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Q2 June 2015 results
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")
SECOND QUARTER 2015 MANAGEMENT ACCOUNTS
CONSOLIDATED INTERIM FNANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS AT 30 JUNE, 2015 AND DECEMBER 31, 2014
Group Group Company Company
30-Jun-15 31-Dec-14 30-Jun-15 31-Dec-14
N'000 N'000 N'000 N'000
Assets
Non-current assets
Property, plant and equipment 271 657 696 314 042 207 663 970 819 188
Intangible assets 253 213 876 245 705 184 321 398 162 918
Investment in an associate 3 393 638 3 409 413 2 716 431 2 716 431
Deferred income tax assets 10 372 899 12 328 465 - -
Available-for-sale financial assets 9 033 10 834 9 033 10 834
Derivative financial assets 5 198 193 57 551 454 1 788 576 1 662 948
Finance lease receivables 45 429 120 42 796 330 - -
Non-current receivables and prepayments 19 124 3 426 795 16 003 165 14 752 295
Restricted cash 6 061 797 14 194 363 - -
Investment in subsidiaries - - 58 001 372 77 794 091
595 355 376 693 465 045 79 503 945 97 918 705
Current assets
Inventories 4 688 120 26 970 824 - -
Finance lease receivables 658 133 658 133 - -
Trade and other receivables 56 346 166 136 116 655 183 660 263 176 868 029
Prepayments 1 544 523 4 535 137 68 083 138 179
Available-for-sale financial assets 203 592 187 003 203 592 187 003
Cash and cash equivalents (excluding bank
overdrafts) 8 502 249 27 439 760 2 055 033 2 846 607
71 942 783 195 907 512 185 986 971 180 039 818
Assets of disposal group classified as held for sale 163 837 768 19 792 719
Total assets 831 135 927 889 372 557 285 283 635 277 958 523
Equity and Liabilities
Equity attributable to owners of the parent
Share capital 6 017 309 4 542 343 6 017 309 4 542 343
Share premium 175 622 330 131 554 223 175 622 330 131 554 223
Retained earnings (188 325 633) (153 583 141) (124 909 639) (107 794 336)
Other reserves 63 875 042 50 521 630 - -
Non controlling interest 13 022 035 12 471 648 - -
Total 70 211 083 45 506 703 56 730 000 28 302 230
Liabilities
Non-current liabilities
Borrowings 129 474 928 162 328 636 16 101 478 4 142 857
Deferred income tax liabilities 144 647 759 148 727 530 - -
Provision for other liabilities & charges 16 621 593 11 923 304 - -
Retirement benefit obligation 1 698 693 2 903 344 847 770 1 032 786
Government grant 75 697 119 346 - -
292 518 670 326 002 160 16 949 248 5 175 643
Current liabilities
Trade and other payables 127 345 906 156 627 553 143 605 862 119 978 134
Derivative financial liabilities 3 608 768 3 608 768 3 608 768 3 608 768
Current income tax liabilities 46 488 670 44 963 118 1 353 242 1 552 169
Dividend payable 1 650 691 1 650 691 1 650 691 1 650 691
Borrowings 107 978 937 311 013 564 61 385 824 117 690 888
287 072 972 517 863 694 211 604 387 244 480 650
Liabilities of disposal group classified as held for
sale 181 333 202 - - -
Total liabilities 760 924 844 843 865 854 228 553 635 249 656 293
Total equity and liabilities 831 135 927 889 372 557 285 283 635 277 958 523
CONSOLIDATED INTERIM FNANCIAL STATEMENTS
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
FOR THE PERIOD ENDED 30 JUNE, 2015 AND 2014
Group Group Company Company
30-Jun-15 30-Jun-14 30-Jun-15 30-Jun-14
N'000 N'000 N'000 N'000
Continuing operations
Revenue 60 318 995 55 669 913 - 20 850 101
Cost of sales (36 625 519) (14 831 790) - -
Gross profit 23 693 476 40 838 123 - 20 850 101
Other operating income (2 307 077) (2 106 065) 3 787 841 25 711 888
Selling and marketing costs (24 238) (36 274) - -
Administrative expenses (35 746 724) (17 562 865) (7 672 005) (3 636 234)
Operating (loss)/profit (14 384 563) 21 132 919 (3 884 164) 42 925 755
Finance costs (26 652 248) (13 272 266) (13 752 812) (11 056 403)
Finance income 2 469 356 659 579 650 631 411 549
Finance costs - net (24 182 892) (12 612 687) (13 102 181) (9 644 854)
Share of profit/(loss) of an associate (15 775) 51 690 - -
(Loss)/profit before income tax from continuing
operations (38 583 230) 8 571 922 (16 986 345) 33 280 901
Income tax expense 3 905 998 (2 828 434) (143 747) (150 000)
(Loss)/profit for the year from continuing operations (34 677 232) 5 743 488 (17 130 092) 33 130 901
Discontinued operations
Profit/(loss) after tax for the year from discontinued
operations (448 576) 3 236 531 - -
(Loss)/profit for the year (35 125 808) 8 980 019 (17 130 092) 33 130 901
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 (320.55) 82.25
From discontinued operations (4.19) 34.59
From profit for the year (324.75) 16.85
CONSOLIDATED INTERIM FNANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE, 2015 AND 2014
Group Group Company Company
30-Jun-15 30-Jun-14 30-Jun-15 30-Jun-14
N'000 N'000 N'000 N'000
Profit for the year (35 125 808) 8 980 019 (17 130 092) 33 130 901
Other comprehensive income:
Exchange differences on translation of foreign
operations 13 970 799 426 874 - -
Fair value gain on available for sale financial
assets 14 789 - 14 789 -
Other comprehensive income for the period,
net of taxes 13 985 588 426 874 14 789
Total comprehensive income for the period (21 140 220) 9 406 893 (17 115 303) 33 130 901
Attributable to:
- Owners of the parent (21 796 777) 11 313 537 (17 115 303) 33 130 901
