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Second 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")
SECOND QUARTER 2014 MANAGEMENT ACCOUNTS
OANDO PLC
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF 30 JUNE 2014
30-Jun- 31-Dec-13
14
Group Company Group Company
Non-current N'000 N'000 N'000 N'000
assets
Property, plant
and equipment 178 564 950 656 172 209 925 365
138 842
Intangible assets
82 509 96 665 82 232 105 551
913 746
Investments accounted for using
the equity method 2 932 2 716 2 880 478 2 716 431
168 431
Deferred income
tax assets 7 762 1 452 11 463 1 292 116
113 726 002
Available-for-sale
financial assets 14 500 14 500 14 500 14 500
Investment in
subsidiaries - 190 191 - 108 186
497 115
Derivative
financial assets 1 630 28 721 1 220 796 1 582 989
018 293
Finance lease
receivables 6 544 - 6 927 207 -
428
Deposit for acquisition
of a business 85 376 - 69 840 -
500 000
Non-current receivables
and prepayments 18 690 8 573 15 412 20 276
273 279 684 423
Restricted cash
5 785 327 107 3 798 258 327 107
542
389 809 233 044 365 999 135 426
593 154 513 597
Current assets
Inventories
24 869 - 19 446 -
370 202
Finance lease
receivables 782 480 - 782 480 -
Trade and other
receivables 190 378 141 289 143 738 125 966
611 480 804 063
Derivative
financial assets 1 220 - 389 900 4 933
796
Available-for-sale
financial assets 169 430 169 430 169 430 169 430
Cash and cash equivalents
(excluding bank overdrafts) 50 855 3 388 23 887 1 486 292
376 584 497
268 276 144 847 188 414 127 626
063 494 313 718
Assets of disposal group
classified as held for sale - - 37 483 10 000
113
Current
liabilities
Trade and other
payables 175 474 159 693 124 059 109 081
164 979 302 977
Derivative
financial 1 132 - 1 527 400 539 964
liabilities 033
Current income
tax liabilities 7 431 1 313 5 643 719 1 511 885
682 469
Dividend payable
1 644 1 644 644 691 644 691
692 691
Provision for other
liabilities & charges - - - -
Borrowings
175 433 32 486 183 412 32 062
514 721 635 568
361 116 195 138 315 287 143 841
085 860 747 085
Liabilities of disposal group
classified as held for sale - - 14 230 -
012
Net current
(liabilities)/ass (92 840 (50 291 (103 620 (16 204
ets 022) 366) 333) 367)
Non-current
liabilities
Borrowings
63 243 8 813 71 872 11 942
747 596 418 482
Deferred income
tax liabilities 18 178 160 610 20 372 -
956 939
Provision for other
liabilities & charges 5 083 - 5 091 069 -
651
Derivative
financial 2 963 539 964 - -
liabilities 321
Other long term
payable - - - -
Retirement
benefit 2 753 1 209 2 468 035 1 189 998
obligation 229 265
Government Grant
162 995 - 206 643 -
92 385 10 723 100 011 13 132
899 435 104 480
Net Assets
204 583 172 029 162 368 106 089
672 353 076 750
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
711 711 361 361
Retained earnings
40 382 35 991 33 938 2 861 023
413 923 473
Other reserves
19 737 1 392 23 216 1 392 189
411 189 799
194 765 172 029 158 991 106 089
065 353 810 750
Non-Controlling
interest 9 818 - 3 376 266 -
607
Total Equity
204 583 172 029 162 368 106 089
672 353 076 750
UNAUDITED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
FOR THE PERIOD ENDED 30 JUNE, 2014
30-Jun- 30-Jun-13
14
Group Company Group Company
N'000 N'000 N'000 N'000
Turnover
194 557 20 850 280 327 -
883 101 586
Cost of sales
(144 - (250 093 3
052 655)
215)
Gross profit
50 505 20 850 30 233 3
668 101 931
Selling and
marketing costs (2 733 - (3 614 -
451) 866)
Administrative
expenses (25 203 (3 636 (18 397 (708 009)
420) 234) 657)
Other operating
income 1 124 25 711 1 467 656 148 756
885 888
Operating profit
23 693 42 925 9 689 064 (559 250)
682 755
Finance income
2 710 1 411 265 315 3 776 152
161 549
Finance costs
(13 922 (11 056 (3 798 (4 587
563) 403) 793) 898)
Net finance
(costs)/income (11 212 (9 644 (3 533 (811 745)
402) 854) 478)
Share of loss of investments
accounted for using the equity 51 690
method
Profit before
taxation 12 532 33 280 6 155 586 (1 370
970 901 996)
Taxation
(3 552 (150 (1 884 (175 000)
951) 000) 021)
Profit after
taxation 8 980 33 130 4 271 565 (1 545
019 901 996)
Attributable to:
Equity holders of
the company 10 932 33 130 4 019 884 (1 545
315 901 996)
Non-Controlling
interests (1 952 - 251 681 -
296)
8 980 33 130 4 271 565 (1 545
019 901 996)
Earnings per share for profit attributable to equity holders of the company for
the 6 months ended 30 June 2014:
Earnings per 123 123 66 66
share (kobo)
Interim dividend 70 70 0 0
per share (kobo)
UNAUDITED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE, 2014
30-Jun- 30-Jun-13
14
Group Company Group Company
N'000 N'000 N'000 N'000
Profit for the
period 8 980 33 130 4 271 565 (1 545
019 901 996)
Other
comprehensive
income:
Items that may be subsequently
reclassified to profit or loss
Currency translation
differences 426 874 - - -
Fair value (loss)/gains on
available for sale investment - - - -
Deferred tax on fair value
