Go Back Email this Link to a friend


Oando Plc - Audited Results For The Financial Year Ended 31 December 2013

Release Date: 23/09/2014 10:55:00      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")


AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013

Shareholders are advised that Oando has released Company and Group Annual
Reports and Consolidated Financial Statements for the full year ended
31 December 2013 to the Nigerian Stock Exchange. The Annual Reports and
Consolidated Financial Statements, including commentary, are available on the
company website hosted at www.oandoplc.com



AUSITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF 31 DECEMBER 2013

                                       Group      Group     Company       Company
                                     31-Dec-    31-Dec-     31-Dec-      31-Dec-
                                        13         12         13            12
                                      N'000      N'000       N'000        N'000
Assets

Non-
current
assets
Property, plant
and equipment                        172 209     130 324    925 365        3 022
                                         842         713                     194
Intangible
assets                                82 232     138 853    105 551       89 096
                                         746         809
Investments accounted for using
the equity method                      2 880            -       2 716          -
                                         478                      431
Deferred income
tax assets                            11 463      13 424         1 292   579 406
                                         002         518           116
Available-for-sale                                              14 500     1 000
financial assets                      14 500       1 000
Investment in                                               108 186       85 379
subsidiaries                               -            -       115          020
Derivative
financial assets                       1 220     986 278        1 582     69 645
                                         796                      989
Finance lease
receivables                            6 927       3 206             -         -
                                         207         008
Deposit for
acquisition of a                      69 840      67 542             -         -
business                                 000         450
Non-current receivables
and prepayments                       15 412      10 618        20 276     7 345
                                         684         594           423       639
Restricted
cash                            3 798           4 053     327 107       324 000
                                  258             050

                              365 999          369 010    135 426        96 810
                                  513              420        597           000
Current
assets
Invent
ories                          19 446          18 110              -      6 733
                                  202             541
Finance lease
receivables                   782 480          450 377             -             -
Derivative
financial assets              389 900                -      4 933                -
Trade and other
receivables                   143 738          113 935    125 966       128 786
                                  804              243        063           885
Deferred income
tax assets                             -             -             -             -
Available-for-sale
financial assets              169 430          148 701    169 430       147 865
Cash and cash equivalents
(excluding bank overdrafts)    23 887          13 408       1 486         1 567
                                  497             506         292           995

                              188 414      146 053       127 626       130 509
                              313          368           718           478


Assets of disposal group
classified as held for sale   37 483       -             10 000
                              113

Total
assets                        591 896      515 063       263 063       227 319
                              939          788           315           478

Equity and
Liabilitie
s

Equity attributable to
owners of the parent
Share capital
                                3 411           1 137       3 411         1 137
                                  177             058         177           058
Share
premium                        98 425          49 521      98 425        49 521
                                  361             186         361           186
Retained
earnings                       33 937          37 142       2 861         4 520
                                  579             281         024           486
Other
reserves                       23 217          14 412       1 392         2 276
                                  694             064         189           126

                              158 991          102 212    106 089        57 454
                            811        589           751           856

Non
controlling               3 376      3 141
interest                    266        939
Total
                        162 368   105 354       106 089       57 454
                        077       528           751           856

Liabil
ities

Non-current
liabilities
Borrow
ings                     71 872     75 221        11 942        45 760
                            418        070           482           738
Deferred income
tax liabilities          20 372     17 207                -             -
                            939        614
Provision for other
liabilities & charges     5 091      3 562                -             -
                            069        670
Derivative
financial                     -      3 486                -      1 409
liabilities                            456                         651
Other long
term payable                  -             -             -             -
Retirement benefit
obligation                2 468      2 802         1 189         1 232
                            035        983           998           303
Government
Grant                   206 643    293 941                -             -

                        100 011   102 574       13 132        48 402
                        104       734           480           692

