Unaudited Interim Consolidated and Separate Interim Financial Statements For the three and nine months ended 30 September 2022 and 2021

Oando PLC

UNAUDITED INTERIM CONSOLIDATED & SEPARATE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022 AND 2021

CONTENTS

PAGE

Unaudited consolidated and separate statements of profit or loss & other comprehensive income

3 - 6

Unaudited consolidated and separate statements of financial position

7

Unaudited consolidated and separate statements of changes in equity

8

Unaudited consolidated and separate statements of cash flows

9

Notes to the interim financial statements

10 - 30

2

Oando PLC

UNAUDITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

UNAUDITED STATEMENT OF PROFIT OR LOSS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022 AND 2021

Three months

Three months

Nine months

Nine months

ended 30

ended 30

ended 30

ended 30

GROUP

NOTES

September

September

September

September

2022

2021

2022

2021

N'000

N'000

N'000

N'000

Revenue from contract with customers

3.3a,b

304,456,369

226,824,360

1,272,001,451

509,403,464

Cost of sales

(304,598,194)

(223,536,599)

(1,217,975,758)

(481,367,725)

Gross (loss)/profit

(141,825)

3,287,761

54,025,693

28,035,739

Other operating income

4

10,022,950

736,874

23,813,766

28,238,327

Reversal of impairment of financial assets, net

5

8,744,694

10,479,212

9,060,128

1,742,327

Administrative expenses

(29,978,152)

(8,318,308)

(62,915,449)

(71,888,179)

Operating (loss)/profit

3.3a,b

(11,352,333)

6,185,539

23,984,138

(13,871,786)

Finance cost

(17,727,578)

(16,239,825)

(58,471,923)

(50,177,482)

Finance income

2,483,930

36,079,045

7,541,143

41,135,666

Net finance (cost)/income

3.3a,b

(15,243,648)

19,839,220

(50,930,780)

(9,041,816)

(Loss)/profit before income tax

3.3a,b

(26,595,981)

26,024,759

(26,946,642)

(22,913,602)

Income tax expense

3.3a,b

(5,184,072)

(519,863)

(16,405,620)

(1,444,650)

(Loss)/profit for the period

(31,780,053)

25,504,896

(43,352,262)

(24,358,252)

(Loss)/profit attributable to:

Equity holders of the parent

(30,793,753)

24,883,122

(42,210,416)

(23,454,557)

Non-controlling interest

(986,300)

621,774

(1,141,846)

(903,695)

(31,780,053)

25,504,896

(43,352,262)

(24,358,252)

(Loss)/profit per share from attributable to ordinary equity holders

of the parent during the period (expressed in kobo per share):

Basic and diluted (loss)/profit per share from loss for the period

22

(2.48)

2.00

(3.40)

(1.89)

The accounting policies and notes form an integral part of these unaudited interim consolidated and separate financial statements.

3

Oando PLC

UNAUDITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 SEPTEMBER 2022 AND 2021

Three months

Three months

Nine months

Nine months

ended 30

ended 30

ended 30

ended 30

GROUP

September

September

September

September

2022

2021

2022

2021

N'000

N'000

N'000

N'000

(Loss)/profit for the period

(31,780,053)

25,504,896

(43,352,262)

(24,358,252)

Other comprehensive income:

Items that will not be reclassified to profit or loss in subsequent periods:

Items that may be reclassified to profit or loss in subsequent periods:

(3,570,868)

(8,209)

2,666,802

(536,480)

Exchange differences on translation of foreign operations

Share of associate's foreign currency translation reserve

103,562

10,720

(12,900)

17,847

Other comprehensive (loss)/income for the period, net of tax

(3,467,306)

2,511

2,653,902

(518,633)

Other comprehensive (loss)/income for the period

(3,467,306)

2,511

2,653,902

(518,633)

Total comprehensive (loss)/income for the period

(35,247,359)

25,507,407

(40,698,360)

(24,876,885)

Attributable to:

(34,030,409)

24,885,140

(39,180,867)

(23,336,647)

