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Oando Plc - Q3 2015 Management Accounts

Release Date: 27/10/2015 10:18:00      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")

THIRD QUARTER 2015 MANAGEMENT ACCOUNTS


OANDO PLC
CONSOLIDATED INTERIM FNANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS AT 30 SEPTEMBER, 2015 AND DECEMBER 31, 2014


                                                      Group          Group          Company         Company

                                                    30-Sep-15       31-Dec-14       30-Sep-15       31-Dec-14

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

Assets

Non-current assets

Property, plant and equipment                       250 277 173     314 042 207        559 182          819 188

Intangible assets                                   255 252 803     245 705 184        351 075          162 918

Investment in an associate                            3 382 224       3 409 413       2 716 431       2 716 431

Deferred income tax assets                           10 927 156      12 328 465                 -             -

Available-for-sale financial assets                       7 633         10 834            7 633          10 834

Derivative financial assets                          19 008 475      57 551 454       1 788 576       1 662 948

Finance lease receivables                            45 341 278      42 796 330                 -             -

Non-current receivables and prepayments                 163 833       3 426 795      16 001 285      14 752 295

Restricted cash                                       8 137 879      14 194 363                 -             -

Investment in subsidiaries                                      -               -    58 001 372      77 794 091

                                                    592 498 454     693 465 045      79 425 554      97 918 705

Current assets

Inventories                                           4 385 589      26 970 824                 -             -

Finance lease receivables                               685 947        658 133                  -             -

Trade and other receivables                          58 647 549     136 116 655     190 852 668     176 868 029

Prepayments                                           1 843 359       4 535 137        121 448          138 179

Available-for-sale financial assets                     168 386        187 003         168 386          187 003
Cash and cash equivalents (excluding bank
overdrafts)                                           3 878 565      27 439 760        591 743        2 846 607

                                                     69 609 395     195 907 512     191 734 245     180 039 818
Assets of disposal group classified as held
for sale                                            169 507 452                 -    19 792 719               -

Total assets                                        831 615 301     889 372 557     290 952 518     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                                       175 621 588     131 554 223     175 621 588      131 554 223
                                                                                       (127 943
Retained earnings                                  (201 013 160)   (153 583 141)           161)     (107 794 336)

Other reserves                                       61 823 196      50 521 630                 -              -

                                                     42 448 933      33 035 055      53 695 736       28 302 230

Non controlling interest                             12 930 761      12 471 648                 -              -

Total                                                55 379 694      45 506 703      53 695 736       28 302 230

Liabilities

Non-current liabilities

Borrowings                                          140 686 683     162 328 636      14 103 017        4 142 857

Deferred income tax liabilities                     141 021 056     148 727 530                 -              -

Provision for other liabilities & charges            17 898 821      11 923 304        538 167                 -

Retirement benefit obligation                         1 727 497       2 903 344        866 991         1 032 786

Government grant                                         53 873         119 346                 -              -

                                                    301 387 930     326 002 160      15 508 175        5 175 643

Current liabilities

Trade and other payables                            135 066 739     156 627 553     144 815 773      119 978 134

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

Current income tax liabilities                       48 879 954      44 963 118       1 409 775        1 552 169

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

Borrowings                                          101 216 307     311 013 564      70 263 600      117 690 888

                                                    290 422 459     517 863 694     221 748 607      244 480 650
Liabilities of disposal group classified as
held for sale                                       184 425 218                 -               -              -

Total liabilities                                   776 235 607     843 865 854     237 256 782      249 656 293

Total equity and liabilities                        831 615 301     889 372 557     290 952 518      277 958 523



OANDO PLC
CONSOLIDATED INTERIM FNANCIAL STATEMENTS
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER, 2015 AND 2014

                                                      Group           Group         Company         Company

                                                    30-Sep-15       31-Dec-14       30-Sep-15       31-Dec-14

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

Continuing operations

Revenue                                              95 784 493     101 334 827       6 230 469       34 919 080

