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Oando Plc - Q2 June 2015 Results

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

SECOND QUARTER 2015 MANAGEMENT ACCOUNTS



CONSOLIDATED INTERIM FNANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS AT 30 JUNE, 2015 AND DECEMBER 31, 2014


                                                                     Group             Group    Company     Company
                                                                 30-Jun-15         31-Dec-14    30-Jun-15   31-Dec-14
                                                                      N'000            N'000       N'000        N'000
 Assets
 Non-current assets
 Property, plant and equipment                                 271 657 696        314 042 207     663 970     819 188
 Intangible assets                                             253 213 876        245 705 184     321 398     162 918
 Investment in an associate                                       3 393 638         3 409 413   2 716 431   2 716 431
 Deferred income tax assets                                      10 372 899        12 328 465           -           -
 Available-for-sale financial assets                                  9 033           10 834        9 033      10 834
 Derivative financial assets                                      5 198 193        57 551 454   1 788 576   1 662 948
 Finance lease receivables                                       45 429 120        42 796 330           -           -
Non-current receivables and prepayments                      19 124       3 426 795      16 003 165      14 752 295
Restricted cash                                           6 061 797      14 194 363                -               -
Investment in subsidiaries                                         -               -     58 001 372      77 794 091
                                                        595 355 376     693 465 045      79 503 945      97 918 705
Current assets
Inventories                                               4 688 120      26 970 824                -               -
Finance lease receivables                                   658 133         658 133                -               -
Trade and other receivables                              56 346 166     136 116 655     183 660 263     176 868 029
Prepayments                                               1 544 523       4 535 137          68 083         138 179
Available-for-sale financial assets                         203 592         187 003         203 592         187 003
Cash and cash equivalents (excluding bank
overdrafts)                                               8 502 249      27 439 760       2 055 033       2 846 607
                                                         71 942 783     195 907 512     185 986 971     180 039 818
Assets of disposal group classified as held for sale    163 837 768                      19 792 719
Total assets                                            831 135 927     889 372 557     285 283 635     277 958 523
Equity and Liabilities
Equity attributable to owners of the parent
Share capital                                             6 017 309       4 542 343       6 017 309       4 542 343
Share premium                                           175 622 330     131 554 223     175 622 330     131 554 223
Retained earnings                                      (188 325 633)   (153 583 141)   (124 909 639)   (107 794 336)
Other reserves                                           63 875 042      50 521 630                -               -
Non controlling interest                                 13 022 035      12 471 648                -               -
Total                                                    70 211 083      45 506 703      56 730 000      28 302 230


Liabilities
Non-current liabilities
Borrowings                                             129 474 928   162 328 636    16 101 478     4 142 857
Deferred income tax liabilities                        144 647 759   148 727 530             -             -
Provision for other liabilities & charges               16 621 593    11 923 304             -             -
Retirement benefit obligation                            1 698 693     2 903 344      847 770      1 032 786
Government grant                                           75 697       119 346              -             -
                                                       292 518 670   326 002 160    16 949 248     5 175 643
Current liabilities
Trade and other payables                               127 345 906   156 627 553   143 605 862   119 978 134
Derivative financial liabilities                         3 608 768     3 608 768     3 608 768     3 608 768
Current income tax liabilities                          46 488 670    44 963 118     1 353 242     1 552 169
Dividend payable                                         1 650 691     1 650 691     1 650 691     1 650 691
Borrowings                                             107 978 937   311 013 564    61 385 824   117 690 888
                                                       287 072 972   517 863 694   211 604 387   244 480 650
Liabilities of disposal group classified as held for
sale                                                   181 333 202             -             -             -
Total liabilities                                      760 924 844   843 865 854   228 553 635   249 656 293
Total equity and liabilities                           831 135 927   889 372 557   285 283 635   277 958 523


CONSOLIDATED INTERIM FNANCIAL STATEMENTS
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
FOR THE PERIOD ENDED 30 JUNE, 2015 AND 2014


