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Oando Plc - Q1 March 2015 Reaults

Release Date: 26/10/2015 07:06:00      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")

FIRST QUARTER 2015 MANAGEMENT ACCOUNTS



CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS AT 31 MARCH, 2015 AND DECEMBER 31,
2014

                                                          Group          Group          Company         Company

                                                        31-Mar-15       31-Dec-14       31-Mar-15       31-Mar-14

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

Assets

Non-current assets

Property, plant and equipment                          271 662 573      314 042 207        788 436         819 188

Intangible assets                                      247 823 161      245 705 184        231 880         162 918

Investment in an associate                               3 409 435        3 409 413       2 716 431       2 716 431

Deferred income tax assets                              10 975 411       12 328 465                 -               -

Available-for-sale financial assets                         10 467           10 834         10 467          10 834

Derivative financial assets                             11 146 798       57 551 454       1 768 328       1 662 948

Finance lease receivables                               45 034 414       42 796 330                 -               -

Non-current receivables and prepayments                     20 987        3 426 795      15 659 783      14 752 295

Restricted cash                                          7 006 181       14 194 363                 -               -

Investment in subsidiaries                                          -               -    58 001 372      77 794 091

                                                       597 089 427      693 465 045      79 176 697      97 918 705

Current assets

Inventories                                              4 229 151       26 970 824                 -               -

Finance lease receivables                                  658 133          658 133                 -

Trade and other receivables                             63 495 775      136 116 655     184 096 718     176 868 029

Prepayments                                              1 263 308        4 535 137        104 779         138 179

Available-for-sale financial assets                        195 477          187 003        195 477         187 003
Cash and cash equivalents (excluding bank
overdrafts)                                              7 392 634       27 439 760       1 051 932       2 846 607

                                                        77 234 478      195 907 512     185 448 906     180 039 818

Assets of disposal group classified as held for sale   171 232 985                  -    19 792 719                 -

Total assets                                           845 556 890      889 372 557     284 418 322     277 958 523

Equity and Liabilities
Equity attributable to owners of the parent

Share capital                                            4 542 343       4 542 343       4 542 343       4 542 343

Share premium                                          131 554 223     131 554 223     131 554 223     131 554 223
                                                          (174 414                        (117 045        (107 794
Retained earnings                                             156)    (153 583 141)           435)            336)

Other reserves                                          61 901 139      50 521 630                 -               -

                                                        23 583 549      33 035 055      19 051 131      28 302 230

Non controlling interest                                13 185 756      12 471 648                 -               -

Total                                                   36 769 305      45 506 703      19 051 131      28 302 230

Liabilities

Non-current liabilities

Borrowings                                              83 748 301     162 328 636                 -     4 142 857

Deferred income tax liabilities                        151 926 252     148 727 530                 -               -

Provision for other liabilities & charges               12 454 533      11 923 304                 -               -

Retirement benefit obligation                            1 837 929       2 903 344        999 922        1 032 786

Government grant                                            97 522         119 346                 -               -

                                                       250 064 537     326 002 160        999 922        5 175 643

Current liabilities

Trade and other payables                               168 845 579     156 627 553     179 158 879     119 978 134

Derivative financial liabilities                         3 608 768       3 608 768       3 608 768       3 608 768

Current income tax liabilities                          43 479 460      44 963 118       1 620 390       1 552 169

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

Borrowings                                             158 003 625     311 013 564      78 328 541     117 690 888

                                                       375 588 123     517 863 694     264 367 269     244 480 650
Liabilities of disposal group classified as held for
sale                                                   183 134 925                 -               -               -

Total liabilities                                      808 787 585     843 865 854     265 367 191     249 656 293

Total equity and liabilities                           845 556 890     889 372 557     284 418 322     277 958 523



CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
FOR THE PERIOD ENDED 31 MARCH, 2015
AND 2014

                                                         Group          Group          Company         Company

                                                        31-Mar-15      31-Dec-14       31-Mar-15       31-Mar-14

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

Continuing operations

Revenue                                                 33 027 740      18 000 831                 -               -

Cost of sales                                          (19 580 509)     (7 298 089)                -               -

Gross profit                                            13 447 231      10 702 742                 -               -

Selling and marketing costs                                (12 272)        (26 787)                -               -
Administrative expenses                                               (20 697 232)        (6 722 660)     (6 533 926)     (3 162 333)

Other operating income                                                   3 309 946             77 529       3 301 832       9 607 353

