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Unaudited Financial statements for the first quarter ended 31 March 2013
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 Financial Statements for the first quarter ended 31 March 2013
Shareholders are advised that Oando released unaudited financial statements for the Company for the first quarter
ended 31 March 2013 to the Nigerian Stock Exchange earlier today, Thursday, 27 June 2013.
QUOTE
OANDO PLC
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of 31 March 2013
31-Mar-13 31-Mar-12
NOTE Group Company Group Company
Non-current assets
Property, plant and equipment 4 119,045,320 2,935,369 108,759,782 15,759,946
Intangible assets 5 148,920,596 67,291 109,310,438 127,598
Held to maturity investments 6 872,499 85,487,495 1,003 41,490,039
Non current deferred tax assets 3,578,230 319,676 27 166,895
Derivative financial instruments 1,242,024 1,159,502 - -
Finance lease receivables 2,839,567 - - -
Non-current receivables 7 19,165,746 9,380,833 34,533,602 4,778,999
295,663,982 99,350,165 252,604,852 62,323,476
Current assets
Inventories 8 23,445,109 7,270 61,867,468 21,287
Trade and other receivables 9 255,027,845 624,478,671 102,563,927 514,904,212
Available for sale investments 8,164,302 324,177 - -
Deferred tax assets 5,108,885 73,518 - -
Bank and cash balances 17,205,078 482,548 24,634,456 742,738
308,951,220 625,366,184 189,065,851 515,668,237
Current liabilities
Trade and other payables 10 155,479,436 585,314,569 126,619,060 456,667,427
Dividend payable 4,703,944 651,058 3,164,816 690,047
Deferrred tax liabilities 10,746,923 63,094 1,806,575 -
Current income tax liabilities 7,067,914 731,694 5,459,879 596,886
Borrowings 11 255,528,624 25,618,817 104,669,227 3,900,000
433,526,840 612,379,232 241,719,557 461,854,360
Net current (liabilities)/assets (124,575,621) 12,986,953 (52,653,706) 53,813,878
Non-current liabilities
Borrowings 11 42,474,713 51,490,507 92,871,992 58,152,000
Deferred tax liabilities 1,894,608 97,516 7,903,746 206,179
Provision for other liabilities &
charges 13 18,161,707 1,232,922 4,387,449 1,088,466
62,531,028 52,820,945 105,163,187 59,446,645
Net Assets 108,557,334 59,516,173 94,787,960 56,690,709
Capital and Reserves attributable
to equity holders
Share capital 14 1,137,058 1,137,058 1,137,059 1,137,059
Share premium account 15 49,521,186 49,521,186 49,042,111 49,042,111
Revaluation reserve 16 16,387,538 898,047 18,050,422 1,013,047
Retained earnings 17 36,735,400 7,959,881 25,070,317 5,498,493
103,781,183 59,516,173 93,299,908 56,690,709
Non-Controlling interest 4,776,151 - 1,488,051 -
Total Equity 108,557,334 59,516,173 94,787,959 56,690,709
The accounting policies and notes form an integral part of these interim financial statements.
OANDO PLC
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS FOR THE PERIOD ENDED 31 MARCH, 2013
31-Mar-13 31-Mar-12
NOTE Group Company Group Company
Turnover 3 121,061,351 - 158,604,522 -
Cost of sales (108,013,010) - (143,543,380) -
Gross profit 13,048,341 - 15,061,142 -
Selling and marketing costs (223,207) - (1,796,986) -
Administrative expenses (8,176,558) (164,059) (7,948,779) (204,848)
Other operating income 1,193,411 50,922 1,305,281 418,962
Operating profit 5,841,987 (113,136) 6,620,658 214,113
Finance income 2,197,816 1,958,325 1,221,305 962,761
Finance costs (3,749,929) (1,229,595) (2,854,646) (185,750)
Net finance (costs)/income (1,552,113) 728,730 (1,633,342) 777,011
Profit before taxation 4,289,875 615,593 4,987,317 991,125
Taxation (1,841,399) (50,000) (1,961,799) (70,797)
Profit after taxation 2,448,476 565,593 3,025,518 920,327
Attributable to:
Equity holders of the company 2,416,850 565,593 2,960,447 920,327
Non-Controlling interests 2% 31,626 - 65,070.67 -
2,448,476 565,593 3,025,518 920,327
Earnings per share for profit
attributable to equity holders
of the company during the
year:
Basic earnings per share
(kobo) 106 25 131 41
Adjusted earnings per share
(kobo) 106 25 131 41
The accounting policies and notes form an integral part of these interim financial statements.
