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Oao - Oando Plc - Unaudited Results For The 3 Months Ended 31 March 2008

Release Date: 12/05/2008 12:00:02      Code(s): OAO
OAO - Oando Plc - Unaudited Results For The 3 Months Ended 31 March 2008        
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" or "the Group")                                       
Unaudited results for the 3 months ended 31 March 2008                          
Highlights:                                                                     
- Turnover of USD597.96m                                                        
- Gross profit of USD38.57m                                                     
- Operating profit of USD17.71m                                                 
- Profit after tax of USD12.06m                                                 
- Attributable profit after tax of USD12.04m                                    
- Earnings per share of 1.60c                                                   
- Significant profit growth in traditional marketing business                   
- Sustained high contribution of non-marketing business                         
- Commencement of business operation of Greater Lagos II gas project            
- Upstream activities gaining momentum-Pre production activities at near        
completion level                                                                
- Improved performance over previous year on all major indicators               
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 3 months ended 3 1 March 2008 of USD12.06m.                     
Income statement analysis                                                       
Our first quarter results show an increase in consolidated turnover by 61%      
from USD372m in the first quarter of 2007 to USD598m in 2008. The increase in   
turnover can be attributed to the high performance of our non-marketing         
business, specifically our Supply and Trading division. Also significant to     
turnover was the higher trade volume undertaken by our downstream marketing     
division. This was despite a quarter characterised by periods of intermittent   
product shortages.                                                              
The increase in turnover trickled down to gross profit, at USD39m a 55%         
increase over the previous year. The Company was able to maintain its margin    
efficiency despite the significance of our lower margin supply and trading      
division`s contribution to the overall profit level.                            
Ongoing expansion of our businesses led to an increase in operating expenses    
by 49%. Our non-fuel revenue showed a reduction of 58% from the previous        
year. The 2008 position reflects the ongoing level of business as the prior     
year level was boosted by income accruing from the disposal of a non-core       
asset. The net effect of the lower non-fuel revenue and the higher operating    
expenses was a 34% increase in operating profit from USD13.20m in the first     
quarter of 2007 to USD17.71m as at the end of March 2008.                       
Continuing from management`s efforts in 2007 to bring down financing costs,     
our net-interest expenses for the quarter under review was about 5% lower       
than the corresponding period in 2007. This is a benefit from the efforts       
undertaken last year to improve trade debt and secure more price competitive    
facilities from our financial institution partners. With the increase in        
sales and reduction in interest expense, consolidated PAT increased by 42%      
from USD8.49m to USD12.06m in the three months of 2008. PAT attributable to     
ordinary shareholders rose by 82% to USD12.04m from USD6.63m. Apart from the    
organic growth in earnings, the increase in attributable earnings is an         
outcome of the successful share restructuring carried out during the second     
half of 2007. Finally, the net effect of all the foregoing was a 38% rise in    
earnings per share from 1.16c to 1.60c.                                         
Balance sheet analysis                                                          
The Group`s total assets rose by 152% to USD1,501m compared to USD596m as at    
March 2007, while total liabilities grew by the same margin all driven mainly   
by the increased level of activities - organic and otherwise. The Group,        
during the period under review, continued its expansion drive, which involved   
moving away from the lower margin segments and into higher value areas of the   
energy value chain like Upstream Exploration & Production, a strategy which     
we believe will yield significant returns in future.                            
Strategic acquisitions in the upstream sector carried out in the last 12        
months culminated in a significant increase in fixed asset balances while       
business expansion and the need to tap into emerging opportunities within the   
energy chain brought about increased short-term borrowing to support business   
growth and market development.                                                  
Prospects                                                                       
The huge investments in our Gas and Power division is expected to yield         
significant returns this year, with resulting better margin efficiency as       
well as overall profits. One of its operating companies, Eastern Horizon is     
expected to commence gas delivery in the eastern part of the country towards    
the end of 2008 fiscal year. Other companies within the division have also      
entered into several partnerships with the state government departments in      
areas of power development.                                                     
We expect our Marketing division to sustain its current upward trend in         
profitability. Powered by Oracle, its seamless operating framework has given    
it an edge over competition. Non-fuel revenue is also expected to improve       
significantly with the introduction of new products into the market this        
year.                                                                           
The Company will also continue its march towards a paperless environment;       
intensify its cost curtailment drive; continuous improvement in customers       
delivery service and efficient working capital management.                      
Our Supply and Trading business is expected to build on the strong pace it      
has set in 2007. The division will consolidate on strategic alliances formed    
with the Group`s upstream operations amongst other partners in order to boost   
the trading of crude production while also leveraging on its emerging brand     
as the supplier of choice of petroleum products to tap into other business      
opportunities that may arise from time to time.                                 
We shall continue with products divestment strategic in our Energy business     
division. Accordingly efforts will be geared towards commencement of            
operation of the recently acquired rigs in upstream operations and additional   
emphasis shall be placed on other high margin products and services.            