Operating (loss)/profit                                                 (3 952 327)         4 030 824     (3 232 094)       6 445 020

Finance income                                                             769 073           739 959          234 145         942 235

Finance costs                                                         (13 825 774)        (6 352 393)     (6 171 848)     (3 514 788)

Finance costs - net                                                   (13 056 701)        (5 612 434)     (5 937 703)     (2 572 553)

Share of profit/(loss) of an associate                                            22          (4 186)                 -                 -
(Loss)/profit before income tax from continuing
operations                                                            (17 009 006)        (1 585 796)     (9 169 797)       3 872 467

Income tax expense                                                      (1 266 717)       (2 343 988)        (89 409)        (75 000)
(Loss)/profit for the year from continuing
operations                                                            (18 275 723)        (3 929 784)     (9 259 206)       3 797 467

Discontinued operations
(Loss)/profit after tax for the year from
discontinued operations                                                 (2 688 749)         1 213 156                0                  0

(Loss)/profit for the year                                            (20 964 472)        (2 716 628)     (9 259 206)       3 797 467

(Loss)/profit attributable to:

Equity holders of the parent                                          (20 824 452)        (2 316 506)     (9 259 206)       3 797 467

Non-Controlling interests                                                (140 020)          (400 122)                 -                 -

                                                                      (20 964 472)        (2 716 628)     (9 259 206)       3 797 467




Earnings per share from continuing and discontinued operations attributable to ordinary equity holders of the parent during the year:
(expressed in kobo per share)



Basic/Diluted (loss)/earnings per share

From continuing operations                                                    (200)                (40)

From discontinued operations                                                   (30)                 14

From (loss)/profit for the year                                               (229)                (26)



CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH, 2015
AND 2014

                                                                         Group             Group          Company         Company

                                                                       31-Mar-15         31-Dec-14        31-Mar-15       31-Mar-14

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

Profit for the year                                                   (20 964 472)        (2 716 628)     (9 259 206)       3 797 467

Other comprehensive income:
Exchange differences on translation of foreign
operations                                                              12 017 666           439 428                 0                  0
Fair value gain/(loss) on available for sale
investment                                                                   8 107                    -         8 107                   -

                                                                        12 025 773           439 428            8 107                   -
Other comprehensive income for the period,
net of taxes                                                         (8 938 699)      (2 277 200)   (9 251 099)     3 797 467

Total comprehensive income for the period

Attributable to:

- Owners of the parent                                               (9 752 420)      (1 904 814)   (9 251 099)     3 797 467

- Non-controlling interests                                             813 721         (372 386)             -                -

Total comprehensive income for the period                            (8 938 699)      (2 277 200)   (9 251 099)     3 797 467




Total comprehensive
income attributable to
equity shareholders
arises from:

- Continuing operations                                              (9 612 400)      (1 504 692)   (9 251 099)     3 797 467

- Discontinued operations                                             (140 020)         (400 122)             -                -

Total comprehensive income for the period                            (9 752 420)      (1 904 814)   (9 251 099)     3 797 467



CONSOLIDATED INTERIM FINANCIAL STATEMENTS

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH, 2015
AND 2014

                                                       Share           Other         Retained          Non           Total
                                                       Capital       reserves        earnings       controlling
GROUP                                                                                                interest

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



Balance as at 1 January 2014                         101 836 538     23 216 799       33 938 473      3 376 266   162 368 076

(Loss)/profit for the year                                       -              -     (2 316 506)     (400 122)   (2 716 628)

Other comprehensive income for the year                          -      411 692                 -        27 736      439 428

Total comprehensive income for the year              101 836 538     23 628 491       31 621 967      3 003 880   160 090 876

Transaction with owners

Proceeds from shares issued                           32 808 703                -               -             -    32 808 703

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




Non controlling interest arising on common control
transaction                                                      -   (3 893 755)      (4 521 732)     8 415 486              (1)



Total transactions with owners of the parent,
recognised directly in equity                         32 808 703     (3 893 755)      (4 521 732)     8 415 486    32 808 702
Balance as at 31 March 2014
                                                     134 645 241     19 734 736       27 100 235    11 419 366    192 899 578



Balance as at 1 January 2015                         136 096 566     50 521 630     (153 583 141)   12 471 648     45 506 703
(Loss)/profit for the year
                                                               -                -    (20 824 452)     (140 020)      (20 964 472)