OANDO PLC
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH, 2013
31-Mar-13 31-Mar-12
Group Company Group Company
Profit for the period 2,448,475.84 565,595.90 3,025,517.77 920,327.17
Other comprehensive income:
-
Actuarial gains - - - -
Deferred tax on actuarial gains (194,168) (41,859) 185,628 (9,236.00)
Currency translation differences - - - -
Other comprehensive income for the
year, netof tax (194,167.56) (41,858.84) 185,628.00 (9,236.00)
Total comprehensive income for the
period 2,254,308 523,737 3,211,146 911,091
Attributable to:
Owners of the parent 2,225,190 523,737 3,142,083 911,091
Non controlling interest 29,118 - 69,063 -
2,254,308 523,737 3,211,146 911,091
OANDO PLC
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH, 2013
31-Mar-13 31-Mar-12
NOTE Group Company Group Company
Cash flows from
operating activities
Net cash flow from
operating activities
before
changes in working
capital 19 10,398,865 (28,504) 8,824,447 331,302
Net
decrease/(increase) in
working capital 20 (63,591,098) 36,622,151 27,206,637 (3,533,856)
(Increase)/decrease
in non current
receivables (8,371,370) (7,182,537) (2,953,018) (2,580,703)
Income tax paid - - - -
Staff gratuity paid - -
Net cash from/(used
in) operating
activities (61,563,604) 29,411,111 33,078,066 (5,783,257)
Cash flows from
investing activities
Purchase of property
plant and equipment (19,711,780) (890,928) (14,425,346) (1,588,158)
Investment in
subsidiaries - - 2.88 149,607
Acquisition of
subsidiary - - - -
Payments relating to
pipeline construction (5,758,761) - (3,346,692) -
Pipeline construction
costs recovery 3,016,273 - 501,149 -
Proceeds from sale of
property plant and
equipment 58,449 23,815 7,139
Interest received 2,197,816 1,958,325 1,221,305 962,761
-
Cash used in by
investing activities (20,198,003) 1,067,397 (16,025,767) (468,651)
Cash flows from
financing activities
Proceeds from long
term loans 22,551,197 18,497,428 7,280,221 6,927,000
(Repayment) of long
term loans (12,350,889) (4,500,000) - -
(Repayment)/Proceed
from import finance
facilities 8,772,886 - -
Share issue expenses - 7,347,710 - -
Proceeds from rights
issues - - - -
Proceeds from
finance lease 702,140 - (52,938) -
(Repayment) of
finance lease - -
Proceeds from other
short term loans 51,549,815 948,820 (17,824,008) (2,264,285)
(Repayment) of other
short term loans (30,112,940) (53,578,003) - -
Increase/(decrease)
in bank overdrafts 40,570,875 - - -
Dividend paid - - - -
Issue of shares - - - -
Interest paid (3,749,929) (1,229,595) (2,854,646) (185,750)
Net cash from/(used
in) financing
activities 77,933,155 (32,513,640) (13,451,372) 4,476,965
Net change in cash
and cash equivalents (3,828,451) (2,035,132) 3,600,927 (1,774,943)
Cash and cash
equivalent at the
beginning of the year 21,033,529 2,517,681 21,033,529 2,517,681
Exchange difference
Cash and cash
equivalents at end of
the year 17,205,078 482,548 4,634,456 742,738
Cash at year end is
analysed as follows:
Cash at bank and in
hand 15,999,948 482,548 21,175,984 335,858
Fixed deposits 1,205,129 - 3,458,472 406,881
17,205,078 482,548 24,634,456 42,738
The accounting policies and notes form an integral part of these interim financial statements.
QUOTE
Sandton
27 June 2013
JSE Sponsor
Macquarie First South Capital (Proprietary) Limited
Date: 27/06/2013 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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