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Oando Plc - First Quarter 2014 Management Accounts

Release Date: 23/09/2014 10:56:00      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")


FIRST QUARTER 2014 MANAGEMENT ACCOUNTS


UNAUDITED CONSOLIDATED    STATEMENTS OF FINANCIAL POSITION
AS OF 31 MARCH 2014


                                      31-Mar-                31-Dec-13
                                         14
                                        Group      Company     Group       Company
Non-current                              N'000       N'000       N'000         N'000
assets
Property, plant and
equipment                              176 375     898 993     172 209       925 365
                                           066                     842
Intangible
assets                                  82 649     101 108      82 232       105 551
                                           272                     746
Investments accounted for using
the equity method                        2 876       2 716   2 880 478     2 716 431
                                           291         431
Deferred income
tax assets                               7 673       1 452      11 463     1 292 116
                                           760         726         002
Available-for-sale
financial assets                        14 500      14 500      14 500        14 500
Investment in
subsidiaries                                 -     190 191           -   108 186 115
                                                       497
Derivative
financial assets                         1 613      13 241   1 220 796     1 582 989
                                           848         684
Finance lease
receivables                              6 739           -   6 927 207             -
                                           672
Deposit for acquisition
of a business                           77 620           -      69 840             -
                                           000                     000
Non-current receivables
and prepayments                         17 404       8 111      15 412    20 276 423
                                           691         854         684
Restricted cash
                                         4 692     558 043   3 798 258       327 107
                                           706

                                       377 659     217 286     365 999   135 426 597
                                           806         836         513

Current assets
Inventories
                                        22 429           -      19 446             -
                                           558                     202
Finance lease
receivables                            782 480           -     782 480             -
Derivative
financial assets                      1 220             -      389 900             4 933
                                        796
Trade and other
receivables                         176 059       124 263      143 738    125 966 063
                                        258           760          804
Derivative
financial assets                          -             -             -                -
Available-for-sale
financial assets                    169 430       169 430      169 430        169 430
Cash and cash equivalents
(excluding bank overdrafts)          77 938         1 370       23 887      1 486 292
                                        343           292          497

                                278 599       125 803       188 414       127 626 718
                                865           482           313

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

Current
liabilities
Trade and other
payables                            193 539       152 801      124 059    109 081 977
                                        663           182          302
Derivative
financial                             1 132             -    1 527 400        539 964
liabilities                             057
Current income
tax liabilities                       6 934         1 229    5 643 719      1 511 885
                                        424           438
Dividend payable
                                      1 644         1 644      644 691        644 691
                                        692           691
Provision for other
liabilities & charges                     -             -             -                -
Borrowings
                                    164 172        32 466      183 412     32 062 568
                                        551           771          635

                                    367 423       188 142      315 287    143 841 085
                                        387           082          747

Liabilities of disposal group
classified as held for sale               -             -       14 230                 -
                                                                   012


Net current
(liabilities)/assets                (88 823       (62 338     (103 620        (16 204
                                       522)          600)         333)           367)

Non-current
liabilities
Borrowings
                                     67 290        10 358       71 872     11 942 482
                                        437           334          418
Deferred income tax
liabilities                          18 354       160 610       20 372                 -
                                        029                        939
Provision for other
liabilities & charges                 4 991             -    5 091 069                 -
                                        308
Derivative
financial                              2 530   539 964           -             -
liabilities                              940
Retirement
benefit                                2 585     1 193   2 468 035     1 189 998
obligation                               173       407
Government Grant
                                     184 819         -     206 643             -

                                      95 936    12 252     100 011    13 132 480
                                         706       315         104

Net Assets
                                     192 899   142 695     162 368   106 089 750
                                         578       921         076

Capital and Reserves attributable
to equity holders
Share capital
                                       4 434     4 434   3 411 177     3 411 177
                                         530       530
Share premium
account                              130 210   130 210      98 425    98 425 361
                                         711       711         361
Retained
earnings                              27 100     6 658      33 938     2 861 023
                                         235       491         473
Other reserves
                                      19 734     1 392      23 216     1 392 189
                                         736       189         799

                                     181 480   142 695     158 991   106 089 750
                                         212       921         810

Non-Controlling
interest                              11 419         -   3 376 266             -
                                         366

Total Equity
                                     192 899   142 695     162 368   106 089 750
                                         578       921         076