Current
liabilitie
s
Trade and
other                   124 059     86 046       109 081        51 575
payables                    301        357           976           433
Derivative
financial                 1 527             -    539 964                -
liabilities                 400
Current income
tax liabilities           5 643      6 417         1 511       760 941
                            719        980           885
Dividend
payable                 644 691    651 058       644 691       651 058
Provision for other
liabilities & charges         -    353 416                -    353 416
Borrow
ings                    183 412    213 665        32 062        68 121
                            635        715           568           082

                        315 287   307 134       143 841       121 461
                        746       526           084           930
Liabilities of disposal group
classified as held for sale         14 230     -             -             -
                                    012

Total
liabil                              429 528    409 709       156 973       169 864
ities                               862        260           564           622

Total equity
and                                 591 896    515 063       263 063       227 319
liabilities                         939        788           315           478


AUDITED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2013

                                      Group      Group       Company        Company
                                    31-Dec-    31-Dec-       31-Dec-       31-Dec-
                                       13         12           13             12
                                     N'000      N'000         N'000         N'000

Continuing
operations
Revenu
e                                   449 873        650 565        5 883        7 358
                                        466            603          304          881
Cost
of                                     (390    (580 664                -             -
sales                                   584        507)
                                       435)
Gross
profit                               59 289        69 901         5 883        7 358
                                        031           096           304          881

Other
operating                             5 135         1 637         5 034        1 790
income                                  379           352           740          961
Selling and
marketing costs                      (6 478        (7 555              -             -
                                       374)          800)
Administrativ
e expenses                          (41 396        (39 557       (1 686        (3 421
                                       496)           419)         201)          175)
Operating
profit                               16 549        24 425         9 231        5 728
                                        540           229           843          667

Financ
e                                   (21 637        (13 769       (14 194       (5 565
costs                                  777)           320)          497)         556)
Finance
income                                5 804         3 521         7 746        4 527
                                        480           533           351          632
Finance
costs ?                             (15 833        (10 247       (6 448        (1 037
net                                    297)           787)         146)          924)

Share of (loss) of investments
accounted for using the equity      (3 036)           -             -         -
method
Profit before
income tax                          713 207      14 177         2 783     4 690
                                                    442           697       743

Income tax
expense                              (5 389      (8 666         (433       (311
                                       472)        859)         123)       297)
(Loss)/profit for the year from
continuing operations                (4 676       5 510         2 350     4 379
                                       265)         583           574       446

Discontinued
operations
Profit for the year from
discontinued operations               6 073       5 275             -         -
                                        191         734
Profit for
the year                              1 396      10 786         2 350     4 379
                                        926         317           574       446


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

Basic
earnings per
share
From continuing
operations                             (75)         201
From discontinued
operations                               98         206
From profit
for the year                             23         407

Diluted earnings
per share
From continuing
operations                             (75)         201
From discontinued
operations                                -           -
From profit
for the year                           (75)         201


AUDITED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER, 2013

                                      Group      Group     Company       Company
                                    31-Dec-    31-Dec-     31-Dec-      31-Dec-
                                       13         12         13            12
                                     N'000      N'000       N'000        N'000

Profit for
the year                              1 396      10 786         2 350     4 379
                                        926         317           574       446
Other
comprehensive
income:
Items that will not be
reclassified to profit or loss
IFRIC 1 adjustment to
revaluation reserve                  (2 483)   (27 187)          -         -
Gains on revaluation of
property, plant and equipment         9 946          -           -         -
                                        534
Deferred tax on
revaluation surplus                    (273          -           -         -
                                       525)
Remeasurements of post
employment benefit obligations        4 790    (83 331)    21 211    (23 936)
Deferred tax on remeasurements of
post employment benefit                 329     24 999           -     7 181
obligations

                                      9 675    (85 519)    21 211    (16 755)
                                        645

Items that may be subsequently reclassified
to profit or loss
Currency translation
differences                             (208     1 218           -         -
                                        979)       958
Fair value gain/(loss) on
available for sale investment         35 065   (45 166)    35 065    (45 166)
Deferred tax on fair value
gain/(loss) on available for sale        (10    13 550    (10 519)    13 550
investment                              519)

                                       (184      1 187     24 546    (31 616)
                                       433)        342

