Audited Results for the Financial Year Ended 31 December 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") AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013 Shareholders are advised that Oando has released Company and Group Annual Reports and Consolidated Financial Statements for the full year ended 31 December 2013 to the Nigerian Stock Exchange. The Annual Reports and Consolidated Financial Statements, including commentary, are available on the company website hosted at www.oandoplc.com AUSITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF 31 DECEMBER 2013 Group Group Company Company 31-Dec- 31-Dec- 31-Dec- 31-Dec- 13 12 13 12 N'000 N'000 N'000 N'000 Assets Non- current assets Property, plant and equipment 172 209 130 324 925 365 3 022 842 713 194 Intangible assets 82 232 138 853 105 551 89 096 746 809 Investments accounted for using the equity method 2 880 - 2 716 - 478 431 Deferred income tax assets 11 463 13 424 1 292 579 406 002 518 116 Available-for-sale 14 500 1 000 financial assets 14 500 1 000 Investment in 108 186 85 379 subsidiaries - - 115 020 Derivative financial assets 1 220 986 278 1 582 69 645 796 989 Finance lease receivables 6 927 3 206 - - 207 008 Deposit for acquisition of a 69 840 67 542 - - business 000 450 Non-current receivables and prepayments 15 412 10 618 20 276 7 345 684 594 423 639 Restricted cash 3 798 4 053 327 107 324 000 258 050 365 999 369 010 135 426 96 810 513 420 597 000 Current assets Invent ories 19 446 18 110 - 6 733 202 541 Finance lease receivables 782 480 450 377 - - Derivative financial assets 389 900 - 4 933 - Trade and other receivables 143 738 113 935 125 966 128 786 804 243 063 885 Deferred income tax assets - - - - Available-for-sale financial assets 169 430 148 701 169 430 147 865 Cash and cash equivalents (excluding bank overdrafts) 23 887 13 408 1 486 1 567 497 506 292 995 188 414 146 053 127 626 130 509 313 368 718 478 Assets of disposal group classified as held for sale 37 483 - 10 000 113 Total assets 591 896 515 063 263 063 227 319 939 788 315 478 Equity and Liabilitie s Equity attributable to owners of the parent Share capital 3 411 1 137 3 411 1 137 177 058 177 058 Share premium 98 425 49 521 98 425 49 521 361 186 361 186 Retained earnings 33 937 37 142 2 861 4 520 579 281 024 486 Other reserves 23 217 14 412 1 392 2 276 694 064 189 126 158 991 102 212 106 089 57 454 811 589 751 856 Non controlling 3 376 3 141 interest 266 939 Total 162 368 105 354 106 089 57 454 077 528 751 856 Liabil ities Non-current liabilities Borrow ings 71 872 75 221 11 942 45 760 418 070 482 738 Deferred income tax liabilities 20 372 17 207 - - 939 614 Provision for other liabilities & charges 5 091 3 562 - - 069 670 Derivative financial - 3 486 - 1 409 liabilities 456 651 Other long term payable - - - - Retirement benefit obligation 2 468 2 802 1 189 1 232 035 983 998 303 Government Grant 206 643 293 941 - - 100 011 102 574 13 132 48 402 104 734 480 692 Current liabilitie s Trade and other 124 059 86 046 109 081 51 575 payables 301 357 976 433 Derivative financial 1 527 - 539 964 - liabilities 400 Current income tax liabilities 5 643 6 417 1 511 760 941 719 980 885 Dividend payable 644 691 651 058 644 691 651 058 Provision for other liabilities & charges - 353 416 - 353 416 Borrow ings 183 412 213 665 32 062 68 121 635 715 568 082 315 287 307 134 143 841 121 461 746 526 084 930 Liabilities of disposal group classified as held for sale 14 230 - - - 012 Total liabil 429 528 409 709 156 973 169 864 ities 862 260 564 622 Total equity and 591 896 515 063 263 063 227 319 liabilities 939 788 315 478 AUDITED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 Group Group Company Company 31-Dec- 31-Dec- 31-Dec- 31-Dec- 13 12 13 12 N'000 N'000 N'000 N'000 Continuing operations Revenu e 449 873 650 565 5 883 7 358 466 603 304 881 Cost of (390 (580 664 - - sales 584 507) 435) Gross profit 59 289 69 901 5 883 7 358 031 096 304 881 Other operating 5 135 1 637 5 034 1 790 income 379 352 740 961 Selling and marketing costs (6 478 (7 555 - - 374) 800) Administrativ e expenses (41 396 (39 