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Third 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")
Third Quarter 2014 Management Accounts
Consolidated Statement of Financial Position
As of 30 September, 2014
30-Sep-14 31-Dec-13
Group Company Group Company
Non-current assets N'000 N'000 N'000 N'000
Property, plant and 291 491 723 893 980 172 209 842 925 365
equipment
Intangible assets 344 777 531 92 222 82 232 746 105 551
Investments accounted 2 940 442 2 716 431 2 880 478 2 716 431
for using the equity
method
Deferred income tax 8 069 495 1 452 726 11 463 002 1 292 116
assets
Available-for-sale 14 500 14 500 14 500 14 500
financial assets
Investment in - 229 908 014 - 108 186 115
subsidiaries
Derivative financial 6 799 324 17 086 496 1 220 796 1 582 989
assets
Finance lease 36 542 873 - 6 927 207 -
receivables
Deposit for - - 69 840 000 -
acquisition of a
business
Non-current 21 845 985 20 899 568 15 412 684 20 276 423
receivables and
prepayments
Restricted cash 11 146 712 327 107 3 798 258 327 107
723 628 585 273 391 044 365 999 513 135 426 597
Current assets
Inventories 27 623 136 - 19 446 202 -
Finance lease 782 480 - 782 480 -
receivables
Trade and other 209 319 699 104 309 294 143 738 804 125 966
receivables 063
Derivative financial 1 220 796 - 389 900 4 933
assets
Available-for-sale 169 430 169 430 169 430 169 430
financial assets
Cash and cash 32 712 388 5 365 151 23 887 497 1 486 292
equivalents
(excluding bank
overdrafts)
271 827 929 109 843 875 188 414 313 127 626 718
Assets of disposal - - 37 483 113 10 000
group classified as
held for sale
Current liabilities
Trade and other 224 390 562 181 688 365 124 059 302 109 081 977
payables
Derivative financial 1 154 283 - 1 527 400 539 964
liabilities
Current income tax 55 478 229 2 164 400 5 643 719 1 511 885
liabilities
Dividend payable 1 644 692 1 644 691 644 691 644 691
Borrowings 203 398 467 23 098 367 183 412 635 32 062 568
486 066 233 208 595 823 315 287 747 143 841 085
Liabilities of - - 14 230 012 -
disposal group
classified as held
for sale
Net current (214 238 304) (98 751 948) (103 620 333) (16 204 367)
(liabilities)/assets
Non-current
liabilities
Borrowings 148 317 514 12 349 590 71 872 418 11 942 482
Deferred income tax 121 503 874 160 610 20 372 939 -
liabilities
Provision for other 16 354 353 - 5 091 069 -
liabilities & charges
Derivative financial 4 868 609 163 626 - -
liabilities
Retirement benefit 2 927 780 1 101 249 2 468 035 1 189 998
obligation
Government Grant 141 170 - 206 643 -
294 113 300 13 775 075 100 011 104 13 132 480
Net Assets 215 276 981 160 864 021 162 368 076 106 089 750
Capital and Reserves
attributable to
equity holders
Share capital 4 434 530 4 434 530 3 411 177 3 411 177
Share premium account 130 210 711 130 210 711 98 425 361 98 425 361
Retained earnings 40 625 197 24 826 591 33 938 473 2 861 023
Other reserves 26 978 062 1 392 189 23 216 799 1 392 189
202 248 500 160 864 021 158 991 810 106 089 750
Non-Controlling 13 028 481 - 3 376 266 -
interest
Total Equity 215 276 981 160 864 021 162 368 076 106 089 750
Consolidated Comprehensive Income Statements
For the period ended 30 September, 2014
30-Sep-14 30-Sep-13
Group Company Group Company
N'000 N'000 N'000 N'000
Turnover 338 105 888 34 919 080 386 251 190 5 883 304
Cost of sales (258 510 - (339 528 373) -
571)
Gross profit 79 595 317 34 919 080 46 722 817 5 883 304
Selling and marketing (4 239 280) - (5 202 887) -
costs
