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OAO - Oando Plc - Unaudited results for the three months ended 31 March 2011
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")
UNAUDITED RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2011
Highlights
- Turnover of US$761.35 million
- Gross profit of US$104.69 million
- Operating profit of US$52.01 million
- Profit after tax of US$21.17 million
- Attributable profit after tax of US$21.17 million
- Earnings per share of 1.17 cents
- Increased contribution by gas and power divisions
- Two rigs were in operations during the period
Review of results
Oando, which holds a primary listing on the Nigerian Stock Exchange ("NSE") and
a secondary listing on the Main Board of the JSE Limited ("JSE"), reports profit
after tax ("PAT") for the three months ended 31 March 2011 of US$21.17 million.
Statement of comprehensive income analysis
Revenue increased by 23% compared with the same period for 2010. Profit before
tax increased by 10%. The following are key highlights of this period`s
performance:
Turnover
Turnover increased by 23% compared to the three months ended 31 March 2010 ("the
comparative period"). This is attributable mainly to the following:
- The 12.15MW Akute Power Plant was operational for the full quarter ended 31
March 2011 compared to it being commissioned towards the end of the comparative
period.
- Additional customers were connected to the gas distribution network.
- Two rigs were operational during this period compared with only one being
operational during the comparative period. The second rig (Teamwork) became
operational during April 2010.
- Revenue earned from the sale of crude oil increased due to a combination of
price increases and increased output.
- Petroleum products imported during the last quarter of the 2010 financial year
were sold by the Supply and Trading business during the period under review.
Other operating income
Other operating income decreased due to overdue interest recovered from a
customer during the comparative period, resulting in an increase in the profit
after tax for that period. The interest recovery did not reoccur during the
period under review.
Administrative and selling expenses
Administrative expenses increased by 17% compared to the comparative period, due
to the following:
* Additional operating expenses incurred attributable to the Akute Power
Plant.
* Additional expenses incurred on the second rig.
Selling and marketing expenses increased by 12% due to higher volumes of
petroleum products transported and sold at upcountry locations during the 2011
period when compared with the comparative period.
Finance costs decreased by 33% due to lower interest rates and improved
liquidity originated by the rights issues proceeds.
Statement of financial position analysis
Property, plant and equipment increased by 16% compared with the comparative
period due to capital expenditure incurred on power plants, rigs refurbishment
and upstream assets development. Long term receivables (cost of gas distribution
pipeline assets) rose by 44% above the 2010 levels due to additional capital
expenditure incurred on the ongoing East Horizon`s Gas pipeline project and new
customers being connected to the Greater Lagos distribution network.
Inventory for the current period decreased by 11% compared to the comparative
period, due to the following:
- Decreased importation of petroleum products as a result of glut in the
market.
- Deliberate efforts to optimise stock levels for working capital management
purposes.
Trade and other receivables increased by 43%, due to the following:
- Increased receivables from the Akute Power Plant and the second rig being
operational during the current period, both of which were not operational during
the same period for 2010.
- Acquisition costs incurred for new upstream assets
Prospects
The Group will continue to leverage the synergy provided by the diversified
portfolio in order to deliver superior values to stakeholders.
The Group intends to continue earning increased revenue from its upstream
businesses while further development activities are being carried out in Oil
Mining License ("OML") 90. Further growth in the upstream portfolio is envisaged
through the strategic acquisition of producing or near term assets on an ongoing
basis. These efforts are intended to improve contribution by the upstream
businesses to the Group`s revenue and profitability in the future.
More customers are being connected to the Greater Lagos distribution network in
order to exhaust the additional capacity provided by the completed Greater Lagos
Phase 3 pipeline network. Construction work at the Eastern Horizon Company`s 128
kilometre pipeline project is at an advanced stage and is expected to be
commissioned during 2011.
The introduction of the sovereign notes for settlement of the Petroleum Support
Fund ("PSF") receivables have significantly shortened the PSF receivables cycles
and improved working capital management. The Supply & Trading business will
continue to take advantage of this window and consolidate its foray into the
West African markets. While it is expected that the incoming administration at
the Federal level will take a definite stand on the deregulation of the
downstream sector of petroleum industry, the situation is being analysed
enabling the Group to maximize the advantages inherent to the deregulation.
