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Oao - Oando Plc - Unaudited Financial Statements For The First Quarter Ended

Release Date: 23/05/2012 15:39:01      Code(s): OAO
OAO - Oando PLC - Unaudited financial statements for the first quarter ended    
31 March 2012                                                                   
Oando PLC                                                                       
(Incorporated in Nigeria and registered as an external company in South         
Africa)                                                                         
External Registration number: RC 6474                                           
Company registration number: 2005/038824/10                                     
Share Code on the JSE Limited: OAO                                              
Share Code on the Nigerian Stock Exchange: UNTP                                 
ISIN: NGOANDO00002                                                              
("Oando" or the "Company" or the "Group")                                       
UNAUDITED FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED 31 MARCH 2012        
Shareholders are advised that the following announcement for the unaudited      
Interim financial statements for the three month period ended 31 March 2012     
was released on the Nigerian Stock Exchange today, 23 May, 2012.                
QUOTE                                                                           
The Directors are pleased to announce the unaudited interim financial           
statements of Oando for the first quarter ended 31 March 2012.                  
The Group retained the existing structure of six divisions in line with the     
nature of its businesses. The divisions consist of the following: Oando         
Marketing, Oando Supply and Trading, Oando Energy Services, Oando Gas and       
Power, Oando Exploration and Production and Oando Refinery and Terminals.       
Herewith the highlights of our results for the period ended 31 March 2012:      
Consolidated income statements                                                  
                            US$`000                US$`000                      
Revenue                                                                         
                           1,019,899.18           761,349.48                    
Cost of sales                                                                   
                           (923,049.19)           (656,657.39)                  
Gross profit                                                                    
                           96,849.99              104,692.09                    
Other operating income                                                          
                           8,393.55               1,225.92                      
Selling and marketing                                                           
costs                       (11,555.44)            (12,614.92)                  
Administrative expenses                                                         
                           (51,114.27)            (41,289.36)                   
Operating profit                                                                
                           42,573.84              52,013.73                     
Finance income                                                                  
                           7,853.55               720.87                        
Finance costs                                                                   
                           (18,356.67)            (15,011.26)                   
Finance costs - net                                                             
                           (10,503.13)            (14,290.39)                   
Profit before income tax                                                        
                           32,070.71              37,723.34                     
Income tax expense                                                              
                           (12,615.26)            (16,548.64)                   
Profit for period year                                                          
                           19,455.45              21,174.70                     

Consolidated Statement of financial position                                    
                                    2012                   2011                 
                                    US$`000                US$`000              
ASSETS                                                                          
Non-current assets                                                              
Property, plant and equipment                                                   
                                    1,246,644.42           1,030,232.79         
Intangible assets                                                               
                                    155,646.23             157,431.77           
Available-for-sale financial assets                                             
                                    6.43                   6.60                 
Non-current receivables and                                                     
prepayments                          222,066.76             182,010.39          
                                                            1,369,681.56        
                                    1,624,363.84                                
Current assets                                                                  
Inventories                                                                     
                                    397,835.95             134,835.75           
Trade and other receivables                                                     
659,532.68             577,793.77           
Cash and cash equivalents                                                       
                                    158,410.75             238,970.07           
                                                               951,599.58       
1,215,779.38                                
Total assets                                                 2,321,281.14       
                                    2,840,143.22                                
EQUITY                                                                          
Capital and reserves attributable                                               
to equity holders                                                               
Share capital                                                                   
                                    7,208.07               5,993.14             
Share premium                                                                   
                                    315,363.07             324,739.18           
Other reserves                                                                  
                                    130,487.43             123,888.01           
Retained earnings                                                               
                                    163,685.49             190,972.97           
                                                               645,593.31       
                                    616,744.06                                  
Minority interest                                                               
                                    9,568.84               9,047.29             
Total equity                                                    654,640.59      
                                    626,312.90                                  
LIABILITIES                                                                     
Non-current liabilities                                                         
Borrowings                                                                      
                                    597,209.13             590,362.84           
Deferred income tax liabilities                                                 
                                    43,309.41              41,722.91            
Provisions for other liabilities                                                
and charges                          35,728.56              27,971.66           
660,057.41       
                                    676,247.10                                  
Current liabilities                                                             
Trade and other payables                                                        
845,479.13             478,220.11           
Current income tax                                                              
                                    35,109.50              40,445.41            
Borrowings                                                                      
656,994.58             487,917.82           
                                                                                
