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Third quarter 2013 Management Accounts
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 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
At September 2013
30-Sep-13 31-Dec-12
Group Company Group Company
=N='000 =N='000 =N='000 =N='000
Non-current assets
Property, plant and equipment 149,289,599 806,110 130,324,713 3,022,194
Intangible assets 137,577,960 110,585 138,853,809 89,096
Held to maturity investments 1,000 112,158,444 1,000 85,380,020
Non current deferred tax assets 14,388,479 393,194 13,424,518 579,406
Derivative financial instruments 1,046,481 - 986,278 69,645
Finance lease receivables - - 3,206,008 -
Non-current receivables 87,661,337 9,090,893 78,161,044 7,345,639
Restricted cash 4,052,927 324,177 4,053,050 324,000
394,017,783 122,883,403 369,010,420 96,810,000
Current assets
Inventories 30,077,004 10,622 18,110,541 6,733
Trade and other receivables 129,376,238 672,065,892 114,385,620 128,786,885
Available for sale investments 148,701 147,865 148,701 147,865
Bank and cash balances 12,777,744 1,103,112 13,408,506 1,567,995
172,379,687 673,327,491 146,053,368 130,509,478
Current liabilities
Trade and other payables 118,770,594 632,543,756 86,399,773 51,928,849
Dividend payable 660,542 660,542 651,058 651,058
Current income tax liabilities 3,150,602 931,694 6,417,980 760,941
Borrowings 172,171,873 40,336,938 213,665,715 68,121,082
294,753,611 674,472,930 307,134,526 121,461,930
Net current (liabilities)/assets (122,373,924) (1,145,439) (161,081,158) 9,047,548
Non-current liabilities
Borrowings 84,602,858 13,641,195 75,221,070 45,760,738
Deferred income tax liabilities 18,167,978 160,610 17,207,614 -
Provision for other liabilities & charges 4,515,411 - 3,562,670 -
Derivative financial liabilities 2,862,733 1,409,858 3,486,456 1,409,651
Retirement benefit obligation 3,409,555 1,457,800 2,802,983 1,232,303
Government Grant 293,941 - 293,941 -
113,852,476 16,669,463 102,574,734 48,402,692
Net Assets 157,791,383 105,068,501 105,354,528 57,454,856
Capital and Reserves attributable to equity holders
Share capital 3,411,177 3,411,177 1,137,058 1,137,058
Share premium account 98,991,434 98,991,434 49,521,186 49,521,186
Retained earnings 37,780,255 619,136 37,142,281 4,520,486
Other reserves 14,248,167 2,046,754 14,412,064 2,276,126
154,431,033 105,068,501 102,212,589 57,454,856
Non-Controlling interest 3,360,350 - 3,141,939 -
Total Equity 157,791,383 105,068,501 105,354,528 57,454,856
OANDO PLC
UNAUDITED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2013
30-Sep-13 30-Sep-12
Group Company Group Company
=N='000 =N='000 =N='000 =N='000
Turnover 386,251,190 5,883,304 487,769,908 5,372,222
Cost of sales (339,528,373) - (434,657,095) -
Gross profit 46,722,817 5,883,304 53,112,813 5,372,222
Selling and marketing costs (5,202,887) - (6,798,537) -
Administrative expenses (26,662,156) (853,526) (26,161,352) (770,782)
Other operating income 3,515,795 1,368,336 4,885,412 638,914
Operating profit 18,373,569 6,398,114 25,038,337 5,240,354
Finance income 1,637,957 3,450,794 3,097,444 3,940,023
Finance costs (10,250,493) (8,093,033) (10,728,272) (1,592,386)
Net finance (costs)/income (8,612,536) (4,642,239) (7,630,828) 2,347,636
Profit before taxation 9,761,033 1,755,875 17,407,510 7,587,990
Taxation (3,669,373) (554,347) (8,135,503) (225,100)
Profit after taxation 6,091,660 1,201,528 9,272,007 7,362,890
Attributable to:
Equity holders of the company 5,636,505 1,201,528 9,185,881 7,362,890
Non-Controlling interests 2% 455,155 - 86,126 -
6,091,660 1,201,528 9,272,007 7,362,890
Earnings per share for profit attributable to equity holders of the company during the year:
Basic earnings per share (kobo) 93 397
Adjusted earnings per share (kobo) 93 397
OANDO PLC
UNAUDITED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2013
30-Sep-13 30-Sep-12
Group Company Group Company
=N='000 =N='000 =N='000 =N='000
Profit for the period 6,091,660 1,201,528 9,272,007 7,362,890
Other comprehensive income:
Currency translation differences 207,303 - (3,795,531) -
Other comprehensive income for the year, netof tax 207,303 - (3,795,531) -
Total comprehensive income for the period 6,298,963 1,201,528 5,476,476 7,362,890
Attributable to:
Owners of the parent 5,858,151 1,201,528 5,390,350 7,362,890
Non controlling interest 440,812 - 86,126 -
6,298,963 1,201,528 5,476,476 7,362,890
OANDO PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER, 2013
30-Sep-13 31-Dec-12
NOTE Group Company Group Company
=N='000 =N='000 =N='000 =N='000
Cash flows from operating activities
Net cash flow from operating activities before
changes in working capital 26,903,492 6,603,179 50,466,168 6,810,021
Net decrease/(increase) in working capital 678,768 37,015,692 2,243,238 (60,700,716)
Income tax paid (6,940,348) (36,772) (10,390,255) (475,160)
Staff gratuity paid
Net cash from/(used in) operating activities 20,641,912 43,582,099 42,319,151 (54,365,855)
Cash flows from investing activities
Purchase of property plant and equipment (24,659,150) (75,629) (27,063,427) (1,134,918)
Deposit for acquisition of a business - - (67,542,450) -
Acquisition of subsidiary - (26,778,424.00) 789,373.00 -
Additions to Intangible assets (3,300,926) - (23,426,952) (89,096)
Proceeds from sale of property plant and equipment 770,504 711,509 2,309,209 62,817
Interest received 1,637,957 3,450,794 3,521,533 4,527,632
-
Cash used in by investing activities (25,551,615) (22,691,751) (111,412,714) 3,366,435
Cash flows from financing activities
Net Proceeds/(repayments) from long term loans 9,381,788 (32,119,543) 667,213 (6,000,000)
Share issue expenses (2,834,470) (2,834,470) - -
Proceeds from rights issues 54,578,836 54,578,836 - -
Restricted cash - - (1,710,050) (324,000)
Net Proceeds/(repayments) from long term loans (26,585,603) (20,687,529) 58,185,791 53,419,071
Dividend paid (5,102,879) (5,102,879) - -
Interest paid (10,250,493) (8,093,033) (16,530,258) (5,647,399)
Net cash from/(used in) financing activities 19,187,179 (14,258,617) 40,612,696 41,447,672
Net change in cash and cash equivalents 14,277,477 6,631,732 (28,480,867) (9,551,748)
Cash and cash equivalent at the beginning of the year (35,129,478) (7,034,067) (6,657,138) 2,517,681
Exchange difference - - 8,527 -
Cash and cash equivalents at end of the year (20,852,001) (402,335) (35,129,478) (7,034,067)
Cash at year end is analysed as follows:
Cash and bank balance 12,777,744 1,103,112 13,408,506 1,567,995
Bank overdrafts (33,629,745) (1,505,447) (48,537,984) (8,602,062)
(20,852,001) (402,335) (35,129,478) (7,034,067)
Lagos
15 November 2013
JSE Sponsor
Macquarie First South Capital (Pty) Limited
Date: 15/11/2013 02:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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