Go Back Email this Link to a friend


Oando Plc - Audited Results For The Full Year Ended 31 December 2011

Release Date: 14/08/2012 16:40:00      Code(s): OAO     
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: NGOANDO00002
("Oando" or "the Company" or "the Group")

Audited results for the full year ended 31 December 2011
Highlights
-   Turnover of US$3.8 billion
-   Gross profit of US$446.3 million
-   Operating profit of US$138.5 million
-   Profit after tax of US$15.9 million
-   Attributable profit after tax of US$17.3 million
-   Earnings per share of 0.76 cents


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 full year ended 31 December 2011 of US$15.9 million.

Statement of comprehensive income analysis

The Group's revenue increased by 49% while PAT reduced by 79% when compared
to the same period of 2010. Also, profit before tax (PBT) reduced by 37%
compared to the figures for the 2010 period. The performance compared to 2011
is attributable to the following:

Turnover (49% increase)
Turnover increased due to the following:
      - Increase in volume of refined petroleum products (PMS and AGO) sold
        during the year compared to 2010;
      - Higher average crude oil prices in 2011 compared to 2010;
      - 12.15MW Akute Power Plant operated for twelve months in 2011 compared
        to nine months during the same period of 2010;
      - New customers were connected to Gaslink pipeline network; and
      - One of our rigs, Teamwork, operated throughout the year in 2011
        compared to seven months in 2010.

Other operating income (186% increase)
Other operating income increased due to the following:
      - Increased exchange gain was earned during the year due to exchange
         rate fluctuations compared 2010; and
      - Increased project management income was recorded by the Gas and Power
         Division compared to 2010.

Administrative expenses (109% increase)
Administrative expenses increased due to the following:
      - Lower costs were recovered in OML 125 compared to prior year;
      - Additional operating costs (including depreciation) incurred on new
         businesses (rig and independent power plant);
      - Higher volume petroleum products were sold at upcountry locations
         thereby incurring more selling expenses compared to the same period
         in 2010; and
      ? Fund raising activities? costs e.g. GDR and inconclusive bidding for
         upstream assets acquisition were written off in 2011. Similar
         charges did not occur in 2010.

Selling   and marketing expenses (7% increase)
Selling   and marketing expenses increased due to the following:
      ?   Higher volumes of petroleum; and
      ?   Products transported and sold at the upcountry locations during 2011,
           compared to the 2010 period.

Finance cost (7% increase)
Finance costs increased due to the following:
-       General increase in borrowing costs from an average of about 14% to
   18%; and
-       Additional finance costs on newly operational assets. (For instance,
   interests costs were charged to the income statements for twelve months in
   2011 on the second rig and Akute Power Plant whereas it was capitalized
   for some months in 2010 before commencing operation).

Statement of financial position analysis

Property, plant and equipment (7% increase)
Property, plant and equipment increased due to the following:
    ?   Capital expenditure incurred on the power plants, rigs refurbishment
       and upstream assets development.

Non-current receivables(30% increase)
Non-current receivables (cost of gas distribution pipeline assets) increased
due to the following:
    ?   to additional capital expenditure on the East Horizon's Gas pipeline
       project and new customers being connected to the Greater Lagos
       distribution network.

Inventory(38% increase)
Inventory for the period increased when compared to 2010 due to the
following:
-       More petroleum products received towards the end of 2011 compared to
   the same period of 2010; and
-       Higher average crude oil prices.

Trade and other receivables (29% increase)
The 21% decrease in trade and other receivables is attributable to:
 -      Additional receivables from new businesses (power plant, OES Teamwork
    which was in operation for a longer period in 2011 when compared to the
    corresponding period in 2010; and
 -      Increase in trading activities in 2011 compared to 2010.

Borrowings
Current and non-current borrowings increased by 8% and 64% due to the
following:
-       Depreciation of the Naira in 2011 relative to the same period of 2010
   resulted 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);and
-        Additional funding requirements for import finance due to increase
    costs and volume of petroleum products.

The Group has made reasonable progress in the development of OML 90. We shall
continue our collaboration with relevant partners to develop upstream assets
owned by Equator Exploration Limited, a subsidiary acquired during 2009.

Further growth in upstream portfolio is envisaged through the strategic
acquisition of producing or near term assets. These efforts are intended to
improve contribution by the upstream business to the Group's revenue.
Additional customers were connected to the Greater Lagos distribution network
in order to utilise the additional capacity provided by the completed Greater
Lagos Phase 3 pipeline network.