- Equity holders of the parent

- Non-controlling interests

(1,216,950)

622,267

(1,517,493)

(1,540,238)

Total comprehensive (loss)/income for the period

(35,247,359)

25,507,407

(40,698,360)

(24,876,885)

4

Oando PLC

UNAUDITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

UNAUDITED STATEMENT OF PROFIT OR LOSS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022 AND 2021

Three months

Three months

Nine months

Nine months

ended 30

ended 30

ended 30

ended 30

COMPANY

NOTES

September

September

September

September

2022

2021

2022

2021

N'000

N'000

N'000

N'000

Revenue from contract with customers

315,821,758

152,319,821

1,050,407,373

374,357,824

Cost of sales

(315,635,575)

(152,348,785)

(1,051,120,737)

(372,182,281)

Gross (loss)/profit

186,183

(28,964)

(713,364)

2,175,543

Other operating (expense)/income

4

(520,819)

945,215

13,065,590

24,683,610

Reversal of impairment /(impairment) of financial assets, net

5

3,083,461

(133,020)

10,449,750

(279,405)

Administrative expenses

(2,491,836)

3,519,429

(11,656,589)

(36,468,022)

Operating (loss)/profit

256,989

4,302,660

11,145,387

(9,888,274)

Finance cost

(4,710,200)

(4,111,507)

(14,711,465)

(13,835,504)

Finance income

572,068

135,621

1,687,324

546,696

Net finance cost

(4,138,132)

(3,975,886)

(13,024,141)

(13,288,808)

(Loss)/profit before income tax

(3,881,143)

326,774

(1,878,754)

(23,177,082)

Income tax expense

(1,579,109)

(380,800)

(5,252,037)

(935,895)

Loss for the period

(5,460,252)

(54,026)

(7,130,791)

(24,112,977)

Loss attributable to:

Equity holders of the parent

(5,460,252)

(54,026)

(7,130,791)

(24,112,977)

Non-controlling interest

-

-

-

-

(5,460,252)

(54,026)

(7,130,791)

(24,112,977)

Loss per share from attributable to ordinary equity holders

of the parent during the period (expressed in kobo per share):

Basic and diluted loss per share from loss for the period

22

(0.44)

-

(0.57)

(1.94)

The accounting policies and notes form an integral part of these unaudited interim consolidated and separate financial statements.

5

Oando PLC

UNAUDITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 SEPTEMBER 2022 AND 2021

Three months

Three months

Nine months

Nine months

ended 30

ended 30

ended 30

ended 30

COMPANY

September

September

September

September

2022

2021

2022

2021

N'000

N'000

N'000

N'000

Loss for the period

(5,460,252)

(54,026)

(7,130,791)

(24,112,977)

Other comprehensive loss:

Total comprehensive loss for the period

(5,460,252)

(54,026)

(7,130,791)

(24,112,977)

Attributable to:

(5,460,252)

(54,026)

(7,130,791)

(24,112,977)

- Equity holders of the parent

- Non-controlling interests

-

-

-

-

Total comprehensive loss for the period

(5,460,252)

(54,026)

(7,130,791)

(24,112,977)

6

Oando PLC

UNAUDITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2022 AND 31 DECEMBER 2021

