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Audited Results for the Financial Year Ended 31 December 2013
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")
AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
Shareholders are advised that Oando has released Company and Group Annual
Reports and Consolidated Financial Statements for the full year ended
31 December 2013 to the Nigerian Stock Exchange. The Annual Reports and
Consolidated Financial Statements, including commentary, are available on the
company website hosted at www.oandoplc.com
AUSITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF 31 DECEMBER 2013
Group Group Company Company
31-Dec- 31-Dec- 31-Dec- 31-Dec-
13 12 13 12
N'000 N'000 N'000 N'000
Assets
Non-
current
assets
Property, plant
and equipment 172 209 130 324 925 365 3 022
842 713 194
Intangible
assets 82 232 138 853 105 551 89 096
746 809
Investments accounted for using
the equity method 2 880 - 2 716 -
478 431
Deferred income
tax assets 11 463 13 424 1 292 579 406
002 518 116
Available-for-sale 14 500 1 000
financial assets 14 500 1 000
Investment in 108 186 85 379
subsidiaries - - 115 020
Derivative
financial assets 1 220 986 278 1 582 69 645
796 989
Finance lease
receivables 6 927 3 206 - -
207 008
Deposit for
acquisition of a 69 840 67 542 - -
business 000 450
Non-current receivables
and prepayments 15 412 10 618 20 276 7 345
684 594 423 639
Restricted
cash 3 798 4 053 327 107 324 000
258 050
365 999 369 010 135 426 96 810
513 420 597 000
Current
assets
Invent
ories 19 446 18 110 - 6 733
202 541
Finance lease
receivables 782 480 450 377 - -
Derivative
financial assets 389 900 - 4 933 -
Trade and other
receivables 143 738 113 935 125 966 128 786
804 243 063 885
Deferred income
tax assets - - - -
Available-for-sale
financial assets 169 430 148 701 169 430 147 865
Cash and cash equivalents
(excluding bank overdrafts) 23 887 13 408 1 486 1 567
497 506 292 995
188 414 146 053 127 626 130 509
313 368 718 478
Assets of disposal group
classified as held for sale 37 483 - 10 000
113
Total
assets 591 896 515 063 263 063 227 319
939 788 315 478
Equity and
Liabilitie
s
Equity attributable to
owners of the parent
Share capital
3 411 1 137 3 411 1 137
177 058 177 058
Share
premium 98 425 49 521 98 425 49 521
361 186 361 186
Retained
earnings 33 937 37 142 2 861 4 520
579 281 024 486
Other
reserves 23 217 14 412 1 392 2 276
694 064 189 126
158 991 102 212 106 089 57 454
811 589 751 856
Non
controlling 3 376 3 141
interest 266 939
Total
162 368 105 354 106 089 57 454
077 528 751 856
Liabil
ities
Non-current
liabilities
Borrow
ings 71 872 75 221 11 942 45 760
418 070 482 738
Deferred income
tax liabilities 20 372 17 207 - -
939 614
Provision for other
liabilities & charges 5 091 3 562 - -
069 670
Derivative
financial - 3 486 - 1 409
liabilities 456 651
Other long
term payable - - - -
Retirement benefit
obligation 2 468 2 802 1 189 1 232
035 983 998 303
Government
Grant 206 643 293 941 - -
100 011 102 574 13 132 48 402
104 734 480 692
Current
liabilitie
s
Trade and
other 124 059 86 046 109 081 51 575
payables 301 357 976 433
Derivative
financial 1 527 - 539 964 -
liabilities 400
Current income
tax liabilities 5 643 6 417 1 511 760 941
719 980 885
Dividend
payable 644 691 651 058 644 691 651 058
Provision for other
liabilities & charges - 353 416 - 353 416
Borrow
ings 183 412 213 665 32 062 68 121
635 715 568 082
315 287 307 134 143 841 121 461
746 526 084 930
Liabilities of disposal group
classified as held for sale 14 230 - - -
012
Total
liabil 429 528 409 709 156 973 169 864
ities 862 260 564 622
Total equity
and 591 896 515 063 263 063 227 319
liabilities 939 788 315 478
AUDITED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2013
Group Group Company Company
31-Dec- 31-Dec- 31-Dec- 31-Dec-
13 12 13 12
N'000 N'000 N'000 N'000
Continuing
operations
Revenu
e 449 873 650 565 5 883 7 358
466 603 304 881
Cost
of (390 (580 664 - -
sales 584 507)
435)
Gross
profit 59 289 69 901 5 883 7 358
031 096 304 881
Other
operating 5 135 1 637 5 034 1 790
