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OAO - Oando Plc - Unaudited Results For The Third Quarter Ended 30 September

Release Date: 03/11/2008 11:00:02      Code(s): OAO
OAO - Oando Plc - Unaudited Results For The Third Quarter Ended 30 September    
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 third quarter ended 30 September 2008                 
-   Turnover of $1.71bn                                                         
-   Gross profit of $138.63m                                                    
-   Operating profit of $76.21m                                                 
-   Profit after tax of $47.90m                                                 
-   Attributable profit after tax of $47.82m                                    
-   Earnings per share of 5.28c                                                 
-   Marked improvement in gross margin                                          
-   Marked growth in non-fuel revenue income                                    
-   Acquisition of additional rig                                               
-   Completion of Lagos Phase Three Project of our gas distribution network     
-   Marked improvement in contribution from non marketing business              
-   Improved performance over previous year on all major indicators             
-   "First Oil" in "OML 56"                                                     
Review of results                                                               
Oando, which has a primary listing on the Nigerian Stock Exchange ("NSE") and a 
secondary listing on the JSE Limited ("JSE"), reports profit after tax ("PAT")  
for the third quarter year ended 30 September 2008 of $47.90m.                  
Income statement analysis                                                       
Our third quarter performance continues the recent trend of improvement in our  
operational efficiency. The increase of 22% recorded in consolidated turnover   
from $1.41bn in September 2007 to $1.71bn in September 2008 is attributable to  
the following: increased business activities along the supply chain within the  
Group especially our Supply & Trading division; improvement in our supply chain 
management; on-time delivery across the businesses; stability in the business   
environment; and improved product availability during the third quarter.        
The positive growth in turnover coupled with strong improvement in margin       
efficiency subsequently led to an increase in gross profit as the Group recorded
a 63% increase over the $85.03m of gross profit recorded over the same period in
the last year.                                                                  
In addition to the foregoing, the results for the period under review bring to  
the fore the  significant success achieved in growing our non-fuel income line  
as like for like non-fuel revenue increased by 50% against prior year (included 
in prior year performance is a once-off income of $4.4m). Operational efficiency
and effective cost containment effort resulted in a 3% reduction in the         
combination of our selling and marketing expenses and administrative costs.     
Overall net interest expense increased by 48% compared to the same period in    
2007. This was driven by higher borrowings as a result of increased volume of   
activities and higher product costs as well as higher cost of funds which has   
been on the upward trend since the beginning of the second quarter of the year. 
We have consistently relied on effective management of our trade receivables    
while taking steps to secure more competitive credit facilities under more      
favourable agreements with our financial institution partners.                  
Consolidated profit after taxation increased by 66% from $128.77m to $47.90m in 
the third quarter of 2008. This growth is, as highlighted earlier, attributable 
to increased sales and improved margin recovery, both of these coupled with     
growth in non-fuel revenue. Profit after taxation attributable to ordinary      
shareholders rose by 105% to $47.82m from $23.31m while adjusted earnings per   
share increased by the same margin from 2.58c to 5.28c.                         
Balance sheet analysis                                                          
Oando increased total assets by 119% from $950m compared to $2.01bn as at       
September 2008 while total liabilities grew by the same margin all driven mainly
by the increased level of business activities. The growth in assets is due to   
strategic investments made by the Company in the last quarter of 2007 as total  
assets increased by 30% when compared to the audited position of December 2007. 
The Group during the period under review continued its expansion drive, which   
includes diversification from the lower margin segments, progressing to higher  
value areas of the energy value chain like Upstream Exploration & Production and
high margin-based services and rigs drilling system; a strategy which we believe
will yield significant returns in the near future.                              
Specific and strategic acquisitions in the upstream sector has led to           
significant increase in our fixed asset balances especially in the Energy       
Services and Exploration & Production businesses as the Company continues its   
drive towards building a sustainable business profile anchor on upstream        
business operation                                                              
Increased business activities have also brought about significant increases in  
our short and long term borrowings to support our operation and ensure re-      
alignment of our working capital management.                                    