Consolidated Balance Sheet                                                      
As at 31 March 2008                                                             
ASSETS                                                2008        2007          
                                                     USD`000     USD`000        
Non-current assets                                                              
Property Plant & Equipment                            225,802     102,209       
Intangible Assets                                     259,583     104,173       
Long Term Investments                                 90          45            
Long Term Receivables                                 45,133      20,243        
530,608     226,670        
Current assets                                                                  
Inventories                                           318,126     75,964        
Trade & Other Receivables                             325,877     252,217       
Debenture                                                                       
Cash & Cash Equivalents                               329,199     41,237        
                                                     973,202     369,418        
Total assets                                          1,503,810   596,088       
EQUITY                                                                          
Capital & Reserves attributable to                                              
equity holders                                                                  
Share Capital                                         2,896       2,162         
Share Premium                                         232,909     120,742       
Revaluation Reserve                                   85,201      18,475        
Retained Earnings                                     65,779      34,380        
                                                     386,785     175,759        
Minority Interest                                     1,633       16,783        
Total equity                                          388,418     192,542       
LIABILITIES                                                                     
Non-Current Liabilities                               396,030     28,263        
Current Liabilities                                                             
Trade & Other Payables                                88,344      82,896        
Current Income Tax Liabilities                        12,298      8,646         
Borrowings                                            618,720     283,741       
719,362     375,283        
Total Liabilities                                     1,115,392   403,546       
Total Equity & Liabilities                            1,503,810   596,088       
Consolidated Income Statement                                                   
For the Quarter ended 31 March 2008                                             
                                                     2008        2007           
                                                     USD`000     USD`000        
Sales                                                 597,955     371,756       
Cost of Sales                                         (559,386)   (346,932)     
Gross Profit                                          38,569      24,824        
Selling & Marketing Costs                             (19,224)    (12,250)      
Administrative Expenses                               (3,052)     (2,708)       
Other Operating Income                                1,414       3,334         
Operating Profit                                      17,707      13,200        
Shares of Profit of Associates                        -           -             
Finance Costs                                         (2,466)     (2,573)       
Profit Before Taxation                                15,241      10,626        
Income Tax Expense                                    (3,177)     (2,133)       
Profit After Expense                                  12,064      8,493         
Attributable to:                                                                
Minority Interest                                     21          1,866         
Equity Holders of the Company                         12,043      6,628         
                                                     12,064      8,493          
Segment reporting showing inter-segment revenue and profit and loss             
The Group`s segment results are as follows:                                     
                                    31 March 2008                               
                                                    Energy                      
                                                    Services,                   
Refining        Gas &                       
                                    & Marketing     Power        Group          
Total gross segment sales            831,673         24,903       856,576       
Inter-segment sales                  (258,621)       -            (258,621)     
Sales                                573,052         24,903       597,955       
Operating profit                     17,439          268          17,707        
Finance cost                         (2,157)         (309)        (2,466)       
Exceptional items                    -               -            -             
Profit before income tax                                          15,241        
Income tax expense                                                (3,177)       
Profit for the year                                               12,064        
                                    31 March 2007                               
Energy                      
                                                    Services,                   
                                    Refining        Gas &                       
                                    & Marketing     Power        Group          
Total gross segment sales            519,570         35,195       554,766       
Inter-segment sales                  (183,010)       -            (183,010)     
Sales                                336,560         35,195       371,756       
Operating profit                     9,675           1,147        10,822        
Finance cost                         (2,530)         (43)         (2,573)       
Exceptional items                    2,378           -            2,378         
Profit before income tax                                          10,627        
Income tax expense                                                (2,133)       
Profit for the year                                               8,494         
Consolidated Statement of changes in Shareholder`s Equity                       
Attributable to equity holders of the Company                                   
For the quarter ended 31 March 2008                                             
Share      Share      Revaluation     Cumulative       
                         capital    premium    reserve         translation      
                                                               adjustment       
                         USDm       USDm       USDm            USDm             
Balance as at 31st        2.89       232.91     56.95           28.25           
December 2007                                                                   
Retained profit for                                                             
the period                -          -          -               -               
Balance as at                                                                   
31st March 2008           2.69       232.91     56.95           28.25           
                                          Retained     Minority   Total         
                                          earnings     interest   equity        
USDm         USDm       USDm          
Balance as 31st                            53.74        1.61       376.35       
December 2007                                                                   
Retained profit for                                                             
the period                                 12.04        1.64       13.68        
Balance as at                                                                   
31st March 2008                            65.78        3.25       390.03       
                         Share      Share      Revaluation     Cumulative       
capital    premium    reserve         translation      
                                                               adjustment       
                         USDm       USDm       USDm            USDm             
Balance as at 31st        2.16       120.74     11.37           7.11            
December 2006                                                                   
Revaluation surplus       -          -          66.31           -               
on property, plant                                                              
and equipment                                                                   
Deferred tax              -          -          (20.55)         -               
effect of residual                                                              
value restatement                                                               
Issue of shares           0.73       112.17      -              -               
Fair value gain/loss      -          -           (0.173)        -               
on available for                                                                
sale investments                                                                
Currency translation      -          -           -              21.14           
adjustment                                                                      
Profit for the year       -          -           -              -               
Final dividend            -          -           -              -               
for 2006                                                                        
Balance as at 31st                                                              
December 2007            2.89        232.91      56.96          28.25           
                                          Retained     Minority   Total         
                                          earnings     interest   equity        
USDm         USDm       USDm          
Balance as at 31st                         28.03        14.65      184.05       
December 2006                                                                   
Revaluation surplus                        -            -          66.31        
property, plant                                                                 
and equipment                                                                   
Deferred tax                               -            -          (20.55)      
effect of residual                                                              
value restatement                                                               
Issue of shares                            -            (13.23)    99.67        
Fair value gain/loss                       -            -          (0.173)      
on available for                                                                
sale investments                                                                
Currency translation                       -            -          21.14        
translation adjustment                                                          
Profit for the year                        43.94        0.19       44.13        
Final dividend                             (18.23)      -          (18.23)      
for 2006                                                                        
Balance as at 31st                                                              
December 2007                              53.74        1.61       376.35       
Notes to 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 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.                         
