| Mon 14 Apr 2008, 11:00 | | OAO - Oando Plc - Audited results for 12 months en |
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OAO
UNTP
OAO - Oando Plc - Audited results for 12 months ending 31 December 2007
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: NG00000UNTP0
("Oando" or "the Company" or "the Group")
Audited results for 12 months ending 31 December 2007
Highlights:
- Turnover of $1,501 million
- Gross profit of $173 million
- Gross profit margin of 11.5%
- Operating profit of $64 million
- Profit After Tax of $49.8 million
- Attributable Profit After Tax of $43.9 million
- Earnings per share: 6.94c
- Improved performance of our non-marketing business lines, especially our
supply and trading business division
- Improved trade debt and bank facility management
- Improved corporate governance and transparency through corporate
restructuring and alignment of shareholder interest
- Integration of our business processes following the successful conclusion
and roll-out of the various modules of our Enterprise Resource Planning
system
- Fortification of the Company`s human resource through the widely promoted
acculturation programme "T.R.I.P.P."
- Continuous market and product development to improve the bottom-line and
diversify income base
- An evolving visible presence in the upstream oil service segment with the
recent acquisition of two oil rigs
Review of results
Oando Plc which has a primary listing on the Nigerian Stock Exchange and a
secondary listing on the JSE Limited (JSE) reports 12 months Group Profit After
Tax (PAT) for the financial year ended 31 December 2007 of $49.8m, an increase
of 126% over the prior year when the Company closed with a profit figure of
$22.02m.
Income statement analysis
Consolidated turnover reduced by 9% to $1,501m, from $1,648m in 2006. A
combination of economic and socio-political factors mitigated the performance of
our marketing business during the year resulting in the marginal reduction in
Turnover.
The instability experienced during the second quarter of the year had an
unfavourable effect on turnover; a hike in the pump price of major petroleum
products led to industrial and general strike actions which in turn crippled
economic activities thereby impacting on turnover. This was further aggravated
by the several labour-work hours lost during public holidays declared to enable
voting and mark the transition to a new democratic government.
Our Gas business was affected by the maintenance of the gas pipelines which
constrained gas supply during the year. The anticipated completion of the
ongoing pipeline expansion in Lagos could not be met due to delays in arrival of
acquired pipe as well as inexplicable logistic logjam thus denying the division
the opportunity to meet up with its projected revenue income from existing and
potential customers.
Our Supply and Trading division was able to utilise expertise garnered over the
years to bridge gaps that opened up in the supply chain thereby delivering
results well above the previous year`s level.
Despite the reduction in turnover, the Group`s gross profit increased by 23%
compared to the previous year. This was due to improved margin efficiency as
gross profit margin was 11.5% compared to 9% in 2006. The improvement in profit
margin shows that strategic effort through operational efficiency is fast
yielding results. Oando`s strategic intent of further exploring business
opportunities in the higher margin products and segments is expected to further
boost margin efficiency in the future.
Our operating results also show marked improvement of 36% from $47m to $64m in
2007. This, in addition to improved margin efficiency, is largely attributable
to the increase in our non-fuel revenue income coupled with our efficiency in
the management of our debt portfolio. The over 100% increase in other income
reduces significantly the increase in selling, marketing and administrative
expenses caused by further expansion of our business activities and increase in
the cost of doing business in Nigeria.
Also beneficial to our improved results was the reduction in finance costs by
75%, from $12m in the previous year to $3m in 2007. This was achieved by our
ability to negotiate better terms with our creditors and also by marked
improvement in our working capital management. Improved debt restructuring and
alternative finance sources also contribute to a reduced finance costs. In all,
total PAT therefore increased by 126% from $22.02m in 2006 to $49.8m, while
profit attributable to shareholders increased by 157% to $43.9m from $19.3m in
2006. The corporate restructuring exercise carried out during the year was the
primary driver, apart from those aforementioned, of the increase in profit
attributable to shareholders of the Company.
Balance sheet analysis
The Group`s total assets rose by 111% to $1,553m compared to $735m in 2006. The
increase in total assets was due to a combination of increased fixed asset
acquisition, specifically plants and equipment, intangible assets, inventories
as well as trade and other receivables. Property, plant and equipment increased
by 141% due to acquisition of two oil rigs during the year. Following the share
swap carried out during the year, additional goodwill was recognised. The
increase in inventories by 98% was driven by the increase in stock of finished
goods. Receivables from trading partners also witnessed an increase of 98%
during the period.
