First Quarter 2014 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") FIRST QUARTER 2014 MANAGEMENT ACCOUNTS UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF 31 MARCH 2014 31-Mar- 31-Dec-13 14 Group Company Group Company Non-current N'000 N'000 N'000 N'000 assets Property, plant and equipment 176 375 898 993 172 209 925 365 066 842 Intangible assets 82 649 101 108 82 232 105 551 272 746 Investments accounted for using the equity method 2 876 2 716 2 880 478 2 716 431 291 431 Deferred income tax assets 7 673 1 452 11 463 1 292 116 760 726 002 Available-for-sale financial assets 14 500 14 500 14 500 14 500 Investment in subsidiaries - 190 191 - 108 186 115 497 Derivative financial assets 1 613 13 241 1 220 796 1 582 989 848 684 Finance lease receivables 6 739 - 6 927 207 - 672 Deposit for acquisition of a business 77 620 - 69 840 - 000 000 Non-current receivables and prepayments 17 404 8 111 15 412 20 276 423 691 854 684 Restricted cash 4 692 558 043 3 798 258 327 107 706 377 659 217 286 365 999 135 426 597 806 836 513 Current assets Inventories 22 429 - 19 446 - 558 202 Finance lease receivables 782 480 - 782 480 - Derivative financial assets 1 220 - 389 900 4 933 796 Trade and other receivables 176 059 124 263 143 738 125 966 063 258 760 804 Derivative financial assets - - - - Available-for-sale financial assets 169 430 169 430 169 430 169 430 Cash and cash equivalents (excluding bank overdrafts) 77 938 1 370 23 887 1 486 292 343 292 497 278 599 125 803 188 414 127 626 718 865 482 313 Assets of disposal group classified as held for sale - - 37 483 10 000 113 Current liabilities Trade and other payables 193 539 152 801 124 059 109 081 977 663 182 302 Derivative financial 1 132 - 1 527 400 539 964 liabilities 057 Current income tax liabilities 6 934 1 229 5 643 719 1 511 885 424 438 Dividend payable 1 644 1 644 644 691 644 691 692 691 Provision for other liabilities & charges - - - - Borrowings 164 172 32 466 183 412 32 062 568 551 771 635 367 423 188 142 315 287 143 841 085 387 082 747 Liabilities of disposal group classified as held for sale - - 14 230 - 012 Net current (liabilities)/assets (88 823 (62 338 (103 620 (16 204 522) 600) 333) 367) Non-current liabilities Borrowings 67 290 10 358 71 872 11 942 482 437 334 418 Deferred income tax liabilities 18 354 160 610 20 372 - 029 939 Provision for other liabilities & charges 4 991 - 5 091 069 - 308 Derivative financial 2 530 539 964 - - liabilities 940 Retirement benefit 2 585 1 193 2 468 035 1 189 998 obligation 173 407 Government Grant 184 819 - 206 643 - 95 936 12 252 100 011 13 132 480 706 315 104 Net Assets 192 899 142 695 162 368 106 089 750 578 921 076 Capital and Reserves attributable to equity holders Share capital 4 434 4 434 3 411 177 3 411 177 530 530 Share premium account 130 210 130 210 98 425 98 425 361 711 711 361 Retained earnings 27 100 6 658 33 938 2 861 023 235 491 473 Other reserves 19 734 1 392 23 216 1 392 189 736 189 799 181 480 142 695 158 991 106 089 750 212 921 810 Non-Controlling interest 11 419 - 3 376 266 - 366 Total Equity 192 899 142 695 162 368 106 089 750 578 921 076 UNAUDITED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2014 31-Mar- 31-Mar-13 14 Group Company Group Company N'000 N'000 N'000 N'000 Turnover 85 268 - 121 061 - 821 351 Cost of sales (70 806 - (108 013 3 995) 010) Gross profit 14 461 - 13 048 3 826 341 Selling and marketing costs (1 265 - (223 207) - 208) Administrative expenses (9 580 (3 162 (8 176 (164 059) 361) 333) 558) Other operating income 1 040 9 607 1 193 411 50 922 433 353 Operating profit 4 656 6 445 5 841 987 (113 134) 690 020 Finance income 1 867 942 235 2 197 816 1 958 325 147 Finance costs (6 578 (3 514 (3 749 (1 229 595) 546) 788) 929) Net finance (costs)/income (4 711 (2 572 (1 552 728 730 399) 553) 113) Share of loss of investments accounted for using the equity (4 186) - - - method Profit before taxation (58 895) 3 872 4 289 875 615 596 467 Taxation (2 657 (75 000) (1 841 (50 000) 733) 399) Profit after taxation (2 716 3 797 2 448 476 565 596 628) 467 Attributable to: Equity holders of the company (2 316 3 797 2 416 850 565 596 506) 467 Non-Controlling interests (400 - 31 626 - 122) (2 716 3 797 2 448 476 565 596 628) 467 Earnings per share for profit attributable to equity holders of the company for the 3 months ended 31 March 2014: Earnings per (26) (26) 106 106 share (kobo) Interim dividend 0 0 0 0 per share (kobo) UNAUDITED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2014 31-Mar- 31-Mar-13 14 Group Company Group Company N'000 N'000 N'000 N'000 Profit for the period (2 716 3 797 2 448 476 565 596 628) 467 Other comprehensive income: Items that may be subsequently reclassified to profit or loss Currency translation differences 439 428 - - - Fair value (loss)/gains on available for sale investment - - - - Deferred tax on fair value loss/(gains) on available for sale 439 428 - - - investment Total comprehensive income for the period (2 277 3 797 2 448 476 565 596 200) 467 Attributable to: Owners of the parent (1 904 3 797 2 416 850 565 596 814) 467 Non controlling interest (372 - 31 626 - 386) (2 277 