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December 2014 year end results
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: OANDO
ISIN: NGOANDO00002
("Oando" or the “Company")
AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
Shareholders re advised that Oando has released Company and Group Annual Reports and Consolidated
Financial Statements for the full year ended 31 December 2014 to the Nigerian Stock Exchange. The
Annual Reports and Consolidated Financial Statements, including commentary, are available on the
Company website hosed at www.oandoplc.com
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF 31 DECEMBER 2014
Group Group Company Company
31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-13
N'000 N'000 N'000 N'000
Assets
Non-current assets
Property, plant and equipment 314 042 207 172 209 842 819 188 925 365
Intangible assets 245 705 184 82 232 746 162 918 105 551
Investments accounted for using the
equity method 3 409 413 2 880 478 2 716 431 2 716 431
Deferred income tax assets 12 328 465 4 995 280 - 1 292 116
Available-for-sale financial assets 10 834 14 500 10 834 14 500
Investment in subsidiaries - - 77 794 091 108 186 115
Derivative financial assets 57 551 454 1 220 796 1 662 948 1 582 989
Finance lease receivables 42 796 330 6 927 207 - -
Deposit for acquisition of a business - 69 840 000 - -
Non-current receivables and
prepayments 137 989 12 026 874 14 708 280 19 355 333
Prepayments 3 288 806 3 385 810 44 015 921 090
Restricted cash 14 194 363 3 798 258 - 327 107
693 465 045 359 531 791 97 918 705 135 426 597
Current assets
Inventories 26 970 824 19 446 202 - -
Finance lease receivables 658 133 782 480 - -
Derivative financial assets - 389 900 - 4 933
Trade and other receivables 136 116 655 139 383 885 176 868 029 125 073 570
Prepayments 4 535 137 4 354 919 138 179 892 493
Available-for-sale financial assets 187 003 169 430 187 003 169 430
Cash and cash equivalents (excluding
bank overdrafts) 27 439 760 23 887 497 2 846 607 1 486 292
195 907 512 188 414 313 180 039 818 127 626 718
Assets of disposal group classified as
held for sale - 37 483 113 - 10 000
Total assets 889 372 557 585 429 217 277 958 523 263 063 315
Equity and Liabilities
Equity attributable to owners of the
parent
Share capital 4 542 343 3 411 177 4 542 343 3 411 177
Share premium 131 554 223 98 425 361 131 554 223 98 425 361
Retained earnings (153 583 141) 33 937 579 (107 794 336) 2 861 024
Other reserves 50 521 630 23 217 694 - 1 392 189
33 035 055 158 991 811 28 302 230 106 089 751
Non controlling interest 12 471 648 3 376 266
Total 45 506 703 162 368 077 28 302 230 106 089 751
Liabilities
Non-current liabilities
Borrowings 162 328 636 71 872 418 4 142 857 11 942 482
Deferred income tax liabilities 148 727 530 13 905 217 - -
Provision for other liabilities & charges 11 923 304 5 091 069 - -
Retirement benefit obligation 2 903 344 2 468 035 1 032 786 1 189 998
Government Grant 119 346 206 643 - -
326 002 160 93 543 382 5 175 643 13 132 480
Current liabilities
Trade and other payables 156 627 553 124 059 301 119 978 134 109 081 976
Derivative financial liabilities 3 608 768 1 527 400 3 608 768 539 964
Current income tax liabilities 44 963 118 5 643 719 1 552 169 1 511 885
Dividend payable 1 650 691 644 691 1 650 691 644 691
Borrowings 311 013 564 183 412 635 117 690 888 32 062 568
517 863 694 315 287 746 244 480 650 143 841 084
Liabilities of disposal group classified
as held for sale - 14 230 012 - -
Total liabilities 843 865 854 423 061 140 249 656 293 156 973 564
Total equity and liabilities 889 372 557 585 429 217 277 958 523 263 063 315
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
FOR THE YEAR ENDED 31
DECEMBER 2014
Group Group Company Company
31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-13
N'000 N'000 N'000 N'000
Continuing operations
Revenue 424 677 646 449 873 466 14 217 468 5 883 304
Cost of sales (355 495 988) (390 584 435) - -
Gross profit 69 181 658 59 289 031 14 217 468 5 883 304
Other operating income 68 785 336 5 135 379 15 758 224 5 034 740
Selling and marketing costs (5 758 387) (6 478 374) - -
Administrative expenses (271 875 310) (41 396 496) (102 972 172) (1 686 201)