Administrative (4 667 703) (26 662 156) (853 526)
expenses (47 893 339)
Other operating 8 791 557 11 306 582 3 515 795 1 368 336
income
Operating profit 36 254 255 41 557 959 18 373 569 6 398 114
Finance income 4 155 839 1 680 1 637 957 3 450 794
570
Finance costs (30 293 002) (19 356 967) (10 250 493) (8 093 033)
Net finance (17 676 397) (8 612 536) (4 642 239)
(costs)/income (26 137 163)
Share of loss of 59 965
investments accounted
for using the equity
method
Profit before 10 177 057 23 881 562 9 761 033 1
taxation 755 875
Taxation 523 438 (1 915 993) (3 669 373) (554 347)
Profit after taxation 10 700 495 21 965 569 6 091 660 1 201 528
Attributable to:
Equity holders of the 11 196 408 21 965 569 5 636 505 1 201 528
company
Non-Controlling (495 913) - 455 155 -
interests
10 700 495 21 965 569 6 091 660 1 201 528
Earnings per share for profit attributable to equity holders of the company during the year:
Basic earnings per 126 93
share (kobo)
Diluted earnings per 126 93
share (kobo)
Consolidated Statements of Other Comprehensive Income
For the period ended 30 September, 2014
30-Sep-14 30-Sep-13
Group Company Group Company
N'000 N'000 N'000 N'000
Profit for the period 10 700 495 21 965 569 6 091 660 1 201 528
Other comprehensive income:
Items that may be
subsequently reclassified
to profit or loss
Currency translation 266 510 - 207 303 -
differences
Fair value (loss)/gains on - - - -
available for sale
investment
Deferred tax on fair value 266 510 - 207 303 -
loss/(gains) on available
for sale investment
Total comprehensive income 10 967 005 21 965 569 6 298 963 1 201 528
for the period
Attributable to:
Owners of the parent 11 417 266 21 965 569 5 858 151 1 201 528
Non controlling interest (450 261) - 440 812 -
10 967 005 21 965 569 6 298 963 1 201 528
Consolidated Statement of Cash Flows
For the period ended 30 September, 2014
30-Sep-14 31-Dec-13
Group Company Group Company
N'000 N'000 N'000 N'000
Cash flows from 112 961 135 134 028 517 62 077 587 51 587 299
operating activities
Interest paid (30 293 002) (19 356 967) (23 946 790) (14 006 268)
Income tax paid (2 403 702) (350 621) (5 242 530) (304 348)
Net cash from/(used in) 80 264 431 114 320 929 32 888 267 37 276 683
operating activities
Cash flows from
investing activities
Purchases of property (22 678 808) (179 440) (43 902 237) (241 602)
plant and equipment
Acquisition of (145 627 938) (140 769 842) (2 328 000) (22 819 675)
subsidiary, net of cash
Disposal of subsidiary, 4 575 031 4 575 031 1 392 902 1 396 800
net of cash
Acquisition of software (12 613) - (325 720) (61 372)
Purchase of intangible (35 559 002) - (1 485 410) -
exploration assets
Payments relating to - - (346 363) -
pipeline construction
Proceeds from sale of - - 1 066 367 16 098
property plant and
equipment
Interest received 4 155 839 1 680 570 4 124 929 8 169 621
Cash used in by (195 147 491) (134 693 681) (41 803 532) (13 540 130)
investing activities
Cash flows from
financing activities
Net proceeds from long 76 445 096 407 108 539 476 -
term borrowings
Net repayment of long - - - (25 996 272)
term borrowings
Proceeds from issue of 32 808 703 32 808 703 54 578 836 54 578 835
shares
Share issue expenses - - (3 400 542) (3 400 542)
Net proceeds from other - - 168 723 607 1 826 713
short term borrowings
Net repayment of other (316 637) (5 247 228) (181 809 (44 021 826)
short term borrowings 004)
Dividend paid - - (5 116 766) (5 116 766)
Restricted cash (7 348 454) - 254 792 (3 107)
