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Oando Plc - Second Quarter 2014 Management Accounts

Release Date: 23/09/2014 11:03:00      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")


SECOND QUARTER 2014 MANAGEMENT ACCOUNTS

OANDO PLC

UNAUDITED CONSOLIDATED    STATEMENTS OF FINANCIAL POSITION
AS OF 30 JUNE 2014


                                    30-Jun-                  31-Dec-13
                                      14
                                     Group      Company        Group      Company
Non-current                           N'000       N'000          N'000       N'000
assets
Property, plant
and equipment                       178 564     950 656        172 209    925 365
                                        138                        842
Intangible assets
                                     82 509      96 665         82 232    105 551
                                        913                        746
Investments accounted for using
the equity method                     2 932       2 716      2 880 478   2 716 431
                                        168         431
Deferred income
tax assets                            7 762       1 452         11 463   1 292 116
                                        113         726            002
Available-for-sale
financial assets                     14 500      14 500         14 500     14 500
Investment in
subsidiaries                              -     190 191              -    108 186
                                                    497                       115
Derivative
financial assets                      1 630      28 721      1 220 796   1 582 989
                                        018         293
Finance lease
receivables                           6 544           -      6 927 207          -
                                        428
Deposit for acquisition
of a business                        85 376           -         69 840          -
                                        500                        000
Non-current receivables
and prepayments                      18 690       8 573         15 412     20 276
                                        273         279            684        423
Restricted cash
                                      5 785     327 107      3 798 258    327 107
                                        542

                                    389 809     233 044        365 999    135 426
                                        593         154            513        597
Current assets
Inventories
                                    24 869             -      19 446               -
                                       370                       202
Finance lease
receivables                     782 480                -     782 480               -
Trade and other
receivables                     190 378          141 289     143 738       125 966
                                    611              480         804           063
Derivative
financial assets                    1 220              -     389 900         4 933
                                      796
Available-for-sale
financial assets                169 430          169 430     169 430       169 430
Cash and cash equivalents
(excluding bank overdrafts)         50 855        3 388       23 887     1 486 292
                                       376          584          497

                                268 276      144 847       188 414       127 626
                                063          494           313           718

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

Current
liabilities
Trade and other
payables                        175 474          159 693     124 059       109 081
                                    164              979         302           977
Derivative
financial                           1 132              -   1 527 400       539 964
liabilities                           033
Current income
tax liabilities                     7 431         1 313    5 643 719     1 511 885
                                      682           469
Dividend payable
                                    1 644         1 644      644 691       644 691
                                      692           691
Provision for other
liabilities & charges                   -              -             -             -
Borrowings
                                175 433          32 486      183 412        32 062
                                    514             721          635           568

                                361 116          195 138     315 287       143 841
                                    085              860         747           085

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


Net current
(liabilities)/ass               (92 840          (50 291    (103 620       (16 204
ets                                022)             366)        333)          367)
Non-current
liabilities
Borrowings
                                 63 243     8 813      71 872      11 942
                                    747       596         418         482
Deferred income
tax liabilities                  18 178    160 610     20 372           -
                                    956                   939
Provision for other
liabilities & charges             5 083         -    5 091 069          -
                                    651
Derivative
financial                         2 963    539 964           -          -
liabilities                         321
Other long term
payable                               -         -            -          -
Retirement
benefit                           2 753     1 209    2 468 035   1 189 998
obligation                          229       265
Government Grant
                                 162 995        -     206 643           -

                                 92 385    10 723     100 011      13 132
                                    899       435         104         480

Net Assets
                                 204 583   172 029    162 368     106 089
                                     672       353        076         750

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
                                     711       711        361         361
Retained earnings
                                 40 382    35 991      33 938    2 861 023
                                    413       923         473
Other reserves
                                 19 737     1 392      23 216    1 392 189
                                    411       189         799

                                 194 765   172 029    158 991     106 089
                                     065       353        810         750

Non-Controlling
interest                          9 818         -    3 376 266          -
                                    607

Total Equity
                                 204 583   172 029    162 368     106 089
                                     672       353        076         750
UNAUDITED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
FOR THE PERIOD ENDED 30 JUNE, 2014