Total equity increased by 104% from $184m in 2006 to $376m in 2007. This was
mainly due to an increase in share capital and share premium arising from the
issue of shares to minority interest in exchange for their holdings. Fixed
assets revaluation also increased by $46m to $64m, following the revaluation
surplus recognised on land and building by the firms of Ubosi & Elle (chartered
Valuers).
Total liabilities increased by 113% from $551m in 2006 to $1,176m in 2007. The
increase was partly as a result of borrowings in the form of bank loans to
finance the Greater Lagos Phase II and III gas distribution project. Also
significant was the increase due to increase in trade and other payables by
166%, as well as the increase in unpaid dividends from $15m to $898m.
The increase in total liabilities is indicative of our drive to diversify away
from traditional downstream marketing to higher margin lines, thus the huge
investments in other product service lines.
Prospects
Our 2007 results show that our long term goal of fortifying our non-marketing
business is yielding results. We shall continue to make emphasis on higher value
business segments in order to generate higher margins from our business lines.
We have therefore made huge capital commitments in our Exploration and
Production business segment. The returns on this investment are expected to
boost the Group`s profitability and take us closer towards our strategic goal of
being the leading integrated energy solutions provider in Africa. We shall
continue to leverage on the opportunities present in our immediate and global
environment: the limited number of players in the market, the goodwill the
Company continues to enjoy among its corporate and retail customers, the
inelastic demand for petroleum products as well as the increasing price of
crude.
Our Supply and Trading business is expected to build on the strong pace it has
set in 2007, as there would be more emphasis on competitive pricing and widening
of the existing market. Strong strategic alliances will be formed with the
Group`s upstream operations in order to boost the trading of crude production.
Our Gas and Power division continues to face the challenge of public abuse of
pipelines and pipeline infrastructure. However, the immense opportunities
provided by the growing awareness of gas as a viable fuel as well as the demand
for the Government`s gas projects, such as the National Integrated Power
Project provides immense opportunities for improving performance in the coming
year. We expect the greater Lagos phase three initiative to kick start gas
delivery to corporate Customers in the first month of the second quarter while
its sister company, Eastern Horizon, is expected to be completed within 2008 and
contribute significantly to the bottom line of the Group company.
Oando`s Energy business is expected to benefit from the divestment of low-margin
Product Service Lines (PSLs) to higher margin PSLs in the coming year. To this
end, we shall continue to seek to gain competency in new PSLs as well as
increase our client base in the existing ones. Our desire to gain visible
presence in the upstream oil servicing will materialised with the commencement
of operation of the two newly acquired oil rigs.
Our marketing business still continues to retain its significant position. As
one of the biggest players in the Nigerian downstream sector, we will continue
to capitalise on our existing strong market presence to increase turnover and
generate value for shareholders.
The successful roll-out of the Oracle Enterprise Resource Planning system is
expected to boost business activities by integrating business processes and
ensuring real time monitoring of operations.
The Company is expected to benefit from the widely promoted acculturation
programme which aims to support employee development, promote global standards
of work ethics and ensure employee dedication. The Company will continue to
emphasise on its core values of Team work, Respect, Integrity, Passion and
Professionalism (T.R.I.P.P) and ingrain these values into employees across all
strata of the Company.