Expectations and Prospects for the Future                                       
As we have stressed before we look at the up stream and midstream parts of our  
business, including the gas and power division, as the main drivers of our      
growth in the mid to long term. Our Gas & Power division is in the process of   
building an independent power plant, potentially the first of many to come,     
while the additional capacity provided by Lagos phase three gas distribution    
expansion project is expected to be practically spoken for by the end of the    
year. Our plan to unlock value imbedded in our marketing division to fast-track 
the growth phases identified within the gas and energy divisions is ongoing. We 
intend to complete this latest by the first quarter of the coming year. This    
product diversification will provide us with the capacity to explore emerging   
opportunities in our Gas & Power and upstream businesses, thus ensuring a       
sustainable growth and robust profitability anchored on diversified platforms.  
Our Marketing division is expected to sustain its current leadership role in    
supply management and on-time delivery of petroleum products to all our outlets.
The Company recently signed an agreement with a major fast moving consumer goods
player thus boosting its non-fuel revenue potential. Efficient management of its
working capital; effective supply chain management and trade receivable balances
will ensure the Company sustains its current profitability and surpasses set    
targets by year-end. The Company will also continue its cost containment effort 
while proactive cash management procedures put in place will be upheld through  
the year.                                                                       
Our Supply & Trading business`s quest to dominate the West African market is    
gradually yielding results with the Company`s strategic alliances with major    
marketers within the axis. As the largest private importer of petroleum products
into Nigeria, the Company is expected to leverage on the market acceptability   
and niche that it has created to deliver strong performance before year-end and 
guarantee its sustainable growth in the coming years. The strategic alliances   
formed with the Group`s upstream operations amongst other partners appear       
brighter with the attainment of "first Oil".                                    
Our Energy Services company added another rig during the third quarter to its   
fleet of rigs while the previous two acquired have been fully refurbished and   
awaiting commencement of operation. The company lodged a bid for 2 major        
upstream drilling contracts advertised by Agip Exploration and intends to use   
the acquired rigs to execute the transactions.                                  
Lastly, our upstream stream operation recorded a major milestone with the       
attainment of "first Oil" in one of our upstream assets, "OML 56". This         
milestone underscores our unwavering commitment towards moving the Company from 
its traditional downstream business to mid and upstream emerging businesses     
through strategic acquisition of value-adding portfolio of assets.              
Consolidated Balance Sheet                                                      
As at 30 September 2008                                                         
                                              2008          2007                
ASSETS                                         $`millon      $`millon           
Non-current assets                                                              
Property Plant & Equipment                     306.52        133.72             
Intangible Assets                              256.31        229.77             
Long Term Investments                          2.88          40.60              
Long Term Receivables                          118.08        40.60              
                                              683.79        404.09              
Current assets                                                                  
Inventories                                    327.28        124.17             
Trade & Other Receivables                      675.93        350.82             
Cash & Cash Equivalents                        391.29        70.93              
                                              1,394.50      545.92              
Total assets                                   2,078.29      950.01             
Capital & Reserves attributable to equity                                       
Share Capital                                  3.90          2.94               
Share Premium                                  232.91        237.27             
Revaluation Reserve                            85.20         19.26              
Exchange Difference                            5.74          -                  
Retained Earnings                              39.99         41.47              
367.75        301.20              
Minority Interest                              1.70          6.47               
Total equity                                   369.45        307.67             
Non-Current Liabilities                        402.59        117.56             
Deferred income tax liabilities                5.80          5.34               
Retired benefit obligation                     0.38          1.32               
Provisions                                     -             0.31               
                                              408.77        124.53              
Current Liabilities                                                             
Trade & Other Payables                         525.58        192.11             
Current Income Tax Liabilities                 22.64         9.63               
Borrowings                                     730.02        315.87             
Dividend Payable                               21.83         0.20               
1,300.07      642.34              
Total Liabilities                              1,708.84      642.34             
Total Equity & Liabilities                     2,078.29      950.01             
Consolidated Income Statement                                                   
for the third quarter ended 30 September 2008                                   
                                          2008            2007                  
                                          $`million       $`million             
Sales                                      1,711.56        1,406.63             
Cost of Sales                              (1,572.94)      (1,321.60)           
Gross Profit                               138.63          85.03                
Selling & Marketing Costs                  (37.04)         (40.28)              
Administrative Expenses                    (11.37)         (9.85)               
Other Operating Income                     4.59            7.45                 
Operating Profit                           72.75           42.35                
Shares of Profit  of Associates            -               -                    
Finance Costs                              (9.92)          (6.70)               
Profit Before Taxation                     62.83           35.65                
Income Tax Expense                         (14.93)         (6.88)               
Profit After Expense                       47.90           28.77                
Attributable to:                                                                
Non-Controlling Shareholders               0.08            5.46                 
Equity Holders of the Company              47.82           23.31                
                                          47.90           28.77                 
Segment reporting showing inter-segment revenue and profit and loss.            
