement of residual                                                         
value of Property,                                                              
plant and equipment                                                             
Deferred tax effect of                                                          
residual value                                                                  
Net expense recognised                                                          
directly into equity                                          (2.13)            
Retained profit for the                                                         
Total income recognized                                                         
for half year                                                 (2.13)            
Dividend relating to                                                            
Minority interest in                                                            
Interest in subsidiary                                                          
excluded from                                                                   
Interest in share                                                               
capital transferred                                                             
Balance as at 31                                                                
December 2005             2.16      120.84     18.32          (2.38)            
                         Retained         Minority         Total equity         
                         earnings         interest         US$m                 
                         US$m             US$m                                  
Balance as at 31                                                                
December 2005             20.143           10.97            172.09              
Dividend relating to                                                            
2005                      (11.03)                           (11.03)             
Minority interest in                                                            
subsidiary                                 3.23             3.23                
Interest in subsidiary                                                          
excluded from                                                                   
Interest in share                                                               
capital transferred                                                             
Currency Translation                                                            
adjustment                                                  4.54                
Attributable to majority                                                        
shareholder               20.67                             21.67               
Balance as at 31                                                                
December 2006             29.78            14.93            191.21              
Balance as at 1 Jan.                                                            
2005                      11.96            10.73            163.65              
Currency translation                                                            
adjustments                                (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      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 31                                                                
December 2005             21.41            10.97            171.32              
Notes to the reviewed results                                                   
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    
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.                         
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          
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      
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            
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 2006.                                                            
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 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,     
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            
- 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         
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                                                           
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      20,667        14,541              
the Company ($`000)                                                             
Weighted average number of shares in issue    572,301       572,301             
Basic Earnings Per Share (cents)              3.66          2.54                
Profit attributable to equity holders of      20,667        14,541              
the Company                                                                     
Weighted average number of shares in issue    572,301       572,301             
Adjustment for Bonus issues                                 -                   
Weighted average number of shares for         572,301       572,301             
diluted Earnings Per Share (thousands)                                          
Diluted Earning Per Shares (cents)            3.66          2.54                

Headline Earnings Per Share                                                     
Profit Attributable to equity holders of      20,667        14,541              
the Company                                                                     
Adjusted for:                                 -             -                   
Profit on sale of buildings associated                                          
with discontinued operations                                                    
Profit/(Loss) on sale of other assets         (4,785)       (32)                
Loss on sales of investment in affiliate      -             25                  
Tax thereon                                   -             -                   
                                             15,882        14,534               
Headline Earnings Per Share attributable      2.78          2.54                
to earnings basis (cents)                                                       
Headline Earnings Per Share attributable      2.78          2.54                
to diluted earnings basis (cents)                                               
Net Assets Per Share (cents)                  34            30                  
Tangible Assets Per Share (cents)             19.7          19.7                
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                                                   
30 March 2007                                                                   
1   General M. Magoro (Rtd.)          Chairman                                  
2   Mr. J. A. Tinubu                  Group CEO                                 
3   Mr. O. Boyo                       Deputy Group CEO                          
4   Mr Onajite Okoloko                Director                                  
5   Mr. A. Akinrele SAN               Director                                  
6   Prince F. N. Atako JP             Director                                  
7   Mr. O. Ibru                       Director                                  
8   Alhaji H. Mahmud                  Director                                  
9   Mr. I. Osakwe                     Director                                  
10  Mr. O. Osifo                      Director                                  
11  HRM. Oba. A. Gbadebo              Director                                  
Company Secretary:  Mrs. Oredeji Delano                                         
Registered office: 2, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria     
Auditors: PriceWaterhouseCoopers, Plot 252E Muri Okunola Street, Victoria       
Island, Lagos                                                                   
E-mail: info@oandoplc.com                                                       
Registered office in South Africa: 1st Floor, 32 Fricker Road, Illovo           
Boulevard, Sandton, 2196, South Africa                                          
Office of the 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        
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 30/03/2007 13:59:51 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  

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