The Energy Service business continued the refurbishment work on the third rig
and this is expected to be completed and become operational during 2011.
The Group is confident that the diversified assets portfolio has enough
capability to deliver continually improving revenue and profitability.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2011
31 March 2011 31 March 2010
ASSETS US$`million US$`million
Non-current assets
Property Plant & Equipment 1,030.23 884.08
Intangible Assets 157.43 167.03
Available for sale investment 0.01 0.01
Deferred income tax assets 24.17 -
Long Term Receivables 182.01 126.07
1,393.85 1,177.18
Current assets
Inventories 134.84 151.63
Trade & Other Receivables 613.16 386.25
Cash & Cash Equivalents 238.97 336.03
986.97 873.91
Total assets 2,380.82 2,051.10
Equity
Capital & Reserves attributable to
equity holders
Share Capital 5.99 3.06
Share Premium 324.74 201.21
Revaluation Reserve 123.89 50.53
Retained Earnings 190.97 122.05
645.59 376.85
Minority Interest 9.05 17.91
Total equity 654.64 394.76
Liabilities
Non-Current Liabilities
Borrowing 590.36 172.82
Deferred income tax liabilities 41.72 24.34
Provisions for liabilities and charges 27.97 0.41
660.05 197.57
Current Liabilities
Trade & Other Payables 478.22 413.73
Current Income Tax Liabilities 40.45 33.32
Borrowings 547.46 1,011.21
Total Liabilities 1,066.13 1,655.83
Total Equity & Liabilities 2,321.28 2,050.59
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED 31
MARCH 2011
31 March 2011 31 March 2010
US$`million US$`million
Sales 761.35 617.83
Cost of Sales (656.66) (531.46)
Gross Profit 104.69 86.37
Selling & Marketing Costs (12.61) (11.21)
Administrative Expenses (41.29) (35.17)
Other Operating Income 1.23 15.83
Operating Profit 52.02 55.82
Net Finance Costs (14.29) (21.46)
Profit Before Taxation 37.73 34.36
Income Tax Expense (16.55) (13.18)
Profit After Expense 21.17 21.18
Attributable to:
Non-Controlling Shareholders 0.21 0.22
Equity Holders of the Company 20.96 20.96
21.17 21.18
The Group is organised into six main business divisions:
- The Exploration and production of oil and gas business ("E&P") is
involved in the exploration for and production of oil and gas through
the acquisition of rights in oil blocks on the Nigerian continental
shelf and deep offshore. The E&P segment of the business owns several
interests, including OML 56, OML 90, OML 123 and OML 134 and Oil
Prospecting License ("OPL") 236 and OPL 278.
- The Refining and Terminals business is involved in the refining of
crude and storage and logistics for distribution of petroleum products.
This division was recently carved out of the downstream marketing
business. It has initiated steps towards establishing a refinery at the
Lekki Free Trade Zone in Lagos.
- The Gas and power business is involved in the distribution of natural
gas through its subsidiaries, Gaslink Nigeria Limited ("GNL") and East
Horizon Gas Company Limited ("EHGC"). GNL operates about a 100
kilometres of Greater Lagos natural gas distribution franchise and has
connected over one hundred industrial customers. EHGC is constructing
a 128 kilometre natural gas pipeline network to supply natural gas to
United Cement Company ("UNICEM:) and other customers at Calabar,
Eastern Nigeria. The Gas and power business also incorporates Akute
Power Limited that is in the process of constructing an Independent
Power Plant to supply electricity to Lagos State Water Corporation.
- The Energy services business is involved in the provision of services
such as drilling and completion fluids and solid control waste
management; oil-well cementing and other services to upstream
companies. The Energy services business presently has five swamp rigs.
- The Marketing business is involved in retail and commercial sales of
refined petroleum products with over 600 retail outlets in Nigeria and
West African countries.