Cost of sales                                       (54 725 100)    (37 215 785)                -              -

Gross profit                                         41 059 393      64 119 042       6 230 469       34 919 080
Other operating income                               15 280 113       4 735 060       4 005 727       11 306 582

Selling and marketing costs                             (34 047)        (38 254)             -                 -

Administrative expenses                             (45 882 333)    (37 032 638)     (8 106 470)      (4 667 703)

Operating (loss)/profit                              10 423 126      31 783 210       2 129 726       41 557 959

Finance costs                                       (37 493 545)    (29 444 033)    (22 961 255)     (19 356 967)

Finance income                                       (1 336 973)        817 645         904 802        1 680 570

Finance costs - net                                 (38 830 518)    (28 626 388)    (22 056 453)     (17 676 397)
 
Share of profit/(loss) of an associate                  (27 190)         59 965               -               -
(Loss)/profit before income tax from
continuing operations                               (28 434 582)      3 216 787     (19 926 727)      23 881 562

Income tax expense                                    4 386 542       1 948 605        (200 280)      (1 915 993)
(Loss)/profit for the year from continuing
operations                                          (24 048 040)      5 165 392     (20 127 007)      21 965 569

Discontinued operations
Profit/(loss) after tax for the year from
discontinued operations                               (153 594)       5 535 103               -               -

(Loss)/profit for the year                         (24 201 634)      10 700 495     (20 127 007)     21 965 569


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                               (417)              61

From discontinued operations                               (1)              59

From profit for the year                                 (418)             120



OANDO PLC
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER, 2015 AND 2014

                                                    Group          Group          Company         Company

                                                  30-Sep-15       31-Dec-14       30-Sep-15       31-Dec-14

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

Profit for the year                               (24 201 634)     10 700 495     (20 127 007)     21 965 569

Other comprehensive income:


Items that may be subsequently
reclassified to profit or loss
Exchange differences on translation of
foreign operations                                 11 859 612         266 510               -               -
Fair value gain on available for sale financial
assets                                                (21 818)              -         (21 818)              -
Other comprehensive income for the
period, net of taxes                               11 837 794         266 510         (21 818)              -
Total comprehensive income for the period         (12 363 840)     10 967 005     (20 148 825)     21 965 569

Attributable to:

- Owners of the parent                            (36 694 858)     11 417 266     (20 148 825)     21 965 569

- Non-controlling interests                           731 189        (450 261)              -              -
Total comprehensive income for the
period                                            (35 963 669)      10 967 005    (20 148 825)    21 965 569


Total comprehensive
income attributable to
equity shareholders
arises from:

- Continuing operations                           (36 541 264)      5 882 163    (20 148 825)       21 965 569

- Discontinued operations                            (153 594)      5 535 103              -                 -
Total comprehensive income for the
period                                            (36 694 858)     11 417 266    (20 148 825)       21 965 569



OANDO PLC
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER, 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

Profit/(loss) for the year                                -              -     11 196 408       (495 913)         10 700 495

Other comprehensive income for the year                   -        220 858                 -        45 652           266 510

Total comprehensive income for the year         101 836 538     23 437 657       45 134 881      2 926 005       173 335 081

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                                       -      3 540 405       (4 509 684)    10 102 477         9 133 198


Total transactions with owners of the parent,
recognised directly in equity                    32 808 703      3 540 405       (4 509 684)    10 102 477        41 941 901

Balance as at 30 September 2014                 134 645 241     26 978 062       40 625 197     13 028 482       215 276 982




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                                -              -      (47 408 899)      (392 564)      (47 801 463)
Other comprehensive income for the year
                                                          -     10 735 859          (21 818)     1 123 753        11 837 794

Total comprehensive income for the year         136 096 566     61 257 489     (201 013 858)    13 202 837         9 543 034
Transaction with owners


Value of employee services
                                                          -        330 531                -              -           330 531

Proceeds from shares issued                      50 148 121              -                -        129 704        50 277 825