Group

Group

Company

Company

2022

2021

2022

2021

Assets

NOTES

N'000

N'000

N'000

N'000

Non-current assets

1,429,529

1,333,579

Property, plant and equipment

6

414,070,363

430,961,454

Intangible assets

7

318,274,067

319,933,850

17,447

196,536

Investment property

8

3,440,000

3,440,000

3,440,000

3,440,000

Right of use asset

9

8,208,151

9,758,695

4,564,698

5,706,796

Investment in associate

10

2,621,587

2,634,487

-

-

Deferred income tax assets

610,915

613,921

-

-

Derivative financial assets

-

3,899,203

-

-

Finance lease receivables

86,420,399

87,729,197

18,141,193

20,690,006

Investment in subsidiaries

-

-

22,467,109

22,467,109

Prepayments

110,952

142,820

2,872

-

Restricted cash

16a

5,940,244

4,822,553

-

-

839,696,678

863,936,180

50,062,848

53,834,026

Current assets

-

30,798,315

Inventories

13

3,710,278

35,504,317

Derivative financial assets

2,385,659

2,471,255

-

-

Trade & other receivables and contract assets

14

268,557,241

51,678,645

198,551,008

123,073,023

Deposit for shares

3,030,090

10,875,000

-

-

Prepayments

2,898,959

2,166,838

51,442

66,122

Financial assets at fair value through profit or loss

11

70,657

54,835

68,078

52,256

Short term investments

15

1,787,128

1,500,136

1,787,128

1,500,136

Cash and cash equivalents (excluding bank overdrafts)

16b

34,755,670

27,876,864

11,497,099

1,193,819

317,195,682

132,127,890

211,954,755

156,683,671

Total assets

1,156,892,360

996,064,070

262,017,603

210,517,697

Equity and Liabilities

Equity attributable to equity holders of the parent

Share capital

21

Share premium

21

Retained loss

Other reserves

Non controlling interest

Total equity

Liabilities

Non-current liabilities

Borrowings

18

Deferred income tax liabilities

Decommissioning provisions

20

Lease Liabilities

19

Retirement benefit obligation

Current liabilities

Trade and other payables

17

Borrowings

18

Lease Liabilities

19

Current income tax liabilities

Dividend payable

Total liabilities

Total equity and liabilities

6,215,706

6,215,706

6,215,706

6,215,706

176,588,527

176,588,527

176,588,527

176,588,527

(533,132,002)

(480,619,594)

(392,150,929)

(385,020,138)

176,627,549

172,937,110

-

-

(173,700,220)

(124,878,251)

(209,346,696)

(202,215,905)

(6,069,349)

(4,139,440)

-

-

(179,769,569)

(129,017,691)

(209,346,696)

(202,215,905)

119,456,456

167,317,327

-

-

3,200,972

3,203,782

-

-

130,551,278

143,139,816

111,774

109,408

3,709,679

4,022,392

15,491,932

18,151,150

530,668

480,327

-

-

257,449,053

318,163,644

15,603,706

18,260,558

604,786,100

446,930,768

335,054,884

283,743,484

392,974,435

293,464,673

103,165,003

99,022,858

38,000

295,395

5,771,678

5,189,711

79,764,064

64,577,004

10,118,751

4,866,714

1,650,277

1,650,277

1,650,277

1,650,277

1,079,212,876

806,918,117

455,760,593

394,473,044

1,336,661,929

1,125,081,761

471,364,299

412,733,602

1,156,892,360

996,064,070

262,017,603

210,517,697

These unaudited consolidated and separate financial statements were approved by the Board of Directors on 29 March 2024 and signed on its behalf by:

Group Chief Executive

Group Chief Financial Officer

Mr. Jubril Adewale Tinubu

Mr. Adeola Ogunsemi

FRC/2013/NBA/00000003348

FRC/2016/ICAN/00000014639

The accounting policies and notes form an integral part of these unaudited interim consolidated and separate financial statements.

7

Oando PLC

UNAUDITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

UNAUDITED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 SEPTEMBER 2022 AND 2021

Share Capital

& Share

Retained

Equity holders of

Non controlling

GROUP

Premium

Other reserves

earnings

parent

interest

Total equity

N'000

N'000

N'000

N'000

N'000

N'000

Balance as at 1 January 2021

182,804,233

155,734,328

(424,258,964)

(85,720,403)

18,037,209

(67,683,194)

Loss for the period

-

-

(23,454,557)

(23,454,557)

(903,695)

(24,358,252)

Other comprehensive profit/(loss) for the year

-

117,910

-

117,910

(636,543)

(518,633)

Change in ownership interests in subsidiaries that

do not result in a loss of control

-

18,605,672

(92,178,000)

(73,572,328)

(18,378,422)

(91,950,750)

Balance as at 30 September 2021

182,804,233

174,457,910

(539,891,521)

(182,629,378)

(1,881,451)

(184,510,829)

