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Oando Plc - Third Quarter 2014 Management Accounts

Release Date: 17/11/2014 11:30:00      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")


Third Quarter 2014 Management Accounts

Consolidated Statement of Financial Position
As of 30 September, 2014

                                           30-Sep-14                          31-Dec-13
                                         Group             Company         Group              Company
Non-current assets                       N'000               N'000         N'000                N'000

Property, plant and             291 491 723                893 980   172 209 842              925 365
equipment
Intangible assets               344 777 531                 92 222    82 232 746              105 551
Investments accounted             2 940 442              2 716 431     2 880 478            2 716 431
for using the equity
method
Deferred income tax               8 069 495              1 452 726    11 463 002            1 292 116
assets
Available-for-sale                   14 500                 14 500        14 500               14 500
financial assets
Investment in                                -         229 908 014             -          108 186 115
subsidiaries
Derivative financial              6 799 324             17 086 496     1 220 796            1 582 989
assets
Finance lease                    36 542 873                      -     6 927 207                    -
receivables
Deposit for                                  -                   -    69 840 000                    -
acquisition of a
business
Non-current                      21 845 985             20 899 568    15 412 684           20 276 423
receivables and
prepayments
Restricted cash                  11 146 712                327 107     3 798 258              327 107

                                723 628 585            273 391 044   365 999 513          135 426 597


Current assets

Inventories                      27 623 136                      -    19 446 202                    -
Finance lease                       782 480                      -       782 480                    -
receivables
Trade and other                 209 319 699            104 309 294   143 738 804              125 966
receivables                                                                                       063
Derivative financial              1 220 796                      -       389 900                4 933
assets
Available-for-sale                  169 430                169 430       169 430              169 430
financial assets
Cash and cash                    32 712 388              5 365 151    23 887 497            1 486 292
equivalents
(excluding bank
overdrafts)
                                271 827 929            109 843 875   188 414 313          127 626 718


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


Current liabilities
Trade and other           224 390 562    181 688 365     124 059 302    109 081 977
payables
Derivative financial       1 154 283               -       1 527 400        539 964
liabilities
Current income tax        55 478 229       2 164 400       5 643 719      1 511 885
liabilities
Dividend payable           1 644 692       1 644 691         644 691        644 691
Borrowings                203 398 467     23 098 367     183 412 635     32 062 568
                          486 066 233    208 595 823     315 287 747    143 841 085


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


Net current             (214 238 304)   (98 751 948)   (103 620 333)   (16 204 367)
(liabilities)/assets


Non-current
liabilities
Borrowings                148 317 514     12 349 590      71 872 418     11 942 482
Deferred income tax       121 503 874        160 610      20 372 939              -
liabilities
Provision for other       16 354 353               -       5 091 069              -
liabilities & charges
Derivative financial       4 868 609         163 626               -              -
liabilities
Retirement benefit         2 927 780       1 101 249       2 468 035      1 189 998
obligation
Government Grant              141 170              -         206 643              -
                          294 113 300     13 775 075     100 011 104     13 132 480


Net Assets                215 276 981    160 864 021     162 368 076    106 089 750



Capital and Reserves
attributable to
equity holders
Share capital              4 434 530       4 434 530       3 411 177      3 411 177
Share premium account     130 210 711    130 210 711      98 425 361     98 425 361
Retained earnings         40 625 197      24 826 591      33 938 473      2 861 023
Other reserves            26 978 062       1 392 189      23 216 799      1 392 189

                          202 248 500    160 864 021     158 991 810    106 089 750


Non-Controlling           13 028 481               -       3 376 266              -
interest


Total Equity              215 276 981    160 864 021     162 368 076    106 089 750
Consolidated Comprehensive Income Statements
For the period ended 30 September, 2014

