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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") THIRD QUARTER 2015 MANAGEMENT ACCOUNTS OANDO PLC CONSOLIDATED INTERIM FNANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 30 SEPTEMBER, 2015 AND DECEMBER 31, 2014
Group Group Company Company
30-Sep-15 31-Dec-14 30-Sep-15 31-Dec-14
N'000 N'000 N'000 N'000 Assets Non-current assets
Property, plant and equipment 250 277 173 314 042 207 559 182 819 188
Intangible assets 255 252 803 245 705 184 351 075 162 918
Investment in an associate 3 382 224 3 409 413 2 716 431 2 716 431
Deferred income tax assets 10 927 156 12 328 465 - -
Available-for-sale financial assets 7 633 10 834 7 633 10 834
Derivative financial assets 19 008 475 57 551 454 1 788 576 1 662 948
Finance lease receivables 45 341 278 42 796 330 - -
Non-current receivables and prepayments 163 833 3 426 795 16 001 285 14 752 295
Restricted cash 8 137 879 14 194 363 - -
Investment in subsidiaries - - 58 001 372 77 794 091
592 498 454 693 465 045 79 425 554 97 918 705 Current assets
Inventories 4 385 589 26 970 824 - -
Finance lease receivables 685 947 658 133 - -
Trade and other receivables 58 647 549 136 116 655 190 852 668 176 868 029
Prepayments 1 843 359 4 535 137 121 448 138 179
Available-for-sale financial assets 168 386 187 003 168 386 187 003 Cash and cash equivalents (excluding bank
overdrafts) 3 878 565 27 439 760 591 743 2 846 607
69 609 395 195 907 512 191 734 245 180 039 818 Assets of disposal group classified as held
for sale 169 507 452 - 19 792 719 -
Total assets 831 615 301 889 372 557 290 952 518 277 958 523 Equity and Liabilities Equity attributable to owners of the parent
Share capital 6 017 309 4 542 343 6 017 309 4 542 343
Share premium 175 621 588 131 554 223 175 621 588 131 554 223 (127 943 Retained earnings (201 013 160) (153 583 141) 161) (107 794 336)
Other reserves 61 823 196 50 521 630 - -
42 448 933 33 035 055 53 695 736 28 302 230
Non controlling interest 12 930 761 12 471 648 - -
Total 55 379 694 45 506 703 53 695 736 28 302 230 Liabilities Non-current liabilities
Borrowings 140 686 683 162 328 636 14 103 017 4 142 857
Deferred income tax liabilities 141 021 056 148 727 530 - -
Provision for other liabilities & charges 17 898 821 11 923 304 538 167 -
Retirement benefit obligation 1 727 497 2 903 344 866 991 1 032 786
Government grant 53 873 119 346 - -
301 387 930 326 002 160 15 508 175 5 175 643 Current liabilities
Trade and other payables 135 066 739 156 627 553 144 815 773 119 978 134
Derivative financial liabilities 3 608 768 3 608 768 3 608 768 3 608 768
Current income tax liabilities 48 879 954 44 963 118 1 409 775 1 552 169
Dividend payable 1 650 691 1 650 691 1 650 691 1 650 691
Borrowings 101 216 307 311 013 564 70 263 600 117 690 888
290 422 459 517 863 694 221 748 607 244 480 650 Liabilities of disposal group classified as
held for sale 184 425 218 - - -
Total liabilities 776 235 607 843 865 854 237 256 782 249 656 293
Total equity and liabilities 831 615 301 889 372 557 290 952 518 277 958 523 OANDO PLC CONSOLIDATED INTERIM FNANCIAL STATEMENTS CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER, 2015 AND 2014
Group Group Company Company
30-Sep-15 31-Dec-14 30-Sep-15 31-Dec-14
N'000 N'000 N'000 N'000 Continuing operations
Revenue 95 784 493 101 334 827 6 230 469 34 919 080
Cost of sales (54 725 100) (37 215 785) - -
Gross profit 41 059 393 64 119 042 6 230 469 34 919 080 Other operating income 15 280 113 4 735 060 4 005 727 11 306 582
Selling and marketing costs (34 047) (38 254) - -
Administrative expenses (45 882 333) (37 032 638) (8 106 470) (4 667 703)
