| Mon 12 Apr 2010, 13:13 | | OAO - Oando Plc - Audited results for the full year ended 31 December 2009 |
|
OAO
UNTP
OAO - Oando Plc - Audited results for the full year ended 31 December 2009
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")
Audited results for the full year ended 31 December 2009
Highlights
- Turnover of $2.3 billion
- Gross profit of $242 million
- Operating profit of $150 million
- Profit after tax of $75 million
- Attributable profit after tax of $75.91 million
- Earnings per share of 8.39 cents
- Results affected by approximately 20% depreciation of local currency
- Gross margin adversely impacted by additional finance costs suffered on
Petroleum Support Fund (PSF) receivables
- Increased contribution from upstream and gas distribution operations
- One of the rigs was put into operations whilst a second one has secured
a contract and is at an advanced stage of being mobilized into
operations
Review of results
Oando, which has a primary listing on the Nigerian Stock Exchange ("NSE") and
a secondary listing on the JSE Limited ("JSE"), reports profit after tax
("PAT") for the full year ended 31 December 2009 of $74.92 m.
Income statement analysis
The Group`s revenue reduced by 15% compared with 2008 while profit after tax
remained about the same. This can be attributed to the challenging operating
environment some of which are analysed below:
- depreciation of the Naira from an average of N117:$1 to N147:$1,
representing about 20 depreciation;
- increase in average borrowing costs from about 16% per annum to 23%
per annum;
- banking sector reforms and resultant difficulties in assessing credits
required for operational and project execution; and
- uncertainties surrounding deregulation.
Turnover review
Turnover reduced by 15% compared with 2008. This was due mainly to
uncertainties in the government policies about deregulation of downstream
sector of petroleum industry and delay in payment of petroleum subsidy by
Government. The delay in PSF payment caused additional financing costs which
led to increase in product costs. This forced our Supply and Trading and other
players to discontinue importation of petroleum motor spirit during the last
quarter of 2009. This action resulted in product supply shortages to the
Marketing arm of the business. The revenue reduction situation was further
compounded by exchange rate depreciation in the Naira to other currencies.
However, the effect of the above on the Group`s revenue was cushioned by
increased gas volume arising from additional capacity provided by
commissioning of the Greater phase three projects and deployment of one the
Energy Services` rigs into drilling operations.
The Group acquired controlling interests in Equator Exploration Limited (EEL)
during the year. Other income increased mainly as a result of profit generated
by negotiated settlement of EEL`s outstanding liabilities to creditors at
substantial discounts.
Expenses review
Marketing and selling expenses witnessed 17% reduction as a result of reduced
petroleum products availability and improved efficiency.
Administrative expenses reduced by 15% over previous years. This arose mainly
from devaluation of the Naira and improved efficiency in operating expenses
management.
Finance cost increased during the year by about 18% due to upward review of
borrowing rates from an average of about 16% to about 23% per annum; and
interest on operational rig that was hitherto capitalised.
Balance sheet analysis
Non-current assets including property, plant and equipment and pipeline
assets` costs included in long term receivables, rose by 26% over 2008 as a
result of additional capital expenditure on ongoing projects like Lagos State
Water Corporation Independent Power Project (IPP), East Horizon Gas pipeline
project, upstream assets` development, etc. In addition, the Energy Services
division acquired two additional swamp rigs bringing the total to five rigs.
Inventory and trade account receivables reduced by 47% and 9% respectively.
This was attributable to deliberate efforts at reducing working capital
requirements as well as reduced importation of products by Supply and Trading
with attendant reduction in outstanding PSF receivables.
During the year, a number of credit facilities matured and were repaid from
internal resources. This explained the reduction of 56% and 13% recorded in
non-current borrowings and current borrowings respectively.
Prospects for the future
The drive towards portfolio diversification continued during the year with
efforts at monetising the strategic investments in upstream, rigs and natural
gas pipeline assets.
For the upstream business, revenue generation during the year came only from
OML 125 & OML 134. However, significant investments have been made in OML 90
and OML 56 towards completing outstanding issues required for bringing the
assets into production. We expect that these developments will be completed in
2010. In order to further enhance our upstream portfolio, the Group acquired
controlling interest in Equator Exploration Limited (EEL) during the year. EEL
owns various assets in the Niger Delta region of Nigeria and the Joint
Development Zone (JDZ) of Sao Tome and Principe. We continue to collaborate
with relevant partners to quickly bring these assets into income generation
mode while exploring opportunities for further acquisition of more producing
assets. We are confident that these efforts will further boost contribution of
upstream business to the Group`s revenue and profitability in the near term.