The Eastern Horizon Gas Company's 128 kilometre pipeline project was
commissioned during the year. This will result in higher revenue and
profitability of the gas and power division. The Federal Government policy on
deregulation of the downstream sector of the petroleum industry is expected
to kick off in 2012.

The Supply & trading business has strategically positioned itself to take
advantage of this window and consolidate its foray into the West African
markets. In addition, the Marketing business has positioned itself to take
full advantage of the inherent gains from the deregulation of the downstream
sector immediately after commencement of this policy.

The Energy services business almost completed refurbishment of the third rig.
The rig is expected to become operational during 2012.

The Group is confident that the diversified asset portfolio will continue to
deliver continuous improved revenue and profitability.

AUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 31
DECEMBER 2010
                                        31 December     31 December 2010
                                        2011             (restated)
ASSETS                                   US$'million     US$'million
Non-current assets
Property Plant & Equipment               1,139.39          1,064.31
Intangible Assets                          155.61            164.22
Deferred income tax assets                   68.06            43.63
Long Term Receivables                      207.72            160.44
                                         1,570.79          1,432.60
Current assets
Inventories                                207.78            150.44
Trade & Other Receivables                  673.37            523.14
Cash & Cash Equivalents                    134.62             81.91
Available for sale financial assets           1.24              -
                                         1,017.00            755.60
Total assets                             2,587.79          2,188.20
Equity
Capital & Reserves attributable to
equity holders
Share Capital                                 8.07            6.59

Share Premium                               364.59           361.52
Other Reserves                               53.49            76.63
Retained Earnings                           154.11           168.65
                                            580.26           613.38
Minority Interest                             6.82             6.81
Total equity                                587.08           620.19

Liabilities
Non-Current Liabilities
Borrowing                                   539.30           503.11
Deferred income tax liabilities             107.98           104.55
Retired benefit obligation                   17.47             9.47
Provisions for other liabilities and          9.52            12.39
charges
                                            674.27           629.52
Current Liabilities
Trade & Other Payables                      502.60           423.74
Current Income Tax Liabilities              44.21            37.16
Borrowings                                 779.63           477.60
Total Liabilities                        1,326.44           938.49

Total Equity & Liabilities               2,587.79         2,188.20

AUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31
DECEMBER 2011
                                        31 December 2011 31 December
                                                          2010
                                        US$'million       US$'million
Sales                                     3,774.73          2,547.96
Cost of Sales                            (3,328.46)        (2,183.40)
Gross Profit                                446.27             364.56
Selling & Marketing Costs                  (51.98)           (48.68)
Administrative Expenses                   (336.60)          (161.54)
Other Operating Income                       80.81              28.13
Operating Profit                            138.53             182.48
Net Finance Costs                          (49.14)           (42.15)
Profit Before Taxation                       89.39             140.33
Income Tax Expense                         (73.51)           (65.56)
Profit After Expense                        15.89              72.77
Attributable to:
Non-Controlling Shareholders                (1.43)             (0.01)
Equity Holders of the Company               17.31              72.78
                                            15.89              72.77

The Group is divided into six main business divisions:

-   The Exploration and production of oil and gas business ("E&P") is
    involved in the exploration for and production of oil and gas through
    the acquisition of rights in oil blocks on the Nigerian continental
    shelf and deep offshore. The E&P segment of the business owns interests
    in OML 56, OML 90, OML 123 and OML 134 and Oil Prospecting License
    ("OPL") 236 and OPL 278, amongst others.
-   The Terminal and Logistics business is involved in the
    storage and logistics for distribution of petroleum products.
    This division was recently carved out of the downstream marketing
    business.
-   The Gas and power business is involved in the distribution of natural
    gas through its subsidiaries, Gaslink Nigeria Limited ("GNL") and East
    Horizon Gas Company Limited ("EHGC"). GNL operates approximately 100
    kilometres of the Greater Lagos natural gas distribution franchise and
    has connected over one hundred industrial customers. EHGC has
    commissioned a 128 kilometre natural gas pipeline network to supply
    natural gas to the United Cement Company ("UNICEM") and other customers
    in Calabar, Eastern Nigeria. The Gas and power business also
    incorporates Akute Power Limited that has built and commissioned an
    Independent Power Plant to supply electricity to Lagos State Water
    Corporation ("LSWC").
-   The Energy services business is involved in the provision of services
    such as drilling and completion fluids and solid control waste
    management, oil-well cementing and other services to upstream
    companies. The Energy services business presently has five swamp rigs.
-   The Marketing business is involved in retail and commercial sales of
    refined petroleum products with over 600 retail outlets in Nigeria and
    West African countries.
-   The Supply and trading business imports cargoes of petroleum products
    for sale to marketing companies and other corporate bodies within and
    outside Nigeria.