3 797 2 448 476 565 596 200) 467 UNAUDITED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2014 31-Mar- 31-Dec-13 14 Group Company Group Company N'000 N'000 N'000 N'000 Cash flows from operating activities 52 077 59 310 62 077 51 587 299 816 650 587 Interest paid (6 433 (3 514 (23 946 (14 006 003) 788) 790) 268) Income tax paid - (357 (5 242 (304 348) 447) 530) Net cash from/(used in) operating activities 45 644 55 438 32 888 37 276 683 813 415 267 Cash flows from investing activities Purchases of property plant and equipment (7 513 (36 413) (43 902 (241 602) 245) 237) Acquisition of subsidiary, net of cash - (92 433 - - 089) Disposal of subsidiary, net of cash 4 575 4 575 1 392 902 1 396 800 031 031 Deposit for acquisition of a business (7 780 - (2 328 (22 819 000) 000) 675) Acquisition of software (11 697) - (325 720) (61 372) Purchase of intangible exploration assets (481 - (1 485 - 648) 410) Payments relating to pipeline construction - - (346 363) - Proceeds from sale of property plant and equipment - - 1 066 367 16 098 Interest received 1 867 942 235 4 124 929 8 169 621 147 Cash used in by investing activities (9 344 (86 952 (41 803 (13 540 412) 236) 532) 130) Cash flows from financing activities Net proceeds from long term borrowings - 1 076 539 476 - 192 Net repayment of long term borrowings (925 - - (25 996 133) 272) Proceeds from issue of shares 32 808 32 808 51 178 51 178 293 703 703 294 Proceeds from private placement 7 762 - - - 000 Net proceeds from other short term borrowings - 404 203 - - Net repayment of other short term borrowings (17 343 - (13 085 (42 195 828) 396) 113) Dividend paid - - (5 116 (5 116 766) 766) Restricted cash (894 (230 254 792 (3 107) 448) 936) Net cash from/(used in) financing activities 21 407 34 058 33 770 (22 132 294 162 400 965) Net change in cash and cash equivalents 57 707 2 544 24 855 1 603 589 694 340 135 - - - - Cash and cash equivalents and bank overdrafts at the beginning of (10 331 (5 430 (35 129 (7 034 067) the year 129) 478) 477) Exchange gains/(losses) on cash and cash equivalents - - (56 787) - Cash and cash equivalents at end of the year 47 376 (2 886 (10 331 (5 430 478) 565 138) 129) Cash at year end is analysed as follows: Cash and bank balance as above 77 938 1 370 23 887 1 486 292 343 292 497 Bank overdrafts (Note 25) (30 561 (4 256 (34 218 (6 916 770) 778) 430) 626) 47 376 (2 886 (10 331 (5 430 478) 565 138) 129) UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2014 GROUP Share Other Retained Equity Non Total Capital reserv earnings holders of controlling equity es parent interest N'000 N'000 N'000 N'000 N'000 N'000 Balance as at 1 January 2013 50 658 14 412 37 142 102 212 3 141 939 105 354 528 244 064 281 589 Profit/(loss) for the year - - 1 415 1 415 (17 536) 1 397 820 356 356 Other comprehensive - 9 208 (6 872) 9 201 257 252 9 458 528 income for the 149 276 year Total comprehensive 50 658 23 620 38 550 112 829 3 381 655 116 210 876 income for the 244 213 765 222 year Transaction with owners Value of employee - 606 (606 - - - services 651 651) Tax on value of employee - 37 236 (37 236) - - - services Proceeds from shares issued 54 578 - - 54 578 - 54 578 836 836 836 Share issue expenses (3 400 - - (3 400 - (3 400 542) 542) 542) Reclassification of expired SBPR - (105 105 965 - - - 965) Deffered tax on reclassification - (31 31 789 - - - of expired SBPR 789) Revaluation of Property, plant - (1 010 1 010 - - - and equipment 608) 608 Deferred tax on revaluation - 101 - 101 061 - 101 061 reserve 061 Dividends - - (5 116 (5 116 - (5 116 766) 766) 766) Total transaction with 51 178 (403 (4 612 46 162 - 46 162 589 owners 294 414) 292) 589 Translation difference - - - - - - Non controlling interest arising - - - - (5 389) (5 389) on common control transaction Total transactions 51 178 (403 (4 612 46 162 (5 389) 46 157 200 with owners of 294 414) 292) 589 the parent, recognised directly in equity Balance as at 31 December 2013 101 836 23 216 33 938 158 991 3 376 266 162 368 076 538 799 473 810 Balance as at 1 January 2014 101 836 23 216 33 938 158 991 3 376 266 162 368 076 538 799 473 810 Profit/(loss) for the year - - (2 316 (2 316 (400 122) (2 716 628) 506) 506) Other comprehensive - 411 - 411 692 27 736 439 428 income for the 692 year Total comprehensive 101 836 23 628 31 621 157 086 3 003 880 160 090 876 income for the 538 491 967 996 year Transaction with owners Proceeds from shares issued 32 808 - - 32 808 - 32 808 703 703 703 Total transaction with 32 808 - - 32 808 - 32 808 703 owners 703 703 Translation difference - - - - - - Non controlling interest arising - (3 893 (4 521 (8 415 8 415 486 (1) on common 755) 732) 487) control transaction Total transactions 32 808 (3 893 (4 521 24 393 8 415 486 32 808 702 with owners of 703 755) 732) 216 the parent, recognised directly in equity Balance as at 31 March 2014 134 645 19 734 27 100 181 480 11 419 192 899 578 241 736 235 212 366 Lagos 23 September 2014 JSE Sponsor Macquarie First South Capital Proprietary Limited Date: 23/09/2014 10:56:00 Produced by the JSE SENS Department. 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