The contribution of the gas and power arm of the business to the Group`s
revenue increased significantly during the period. This was because of
additional capacity provided by the recently completed Greater Lagos Phase 3
pipeline project as more customers were connected to the supply grid in 2009.
We expect additional customers to be connected in 2010 which will further
improve gas revenue. In addition, construction work at the Eastern Horizon
Company`s 128km pipeline project is progressing steadily. The 12.15MW captive
power plant constructed to generate and sell power to Lagos State Water
Corporation (LSWC) has been completed and undergoing necessary test runs and
statutory approvals. We expect the plant to be commissioned during the first
quarter of 2010.
We expect the Federal Government of Nigeria to announce a definite position on
the deregulation of the downstream sector of the petroleum industry soon and
also promulgate the draft Petroleum Industry Bill (PIB) before the National
Assembly into law. In spite of this and the attendant uncertainties on our
downstream marketing business, we shall ensure that our business remains
competitive, by improving customers` retention and efficiency in working
capital management. Our Supply & Trading business will also consolidate its
aim of dominating the West African market. We shall also seek to increase our
share in the deregulated products` market. Efforts will be made to reduce
importation under PSF to the barest minimum and improve relationship with
relevant stakeholders to ensure prompt settlement of PSF claims.
Our Energy Service business has launched itself into the swamp rig business by
deploying one of its rigs to operational use in a drilling contract with Agip
Exploration. The second rig is at advanced stages of being mobilised for
operational use. We expect to bring two additional rigs into operation in 2010
while others will be fully ready to be put into use.
With all these investments, we are confident of achieving accelerated growth
in the Group`s revenue and profitability from 2010.
Consolidated Balance Sheet
as at 31 December 2009
2009 2008
ASSETS $`million $`million
Non-current assets
Property Plant & Equipment 900.13 693.48
Intangible Assets 166.49 175.04
Deferred income tax assets 60.07 17.01
Available for sale financial assets 0 0.00
Long Term Receivables 130.20 114.18
Current assets
Inventories 65.66 122.93
Trade & Other Receivables 653.45 716.02
Cash & Cash Equivalents 174.49 374.64
893.60 1,213.58
Total assets 2,150.49 2,213.29
Equity
Capital & Reserves attributable to equity
holders
Share Capital 3.54 3.49
Share Premium 231.53 231.53
Revaluation Reserve 0.73 47.35
Exchange Difference (7.46)
Retained Earnings 124.25 66.43
360.05 341.34
Minority Interest 6.22 1.65
Total equity 366.27 342.99
Liabilities
Non-Current Liabilities
Borrowing 141.74 318.86
Deferred income tax liabilities 97.10 74.28
Retired benefit obligation 0.00
Provisions 10.80 9.46
249.64 402.60
Current Liabilities
Trade & Other Payables 561.35 353.35
Current Income Tax Liabilities 22.55 25.67
Borrowings 950.68 1,088.70
1,467.71
Total Liabilities 1,784.22 1,870.32
Total Equity & Liabilities 2,150.48 2,213.29
Consolidated Income Statement
for the full year ended 31 December 2009
2009 2008
$`million $`million
Sales 2,283.56 2,686.54
Cost of Sales (2,041.94) (2,360.44)
Gross Profit 241.61 326.11
Selling & Marketing Costs (50.65) (61.11)
Administrative Expenses (120.51) (142.29)
Other Operating Income 79.45 15.35
Operating Profit 138.59
Shares of Profit of Associates -
Net Finance Costs (55.39) (47.13)
Profit Before Taxation 94.52 90.93
Income Tax Expense (19.60) (16.36)
Profit After Expense 74.92 74.58
Attributable to:
Non-Controlling Shareholders (0.99) 0.04
Equity Holders of the Company 75.91 74.54
74.92 74.58
The Group is organised into six main business divisions:
- Exploration and production of oil and gas (E&P) is involved in the
exploration for and production of oil and gas through the acquisition
of rights in oil blocks on the Nigerian continental shelf and deep
offshore. The E&P segment of the business owns interest OML 56, OML 90,
OML 123 and OML 134 and OPL 236 and OPL 278, amongst others.