AUDITED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
ATTRIBUTABLE
TO EQUITY HOLDERS OF THE COMPANY FOR THE YEAR ENDED 31 DECEMBER 2011
(RESTATED)
                            Share Capital   Other reserves Retained
                            and share                      earnings
                            premium
                            US$'million     US$'million    US$'million

Balance as at 1 January 2010    368.11              76.63      168.64
Profit for the year               -                   -         17.89
Other comprehensive income        -               (26.51)        0.58
for the year
Transaction with owners
Value of employee services- -                 -                    -
share option scheme and
award                                                            2.85
Tax credit relating to share -                -                  0.86
option and award
Staff discretionary award       3.10
Bonus issue                     1.45                            (1.45)
Convertible debt (equity portion)                 3.37
Dividend - Final for 2010    -                -                (34.77)
Transaction with NCI                              0.08
Balance as at 31 December
2011                           372.66             53.49        154.11


AUDITED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
ATTRIBUTABLE
TO EQUITY HOLDERS OF THE COMPANY FOR THE YEAR ENDED 31 DECEMBER 2011
)
                                            Non-           Total equity
                                            controlling
                                            interest
                                            US$'million    US$'million

Balance as at 1 January 2011                  6.81             620.19
Profit for the year                         (1.43)             15.69
Other comprehensive income for the year      2.45             (23.48)
Transaction with owners                         -               -
Value of employee services- share option        -               2.85
scheme and award
Tax credit relating to share option and             -           0.86
award
Staff discretionary award                                       3.10
Bonus issue                                                      -
Convertible debt (equity portion)                               3.37
Dividend - Final for 2010                    -                (34.77)
Transaction with NCI                             (1.01)        (0.93)
Balance as at 31 December 2011                    6.82         587.08




AUDITED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
ATTRIBUTABLE
TO EQUITY HOLDERS OF THE COMPANY FOR THE YEAR ENDED 31 DECEMBER 2010
(RESTATED).
                             Share Capital  Other reserves Retained
                             and share                     earnings
                             premium
                             US$'million    US$'million    US$'million
Balance as at 1 January 2010 235.20          0.73           110.76
Profit for the year           -              -              72.80
Other comprehensive income    -              77.37          0.07
for the year
Transaction with owners
Value of employee services- -                -              2.96
share option scheme and
award
Tax credit relating to share -               -              0.89
option and award
Issue of Shares               142.05         -              -
Share issue cost              (11.17)        -              -
Bonus issue                   2.03           -              (2.03)
Dividend - Final for 2009     -              -              (18.26)
Revaluation surplus recycled                 (1.90)           1.90
Deferred tax thereon                           0.44          (o.44)
Balance as at 31 December     368.11         76.67          168.65
2010

AUDITED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
ATTRIBUTABLE
TO EQUITY HOLDERS OF THE COMPANY FOR THE YEAR ENDED 31 DECEMBER 2010.
(CONTINUED)
                                           Non-           Total equity
                                           controlling
                                           interest
                                           US$'million    US$'million
Balance as at 1 January 2010                6.22           352.91
Profit for the year                         (0.03)         72.77
Other comprehensive income for the year     0.62           78.06
Transaction with owners                     -              -
Value of employee services- share option    -              2.96
scheme and award
Tax credit relating to share option and     -              0.89
award
Issue of Shares                             -              142.05
Share issue cost                            -              (11.17)
Bonus issue                                 -              -
Dividend - Final for 2009                   -              (18.26)
Balance as at 31 December 2010              6.81           620.19

NOTES TO AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011
1. General information
Oando 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
during 2000 consequent upon the sale of Federal Government's 40% shareholding
in the Company. 30% was sold to core investor, Ocean and Oil Investments
Limited, and the remaining 10% to the Nigerian public. In December 2002, the
Company merged with Agip Nigeria Plc following the 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 during
December 2003.

The principal activity of the Company locally and internationally is
strategic investments in energy companies across West Africa. The Group is
involved in the following business activities via its subsidiary companies:
- Marketing of petroleum products and manufacturing and blending of
   lubricants via Oando Marketing PLC;
- Distribution of natural gas for industrial customers via Gaslink
   Nigeria Limited and East Horizon Gas Company Limited;
- Supply and distribution of petroleum products via Oando Supply and
   Trading, Nigeria and Oando Trading, Bermuda;
- Energy services to upstream companies via Oando Energy Services Limited
   and OES Integrity Limited; and
- Exploration and Production via Oando Exploration and Production
   Limited, Oando OML 125 & 134 Limited, Oando Production and Development
   Company Limited.

