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Oao - Oando Plc - Unaudited Results For The 9 Months Ended 30 September 2007

Release Date: 08/11/2007 16:25:02      Code(s): OAO
OAO - Oando Plc - Unaudited results for the 9 months ended 30 September 2007    
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)                          
JSE share code: OAO                                                             
Nigerian Stock Exchange share code: UNTP                                        
ISIN: NG00000UNTP0                                                              
("Oando" or "the Group")                                                        
Unaudited results for the 9 months ended 30 September 2007                      
Highlights                                                                      
- Turnover of $1,406.63 million                                                 
- Gross profit of $85.03 million                                                
- Gross profit margin of 6%                                                     
- Operating profit of $42.35 million                                            
- Profit after tax of $28.77 million                                            
- Attributable profit after tax of $23.31 million                               
- Earnings per share of 3.09c                                                   
- Adjusted earnings per share of 3.93c                                          
- Consolidation of our gas distribution and power companies into one group      
- Evolving Energy Service Company with recent acquisition of 2 rigs for         
 upstream operation                                                             
- Improved pump price margin efficiency                                         
- Improved non-fuel revenue base                                                
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 2007 of $28.77 million.                     
Income statement analysis                                                       
The increase of 14% recorded in consolidated turnover from $1,231.17 million for
the 9 months ended September 2006 to $1,406.63 million for the 9 months ended   
September 2007 is explained by three major underlying drivers:                  
increased business activities along the supply chain within the Group,          
 especially our Supply & Trading company;                                       
Increase in pump price of our base products; and                                
Improved product availability during the third quarter.                         
The third quarter results show a huge improvement in non-marketing contribution 
to profits and further underscore our strategic decision to continually         
diversify our operating base along the energy supply chain. Our performance,    
which has largely been driven by our downstream marketing business, received a  
boost from non-marketing contribution, particularly, our Supply and Trading     
business.                                                                       
Our year to date position continues to reflect the marked improvement in        
performance as recorded in the previous quarters when compared against the      
equivalent period of last year. This was mainly as a result of the strong       
performance of our Supply and Trading Business, as well as improved margins in  
the business. The Supply and Trading business continues to benefit from the     
Federal Government`s Petroleum subsidy fund which makes it easier for the       
business`s clients to better plan and control availability of products.         
As a result of increased turnover, as well as better margins, overall gross     
profit increased by 16% from $73.46 million in 2006 to $85.03 million. With this
increase in gross profit, combined with improved non-fuel revenue income base   
and efficient cost curtailment efforts by management that have seen             
administrative expenses increasing marginally despite increases in volume of    
business activities, operating profit recorded a 42% increase from $29.77       
million in the previous year, to $42.35 million.                                
The increase in operating profit is supported by efficient utilisation of       
working capital coupled with sound business policies which has brought about a  
significant reduction in wastage along the value chain resulted in a 57%        
increase in PAT from $18.36 million in 2006 to $28.77 million for the equivalent
period in 2007. PAT attributable to ordinary shareholders rose by 47% to $23.31 
million from $15.83 million in the 9 months to September 2006. The net effect of
the improvement in performance as well as the recent corporate restructuring is 
a 42% increase in attributable profit, a rise in adjusted earnings per share    
from 2.77c to 3.93c for the 9 months ended 30 September 2007.                   
Balance sheet analysis                                                          
Oando`s total assets increased by 7% to $950.01 million compared to $891.58     
million in the third quarter of 2006 and total liabilities fell by 9% to $642.34
million from $707.37 million. Long term liabilities increased significantly to  
$124.53 million from $30.16 million in the same period last year. This is due to
a realignment of our working capital management and efficient utilisation of    
interest bearing liabilities.                                                   
Current assets reduced by 17% to $545.92 million from $660.07 million in the    
same period last year. This is due to efficient working capital management and  
reduction in stock levels as the Group seeks to efficiently manage its          
production, ware-housing, and distribution of products.                         