Operating (loss)/profit 10 423 126 31 783 210 2 129 726 41 557 959
Finance costs (37 493 545) (29 444 033) (22 961 255) (19 356 967)
Finance income (1 336 973) 817 645 904 802 1 680 570
Finance costs - net (38 830 518) (28 626 388) (22 056 453) (17 676 397)
Share of profit/(loss) of an associate (27 190) 59 965 - - (Loss)/profit before income tax from
continuing operations (28 434 582) 3 216 787 (19 926 727) 23 881 562
Income tax expense 4 386 542 1 948 605 (200 280) (1 915 993) (Loss)/profit for the year from continuing
operations (24 048 040) 5 165 392 (20 127 007) 21 965 569 Discontinued operations Profit/(loss) after tax for the year from
discontinued operations (153 594) 5 535 103 - -
(Loss)/profit for the year (24 201 634) 10 700 495 (20 127 007) 21 965 569 Earnings per share from continuing and discontinued operations attributable to ordinary equity holders of the parent during the year: (expressed in kobo per share) Basic/Diluted (loss)/earnings per share
From continuing operations (417) 61
From discontinued operations (1) 59
From profit for the year (418) 120 OANDO PLC CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 SEPTEMBER, 2015 AND 2014
Group Group Company Company
30-Sep-15 31-Dec-14 30-Sep-15 31-Dec-14
N'000 N'000 N'000 N'000
Profit for the year (24 201 634) 10 700 495 (20 127 007) 21 965 569 Other comprehensive income: Items that may be subsequently reclassified to profit or loss Exchange differences on translation of
foreign operations 11 859 612 266 510 - - Fair value gain on available for sale financial
assets (21 818) - (21 818) - Other comprehensive income for the
period, net of taxes 11 837 794 266 510 (21 818) - Total comprehensive income for the period (12 363 840) 10 967 005 (20 148 825) 21 965 569 Attributable to:
- Owners of the parent (36 694 858) 11 417 266 (20 148 825) 21 965 569
- Non-controlling interests 731 189 (450 261) - - Total comprehensive income for the
period (35 963 669) 10 967 005 (20 148 825) 21 965 569 Total comprehensive income attributable to equity shareholders arises from:
- Continuing operations (36 541 264) 5 882 163 (20 148 825) 21 965 569
- Discontinued operations (153 594) 5 535 103 - - Total comprehensive income for the
period (36 694 858) 11 417 266 (20 148 825) 21 965 569 OANDO PLC CONSOLIDATED INTERIM FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 SEPTEMBER, 2015 AND 2014
Share Other Retained Non Total Capital reserves earnings controlling GROUP interest N'000 N'000 N'000 N'000 N'000
Balance as at 1 January 2014 101 836 538 23 216 799 33 938 473 3 376 266 162 368 076
Profit/(loss) for the year - - 11 196 408 (495 913) 10 700 495
Other comprehensive income for the year - 220 858 - 45 652 266 510
Total comprehensive income for the year 101 836 538 23 437 657 45 134 881 2 926 005 173 335 081 Transaction with owners
Proceeds from shares issued 32 808 703 - - - 32 808 703
Total transaction with owners 32 808 703 - - - 32 808 703 Non controlling interest arising on common
control transaction - 3 540 405 (4 509 684) 10 102 477 9 133 198 Total transactions with owners of the parent,
recognised directly in equity 32 808 703 3 540 405 (4 509 684) 10 102 477 41 941 901
Balance as at 30 September 2014 134 645 241 26 978 062 40 625 197 13 028 482 215 276 982
Balance as at 1 January 2015 136 096 566 50 521 630 (153 583 141) 12 471 648 45 506 703
(Loss)/profit for the year - - (47 408 899) (392 564) (47 801 463) Other comprehensive income for the year
- 10 735 859 (21 818) 1 123 753 11 837 794
Total comprehensive income for the year 136 096 566 61 257 489 (201 013 858) 13 202 837 9 543 034 Transaction with owners Value of employee services