- The Supply and Trading business imports cargoes of petroleum products
for sale to marketing companies and other corporate bodies within and
outside Nigeria.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER`S EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY FOR THE THREE MONTHS ENDED 31 MARCH 2011
Share Share Other Cumulative
Capital Premium reserves translation
adjustment
US$`million US$`million US$`million US$`million
Balance as at 31 6.09 329.87 124.91 (0.03)
December 2010
Retained profit for the - - - -
period
Bonus issue of shares - - - -
Dividend paid - - - -
Exchange difference (0.1) (5.13) (1.02)
Reversal of revaluation - - - -
surplus
Deferred tax on - - - -
revaluation surplus
Share Issue/acquisition - - -
Cost
Balance as at 31 March 5.99 324.74 123.89 (1.95)
2011
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER`S EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY FOR THE THREE MONTHS ENDED 31 MARCH 2011 (CONTINUED)
Retained Minority Total
earnings interest equity
US$`million US$`million US$`million
Balance as at 31 December 2010 172.01 7.42 640.30
Retained profit for the period 20.96 0.21 21.17
Bonus issue of shares - - -
Dividend paid - - -
Exchange Difference (3.07) 2.48 (10.12)
Reversal of revaluation surplus - - -
Deferred tax on revaluation surplus - - -
Share Issue/acquisition Cost - - -
Balance as at 31 March 2011 189.90 10.12 644.52
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER`S EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY FOR THE THREE MONTHS ENDED 31 MARCH 2010
Share Share Revaluation Cumulative
Capital Premium reserve translation
adjustment
US$`million US$`million US$`million US$`million
Balance as at 31 3.54 231.66 39.84 (17.54)
December, 2009
Retained profit for the - - - -
period
Bonus issue of shares - - - -
Dividend paid - - - -
Exchange difference (0.48) (30.60) - -
Reversal of revaluation - - 10.69 -
surplus
Deferred tax on - - - -
revaluation surplus
Share Issue/acquisition - - - -
Cost
Balance as at 31 March 3.06 201.06 50.53 (1.95)
2010
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER`S EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY FOR THE THREE MONTHS ENDED 31 MARCH 2010 (CONTINUED)
Retained Minority Total equity
earnings interest
US$`million US$`million US$`million
Balance as at 31 December 2009 124.56 6.22 366.70
Retained profit for the period 21.17 0.04 21.20
Bonus issue of shares
Dividend paid (7.52)
Exchange Difference (25.91)
Reversal of revaluation surplus
Deferred tax on revaluation
surplus
Share Issue/acquisition Cost
Balance as at 31 March, 2010 119.85 6.26 388.28
NOTES TO REVIEWED RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2011
1. General information
Oando was registered by a special resolution as a result of the acquisition of
the shareholding of Esso Africa Incorporated (principal shareholder of Esso
Standard Nigeria Limited) by the Federal Government of Nigeria. The Company was
partially privatised in 1991. It was however fully privatised in 2000 consequent
to the sale of the Federal Government`s 40% shareholding in the Company. 30% was
sold to core investor, Ocean and Oil Investments Limited and the remaining 10%
was sold to the Nigerian public. In December 2002, the Company merged with Agip
Nigeria Plc following the acquisition of 60% of Agip Petroli`s stake of Agip
Nigeria Plc in August 2002. The Company formally changed its name from Unipetrol
Nigeria Plc to Oando Plc in December 2003.
The principal activity of the Company locally and internationally is strategic
investments in energy companies across West Africa. The Group is involved in the
following business activities via its subsidiary companies:
- Marketing of petroleum products, manufacturing and blending of
lubricants via Oando Marketing Limited.
- Distribution of natural gas for industrial customers via Gaslink
Nigeria Limited.
- Supply and distribution of petroleum products via Oando Supply and
Trading, Nigeria and Oando Trading, Bermuda.
- Supply of energy services to upstream companies via Oando Energy
Services.
- Exploration and Production via Oando Exploration and Production.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these
consolidated financial statements are set out below. These policies have been
consistently applied to all periods presented, unless otherwise stated.