                                                            Group         Group      Company       Company
                                                        30-Jun-15     30-Jun-14     30-Jun-15     30-Jun-14
                                                            N'000         N'000         N'000         N'000
Continuing operations
Revenue                                                   60 318 995     55 669 913               -    20 850 101
Cost of sales                                            (36 625 519)   (14 831 790)              -              -
Gross profit                                              23 693 476     40 838 123               -    20 850 101
Other operating income                                    (2 307 077)    (2 106 065)     3 787 841     25 711 888
Selling and marketing costs                                  (24 238)       (36 274)              -              -
Administrative expenses                                  (35 746 724)   (17 562 865)    (7 672 005)    (3 636 234)
Operating (loss)/profit                                  (14 384 563)    21 132 919     (3 884 164)    42 925 755
Finance costs                                            (26 652 248)   (13 272 266)   (13 752 812)   (11 056 403)
Finance income                                             2 469 356        659 579        650 631        411 549
Finance costs - net                                      (24 182 892)   (12 612 687)   (13 102 181)    (9 644 854)
Share of profit/(loss) of an associate                       (15 775)        51 690               -              -
(Loss)/profit before income tax from continuing
operations                                               (38 583 230)     8 571 922    (16 986 345)    33 280 901
Income tax expense                                         3 905 998     (2 828 434)     (143 747)      (150 000)
(Loss)/profit for the year from continuing operations    (34 677 232)     5 743 488    (17 130 092)    33 130 901
Discontinued operations
Profit/(loss) after tax for the year from discontinued
operations                                                 (448 576)      3 236 531               -              -
(Loss)/profit for the year                               (35 125 808)     8 980 019    (17 130 092)    33 130 901


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                            (320.55)        82.25
From discontinued operations                            (4.19)        34.59
From profit for the year                              (324.75)        16.85


CONSOLIDATED INTERIM FNANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE, 2015 AND 2014


                                                       Group         Group       Company      Company
                                                    30-Jun-15    30-Jun-14       30-Jun-15    30-Jun-14
                                                        N'000         N'000          N'000        N'000


Profit for the year                               (35 125 808)    8 980 019    (17 130 092)   33 130 901
Other comprehensive income:
Exchange differences on translation of foreign
operations                                         13 970 799       426 874               -            -
Fair value gain on available for sale financial
assets                                                 14 789              -        14 789             -
Other comprehensive income for the period,
net of taxes                                       13 985 588       426 874         14 789
Total comprehensive income for the period         (21 140 220)    9 406 893    (17 115 303)   33 130 901
Attributable to:
 - Owners of the parent                           (21 796 777)   11 313 537    (17 115 303)   33 130 901
 - Non-controlling interests                          656 557    (1 906 644)              -            -
Total comprehensive income for the period         (21 140 220)    9 406 893    (17 115 303)   33 130 901
Total comprehensive income attributable to
equity shareholders arises from:
 - Continuing operations                          (21 348 201)    8 077 006    (17 115 303)   33 130 901
 - Discontinued operations                             (448 576)              3 236 531                     -                 -
Total comprehensive income for the period            (21 796 777)            11 313 537        (17 115 303)        33 130 901


CONSOLIDATED INTERIM FNANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE, 2015 AND 2014

                                                Other reserves      Retained earnings     Non controlling             Total
GROUP                                                                                            interest

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


Balance as at 1 January 2014                        23 216 799             33 938 473          3 376 266        162 368 076
Profit/(loss) for the year                                   -             10 932 315         (1 952 296)         8 980 019
Other comprehensive income for the year               381 222                       -             45 652           426 874
Total comprehensive income for the year             23 598 021             44 870 788          1 469 622        171 774 969
Transaction with owners
Proceeds from shares issued                                  -                      -                   -        32 808 703
Total transaction with owners                                -                      -                   -        32 808 703
Non controlling interest arising on common
control transaction
                                                   (3 860 610)            (4 488 375)          8 348 986                 1

Total transactions with owners of the parent,
recognised directly in equity                      (3 860 610)            (4 488 375)          8 348 986         32 808 704
Balance as at 30 June 2014                          19 737 411             40 382 413          9 818 608        204 583 673
Balance as at 1 January 2015                        50 521 630          (153 583 141)         12 471 648         45 506 703
(Loss)/profit for the year                               -    (34 743 190)    (382 618)   (35 125 808)

Other comprehensive income for the year         12 946 413               -    1 039 175    13 985 588
Total comprehensive income for the year         63 468 043   (188 326 331)   13 128 205    24 366 483
Transaction with owners