income 379 352 740 961
Selling and
marketing costs (6 478 (7 555 - -
374) 800)
Administrativ
e expenses (41 396 (39 557 (1 686 (3 421
496) 419) 201) 175)
Operating
profit 16 549 24 425 9 231 5 728
540 229 843 667
Financ
e (21 637 (13 769 (14 194 (5 565
costs 777) 320) 497) 556)
Finance
income 5 804 3 521 7 746 4 527
480 533 351 632
Finance
costs – (15 833 (10 247 (6 448 (1 037
net 297) 787) 146) 924)
Share of (loss) of investments
accounted for using the equity (3 036) - - -
method
Profit before
income tax 713 207 14 177 2 783 4 690
442 697 743
Income tax
expense (5 389 (8 666 (433 (311
472) 859) 123) 297)
(Loss)/profit for the year from
continuing operations (4 676 5 510 2 350 4 379
265) 583 574 446
Discontinued
operations
Profit for the year from
discontinued operations 6 073 5 275 - -
191 734
Profit for
the year 1 396 10 786 2 350 4 379
926 317 574 446
Earnings per share for profit attributable to equity holders of the
company during the year:
Basic
earnings per
share
From continuing
operations (75) 201
From discontinued
operations 98 206
From profit
for the year 23 407
Diluted earnings
per share
From continuing
operations (75) 201
From discontinued
operations - -
From profit
for the year (75) 201
AUDITED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER, 2013
Group Group Company Company
31-Dec- 31-Dec- 31-Dec- 31-Dec-
13 12 13 12
N'000 N'000 N'000 N'000
Profit for
the year 1 396 10 786 2 350 4 379
926 317 574 446
Other
comprehensive
income:
Items that will not be
reclassified to profit or loss
IFRIC 1 adjustment to
revaluation reserve (2 483) (27 187) - -
Gains on revaluation of
property, plant and equipment 9 946 - - -
534
Deferred tax on
revaluation surplus (273 - - -
525)
Remeasurements of post
employment benefit obligations 4 790 (83 331) 21 211 (23 936)
Deferred tax on remeasurements of
post employment benefit 329 24 999 - 7 181
obligations
9 675 (85 519) 21 211 (16 755)
645
Items that may be subsequently reclassified
to profit or loss
Currency translation
differences (208 1 218 - -
979) 958
Fair value gain/(loss) on
available for sale investment 35 065 (45 166) 35 065 (45 166)
Deferred tax on fair value
gain/(loss) on available for sale (10 13 550 (10 519) 13 550
investment 519)
(184 1 187 24 546 (31 616)
433) 342
Other comprehensive income for the
year, net of taxes 9 491 1 101 45 757 (48 371)
212 823
Total comprehensive income for
the year
Attributab
le to:
- Owners of
the parent 10 893 11 523 2 396 4 331
153 371 331 075
- Non-
controlling (5 014) 364 769 - -
interests
Total comprehensive
income for the year 10 888 11 888 2 396 4 331
138 140 331 075
Total comprehensive income attributable to equity
shareholders arises from:
- Continuing
operations 4 819 6 247 2 396 4 331
962 637 331 075
- Discontinued
operations 6 073 5 275 - -
191 734
Total comprehensive
income for the year 10 893 11 523 2 396 4 331
153 371 331 075
AUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2013
Share Other Retained Non Total
Capital reserves earnings controllin
g interest
N'000 N'000 N'000 N'000
Balance as at 1
January 2012 50 658 13 376 27 658 1 071 92 764
244 928 713 101 986
Profit or
loss for the - - 10 424 361 826 10 786
year 491 317
Other comprehensive
income for the year - 1 188 (89 948) 2 943 1 101
828 823
Total
comprehensive - 1 188 10 334 364 769 11 888
income 828 543 140
Transaction
with owners
Value of employee
services - 605 293 - - 605 293
Tax on value of
employee services - 96 109 - - 96 109
Reclassification to
share based payment - 1 078 (1 078 - -
reserve (SBPR) 449 449)
Total
transactions with - 1 779 (1 078 - 701 402
owners 851 449)
Revaluation on disposal
of Property, plant and - (13 13 051 - -
equipment 051)
Non controlling interest arising
in business combination -
Non controlling interest
arising on business - (1 920 214 423 1 706 -
combination 492) 069
Total transactions with
owners of the parent, - (1 920 214 423 1 706 -
recognised directly in 492) 069
equity
Balance as at 31
December 2012 50 658 14 412 37 142 3 141 105 354