loss/(gains) on available for 426 874 - - -
sale investment
Total comprehensive
income for the period 9 406 33 130 4 271 565 (1 545
893 901 996)
Attributable to:
Owners of the
parent 11 313 33 130 4 019 884 (1 545
537 901 996)
Non controlling
interest (1 906 - 251 681 -
644)
9 406 33 130 4 271 565 (1 545
893 901 996)
UNAUDITED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE, 2014
30-Jun- 31-Dec-13
14
Group Company Group Company
N'000 N'000 N'000 N'000
Cash flows from
operating activities 39 022 69 813 62 077 51 587
399 141 587 299
Interest paid
(13 163 (11 056 (23 946 (14 006
060) 403) 790) 268)
Income tax paid
(815 (348 (5 242 (304 348)
091) 416) 530)
Net cash from/(used in)
operating activities 25 044 58 408 32 888 37 276
248 322 267 683
Cash flows from
investing activities
Purchases of property
plant and equipment (13 261 (163 (43 902 (241 602)
027) 491) 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 (15 536 - (2 328 (22 819
500) 000) 675)
Acquisition of
software (12 - (325 720) (61 372)
613)
Purchase of intangible
exploration assets (423 - (1 485 -
304) 410)
Payments relating to
pipeline construction - - (346 363) -
Proceeds from sale of property
plant and equipment - - 1 066 367 16 098
Interest received
2 710 1 411 4 124 929 8 169 621
161 549
Cash used in by
investing activities (21 948 (86 610 (41 803 (13 540
252) 000) 532) 130)
Cash flows from
financing activities
Net proceeds from long
term borrowings - 252 506 539 476 -
Net repayment of long
term borrowings (6 331 - - (25 996
662) 272)
Proceeds from
issue of shares 32 808 32 808 54 578 54 578
703 703 836 835
Share issue
expenses - - (3 400 (3 400
542) 542)
Repayment of
finance lease 7 762 - - -
000
Net proceeds from other short
term borrowings - 424 153 168 723 1 826 713
607
Net repayment of other
short term borrowings (6 082 - (181 809 (44 021
865) 004) 826)
Dividend paid
- - (5 116 (5 116
766) 766)
Restricted cash
(1 987 - 254 792 (3 107)
284)
Net cash from/(used in)
financing activities 26 168 33 485 33 770 (22 132
892 362 400 965)
Net change in cash and
cash equivalents 29 264 5 283 24 855 1 603 589
888 684 135
- - - -
Cash and cash equivalents and
bank overdrafts at the (10 331 (5 430 (35 129 (7 034
beginning of the year 129) 478) 477) 067)
- - - -
Exchange gains/(losses) on cash
and cash equivalents - - (56 787) -
- - - -
Cash and cash
equivalents at end of 18 933 (146 (10 331 (5 430
the year 759 794) 129) 478)
Cash at year end is
analysed as follows:
Cash and bank balance as
above 50 855 3 388 23 887 1 486 292
376 584 497
Bank overdrafts
(31 921 (3 535 (34 218 (6 916
617) 378) 626) 770)
18 933 (146 (10 331 (5 430
759 794) 129) 478)
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE, 2014
GROUP Share Other Retaine Equity Non Total
Capita reser d holders controlling equity
l ves earning of parent interest
s
N'000 N'000 N'000 N'000 N'000 N'000
Balance as at 1
January 2013 50 658 14 37 142 102 212 3 141 939 105 354
244 412 281 589 528
064
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 38 550 112 829 3 381 655 116 210
income for the 244 620 765 222 876
year 213
Transaction with
owners
Value of employee
services - 606 (606 - - -
651 651)
Tax on value of
employee services - 37 (37 - - -
236 236)
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 1 010 - - -
and equipment 010 608
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 owners 51 178 (403 (4 612 46 162 - 46 162
294 414) 292) 589 589
Translation
difference - - - - - -
Non controlling
interest arising - - - - (5 389) (5 389)
on common control
transaction
Total
transactions with 51 178 (403 (4 612 46 162 (5 389) 46 157
owners of the 294 414) 292) 589 200
parent,
recognised
directly in
equity
Balance as at 31
December 2013 101 23 33 938 158 991 3 376 266 162 368
836 216 473 810 076
538 799
Balance as at 1
January 2014 101 23 33 938 158 991 3 376 266 162 368
836 216 473 810 076
538 799
Profit/(loss) for
the year - - 10 932 10 932 (1 952 8 980 019
315 315 296)
Other
comprehensive - 381 - 381 222 45 652 426 874
income for the 222
year
Total
comprehensive 101 23 44 870 170 305 1 469 621 171 774
income for the 836 598 788 348 969
year 538 021
Transaction with
owners
Proceeds from
shares issued 32 808 - - 32 808 - 32 808
703 703 703
Dividends
- - - - - -
Total transaction
with owners 32 808 - - 32 808 - 32 808
703 703 703
Translation
difference - - - - - -
Non controlling
interest arising - (3 (4 488 (8 348 8 348 986 0
on common control 860 375) 986)
transaction 610)
Total
transactions with 32 808 (3 (4 488 24 459 8 348 986 32 808
owners of the 703 860 375) 717 703
parent, 610)
recognised
directly in
equity
Balance as at 30
June 2014 134 19 40 382 194 765 9 818 607 204 583
645 737 413 065 672
241 411
Lagos
23 September 2014
JSE Sponsor
Macquarie First South Capital Proprietary Limited
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