Net cash from/(used in) 101 588 708 27 968 583 33 770 400 (22 132 965)
financing activities
Net change in cash and (13 294 352) 7 595 832 24 855 135 1 603 589
cash equivalents
- - - -
Cash and cash (10 331 129) (5 430 478) (35 129 477) (7 034 067)
equivalents and bank
overdrafts at the
beginning of the year
- - - -
Exchange gains/(losses) (79 482) - (56 787) -
on cash and cash
equivalents
- - - -
Cash and cash (23 704 963) 2 165 354 (10 331 129) (5 430 478)
equivalents at end of
the year
Cash at year end is
analysed as follows:
Cash and bank balance 32 712 388 5 365 151 23 887 497 1 486 292
as above
Bank overdrafts (Note (56 417 351) (3 199 797) (34 218 626) (6 916 770)
25)
(23 704 963) 2 165 354 (10 331 129) (5 430 478)
Consolidated Statement of Changes in Equity
For the period ended 30 September, 2014
GROUP Share Other Retained Equity Non Total
Capital reserves earnings holders of control- equity
parent ling
interest
N'000 N'000 N'000 N'000 N'000 N'000
Balance as at 50 658 244 14 412 064 37 142 281 102 212 589 3 141 939 105 354 528
1 January 2013
Profit/ (loss) - - 1 415 356 1 415 356 (17 536) 1 397 820
for the year
Other - 9 208 149 (6 872) 9 201 276 257 252 9 458 528
comprehensive
income for the
year
Total 50 658 244 23 620 213 38 550 765 112 829 222 3 381 655 116 210 876
comprehensive
income for the
year
Transaction
with owners
Value of - 606 651 (606 651) - - -
employee
services
Tax on value - 37 236 (37 236) - - -
of employee
services
Proceeds from 54 578 836 - - 54 578 836 - 54 578 836
shares issued
Share issue (3 400 542) - - (3 400 542) - (3 400 542)
expenses
Reclassificati - (105 965) 105 965 - - -
on of expired
SBPR
Deffered tax - (31 789) 31 789 - - -
on
reclassificati
on of expired
SBPR
Revaluation of - (1 010 1 010 608 - - -
Property, 608)
plant and
equipment
Deferred tax - 101 061 - 101 061 - 101 061
on revaluation
reserve
Dividends - - (5 116 766) (5 116 766) - (5 116 766)
Total 51 178 294 (403 414) (4 612 292) 46 162 589 - 46 162 589
transaction
with owners
Translation - - - - - -
difference
Non - - - - (5 389) (5 389)
controlling
interest
arising on
common control
transaction
Total 51 178 294 (403 414) (4 612 292) 46 162 589 (5 389) 46 157 200
transactions
with owners of
the parent,
recognised
directly in
equity
Balance as at 101 836 538 23 216 799 33 938 473 158 991 810 3 376 266 162 368 076
31 December
2013
Balance as at 101 836 538 23 216 799 33 938 473 158 991 810 3 376 266 162 368 076
1 January 2014
Profit/(loss) - - 11 196 408 11 196 408 (495 913) 10 700 495
for the year
Other - 220 858 - 220 858 45 652 266 510
comprehensive
income for the
year
Total 101 836 538 23 437 657 45 134 881 170 409 076 2 926 004 173 335 081
comprehensive
income for the
year
Transaction
with owners
Proceeds from 32 808 703 - - 32 808 703 - 32 808 703
shares issued
Dividends - - - - - -
Total 32 808 703 - - 32 808 703 - 32 808 703
transaction
with owners
Translation - - - - - -
difference
Non - 3 540 405 (4 509 684) (969 279) 10 102 477 9 133 197
controlling
interest
arising on
common control
transaction
Total 32 808 703 3 540 405 (4 509 684) 31 839 424 10 102 477 41 941 900
transactions
with owners of
the parent,
recognised
directly in
equity
Balance as at 134 645 241 26 978 062 40 625 197 202 248 500 13 028 481 215 276 981
30 Sept 2014
Lagos
17 November 2014
JSE Sponsor
Macquarie First South Capital Proprietary Limited
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