In all, the Group`s net assets in the quarter closed at $307.67 million         
representing a 67% increase over the prior year position of $184.21 million,    
arising mainly from the conclusion of the corporate restructuring that was      
approved by the shareholders at the last annual general meeting. The Group is   
determined to keep focus on improving asset productivity rather than just       
increasing the asset base.                                                      
Prospects                                                                       
With increasing opportunities in the upstream, exploration & production, gas and
power, Oando is geared towards attaining the apex position in the energy sector 
by continually diversifying and expanding our business lines. Our valuable      
shareholders are guaranteed to benefit from the benefits that would accrue as a 
result.                                                                         
We shall relentlessly seek to expand our diversified platform in our bid to     
become the largest integrated energy solutions provider in Africa. Our current  
performance and future projection supports this strategic insight. Already our  
Supply and Trading business is well positioned to fully tap into opportunities  
along the supply chain; our Energy services business has been fully re-         
engineered to meet the immediate and future challenges of energy servicing and  
our Gas and Power company is poised to continue to maintain its leadership      
position in natural gas distribution in Nigeria and West African coastal region.
With our aggressive cost containment strategies, ambitious and promising        
initiatives, and a management staff alert to the enormous opportunities in the  
business, there is a huge potential for growth in the coming months and years.  
The Board is of the view that the third quarter results, highlight the success  
the Group has continued to achieve in meeting the challenges of managing its    
diversified platform with a view of actualising its vision of becoming Africa`s 
integrated energy company driven by excellence.                                 
For and on behalf of the Board                                                  
Mr J Adewale Tinubu                                                             
Group Chief Executive Officer                                                   
Directors:                                                                      
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. Osunsanya        - Director                                          
Company Secretary:         Mrs. Oredeji Delano                                  
Registered office in Nigeria: 2, Ajose Adeogun Street, Victoria Island, Lagos,  
Nigeria                                                                         
Registered office in South Africa: 1st Floor, 32 Fricker Road, Illovo,          
Boulevard, Sandton, 2146, 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 2007                                                         
ASSETS                                                      2007       2006     
                                                           US$m       US$m      
Non current assets                                                              
Property, plant and equipment                             133.72     102.17     
Intangible assets                                         229.77     103.73     
Long-term receivables                                      40.60      25.63     
                                                         404.09     231.53      
Current assets                                                                  
Inventories                                               124.17     154.63     
Work-in-progress                                               -       1.05     
Trade and other receivables                               350.82     447.82     
Held for sale investment                                       -          -     
Cash and cash equivalents                                  70.93      56.57     
                                                         545.92     660.07      
Total assets                                              950.01     891.60     
EQUITY                                                                          
Capital and reserves attributable                                               
to equity holders                                                               
Share capital                                               2.94       2.22     
Share premium                                             237.27     123.88     
Revaluation reserve                                        19.26      18.79     
Retained earnings                                          41.73      27.74     
                                                         301.20     172.63      
Minority interest                                           6.47      11.58     
Total equity                                              307.67     184.21     
LIABILITIES                                                                     
Non current liabilities                                                         
Borrowings                                                117.56      26.97     
Deferred income tax liabilities                             5.34       1.79     
Retired benefit obligation                                  1.32       1.22     
Provisions                                                  0.31       0.18     
                                                         124.53      30.16      
Current liabilities                                                             
Trade and other payables                                  192.11     187.67     
Dividend payable                                            0.20       0.02     
Current income tax liabilities                              9.63       8.12     
Borrowings                                                315.87     481.42     
                                                         517.81     677.23      
Total liabilities                                         642.34     707.39     
Total equity and liabilities                              950.01     891.60     
Consolidated Income Statement                                                   
For the 9 months ended 30 September 2007                                        
                                                       2007           2006      
                                                       US$m           US$m      
Sales                                               1,406.63       1,231.09     
Cost of sales                                     (1,321.60)     (1,157.64)     
Gross profit                                           85.03          73.45     
Selling and marketing costs                          (40.28)        (38.51)     
Administration expense                                (9.85)         (9.42)     
Other operating income                                  7.45           4.25     
Operating profit                                       42.35          29.77     
Finance costs                                         (6.70)         (5.92)     
Profit before tax                                      35.65          23.85     
Income tax expense                                    (6.88)         (5.49)     
Profit after tax                                       28.77          18.36     
Attributable to:                                                                
Non-Controlling Shareholders                            5.46           2.53     
Equity holders of the company                          23.31          15.83     
                                                      28.77          18.36      