                                  30-Jun-                30-Jun-13
                                    14
                                   Group      Company      Group      Company
                                    N'000       N'000        N'000       N'000
Turnover
                                  194 557      20 850      280 327          -
                                      883         101          586
Cost of sales
                                     (144           -     (250 093          3
                                      052                     655)
                                     215)
Gross profit
                                   50 505      20 850       30 233          3
                                      668         101          931
Selling and
marketing costs                    (2 733           -       (3 614          -
                                     451)                     866)
Administrative
expenses                          (25 203      (3 636      (18 397   (708 009)
                                     420)        234)         657)
Other operating
income                              1 124      25 711    1 467 656    148 756
                                      885         888
Operating profit
                                   23 693      42 925    9 689 064   (559 250)
                                      682         755

Finance income
                                    2 710       1 411      265 315   3 776 152
                                      161         549
Finance costs
                                  (13 922     (11 056       (3 798     (4 587
                                     563)        403)         793)       898)
Net finance
(costs)/income                    (11 212      (9 644       (3 533   (811 745)
                                     402)        854)         478)

Share of loss of investments
accounted for using the equity     51 690
method

Profit before
taxation                           12 532      33 280    6 155 586     (1 370
                                      970         901                    996)
Taxation
                                   (3 552        (150       (1 884   (175 000)
                                     951)        000)         021)

Profit after
taxation                            8 980      33 130    4 271 565     (1 545
                                      019         901                    996)
Attributable to:

Equity holders of
the company                           10 932       33 130   4 019 884           (1 545
                                         315          901                         996)

Non-Controlling
interests                             (1 952           -         251 681             -
                                        296)

                                       8 980       33 130   4 271 565           (1 545
                                         019          901                         996)

Earnings per share for profit attributable to equity holders of the company for
the 6 months ended 30 June 2014:

Earnings per                      123                123    66                      66
share (kobo)
Interim dividend                  70                  70    0                        0
per share (kobo)


UNAUDITED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE, 2014
                                   30-Jun-               30-Jun-13
                                     14
                                    Group     Company       Group              Company
                                     N'000      N'000         N'000               N'000
Profit for the
period                               8 980     33 130    4 271 565              (1 545
                                       019        901                             996)

Other
comprehensive
income:

Items that may be subsequently
reclassified to profit or loss
Currency translation
differences                        426 874             -               -             -
Fair value (loss)/gains on
available for sale investment     -            -            -              -
Deferred tax on fair value
loss/(gains) on available for      426 874             -               -             -
sale investment

Total comprehensive
income for the period                  9 406       33 130   4 271 565           (1 545
                                         893          901                         996)
Attributable to:
Owners of the
parent                                11 313    33 130   4 019 884     (1 545
                                         537       901                   996)
Non controlling
interest                              (1 906         -     251 681          -
                                        644)


                                       9 406    33 130   4 271 565     (1 545
                                         893       901                   996)


UNAUDITED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE, 2014

                                     30-Jun-             31-Dec-13
                                       14
                                      Group    Company     Group      Company
                                       N'000     N'000       N'000       N'000
Cash flows from
operating activities                  39 022    69 813      62 077     51 587
                                         399       141         587        299

Interest paid
                                     (13 163   (11 056     (23 946    (14 006
                                        060)      403)        790)       268)
Income tax paid
                                        (815      (348      (5 242   (304 348)
                                        091)      416)        530)
Net cash from/(used in)
operating activities                  25 044    58 408      32 888     37 276
                                         248       322         267        683

Cash flows from
investing activities

Purchases of property
plant and equipment                  (13 261      (163     (43 902   (241 602)
                                        027)      491)        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                        (15 536         -      (2 328    (22 819
                                        500)                  000)       675)
Acquisition of
software                                 (12         -   (325 720)   (61 372)
                                        613)
Purchase of intangible
exploration assets                      (423         -      (1 485          -
                                        304)                  410)
Payments relating to
pipeline construction                      -         -   (346 363)          -
Proceeds from sale of property
plant and equipment                        -         -   1 066 367     16 098
Interest received
                                   2 710     1 411    4 124 929   8 169 621
                                     161       549


