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Oando Plc - Unaudited Financial Statements For The Second Querter Ended 30 June 2013

Release Date: 16/08/2013 11:50:00      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 second querter ended 30 June 2013

Shareholders are advised that Oando released unaudited financial statements for the Company for the six months ended
30 June 2013 to the Nigerian Stock Exchange earlier today, Friday, 16 August 2013.

QUOTE
OANDO PLC

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of 30 June 2013


                                                                    30-Jun-13                     31-Dec-12
                                                                Group        Company          Group           Company
Non-current assets
Property, plant and equipment                             143,680,918      2,930,061    130,324,713         3,022,194
Intangible assets                                         138,754,878         62,848    138,853,809            89,096
Held to maturity investments                                    1,000     85,380,021          1,000        85,380,020
Non current deferred tax assets                            13,984,409        393,194     13,424,518           579,406
Derivative financial instruments                            1,040,642            -          986,278            69,645
Finance lease receivables                                   3,656,385            -        3,206,008                 -
Non-current receivables                                    79,788,802      9,234,762     78,161,044         7,345,639
Restricted cash                                             4,290,149        324,177      4,053,050           324,000
                                                          385,197,183     98,325,063    369,010,420        96,810,000

Current assets
Inventories                                                22,284,123          7,475     18,110,541             6,733
Trade and other receivables                               142,863,171    139,498,202    114,385,620       128,786,885
Available for sale investments                                148,701        147,865        148,701           147,865
Deferred tax assets                                                 -              -             -                 -
Bank and cash balances                                     19,717,344      5,601,894     13,408,506         1,567,995
                                                          185,013,339    145,255,436    146,053,368       130,509,478
Current liabilities
Trade and other payables                                  139,007,172     52,525,748     86,399,773        51,928,849
Dividend payable                                              651,058        651,058        651,058           651,058
Deferrred tax liabilities                                           -            -               -                  -
Current income tax liabilities                              5,215,241        856,694      6,417,980           760,941
Borrowings                                                145,708,232     31,674,994    213,665,715        68,121,082
                                                          290,581,703     85,708,494    307,134,526       121,461,930

Net current (liabilities)/assets                         (105,568,364)    59,546,942   (161,081,158)        9,047,548

Non-current liabilities
Borrowings                                                 88,678,455     47,335,548     75,221,070        45,760,738
Deferred income tax liabilities                            18,209,607        160,610     17,207,614                -
Provision for other liabilities & charges                   4,477,016              -      3,562,670                -
Derivative financial liabilities                            2,928,463      1,409,858      3,486,456         1,409,651
Retirement benefit obligation                               3,388,398      1,542,133      2,802,983         1,232,303
Government Grant                                              293,941              -        293,941                -
                                                          117,975,880     50,448,149    102,574,734        48,402,692

Net Assets                                                161,652,939    107,423,856    105,354,528        57,454,856

Capital and Reserves attributable to equity holders
Share capital                                               3,411,177      3,411,177      1,137,058         1,137,058
Share premium account                                      98,991,434     98,991,434     49,521,186        49,521,186
Retained earnings                                          41,483,411      2,974,491     37,142,281         4,520,486
Other reserves                                             14,539,668      2,046,754     14,412,064         2,276,126
                                                          158,425,690    107,423,856    102,212,589        57,454,856

Non-Controlling interest                                    3,227,249              -      3,141,939                -

Total Equity                                              161,652,939    107,423,856    105,354,528        57,454,856
OANDO PLC

CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
FOR THE PERIOD ENDED 30 JUNE, 2013


                                                                 30-Jun-13                                30-Jun-12
                                                       Group                    Company           Group                  Company

Turnover                                         280,327,586                       -         350,609,291             3,150,000
Cost of sales                                   (250,093,655)                      3        (319,595,118)                    -
Gross profit                                      30,233,931                       3          31,014,173             3,150,000
Selling and marketing costs                       (3,614,866)                      -          (4,407,351)                    -
Administrative expenses                          (18,397,657)               (708,009)        (15,134,800)             (514,218)
Other operating income                             1,467,656                 148,756           2,897,674               455,489
Operating profit                                   9,689,064                (559,250)         14,369,695             3,091,271

Finance income                                       265,315               3,776,152           1,850,527             2,226,333
Finance costs                                     (3,798,793)             (4,587,898)         (5,804,916)             (857,916)
Net finance (costs)/income                        (3,533,478)               (811,745)         (3,954,388)            1,368,418