557 (1 686 (3 421 496) 419) 201) 175) Operating profit 16 549 24 425 9 231 5 728 540 229 843 667 Financ e (21 637 (13 769 (14 194 (5 565 costs 777) 320) 497) 556) Finance income 5 804 3 521 7 746 4 527 480 533 351 632 Finance costs – (15 833 (10 247 (6 448 (1 037 net 297) 787) 146) 924) Share of (loss) of investments accounted for using the equity (3 036) - - - method Profit before income tax 713 207 14 177 2 783 4 690 442 697 743 Income tax expense (5 389 (8 666 (433 (311 472) 859) 123) 297) (Loss)/profit for the year from continuing operations (4 676 5 510 2 350 4 379 265) 583 574 446 Discontinued operations Profit for the year from discontinued operations 6 073 5 275 - - 191 734 Profit for the year 1 396 10 786 2 350 4 379 926 317 574 446 Earnings per share for profit attributable to equity holders of the company during the year: Basic earnings per share From continuing operations (75) 201 From discontinued operations 98 206 From profit for the year 23 407 Diluted earnings per share From continuing operations (75) 201 From discontinued operations - - From profit for the year (75) 201 AUDITED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER, 2013 Group Group Company Company 31-Dec- 31-Dec- 31-Dec- 31-Dec- 13 12 13 12 N'000 N'000 N'000 N'000 Profit for the year 1 396 10 786 2 350 4 379 926 317 574 446 Other comprehensive income: Items that will not be reclassified to profit or loss IFRIC 1 adjustment to revaluation reserve (2 483) (27 187) - - Gains on revaluation of property, plant and equipment 9 946 - - - 534 Deferred tax on revaluation surplus (273 - - - 525) Remeasurements of post employment benefit obligations 4 790 (83 331) 21 211 (23 936) Deferred tax on remeasurements of post employment benefit 329 24 999 - 7 181 obligations 9 675 (85 519) 21 211 (16 755) 645 Items that may be subsequently reclassified to profit or loss Currency translation differences (208 1 218 - - 979) 958 Fair value gain/(loss) on available for sale investment 35 065 (45 166) 35 065 (45 166) Deferred tax on fair value gain/(loss) on available for sale (10 13 550 (10 519) 13 550 investment 519) (184 1 187 24 546 (31 616) 433) 342 Other comprehensive income for the year, net of taxes 9 491 1 101 45 757 (48 371) 212 823 Total comprehensive income for the year Attributab le to: - Owners of the parent 10 893 11 523 2 396 4 331 153 371 331 075 - Non- controlling (5 014) 364 769 - - interests Total comprehensive income for the year 10 888 11 888 2 396 4 331 138 140 331 075 Total comprehensive income attributable to equity shareholders arises from: - Continuing operations 4 819 6 247 2 396 4 331 962 637 331 075 - Discontinued operations 6 073 5 275 - - 191 734 Total comprehensive income for the year 10 893 11 523 2 396 4 331 153 371 331 075 AUDITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2013 Share Other Retained Non Total Capital reserves earnings controllin g interest N'000 N'000 N'000 N'000 Balance as at 1 January 2012 50 658 13 376 27 658 1 071 92 764 244 928 713 101 986 Profit or loss for the - - 10 424 361 826 10 786 year 491 317 Other comprehensive income for the year - 1 188 (89 948) 2 943 1 101 828 823 Total comprehensive - 1 188 10 334 364 769 11 888 income 828 543 140 Transaction with owners Value of employee services - 605 293 - - 605 293 Tax on value of employee services - 96 109 - - 96 109 Reclassification to share based payment - 1 078 (1 078 - - reserve (SBPR) 449 449) Total transactions with - 1 779 (1 078 - 701 402 owners 851 449) Revaluation on disposal of Property, plant and - (13 13 051 - - equipment 051) Non controlling interest arising in business combination - Non controlling interest arising on business - (1 920 214 423 1 706 - combination 492) 069 Total transactions with owners of the parent, - (1 920 214 423 1 706 - recognised directly in 492) 069 equity Balance as at 31 December 2012 50 658 14 412 37 142 3 141 105 354 244 064 281 939 528 Balance as at 1 January 2013 50 658 14 412 37 142 3 141 105 354 244 064 281 939 528 Profit/(loss) for the year - - 1 414 (17 536) 1 396 462 926 Other comprehensive income for the