                                          30-Sep-14                              30-Sep-13
                                  Group                Company           Group               Company
                                     N'000                  N'000            N'000                 N'000
Turnover                       338 105 888             34 919 080      386 251 190             5 883 304
Cost of sales                     (258 510                       -   (339 528 373)                     -
                                      571)
Gross profit                    79 595 317             34 919 080       46 722 817             5 883 304
Selling and marketing          (4 239 280)                       -     (5 202 887)                     -
costs
Administrative                                        (4 667 703)     (26 662 156)             (853 526)
expenses                      (47 893 339)
Other operating                  8 791 557             11 306 582        3 515 795             1 368 336
income
Operating profit                36 254 255             41 557 959       18 373 569       6 398 114


Finance income                   4 155 839               1 680           1 637 957             3 450 794
                                                           570
Finance costs                 (30 293 002)        (19 356 967)        (10 250 493)           (8 093 033)

Net finance                                       (17 676 397)         (8 612 536)           (4 642 239)
(costs)/income                (26 137 163)


Share of loss of                    59 965
investments accounted
for using the equity
method


Profit before                   10 177 057             23 881 562        9 761 033                     1
taxation                                                                                         755 875
Taxation                           523 438            (1 915 993)      (3 669 373)             (554 347)


Profit after taxation           10 700 495             21 965 569        6 091 660             1 201 528




Attributable to:


Equity holders of the           11 196 408             21 965 569        5 636 505             1 201 528
company

Non-Controlling                  (495 913)                       -         455 155                     -
interests
                                10 700 495             21 965 569        6 091 660             1 201 528


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


Basic earnings per                        126                                    93
share (kobo)

Diluted earnings per                      126                                    93
share (kobo)
Consolidated Statements of Other Comprehensive Income
For the period ended 30 September, 2014

                                   30-Sep-14                              30-Sep-13
                                     Group              Company             Group            Company
                                           N'000             N'000              N'000            N'000
Profit for the period              10 700 495       21 965 569              6 091 660       1 201 528


Other comprehensive income:


Items that may be
subsequently reclassified
to profit or loss
Currency translation                     266 510                  -           207 303                   -
differences
Fair value (loss)/gains on           -                   -            -                 -
available for sale
investment
Deferred tax on fair value               266 510                  -           207 303                   -
loss/(gains) on available
for sale investment


Total comprehensive income         10 967 005       21 965 569              6 298 963        1 201 528
for the period


Attributable to:
Owners of the parent               11 417 266       21 965 569              5 858 151        1 201 528
Non controlling interest            (450 261)                     -           440 812                   -


                                   10 967 005       21 965 569              6 298 963        1 201 528
Consolidated Statement of Cash Flows
For the period ended 30 September, 2014


                                30-Sep-14                           31-Dec-13
                                   Group             Company          Group           Company
                                          N'000           N'000           N'000            N'000
Cash flows from                  112 961 135        134 028 517      62 077 587       51 587 299
operating activities


Interest paid                   (30 293 002)       (19 356 967)    (23 946 790)     (14 006 268)
Income tax paid                  (2 403 702)          (350 621)     (5 242 530)        (304 348)
Net cash from/(used in)           80 264 431        114 320 929      32 888 267       37 276 683
operating activities


Cash flows from
investing activities


Purchases of property           (22 678 808)          (179 440)    (43 902 237)        (241 602)
plant and equipment
Acquisition of                 (145 627 938)      (140 769 842)     (2 328 000)     (22 819 675)
subsidiary, net of cash
Disposal of subsidiary,            4 575 031          4 575 031       1 392 902        1 396 800
net of cash
Acquisition of software                (12 613)                -      (325 720)         (61 372)
Purchase of intangible          (35 559 002)                   -    (1 485 410)                 -
exploration assets
Payments relating to                          -                -      (346 363)                 -
pipeline construction
Proceeds from sale of                         -                -      1 066 367           16 098
property plant and
equipment
Interest received                  4 155 839          1 680 570       4 124 929        8 169 621




Cash used in by                (195 147 491)      (134 693 681)    (41 803 532)     (13 540 130)
investing activities