Summarised Consolidated Cash Flow Statements                                    
As at                                                                           
                                                   Sept 2007     Sept 2006      
                                                        US$m          US$m      
Cash and cash equivalents at the                                                
beginning of the period                               (52.44)      (167.75)     
Net cash inflow used in operating activities          (19.99)         36.52     
Cash used in investing activities                     (50.89)         67.91     
Net cash flows (used in)/generated from financing                               
activities                                              96.33         47.96     
Exchange gains/(losses) in cash and cash                                        
equivalents                                              0.45          2.19     
Cash and bank overdrafts at end of period             (26.54)       (12.45)     
Consolidated Statement of changes in Shareholders` Equity                       
Attributable to equity holders of the Company                                   
As at 30 September 2007                                                         
                                                               Cummulative      
Share       Share     Revalaution     translation      
                       capital     premium         reserve      adjustment      
                          US$m        US$m            US$m            US$m      
Balance as at                                                                   
1 January 2006                                                                  
Currency translation                                                            
adjustments                2.16      120.74           10.65                     
Net expense recognised                                 7.83                     
directly into equity                                                            
Retained profit                                                                 
for the period                                                                  
Dividends: Final for 2005                                                       
Balance as at 31st                                                              
December 2006              2.16      120.74           18.48                     
Balance as at 1st                                                               
January 2007               2.16      120.74           18.48                     
Currency translation                                                            
adjustments                                            0.78                     
Increase in Share                                                               
Capital/Premium after                                                           
share swap                 0.78      116.53                                     
Total recognised income                                                         
for year to date                                                                
Dividend relating to 2006                                                       
Balance as at 30                                                                
September 2007             2.94      237.27           19.26                     
                                         Retained     Minority       Total      
                                         earnings     interest      equity      
US$m         US$m        US$m      
Balance as at 1 January 2006                                                    
Currency translation                                                            
adjustments                                  20.03        10.79      164.38     
Net expense recognised                       19.27         1.10       19.27     
directly into equity                                                            
Retained profit for the period                             2.76        2.76     
Dividends: Final for 2005                  (11.28)                  (11.28)     
Balance as at 31 December 2006               28.03        14.65      184.05     
Balance as at 1 January 2007                 28.03        14.65      184.05     
Currency translation                                                            
adjustments                                   9.39         0.11       10.28     
Increase in Share                                                               
Capital/Premium after                                                           
share swap                                              (13.75)      103.56     
Total recognised income for year to date     23.31         5.46       28.77     
Dividend relating to 2006                  (19.00)                  (19.00)     
Balance as at 30 September 2007              41.73         6.47      307.67     
Notes to the condensed unaudited results for the 9 months ended 30 September    
2007                                                                            
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 5 of the subsidiaries, Oando Trading (Bermuda), Oando   
Energy Service Limited, Oando Petroleum and Development Company, Oando          
Exploration and Production Limited and Oando Supply and Trading, was increased  
from 51% to 100%. The Group further increased its stake in Gaslink Nigeria      
Limited to 96% from 53% through a combination of a share swap and a buy-out from
existing shareholders.                                                          
Ocean and Oil Holdings through Ocean and Oil Investment Limited now owns 34% of 
the Group.                                                                      
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.                                                                   
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.                                                        
2007    2006          
Profit attributable to equity holders of the Company ($`m) 23.31   15.83        
Weighted average number of shares in issue (thousands)     592.5   572,301      
Profit attributable to equity holders of the Company ($m)  3.09    2.77         
Basic earnings per share (cents)                           3.09    2.77         
Weighted average number of shares in issue (thousands)     754.0   572,301      
Weighted average number of shares for diluted EPS          592.5   572,301      
(thousands)                                                                     
Diluted earnings per share (cents)                         3.93    2.77         
Headline earnings per share (for JSE listing purposes)                          
Profit attributable to equity holders of the Company       23.31   15.83        
Headline earnings per share to earnings basis (cents)      3.09    2.77         
Headline earnings per share diluted earnings basis (cents) 3.93    2.77         
Net assets per share (cents)                               36      32           
Tangible assets per share (cents)                          123     138          
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 2007 have not been reviewed by
Oando`s auditors.                                                               
Lagos, Nigeria                                                                  
08 November 2007                                                                
Sponsor to Oando:                                                               
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 08/11/2007 16:25:01 Supplied by www.sharenet.co.za                     
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