UNAUDITED CONSOLIDATED COMPREHENSIVE INCOME
STATEMENTS
FOR THE PERIOD ENDED 31
MARCH 2014


                                    31-Mar-              31-Mar-13
                                       14
                                      Group    Company     Group       Company
                                       N'000     N'000       N'000         N'000
Turnover
                                      85 268         -     121 061             -
                                         821                   351
Cost of sales
                                     (70 806         -    (108 013             3
                                        995)                  010)
Gross profit
                                      14 461         -      13 048             3
                                         826                   341
Selling and
marketing costs                       (1 265         -   (223 207)             -
                                        208)
Administrative
expenses                                 (9 580     (3 162          (8 176     (164 059)
                                           361)       333)            558)
Other operating
income                                    1 040      9 607       1 193 411        50 922
                                            433        353
Operating profit
                                          4 656      6 445       5 841 987     (113 134)
                                            690        020

Finance income
                                          1 867    942 235       2 197 816     1 958 325
                                            147
Finance costs
                                         (6 578     (3 514          (3 749   (1 229 595)
                                           546)       788)            929)
Net finance
(costs)/income                           (4 711     (2 572          (1 552       728 730
                                           399)       553)            113)

Share of loss of investments
accounted for using the equity          (4 186)          -               -             -
method

Profit before
taxation                            (58 895)         3 872       4 289 875       615 596
                                                       467
Taxation
                                         (2 657   (75 000)          (1 841      (50 000)
                                           733)                       399)

Profit after
taxation                                 (2 716      3 797       2 448 476       565 596
                                           628)        467


Attributable to:

Equity holders of the
company                                  (2 316      3 797       2 416 850       565 596
                                           506)        467

Non-Controlling
interests                                  (400          -          31 626             -
                                           122)

                                         (2 716      3 797       2 448 476       565 596
                                           628)        467

Earnings per share for profit attributable to equity holders of the company for the 3
months ended 31 March 2014:

Earnings per                        (26)              (26)   106                     106
share (kobo)
Interim dividend                    0                    0   0                         0
per share (kobo)
UNAUDITED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2014
                                     31-Mar-                 31-Mar-13
                                        14
                                       Group      Company       Group              Company
                                        N'000       N'000         N'000                N'000
Profit for the
period                                 (2 716       3 797     2 448 476              565 596
                                         628)         467

Other comprehensive
income:
Items that may be subsequently reclassified
to profit or loss
Currency translation
differences                           439 428             -               -                -
Fair value (loss)/gains on
available for sale investment       -           -             -               -
Deferred tax on fair value
loss/(gains) on available for sale    439 428             -               -                -
investment

Total comprehensive
income for the period                 (2 277          3 797       2 448 476          565 596
                                        200)            467

Attributable to:
Owners of the
parent                                (1 904          3 797       2 416 850          565 596
                                        814)            467
Non controlling
interest                                (372              -          31 626                -
                                        386)


                                      (2 277          3 797       2 448 476          565 596
                                        200)            467


UNAUDITED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2014

                                     31-Mar-                  31-Dec-13
                                        14
                                       Group        Company         Group          Company
                                        N'000         N'000           N'000            N'000
Cash flows from operating
activities                            52 077         59 310          62 077       51 587 299
                                         816            650             587

Interest paid
                                      (6 433         (3 514         (23 946          (14 006
                                        003)           788)            790)             268)
Income tax paid
                                           -           (357          (5 242        (304 348)
                                                       447)            530)
Net cash from/(used in) operating
activities                            45 644         55 438          32 888       37 276 683
                                         813            415             267

Cash flows from investing
activities

Purchases of property plant and
equipment                             (7 513     (36 413)           (43 902        (241 602)
                                        245)                           237)
Acquisition of
subsidiary, net of cash                     -   (92 433           -             -
                                                   089)
Disposal of subsidiary,
net of cash                             4 575     4 575   1 392 902     1 396 800
                                          031       031
Deposit for acquisition
of a business                          (7 780         -      (2 328       (22 819
                                         000)                  000)          675)
Acquisition of
software                             (11 697)         -   (325 720)      (61 372)
Purchase of intangible
exploration assets                       (481         -      (1 485             -
                                         648)                  410)
Payments relating to
pipeline construction                       -         -   (346 363)             -
Proceeds from sale of property
plant and equipment                         -         -   1 066 367        16 098
Interest
received                                1 867   942 235   4 124 929     8 169 621
                                          147


Cash used in by investing
activities                             (9 344   (86 952     (41 803       (13 540
                                         412)      236)        532)          130)

Cash flows from financing
activities

Net proceeds from long
term borrowings                             -     1 076     539 476             -
                                                    192
Net repayment of long
term borrowings                          (925         -           -       (25 996
                                         133)                                272)
Proceeds from issue of
shares                                 32 808    32 808      51 178    51 178 293
                                          703       703         294
Proceeds from private
placement                               7 762         -           -             -
                                          000
Net proceeds from other short term
borrowings                                  -   404 203           -             -
Net repayment of other short term
borrowings                            (17 343         -     (13 085       (42 195
                                         828)                  396)          113)
Dividend paid
                                            -         -      (5 116   (5 116 766)
                                                               766)
Restricted cash
                                         (894      (230     254 792       (3 107)
                                         448)      936)