Cash used in by
investing activities              (21 948   (86 610    (41 803     (13 540
                                     252)      000)       532)        130)

Cash flows from
financing activities

Net proceeds from long
term borrowings                        -    252 506    539 476           -
Net repayment of long
term borrowings                   (6 331         -            -    (25 996
                                    662)                              272)
Proceeds from
issue of shares                   32 808    32 808      54 578      54 578
                                     703       703         836         835
Share issue
expenses                               -         -      (3 400      (3 400
                                                          542)        542)
Repayment of
finance lease                      7 762         -            -          -
                                     000
Net proceeds from other short
term borrowings                        -    424 153    168 723    1 826 713
                                                           607
Net repayment of other
short term borrowings             (6 082         -    (181 809     (44 021
                                    865)                  004)        826)
Dividend paid
                                       -         -      (5 116      (5 116
                                                          766)        766)
Restricted cash
                                  (1 987         -     254 792     (3 107)
                                    284)
Net cash from/(used in)
financing activities              26 168    33 485      33 770     (22 132
                                     892       362         400        965)

Net change in cash and
cash equivalents                  29 264     5 283      24 855    1 603 589
                                     888       684         135

                                       -         -            -          -
Cash and cash equivalents and
bank overdrafts at the            (10 331   (5 430     (35 129      (7 034
beginning of the year                129)     478)        477)        067)

                                       -         -            -          -
Exchange gains/(losses) on cash
and cash equivalents                   -         -    (56 787)           -

                                       -         -            -          -
Cash and cash
equivalents at end of             18 933      (146     (10 331      (5 430
the year                             759      794)        129)        478)
Cash at year end is
analysed as follows:
Cash and bank balance as
above                                    50 855     3 388        23 887     1 486 292
                                            376       584           497
Bank overdrafts
                                        (31 921    (3 535       (34 218        (6 916
                                           617)      378)          626)          770)

                                         18 933      (146       (10 331        (5 430
                                            759      794)          129)          478)


UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE, 2014


GROUP               Share     Other     Retaine    Equity         Non         Total
                    Capita    reser        d       holders    controlling    equity
                    l          ves      earning   of parent     interest
                                           s
                    N'000     N'000      N'000     N'000       N'000         N'000

Balance as at 1
January 2013        50 658       14      37 142   102 212     3 141 939       105 354
                       244      412         281       589                         528
                                064
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      38 550   112 829     3 381 655       116 210
income for the         244      620         765       222                         876
year                            213

Transaction with
owners
Value of employee
services              -       606        (606        -           -             -
                              651        651)
Tax on value of
employee services     -       37          (37        -           -             -
                              236        236)
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       1 010         -          -             -
and equipment                 010       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 owners         51 178   (403      (4 612       46 162             -      46 162
                       294   414)        292)          589                       589

Translation
difference            -       -          -           -          -             -

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


Balance as at 1
January 2014         101     23        33 938      158 991   3 376 266     162 368
                     836     216         473         810                     076
                     538     799
Profit/(loss) for
the year              -       -        10 932      10 932     (1 952       8 980 019
                                         315         315       296)
Other
comprehensive         -      381         -         381 222    45 652       426 874
income for the               222
year
Total
comprehensive          101     23      44 870      170 305   1 469 621       171 774
income for the         836    598         788          348                       969
year                   538    021

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

Non controlling
interest arising      -       (3    (4 488    (8 348    8 348 986    0
on common control             860    375)      986)
transaction                  610)
Total
transactions with   32 808     (3   (4 488     24 459   8 348 986   32 808
owners of the          703    860     375)        717                  703
parent,                      610)
recognised
directly in
equity
Balance as at 30
June 2014             134      19   40 382    194 765   9 818 607   204 583
                      645     737      413        065                   672
                      241     411


Lagos
23 September 2014

JSE Sponsor
Macquarie First South Capital Proprietary Limited

Date: 23/09/2014 11:03:00 Supplied by www.sharenet.co.za                     
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