244 064 281 939 528
Balance as at 1
January 2013 50 658 14 412 37 142 3 141 105 354
244 064 281 939 528
Profit/(loss)
for the year - - 1 414 (17 536) 1 396
462 926
Other comprehensive
income for the year - 9 209 24 917 257 252 9 491
044 212
Total comprehensive
income for the year - 9 209 1 439 239 716 10 888
044 379 138
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 - - - 54 578
836 836
Share issue
expenses (3 400 - - - (3 400
542) 542)
Reclassification of
expired SBPR - (105 105 965 - -
965)
Deferred tax on
reclassification of - (31 - - (31 789)
expired SBPR 789)
Divide
nds - - (5 116 - (5 116
766) 766)
Total transaction
with owners 51 178 506 133 (5 654 - 46 029
294 688) 739
Translation
difference - - - - -
Revaluation of Property,
plant and equipment - (1 010 1 010 - -
608) 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, 51 178 (403 (4 644 (5 389) 46 125
recognised directly in 294 414) 081) 411
equity
Balance as at 31
December 2013 101 23 217 33 937 3 376 162 368
836 694 579 266 077
538
AUDITED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2013
Group Group Company Company
31-Dec- 31-Dec- 31-Dec- 31-Dec-
13 12 13 12
NOTE N'000 N'000 N'000 N'000
Cash flows from
operating activities
Cash generated from
operations 62 077 52 709 51 587 (54 088
587 406 299 944)
Intere
st (23 946 (22 652 (14 006 (5 647
paid 790) 743) 268) 399)
Income tax
paid (5 242 (10 390 (304 (475
530) 255) 348) 160)
Net cash from/(used in)
operating activities 32 888 19 666 37 276 (60 211
267 408 683 503)
Cash flows from
investing activities
Purchases of property
plant and equipment (43 902 (20 940 (241 (936
237) 942) 602) 669)
Acquisition of
subsidiary, net of - 790 209 - -
cash
Disposal of
subsidiary, net of 1 392 - 1 396 -
cash 902 800
Deposit for
acquisition of a (2 328 (67 542 (22 819 -
business 000) 450) 675)
Investment in
associate - - - -
Available for
sale investment - (836) - -
Acquisition
of software (325 (782 (61 372) (89 096)
720) 514)
Purchase of intangible
exploration assets (1 485 (6 170 - -
410) 373)
Payments relating to
pipeline construction (346 (16 474 - -
363) 065)
Acquired
minority - - - -
interest
Proceeds from sale of property
plant and equipment 1 066 2 309 16 098 62 817
367 209
Interest
received 4 124 3 521 8 169 4 527
929 533 621 632
Net cash (used in)/from
investing activities (41 803 (105 290 (13 540 3 564
532) 229) 130) 684
Cash flows from
financing activities
Proceeds from long
term borrowings 63 415 18 903 - -
306 590
Repayment of long
term borrowings (62 875 (18 236 (25 996 (6 000
830) 376) 272) 000)
Proceed from import
finance facilities - - - -
Proceeds from
issue of shares 54 578 - 54 578 -
836 835
Share issue
expenses (3 400 - (3 400 -
542) 542)
Repayment of
finance lease - - - -
Proceeds from issue of
other term loans - - - 40 370
200
Proceeds from other
short term borrowings 168 723 362 923 1 826 13 048
607 573 713 871
Repayment of other short
term borrowings (181 (304 737 (44 021 -
809 782) 826)
004)
Increase/(decrease) in
bank overdrafts - - - -
Divide
nd (5 116 - (5 116 -
paid 766) 766)
Restricted
cash 254 792 (1 710 (3 107) (324
050) 000)
Net cash from/(used in)
financing activities 33 770 57 142 (22 132 47 095
400 955 965) 071
Net change in cash and
cash equivalents 24 855 (28 480 1 603 (9 551
135 866) 589 748)
Cash and cash equivalents and bank
overdrafts at the beginning of (35 129 (6 657 (7 034 2 517
the year 477) 138) 067) 681
Exchange gains/(losses) on cash
and cash equivalents (56 8 527 - -
787)
Cash and cash equivalents at end
of the year (10 331 (35 129 (5 430 (7 034
129) 477) 478) 067)
Cash at year end is
analysed as follows:
Cash and bank
balance as above 23 887 13 408 1 486 1 567
497 507 292 995
Bank overdrafts
(Note 27) (34 218 (48 537 (6 916 (8 602
626) 984) 770) 062)
(10 331 (35 129 (5 430 (7 034
129) 477) 478) 067)
Lagos
23 September 2014
JSE Sponsor
Macquarie First South Capital Proprietary Limited
Date: 23/09/2014 10:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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