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Oando Plc - Unaudited Financial Statements For The Second Quarter Ended 30 June 2012

Release Date: 19/07/2012 15:00:00      Code(s): OAO
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?)

UNAUDITED FINANCIAL STATEMENTS FOR THE SECOND QUARTER ENDED 30
JUNE 2012

Shareholders are advised that the unaudited interim financial
statements for the six months ended 30 June 2012 was released
on the Nigerian Stock Exchange today, 19 July, 2012.


QUOTE

The Directors are pleased to announce the unaudited interim
financial statements of Oando for the six months ended 30 June
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 Terminals and Logistics.

The results for the six months ended 30 June 2012 are as
follows:

Consolidated income statements

                                6          6 Months         Full
                         Months to          to          year to
                           30-Jun-12      30-Jun-11      31-Dec-11
                             US$?000        US$?000        US$?000

Revenue                2,256,027.87    1,770,190.74   3,755,563.60

Cost of sales          (2,056,464.3    (1,550,532.1   (3,317,401.7
                                 1)              8)             1)

Gross profit             199,563.56      219,658.56     438,161.89

Other operating           18,645.35       26,412.72      79,747.19
income

Selling & marketing     (28,359.51)     (24,932.92)    (50,584.20)
costs

Administrative            (97,386.27)    (114,223.85)   (269,848.44)
expenses

Operating profit             92,463.13    106,914.50       197,476.43

Finance income               11,907.39      3,167.72       16,217.16

Finance costs             (37,352.27)    (25,671.99)     (56,502.49)

Finance costs ? net       (25,444.88)    (22,504.27)     (40,285.33)

Profit before income         67,018.25     84,410.23       157,191.10
tax

Income tax expense        (24,510.10)    (40,258.85)     (73,506.75)

Profit for period            42,508.15     44,151.39       83,684.35

Consolidated Statement of financial position
                                                  6 Months     Full year
                                 6 Months to             to           to
                                                     30-
                                   30-Jun-12     Jun-12        31-Dec-11
                                                                 US$?000
                              US$?000            US$?000
ASSETS
Non-current assets

Property, plant and             1,182,367.48    1,054,318.     1,123,272
equipment                                               31           .84

Intangible assets                 155,068.90    156,936.81     151,521.8
                                                                       6

Deferred income tax assets         32,207.35     22,761.60     35,550.80

Available-for-sale                       6.43           6.59
financial assets                                                   6.40

Non-current receivables           214,033.73    192,234.59     220,397.7
                                                                       4

                                1,583,683.90    1,426,257.     1,530,749
                                                        91           .64
Current assets

Inventories                       274,567.20    203,218.06     207,800.2
                                                                       9
                                                                       -
Available-for-sale                1,242.07            -
financial assets

Trade and other receivables   1,108,383.44   766,821.11   681,259.7
                                                                  5

Cash and cash equivalents        88,925.91   110,290.10   134,657.6
                                                                  7

                              1,473,118.63   1,080,329.   1,023,717
                                                     27         .72

Total assets                  3,056,802.53   2,506,587.   2,518,916
                                                     18         .56

EQUITY

Share capital                     7,316.51     7,478.06   7,279.50

Share premium                   318,648.65   324,159.63   317,037.0
                                                                  5

Other reserves                  131,113.21   127,009.21   115,587.6
                                                                  7

Retained earnings               153,308.82   177,021.93   144,356.4
                                                                  0

                                610,387.18   635,668.83   584,260.6
                                                                  3

Non-controlling   interest       13,308.75     9,021.48   7,466.53

Total equity                    623,695.93   644,690.31   591,727.1
                                                                  5

Non-current liabilities

Borrowings                      572,016.06   629,455.38   563,967.8
                                                                  1

Deferred income tax              67,490.90    43,199.93
liabilities                                               39,507.55

Provisions for other
liabilities and charges          34,590.41    30,118.20   33,274.61

                                674,097.37   702,773.50   636,749.9
                                                                  6
Current liabilities
Trade and other payables       858,937.85   661,680.96   478,035.7
                                                                 6

Current income tax              48,190.56    37,807.55   44,201.15

Borrowings                     851,880.81   459,334.86   768,202.5
                                                                 3