- 330 531 - - 330 531
Proceeds from shares issued 50 148 121 - - 129 704 50 277 825
Share issue expenses (4 605 790) - - - (4 605 790)
Dividend paid by subsidiary - - - (165 906) (165 906)
Total transaction with owners 45 542 331 330 531 - (36 202) 45 836 660 Change in ownership interests in subsidiaries that do not result in a loss of
control - 235 176 698 (235 874) - Total transactions with owners of the parent,
recognised directly in equity 45 542 331 565 707 698 (272 076) 45 836 660
Balance as at 30 September 2015 181 638 897 61 823 196 (201 013 160) 12 930 761 55 379 694 OANDO PLC CONSOLIDATED INTERIM FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 SEPTEMBER, 2015 AND 2014
Group Group Company Company
30-Sep-15 31-Dec-14 30-Sep-15 31-Dec-14
N'000 N'000 N'000 N'000 Cash flows from operating activities Net cash flow from operating activities before
changes in working capital 62 770 525 50 008 155 2 118 110 40 373 401
Net decrease/(increase) in working capital 41 162 185 62 952 980 9 993 113 93 655 116
Income tax paid (8 189 566) (2 403 702) (342 676) (350 621)
Interest paid (37 080 351) (30 293 002) (22 961 255) (19 356 967) Net cash from/(used in) operating
activities 58 662 793 80 264 431 (11 192 708) 114 320 929 Cash flows from investing activities
Purchase of property plant and equipment (18 453 449) (22 678 808) (167 406) (179 440)
Deposit for acquisition of a business - - - -
Acquisition of subsidiary (net of cash) - (145 627 938) - (140 769 842)
Acquisition of software (98 107) (12 613) (219 094) -
Disposal of subsidiary, net of cash - 4 575 031 - 4 575 031
Purchase of exploration assets (1 151 302) (35 559 002) - -
Payments relating to pipeline construction (5 739 813) - - -
Increase in finance lease investment (2 572 762) - - - Proceeds from sale of property plant and
equipment 273 364 - 344 339 -
Interest received 171 581 4 155 839 904 802 1 680 570 Cash used in by investing activities (27 570 488) (195 147 491) 862 641 (134 693 681) Cash flows from financing activities
Net proceeds from long term borrowings - 76 445 096 9 960 160 407 108
Net repayment of long term borrowings (7 517 664) - - -
Share issue expenses (4 605 790) - (4 605 790) -
Proceeds from issue of shares 50 148 121 32 808 703 50 148 121 32 808 703
Proceeds from issue of OER shares 129 704 - - - Net repayment of other short term
borrowings (120 359 909) (316 637) (67 210 656) (5 247 227)
NCI portion of dividend paid (165 906) - - -
Restricted cash 5 360 859 (7 348 454) - - Net cash from/(used in) financing
activities (77 010 585) 101 588 708 (11 708 165) 27 968 584
Net change in cash and cash equivalents (45 918 280) (13 294 352) (22 038 232) 7 595 832 Cash and cash equivalent at the beginning
of the year (26 239 978) (10 331 129) (461 943) (5 430 478)
Exchange difference 3 127 878 (79 482) - - Cash and cash equivalents at end of the
year (69 030 380) (23 704 963) (22 500 175) 2 165 354 Cash and cash equivalents at 30 September 2014: Included in cash and cash equivalents per
statement of financial position (20 253 194) 5 028 987 (22 500 175) 2 165 354
Included in the assets of the disposal group (48 777 186) (28 733 950) - -
(69 030 380) (23 704 963) (22 500 175) 2 165 354 Cash at year end is analysed as follows:
Cash and bank balance as above 3 878 565 10 537 299 591 743 5 365 151
Bank overdrafts (24 131 759) (5 508 312) (23 091 918) (3 199 797)
(20 253 194) 5 028 987 (22 500 175) 2 165 354
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited) 27 October 2015
Date: 27/10/2015 10:18:00 Supplied by www.sharenet.co.za 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.
