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First Quarter 2014 Management Accounts
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")
FIRST QUARTER 2014 MANAGEMENT ACCOUNTS
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF 31 MARCH 2014
31-Mar- 31-Dec-13
14
Group Company Group Company
Non-current N'000 N'000 N'000 N'000
assets
Property, plant and
equipment 176 375 898 993 172 209 925 365
066 842
Intangible
assets 82 649 101 108 82 232 105 551
272 746
Investments accounted for using
the equity method 2 876 2 716 2 880 478 2 716 431
291 431
Deferred income
tax assets 7 673 1 452 11 463 1 292 116
760 726 002
Available-for-sale
financial assets 14 500 14 500 14 500 14 500
Investment in
subsidiaries - 190 191 - 108 186 115
497
Derivative
financial assets 1 613 13 241 1 220 796 1 582 989
848 684
Finance lease
receivables 6 739 - 6 927 207 -
672
Deposit for acquisition
of a business 77 620 - 69 840 -
000 000
Non-current receivables
and prepayments 17 404 8 111 15 412 20 276 423
691 854 684
Restricted cash
4 692 558 043 3 798 258 327 107
706
377 659 217 286 365 999 135 426 597
806 836 513
Current assets
Inventories
22 429 - 19 446 -
558 202
Finance lease
receivables 782 480 - 782 480 -
Derivative
financial assets 1 220 - 389 900 4 933
796
Trade and other
receivables 176 059 124 263 143 738 125 966 063
258 760 804
Derivative
financial assets - - - -
Available-for-sale
financial assets 169 430 169 430 169 430 169 430
Cash and cash equivalents
(excluding bank overdrafts) 77 938 1 370 23 887 1 486 292
343 292 497
278 599 125 803 188 414 127 626 718
865 482 313
Assets of disposal group
classified as held for sale - - 37 483 10 000
113
Current
liabilities
Trade and other
payables 193 539 152 801 124 059 109 081 977
663 182 302
Derivative
financial 1 132 - 1 527 400 539 964
liabilities 057
Current income
tax liabilities 6 934 1 229 5 643 719 1 511 885
424 438
Dividend payable
1 644 1 644 644 691 644 691
692 691
Provision for other
liabilities & charges - - - -
Borrowings
164 172 32 466 183 412 32 062 568
551 771 635
367 423 188 142 315 287 143 841 085
387 082 747
Liabilities of disposal group
classified as held for sale - - 14 230 -
012
Net current
(liabilities)/assets (88 823 (62 338 (103 620 (16 204
522) 600) 333) 367)
Non-current
liabilities
Borrowings
67 290 10 358 71 872 11 942 482
437 334 418
Deferred income tax
liabilities 18 354 160 610 20 372 -
029 939
Provision for other
liabilities & charges 4 991 - 5 091 069 -
308
Derivative
financial 2 530 539 964 - -
liabilities 940
Retirement
benefit 2 585 1 193 2 468 035 1 189 998
obligation 173 407
Government Grant
184 819 - 206 643 -
95 936 12 252 100 011 13 132 480
706 315 104
Net Assets
192 899 142 695 162 368 106 089 750
578 921 076
Capital and Reserves attributable
to equity holders
Share capital
4 434 4 434 3 411 177 3 411 177
530 530
Share premium
account 130 210 130 210 98 425 98 425 361
711 711 361
Retained
earnings 27 100 6 658 33 938 2 861 023
235 491 473
Other reserves
19 734 1 392 23 216 1 392 189
736 189 799
181 480 142 695 158 991 106 089 750
212 921 810
Non-Controlling
interest 11 419 - 3 376 266 -
366
Total Equity
192 899 142 695 162 368 106 089 750
578 921 076
UNAUDITED CONSOLIDATED COMPREHENSIVE INCOME
STATEMENTS
FOR THE PERIOD ENDED 31
MARCH 2014
31-Mar- 31-Mar-13
14
Group Company Group Company
N'000 N'000 N'000 N'000
Turnover
85 268 - 121 061 -
821 351
Cost of sales
(70 806 - (108 013 3
995) 010)
Gross profit
14 461 - 13 048 3