- Refining and Terminals is involved in the refining of crude and storage
and logistics for distribution of petroleum products. This division was
recently carved out of the downstream marketing business. It has
initiated steps towards establishing a refinery at the Lekki Free Trade
Zone in Lagos.
- Gas and power is involved in the distribution of natural gas through
its subsidiaries, Gaslink Nigeria Limited (GNL) and East Horizon Gas
Company Limited (EHGC). GNL operates about 100kilometers Greater Lagos
natural gas distribution franchise and has connected over one hundred
industrial customers. EHGC is constructing 128km natural gas pipeline
network to supply natural gas to United Cement Company (UNICEM) and
other customers at Calabar, Eastern Nigeria. The Division also
incorporated Akute Power Limited that is building an Independent Power
Plant to supply electricity to LSWC.
- Energy services is involved in the provision of services such as
drilling and completion fluids and solid control waste management; oil-
well cementing and other services to upstream companies. The Division
presently has five swamp rigs.
- Marketing division is involved in retailed and commercial sales of
refined petroleum products with over 600 retail outlets in Nigeria and
West African countries.
- Supply and Trading imports cargoes of petroleum products for sale to
marketing companies and other corporate bodies within and outside
Nigeria.
Below is the Group performance on a divisional basis for the full year ended
31 December 2009:
Exploration & Marketing Supply & Refining &
Production Trading Terminals
US$`m US$`m US$`m US$`m
Gross segment revenue 83 1,109 1,304 -
Inter-segment revenue - (325) -
Revenue 83 1,109 979 -
Operating (loss)/profit 58 42 38 -
Finance costs - net (22) (6) (17) -
Profit before income tax
Income tax expenses
Profit for the year
Gas & power Energy Corporate & Total
Services Others
US$`m US$`m US$`m US$`m
Gross segment revenue 71 42 - 2,529
Inter-segment revenue - - (325)
Revenue 71 42 - 2,204
Operating (loss)/profit 4 8 - 149
Finance costs - net 2 (7) (5) (55)
Profit before income tax -
Income tax expenses (19)
Profit for the year 75
Below is the Group performance on a divisional basis for the full year ended
31 December 2008:
Exploration Refining & Gas & Energy Total
& marketing power services &
production Group Office
US$`000 US$`000 US$`000 US$`000 US$`000
Gross segment 106,240 4,304,425 55,524 35,018 4,501,207
revenue
Inter-segment - (1,814,663) - - (1,814,663)
revenue
Revenue 106,240 2,489,762 55,524 35,018 2,686,544
Operating 40,274 101,439 5,908 (9,030) 138,591
(loss)/profit
Finance costs (11,171) (36,308) (1,141) 1,488 (47,132)
-net
Profit before 91,459
income tax
Income tax (16,346)
expenses
Profit for 74,579
the year
Consolidated Statement of changes in Shareholder`s Equity Attributable to
equity holders of the Company for the full year ended 31 December 2009
Share Share Revaluation Cumulative
Capital Premium reserve translation
adjustment
US$m US$m US$m US$m
Balance as at 31 December 2008 3.49 227.28 47.35 (3.21)
Retained profit for the period
Bonus issue of shares
Dividend paid
Exchange difference (0.05) (1.53)
Reversal of revaluation surplus
Deferred tax on revaluation (43.15)
surplus
Share Issue/acquisition Cost 4.25
Balance as at 31 December2009 3.54 231.53 2.67 (1.95)
Retained Minority Total
earnings interest equity
US$m US$m US$m
Balance as at 31 December 2008 66.43 1.65 342.99
Retained profit for the period 75.91 (0.99) 74.59
Bonus issue of shares
Dividend paid (18.39) (18.39)
Exchange Difference (0.30)
Reversal of revaluation surplus
Deferred tax on revaluation surplus
Share Issue/acquisition Cost 5.56
Balance as at 31 December2009 124.25 6.22 366.26
Consolidated Statement of changes in Shareholder`s Equity Attributable to
equity holders of the Company For the full year ended 31 December 2008
Share Share Revaluation Cumulative
Capital Premium reserve translation
adjustment
US$m US$m US$m US$m
Balance as at 31 December 2007 2.90 232.91 56.96 28.25
Retained profit for the period
Bonus issue of shares 0.59 (0.59)
Dividend paid
Exchange difference (6.29) (22.10)
Reversal of revaluation surplus (4.61)
Deferred tax on revaluation 1.38
surplus
Share Issue Cost (5.04
Balance as at 31 December2008 3.49 227.28 47.50 6.15
Retained Minority Total
earnings interest equity
US$m US$m US$m
Balance as at 31 December 2007 53.74 1.61 376.35
Retained profit for the period 74.23 0.03 74.27
Bonus issue of shares
Dividend paid (70.82) (0.48) (71.30)
Exchange Difference (28.40)
Reversal of revaluation surplus (4.61)
Deferred tax on revaluation surplus 1.38
Share Issue Cost (5.04)
Balance as at 31 December2008 57.15 1.16 342.99
Notes to reviewed results
1. General information
Oando (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.