Cash flows from
financing activities


Net proceeds from long            76 445 096            407 108         539 476                 -
term borrowings
Net repayment of long                         -                -                -   (25 996 272)
term borrowings
Proceeds from issue of            32 808 703         32 808 703      54 578 836       54 578 835
shares
Share issue expenses                          -                -    (3 400 542)      (3 400 542)
Net proceeds from other                       -                -    168 723 607        1 826 713
short term borrowings
Net repayment of other             (316 637)        (5 247 228)        (181 809     (44 021 826)
short term borrowings                                                      004)
Dividend paid                                 -                -    (5 116 766)      (5 116 766)
Restricted cash                  (7 348 454)                   -        254 792          (3 107)
Net cash from/(used in)          101 588 708         27 968 583      33 770 400     (22 132 965)
financing activities


Net change in cash and          (13 294 352)          7 595 832      24 855 135        1 603 589
cash equivalents
                                              -                -                -               -
Cash and cash             (10 331 129)   (5 430 478)   (35 129 477)   (7 034 067)
equivalents and bank
overdrafts at the
beginning of the year
                                     -             -              -             -
Exchange gains/(losses)       (79 482)             -       (56 787)             -
on cash and cash
equivalents
                                     -             -              -             -
Cash and cash             (23 704 963)     2 165 354   (10 331 129)   (5 430 478)
equivalents at end of
the year


Cash at year end is
analysed as follows:
Cash and bank balance      32 712 388      5 365 151     23 887 497     1 486 292
as above
Bank overdrafts (Note     (56 417 351)   (3 199 797)   (34 218 626)   (6 916 770)
25)
                          (23 704 963)     2 165 354   (10 331 129)   (5 430 478)
Consolidated Statement of Changes in Equity
For the period ended 30 September, 2014



GROUP            Share               Other         Retained       Equity         Non           Total
                 Capital           reserves        earnings     holders of    control-         equity
                                                                  parent        ling
                                                                              interest


                    N'000            N'000           N'000         N'000       N'000            N'000


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


Transaction
with owners
Value of                    -       606 651        (606 651)           -          -               -
employee
services
Tax on value                -        37 236         (37 236)           -          -               -
of employee
services
Proceeds from     54 578 836                  -         -       54 578 836        -          54 578 836
shares issued
Share issue      (3 400 542)                  -         -       (3 400 542)       -          (3 400 542)
expenses
Reclassificati              -      (105 965)        105 965            -          -               -
on of expired
SBPR
Deffered tax                -      (31 789)         31 789             -          -               -
on
reclassificati
on of expired
SBPR
Revaluation of              -       (1 010         1 010 608           -          -               -
Property,                            608)
plant and
equipment
Deferred tax                -       101 061             -         101 061         -            101 061
on revaluation
reserve
Dividends                   -                 -   (5 116 766)   (5 116 766)       -          (5 116 766)

Total              51 178 294       (403 414)     (4 612 292)    46 162 589              -    46 162 589
transaction
with owners


Translation                 -                 -         -              -          -               -
difference


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


Balance as at      101 836 538   23 216 799     33 938 473    158 991 810   3 376 266      162 368 076
1 January 2014
Profit/(loss)                -              -   11 196 408    11 196 408    (495 913)      10 700 495
for the year
Other                        -    220 858             -         220 858       45 652          266 510
comprehensive
income for the
year
Total              101 836 538   23 437 657      45 134 881   170 409 076    2 926 004     173 335 081
comprehensive
income for the
year


Transaction
with owners
Proceeds from      32 808 703               -         -       32 808 703         -         32 808 703
shares issued
Dividends                    -              -         -              -           -              -

Total               32 808 703              -             -    32 808 703              -    32 808 703
transaction
with owners


Translation                  -              -         -              -           -              -
difference


Non                          -   3 540 405      (4 509 684)    (969 279)    10 102 477      9 133 197
controlling
interest
arising on
common control
transaction
Total               32 808 703    3 540 405     (4 509 684)    31 839 424   10 102 477      41 941 900
transactions
with owners of
the parent,
recognised
directly in
equity
Balance as at      134 645 241   26 978 062      40 625 197   202 248 500   13 028 481     215 276 981
30 Sept 2014


Lagos

17 November 2014



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Date: 17/11/2014 11:30:00 Supplied by www.sharenet.co.za                     
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