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Oando Plc - December 2014 Year End Results

Release Date: 26/10/2015 07:05:00      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: OANDO
ISIN: NGOANDO00002
("Oando" or the ?Company")

AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014


Shareholders re advised that Oando has released Company and Group Annual Reports and Consolidated
Financial Statements for the full year ended 31 December 2014 to the Nigerian Stock Exchange. The
Annual Reports and Consolidated Financial Statements, including commentary, are available on the
Company website hosed at www.oandoplc.com




CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF 31 DECEMBER 2014

                                                    Group           Group          Company         Company

                                                   31-Dec-14       31-Dec-13       31-Dec-14       31-Dec-13

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

Assets

Non-current assets

Property, plant and equipment                      314 042 207      172 209 842        819 188        925 365

Intangible assets                                  245 705 184       82 232 746        162 918        105 551
Investments accounted for using the
equity method                                        3 409 413        2 880 478       2 716 431      2 716 431

Deferred income tax assets                          12 328 465        4 995 280                -     1 292 116

Available-for-sale financial assets                    10 834           14 500          10 834          14 500

Investment in subsidiaries                                     -               -     77 794 091    108 186 115

Derivative financial assets                         57 551 454        1 220 796       1 662 948      1 582 989

Finance lease receivables                           42 796 330        6 927 207                -               -

Deposit for acquisition of a business                          -     69 840 000                -               -
Non-current receivables and
prepayments                                           137 989        12 026 874      14 708 280     19 355 333

Prepayments                                          3 288 806        3 385 810         44 015        921 090

Restricted cash                                     14 194 363        3 798 258                -      327 107

                                                   693 465 045      359 531 791      97 918 705    135 426 597

Current assets

Inventories                                         26 970 824       19 446 202                -               -

Finance lease receivables                             658 133          782 480                 -               -

Derivative financial assets                                    -       389 900                 -         4 933
Trade and other receivables                  136 116 655    139 383 885    176 868 029    125 073 570

Prepayments                                    4 535 137      4 354 919        138 179       892 493

Available-for-sale financial assets              187 003       169 430         187 003       169 430
Cash and cash equivalents (excluding
bank overdrafts)                              27 439 760     23 887 497      2 846 607      1 486 292

                                             195 907 512    188 414 313    180 039 818    127 626 718
Assets of disposal group classified as
held for sale                                           -    37 483 113               -       10 000

Total assets                                 889 372 557    585 429 217    277 958 523    263 063 315

Equity and Liabilities


Equity attributable to owners of the
parent

Share capital                                  4 542 343      3 411 177      4 542 343      3 411 177

Share premium                                131 554 223     98 425 361    131 554 223     98 425 361

Retained earnings                           (153 583 141)    33 937 579   (107 794 336)     2 861 024

Other reserves                                50 521 630     23 217 694               -     1 392 189

                                              33 035 055    158 991 811     28 302 230    106 089 751

Non controlling interest                      12 471 648      3 376 266

Total                                         45 506 703    162 368 077     28 302 230    106 089 751

Liabilities

Non-current liabilities

Borrowings                                   162 328 636     71 872 418      4 142 857     11 942 482

Deferred income tax liabilities              148 727 530     13 905 217               -             -

Provision for other liabilities & charges     11 923 304      5 091 069               -             -

Retirement benefit obligation                  2 903 344      2 468 035      1 032 786      1 189 998

Government Grant                                 119 346       206 643                -             -

                                             326 002 160     93 543 382      5 175 643     13 132 480

Current liabilities

Trade and other payables                     156 627 553    124 059 301    119 978 134    109 081 976

Derivative financial liabilities               3 608 768      1 527 400      3 608 768       539 964

Current income tax liabilities                44 963 118      5 643 719      1 552 169      1 511 885

Dividend payable                               1 650 691       644 691       1 650 691       644 691

Borrowings                                   311 013 564    183 412 635    117 690 888     32 062 568

                                             517 863 694    315 287 746    244 480 650    143 841 084


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

Total liabilities                            843 865 854    423 061 140    249 656 293    156 973 564

Total equity and liabilities                 889 372 557    585 429 217    277 958 523    263 063 315
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
FOR THE YEAR ENDED 31
DECEMBER 2014

                                                Group             Group          Company         Company

                                               31-Dec-14        31-Dec-13        31-Dec-14       31-Dec-13

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

Continuing operations

Revenue                                        424 677 646       449 873 466       14 217 468      5 883 304

Cost of sales                              (355 495 988)        (390 584 435)                -               -

Gross profit                                    69 181 658        59 289 031       14 217 468      5 883 304

Other operating income                          68 785 336         5 135 379       15 758 224      5 034 740

Selling and marketing costs                     (5 758 387)       (6 478 374)                -               -

Administrative expenses                    (271 875 310)         (41 396 496)    (102 972 172)    (1 686 201)

Operating profit                           (139 666 703)          16 549 540      (72 996 480)     9 231 843

Finance costs                                  (38 789 206)      (21 637 777)     (29 623 510)   (14 194 497)

