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Oando Plc - Financial Results For The Year Ended 31 December 2012

Release Date: 25/06/2013 08:42:00      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?)

Oando and subsidiary companies

Shareholders are advised that Oando has released Company and Group Consolidated Statements of
Comprehensive Income for the Year Ended 31 December 2012, of Financial Position as of 31
December 2012, and of Cash Flows for the Period Ended 31 December 2012 to the Nigerian Stock
Echange. Detailed audited results for the full year ended 31 December 2012, including commentary,
is anticipated to be released on the Stock Exchange News Service of JSE Limited in due course.


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2012

Consolidate income statement for the year ended 31 December 2012

                                                                                       Group               Group      Company        Company
                                                                                         2012                2011         2012           2011
                                                                                        N'000               N'000        N'000          N'000

Turnover                                                                          673,181,997         571,305,637      7,358,881      8,122,502
Gross profit                                                                       81,621,806          65,826,558      7,358,881      8,122,502
Finance costs                                                                     (19,724,536)        (13,687,083)    (5,565,556)    (2,605,357)
Finance income                                                                      3,152,826           7,316,985      4,527,632      2,877,014
Finance costs - net                                                               (16,571,710)         (6,370,098)    (1,037,924)       271,657
Other operating income                                                              2,097,924          13,516,172      1,790,961      1,240,803
Selling and marketing costs                                                        (7,555,800)         (7,892,079)           -              -
Administrative expenses                                                           (42,038,153)        (52,115,328)    (3,421,175)    (8,271,573)
Profit before income tax                                                           17,554,067          12,965,225      4,690,743      1,363,389
Income tax expense                                                                 (6,767,750)        (11,252,759)      (311,297)        10,011
Profit after tax                                                                   10,786,317           1,712,466      4,379,446      1,373,400

Profit after tax attributable to:
Owners of the parent                                                               10,424,491           1,932,762      4,379,446      1,373,400
Non-controlling interest                                                              361,826            (220,296)           -              -
                                                                                   10,786,317           1,712,466      4,379,446      1,373,400

Consolidated statement of comprehensive income for
the year ended 31December 2012

Profit for the year                                                                10,786,317           1,712,466      4,379,446      1,373,400
Other comprehensive income:
Revaluation surplus on property, plant and equipment                                   (27,187)               -              -              -
Actuarial (loss)/gains                                                                 (83,331)           126,040        (23,936)        74,524
Deferred tax on actuarial gains or losses                                               24,999            (37,812)         7,181        (22,357)
FV loss on available for sale investment                                               (45,166)               -          (45,166)           -
Deferred tax on FV loss on available for sale investment                                13,550                -           13,550            -
Currency translation differences                                                      (701,534)          (630,529)           -              -
Translation differences on deferred taxes (net)                                            -             (146,122)           -              -
Other comprehensive income for the year, net of taxes                                 (818,669)          (688,423)       (48,371)        52,167

Total comprehensive income for the year                                              9,967,648          1,024,043      4,331,075      1,425,567

Attributable to:
Owners of the parent                                                                 9,602,879            867,868      4,331,075      1,425,567
Non-controlling interests                                                              364,769            156,175            -              -
                                                                                     9,967,648          1,024,043      4,331,075      1,425,567

Earnings per share from continuing operations attributable to owners of the parent during the year:
(expressed in kobo per share)
Basic                                                                                      474                 75            193             60
Diluted                                                                                    474                 75            193             60
Proposed Dividend - 75 kobo per share

STATEMENT OF FINANCIAL POSITION AS OF 31 DECEMBER 2012
                                                                                       Group               Group      Company        Company
                                                                                         2012                2011         2012           2011
Assets                                                                                  N'000               N'000        N'000          N'000