Consolidated balance sheet
As at 31 December 2007
ASSETS 2007 2006
$`000 $`000
Non-current assets
Property plant & equipment 284,351 117,771
Intangible assets 259,583 113,094
Long term investments 90 256
Long term receivables 97,755 38,281
641,779 269,402
Current assets
Inventories 212,636 119,835
Trade & other receivables 550,205 285,689
Debenture
Cash & cash equivalents 147,974 60,121
910,815 465,645
Total assets 1,552,594 735,047
EQUITY
Capital & reserves attributable to equity
holders
Share capital 2,896 2,162
Share premium 232,909 120,742
Revaluation reserve 85,201 18,475
Retained earnings 53,736 28,025
374,742 169,404
Minority interest 1,612 14,645
Total equity 376,354 184,049
LIABILITIES
Non-current liabilities
Borrowings 180,954 9,996
Deferred income tax liabilities 42,599 18,557
Retirement benefit obligation 2,695 3,373
Provisions 3,657 2,940
Other non-current liabilities
229,905 34,866
Current liabilities
Trade & other payables 511,010 192,146
Current income tax liabilities 11,248 7,342
Borrowings 424,077 316,629
946,335 516,132
Total liabilities 1,176,240 550,998
Total equity & liabilities 1,552,594 735,047
Consolidated income statement
For the year ended 31 December 2007
2007 2006
$`000 $`000
Sales 1,501,020 1,647,840
Cost of sales (1,327,993) (1,516,427)
Gross profit 173,280 131,413
Selling & marketing costs (46,229) (42,514)
Administrative expenses (82,885) (50,572)
Other operating income 19,963 9,565
Operating profit 64,129 47,892
Shares of profit of associates -
Finance costs (3,437) (12,031)
Profit before taxation 60,692 35,861
Income tax expense (10,888) (13,839)
Profit after expense 49,804 22,022
Attributable to:
Minority interest 194 2,755
Equity holders of the Company 49610 19,267
49,804 22,022
Consolidated statement of changes in shareholder`s equity
Attributable to equity holders of the Company
For the year ended 31 December 2007
Share Share Revaluation
Capital Premium reserve
US$m US$m US$m
Balance as at 31st December 2006 2.16 120.74 11.37
Revaluation on surplus on 66.31
property, plant and equipment
Deferred tax effect of residual (20.55)
value restatement
Issue of shares 0.73 112.17
Fair value gain/loss on available
for sale investments (0.173)
Currency translation adjustment
Profit for the year
Final dividend for 2006
Balance as at 31st December 2006 2.89 232.91 56.95
Share Share Revaluation
Capital Premium reserve
US$m US$m US$m
Balance as at 1st January 2006 2.16 120.74 11.19
Fair value gain on available for
sale financial assets 0.18
Currency translation differences
Retained profit for the period
Currency translation differences
Balance as at 31st December 2006 2.16 120.74 11.37
Cumulative Retained Minority Total
translation earnings interest equity
adjustment US$m US$m US$m
US$m
Balance as at 31st December 2006 7.11 28.03 14.65 184.05
Revaluation on surplus on
property, plant and equipment 66.31
Deferred tax effect of residual
value restatement (20.55)
Issue of shares (13.23) 99.67
Fair value gain/loss on available
for sale investments (0.173)
Currency translation adjustment 21.14 21.14
Profit for the year 43.94 0.19 44.13
Final dividend for 2006 (18.23) (18.23)
Balance as at 31st December 2006 28.25 53.74 1.61 376.35
Cumulative Retained Minority Total
translation earnings interest equity
adjustment US$m US$m US$m
US$m
Balance as at 1st January 2006 (0.54) 20.03 10.79 164.38
Fair value gain on available for
sale financial assets 0.18
Currency translation differences 7.65 7.65
Retained profit for the period 19.27 2.76 22.03
Currency translation differences (11.28) 1.10 (10.181)
Balance as at 31st December 2006 7.11 28.02 14.65 184.05
Summarised consolidated cash flow statement
For the year ended 31 December 2007
2007 2006
US$`000 US$`000
Cash and cash equivalents at the beginning of the (52,440) (167,753)
period
Net cash inflow used in operating activities 22,630 (886)
Cash used in investing activities (187,915) (27,022)
Net cash flows (used in)/generated from financing 290,231 137,130
activities
Exchange gains / (losses) in cash and cash (6,495) 6,091
equivalents
Cash and bank overdrafts at end of period 66,011 52,440
Notes to reviewed results
1. General information
Oando Plc (formerly Unipetrol Nigeria Plc) was registered by a special
resolution as a result of the acquisition of the shareholding of Esso Africa
Incorporated (principal shareholder of Esso Standard Nigeria Limited) by the
Federal Government of Nigeria. The Company was partially privatised in 1991. It
was however fully privatised in the year 2000 consequent upon the sale of
Federal Government`s 40% shareholding in the Company. 30% was sold to core
investors (Ocean and Oil Investments Limited) and the remaining 10% to the
Nigerian public. In December 2002, the Company merged with Agip Nigeria Plc
following its acquisition of 60% Agip Petroli`s stake of Agip Nigeria Plc in
August of the same year. The Company formally changed its name from Unipetrol
Nigeria Plc to Oando Plc in December 2003.