Finance income                                   7 350 317         5 804 480        1 792 004      7 746 351

Finance costs - net                            (31 438 889)      (15 833 297)     (27 831 506)    (6 448 146)
Share of (loss) of investments
accounted for using the equity method            (217 673)            (3 036)                -               -

Profit before income tax                   (171 323 265)             713 207     (100 827 986)     2 783 697

Income tax expense                              (7 958 945)       (5 389 472)      (1 572 367)     (433 123)
(Loss)/profit for the year from
continuing operations                      (179 282 210)          (4 676 265)    (102 400 353)     2 350 574

Discontinued operations
Profit for the year from discontinued
operations                                      (4 610 976)        6 073 191                 -               -

Profit for the year                        (183 893 186)           1 396 926     (102 400 353)     2 350 574

(Loss)/profit attributable to:

Equity holders of the parent               (180 538 490)           1 414 462     (102 400 353)     2 350 574

Non-controlling interest                        (3 354 696)          (17 536)                -               -

                                           (183 893 186)           1 396 926     (102 400 353)     2 350 574

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

Basic earnings per share

From continuing operations                          (2 023)               (75)

From discontinued operations                             (53)               98

From profit for the year                            (2 076)                 23



Diluted earnings per share

From continuing operations                          (1 344)               (75)

From discontinued operations                             (36)               98
From profit for the year                         (1 380)                23




CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31
DECEMBER, 2014

                                             Group           Group           Company         Company

                                            31-Dec-14       31-Dec-13        31-Dec-14       31-Dec-13

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

Profit for the year                        (183 893 186)       1 396 926     (102 400 353)     2 350 574

Other comprehensive income:
Items that will not be reclassified to
profit or loss
IFRIC 1 adjustment to revaluation
reserve                                                 -        (2 483)                 -               -
Gains on revaluation of property, plant
and equipment                                           -      9 946 534                 -               -

Deferred tax on revaluation surplus                     -      (273 525)                 -               -
Remeasurements of post employment
benefit obligations                            (127 298)          4 790                  -        21 211
Deferred tax on remeasurements of
post employment benefit obligations              38 189               329                -               -

                                                (89 109)       9 675 645                 -        21 211


Items that may be subsequently
reclassified to profit or loss

Currency translation differences             34 372 326        (208 979)                 -               -
Fair value gain/(loss) on available for
sale investment                                  13 907          35 065            13 907         35 065
Deferred tax on fair value gain/(loss)
on available for sale investment                        -       (10 519)                 -      (10 519)

                                             34 386 233        (184 433)           13 907         24 546


Other comprehensive income for
the year, net of taxes                       34 297 124        9 491 212           13 907         45 757


Total comprehensive income for the
year

Attributable to:

- Owners of the parent                     (148 329 536)      10 648 422     (102 386 446)     2 396 331

 - Non-controlling interests                 (1 266 526)        239 716                  -               -
Total comprehensive income for the
year                                       (149 596 062)      10 888 138     (102 386 446)     2 396 331


Total comprehensive income
attributable to equity shareholders
arises from:

- Continuing operations                    (143 718 560)       4 575 231     (102 386 446)     2 396 331

 - Discontinued operations                   (4 610 976)       6 073 191                 -               -
Total comprehensive income for the
year                                       (148 329 536)      10 648 422     (102 386 446)     2 396 331
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31
DECEMBER 2014
                                          Share Capital         Other        Retained        Non controlling      Total
                                                              reserves       earnings           interest

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

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

Profit/(loss) for the year                                -              -      1 414 462           (17 536)      1 396 926
Other comprehensive income for the
year                                                      -    9 209 044           24 917           257 252       9 491 212
Total comprehensive income for the
year                                                      -    9 209 044        1 439 379           239 716      10 888 138

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                  54 578 836                  -               -                 -     54 578 836

Share issue expenses                         (3 400 542)                 -               -                 -     (3 400 542)

Reclassification of expired SBPR                          -     (105 965)         105 965                  -               -
Deferred tax on reclassification of
expired SBPR                                              -      (31 789)                -                 -        (31 789)

Dividends                                                 -              -     (5 116 766)                 -     (5 116 766)

Total transaction with owners                51 178 294          506 133       (5 654 688)                 -     46 029 739

Translation difference                                    -              -               -                 -               -
Revaluation of Property, plant and
equipment                                                 -   (1 010 608)       1 010 608                  -               -

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, recognised directly in equity        51 178 294         (403 414)      (4 644 081)           (5 389)     46 125 411

Balance as at 31 December 2013              101 836 538       23 217 694       33 937 579          3 376 266    162 368 077

Balance as at 1 January 2014                101 836 538       23 217 694       33 937 579          3 376 266    162 368 077

Profit/(loss) for the year                                -              -   (180 538 490)       (3 354 696)   (183 893 186)


Other comprehensive income for the
year                                                      -   32 284 156          (75 202)         2 088 170     34 297 124
Total comprehensive income for the
year                                                      -   32 284 156     (180 613 692)       (1 266 526)   (149 596 062)