Below is the Group performance on a divisional basis for the third quarter ended
September 2008.                                                                 
The Group`s segment results are as follows:                                     
30-Sep-08                    30-Sep-07                    
$`million       Refining &  Gas &  Group     Refining &  Gas &   Group          
               Marketing   Power            Marketing   Power                   
Total gross     2,650       104    2,754     1,654       84      1,738          
segment sales                                                                   
Inter-segment   (1,043)     -      (1,043)   (331)       -       (331)          
Sales           1,608       104    1,712     1,323       84      1,407          
Operating       45          0      73        33          9       42             
Finance cost    (4)         (1)    (10)      (6)         (1)     (7)            
Exceptional     -           -      -         4           -       4              
Profit before                      63                            36             
income tax                                                                      
Income tax                         (15)                          (7)            
Profit for the                     48                            29             
Consolidated Statement of changes in Shareholder`s Equity Attributable to       
equity holders of the Company For the third quarter ended 30 September 2008     
                      Share         Share        Revaluation   Cumulative       
                      Capital       Premium      reserve       translation      
US$m          US$m         US$m          US$m             
Balance as at 31                                                                
December 2007          2.89          232.91       56.95         28.25           
Retained profit for                                                             
the period                                                                      
Bonus issue of shares  1.01                                                     
Dividend paid                                                                   
Exchange difference                                             5.74            
Balance as at 30                                                                
September 2008         3.90          232.91       56.95         33.99           
                      Retained          Minority          Total equity          
                      earnings          interest                                
US$m              US$m              US$m                  
Balance as at 31                                                                
December 2007          53.74             1.61              376.35               
Retained profit for                                                             
the period             47.82             0.08              47.90                
Bonus issue of shares  (1.01)                                                   
Dividend paid          (60.56)                             (60.56)              
Exchange Difference                                        5.74                 
Balance as at 30                                                                
September 2008         39.99             1.70              369.45               
                      Share         Share        Revaluation   Cumulative       
                      Capital       Premium      reserve       translation      
                      US$m          US$m         US$m          US$m             
Balance as at 31                                                                
December 2006          2.16          120.74       11.37         7.11            
Revaluation surplus on                                                          
property plant and                                                              
equipment                                         66.31                         
Deferred tax effect of                                                          
residual value                                                                  
restatement                                       (20.55)                       
Issue of shares        0.73          112.17                                     
Fair value gain/loss                                                            
on available for sale                                                           
investments                                       (0.173)                       
Currency Translation                                                            
adjustment                                                      21.14           
Profit for the year                                                             
Final Dividend for                                                              
Balance as at 31st                                                              
December 2007          2.89          232.91       56.95         28.25           
                      Retained          Minority          Total equity          
                      earnings          interest                                
                      US$m              US$m              US$m                  
Balance as at 31                                                                
December 2006          28.03             14.65             184.05               
Revaluation surplus on                                                          
property plant and                                                              
equipment                                                  66.31                
Deferred tax effect of                                                          
residual value                                                                  
restatement                                                (20.55)              
Issue of shares                          (13.23)           99.67                
Fair value gain/loss                                                            
on available for sale                                                           
investments                                                (0.173)              
Currency Translation                                                            
adjustment                                                 21.14                
Profit for the year    43.94             0.19              44.13                
Final Dividend for                                                              
2006                   (18.23)                             (18.23)              
Balance as at 31st                                                              
December 2007          53.74             1.61              376.35               
Notes to reviewed results                                                       
1. General information                                                          
Oando (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 this unaudited financial    
report for the third quarter of 2008.                                           
IAS 2 (revised 2003) Inventories                                                
IAS 8 (revised 2003) Accounting Policies, Changes in Accounting Estimates and   
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              
-   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           
-   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      
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      
Goodwill included in the carrying amount of an investment is neither amortised  
nor tested for impairment separately by applying the requirements for impairment
testing goodwill in IAS 36, Impairment of Assets. Instead, the entire carrying  
amount of the investment is tested under IAS 36 for impairment.                 