Oando has its primary listing on the Nigerian Stock Exchange.
The Group has marketing and distribution outlets in Nigeria, Ghana and Togo and
other smaller markets along the West African coast.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these
consolidated financial statements are set out below. These policies have been
consistently applied to all the years presented, unless otherwise stated.
2.1 Basis of preparation
The consolidated financial statements of Oando have been prepared in accordance
with International Financial Reporting Standards (IFRS). The consolidated
financial statements have been prepared under the historical cost convention, as
modified by the revaluation of land and buildings, and financial assets and
financial liabilities at fair value through profit or loss.
The preparation of financial statements in accordance with IFRS requires the use
of certain critical accounting estimates. It also requires management to
exercise judgement in the process of applying the Group`s accounting policies.
Early adoption of standards
In 2004, the Group early adopted the IFRS below, which are relevant to its
operations. These have been consistently applied in these financial statements
for 2006.
IAS 2 (revised 2003) Inventories
IAS 8 (revised 2003) Accounting Policies, Changes in Accounting Estimates and
Errors
IAS 10 (revised 2003) Events after the Balance Sheet Date
IAS 16 (revised 2003) Property, Plant and Equipment
IAS 17 (revised 2003) Leases
IAS 21 (revised 2003) The Effects of Changes in Foreign Exchange Rates
IAS 24 (revised 2003) Related Party Disclosures
IAS 27 (revised 2003) Consolidated and Separate Financial Statements
IAS 28 (revised 2003) Investments in Associates
IAS 32 (revised 2003) Financial Instruments: Disclosure and Presentation
IAS 33 (revised 2003) Earnings per share
IAS 36 (revised 2004) Impairment of Assets
IAS 38 (revised 2004) Intangible Assets
IAS 39 (revised 2003) Financial instruments: Recognition and measurement
IFRS 2 (issued 2004) Share-based payments
IFRS 3 (issued 2004) Business Combinations
IFRS 5 (issued 2004) Non-current Assets Held for Sale and Discontinued
Operations
The early adoption of IAS 10 has resulted in a change in the accounting policy
for dividends. Proposed dividends, which were previously recognised in the year
prior to the declaration, have been adjusted in accordance with IAS 10 and 37
respectively.
The application IAS 16 has affected the accounting for fair value reserve
relating to revalued land and buildings upon disposal.
Under previous GAAP, the revaluation surplus included in equity in respect of an
item of property, plant and equipment were transferred to the income, when the
asset is disposed of, to determine profit on disposal. Adjustments have been
passed to transfer the related amounts directly to retained earnings in
accordance with IAS 16. Also, early adoption of IAS 16 (revised 2004) has
necessitated the disclosure of prior year comparatives for all movements in
property plant and equipment.
IAS 21 (revised 2003) has affected the translation of foreign entities` income
statements, on which closing rates were previously applied but now amended and
translated at average rates. The functional currency of each of the consolidated
entities has also been re-evaluated based on the guidance to the revised
standard. All the Group entities have the same functional currency as their
presentation currency. These financial statements have been presented in a
currency other than the Company`s functional currency, being US Dollars, to meet
the filing requirements of the JSE.
IAS 24 (revised 2003) has affected the identification of related parties and
some other related-party disclosures.
IAS 27 (revised 2004) has affected the consolidation of subsidiaries. Certain
subsidiaries, which were not included in the consolidation under previous GAAP
have now been consolidated.
The early adoption of IAS 33 has resulted in a change in the computation of
earnings per share. Earnings per share, which were previously computed on the
basis of the number of shares in issue at the end of the reporting period, have
been adjusted on the basis of the weighted average number of shares in
accordance with IAS 33
The early adoption of IAS 39 has resulted in a change in accounting for
financial assets and liabilities.
Although the Group did not have any share-based payments as at the balance sheet
date, upon adoption of a scheme, which is currently being considered by the
Group, all share based payments will be accounted for under IFRS 2.