Other comprehensive income for the
year, net of taxes                    9 491      1 101     45 757    (48 371)
                                        212        823

Total comprehensive income for
the year

Attributab
le to:
 - Owners of
the parent                           10 893     11 523      2 396      4 331
                                        153        371        331        075
 - Non-
controlling                          (5 014)   364 769           -         -
interests
Total comprehensive
income for the year                  10 888     11 888      2 396      4 331
                                        138        140        331        075
Total comprehensive income attributable to equity
shareholders arises from:
 - Continuing
operations                             4 819       6 247        2 396       4 331
                                         962         637          331         075
 - Discontinued
operations                             6 073       5 275            -              -
                                         191         734
Total comprehensive
income for the year                   10 893      11 523        2 396       4 331
                                         153         371          331         075

AUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2013



                           Share     Other        Retained        Non      Total
                          Capital   reserves     earnings     controllin
                                                              g interest
                           N'000     N'000        N'000        N'000

Balance as at 1
January 2012               50 658     13 376       27 658       1 071      92 764
                              244        928          713         101         986

Profit or
loss for the                    -            -     10 424     361 826      10 786
year                                                  491                     317

Other comprehensive
income for the year             -        1 188   (89 948)       2 943       1 101
                                           828                                823
Total
comprehensive                   -        1 188     10 334     364 769      11 888
income                                     828        543                     140

Transaction
with owners
Value of employee
services                        -    605 293              -         -      605 293
Tax on value of
employee services               -     96 109              -         -      96 109
Reclassification to
share based payment             -        1 078     (1 078           -              -
reserve (SBPR)                             449       449)
Total
transactions with               -        1 779     (1 078           -      701 402
owners                                     851       449)

Revaluation on disposal
of Property, plant and          -         (13      13 051           -              -
equipment                                051)

Non controlling interest arising
in business combination                                                            -
Non controlling interest
arising on business             -     (1 920      214 423       1 706              -
combination                           492)                   069


Total transactions with
owners of the parent,          -    (1 920    214 423      1 706          -
recognised directly in                492)                   069
equity

Balance as at 31
December 2012              50 658   14 412     37 142      3 141    105 354
                              244      064        281        939        528


Balance as at 1
January 2013               50 658   14 412     37 142      3 141    105 354
                              244      064        281        939        528

Profit/(loss)
for the year                   -         -      1 414    (17 536)     1 396
                                                  462                   926

Other comprehensive
income for the year            -     9 209     24 917    257 252      9 491
                                       044                              212
Total comprehensive
income for the year            -     9 209      1 439    239 716     10 888
                                       044        379                   138

Transaction
with owners
Value of employee
services                       -    606 651      (606           -         -
                                                 651)
Tax on value of
employee services              -    37 236    (37 236)          -         -
Proceeds from
shares issued              54 578        -          -           -    54 578
                              836                                       836
Share issue
expenses                   (3 400        -          -           -    (3 400
                             542)                                      542)
Reclassification of
expired SBPR                   -      (105    105 965           -         -
                                      965)
Deferred tax on
reclassification of            -       (31          -           -   (31 789)
expired SBPR                          789)
Divide
nds                            -         -     (5 116           -    (5 116
                                                 766)                  766)
Total transaction
with owners                51 178   506 133    (5 654           -    46 029
                              294                688)                   739

Translation
difference                     -         -          -           -         -

Revaluation of Property,
plant and equipment            -    (1 010      1 010           -         -
                                      608)        608
Deferred tax on
revaluation reserve            -      101 061         -         -   101 061

Non controlling interest arising in
business combination                                                      -
Non controlling interest arising
on common control transaction               -         -   (5 389)   (5 389)
Total transactions with
owners of the parent,      51 178        (403    (4 644   (5 389)    46 125
recognised directly in        294        414)      081)                 411
equity
Balance as at 31
December 2013                 101      23 217    33 937     3 376   162 368
                              836         694       579       266       077
                              538