2.1 Basis of preparation
The consolidated financial statements of Oando have been prepared in accordance
with International Financial Reporting Standards ("IFRS"). The consolidated
financial statements have been prepared under the historical cost convention, as
modified by the revaluation of land and buildings, and financial assets and
financial liabilities at fair value through profit or loss.
The preparation of financial statements in accordance with IFRS requires the use
of certain critical accounting estimates. It also requires management to
exercise judgement in the process of applying the Group`s accounting policies.
Early adoption of standards
During 2004, the Group early adopted the IFRS below, which are relevant to its
operations. These have been consistently applied in this unaudited financial
report for the three months ended 31 March 2011.
IAS 2 (revised 2003) Inventories
IAS 8 (revised 2003) Accounting Policies, Changes in Accounting Estimates and
Errors
IAS 10 (revised 2003) Events after the Balance Sheet Date
IAS 16 (revised 2003) Property, Plant and Equipment
IAS 17 (revised 2003) Leases
IAS 21 (revised 2003) The Effects of Changes in Foreign Exchange Rates
IAS 24 (revised 2003) Related Party Disclosures
IAS 27 (revised 2003) Consolidated and Separate Financial Statements
IAS 28 (revised 2003) Investments in Associates
IAS 32 (revised 2003) Financial Instruments: Disclosure and Presentation
IAS 33 (revised 2003) Earnings per share
IAS 36 (revised 2004) Impairment of Assets
IAS 38 (revised 2004) Intangible Assets
IAS 39 (revised 2003) financial instruments: Recognition and measurement
IFRS 2 (issued 2004) Share-based payments
IFRS 3 (issued 2004) Business Combinations
IFRS 5 (issued 2004) Non-current Assets Held for Sale and Discontinued
IFRIC 10 (issued 2006) Interim Financial Reporting and Impairment.
- The early adoption of IAS 10 has resulted in a change in the accounting
policy for dividends. Proposed dividends, which were previously
recognised in the year prior to the declaration, have been adjusted in
accordance with IAS 10 and 37 respectively.
- The application IAS 16 has affected the accounting for fair value
reserve relating to revalued land and buildings upon disposal.
- Under the Generally Accepted Accounting Principles ("GAAP"), the
revaluation surplus included in equity in respect of an item of
property, plant and equipment were transferred to income, when the
asset is disposed of, to determine profit on disposal. Adjustments have
been passed to transfer the related amounts directly to retained
earnings in accordance with IAS 16. Also, early adoption of IAS 16
(revised 2004) has necessitated the disclosure of prior year
comparatives for all movements in property plant and equipment.
- IAS 21 (revised 2003) has affected the translation of foreign entities`
income statements, on which closing rates were previously applied but
now amended and translated at average rates. The functional currency of
each of the consolidated entities has also been re-evaluated based on
the guidance to the revised standard. All the Group entities have the
same functional currency as their presentation currency. These
financial statements have been presented in a currency other than the
Company`s functional currency, being US Dollars, to meet the filing
requirements of the JSE.
- IAS 24 (revised 2003) has affected the identification of related
parties and some other related-party disclosures.
- IAS 27 (revised 2004) has affected the consolidation of subsidiaries.
Certain subsidiaries, which were not included in the consolidation
under previous GAAP, have now been consolidated.
- The early adoption of IAS 33 has resulted in a change in the
computation of earnings per share. Earnings per share, which were
previously computed on the basis of the number of shares in issue at
the end of the reporting period, have been adjusted on the basis of the
weighted average number of shares in accordance with IAS 33.
- The early adoption of IAS 39 has resulted in a change in accounting for
financial assets and liabilities.
- The Group obtained approval for its share option scheme from the
regulatory authority in February 2009. Accordingly, all shared-based
payment in operation has been subjected to and accounted for under IFRS
2 for the first time in 2008.
- The early adoption of IFRS 5 has resulted in a change in the accounting
for non-current assets held for sale and discontinued operations as
qualifying assets have been reclassified accordingly.
- The early adoption of IFRS 3, IAS 36 (revised 2004) and IAS 38 (revised
2004) resulted in a change in the accounting policy for goodwill. Until
31 December 2002, goodwill was amortised on a straight line basis over
a period ranging from five to 20 years and assessed for an indication
of impairment at each balance sheet date.