The early adoption of IFRS 5 has resulted in a change in the accounting for non-
current assets held for sale and discontinued operations as qualifying assets
have been reclassified accordingly.
The early adoption of IFRS 3, IAS 36 (revised 2004) and IAS 38 (revised 2004)
resulted in a change in the accounting policy for goodwill. Until 31 December
2002, goodwill was:
- Amortised on a straight line basis over a period ranging from 5 to 20 years;
and
- Assessed for an indication of impairment at each balance sheet date.
In accordance with the provisions of IFRS 3:
- The Group ceased amortisation of goodwill from 1 January 2003;
- Accumulated amortisation as at 31 December 2002 has been eliminated with a
corresponding decrease in the cost of goodwill;
- Goodwill was tested for impairment at 1 January 2003, the transition date.
Also, from the year ended 31 December 2003 onwards, goodwill is tested annually
for impairment, as well as when there are indications of impairment. The Group
has also reassessed the useful lives of its intangible assets in accordance with
the provisions of IAS 38. No adjustment resulted from this reassessment.
All changes in the accounting policies have been made in accordance with the
transition provisions in the respective standards.
The early adoption of IAS 1, 2, 8, 17 28, and 32 (all revised 2003) did not
result in substantial changes to the Group`s accounting policies.
In summary:
- IAS 1, 2, 28 and 32 had no material effect on the Group`s policies.
- IAS 8 (revised 2004) has resulted in the disclosure of the impact of new
standards
2.2 Consolidation
(a) Subsidiaries
Subsidiaries include all entities (including special purpose entities) over
which the Group has the power to govern the financial and operating policies
generally accompanying a shareholding of more than one half of the voting
rights. The existence and effect of potential voting rights that are currently
exercisable or convertible are considered when assessing whether the Group
controls another entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are deconsolidated from the date
that control ceases.
The purchase method of accounting is used to account for the acquisition of
subsidiaries by the Group. The cost of the acquisition is measured as the fair
value of the assets given, equity instruments issued and liabilities incurred or
assumed and the date of plus costs directly attributable to the acquisition.
Identifiable assets acquired and liabilities and contingent liabilities assumed
in a business combination are measured initially at their fair values at the
acquisition date irrespective of the extent of any minority interest. The excess
of the cost of acquisition over the fair value of the Group`s share of the
identifiable net assets acquired is recorded as goodwill. If the cost of
acquisition is less than the fair value of the net assets of the subsidiary
acquired, the difference is recognised directly in the income statement. All
balances and unrealised surpluses and deficits on transactions between group
companies have been eliminated. Where necessary, accounting policies for
subsidiaries have been changed to be consistent with the policies adopted by the
Company. Separate disclosure (in equity) is made of Minority Interests.
(b) Associates
Associates are all entities over which the Group has significant influence but
not control, generally accompanying a shareholding of between 20% and 50% of the
voting rights. Investments in associates are accounted for by the equity method
of accounting and are initially recognised at cost. The Group`s investment in
associates includes goodwill (net of any accumulated impairment loss) identified
on acquisition. The Group`s share of its associates` post-acquisition profits or
losses is recognised in the income statement, and its share of post acquisition
movements in reserves is recognised in reserves. The cumulative post-acquisition
movements are adjusted against the carrying amount of the investment.
When the Group`s share of losses in an associate equals or exceeds its interest
in the associate, including any other unsecured receivables, the Group does not
recognise further losses, unless it has incurred obligations or made payments on
behalf of the associate. Unrealised gains on transactions between the Group and
its associates are eliminated to the extent of the Group`s interest in the
associates. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the asset transferred. The accounting
policies of the associates are consistent with the policies adopted by the
Group.
Goodwill included in the carrying amount of an investment is neither amortised
nor tested for impairment separately by applying the requirements for impairment
testing goodwill in IAS 36, Impairment of Assets. Instead, the entire carrying
amount of the investment is tested under IAS 36 for impairment.
All subsidiaries and associates have uniform calendar year ends.
2.3 Segment reporting
A business segment is a group of assets and operations engaged in providing
products or services that are subject to risks and returns that are different
from those of other business segments. A geographical segment is engaged in
providing products or services within a particular economic environment that are
subject to risks and return that are different from those of segments operating
in other economic environments.