826 341
Selling and
marketing costs (1 265 - (223 207) -
208)
Administrative
expenses (9 580 (3 162 (8 176 (164 059)
361) 333) 558)
Other operating
income 1 040 9 607 1 193 411 50 922
433 353
Operating profit
4 656 6 445 5 841 987 (113 134)
690 020
Finance income
1 867 942 235 2 197 816 1 958 325
147
Finance costs
(6 578 (3 514 (3 749 (1 229 595)
546) 788) 929)
Net finance
(costs)/income (4 711 (2 572 (1 552 728 730
399) 553) 113)
Share of loss of investments
accounted for using the equity (4 186) - - -
method
Profit before
taxation (58 895) 3 872 4 289 875 615 596
467
Taxation
(2 657 (75 000) (1 841 (50 000)
733) 399)
Profit after
taxation (2 716 3 797 2 448 476 565 596
628) 467
Attributable to:
Equity holders of the
company (2 316 3 797 2 416 850 565 596
506) 467
Non-Controlling
interests (400 - 31 626 -
122)
(2 716 3 797 2 448 476 565 596
628) 467
Earnings per share for profit attributable to equity holders of the company for the 3
months ended 31 March 2014:
Earnings per (26) (26) 106 106
share (kobo)
Interim dividend 0 0 0 0
per share (kobo)
UNAUDITED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2014
31-Mar- 31-Mar-13
14
Group Company Group Company
N'000 N'000 N'000 N'000
Profit for the
period (2 716 3 797 2 448 476 565 596
628) 467
Other comprehensive
income:
Items that may be subsequently reclassified
to profit or loss
Currency translation
differences 439 428 - - -
Fair value (loss)/gains on
available for sale investment - - - -
Deferred tax on fair value
loss/(gains) on available for sale 439 428 - - -
investment
Total comprehensive
income for the period (2 277 3 797 2 448 476 565 596
200) 467
Attributable to:
Owners of the
parent (1 904 3 797 2 416 850 565 596
814) 467
Non controlling
interest (372 - 31 626 -
386)
(2 277 3 797 2 448 476 565 596
200) 467
UNAUDITED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2014
31-Mar- 31-Dec-13
14
Group Company Group Company
N'000 N'000 N'000 N'000
Cash flows from operating
activities 52 077 59 310 62 077 51 587 299
816 650 587
Interest paid
(6 433 (3 514 (23 946 (14 006
003) 788) 790) 268)
Income tax paid
- (357 (5 242 (304 348)
447) 530)
Net cash from/(used in) operating
activities 45 644 55 438 32 888 37 276 683
813 415 267
Cash flows from investing
activities
Purchases of property plant and
equipment (7 513 (36 413) (43 902 (241 602)
245) 237)
Acquisition of
subsidiary, net of cash - (92 433 - -
089)
Disposal of subsidiary,
net of cash 4 575 4 575 1 392 902 1 396 800
031 031
Deposit for acquisition
of a business (7 780 - (2 328 (22 819
000) 000) 675)
Acquisition of
software (11 697) - (325 720) (61 372)
Purchase of intangible
exploration assets (481 - (1 485 -
648) 410)
Payments relating to
pipeline construction - - (346 363) -
Proceeds from sale of property
plant and equipment - - 1 066 367 16 098
Interest
received 1 867 942 235 4 124 929 8 169 621
147
Cash used in by investing
activities (9 344 (86 952 (41 803 (13 540
412) 236) 532) 130)
Cash flows from financing
activities
Net proceeds from long
term borrowings - 1 076 539 476 -
192
Net repayment of long
term borrowings (925 - - (25 996
133) 272)
Proceeds from issue of
shares 32 808 32 808 51 178 51 178 293
703 703 294
Proceeds from private
placement 7 762 - - -
000
Net proceeds from other short term
borrowings - 404 203 - -
Net repayment of other short term
borrowings (17 343 - (13 085 (42 195
828) 396) 113)
Dividend paid
- - (5 116 (5 116 766)
766)
Restricted cash