year - 9 209 24 917 257 252 9 491 044 212 Total comprehensive income for the year - 9 209 1 439 239 716 10 888 044 379 138 Transaction with owners Value of employee services - 606 651 (606 - - 651) Tax on value of employee services - 37 236 (37 236) - - Proceeds from shares issued 54 578 - - - 54 578 836 836 Share issue expenses (3 400 - - - (3 400 542) 542) Reclassification of expired SBPR - (105 105 965 - - 965) Deferred tax on reclassification of - (31 - - (31 789) expired SBPR 789) Divide nds - - (5 116 - (5 116 766) 766) Total transaction with owners 51 178 506 133 (5 654 - 46 029 294 688) 739 Translation difference - - - - - Revaluation of Property, plant and equipment - (1 010 1 010 - - 608) 608 Deferred tax on revaluation reserve - 101 061 - - 101 061 Non controlling interest arising in business combination - Non controlling interest arising on common control transaction - - (5 389) (5 389) Total transactions with owners of the parent, 51 178 (403 (4 644 (5 389) 46 125 recognised directly in 294 414) 081) 411 equity Balance as at 31 December 2013 101 23 217 33 937 3 376 162 368 836 694 579 266 077 538 AUDITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2013 Group Group Company Company 31-Dec- 31-Dec- 31-Dec- 31-Dec- 13 12 13 12 NOTE N'000 N'000 N'000 N'000 Cash flows from operating activities Cash generated from operations 62 077 52 709 51 587 (54 088 587 406 299 944) Intere st (23 946 (22 652 (14 006 (5 647 paid 790) 743) 268) 399) Income tax paid (5 242 (10 390 (304 (475 530) 255) 348) 160) Net cash from/(used in) operating activities 32 888 19 666 37 276 (60 211 267 408 683 503) Cash flows from investing activities Purchases of property plant and equipment (43 902 (20 940 (241 (936 237) 942) 602) 669) Acquisition of subsidiary, net of - 790 209 - - cash Disposal of subsidiary, net of 1 392 - 1 396 - cash 902 800 Deposit for acquisition of a (2 328 (67 542 (22 819 - business 000) 450) 675) Investment in associate - - - - Available for sale investment - (836) - - Acquisition of software (325 (782 (61 372) (89 096) 720) 514) Purchase of intangible exploration assets (1 485 (6 170 - - 410) 373) Payments relating to pipeline construction (346 (16 474 - - 363) 065) Acquired minority - - - - interest Proceeds from sale of property plant and equipment 1 066 2 309 16 098 62 817 367 209 Interest received 4 124 3 521 8 169 4 527 929 533 621 632 Net cash (used in)/from investing activities (41 803 (105 290 (13 540 3 564 532) 229) 130) 684 Cash flows from financing activities Proceeds from long term borrowings 63 415 18 903 - - 306 590 Repayment of long term borrowings (62 875 (18 236 (25 996 (6 000 830) 376) 272) 000) Proceed from import finance facilities - - - - Proceeds from issue of shares 54 578 - 54 578 - 836 835 Share issue expenses (3 400 - (3 400 - 542) 542) Repayment of finance lease - - - - Proceeds from issue of other term loans - - - 40 370 200 Proceeds from other short term borrowings 168 723 362 923 1 826 13 048 607 573 713 871 Repayment of other short term borrowings (181 (304 737 (44 021 - 809 782) 826) 004) Increase/(decrease) in bank overdrafts - - - - Divide nd (5 116 - (5 116 - paid 766) 766) Restricted cash 254 792 (1 710 (3 107) (324 050) 000) Net cash from/(used in) financing activities 33 770 57 142 (22 132 47 095 400 955 965) 071 Net change in cash and cash equivalents 24 855 (28 480 1 603 (9 551 135 866) 589 748) Cash and cash equivalents and bank overdrafts at the beginning of (35 129 (6 657 (7 034 2 517 the year 477) 138) 067) 681 Exchange gains/(losses) on cash and cash equivalents (56 8 527 - - 787) Cash and cash equivalents at end of the year (10 331 (35 129 (5 430 (7 034 129) 477) 478) 067) Cash at year end is analysed as follows: Cash and bank balance as above 23 887 13 408 1 486 1 567 497 507 292 995 Bank overdrafts (Note 27) (34 218 (48 537 (6 916 (8 602 626) 984) 770) 062) (10 331 (35 129 (5 430 (7 034 129) 477) 478) 067) Lagos 23 September 2014 JSE Sponsor Macquarie First South Capital Proprietary Limited Date: 23/09/2014 10:55:00 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.