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Oando Plc - Unaudited Financial Statements For The First Quarter Ended 31 March 2013

Release Date: 27/06/2013 15:30:00      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 first quarter ended 31 March 2013

Shareholders are advised that Oando released unaudited financial statements for the Company for the first quarter
ended 31 March 2013 to the Nigerian Stock Exchange earlier today, Thursday, 27 June 2013.

QUOTE



  OANDO PLC
  CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
  As of 31 March 2013


                                                                    31-Mar-13                           31-Mar-12
                                      NOTE                    Group          Company             Group            Company
  Non-current assets
  Property, plant and equipment          4              119,045,320        2,935,369       108,759,782         15,759,946
  Intangible assets                      5              148,920,596           67,291       109,310,438            127,598
  Held to maturity investments           6                  872,499       85,487,495             1,003         41,490,039
  Non current deferred tax assets                         3,578,230          319,676                27            166,895
  Derivative financial instruments                        1,242,024        1,159,502                 -                  -
  Finance lease receivables                               2,839,567                -                 -                  -
  Non-current receivables                7               19,165,746        9,380,833        34,533,602          4,778,999
                                                        295,663,982       99,350,165       252,604,852         62,323,476


  Current assets
  Inventories                            8               23,445,109            7,270        61,867,468             21,287
  Trade and other receivables            9              255,027,845      624,478,671       102,563,927        514,904,212
  Available for sale investments                          8,164,302          324,177                 -                  -
  Deferred tax assets                                     5,108,885           73,518                 -                  -
  Bank and cash balances                                 17,205,078          482,548        24,634,456            742,738
                                                        308,951,220      625,366,184       189,065,851        515,668,237
  Current liabilities
  Trade and other payables               10             155,479,436      585,314,569       126,619,060        456,667,427
  Dividend payable                                        4,703,944          651,058         3,164,816            690,047
  Deferrred tax liabilities                              10,746,923           63,094         1,806,575                  -
  Current income tax liabilities                          7,067,914          731,694         5,459,879            596,886
  Borrowings                             11             255,528,624       25,618,817       104,669,227          3,900,000
                                                        433,526,840      612,379,232       241,719,557        461,854,360


  Net current (liabilities)/assets                     (124,575,621)      12,986,953       (52,653,706)        53,813,878


  Non-current liabilities
  Borrowings                             11              42,474,713       51,490,507        92,871,992         58,152,000
  Deferred tax liabilities                                1,894,608           97,516         7,903,746            206,179
  Provision for other liabilities &
  charges                                13              18,161,707        1,232,922         4,387,449          1,088,466
                                                         62,531,028       52,820,945       105,163,187         59,446,645


  Net Assets                                            108,557,334       59,516,173        94,787,960         56,690,709


  Capital and Reserves attributable
  to equity holders
  Share capital                          14               1,137,058        1,137,058         1,137,059          1,137,059
  Share premium account                  15              49,521,186       49,521,186        49,042,111         49,042,111
  Revaluation reserve                    16              16,387,538          898,047        18,050,422          1,013,047
  Retained earnings                      17              36,735,400        7,959,881        25,070,317          5,498,493
                                                        103,781,183       59,516,173        93,299,908         56,690,709


  Non-Controlling interest                                4,776,151                -         1,488,051                  -


Total Equity                                            108,557,334       59,516,173        94,787,959         56,690,709
The accounting policies and notes form an integral part of these interim financial statements.

  OANDO PLC
  CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS FOR THE PERIOD ENDED 31 MARCH, 2013
                                                               31-Mar-13                                31-Mar-12
                                      NOTE             Group             Company                Group           Company


  Turnover                              3         121,061,351                  -          158,604,522                 -
  Cost of sales                                  (108,013,010)                 -         (143,543,380)                -

  Gross profit                                     13,048,341                  -           15,061,142                 -
  Selling and marketing costs                        (223,207)                 -           (1,796,986)                -
  Administrative expenses                          (8,176,558)          (164,059)          (7,948,779)         (204,848)
  Other operating income                            1,193,411             50,922            1,305,281           418,962
  Operating profit                                  5,841,987           (113,136)           6,620,658           214,113


  Finance income                                    2,197,816          1,958,325            1,221,305           962,761
  Finance costs                                    (3,749,929)        (1,229,595)          (2,854,646)         (185,750)
Net finance (costs)/income                         (1,552,113)           728,730           (1,633,342)          777,011


Profit before taxation                              4,289,875            615,593            4,987,317           991,125
Taxation                                           (1,841,399)           (50,000)          (1,961,799)          (70,797)

Profit after taxation                               2,448,476            565,593            3,025,518           920,327




Attributable to:

Equity holders of the company                       2,416,850            565,593            2,960,447           920,327

Non-Controlling interests             2%               31,626                  -            65,070.67                 -
                                                    2,448,476            565,593            3,025,518           920,327


Earnings per share for profit
attributable to equity holders
of the company during the
year:
Basic earnings per share
(kobo)                                                    106                  25                  131               41
Adjusted earnings per share
(kobo)                                                    106                  25                  131               41
The accounting policies and notes form an integral part of these interim financial statements.