Other comprehensive income for the year                        -    11 072 032                   -      953 741       12 025 773
Total comprehensive income for the year

                                                     136 096 566    61 593 662      (174 407 593)    13 285 369       36 568 004
Transaction with owners



Value of employee services                                     -        73 065                   -               -        73 065

Proceeds from shares issued                                    -                -                -      128 236          128 236

Total transaction with owners                                  -        73 065                   -      128 236          201 301



Change in ownership interests in subsidiaries that
do not result in a loss of control                             -       234 412            (6 563)     (227 849)                   -



Total transactions with owners of the parent,
recognised directly in equity                                  -       307 477            (6 563)      (99 613)          201 301

Balance as at 31 March 2015                          136 096 566    61 901 139      (174 414 156)    13 185 756       36 769 305



CONSOLIDATED INTERIM FINANCIAL STATEMENTS

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH, 2015
AND 2014

                                                                     Group            Group          Company          Company

                                                                    31-Mar-15        31-Dec-14       31-Mar-15        31-Mar-14

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

Cash flows from operating activities

Net cash flow from operating activities before

changes in working capital                                          40 218 756         8 375 104     (3 257 997)         646 515

Net decrease/(increase) in working capital                          76 765 346        44 234 987     51 045 104       58 664 134

Income tax paid                                                     (5 689 017)         (532 276)      (21 187)        (357 447)

Interest paid                                                      (13 872 854)       (6 433 003)    (6 171 848)      (3 514 788)



Net cash from/(used in) operating activities                        97 422 231        45 644 812     41 594 072       55 438 414

Cash flows from investing activities

Purchase of property plant and equipment                            (8 977 175)       (7 513 245)      (38 413)          (36 413)

Deposit for acquisition of a business                                           -     (7 780 000)                -                -

Acquisition of subsidiary (net of cash)                                         -                -               -   (92 433 089)

Acquisition of software                                                (79 273)          (11 697)      (79 274)                   -

Disposal of subsidiary, net of cash                                             -      4 575 031                 -     4 575 031

Purchase of exploration assets                                       (107 846)          (481 648)                -                -

Payments relating to pipeline construction                          (1 708 763)                  -               -                -
Proceeds from sale of property plant and
equipment                                                               42 225                   -               -                -
Increase in finance lease investment                      (2 238 084)                -              -              -

Interest received                                             1 566 482     1 867 147        234 145        942 235

Cash used in by investing activities                     (11 502 434)      (9 344 412)       116 458    (86 952 236)

Cash flows from financing activities

Proceeds from long term borrowings                                    -              -    (4 142 857)     1 076 192

Repayment of long term borrowings                        (63 749 871)       (925 133)               -              -

Proceeds from issue of shares                                         -    32 808 703               -    32 808 703

Proceeds from issue of OER shares                              128 236               -              -              -

Proceeds from private placement                                       -     7 762 000               -              -

Repayment of other short term borrowings                 (24 168 041)     (17 343 828)   (42 451 642)

Proceeds from other short term borrowings                             -              -     2 003 006        404 203

Restricted cash                                               7 188 182     (894 448)               -     (230 936)

Net cash from/(used in) financing activities             (80 601 494)      21 407 294    (44 591 493)    34 058 162

Net change in cash and cash equivalents                       5 318 303    57 707 694     (2 880 963)     2 544 340
Cash and cash equivalent at the beginning of the
year                                                     (26 239 978)     (10 331 129)     (461 943)     (5 430 478)

Exchange difference                                           2 924 453              -              -              -

Cash and cash equivalents at end of the year             (17 997 222)      47 376 565     (3 342 906)    (2 886 138)

Cash and cash equivalents at 30 March 2015:
Included in cash and cash equivalents per
statement of financial position                                451 421     46 617 304     (3 342 906)    (2 886 138)

Included in the assets of the disposal group             (18 448 643)         759 261               -              -

                                                         (17 997 222)      47 376 565     (3 342 906)    (2 886 138)

Cash at year end is analysed as follows:

Cash and bank balance as above                                7 392 634    51 390 221      1 051 932      1 370 292

Bank overdrafts                                           (6 941 213)      (4 772 917)    (4 394 838)    (4 256 430)

                                                               451 421     46 617 304     (3 342 906)    (2 886 138)




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

26 October 2015

Date: 26/10/2015 07:06:00 Supplied by www.sharenet.co.za                     
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