Operating profit (139 666 703) 16 549 540 (72 996 480) 9 231 843
Finance costs (38 789 206) (21 637 777) (29 623 510) (14 194 497)
Finance income 7 350 317 5 804 480 1 792 004 7 746 351
Finance costs - net (31 438 889) (15 833 297) (27 831 506) (6 448 146)
Share of (loss) of investments
accounted for using the equity method (217 673) (3 036) - -
Profit before income tax (171 323 265) 713 207 (100 827 986) 2 783 697
Income tax expense (7 958 945) (5 389 472) (1 572 367) (433 123)
(Loss)/profit for the year from
continuing operations (179 282 210) (4 676 265) (102 400 353) 2 350 574
Discontinued operations
Profit for the year from discontinued
operations (4 610 976) 6 073 191 - -
Profit for the year (183 893 186) 1 396 926 (102 400 353) 2 350 574
(Loss)/profit attributable to:
Equity holders of the parent (180 538 490) 1 414 462 (102 400 353) 2 350 574
Non-controlling interest (3 354 696) (17 536) - -
(183 893 186) 1 396 926 (102 400 353) 2 350 574
Earnings per share for profit
attributable to equity holders of the
company during the year:
Basic earnings per share
From continuing operations (2 023) (75)
From discontinued operations (53) 98
From profit for the year (2 076) 23
Diluted earnings per share
From continuing operations (1 344) (75)
From discontinued operations (36) 98
From profit for the year (1 380) 23
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31
DECEMBER, 2014
Group Group Company Company
31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-13
N'000 N'000 N'000 N'000
Profit for the year (183 893 186) 1 396 926 (102 400 353) 2 350 574
Other comprehensive income:
Items that will not be reclassified to
profit or loss
IFRIC 1 adjustment to revaluation
reserve - (2 483) - -
Gains on revaluation of property, plant
and equipment - 9 946 534 - -
Deferred tax on revaluation surplus - (273 525) - -
Remeasurements of post employment
benefit obligations (127 298) 4 790 - 21 211
Deferred tax on remeasurements of
post employment benefit obligations 38 189 329 - -
(89 109) 9 675 645 - 21 211
Items that may be subsequently
reclassified to profit or loss
Currency translation differences 34 372 326 (208 979) - -
Fair value gain/(loss) on available for
sale investment 13 907 35 065 13 907 35 065
Deferred tax on fair value gain/(loss)
on available for sale investment - (10 519) - (10 519)
34 386 233 (184 433) 13 907 24 546
Other comprehensive income for
the year, net of taxes 34 297 124 9 491 212 13 907 45 757
Total comprehensive income for the
year
Attributable to:
- Owners of the parent (148 329 536) 10 648 422 (102 386 446) 2 396 331
- Non-controlling interests (1 266 526) 239 716 - -
Total comprehensive income for the
year (149 596 062) 10 888 138 (102 386 446) 2 396 331
Total comprehensive income
attributable to equity shareholders
arises from:
- Continuing operations (143 718 560) 4 575 231 (102 386 446) 2 396 331
- Discontinued operations (4 610 976) 6 073 191 - -
Total comprehensive income for the
year (148 329 536) 10 648 422 (102 386 446) 2 396 331
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31
DECEMBER 2014
Share Capital Other Retained Non controlling Total
reserves earnings interest
N'000 N'000 N'000 N'000
Balance as at 1 January 2013 50 658 244 14 412 064 37 142 281 3 141 939 105 354 528
Profit/(loss) for the year - - 1 414 462 (17 536) 1 396 926
Other comprehensive income for the
year - 9 209 044 24 917 257 252 9 491 212
Total comprehensive income for the
year - 9 209 044 1 439 379 239 716 10 888 138
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 54 578 836 - - - 54 578 836
Share issue expenses (3 400 542) - - - (3 400 542)
Reclassification of expired SBPR - (105 965) 105 965 - -
Deferred tax on reclassification of
expired SBPR - (31 789) - - (31 789)
Dividends - - (5 116 766) - (5 116 766)
Total transaction with owners 51 178 294 506 133 (5 654 688) - 46 029 739
Translation difference - - - - -
Revaluation of Property, plant and
equipment - (1 010 608) 1 010 608 - -
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, recognised directly in equity 51 178 294 (403 414) (4 644 081) (5 389) 46 125 411
Balance as at 31 December 2013 101 836 538 23 217 694 33 937 579 3 376 266 162 368 077