OANDO PLC
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH, 2013
                                                           31-Mar-13                                  31-Mar-12
                                                   Group               Company                Group               Company


Profit for the period                       2,448,475.84            565,595.90         3,025,517.77            920,327.17


Other comprehensive income:
                                                       -
Actuarial gains                                        -                     -                   -                      -
Deferred tax on actuarial gains                 (194,168)              (41,859)            185,628              (9,236.00)
Currency translation differences                       -                     -                   -                      -
Other comprehensive income for the
year, netof tax                              (194,167.56)           (41,858.84)         185,628.00              (9,236.00)


Total comprehensive income for the
period                                      2,254,308                  523,737           3,211,146                911,091
  Attributable to:
  Owners of the parent                      2,225,190                  523,737           3,142,083                911,091

  Non controlling interest                     29,118                        -              69,063                      -


                                            2,254,308                  523,737           3,211,146                911,091



OANDO PLC
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH, 2013


                                           31-Mar-13                             31-Mar-12
                         NOTE          Group               Company           Group               Company
Cash flows from
operating activities
Net cash flow from
operating activities
before
changes in working
capital                      19    10,398,865             (28,504)        8,824,447             331,302
Net
decrease/(increase) in
working capital              20   (63,591,098)          36,622,151       27,206,637          (3,533,856)
(Increase)/decrease
in non current
receivables                        (8,371,370)          (7,182,537)      (2,953,018)         (2,580,703)
Income tax paid                             -                    -                -                   -
Staff gratuity paid                                                               -                   -
Net cash from/(used
in) operating
activities                        (61,563,604)          29,411,111       33,078,066          (5,783,257)

Cash flows from
investing activities

Purchase of property
plant and equipment               (19,711,780)           (890,928)      (14,425,346)         (1,588,158)
Investment in
subsidiaries                                -                    -             2.88             149,607
Acquisition of
subsidiary                                  -                    -                -                   -
Payments relating to
pipeline construction              (5,758,761)                   -       (3,346,692)                  -
Pipeline construction
costs recovery                      3,016,273                    -          501,149                   -
Proceeds from sale of
property plant and
equipment                              58,449                                23,815               7,139
Interest received                   2,197,816            1,958,325        1,221,305             962,761
                                                                                                      -
Cash used in by
investing activities              (20,198,003)           1,067,397      (16,025,767)           (468,651)
Cash flows from 
financing activities


Proceeds from long
term loans                          22,551,197           18,497,428        7,280,221          6,927,000
(Repayment) of long
term loans                         (12,350,889)          (4,500,000)               -                  -
(Repayment)/Proceed
from import finance
facilities                           8,772,886                                     -                  -
Share issue expenses                         -            7,347,710                -                  -
Proceeds from rights
issues                                       -                    -                -                  -
Proceeds from
finance lease                          702,140                    -          (52,938)                 -
(Repayment) of
finance lease                                -                    -
Proceeds from other
short term loans                    51,549,815              948,820       (17,824,008)        (2,264,285)
(Repayment) of other
short term loans                   (30,112,940)         (53,578,003)                -                  -
Increase/(decrease)
in bank overdrafts                  40,570,875                    -                 -                  -
Dividend paid                                -                    -                 -                  -
Issue of shares                              -                    -                 -                  -
Interest paid                       (3,749,929)          (1,229,595)       (2,854,646)          (185,750)
 


Net cash from/(used
in) financing
activities                          77,933,155          (32,513,640)      (13,451,372)         4,476,965
Net change in cash
and cash equivalents                (3,828,451)          (2,035,132)        3,600,927         (1,774,943)
Cash and cash
equivalent at the
beginning of the year               21,033,529            2,517,681       21,033,529           2,517,681

Exchange difference
Cash and cash
equivalents at end of
the year                             17,205,078             482,548        4,634,456             742,738

Cash at year end is
analysed as follows:
Cash at bank and in
hand                                 15,999,948             482,548       21,175,984             335,858
Fixed deposits                        1,205,129                   -        3,458,472             406,881


                                     17,205,078             482,548       24,634,456              42,738


The accounting policies and notes form an integral part of these interim financial statements.


QUOTE
Sandton
27 June 2013
JSE Sponsor
Macquarie First South Capital (Proprietary) Limited

Date: 27/06/2013 03:30:00 Supplied by www.sharenet.co.za                     
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