Release Date: 23/05/2012 15:39:01??????Code(s): OAO ? ? 
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OAO - Oando PLC - Unaudited financial statements for the first quarter ended 31 March 2012 Oando PLC (Incorporated in Nigeria and registered as an external company in South Africa) External Registration number: RC 6474 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 FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED 31 MARCH 2012 Shareholders are advised that the following announcement for the unaudited Interim financial statements for the three month period ended 31 March 2012 was released on the Nigerian Stock Exchange today, 23 May, 2012. QUOTE The Directors are pleased to announce the unaudited interim financial statements of Oando for the first quarter ended 31 March 2012. The Group retained the existing structure of six divisions in line with the nature of its businesses. The divisions consist of the following: Oando Marketing, Oando Supply and Trading, Oando Energy Services, Oando Gas and Power, Oando Exploration and Production and Oando Refinery and Terminals. Herewith the highlights of our results for the period ended 31 March 2012: Consolidated income statements US$`000 US$`000 Revenue 1,019,899.18 761,349.48 Cost of sales (923,049.19) (656,657.39) Gross profit 96,849.99 104,692.09 Other operating income 8,393.55 1,225.92 Selling and marketing costs (11,555.44) (12,614.92) Administrative expenses (51,114.27) (41,289.36) Operating profit 42,573.84 52,013.73 Finance income 7,853.55 720.87 Finance costs (18,356.67) (15,011.26) Finance costs - net (10,503.13) (14,290.39) Profit before income tax 32,070.71 37,723.34 Income tax expense (12,615.26) (16,548.64) Profit for period year 19,455.45 21,174.70
Consolidated Statement of financial position 2012 2011 US$`000 US$`000 ASSETS Non-current assets Property, plant and equipment 1,246,644.42 1,030,232.79 Intangible assets 155,646.23 157,431.77 Available-for-sale financial assets 6.43 6.60 Non-current receivables and prepayments 222,066.76 182,010.39 1,369,681.56 1,624,363.84 Current assets Inventories 397,835.95 134,835.75 Trade and other receivables 659,532.68 577,793.77
Cash and cash equivalents 158,410.75 238,970.07 951,599.58 1,215,779.38
Total assets 2,321,281.14 2,840,143.22 EQUITY Capital and reserves attributable to equity holders Share capital 7,208.07 5,993.14 Share premium 315,363.07 324,739.18 Other reserves 130,487.43 123,888.01 Retained earnings 163,685.49 190,972.97 645,593.31 616,744.06 Minority interest 9,568.84 9,047.29 Total equity 654,640.59 626,312.90 LIABILITIES Non-current liabilities Borrowings 597,209.13 590,362.84 Deferred income tax liabilities 43,309.41 41,722.91 Provisions for other liabilities and charges 35,728.56 27,971.66 660,057.41
676,247.10 Current liabilities Trade and other payables 845,479.13 478,220.11
Current income tax 35,109.50 40,445.41 Borrowings 656,994.58 487,917.82
1,537,583.22 1,006,583.34 Total liabilities 2,213,830.32 1,666,640.75
Total equity and liabilities 2,321,281.34 2,840,143.22 Performance synopsis The Group`s results for the period ended 31 March, 2012 is due to the following: Turnover (Increased by 38%) Revenue increased compared to the same period in 2011 due to: - Increase in PMS pump price from N65 to N97 per liter though the 50% increase did not pass through fully due to product scarcity and lost sales due to scarcity - Higher average crude prices; - Additional revenue from East Horizon Gas Company which commenced operations in 2012 Gross profit (Decreased by 5%) Gross margin was lower compared to the same period in 2011 due to lower effective margins on PMS sales. Administrative and marketing expenses (Increased by 27%) - Additional operating costs (including depreciation) incurred on new businesses - Exchange loss on foreign currency balances. - Lower cost recovery in OML 125 - More petroleum products were sold at upcountry locations thereby resulting in higher marketing costs. Properties Plant and Equipment (PPE) and Long-term Receivables (LTR) (Increased by 24 & Increased by 35% respectively) PPE and LTR increased compared to the same period in 2011 for the following reasons: - Additional capital expenditure on upstream assets, and East Horizon Gas Company`s 128Km natural gas pipeline. - Refurbishment of the third rig in preparation for operational deployment. - Commencement of construction work on Apapa Single Point Mooring (SPM) project. Inventories (Increased by 204%) - More petroleum product cargoes were received at the end of March 2012 compared to the same period in 2011 - Higher cost of petroleum products during the period compared to the same period in 2011, reflecting the reduction in subsidy. - Maintenance spares for rigs and power plant. Trade and other receivables (Increased by 25%) - Additional receivables from new businesses (new gas pipeline project commisioned, rig). Trade and other payables (Increased by 83%) - Higher volume of products purchased towards the end of March 2012 compared to the same period in 2011 Borrowings (Increased by 21% ) - Depreciation of the naira relative to the same period of 2011 resulting in increase in foreign-currency denominated short term borrowings. - Additional borrowings were secured to finance the capital expenditure (rig upgrade, gas pipeline construction and development of upstream assets) as stated above. Capital and Reserves (Decreased by 4%) - Impact of profit after taxation. - Surplus arising from the triennial revaluation of fixed assets in conformity with the Company`s accounting policies. The revaluation was done on the basis of open market value. Shareholding We remain one of the few companies listed with shareholders base in excess of 260,000. As of 31 December 2011, the range of shareholdings of the company is as shown below: Range No. of Holders Units Units% Holders % 1 - 1000 168,436 63.96 62,026,381 3.69 1001 - 5000 73,118 27.76 149,867,546 6.60 5001 - 10000 10,376 3.94 73,186,851 3.23 10001 - 50000 9,172 3.48 190,197,969 7.65 50001 - 100000 1,068 0.41 75,619,577 2.97 100001 - 500000 923 0.35 186,875,913 6.36 500001 - 1000000 111 0.04 78,941,581 3.76 1000001 - 5000000 105 0.04 220,986,752 9.79 5000001 - 10000000 19 0.01 140,994,616 5.06 10000001 - 23 0.01 488,425,846 17.94 50000000 50000001 - 1 0.00 59,889,556 32.95 100000000 100000001 - 3 0.00 547,105,550 2274118138 263355 100 2,274,118,138 100.00 QUOTE Sandton 23 May 2012 JSE Sponsor Macquarie First South Capital (Proprietary) Limited Date: 23/05/2012 15:39:01 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. Email this JSE Sens Item to a Friend.
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