All subsidiaries and associates have uniform calendar year ends.                
2.3 Segment reporting                                                           
A business segment is a group of assets and operations engaged in providing     
products or services that are subject to risks and returns that are different   
from those of other business segments. A geographical segment is engaged in     
providing products or services within a particular economic environment that are
subject to risks and return that are different from those of segments operating 
in other economic environments.                                                 
2.4 Foreign currency translation                                                
(a) Functional and presentation currency                                        
Items included in the financial statements of each of the Group`s entities are  
measured using the currency of the primary economic environment in which the    
entity operates (`the functional currency`). The functional currency of the     
Group is the Naira. The consolidated financial statements are presented in US   
dollars, which is the Company`s presentation currency for the purpose of filing 
outside Nigeria.                                                                
(b) Transactions and balances                                                   
Foreign currency transactions are translated into the functional currency using 
the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities       
denominated in foreign currencies are recognised in the income statement, except
when deferred in equity as qualifying cash flow hedges and qualifying net       
investment hedges.                                                              
c) Group Companies                                                              
The results and financial position of all the group entities (none of which has 
the currency of a hyperinflationary economy) that have a functional currency    
different from the presentation currency are translated into the presentation   
currency as follows:                                                            
1  Assets and liabilities for each balance sheet presented are translated       
at the closing rate at the date of that balance sheet.                        
2  Income and expenses for each income statement are translated at average      
  exchange rates; and all resulting exchange differences are recognised         
  as a separate component of equity.                                            
3  On consolidation, exchange differences arising from the translation of       
  the net investment in foreign entities are taken to shareholders`             
  equity. Upon disposal of part or all of the investment, such exchange         
  differences are recognised in the income statement as part of the gain        
or loss on sale.                                                              
3. Earnings per Share                                                           
Basic Earnings Per Share (EPS) is calculated by dividing the Profit Attributable
to the equity holders of the Company by the weighted average number of shares in
issue during the period.                                                        
                                                          2008   2007           
Profit attributable to equity holders of the Company                            
($`m)                                                      47.82  23.31         
Average number of shares in issue (millions)               904.88 592.5         
Basic Earnings Per Share (cents)                           5.28   3.09          
Profit attributable to equity holders of the Company       47.82  23.31         
Weighted average number of shares in issue (millions)      904.88 754.0         
Adjustment for Bonus issues                                                     
Weighted average number of shares for diluted Earnings     904.88 572.30        
Per Share (millions)                                                            
Diluted Earning Per Shares (cents)                         5.28   3.93          
Headline Earnings Per Share                                5.28   3.09          
Profit Attributable to equity holders of the Company       47.82  23.31         
Adjusted for:                                                                   
Profit on sale of buildings associated with                0      0             
discontinued operations                                                         
Profit/(Loss) on sale of other assets                      0      0             
Loss on sales of investment in affiliate companies         0      0             
Tax thereon                                                0      0             
Headline Earnings Per Share attributable to earnings                            
basis (cents)                                              5.28   3.09          
Headline Earnings Per Share attributable to diluted                             
earnings basis (cents)                                     5.28   3.93          
Net Assets Per Share (cents)                               408.28 408.01        
Tangible Assets Per Share (cents)                          125.02 103.30        
4. Independent audit by the auditors                                            
This condensed consolidated result has not been audited by our auditors         
PricewaterhouseCoopers being the third 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                                                           
October 31 2008                                                                 
1  Major General M. Magoro (Rtd.) OFR, Galadiman Zuru  Chairman                 
2  Mr. J. A. Tinubu                                    Group CEO                
3  Mr. O. Boyo                                         Deputy Group CEO         
4  Mr. B. Osunsanya                                    Group Executive          
5  Mr. A. Akinrele SAN                                 Director                 
6  Prince F. N. Atako JP                               Director                 
7  Mr. Navaid Burney                                   Director                 
8  HRM. Oba. A. Gbadebo CFR                            Director                 
9  Mr. O. Ibru                                         Director                 
10 Alhaji H. Mahmud Walin Mubi                         Director                 
11 Mr Onajite Okoloko                                  Director                 
12 Mr. I. Osakwe                                       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         
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3 November 2008                                                                 
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