Balance as at 1 January 2014 101 836 538 23 217 694 33 937 579 3 376 266 162 368 077
Profit/(loss) for the year - - (180 538 490) (3 354 696) (183 893 186)
Other comprehensive income for the
year - 32 284 156 (75 202) 2 088 170 34 297 124
Total comprehensive income for the
year - 32 284 156 (180 613 692) (1 266 526) (149 596 062)
Transaction with owners
Value of employee services - 343 956 - - 343 956
Tax on value of employee services - - - - -
Proceeds from shares issued 35 396 215 - - 7 500 762 42 896 977
Share issue expenses (1 136 187) - - - (1 136 187)
Reclassification of expired SBPR
(Note 29) - (1 166 863) 1 166 863 - -
Deferred tax on reclassification of
expired SBPR - (350 060) - - (350 060)
Reclassification of revaluation reserve
(Note 29) - (1 078 023) 1 078 023 - -
2013 - Dividends (final) - - (2 660 718) - (2 660 718)
Dividends - - (6 359 280) - (6 359 280)
Disposal of subsidiary - - - - -
Total transaction with owners 34 260 028 (2 250 990) (6 775 112) 7 500 762 32 734 688
Non controlling interest arising in
business combination
Change in ownership interests in
subsidiaries that do not result in a loss
of control - (2 729 230) (131 916) 2 861 146
Total transactions with owners of the
parent, recognised directly in equity 34 260 028 (4 980 220) (6 907 028) 10 361 908 32 734 688
Balance as at 31 December 2014 136 096 566 50 521 630 (153 583 141) 12 471 648 45 506 703
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31
DECEMBER 2014
Group Group Company Company
31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-13
NOTE N'000 N'000 N'000 N'000
Cash flows from operating activities
Cash generated from operations 5 395 524 62 077 588 (73 875 987) 51 587 300
Interest paid (39 402 091) (23 946 790) (29 623 510) (14 006 268)
Income tax paid (11 327 321) (5 242 530) (465 292) (304 348)
Net cash from/(used in) operating
activities (45 333 888) 32 888 268 (103 964 789) 37 276 684
Cash flows from investing activities
Purchases of property plant and
equipment (43 199 825) (43 902 237) (306 656) (241 602)
Acquisition of subsidiary, net of cash (145 627 938) (18)
Disposal of subsidiary, net of cash 335 979 1 392 902 383 617 1 396 800
Deposit for acquisition of a business (2 328 000) (22 819 675)
Acquisition of software (970 807) (325 720) (79 093) (61 372)
Purchase of intangible exploration
assets (2 338 748) (1 485 410)
Payments relating to pipeline
construction (1 476 548) (346 363)
Proceeds from sale of property plant
and equipment 930 257 1 066 367 139 419 16 098
Interest received 7 350 317 4 124 929 1 792 004 8 169 621
Net cash (used in)/from investing
activities (184 997 313) (41 803 532) 1 929 273 (13 540 130)
Cash flows from financing activities
Proceeds from long term borrowings 154 047 616 63 415 306 29 158 127
Repayment of long term borrowings (61 729 150) (62 875 830) (26 408 310) (25 996 272)
Proceeds from issue of shares 35 396 215 54 578 836 35 396 215 54 578 835
Share issue expenses (1 136 187) (3 400 542) (1 136 187) (3 400 542)
Proceeds from issue of other term
loans 7 761 500
Proceeds from other short term
borrowings 281 254 843 168 723 607 88 163 073 1 826 713
Repayment of other short term
borrowings (183 616 618) (181 809 004) (9 512 876) (44 021 826)
Dividend paid (9 019 998) (5 116 766) (9 019 998) (5 116 766)
Restricted cash (10 396 105) 254 792 327 107 (3 107)
Net cash from/(used in) financing
activities 212 562 116 33 770 399 106 967 151 (22 132 965)
Net change in cash and cash
equivalents (17 769 085) 24 855 135 4 931 635 1 603 589
Cash and cash equivalents and bank
overdrafts at the beginning of the year (10 331 129) (35 129 477) (5 430 478) (7 034 067)
Exchange gains/(losses) on cash and
cash equivalents 1 860 236 (56 787) 36 900 -
Cash and cash equivalents at end of
the year (26 239 978) (10 331 129) (461 943) (5 430 478)
Cash at year end is analysed as
follows:
Cash and bank balance as above 27 439 760 23 887 497 2 846 607 1 486 292
Bank overdrafts (Note 27) (53 679 738) (34 218 626) (3 308 550) (6 916 770)
(26 239 978) (10 331 129) (461 943) (5 430 478)
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)
26 October 2015
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