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Oando Plc - Third Quarter 2013 Management Accounts

Release Date: 15/11/2013 14:10:00      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 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

At September 2013


                                                                 30-Sep-13                          31-Dec-12
                                                        Group                Company          Group           Company
                                                       =N='000               =N='000         =N='000          =N='000
Non-current assets
Property, plant and equipment                         149,289,599                806,110    130,324,713       3,022,194
Intangible assets                                     137,577,960                110,585    138,853,809          89,096
Held to maturity investments                                1,000            112,158,444          1,000      85,380,020
Non current deferred tax assets                        14,388,479                393,194     13,424,518         579,406
Derivative financial instruments                        1,046,481                    -          986,278          69,645
Finance lease receivables                                     -                      -        3,206,008             -
Non-current receivables                                87,661,337              9,090,893     78,161,044       7,345,639
Restricted cash                                         4,052,927                324,177      4,053,050         324,000
                                                      394,017,783            122,883,403    369,010,420      96,810,000

Current assets
Inventories                                            30,077,004                 10,622     18,110,541           6,733
Trade and other receivables                           129,376,238            672,065,892    114,385,620     128,786,885
Available for sale investments                            148,701                147,865        148,701         147,865
Bank and cash balances                                 12,777,744              1,103,112     13,408,506       1,567,995
                                                      172,379,687            673,327,491    146,053,368     130,509,478
Current liabilities
Trade and other payables                              118,770,594            632,543,756     86,399,773      51,928,849
Dividend payable                                          660,542                660,542        651,058         651,058
Current income tax liabilities                          3,150,602                931,694      6,417,980         760,941
Borrowings                                            172,171,873             40,336,938    213,665,715      68,121,082
                                                      294,753,611            674,472,930    307,134,526     121,461,930

Net current (liabilities)/assets                      (122,373,924)           (1,145,439)   (161,081,158)     9,047,548

Non-current liabilities
Borrowings                                             84,602,858             13,641,195     75,221,070      45,760,738
Deferred income tax liabilities                        18,167,978                160,610     17,207,614             -
Provision for other liabilities & charges               4,515,411                    -        3,562,670             -
Derivative financial liabilities                        2,862,733              1,409,858      3,486,456       1,409,651
Retirement benefit obligation                           3,409,555              1,457,800      2,802,983       1,232,303
Government Grant                                          293,941                    -          293,941             -
                                                      113,852,476             16,669,463    102,574,734      48,402,692

Net Assets                                            157,791,383            105,068,501    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                                      37,780,255                619,136     37,142,281       4,520,486
Other reserves                                         14,248,167              2,046,754     14,412,064       2,276,126
                                                      154,431,033            105,068,501    102,212,589      57,454,856

Non-Controlling interest                                 3,360,350                   -         3,141,939            -

Total Equity                                          157,791,383            105,068,501    105,354,528      57,454,856
OANDO PLC

UNAUDITED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2013


                                                                               30-Sep-13                              30-Sep-12
                                                                      Group              Company               Group            Company
                                                                     =N='000             =N='000              =N='000           =N='000
Turnover                                                             386,251,190           5,883,304          487,769,908        5,372,222
Cost of sales                                                       (339,528,373)                -           (434,657,095)             -
Gross profit                                                          46,722,817           5,883,304           53,112,813        5,372,222
Selling and marketing costs                                           (5,202,887)                -             (6,798,537)             -
Administrative expenses                                              (26,662,156)           (853,526)         (26,161,352)        (770,782)
Other operating income                                                 3,515,795           1,368,336            4,885,412          638,914
Operating profit                                                      18,373,569           6,398,114           25,038,337        5,240,354

Finance income                                                         1,637,957                3,450,794       3,097,444        3,940,023
Finance costs                                                        (10,250,493)              (8,093,033)    (10,728,272)      (1,592,386)
Net finance (costs)/income                                            (8,612,536)              (4,642,239)     (7,630,828)       2,347,636