Net cash from/(used in) financing
activities                             21 407    34 058      33 770       (22 132
                                          294       162         400          965)

Net change in cash and
cash equivalents                       57 707     2 544      24 855     1 603 589
                                          694       340         135

                                            -         -           -             -
Cash and cash equivalents and bank
overdrafts at the beginning of        (10 331    (5 430     (35 129   (7 034 067)
the year                                 129)      478)        477)
Exchange gains/(losses) on cash
and cash equivalents                              -          -      (56 787)                -

Cash and cash equivalents at end
of the year                                47 376       (2 886       (10 331     (5 430 478)
                                              565         138)          129)

Cash at year end is
analysed as follows:
Cash and bank balance as
above                                      77 938        1 370        23 887       1 486 292
                                              343          292           497
Bank overdrafts
(Note 25)                                 (30 561       (4 256       (34 218     (6 916 770)
                                             778)         430)          626)

                                           47 376       (2 886       (10 331     (5 430 478)
                                              565         138)          129)


UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2014


GROUP              Share         Other   Retained       Equity          Non         Total
                   Capital      reserv   earnings     holders of   controlling     equity
                                   es                   parent       interest
                    N'000        N'000    N'000         N'000        N'000         N'000

Balance as at 1
January 2013        50 658      14 412     37 142      102 212     3 141 939     105 354 528
                       244         064        281          589
Profit/(loss)
for the year                -        -      1 415        1 415      (17 536)       1 397 820
                                              356          356
Other
comprehensive               -    9 208    (6 872)        9 201       257 252       9 458 528
income for the                     149                     276
year
Total
comprehensive       50 658      23 620     38 550      112 829     3 381 655     116 210 876
income for the         244         213        765          222
year

Transaction with
owners
Value of
employee                    -      606       (606            -             -                -
services                           651       651)
Tax on value of
employee                    -   37 236   (37 236)            -             -                -
services
Proceeds from
shares issued       54 578           -            -     54 578             -      54 578 836
                       836                                 836
Share issue
expenses            (3 400           -            -     (3 400             -     (3 400 542)
                      542)                                542)
Reclassification
of expired SBPR             -     (105    105 965            -             -                -
                                  965)
Deffered tax on
reclassification            -      (31     31 789            -             -                -
of expired SBPR                   789)
Revaluation of
Property, plant             -   (1 010      1 010            -             -                -
and equipment                  608)      608
Deferred tax on
revaluation              -      101        -   101 061           -       101 061
reserve                         061
Dividends
                         -        -   (5 116    (5 116           -   (5 116 766)
                                        766)      766)
Total
transaction with    51 178     (403   (4 612    46 162           -    46 162 589
owners                 294     414)     292)       589

Translation
difference               -        -        -         -           -             -

Non controlling
interest arising         -        -        -         -     (5 389)       (5 389)
on common
control
transaction
Total
transactions        51 178     (403   (4 612    46 162     (5 389)    46 157 200
with owners of         294     414)     292)       589
the parent,
recognised
directly in
equity
Balance as at 31
December 2013      101 836   23 216   33 938   158 991   3 376 266   162 368 076
                       538      799      473       810


Balance as at 1
January 2014       101 836   23 216   33 938   158 991   3 376 266   162 368 076
                       538      799      473       810
Profit/(loss)
for the year             -        -   (2 316    (2 316   (400 122)   (2 716 628)
                                        506)      506)
Other
comprehensive            -      411        -   411 692      27 736       439 428
income for the                  692
year
Total
comprehensive      101 836   23 628   31 621   157 086   3 003 880   160 090 876
income for the         538      491      967       996
year

Transaction with
owners
Proceeds from
shares issued       32 808        -        -    32 808           -    32 808 703
                       703                         703
Total
transaction with    32 808        -        -    32 808           -    32 808 703
owners                 703                         703

Translation
difference               -        -        -         -           -             -

Non controlling
interest arising         -   (3 893   (4 521    (8 415   8 415 486           (1)
on common                      755)     732)      487)
control
transaction
Total
transactions         32 808   (3 893   (4 521    24 393   8 415 486    32 808 702
with owners of          703     755)     732)       216
the parent,
recognised
directly in
equity
Balance as at 31
March 2014          134 645   19 734   27 100   181 480      11 419   192 899 578
                        241      736      235       212         366




Lagos
23 September 2014

JSE Sponsor
Macquarie First South Capital Proprietary Limited

Date: 23/09/2014 10:56:00 Supplied by www.sharenet.co.za                     
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