2.4 Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Group`s entities are
measured using the currency of the primary economic environment in which the
entity operates (`the functional currency`). The functional currency of the
Group is the Naira. The consolidated financial statements are presented in US
dollars, which is the Company`s presentation currency for the purpose of filing
outside Nigeria.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the income statement, except
when deferred in equity as qualifying cash flow hedges and qualifying net
investment hedges.
c) Group Companies
The results and financial position of all the group entities (none of which has
the currency of a hyperinflationary economy) that have a functional currency
different from the presentation currency are translated into the presentation
currency as follows:
1 Assets and liabilities for each balance sheet presented are translated at
the closing rate at the date of that balance sheet.
2 Income and expenses for each income statement are translated at average
exchange rates; and all resulting exchange differences are recognised as
a separate component of equity.
3 On consolidation, exchange differences arising from the translation of
the net investment in foreign entities are taken to shareholders` equity.
Upon disposal of part or all of the investment, such exchange differences
are recognised in the income statement as part of the gain or loss on
sale.
3. Earnings per share
Basic earnings per share (EPS) is calculated by dividing the profit attributable
to the equity holders of the Company by the weighted average number of shares in
issue during the period.
2007 2006
Profit attributable to equity holders of the Company 43,944 19,267
($`000)
Weighted average number of shares in issue 633,198 572,301
(thousands)
Basic earnings per share (cents) 6.94 3.37
Diluted
Profit attributable to equity holders of the Company 43,944 19,267
Weighted average number of shares in issue 633,198 572,301
(thousands)
Adjustment for bonus issues -
Weighted average number of shares for diluted 633,198 572,301
earnings per share (thousands)
Diluted earning per shares (cents) 6.94 3.37
Headline earnings per share
Profit attributable to equity holders of the Company 43,944 19,267
Adjusted for: - -
Profit on sale of buildings associated with
discontinued operations
Profit/(Loss) on sale of other assets (5,136) (4,904)
Loss on sales of investment in affiliated companies -
Tax thereon - 172
38,808 14,534
Headline earnings per share attributable to earnings 6.12 2.54
basis (cents)
Headline earnings per share attributable to diluted 6.12 2.54
earnings basis (cents)
Net assets per share (cents) 59.43 32.16
Tangible assets per share (cents) 60.35 27.31
4. Independent audit by the Auditors
These condensed consolidated results have been audited by our auditors
PricewaterhouseCoopers who perform their audit in accordance with the
International Standards on Auditing. PricewaterhouseCoopers`unqualified opinion
is available for inspection at the Company`s registered office.
5. Post balance sheet events
There are no significant post balance sheet events that in the opinion of the
Director will have material impact on the account herein presented
For and on behalf of the Board
Mr J Adewale Tinubu
Group Chief Executive Officer
11 April 2008
Directorate:
1 General M. Magoro (Rtd.) OFR - Chairman
2 Mr. J. A. Tinubu - Group CEO
3 Mr. O. Boyo - Deputy Group CEO
4 Mr. B. Osunsanya - Group Executive Director
5 Mr Onajite Okoloko - Non- Executive Director
6 Mr. A. Akinrele SAN - Non-Executive Director
7 Prince F. N. Atako JP - Non-Executive Director
8 Mr. O. Ibru - Non-Executive Director
9 Alhaji H. Mahmud Walin Mubi - Non-Executive Director
10 Mr. I. Osakwe - Non-Executive Director
11 HRM. Oba. A. Gbadebo OFR - Non-Executive Director
Company Secretary: Mrs. Oredeji Delano
Registered office: 2, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria
Auditors: PriceWaterhouseCoopers, Plot 252E Muri Okunola Street, Victoria
Island, Lagos
E-mail: info@oandoplc.com
Registered office in South Africa: 1st Floor, 32 Fricker Road, Illovo Boulevard,
Sandton, 2196, South Africa
Office of the South African registrars: Computershare Investor Services
(Proprietary) Limited (Registration number: 2004/003647/07)
70 Marshall Street, Johannesburg, 2001. PO Box 61051, Marshalltown, 2107
Sandton
14 April 2008
Sponsor: Deutsche Securities (SA) (Proprietary) Limited
Date: 14/04/2008 11:00:01 Produced by the JSE SENS Department.
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