Profit before taxation                                                 9,761,033               1,755,875      17,407,510         7,587,990
Taxation                                                              (3,669,373)               (554,347)     (8,135,503)         (225,100)

Profit after taxation                                                  6,091,660               1,201,528       9,272,007         7,362,890

Attributable to:
Equity holders of the company                                          5,636,505               1,201,528       9,185,881         7,362,890
Non-Controlling interests                                2%              455,155                      -           86,126               -

                                                                       6,091,660               1,201,528       9,272,007         7,362,890



Earnings per share for profit attributable to equity holders of the company during the year:


Basic earnings per share (kobo)                                                93                                     397
Adjusted earnings per share (kobo)                                              93                                    397
OANDO PLC

UNAUDITED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2013
                                                          30-Sep-13                               30-Sep-12
                                                 Group              Company         Group               Company
                                                =N='000             =N='000        =N='000               =N='000
      Profit for the period                       6,091,660           1,201,528      9,272,007            7,362,890

      Other comprehensive income:

      Currency translation differences                      207,303          -      (3,795,531)                 -
      Other comprehensive income for the year, netof tax    207,303          -      (3,795,531)                 -

      Total comprehensive income for the period            6,298,963   1,201,528    5,476,476            7,362,890

      Attributable to:
      Owners of the parent                                 5,858,151   1,201,528    5,390,350             7,362,890
      Non controlling interest                               440,812         -         86,126                   -

                                                           6,298,963   1,201,528    5,476,476            7,362,890
OANDO PLC

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER, 2013

                                                                        30-Sep-13                          31-Dec-12
                                                     NOTE    Group                  Company          Group           Company
                                                            =N='000                 =N='000         =N='000          =N='000
Cash flows from operating activities
Net cash flow from operating activities before
changes in working capital                                   26,903,492               6,603,179      50,466,168       6,810,021
Net decrease/(increase) in working capital                      678,768              37,015,692       2,243,238     (60,700,716)
Income tax paid                                              (6,940,348)                (36,772)    (10,390,255)       (475,160)
Staff gratuity paid

Net cash from/(used in) operating activities                 20,641,912              43,582,099     42,319,151      (54,365,855)

Cash flows from investing activities

Purchase of property plant and equipment                    (24,659,150)               (75,629)     (27,063,427)     (1,134,918)
Deposit for acquisition of a business                               -                      -        (67,542,450)            -
Acquisition of subsidiary                                           -           (26,778,424.00)      789,373.00             -
Additions to Intangible assets                               (3,300,926)                   -        (23,426,952)        (89,096)
Proceeds from sale of property plant and equipment              770,504                711,509        2,309,209          62,817
Interest received                                             1,637,957              3,450,794        3,521,533       4,527,632
                                                                                                                            -
Cash used in by investing activities                        (25,551,615)            (22,691,751)   (111,412,714)      3,366,435

Cash flows from financing activities

Net Proceeds/(repayments) from long term loans                9,381,788             (32,119,543)        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              (26,585,603)            (20,687,529)     58,185,791     53,419,071
Dividend paid                                                (5,102,879)             (5,102,879)            -              -
Interest paid                                               (10,250,493)             (8,093,033)    (16,530,258)    (5,647,399)


Net cash from/(used in) financing activities                19,187,179              (14,258,617)    40,612,696      41,447,672

Net change in cash and cash equivalents                      14,277,477               6,631,732     (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                                                 -                       -             8,527             -
Cash and cash equivalents at end of the year                (20,852,001)              (402,335)    (35,129,478)     (7,034,067)

Cash at year end is analysed as follows:
Cash and bank balance                                        12,777,744               1,103,112      13,408,506       1,567,995
Bank overdrafts                                             (33,629,745)             (1,505,447)    (48,537,984)     (8,602,062)

                                                            (20,852,001)              (402,335)    (35,129,478)     (7,034,067)


Lagos
15 November 2013

JSE Sponsor
Macquarie First South Capital (Pty) Limited

Date: 15/11/2013 02:10:00 Supplied by www.sharenet.co.za                     
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