Share issue expenses                            (4 605 790)              -                -              -       (4 605 790)

Dividend paid by subsidiary                               -              -                -       (165 906)        (165 906)

Total transaction with owners                    45 542 331        330 531                -        (36 202)      45 836 660

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                    45 542 331       565 707               698       (272 076)      45 836 660

Balance as at 30 September 2015                 181 638 897    61 823 196      (201 013 160)    12 930 761       55 379 694



OANDO PLC
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER, 2015 AND 2014

                                                                Group            Group         Company         Company

                                                              30-Sep-15        31-Dec-14       30-Sep-15       31-Dec-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                                     62 770 525       50 008 155       2 118 110       40 373 401

Net decrease/(increase) in working capital                     41 162 185       62 952 980       9 993 113       93 655 116

Income tax paid                                                (8 189 566)      (2 403 702)      (342 676)         (350 621)

Interest paid                                                 (37 080 351)     (30 293 002)    (22 961 255)     (19 356 967)
Net cash from/(used in) operating
activities                                                     58 662 793       80 264 431     (11 192 708)     114 320 929

Cash flows from investing activities

Purchase of property plant and equipment                      (18 453 449)     (22 678 808)      (167 406)         (179 440)

Deposit for acquisition of a business                                   -                -               -               -

Acquisition of subsidiary (net of cash)                                 -     (145 627 938)              -     (140 769 842)

Acquisition of software                                           (98 107)         (12 613)      (219 094)               -

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

Purchase of exploration assets                                 (1 151 302)     (35 559 002)             -                -

Payments relating to pipeline construction                     (5 739 813)               -              -                -

Increase in finance lease investment                           (2 572 762)               -              -                -
Proceeds from sale of property plant and
equipment                                                         273 364                -        344 339                -

Interest received                                                 171 581        4 155 839        904 802         1 680 570
Cash used in by investing activities                          (27 570 488)    (195 147 491)       862 641      (134 693 681)

Cash flows from financing activities

Net proceeds from long term borrowings                                  -       76 445 096      9 960 160            407 108

Net repayment of long term borrowings                          (7 517 664)               -              -                -

Share issue expenses                                           (4 605 790)               -    (4 605 790)                -

Proceeds from issue of shares                                  50 148 121       32 808 703    50 148 121          32 808 703

Proceeds from issue of OER shares                                 129 704                -              -                -
Net repayment of other short term
borrowings                                                   (120 359 909)       (316 637)   (67 210 656)        (5 247 227)

NCI portion of dividend paid                                     (165 906)               -              -                -
 
Restricted cash                                                 5 360 859      (7 348 454)              -                -
Net cash from/(used in) financing
activities                                                    (77 010 585)    101 588 708    (11 708 165)        27 968 584

Net change in cash and cash equivalents                       (45 918 280)    (13 294 352)   (22 038 232)         7 595 832
Cash and cash equivalent at the beginning
of the year                                                   (26 239 978)    (10 331 129)     (461 943)         (5 430 478)

Exchange difference                                             3 127 878        (79 482)              -                 -

Cash and cash equivalents at end of the
year                                                          (69 030 380)   (23 704 963)    (22 500 175)         2 165 354
 

Cash and cash equivalents at 30
September 2014:
Included in cash and cash equivalents per
statement of financial position                              (20 253 194)      5 028 987     (22 500 175)         2 165 354

Included in the assets of the disposal group                 (48 777 186)    (28 733 950)              -                  -

                                                             (69 030 380)    (23 704 963)   (22 500 175)          2 165 354

Cash at year end is analysed as follows:

Cash and bank balance as above                                 3 878 565      10 537 299        591 743           5 365 151

Bank overdrafts                                              (24 131 759)     (5 508 312)   (23 091 918)         (3 199 797)

                                                             (20 253 194)      5 028 987    (22 500 175)          2 165 354




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


27 October 2015

Date: 27/10/2015 10:18:00 Supplied by www.sharenet.co.za                     
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