- Non-controlling interests 656 557 (1 906 644) - -
Total comprehensive income for the period (21 140 220) 9 406 893 (17 115 303) 33 130 901
Total comprehensive income attributable to
equity shareholders arises from:
- Continuing operations (21 348 201) 8 077 006 (17 115 303) 33 130 901
- Discontinued operations (448 576) 3 236 531 - -
Total comprehensive income for the period (21 796 777) 11 313 537 (17 115 303) 33 130 901
CONSOLIDATED INTERIM FNANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE, 2015 AND 2014
Other reserves Retained earnings Non controlling Total
GROUP interest
N'000 N'000 N'000 N'000
Balance as at 1 January 2014 23 216 799 33 938 473 3 376 266 162 368 076
Profit/(loss) for the year - 10 932 315 (1 952 296) 8 980 019
Other comprehensive income for the year 381 222 - 45 652 426 874
Total comprehensive income for the year 23 598 021 44 870 788 1 469 622 171 774 969
Transaction with owners
Proceeds from shares issued - - - 32 808 703
Total transaction with owners - - - 32 808 703
Non controlling interest arising on common
control transaction
(3 860 610) (4 488 375) 8 348 986 1
Total transactions with owners of the parent,
recognised directly in equity (3 860 610) (4 488 375) 8 348 986 32 808 704
Balance as at 30 June 2014 19 737 411 40 382 413 9 818 608 204 583 673
Balance as at 1 January 2015 50 521 630 (153 583 141) 12 471 648 45 506 703
(Loss)/profit for the year - (34 743 190) (382 618) (35 125 808)
Other comprehensive income for the year 12 946 413 - 1 039 175 13 985 588
Total comprehensive income for the year 63 468 043 (188 326 331) 13 128 205 24 366 483
Transaction with owners
Value of employee services 171 823 - - 171 823
Proceeds from shares issued - - 129 704 50 278 567
Share issue expenses - - - (4 605 790)
Total transaction with owners 171 823 - 129 704 45 844 600
Change in ownership interests in subsidiaries
that do not result in a loss of control 235 176 698 (235 874) -
Total transactions with owners of the parent,
recognised directly in equity 406 999 698 (106 170) 45 844 600
Balance as at 30 June 2015 63 875 042 (188 325 633) 13 022 035 70 211 083
CONSOLIDATED INTERIM FNANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE, 2015 AND 2014
Group Group Company Company
30-Jun-15 30-Jun-14 30-Jun-15 30-Jun-14
Cash flows from operating activities N'000 N'000 N'000 N'000
Net cash flow from operating activities before
changes in working capital 44 352 740 31 427 783 (3 717 395) 21 281 868
Net decrease/(increase) in working capital 38 409 452 7 594 617 15 469 704 48 531 273
Income tax paid (6 129 308) (815 091) (342 674) (348 416)
Interest paid (26 620 718) (13 163 060) (13 752 813) (11 056 403)
Net cash from/(used in) operating activities 50 012 166 25 044 249 (2 343 178) 58 408 322
Cash flows from investing activities
Purchase of property plant and equipment (12 724 684) (13 261 027) (116 553) (163 491)
Deposit for acquisition of a business - (15 536 500) - -
Acquisition of subsidiary (net of cash) - - - (92 433 089)
Acquisition of software (179 105) (12 613) (179 105) -
Disposal of subsidiary, net of cash - 4 575 031 - 4 575 031
Purchase of exploration assets (1 345 902) (423 304) - -
Payments relating to pipeline construction (3 356 209) - - -
Increase in finance lease investment (2 632 790) - - -
Proceeds from sale of property plant and
equipment 258 498 - - -
Interest received 3 869 485 2 710 161 650 631 1 411 549
Cash used in by investing activities (16 110 707) (21 948 252) 354 973 (86 610 000)
Cash flows from financing activities
Proceeds from long term borrowings - - 11 958 621 252 506
Repayment of long term borrowings (17 339 004) (6 331 662) - -
Repayment of finance lease - 7 762 000 - -
Share issue expenses (4 605 790) - (4 605 790)
Proceeds from issue of shares 50 148 863 32 808 703 50 148 864 32 808 703
Proceeds from issue of OER shares 129 704 - - -
Repayment of other short term borrowings (89 268 532) (6 082 865) (82 775 863) -
Proceeds from other short term borrowings - - 15 620 693 424 153
Dividend paid - - - -
Restricted cash 8 132 566 (1 987 284) - -
Net cash from/(used in) financing activities (52 802 193) 26 168 892 (9 653 475) 33 485 362
Net change in cash and cash equivalents (18 900 734) 29 264 889 (11 641 680) 5 283 684
Cash and cash equivalent at the beginning of the
year (26 239 978) (10 331 129) (461 943) (5 430 478)
Exchange difference 4 932 079 - - -
Cash and cash equivalents at end of the year (40 208 633) 18 933 760 (12 103 623) (146 794)
Cash and cash equivalents at 31 December
2014:
Included in cash and cash equivalents per
statement of financial position (6 701 193) 32 516 616 (12 103 623) (146 794)
Included in the assets of the disposal group (33 507 440) (13 582 856) - -
(40 208 633) 18 933 760 (12 103 623) (146 794)
Cash at year end is analysed as follows:
Cash and bank balance as above 8 502 249 38 341 958 2 055 033 3 388 584
Bank overdrafts (15 203 442) (5 825 342) (14 158 656) (3 535 378)
(6 701 193) 32 516 616 (12 103 623) (146 794)
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)
26 October 2015
Date: 26/10/2015 07:07:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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