                                    1,537,583.22           1,006,583.34         
Total liabilities                                                               
2,213,830.32           1,666,640.75         
Total equity and liabilities                                 2,321,281.34       
                                    2,840,143.22                                
Performance synopsis                                                            
The Group`s results for the period ended 31 March, 2012 is due to the           
following:                                                                      
Turnover (Increased by 38%)                                                     
Revenue increased compared to the same period in 2011 due to:                   
- Increase in PMS pump price from N65 to N97 per liter though the 50% increase  
did not pass through fully due to product scarcity and lost sales due to        
scarcity                                                                        
- Higher average crude prices;                                                  
- Additional revenue from East Horizon Gas Company which commenced operations   
in 2012                                                                         
Gross profit (Decreased by 5%)                                                  
Gross margin was lower compared to the same period in 2011 due to lower         
effective margins on PMS sales.                                                 
Administrative and marketing expenses (Increased by 27%)                        
- Additional operating costs (including depreciation) incurred on new           
businesses                                                                      
- Exchange loss on foreign currency balances.                                   
- Lower cost recovery in OML 125                                                
- More petroleum products were sold at upcountry locations thereby resulting    
in higher marketing costs.                                                      
Properties Plant and Equipment (PPE) and Long-term Receivables (LTR)            
(Increased by 24 & Increased by 35% respectively)                               
PPE and LTR increased compared to the same period in 2011 for the following     
reasons:                                                                        
- Additional capital expenditure on upstream assets, and East Horizon Gas       
Company`s 128Km natural gas pipeline.                                           
- Refurbishment of the third rig in preparation for operational deployment.     
- Commencement of construction work on Apapa Single Point Mooring (SPM)         
project.                                                                        
Inventories (Increased by 204%)                                                 
- More petroleum product cargoes were received at the end of March 2012         
compared to the same period in 2011                                             
- Higher cost of petroleum products during the period compared to the same      
period in 2011, reflecting the reduction in subsidy.                            
- Maintenance spares for rigs and power plant.                                  
Trade and other receivables (Increased by 25%)                                  
- Additional receivables from new businesses (new gas pipeline project          
commisioned, rig).                                                              
Trade and other payables (Increased by 83%)                                     
- Higher volume of products purchased towards the end of March 2012 compared    
to the same period in 2011                                                      
Borrowings (Increased by 21% )                                                  
- Depreciation of the naira relative to the same period of 2011 resulting in    
increase in foreign-currency denominated short term borrowings.                 
- Additional borrowings were secured to finance the capital expenditure (rig    
upgrade, gas pipeline construction and development of upstream assets) as       
stated above.                                                                   
Capital and Reserves (Decreased by 4%)                                          
- Impact of profit after taxation.                                              
- Surplus arising from the triennial revaluation of fixed assets in conformity  
with the Company`s accounting policies. The revaluation was done on the basis   
of open market value.                                                           
Shareholding                                                                    
We remain one of the few companies listed with shareholders base in excess of   
260,000. As of 31 December 2011, the range of shareholdings of the company is   
as shown below:                                                                 
Range                     No. of  Holders  Units         Units%                 
                         Holders %                                              
1        -      1000      168,436 63.96     62,026,381   3.69                   
1001     -      5000      73,118  27.76    149,867,546   6.60                   
5001     -      10000     10,376  3.94      73,186,851   3.23                   
10001    -      50000     9,172   3.48     190,197,969   7.65                   
50001    -      100000    1,068   0.41      75,619,577   2.97                   
100001   -      500000    923     0.35     186,875,913   6.36                   
500001   -      1000000   111     0.04      78,941,581   3.76                   
1000001  -      5000000   105     0.04     220,986,752   9.79                   
5000001  -      10000000  19      0.01     140,994,616   5.06                   
10000001  -               23      0.01     488,425,846   17.94                  
50000000                                                                        
50000001  -               1       0.00      59,889,556   32.95                  
100000000                                                                       
100000001 -               3       0.00     547,105,550                          
2274118138                                                                      
                         263355  100      2,274,118,138 100.00                  
QUOTE                                                                           
Sandton                                                                         
23 May 2012                                                                     
JSE Sponsor                                                                     
Macquarie First South Capital (Proprietary) Limited                             
Date: 23/05/2012 15:39:01 Supplied by www.sharenet.co.za                     
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