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Oando Plc - Unaudited Financial Statements For The Third Quarter Ended 30 September 2012

Release Date: 29/10/2012 15:10:00      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")

UNAUDITED FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2012

Shareholders are advised that the following announcement for the unaudited
Interim financial statements for the nine month period ended 30 September 2012 was released on
the Nigerian Stock Exchange, 29 October, 2012.


QUOTE

The Directors are pleased to announce the unaudited interim financial statements of Oando for
the third quarter ended 30 September 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
Terminal and Logistics.

Find below     our results for the period ended 30 September 2012:

Consolidated income statements

                                    9 Months to      9 Months to      Full year to
                                30-September-12   30-September-11        31-Dec-11
                                        US$?000           US$?000          US$?000
                                   3,141,228.16      2,545,776.50
Revenue                                                                3,755,563.60
                                 (2,814,978.04)   (2,250,239.03)
Cost of sales                                                        (3,317,401.71)
                                     326,250.11       295,537.47
Gross profit                                                             438,161.89
                                      31,461.95        47,585.06
Other operating income                                                    79,747.19
                                     (43,782.44      (36,888.75)
Selling & marketing costs                                               (50,584.20)
                                   (152,683.26)     (157,425.48)
Administrative expenses                                                (269,848.44)
                                     161,246.38       148,808.30
Operating profit                                                         197,476.43
                                      19,947.48        35,241.41
Finance income                                                            16,217.16
                                    (69,089.85)      (66,239.52)
Finance costs                                                           (56,502.49)
                                     (49,142.37      (30,998.11)
Finance costs ? net                                                     (40,285.33)
                                     112,104.00       117,810.19
Profit before income tax                                                 157,191.10

Income tax expense                  (52,392.47)      (60,877.26)        (73,506.75)
Profit for period year               59,711.53        56,932.93          83,684.35




Consolidated Statement of financial position
                                                9 Months to         9 Months to    Full year to
                                                30-Sept-12           30-Sept-11       31-Dec-11
                                                   US$?000              US$?000         US$?000
ASSETS
Non-current assets

Property, plant and equipment                  1,192,585.38        1,036,292.05       1,139,391

Intangible assets                                154,136.02          153,831.75         155,613

Deferred income tax assets                        32,214.98          40,394.53          68,064

Available-for-sale financial assets                    6.44               6.47               8

Non current receivables                          220,058.98          209,484.48         207,717

                                               1,599,001.81        1,440,009.28       1,570,790
Current assets

Inventories                                      139,110.35          221,058.27         207,781

Available-for-sale financial assets                1,243.11                  0           1,236

                                                                                        673,368

Trade and other receivables                    1,173,396.13
                                                                     670,155.92



Cash and cash equivalents                        219,797.60          127,207.64         134,616
                                               1,533,547.20        1,018,419.83
                                                                                      1,017,001

Total assets                                   3,132,549.01        2,458,429.11       2,587,791

EQUITY

Share capital                                      7,322.63           7,341.69           8,071

Share premium                                    318,915.42          334,385.98         364,589

Other reserves                                     79,572.20         128,544.50          53,490

Retained earnings                                225,901.58          180,347.93         154,109

                                                 631,711.83          650,620.10         580,259


Non-controlling   interest                        12,724.96           8,903.04           6,824

Total equity                                     644,436.79          659,523.14         587,083

Non-current liabilities

Borrowings                                 617,291.94     634,048.60      539,296
Deferred income tax liabilities             67,501.79      20,698.81      107,982

Provisions for other liabilities and
charges                                     35,947.61      34,028.42       26,989

                                           720,741.33     688,775.83      674,267
Current liabilities

Trade and other payables                   670,656.31     379,998.98      502,600

Current income tax                          46,261.29      47,756.81       44,210

Borrowings                               1,050,453.29     683,374.35      779,631

                                         1,767,370.89   1,110,130.14    1,326,441

Total liabilities                        2,488,112.22   1,798,905.97    2,000,708