- In accordance with the provisions of IFRS 3 the Group ceased
amortisation of goodwill from 1 January 2003 and accumulated
amortisation as at 31 December 2002 was eliminated with a corresponding
decrease in the cost of goodwill.
- Goodwill was tested for impairment at 1 January 2003, the transition
date. Also, from the year ended 31 December 2003 onwards, goodwill is
tested annually for impairment, as well as indications of impairment.
The Group has also reassessed the useful lives of its intangible assets
in accordance with the provisions of IAS 38. No adjustment resulted
from this reassessment.
All changes in the accounting policies have been made in accordance with the
transition provisions in the respective standards.
The early adoption of IAS 1, 2, 8, 17 28, and 32 (all revised 2003) did not
result in substantial changes to the Group`s accounting policies.
In summary:
- IAS 1, 2, 28 and 32 had no material effect on the Group`s policies.
- IAS 8 (revised 2004) has resulted in the disclosure of the impact of new
standards
2.2 Consolidation
(a) Subsidiaries
Subsidiaries include all entities, including special purpose entities, over
which the Group has the power to govern the financial and operating policies
generally accompanying a shareholding of more than one half of the voting
rights. The existence and effect of potential voting rights that are currently
exercisable or convertible are considered when assessing whether the Group
controls another entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are deconsolidated from the date
that control ceases.
The purchase method of accounting is used to account for the acquisition of
subsidiaries by the Group. The cost of the acquisition is measured as the fair
value of the assets given, equity instruments issued and liabilities incurred or
assumed and the date of plus costs directly attributable to the acquisition.
Identifiable assets acquired and liabilities and contingent liabilities assumed
in a business combination are measured initially at their fair values at the
acquisition date irrespective of the extent of any minority interest. The excess
of the cost of acquisition over the fair value of the Group`s share of the
identifiable net assets acquired is recorded as goodwill. If the cost of
acquisition is less than the fair value of the net assets of the subsidiary
acquired, the difference is recognised directly in the income statement. All
balances and unrealised surpluses and deficits on transactions between Group
companies have been eliminated. Where necessary, accounting policies for
subsidiaries have been changed to be consistent with the policies adopted by the
Company, Separate disclosure (in equity) is made of minority interests.
(b) Associates
Associates are all entities over which the Group has significant influence but
not control, generally accompanying a shareholding of between 20% and 50% of the
voting rights. Investments in associates are accounted for by the equity method
of accounting and are initially recognised at cost. The Group`s investment in
associates includes goodwill, net of any accumulated impairment loss, identified
on acquisition. The Group`s share of its associates` post-acquisition profits or
losses is recognised in the income statement, and its share of post acquisition
movements in reserves is recognised in reserves. The cumulative post-acquisition
movements are adjusted against the carrying amount of the investment.
When the Group`s share of losses in an associate equals or exceeds its interest
in the associate, including any other unsecured receivables, the Group does not
recognise further losses, unless it has incurred obligations or made payments on
behalf of the associate. Unrealised gains on transactions between the Group and
its associates are eliminated to the extent of the Group`s interest in the
associates. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the asset transferred. The accounting
policies of the associates are consistent with the policies adopted by the
Group.
Goodwill included in the carrying amount of an investment is neither amortised
nor tested for impairment separately by applying the requirements for impairment
testing goodwill in IAS 36, Impairment of Assets. Instead, the entire carrying
amount of the investment is tested under IAS 36 for impairment.
All subsidiaries and associates have uniform calendar year ends.
2.3 Segment reporting
A business segment is a group of assets and operations engaged in providing
products or services that are subject to risks and returns that are different
from those of other business segments. A geographical segment is engaged in
providing products or services within a particular economic environment that are
subject to risks and return that are different from those of segments operating
in other economic environments.