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
During 2004, the Group early adopted the IFRS below, which are relevant to
its operations. These and changes to IFRS 2, IFRS 1, IFRS 8, IAS 1, IAS 7,
IAS 18,IAS 36, IAS 32, IAS 19 have been considered in the preparation of the
audited financial report for the year ended 31 December 2011.
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.
IAS 1
- The early adoption of IAS 10 has resulted in a change in the accounting
   policy for dividends. Proposed dividends, which were previously
   recognised during 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 the Generally Accepted Accounting Principles ("GAAP"), the
   revaluation surplus included in equity in respect of an item of
   property, plant and equipment were transferred to the income, when the
   asset is disposed of, to determine profit on disposal. Adjustments have
   been passed to transfer the related amounts directly to retained
   earnings in accordance with IAS 16. Also, early adoption of IAS 16
   (revised 2004) has necessitated the disclosure of prior year
   comparatives for all movements in property plant and equipment.
-   IAS 21 (revised 2003) has affected the translation of foreign entities'
   income statements, on which closing rates were previously applied but
   now amended and translated at average rates. The functional currency of
   each of the consolidated entities has also been re-evaluated based on
   the guidance to the revised standard. All the Group entities have the
   same functional currency as their presentation currency..
-   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.
-     The Group obtained approval for its share option scheme from the
    regulatory authority in February 2009. Accordingly all shared-based
    payment in operation has been subjected to and accounted for under IFRS
    2 for the first time in 2008.
-     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; and
    -    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 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.
                                      31 December 2011 31 December 2010
Profit attributable to equity holders 17.31                 72.80
of the Company (US$'million)
Average number of shares in issue      2,268.42          1,734.75
(millions)
Basic EPS (cents)                      0.76              3.28
Headline Earnings Per Share ("HEPS")
Profit attributable to equity holders 17.31              72.80
of the Company
Adjusted for:
Profit on sale of buildings associated 0                 0
with discontinued operations
Profit/(Loss) on sale of other assets 0                  0
Loss on sales of investment in         0                 0
affiliate companies
Tax thereon                            0                 0
HEPS attributable to earnings basis    0.76              3.28
(cents)

Net assets per share (cents)           26                  35
Tangible assets per share (cents)      67                  77

4. Independent audit by the auditors
The condensed consolidated results have been audited by
PricewaterhouseCoopers who perform their audit in accordance with the
International Standards on Auditing, IAS 34 and the principal accounting
policies used by the Group are consistent with those of the previous period
unless specifically stated.

PricewaterhouseCoopers? unqualified audit opinion is available for download
from the Company?s website hosted at www.oandoplc.com.

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
August 6, 2012
Directorate:
1
 HRM. Oba A. Gbadebo,
 CFR                       (Chairman, Non-Executive Director)

Mr. J.A.Tinubu            (Group Chief Executive)

Mr. O. Boyo               (Deputy Group Chief Executive)

Mr. B. Osunsanya          (Group Executive Director)

Mr Olufemi Adeyemo        (Group Executive Director -Finance)
                          (Non-executive Director - Appointed   11, November
Mr. Oghogho Akpata        2010)
                          (Non-executive Director - Appointed   20, October
Ammuna Lawan Ali          2011)
                          (Non-executive Director - Appointed   31, January
Chief Sena Anthony        2010)
Ms. Nana Afoah Appiah-    (Non-executive Director - Appointed   11, November
Korang                    2010)
                          (Non-executive Director - Appointed   20, October
Engr. Yusuf K.J N'jie     2011)
                          (Chairman, Non-executive Director -  Resigned 30,
 Major General M. Magoro  June 2011 )
 Ms Amal Iyingiala
 Pepple, CFR               (Non-executive Director - Resigned 22, July 2011)
Chief Compliance Officer & Company Secretary: Ms Ayotola Jagun
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 transfer secretaries: Computershare Investor
Services (Proprietary) Limited (Registration number: 2004/003647/07)
70 Marshall Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107)

Sandton
14 August 2012

Sponsor: Macquarie First South Capital (Pty) Limited, The Place, 1 Sandton
Drive, South Wing, Sandton, Johannesburg, 2196, South Africa.

Date: 14/08/2012 04:40:00 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             . The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.


                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2017 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.