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Q1 March 2015 reaults
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")
FIRST QUARTER 2015 MANAGEMENT ACCOUNTS
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS AT 31 MARCH, 2015 AND DECEMBER 31,
2014
Group Group Company Company
31-Mar-15 31-Dec-14 31-Mar-15 31-Mar-14
N'000 N'000 N'000 N'000
Assets
Non-current assets
Property, plant and equipment 271 662 573 314 042 207 788 436 819 188
Intangible assets 247 823 161 245 705 184 231 880 162 918
Investment in an associate 3 409 435 3 409 413 2 716 431 2 716 431
Deferred income tax assets 10 975 411 12 328 465 - -
Available-for-sale financial assets 10 467 10 834 10 467 10 834
Derivative financial assets 11 146 798 57 551 454 1 768 328 1 662 948
Finance lease receivables 45 034 414 42 796 330 - -
Non-current receivables and prepayments 20 987 3 426 795 15 659 783 14 752 295
Restricted cash 7 006 181 14 194 363 - -
Investment in subsidiaries - - 58 001 372 77 794 091
597 089 427 693 465 045 79 176 697 97 918 705
Current assets
Inventories 4 229 151 26 970 824 - -
Finance lease receivables 658 133 658 133 -
Trade and other receivables 63 495 775 136 116 655 184 096 718 176 868 029
Prepayments 1 263 308 4 535 137 104 779 138 179
Available-for-sale financial assets 195 477 187 003 195 477 187 003
Cash and cash equivalents (excluding bank
overdrafts) 7 392 634 27 439 760 1 051 932 2 846 607
77 234 478 195 907 512 185 448 906 180 039 818
Assets of disposal group classified as held for sale 171 232 985 - 19 792 719 -
Total assets 845 556 890 889 372 557 284 418 322 277 958 523
Equity and Liabilities
Equity attributable to owners of the parent
Share capital 4 542 343 4 542 343 4 542 343 4 542 343
Share premium 131 554 223 131 554 223 131 554 223 131 554 223
(174 414 (117 045 (107 794
Retained earnings 156) (153 583 141) 435) 336)
Other reserves 61 901 139 50 521 630 - -
23 583 549 33 035 055 19 051 131 28 302 230
Non controlling interest 13 185 756 12 471 648 - -
Total 36 769 305 45 506 703 19 051 131 28 302 230
Liabilities
Non-current liabilities
Borrowings 83 748 301 162 328 636 - 4 142 857
Deferred income tax liabilities 151 926 252 148 727 530 - -
Provision for other liabilities & charges 12 454 533 11 923 304 - -
Retirement benefit obligation 1 837 929 2 903 344 999 922 1 032 786
Government grant 97 522 119 346 - -
250 064 537 326 002 160 999 922 5 175 643
Current liabilities
Trade and other payables 168 845 579 156 627 553 179 158 879 119 978 134
Derivative financial liabilities 3 608 768 3 608 768 3 608 768 3 608 768
Current income tax liabilities 43 479 460 44 963 118 1 620 390 1 552 169
Dividend payable 1 650 691 1 650 691 1 650 691 1 650 691
Borrowings 158 003 625 311 013 564 78 328 541 117 690 888
375 588 123 517 863 694 264 367 269 244 480 650
Liabilities of disposal group classified as held for
sale 183 134 925 - - -
Total liabilities 808 787 585 843 865 854 265 367 191 249 656 293
Total equity and liabilities 845 556 890 889 372 557 284 418 322 277 958 523
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
FOR THE PERIOD ENDED 31 MARCH, 2015
AND 2014
Group Group Company Company
31-Mar-15 31-Dec-14 31-Mar-15 31-Mar-14
N'000 N'000 N'000 N'000
Continuing operations
Revenue 33 027 740 18 000 831 - -
Cost of sales (19 580 509) (7 298 089) - -
Gross profit 13 447 231 10 702 742 - -
Selling and marketing costs (12 272) (26 787) - -
Administrative expenses (20 697 232) (6 722 660) (6 533 926) (3 162 333)
Other operating income 3 309 946 77 529 3 301 832 9 607 353
Operating (loss)/profit (3 952 327) 4 030 824 (3 232 094) 6 445 020
Finance income 769 073 739 959 234 145 942 235
Finance costs (13 825 774) (6 352 393) (6 171 848) (3 514 788)
Finance costs - net (13 056 701) (5 612 434) (5 937 703) (2 572 553)
Share of profit/(loss) of an associate 22 (4 186) - -
(Loss)/profit before income tax from continuing
operations (17 009 006) (1 585 796) (9 169 797) 3 872 467
Income tax expense (1 266 717) (2 343 988) (89 409) (75 000)
(Loss)/profit for the year from continuing
operations (18 275 723) (3 929 784) (9 259 206) 3 797 467
Discontinued operations
(Loss)/profit after tax for the year from
discontinued operations (2 688 749) 1 213 156 0 0
(Loss)/profit for the year (20 964 472) (2 716 628) (9 259 206) 3 797 467
(Loss)/profit attributable to:
Equity holders of the parent (20 824 452) (2 316 506) (9 259 206) 3 797 467
Non-Controlling interests (140 020) (400 122) - -
(20 964 472) (2 716 628) (9 259 206) 3 797 467
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 (200) (40)
From discontinued operations (30) 14
From (loss)/profit for the year (229) (26)
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH, 2015
AND 2014
Group Group Company Company
31-Mar-15 31-Dec-14 31-Mar-15 31-Mar-14
N'000 N'000 N'000 N'000
Profit for the year (20 964 472) (2 716 628) (9 259 206) 3 797 467
Other comprehensive income:
Exchange differences on translation of foreign
operations 12 017 666 439 428 0 0
