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OAO - Oando PLC - Unaudited financial statements for the first quarter ended
31 March 2012
Oando PLC
(Incorporated in Nigeria and registered as an external company in South
Africa)
External Registration number: RC 6474
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 FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED 31 MARCH 2012
Shareholders are advised that the following announcement for the unaudited
Interim financial statements for the three month period ended 31 March 2012
was released on the Nigerian Stock Exchange today, 23 May, 2012.
QUOTE
The Directors are pleased to announce the unaudited interim financial
statements of Oando for the first quarter ended 31 March 2012.
The Group retained the existing structure of six divisions in line with the
nature of its businesses. The divisions consist of the following: Oando
Marketing, Oando Supply and Trading, Oando Energy Services, Oando Gas and
Power, Oando Exploration and Production and Oando Refinery and Terminals.
Herewith the highlights of our results for the period ended 31 March 2012:
Consolidated income statements
US$`000 US$`000
Revenue
1,019,899.18 761,349.48
Cost of sales
(923,049.19) (656,657.39)
Gross profit
96,849.99 104,692.09
Other operating income
8,393.55 1,225.92
Selling and marketing
costs (11,555.44) (12,614.92)
Administrative expenses
(51,114.27) (41,289.36)
Operating profit
42,573.84 52,013.73
Finance income
7,853.55 720.87
Finance costs
(18,356.67) (15,011.26)
Finance costs - net
(10,503.13) (14,290.39)
Profit before income tax
32,070.71 37,723.34
Income tax expense
(12,615.26) (16,548.64)
Profit for period year
19,455.45 21,174.70
Consolidated Statement of financial position
2012 2011
US$`000 US$`000
ASSETS
Non-current assets
Property, plant and equipment
1,246,644.42 1,030,232.79
Intangible assets
155,646.23 157,431.77
Available-for-sale financial assets
6.43 6.60
Non-current receivables and
prepayments 222,066.76 182,010.39
1,369,681.56
1,624,363.84
Current assets
Inventories
397,835.95 134,835.75
Trade and other receivables
659,532.68 577,793.77
Cash and cash equivalents
158,410.75 238,970.07
951,599.58
1,215,779.38
Total assets 2,321,281.14
2,840,143.22
EQUITY
Capital and reserves attributable
to equity holders
Share capital
7,208.07 5,993.14
Share premium
315,363.07 324,739.18
Other reserves
130,487.43 123,888.01
Retained earnings
163,685.49 190,972.97
645,593.31
616,744.06
Minority interest
9,568.84 9,047.29
Total equity 654,640.59
626,312.90
LIABILITIES
Non-current liabilities
Borrowings
597,209.13 590,362.84
Deferred income tax liabilities
43,309.41 41,722.91
Provisions for other liabilities
and charges 35,728.56 27,971.66
660,057.41
676,247.10
Current liabilities
Trade and other payables
845,479.13 478,220.11
Current income tax
35,109.50 40,445.41
Borrowings
656,994.58 487,917.82
1,537,583.22 1,006,583.34
Total liabilities
2,213,830.32 1,666,640.75
Total equity and liabilities 2,321,281.34
2,840,143.22
Performance synopsis
The Group`s results for the period ended 31 March, 2012 is due to the
following:
Turnover (Increased by 38%)
Revenue increased compared to the same period in 2011 due to:
- Increase in PMS pump price from N65 to N97 per liter though the 50% increase
did not pass through fully due to product scarcity and lost sales due to
scarcity
- Higher average crude prices;
- Additional revenue from East Horizon Gas Company which commenced operations
in 2012
Gross profit (Decreased by 5%)
Gross margin was lower compared to the same period in 2011 due to lower
effective margins on PMS sales.
Administrative and marketing expenses (Increased by 27%)
- Additional operating costs (including depreciation) incurred on new
businesses
- Exchange loss on foreign currency balances.
- Lower cost recovery in OML 125
- More petroleum products were sold at upcountry locations thereby resulting
in higher marketing costs.
Properties Plant and Equipment (PPE) and Long-term Receivables (LTR)
(Increased by 24 & Increased by 35% respectively)
PPE and LTR increased compared to the same period in 2011 for the following
reasons:
- Additional capital expenditure on upstream assets, and East Horizon Gas
Company`s 128Km natural gas pipeline.
- Refurbishment of the third rig in preparation for operational deployment.
- Commencement of construction work on Apapa Single Point Mooring (SPM)
project.
Inventories (Increased by 204%)
- More petroleum product cargoes were received at the end of March 2012
compared to the same period in 2011
- Higher cost of petroleum products during the period compared to the same
period in 2011, reflecting the reduction in subsidy.
- Maintenance spares for rigs and power plant.
Trade and other receivables (Increased by 25%)
- Additional receivables from new businesses (new gas pipeline project
commisioned, rig).
Trade and other payables (Increased by 83%)
- Higher volume of products purchased towards the end of March 2012 compared
to the same period in 2011
Borrowings (Increased by 21% )
- Depreciation of the naira relative to the same period of 2011 resulting in
increase in foreign-currency denominated short term borrowings.
- Additional borrowings were secured to finance the capital expenditure (rig
upgrade, gas pipeline construction and development of upstream assets) as
stated above.
Capital and Reserves (Decreased by 4%)
- Impact of profit after taxation.
- Surplus arising from the triennial revaluation of fixed assets in conformity
with the Company`s accounting policies. The revaluation was done on the basis
of open market value.
Shareholding
We remain one of the few companies listed with shareholders base in excess of
260,000. As of 31 December 2011, the range of shareholdings of the company is
as shown below:
Range No. of Holders Units Units%
Holders %
1 - 1000 168,436 63.96 62,026,381 3.69
1001 - 5000 73,118 27.76 149,867,546 6.60
5001 - 10000 10,376 3.94 73,186,851 3.23
10001 - 50000 9,172 3.48 190,197,969 7.65
50001 - 100000 1,068 0.41 75,619,577 2.97
100001 - 500000 923 0.35 186,875,913 6.36
500001 - 1000000 111 0.04 78,941,581 3.76
1000001 - 5000000 105 0.04 220,986,752 9.79
5000001 - 10000000 19 0.01 140,994,616 5.06
10000001 - 23 0.01 488,425,846 17.94
50000000
50000001 - 1 0.00 59,889,556 32.95
100000000
100000001 - 3 0.00 547,105,550
2274118138
263355 100 2,274,118,138 100.00
QUOTE
Sandton
23 May 2012
JSE Sponsor
Macquarie First South Capital (Proprietary) Limited
Date: 23/05/2012 15:39:01 Supplied by www.sharenet.co.za
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