AUDITED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2013

                                        Group     Group   Company    Company
                                      31-Dec-   31-Dec-   31-Dec-   31-Dec-
                                         13        12       13         12
                            NOTE       N'000     N'000     N'000     N'000
Cash flows from
operating activities

Cash generated from
operations                             62 077    52 709    51 587   (54 088
                                          587       406       299      944)
Intere
st                                    (23 946   (22 652   (14 006    (5 647
paid                                     790)      743)      268)      399)
Income tax
paid                                   (5 242   (10 390      (304      (475
                                         530)      255)      348)      160)
Net cash from/(used in)
operating activities                   32 888    19 666    37 276   (60 211
                                          267       408       683      503)

Cash flows from
investing activities

Purchases of property
plant and equipment                   (43 902   (20 940      (241      (936
                                         237)      942)      602)      669)
Acquisition of
subsidiary, net of                          -   790 209         -         -
cash
Disposal of
subsidiary, net of                      1 392         -     1 396         -
cash                                      902                 800
Deposit for
acquisition of a                       (2 328   (67 542   (22 819         -
business                                 000)      450)      675)
Investment in
associate                                   -         -         -         -
Available for
sale investment                             -     (836)         -         -
Acquisition
of software                        (325       (782    (61 372)   (89 096)
                                   720)       514)
Purchase of intangible
exploration assets               (1 485     (6 170           -         -
                                   410)       373)
Payments relating to
pipeline construction              (346    (16 474           -         -
                                   363)       065)
Acquired
minority                              -          -           -         -
interest
Proceeds from sale of property
plant and equipment               1 066      2 309     16 098     62 817
                                    367        209
Interest
received                          4 124      3 521      8 169      4 527
                                    929        533        621        632
Net cash (used in)/from
investing activities             (41 803   (105 290   (13 540      3 564
                                    532)       229)      130)        684

Cash flows from
financing activities

Proceeds from long
term borrowings                  63 415     18 903           -         -
                                    306        590
Repayment of long
term borrowings                  (62 875   (18 236    (25 996     (6 000
                                    830)      376)       272)       000)
Proceed from import
finance facilities                    -          -           -         -
Proceeds from
issue of shares                  54 578          -     54 578          -
                                    836                   835
Share issue
expenses                         (3 400          -     (3 400          -
                                   542)                  542)
Repayment of
finance lease                         -          -           -         -
Proceeds from issue of
other term loans                      -          -           -    40 370
                                                                     200
Proceeds from other
short term borrowings            168 723   362 923      1 826     13 048
                                     607       573        713        871
Repayment of other short
term borrowings                    (181    (304 737   (44 021          -
                                    809        782)      826)
                                   004)
Increase/(decrease) in
bank overdrafts                       -          -           -         -
Divide
nd                               (5 116          -     (5 116          -
paid                               766)                  766)
Restricted
cash                             254 792    (1 710    (3 107)       (324
                                              050)                  000)
Net cash from/(used in)
financing activities             33 770     57 142    (22 132     47 095
                                         400           955     965)      071


Net change in cash and
cash equivalents                      24 855        (28 480   1 603    (9 551
                                         135           866)     589      748)
Cash and cash equivalents and bank
overdrafts at the beginning of       (35 129        (6 657    (7 034   2 517
the year                                477)          138)      067)     681
Exchange gains/(losses) on cash
and cash equivalents                     (56         8 527         -       -
                                        787)
Cash and cash equivalents at end
of the year                          (10 331        (35 129   (5 430   (7 034
                                        129)           477)     478)     067)

Cash at year end is
analysed as follows:
Cash and bank
balance as above                      23 887        13 408    1 486    1 567
                                         497           507      292      995
Bank overdrafts
(Note 27)                            (34 218        (48 537   (6 916   (8 602
                                        626)           984)     770)     062)

                                     (10 331        (35 129   (5 430   (7 034
                                        129)           477)     478)     067)


Lagos
23 September 2014

JSE Sponsor
Macquarie First South Capital Proprietary Limited

Date: 23/09/2014 10:55:00 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             . The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.


                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2017 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.