Value of employee services                        171 823                -            -       171 823
Proceeds from shares issued                              -               -     129 704     50 278 567
Share issue expenses                                     -               -            -    (4 605 790)
Total transaction with owners                     171 823                -     129 704     45 844 600

Change in ownership interests in subsidiaries
that do not result in a loss of control           235 176             698     (235 874)              -

Total transactions with owners of the parent,
recognised directly in equity                     406 999             698     (106 170)    45 844 600
Balance as at 30 June 2015                      63 875 042   (188 325 633)   13 022 035    70 211 083
CONSOLIDATED INTERIM FNANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 JUNE, 2015 AND 2014


                                                      Group          Group       Company        Company
                                                   30-Jun-15      30-Jun-14      30-Jun-15      30-Jun-14
Cash flows from operating activities                   N'000          N'000          N'000          N'000
Net cash flow from operating activities before
changes in working capital                        44 352 740     31 427 783     (3 717 395)    21 281 868
Net decrease/(increase) in working capital        38 409 452      7 594 617     15 469 704     48 531 273
Income tax paid                                   (6 129 308)     (815 091)      (342 674)      (348 416)
Interest paid                                    (26 620 718)   (13 163 060)   (13 752 813)   (11 056 403)
Net cash from/(used in) operating activities      50 012 166     25 044 249     (2 343 178)    58 408 322
Cash flows from investing activities
Purchase of property plant and equipment         (12 724 684)   (13 261 027)     (116 553)      (163 491)
Deposit for acquisition of a business                       -   (15 536 500)              -              -
Acquisition of subsidiary (net of cash)                     -              -              -   (92 433 089)
Acquisition of software                            (179 105)        (12 613)     (179 105)               -
Disposal of subsidiary, net of cash                         -     4 575 031               -     4 575 031
Purchase of exploration assets                    (1 345 902)     (423 304)               -              -
Payments relating to pipeline construction        (3 356 209)              -              -              -
Increase in finance lease investment              (2 632 790)              -              -              -
Proceeds from sale of property plant and
equipment                                            258 498               -              -              -
Interest received                                  3 869 485      2 710 161        650 631      1 411 549
Cash used in by investing activities               (16 110 707)   (21 948 252)       354 973    (86 610 000)
Cash flows from financing activities
Proceeds from long term borrowings                            -              -    11 958 621        252 506
Repayment of long term borrowings                  (17 339 004)    (6 331 662)              -              -
Repayment of finance lease                                    -     7 762 000               -              -
Share issue expenses                                (4 605 790)              -    (4 605 790)
Proceeds from issue of shares                       50 148 863     32 808 703     50 148 864     32 808 703
Proceeds from issue of OER shares                      129 704               -              -              -
Repayment of other short term borrowings           (89 268 532)    (6 082 865)   (82 775 863)              -
Proceeds from other short term borrowings                     -              -    15 620 693        424 153
Dividend paid                                                 -              -              -              -
Restricted cash                                      8 132 566     (1 987 284)              -              -
Net cash from/(used in) financing activities       (52 802 193)    26 168 892     (9 653 475)    33 485 362
Net change in cash and cash equivalents            (18 900 734)    29 264 889    (11 641 680)     5 283 684
Cash and cash equivalent at the beginning of the
year                                               (26 239 978)   (10 331 129)     (461 943)     (5 430 478)
Exchange difference                                  4 932 079               -              -              -
Cash and cash equivalents at end of the year       (40 208 633)    18 933 760    (12 103 623)     (146 794)
Cash and cash equivalents at 31 December
2014:
Included in cash and cash equivalents per
statement of financial position                     (6 701 193)    32 516 616    (12 103 623)     (146 794)
Included in the assets of the disposal group       (33 507 440)   (13 582 856)              -              -
                                                   (40 208 633)    18 933 760    (12 103 623)     (146 794)
Cash at year end is analysed as follows:
Cash and bank balance as above                       8 502 249     38 341 958      2 055 033      3 388 584
 Bank overdrafts                                              (15 203 442)   (5 825 342)   (14 158 656)   (3 535 378)
                                                               (6 701 193)   32 516 616    (12 103 623)    (146 794)




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



26 October 2015

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