                             1,759,009.22   1,159,123.   1,290,439
                                                    37         .44

Total liabilities            2,433,106.59   1,861,896.   1,927,189
                                                    87         .41

Total equity and             3,056,802.53   2,506,587.   2,518,916
liabilities                                         18         .56

Performance synopsis

Turnover (Increased by 27%)Revenue increased compared to the
same period in 2011 due to:
- Increased sales of crude oil;
- Relatively higher average crude prices;
- 49% increase in Premium Motor Spirit (?PMS?) pump price per
litre, from N65 to N97, due to partial deregulation of the
downstream sector of the petroleum industry;
- Additional N1.4billion revenue contribution from East
Horizon Gas Company (?EHGC?) which commenced commercial
operation during January 2012.

Gross profit (Decreased by 9%)
Gross margin was lower compared to the same period in 2011
due:
- Lower PMS volumes were sold as a result of a two week
nationwide strike during January 2012 as well as a PMS
scarcity during February 2012;
- Change in pricing mechanism for Akute Power plant. This led
to overall margin reduction in on electricity billed to the
customer.

Administrative and marketing expenses (Decreased by 9%)
- Lower operating costs in respect of Oil Mining License
(?OML?) 125;
- Selling and marketing expenses decreased due to lower PMS
sale volumes.

Property Plant and Equipment (?PPE?) and Long-term Receivables
(?LTR?) (Increased by 12% & 11% respectively)

PPE and LTR increased compared to the same period in 2011 due
to the following reasons:
- Additional capital expenditure incurred on the upstream
assets and the EHGC 128Km natural gas pipeline;
- Refurbishment of the third rig in preparation for
operational deployment;
- Commencement of construction work on the Apapa Single Point
Mooring (SPM) project.

Inventories (Increased by 35%)
- Increased volume of imported refined petroleum products;
- Depreciation in exchange rate of naira to USD by N4.20.


Trade and other receivables (Increased by 45%) Trade and other
payables (Increased by 30%)

- Increased volume of imported refined petroleum products
Depreciation in exchange rate of naira to USD by N4.20;
- Increased trade receivables and payables arising from
commencement of operations by EHGC.


Borrowings (Increased by 31%)
- Depreciation of the naira, resulting in an increased value
of foreign-currency denominated borrowings;
- Additional borrowings were secured to finance the increased
capital expenditure (rig upgrade, gas pipeline construction
and development of upstream assets).

Capital and Reserves (Decreased by 3%)
- Reduction in reserves was due to the impact of exceptional
charges (write off of irrecoverable assets of about
$61million), at the end December 2011;
- Depreciation in naira exchange rate to USD by N4.20.

Shareholding

Oando remains one of the few companies listed on the Nigerian
Stock Exchange, with a shareholder base in excess of 260,000.
The range of shareholdings of the Company as at 30 June 2012
is indicated below:

                            No of    Holder                Unit
          Range            holders     s %      Units       s %

     1                 -
           1,000           168,488   63.96    62,002,229   2.73
      1,001        -                          149,315,35
           5,000            72,816   27.76         6       6.57
     5,001         -
          10,000            10,424    3.94    73,618,930   3.24
     10,001        -         9,384    3.48    195,946,36   8.62
           50,000                                7
     50,001         -
          100,000           1,154    0.41   81,718,383    3.59
      100,001      -                        196,499,72
          500,000            975     0.35        6        8.64
     500,001         -
         1,000,000           115     0.04   81,163,715    3.57
     1,000,001       -                      256,021,98    11.2
         5,000,000           132     0.04        3           6
    5,000,001         -                     116,746,18
        10,000,000            15     0.01        2        5.13
    10,000,001        -                     515,969,72    22.6
        50,000,000            24     0.01        6           9
50,000,001      -                           153,404,45
100,000,000                   2      0.00        8        6.75
100,000,001 -                               391,711,08    17.2
2,274,118,138                 2      0.00        3           2


                                             2,274,118,
                           263,531                  138

UNQUOTE
19 July 2012
Sandton

JSE Sponsor
Macquarie First South Capital (Proprietary) Limited

Date: 19/07/2012 03:00:00 Supplied by www.sharenet.co.za                     
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