Profit before taxation                             6,155,586              (1,370,996)         10,415,307             4,459,689
Taxation                                          (1,884,021)               (175,000)         (3,809,115)             (150,100)

Profit after taxation                              4,271,565              (1,545,996)          6,606,192             4,309,589

Attributable to:
Equity holders of the company                      4,019,884              (1,545,996)          6,533,330             4,309,589
Non-Controlling interests                  2%        251,681                       -              72,862                   -

                                                   4,271,565              (1,545,996)          6,606,192             4,309,589




Earnings per share for profit attributable to equity holders of the company during
the year:
Basic earnings per share (kobo)                                             66                                         282
Adjusted earnings per share (kobo)                                          66                                         282

OANDO PL

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE, 201
                                                                    30-Jun-13                              30-Jun-12
                                                           Group                 Company          Group               Company

Profit for the period                                  4,271,565              (1,545,996)      6,606,192            4,309,589

Other comprehensive income:

Actuarial gains
Currency translation differences                        (275,994)                    -               -                      -
Deferred tax on actuarial gains
Other comprehensive income for the year, netof tax      (275,994)                    -               -                      -

Total comprehensive income for the period              3,995,571              (1,545,996)     6,606,192             4,309,589

Attributable to:
Owners of the parent                                   3,758,233              (1,545,996)     6,533,330             4,309,589
Non controlling interest                                 237,338                     -           72,862                   -

                                                       3,995,571              (1,545,996)     6,606,192             4,309,589
OANDO PLC

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE, 2013

                                                                          30-Jun-13                               31-Dec-12
                                                        NOTE   Group                   Company           Group                 Company
Cash flows from operating activities
Net cash flow from operating activities before
changes in working capital                              19       15,083,594                2,870,168       50,466,168              6,810,021
Net decrease/(increase) in working capital              20       19,369,192              (11,694,453)       2,243,238            (60,700,716)
Income tax paid                                                  (2,362,180)                    -        (10,390,255)              (475,160)
Staff gratuity paid

Net cash from/(used in) operating activities                     32,090,606               (8,824,285)      42,319,151            (54,365,855)

Cash flows from investing activities

Purchase of property plant and equipment                        (18,885,965)                  (60,516)    (27,063,427)            (1,134,918)
Deposit for acquisition of a business                                   -                         -       (67,542,450)                    -
Acquisition of subsidiary                                               -                         -        789,373.00                     -
Additions to Intangible assets                                     (369,496)                      -       (23,426,952)                (89,096)
Proceeds from sale of property plant and equipment                      -                         -         2,309,209                  62,817
Interest received                                                   265,315                1,850,527        3,521,533              4,527,632
                                                                                                                                          -
Cash used in by investing activities                            (18,990,146)               1,790,011     (111,412,714)             3,366,435

Cash flows from financing activities

Net Proceeds/(repayments) from long term loans                   13,457,386                 1,574,810          667,213            (6,000,000)
Share issue expenses                                             (2,834,470)              (2,834,470)             -                     -
Proceeds from rights issues                                      54,578,836               54,578,836               -                     -
Restricted cash                                                          -                        -         (1,710,050)             (324,000)
Net Proceeds/(repayments) from long term loans                  (54,194,312)             (27,844,026)      58,185,791            53,419,071
Interest paid                                                    (3,798,793)              (5,804,916)    (16,530,258)            (5,647,399)


Net cash from/(used in) financing activities                     7,208,647               19,670,235       40,612,696            41,447,672

Net change in cash and cash equivalents                          20,309,107               12,635,961      (28,480,867)            (9,551,748)
Cash and cash equivalent at the beginning of the year           (35,129,478)              (7,034,067)      (6,657,138)            2,517,681
Exchange difference                                                (237,099)                     -               8,527                   -
Cash and cash equivalents at end of the year                    (15,057,470)              5,601,894       (35,129,478)           (7,034,067)

Cash at year end is analysed as follows:
Cash and bank balance                                            19,717,344                5,601,894       13,408,506              1,567,995
Bank overdrafts                                                 (34,774,814)                     -        (48,537,984)            (8,602,062)

                                                                (15,057,470)              5,601,894       (35,129,478)           (7,034,067)

UNQUOTE
Sandton
16 August 2013
JSE Sponsor
Macquarie First South Capital (Proprietary) Limited

Date: 16/08/2013 11:50:00 Supplied by www.sharenet.co.za                     
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