(894 (230 254 792 (3 107)
448) 936)
Net cash from/(used in) financing
activities 21 407 34 058 33 770 (22 132
294 162 400 965)
Net change in cash and
cash equivalents 57 707 2 544 24 855 1 603 589
694 340 135
- - - -
Cash and cash equivalents and bank
overdrafts at the beginning of (10 331 (5 430 (35 129 (7 034 067)
the year 129) 478) 477)
Exchange gains/(losses) on cash
and cash equivalents - - (56 787) -
Cash and cash equivalents at end
of the year 47 376 (2 886 (10 331 (5 430 478)
565 138) 129)
Cash at year end is
analysed as follows:
Cash and bank balance as
above 77 938 1 370 23 887 1 486 292
343 292 497
Bank overdrafts
(Note 25) (30 561 (4 256 (34 218 (6 916 770)
778) 430) 626)
47 376 (2 886 (10 331 (5 430 478)
565 138) 129)
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2014
GROUP Share Other Retained Equity Non Total
Capital reserv earnings holders of controlling equity
es parent interest
N'000 N'000 N'000 N'000 N'000 N'000
Balance as at 1
January 2013 50 658 14 412 37 142 102 212 3 141 939 105 354 528
244 064 281 589
Profit/(loss)
for the year - - 1 415 1 415 (17 536) 1 397 820
356 356
Other
comprehensive - 9 208 (6 872) 9 201 257 252 9 458 528
income for the 149 276
year
Total
comprehensive 50 658 23 620 38 550 112 829 3 381 655 116 210 876
income for the 244 213 765 222
year
Transaction with
owners
Value of
employee - 606 (606 - - -
services 651 651)
Tax on value of
employee - 37 236 (37 236) - - -
services
Proceeds from
shares issued 54 578 - - 54 578 - 54 578 836
836 836
Share issue
expenses (3 400 - - (3 400 - (3 400 542)
542) 542)
Reclassification
of expired SBPR - (105 105 965 - - -
965)
Deffered tax on
reclassification - (31 31 789 - - -
of expired SBPR 789)
Revaluation of
Property, plant - (1 010 1 010 - - -
and equipment 608) 608
Deferred tax on
revaluation - 101 - 101 061 - 101 061
reserve 061
Dividends
- - (5 116 (5 116 - (5 116 766)
766) 766)
Total
transaction with 51 178 (403 (4 612 46 162 - 46 162 589
owners 294 414) 292) 589
Translation
difference - - - - - -
Non controlling
interest arising - - - - (5 389) (5 389)
on common
control
transaction
Total
transactions 51 178 (403 (4 612 46 162 (5 389) 46 157 200
with owners of 294 414) 292) 589
the parent,
recognised
directly in
equity
Balance as at 31
December 2013 101 836 23 216 33 938 158 991 3 376 266 162 368 076
538 799 473 810
Balance as at 1
January 2014 101 836 23 216 33 938 158 991 3 376 266 162 368 076
538 799 473 810
Profit/(loss)
for the year - - (2 316 (2 316 (400 122) (2 716 628)
506) 506)
Other
comprehensive - 411 - 411 692 27 736 439 428
income for the 692
year
Total
comprehensive 101 836 23 628 31 621 157 086 3 003 880 160 090 876
income for the 538 491 967 996
year
Transaction with
owners
Proceeds from
shares issued 32 808 - - 32 808 - 32 808 703
703 703
Total
transaction with 32 808 - - 32 808 - 32 808 703
owners 703 703
Translation
difference - - - - - -
Non controlling
interest arising - (3 893 (4 521 (8 415 8 415 486 (1)
on common 755) 732) 487)
control
transaction
Total
transactions 32 808 (3 893 (4 521 24 393 8 415 486 32 808 702
with owners of 703 755) 732) 216
the parent,
recognised
directly in
equity
Balance as at 31
March 2014 134 645 19 734 27 100 181 480 11 419 192 899 578
241 736 235 212 366
Lagos
23 September 2014
JSE Sponsor
Macquarie First South Capital Proprietary Limited
Date: 23/09/2014 10:56:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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