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 unaudited financial   
reports for the first quarter of 2008.                                          
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          
IFRIC 10 (Issued 2006) Interim Financial Reporting and Impairment               
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`s 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 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`s entities (none of which   
has the currency of a hyperinflationary economy) that have a functional         
currency different from the presentation currency are translated into the       
presentation currency as follows:                                               
1 Assets and liabilities for each balance sheet presented are translated at     
the closing rate at the date of that balance sheet.                             
2 Income and expenses for each income statement are translated at average       
exchange rates; and all resulting exchange differences are recognised as a      
separate component of equity.                                                   
3 On consolidation, exchange differences arising from the translation of the    
net investment in foreign entities are taken to shareholders` equity. Upon      
disposal of part or all of the investment, such exchange differences are        
recognised in the income statement as part of the gain or loss on sale.         
3. Earnings Per Share                                                           
Basic Earnings Per Share (EPS) is calculated by dividing the Profit             
Attributable to the equity holders of the Company by the weighted average       
number of shares in issue during the period.                                    
                                                       2008        2007         
Profit attributable to equity holders of the            12,043      6,628       
Company (USD`000)                                                               
Average number of shares in issue (thousands)           754,070     572,301     
Basic Earnings Per Share (cents)                        1.60        1.16        
Diluted                                                                         
Profit attributable to equity holders of the            12,043      6,628       
Company                                                                         
Weighted average number of shares in issue              754,070     572,301     
(thousands)                                                                     
Adjustment for Bonus issues                                                     
Weighted average number of shares for diluted           754,070     572,301     
Earnings Per Share (thousands)                                                  
Diluted Earning Per Shares (cents)                      1.60        1.16        
Headline Earnings Per Share                                                     
Profit Attributable to equity holders of the            12,043      6,628       
Company                                                                         
Adjusted for:                                                                   
Profit on sale of buildings associated with             -           -           
discontinued operations                                                         
Profit/(Loss) on sale of other assets                                           
Loss on sales of investment in affiliate companies      -           -           
Tax thereon                                             -           -           
Headline Earnings Per Share attributable to             1.60        1.16        
earnings basis (cents)                                                          
Headline Earnings Per Share attributable to diluted     1.60        1.16        
earnings basis (cents)                                                          
Net Assets Per Share (cents                             51.5        33.6        
Tangible Assets Per Share (cents)                       165.0       86.0        
4. Independent audit by the auditors                                            
This condensed consolidated result has not be en audited by our auditors        
PricewaterhouseCoopers being the first quarter of our financial year            
5. Post balance sheet events                                                    
There are no significant post balance sheet events that in the opinion of the   
Directors will have a material impact on the accounts herein presented.         
For and on behalf of the Board                                                  
Mr J Adewale Tinubu                                                             
Group Chief Executive Officer                                                   
8 May 2008                                                                      
Directorate:                                                                    
1  General M. Magoro (Rtd)     Chairman                                         
2  Mr. J. A. Tinubu            Group CEO                                        
3  Mr. O. Boyo                 Deputy Group CEO                                 
4  Mr. B. Osunsanya            Group Executive Director                         
5  Mr. A. Akinrele SAN         Non-executive Director                           
6  Prince F. N. Atako JP       Non-executive Director                           
7  HRM. Oba. A. Gbadebo        Non-executive Director                           
8  Mr. O. Ibru                 Non-executive Director                           
9  Alhaji H. Mahmud            Non-executive Director                           
10 Mr Onajite Okoloko          Non-executive Director                           
11 Mr. I. Osakwe               Non-executive 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 registrars: Computershare Investor Services         
(Proprietary) Limited (Registration number: 2004/003647/07) 70 Marshall         
Street, Johannesburg, 2001. PO Box 61051, Marshalltown, 2107                    
Johannesburg                                                                    
12 May 2008                                                                     
Sponsor: Deutsche Securities (SA) (Proprietary) Limited                         
Date: 12/05/2008 12:00:01 Supplied by www.sharenet.co.za                     
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Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.