Total equity and liabilities             3,132,549.01   2,458,429.11    2,587,791


Performance synopsis

The Group?s results for the period ended 30 September 2012 is due to the following:

Turnover (Increased by 23%)

Revenue increased compared to the same period in 2011 due to:

   ?   Increased crude oil sales;
   ?   Relatively higher average crude prices;
   ?   49% increase in premium motor spirit (?PMS?) pump price from N65 to N97per litre,.due to
       partial deregulation of the downstream sector of the petroleum industry; and
   ?   Additional (US$ 14.2 million) N2.2billion revenue contribution from East Horizon Gas
       Company (?EHGC?) which commenced commercial operation in January 2012.

Gross profit (Increased by 10%)

Gross profit increased compared to the same period in 2011 due:

   ?   Increased pump price of PMS from N65 per litre to N97 per litre; and
   ?   Additional margin was earned from newly commissioned businesses, including the Passion
       rig and East Horizon Gas pipelines.

Selling and marketing expenses (Increase by 20%)
   ? Increased petroleum products sales at upcountry locations in 2012 compared to the same
      period in 2011; and
   ? Increased advertisement campaigns were held during 2012 to improve sales of lubricants
      and Liquefied Petroleum Gas (?LPG?), compared to 2011.

Administrative and marketing expenses (Decrease by 2%)
   ? Reduced costs due to effects of various cost optimization programmes embarked upon; and
   ? Lower operating costs in respect of Oil Mining License (?OML?) 125 compared to 2011.

Property Plant and Equipment (?PPE?) and Long-term Receivables (?LTR?) (Increase by 16 & 6%
respectively)

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

Inventories (Decrease by 37%)
   ? Reduced importation of PMS during the period due to delay in issuance of PMS importation
      licenses by the Federal Government of Nigeria.

Trade and other receivables (Increase by 78%) & Trade and other payables (Increase by 74%)

    ?   Delay in settlement of outstanding petroleum subsidy claims and consequently increase in
        PSF receivables
    ?   Depreciation in exchange rate of naira to US$ by N4.20
    ?   Additional trade receivables arising from commencement of operations by EHGC and the
        Passion rig

Borrowings (Current Increase by 55%; Non-current Decrease by 2%)
   ? Delay in settlement of PSF clams affected ability to liquidate related import finance
      facilities
   ? Depreciation of the naira relative to the same period of 2011, resulting in increase in
      value of foreign-currency denominated borrowings.
   ? Additional borrowings were secured to finance the capital expenditure (rig upgrade, gas
      pipeline construction and development of upstream assets) as stated above.

Shareholding

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

                                                                                              % of
                                           No of               % of                         shares
                                        Shareholders       Shareholders   No of shares      within
Range of shareholding                   within range       within range   within range       range



1              -        1,000                 168,540             63.96        61,976,615      2.73
1,001          -        5,000                  72,673             27.58       149,044,831      6.55
5,001          -        10,000                 10,380              3.94        73,408,555      3.23
10,001         -        50,000                  9,446              3.58       197,780,801      8.70
50,001         -        100,000                 1,171              0.44        83,322,549      3.66
100,001        -        500,000                   994              0.38       200,391,478      8.81
500,001        -        1,000,000                 126              0.05        89,058,910      3.92
1,000,001      -        5,000,000                 130              0.05       260,472,786     11.45
5,000,001      -        10,000,000                 14              0.01       110,613,905      4.86
10,000,001     -        50,000,000                 24              0.01       554,187,316     24.37
50,000,001     -        100,000,000                 2              0.00       150,388,221      6.61
100,000,001    -        2,274,118,138              2               0.00       343,472,171     15.10
                                               263,500             100       2,274,118,138     100

UNQUOTE
Sandton
29 October, 2012
JSE Sponsor
Macquarie First South Capital (Proprietary) Limited

Date: 29/10/2012 03:10:00 Supplied by www.sharenet.co.za                     
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