Wrap Text
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')
UNAUDITED FINANCIAL STATEMENTS FOR THE SECOND QUARTER ENDED 30
JUNE 2012
Shareholders are advised that the unaudited interim financial
statements for the six months ended 30 June 2012 was released
on the Nigerian Stock Exchange today, 19 July, 2012.
QUOTE
The Directors are pleased to announce the unaudited interim
financial statements of Oando for the six months ended 30 June
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 Terminals and Logistics.
The results for the six months ended 30 June 2012 are as
follows:
Consolidated income statements
6 6 Months Full
Months to to year to
30-Jun-12 30-Jun-11 31-Dec-11
US$'000 US$'000 US$'000
Revenue 2,256,027.87 1,770,190.74 3,755,563.60
Cost of sales (2,056,464.3 (1,550,532.1 (3,317,401.7
1) 8) 1)
Gross profit 199,563.56 219,658.56 438,161.89
Other operating 18,645.35 26,412.72 79,747.19
income
Selling & marketing (28,359.51) (24,932.92) (50,584.20)
costs
Administrative (97,386.27) (114,223.85) (269,848.44)
expenses
Operating profit 92,463.13 106,914.50 197,476.43
Finance income 11,907.39 3,167.72 16,217.16
Finance costs (37,352.27) (25,671.99) (56,502.49)
Finance costs ' net (25,444.88) (22,504.27) (40,285.33)
Profit before income 67,018.25 84,410.23 157,191.10
tax
Income tax expense (24,510.10) (40,258.85) (73,506.75)
Profit for period 42,508.15 44,151.39 83,684.35
Consolidated Statement of financial position
6 Months Full year
6 Months to to to
30-
30-Jun-12 Jun-12 31-Dec-11
US$'000
US$'000 US$'000
ASSETS
Non-current assets
Property, plant and 1,182,367.48 1,054,318. 1,123,272
equipment 31 .84
Intangible assets 155,068.90 156,936.81 151,521.8
6
Deferred income tax assets 32,207.35 22,761.60 35,550.80
Available-for-sale 6.43 6.59
financial assets 6.40
Non-current receivables 214,033.73 192,234.59 220,397.7
4
1,583,683.90 1,426,257. 1,530,749
91 .64
Current assets
Inventories 274,567.20 203,218.06 207,800.2
9
-
Available-for-sale 1,242.07 -
financial assets
Trade and other receivables 1,108,383.44 766,821.11 681,259.7
5
Cash and cash equivalents 88,925.91 110,290.10 134,657.6
7
1,473,118.63 1,080,329. 1,023,717
27 .72
Total assets 3,056,802.53 2,506,587. 2,518,916
18 .56
EQUITY
Share capital 7,316.51 7,478.06 7,279.50
Share premium 318,648.65 324,159.63 317,037.0
5
Other reserves 131,113.21 127,009.21 115,587.6
7
Retained earnings 153,308.82 177,021.93 144,356.4
0
610,387.18 635,668.83 584,260.6
3
Non-controlling interest 13,308.75 9,021.48 7,466.53
Total equity 623,695.93 644,690.31 591,727.1
5
Non-current liabilities
Borrowings 572,016.06 629,455.38 563,967.8
1
Deferred income tax 67,490.90 43,199.93
liabilities 39,507.55
Provisions for other
liabilities and charges 34,590.41 30,118.20 33,274.61
674,097.37 702,773.50 636,749.9
6
Current liabilities
Trade and other payables 858,937.85 661,680.96 478,035.7
6
Current income tax 48,190.56 37,807.55 44,201.15
Borrowings 851,880.81 459,334.86 768,202.5
3
1,759,009.22 1,159,123. 1,290,439
37 .44
Total liabilities 2,433,106.59 1,861,896. 1,927,189
87 .41
Total equity and 3,056,802.53 2,506,587. 2,518,916
liabilities 18 .56
Performance synopsis
Turnover (Increased by 27%)Revenue increased compared to the
same period in 2011 due to:
- Increased sales of crude oil;
- Relatively higher average crude prices;
- 49% increase in Premium Motor Spirit ('PMS') pump price per
litre, from N65 to N97, due to partial deregulation of the
downstream sector of the petroleum industry;
- Additional N1.4billion revenue contribution from East
Horizon Gas Company ('EHGC') which commenced commercial
operation during January 2012.
Gross profit (Decreased by 9%)
Gross margin was lower compared to the same period in 2011
due:
- Lower PMS volumes were sold as a result of a two week
nationwide strike during January 2012 as well as a PMS
scarcity during February 2012;
- Change in pricing mechanism for Akute Power plant. This led
to overall margin reduction in on electricity billed to the
customer.
Administrative and marketing expenses (Decreased by 9%)
- Lower operating costs in respect of Oil Mining License
('OML') 125;
- Selling and marketing expenses decreased due to lower PMS
sale volumes.
Property Plant and Equipment ('PPE') and Long-term Receivables
('LTR') (Increased by 12% & 11% respectively)
PPE and LTR increased compared to the same period in 2011 due
to the following reasons:
- Additional capital expenditure incurred on the upstream
assets and the EHGC 128Km natural gas pipeline;
- Refurbishment of the third rig in preparation for
operational deployment;
- Commencement of construction work on the Apapa Single Point
Mooring (SPM) project.
Inventories (Increased by 35%)
- Increased volume of imported refined petroleum products;
- Depreciation in exchange rate of naira to USD by N4.20.
Trade and other receivables (Increased by 45%) Trade and other
payables (Increased by 30%)
- Increased volume of imported refined petroleum products
Depreciation in exchange rate of naira to USD by N4.20;
- Increased trade receivables and payables arising from
commencement of operations by EHGC.
Borrowings (Increased by 31%)
- Depreciation of the naira, resulting in an increased value
of foreign-currency denominated borrowings;
- Additional borrowings were secured to finance the increased
capital expenditure (rig upgrade, gas pipeline construction
and development of upstream assets).
Capital and Reserves (Decreased by 3%)
- Reduction in reserves was due to the impact of exceptional
charges (write off of irrecoverable assets of about
$61million), at the end December 2011;
- Depreciation in naira exchange rate to USD by N4.20.
Shareholding
Oando remains one of the few companies listed on the Nigerian
Stock Exchange, with a shareholder base in excess of 260,000.
The range of shareholdings of the Company as at 30 June 2012
is indicated below:
No of Holder Unit
Range holders s % Units s %
1 -
1,000 168,488 63.96 62,002,229 2.73
1,001 - 149,315,35
5,000 72,816 27.76 6 6.57
5,001 -
10,000 10,424 3.94 73,618,930 3.24
10,001 - 9,384 3.48 195,946,36 8.62
50,000 7
50,001 -
100,000 1,154 0.41 81,718,383 3.59
100,001 - 196,499,72
500,000 975 0.35 6 8.64
500,001 -
1,000,000 115 0.04 81,163,715 3.57
1,000,001 - 256,021,98 11.2
5,000,000 132 0.04 3 6
5,000,001 - 116,746,18
10,000,000 15 0.01 2 5.13
10,000,001 - 515,969,72 22.6
50,000,000 24 0.01 6 9
50,000,001 - 153,404,45
100,000,000 2 0.00 8 6.75
100,000,001 - 391,711,08 17.2
2,274,118,138 2 0.00 3 2
2,274,118,
263,531 138
UNQUOTE
19 July 2012
Sandton
JSE Sponsor
Macquarie First South Capital (Proprietary) Limited
Date: 19/07/2012 03:00:00 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