Non-current assets
Property, plant and equipment                                                     130,324,713         109,479,209      3,022,194     14,086,046
Intangible assets                                                                 138,853,809         119,333,366         89,096        149,333
Deferred income tax assets                                                         13,424,518           9,908,773        579,406        492,139
Available-for-sale financial assets                                                     1,000               1,000          1,000          1,000
Investment in subsidiaries                                                                -                   -       85,379,020     41,864,743
Derivative financial assets                                                           986,278           2,404,000         69,645            -
Finance lease receivables                                                           3,206,008           3,663,544            -              -
Deposit for acquisition of a business                                              67,542,450                 -              -              -
Non-current receivables and prepayments                                            10,618,594           1,474,428      7,345,639         33,762
Restricted cash                                                                     4,053,050           2,343,000        324,000            -
                                                                                  369,010,420         248,607,320     96,810,000     56,627,023
Current assets
Inventories                                                                        18,110,541          32,458,405          6,733            -
Finance lease receivables                                                             450,377             498,930            -              -
Trade and other receivables                                                       115,775,839         105,196,250    128,786,885     98,102,714
Available-for-sale financial assets                                                   148,701             193,031        147,865        193,031
Cash and cash equivalents (excluding bank overdrafts)                              13,408,507          18,690,529      1,567,995      2,517,681
                                                                                  147,893,965         157,037,145    130,509,478    100,813,426

Total assets                                                                      516,904,385         405,644,465    227,319,478    157,440,449

Equity and Liabilities
Equity attributable to owners of the parent
Share capital                                                                       1,137,058           1,137,058      1,137,058      1,137,058
Share premium                                                                      49,521,186          49,521,186     49,521,186     49,521,186
Retained earnings                                                                  37,142,280          27,658,713      4,520,486      1,163,375
Other reserves                                                                     14,412,064          13,376,928      2,276,126        909,547
                                                                                  102,212,588          91,693,885     57,454,856     52,731,165
Non controlling interest                                                            3,141,939           1,071,101            -              -
Total Equity                                                                      105,354,527          92,764,986     57,454,856     52,731,165

Liabilities
Non-current liabilities
Borrowings                                                                         80,016,896          86,012,291     45,760,738     51,297,182
Deferred income tax liabilities                                                    17,207,614          16,919,822            -              -
Provision for other liabilities & charges                                           3,562,670           1,486,648            -              -
Derivative financial liabilities                                                    3,486,456           2,973,892      1,409,651      1,349,724
Retirement benefit obligation                                                       2,802,983           2,728,970      1,232,303      1,216,031
Government Grant                                                                      293,941                 -              -              -
                                                                                  107,370,560         110,121,623     48,402,692     53,862,937

Current liabilities
Trade and other payables                                                           87,886,952          75,209,044     51,575,433     43,098,950
Current income tax liabilities                                                      6,417,980           6,904,218        760,941        931,754
Dividend payable                                                                      651,058             651,358        651,058        651,358
Provision for other liabilities & charges                                             353,416                 -          353,416            -
Borrowings                                                                        208,869,890         119,993,236     68,121,082      6,164,285
                                                                                  304,179,296         202,757,856    121,461,930     50,846,347

Total liabilities                                                                 411,549,856         312,879,479    169,864,622    104,709,284

Total equity and liabilities                                                      516,904,383         405,644,465    227,319,478    157,440,449




CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2012

                                                                                       Group               Group      Company        Company
                                                                                         2012                2011         2012           2011
                                                                                        N'000               N'000        N'000          N'000

Net cash from/(used in) operating activities                                        29,310,426        (21,961,244)   (55,485,622)    10,066,204
Cash (used in)/generated from investing activities                                (114,934,247)       (21,976,992)    (1,161,197)    (5,371,314)
Net cash from/(used in) financing activities                                        57,142,955         49,998,999     47,095,072     (3,157,256)
Net change in cash and cash equivalents                                            (28,480,866)         6,060,763     (9,551,748)     1,537,634
Cash and cash equivalents and bank overdrafts at the beginning of the year          (6,657,138)       (12,011,680)     2,517,681        815,762
Exchange gains/(losses) on cash and cash equivalents                                     8,527           (706,221)           -              -
Cash and cash equivalents at end of the year                                       (35,129,477)        (6,657,138)    (7,034,067)     2,353,396


Johannesburg 
25 June 2013

JSE Sponsor
Macquarie First South Capital (Pty) Limited

Date: 25/06/2013 08:42:00 Supplied by www.sharenet.co.za                     
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