2.4 Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Group`s entities are
measured using the currency of the primary economic environment in which the
entity operates ("the functional currency"). The functional currency of the
Group is the Naira. The consolidated financial statements are presented in US
dollars, which is the Company`s presentation currency for the purpose of filing
outside Nigeria.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the statement of
comprehensive income, except when deferred in equity as qualifying cash flow
hedges and qualifying net investment hedges.
c) Group companies
The results and financial position of all the Group entities, none of which has
the currency of a hyperinflationary economy, which have a functional currency
different from the presentation currency, are translated into the presentation
currency as follows:
1 Assets and liabilities for each balance sheet presented are translated
at the closing rate at the date of that balance sheet.
2 Income and expenses for each income statement are translated at average
exchange rates; and all resulting exchange differences are recognised
as a separate component of equity.
3 On consolidation, exchange differences arising from the translation of
the net investment in foreign entities are taken to shareholders`
equity. Upon disposal of part or all of the investment, such exchange
differences are recognised in the statement of comprehensive income as
part of the gain or loss on sale.
3. Earnings Per Share (EPS)
Basic earnings per share ("EPS") is calculated by dividing the profit
attributable to the equity holders of the Company by the weighted average number
of shares in issue during the period.
31 March 2011 31 March 2010
Profit attributable to equity holders of 20.96 20.96
the Company (US$`million)
Average number of shares in issue 1810.17 905.08
(millions)
Basic EPS (cents) 1.16 2.32
Profit attributable to equity holders of 20.96 20.96
the Company
Weighted average number of shares in issue 1810.17 905.08
(millions)
Adjustment for bonus issues - -
Weighted average number of shares for 1810.17 905.08
diluted EPS (millions)
Diluted EPS (cents) 1.16 2.32
Headline Earnings Per Share ("HEPS") 1.16 2.32
Profit attributable to equity holders of 20.96 20.96
the Company
Adjusted for:
Profit on sale of buildings associated with - -
discontinued operations
Profit/(Loss) on sale of other assets - -
Loss on sales of investment in affiliate - -
companies
Tax on sales of investment in affiliate - -
companies
HEPS attributable to earnings basis (cents) 1.16 2.32
HEPS attributable to diluted earnings basis 1.16 2.32
(cents)
Net assets per share (cents) 36 44
Tangible assets per share (cents) 77 130
4. Independent audit by the auditors
This results for the quarter ended 31 March 2011 has not been audited by our
auditors PricewaterhouseCoopers
5. Post balance sheet events
There are no significant post balance sheet events that in the opinion of the
directors will have a material impact on the accounts herein presented.
The Audited Results for the year ended 31 December 2010 will be released on or
before Friday, May 27. 2011.
For and on behalf of the Board
Mr J Adewale Tinubu
Group Chief Executive
(insert date} May 2011
Directorate:
1 Maj. Gen. M. Magoro (Rtd), OFR Chairman
2 Mr. J.A.Tinubu Group CEO
3 Mr. O. Boyo Deputy Group CEO
4 Mr. B. Osunsanya Group Exec. Director
5 Mr. Olufemi Adeyemo Exec. Director
6 Mr. Oghogho Akpata Director
7 Chief Sena Anthony Director
8 Ms. Nana Afoah Appiah-Korang Director
9 HRM. Oba A. Gbadebo, CFR Director
10. Ms Amal Pepple, CFR Director
Company Secretary: Mrs. Oredeji Delano
Registered office: 2, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria
Auditors: PriceWaterhouseCoopers, Plot 252E Muri Okunola Street, Victoria
Island, Lagos
E-mail: info@oandoplc.com
Registered office in South Africa: 1st Floor, 32 Fricker Road, Illovo Boulevard,
Sandton, 2196, South Africa
Office of the South African registrars: Computershare Investor Services
(Proprietary) Limited (Registration number: 2004/003647/07)
70 Marshall Street, Johannesburg, 2001(PO Box 61051, Marshalltown, 2107)
Sandton
17 May 2011
Sponsor: Macquarie First South Advisers (Pty) Limited, The Place, 1 Sandton
Drive, South Wing, Sandton, Johannesburg, 2196, South Africa.
Date: 17/05/2011 13:30:01 Supplied by www.sharenet.co.za
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