Fair value gain/(loss) on available for sale
investment 8 107 - 8 107 -
12 025 773 439 428 8 107 -
Other comprehensive income for the period,
net of taxes (8 938 699) (2 277 200) (9 251 099) 3 797 467
Total comprehensive income for the period
Attributable to:
- Owners of the parent (9 752 420) (1 904 814) (9 251 099) 3 797 467
- Non-controlling interests 813 721 (372 386) - -
Total comprehensive income for the period (8 938 699) (2 277 200) (9 251 099) 3 797 467
Total comprehensive
income attributable to
equity shareholders
arises from:
- Continuing operations (9 612 400) (1 504 692) (9 251 099) 3 797 467
- Discontinued operations (140 020) (400 122) - -
Total comprehensive income for the period (9 752 420) (1 904 814) (9 251 099) 3 797 467
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH, 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
(Loss)/profit for the year - - (2 316 506) (400 122) (2 716 628)
Other comprehensive income for the year - 411 692 - 27 736 439 428
Total comprehensive income for the year 101 836 538 23 628 491 31 621 967 3 003 880 160 090 876
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 - (3 893 755) (4 521 732) 8 415 486 (1)
Total transactions with owners of the parent,
recognised directly in equity 32 808 703 (3 893 755) (4 521 732) 8 415 486 32 808 702
Balance as at 31 March 2014
134 645 241 19 734 736 27 100 235 11 419 366 192 899 578
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
- - (20 824 452) (140 020) (20 964 472)
Other comprehensive income for the year - 11 072 032 - 953 741 12 025 773
Total comprehensive income for the year
136 096 566 61 593 662 (174 407 593) 13 285 369 36 568 004
Transaction with owners
Value of employee services - 73 065 - - 73 065
Proceeds from shares issued - - - 128 236 128 236
Total transaction with owners - 73 065 - 128 236 201 301
Change in ownership interests in subsidiaries that
do not result in a loss of control - 234 412 (6 563) (227 849) -
Total transactions with owners of the parent,
recognised directly in equity - 307 477 (6 563) (99 613) 201 301
Balance as at 31 March 2015 136 096 566 61 901 139 (174 414 156) 13 185 756 36 769 305
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH, 2015
AND 2014
Group Group Company Company
31-Mar-15 31-Dec-14 31-Mar-15 31-Mar-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 40 218 756 8 375 104 (3 257 997) 646 515
Net decrease/(increase) in working capital 76 765 346 44 234 987 51 045 104 58 664 134
Income tax paid (5 689 017) (532 276) (21 187) (357 447)
Interest paid (13 872 854) (6 433 003) (6 171 848) (3 514 788)
Net cash from/(used in) operating activities 97 422 231 45 644 812 41 594 072 55 438 414
Cash flows from investing activities
Purchase of property plant and equipment (8 977 175) (7 513 245) (38 413) (36 413)
Deposit for acquisition of a business - (7 780 000) - -
Acquisition of subsidiary (net of cash) - - - (92 433 089)
Acquisition of software (79 273) (11 697) (79 274) -
Disposal of subsidiary, net of cash - 4 575 031 - 4 575 031
Purchase of exploration assets (107 846) (481 648) - -
Payments relating to pipeline construction (1 708 763) - - -
Proceeds from sale of property plant and
equipment 42 225 - - -
Increase in finance lease investment (2 238 084) - - -
Interest received 1 566 482 1 867 147 234 145 942 235
Cash used in by investing activities (11 502 434) (9 344 412) 116 458 (86 952 236)
Cash flows from financing activities
Proceeds from long term borrowings - - (4 142 857) 1 076 192
Repayment of long term borrowings (63 749 871) (925 133) - -
Proceeds from issue of shares - 32 808 703 - 32 808 703
Proceeds from issue of OER shares 128 236 - - -
Proceeds from private placement - 7 762 000 - -
Repayment of other short term borrowings (24 168 041) (17 343 828) (42 451 642)
Proceeds from other short term borrowings - - 2 003 006 404 203
Restricted cash 7 188 182 (894 448) - (230 936)
Net cash from/(used in) financing activities (80 601 494) 21 407 294 (44 591 493) 34 058 162
Net change in cash and cash equivalents 5 318 303 57 707 694 (2 880 963) 2 544 340
Cash and cash equivalent at the beginning of the
year (26 239 978) (10 331 129) (461 943) (5 430 478)
Exchange difference 2 924 453 - - -
Cash and cash equivalents at end of the year (17 997 222) 47 376 565 (3 342 906) (2 886 138)
Cash and cash equivalents at 30 March 2015:
Included in cash and cash equivalents per
statement of financial position 451 421 46 617 304 (3 342 906) (2 886 138)
Included in the assets of the disposal group (18 448 643) 759 261 - -
(17 997 222) 47 376 565 (3 342 906) (2 886 138)
Cash at year end is analysed as follows:
Cash and bank balance as above 7 392 634 51 390 221 1 051 932 1 370 292
Bank overdrafts (6 941 213) (4 772 917) (4 394 838) (4 256 430)
451 421 46 617 304 (3 342 906) (2 886 138)
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)
26 October 2015
Date: 26/10/2015 07:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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