The principal activity of the Company locally and internationally is to have
strategic investments in energy companies across West Africa. The Group is
involved in the following business activities via its subsidiary companies:
- Marketing of petroleum products, manufacturing and blending of
lubricants - Oando Marketing Limited.
- Distribution of natural gas for industrial customers - Gaslink Nigeria
Limited.
- Supply and distribution of petroleum products - Oando Supply and
Trading, Nigeria and Oando Trading, Bermuda.
- Energy services to upstream companies - Oando Energy Services.
- Exploration and Production - Oando Exploration and Production.
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 this Audited financial
report for the full year of 2009.
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 IFRIC
10 (Issued 2006) Interim Financial Reporting and Impairment.
- 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.
- The Group obtained approval for its share option scheme from the
regulatory authority in February 2009. Accordingly all shared-based
payment in operation has been subjected to and accounted for under IFRS
2 for the first time in 2008.
- 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; and
- 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 (EPS)
Basic 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.
2009 2008
Profit attributable to equity holders of the Company ($`m) 75.91 74.54
Average number of shares in issue (millions) 904.88 904.88
Basic EPS (cents) 8.39 8.24
Diluted
Profit attributable to equity holders of the Company 75.91 74.54
Weighted average number of shares in issue (millions) 904.88 904.88
Adjustment for bonus issues
Weighted average number of shares for diluted EPS 904.88 904.88
(millions)
Diluted EPS (cents) 8.39 8.24
Headline Earnings Per Share (HEPS) 8.39 8.24
Profit attributable to equity holders of the Company 75.91 74.54
Adjusted for:
Profit on sale of buildings associated with discontinued 0 0
operations
Profit/(Loss) on sale of other assets 0 0
Loss on sales of investment in affiliate companies 0 0
Tax thereon 0 0
HEPS attributable to earnings basis (cents) 8.39 8.24
HEPS attributable to diluted earnings basis (cents) 8.39 8.24
Net assets per share (cents) 42 37
Tangible assets per share (cents) 140 110
4. Independent audit by the auditors
This condensed consolidated result has been audited by our auditors
PricewaterhouseCoopers who perform their audit in accordance with the
International Standards on Auditing. The results have been reviewed by
PricewaterhouseCoopers whose unqualified review 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
directors will have a material impact on the accounts herein presented.
For and on behalf of the Board
Mr J Adewale Tinubu
Group Chief Executive
19 March 2010
Directorate:
1 Major General M. Magoro (Rtd.) OFR, Galadiman Chairman
Zuru
2 Mr. J. A. Tinubu Group CEO
3 Mr. O. Boyo Deputy Group CEO
4 Mr. B. Osunsanya Group Exec. Director
5 Mr. O. Adeyemo Exec. Director
6 Mr. A. Akinrele SAN Director
7 Chief S. Anthony Director
8 Mr. Navaid Burney Director
9 HRM. Oba. A. Gbadebo CFR Director
10 Mr. O. Ibru Director
11 Alhaji H. Mahmud, Walin Mubi Director
12 Mr. Onajite Okoloko Director
13 Ms. A. Pepple Director
14 Ms. G. Sangudi 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
12 April 2010
Sponsor: Deutsche Securities (SA) (Proprietary) Limited
Date: 12/04/2010 13:13:03 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.