Transaction with owners

Value of employee services                                -      343 956                 -                 -        343 956

Tax on value of employee services                         -              -               -                 -               -

Proceeds from shares issued                  35 396 215                  -               -         7 500 762     42 896 977

Share issue expenses                         (1 136 187)                 -               -                 -     (1 136 187)
Reclassification of expired SBPR
(Note 29)                                                 -   (1 166 863)       1 166 863                  -               -
Deferred tax on reclassification of
expired SBPR                                              -     (350 060)                -                 -       (350 060)
Reclassification of revaluation reserve
(Note 29)                                                 -   (1 078 023)       1 078 023                  -               -
2013 - Dividends (final)                              -                -     (2 660 718)                -    (2 660 718)

Dividends                                             -                -     (6 359 280)                -    (6 359 280)

Disposal of subsidiary                                -                -               -                -               -

Total transaction with owners                34 260 028     (2 250 990)      (6 775 112)      7 500 762      32 734 688


Non controlling interest arising in
business combination
Change in ownership interests in
subsidiaries that do not result in a loss
of control                                            -     (2 729 230)        (131 916)      2 861 146
Total transactions with owners of the
parent, recognised directly in equity        34 260 028     (4 980 220)      (6 907 028)     10 361 908      32 734 688

Balance as at 31 December 2014              136 096 566     50 521 630     (153 583 141)     12 471 648      45 506 703




STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31
DECEMBER 2014

                                                            Group            Group         Company          Company

                                                           31-Dec-14       31-Dec-13       31-Dec-14        31-Dec-13

                                                 NOTE        N'000           N'000           N'000            N'000

Cash flows from operating activities

Cash generated from operations                               5 395 524       62 077 588     (73 875 987)     51 587 300

Interest paid                                              (39 402 091)     (23 946 790)    (29 623 510)    (14 006 268)

Income tax paid                                            (11 327 321)      (5 242 530)       (465 292)      (304 348)
Net cash from/(used in) operating
activities                                                 (45 333 888)      32 888 268    (103 964 789)     37 276 684

Cash flows from investing activities
Purchases of property plant and
equipment                                                  (43 199 825)     (43 902 237)       (306 656)      (241 602)

Acquisition of subsidiary, net of cash                    (145 627 938)                              (18)

Disposal of subsidiary, net of cash                            335 979        1 392 902         383 617       1 396 800

Deposit for acquisition of a business                                        (2 328 000)                    (22 819 675)

Acquisition of software                                       (970 807)        (325 720)        (79 093)        (61 372)
Purchase of intangible exploration
assets                                                      (2 338 748)      (1 485 410)
Payments relating to pipeline
construction                                                (1 476 548)        (346 363)
Proceeds from sale of property plant
and equipment                                                  930 257        1 066 367         139 419          16 098

Interest received                                            7 350 317        4 124 929       1 792 004       8 169 621
Net cash (used in)/from investing
activities                                                (184 997 313)     (41 803 532)      1 929 273     (13 540 130)

Cash flows from financing activities

Proceeds from long term borrowings                         154 047 616       63 415 306      29 158 127

Repayment of long term borrowings                          (61 729 150)     (62 875 830)    (26 408 310)    (25 996 272)

Proceeds from issue of shares                               35 396 215       54 578 836      35 396 215      54 578 835

Share issue expenses                                        (1 136 187)      (3 400 542)     (1 136 187)     (3 400 542)
Proceeds from issue of other term
loans                                                 7 761 500
Proceeds from other short term
borrowings                                          281 254 843     168 723 607     88 163 073     1 826 713
Repayment of other short term
borrowings                                         (183 616 618)   (181 809 004)   (9 512 876)   (44 021 826)

Dividend paid                                        (9 019 998)     (5 116 766)   (9 019 998)    (5 116 766)

Restricted cash                                     (10 396 105)        254 792       327 107         (3 107)
Net cash from/(used in) financing
activities                                          212 562 116      33 770 399    106 967 151   (22 132 965)


Net change in cash and cash
equivalents                                         (17 769 085)     24 855 135      4 931 635     1 603 589
Cash and cash equivalents and bank
overdrafts at the beginning of the year             (10 331 129)    (35 129 477)   (5 430 478)    (7 034 067)
Exchange gains/(losses) on cash and
cash equivalents                                      1 860 236         (56 787)       36 900               -
Cash and cash equivalents at end of
the year                                            (26 239 978)    (10 331 129)     (461 943)    (5 430 478)


Cash at year end is analysed as
follows:

Cash and bank balance as above                       27 439 760      23 887 497      2 846 607     1 486 292

Bank overdrafts (Note 27)                           (53 679 738)    (34 218 626)   (3 308 550)    (6 916 770)

                                                    (26 239 978)    (10 331 129)     (461 943)    (5 430 478)




Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)

26 October 2015

Date: 26/10/2015 07:05:00 Supplied by www.sharenet.co.za                     
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