Balance as at 1 January 2022

182,804,233

172,937,110

(480,619,594)

(124,878,251)

(4,139,440)

(129,017,691)

Loss for the period

-

-

(42,210,416)

(42,210,416)

(1,141,846)

(43,352,262)

Other comprehensive income/(loss) for the period

-

3,029,549

-

3,029,549

(375,647)

2,653,902

Change in ownership interests in subsidiaries that

do not result in a loss of control

-

660,890

(10,301,992)

(9,641,102)

(412,416)

(10,053,518)

Balance as at 30 September 2022

182,804,233

176,627,549

(533,132,002)

(173,700,220)

(6,069,349)

(179,769,569)

Share Capital &

Retained

Company

Share Premium

earnings

Total equity

N'000

N'000

N'000

Balance as at 1 January 2021

182,804,233

(356,895,742)

(174,091,509)

Loss for the period

-

(24,112,977)

(24,112,977)

Balance as at 30 September 2021

182,804,233

(381,008,719)

(198,204,486)

Balance as at 1 January 2022

182,804,233

(385,020,138)

(202,215,905)

Loss for the period

-

(7,130,791)

(7,130,791)

Balance as at 30 September 2022

182,804,233

(392,150,929)

(209,346,696)

8

Oando PLC

UNAUDITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

UNAUDITED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022 AND 2021

NOTES

Group

Group

Company

Company

2022

2021

2022

2021

N'000

N'000

N'000

N'000

Cash flows from operating activities

Cash generated from operations

23

42,227,762

(18,575,655)

2,238,447

(28,448,524)

Net changes in working capital

24

(34,260,226)

(9,477,777)

4,711,028

30,892,845

Interest paid

(23,897,968)

(16,459,824)

(432,785)

(107,618)

Income tax paid

(1,299,486)

(1,034,897)

-

-

Net cash (used in)/generated from operating activities

(17,229,918)

(45,548,153)

6,516,690

2,336,703

Cash flows from investing activities

Purchases of property plant and equipment

(27,761,722)

(14,072,098)

(385,808)

(94,034)

Proceeds from disposal of investment in associate

-

2,686,970

-

-

Deposit for shares

(2,594,859)

-

-

Purchase of intangible exploration assets

(116,266)

(74,643)

-

-

Proceeds from sale of property, plant and equipment

-

56

-

-

Premium paid on hedges

(858,977)

-

-

-

Finance lease received

7,800,071

7,267,192

3,685,217

3,767,119

Interest received

11,128

2,789

11,128

1,632

Net cash (used in)/generated from investing activities

(23,520,624)

(4,189,734)

3,310,537

3,674,717

Cash flows from financing activities

Proceeds from borrowings

469,504,724

99,646,454

7,500,000

-

Repayment of borrowings

(419,369,378)

(38,783,179)

(3,310,593)

(1,458,233)

Lease payments

(1,231,441)

(2,575,503)

(3,711,571)

(4,811,090)

Restricted cash

(1,141,305)

(1,794,193)

-

-

Net cash generated from/(used in) financing activities

47,762,600

56,493,579

477,836

(6,269,323)

Net change in cash and cash equivalents

7,012,058

6,755,692

10,305,063

(257,903)

Cash and cash equivalents at the beginning of the period

27,876,864

14,566,389

1,193,819

1,072,747

Exchange gain on cash and cash equivalents

(133,252)

148,506

(1,783)

6,269

Cash and cash equivalents at end of the period

34,755,670

21,470,587

11,497,099

821,113

Cash and cash equivalent at period end is analysed as follows:

34,755,670

21,470,587

11,497,099

821,113

Cash and bank balance

16b

The accounting policies and notes form an integral part of these unaudited consolidated and separate financial statements.

9

Oando PLC

UNAUDITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022 AND 2021

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. It was partially privatised in 1991 and fully privatised in the year 2000 following the disposal of the 40% shareholding of Federal Government of Nigeria to Ocean and Oil Investments Limited and the Nigerian public. In December 2002, the Company merged with Agip Nigeria Plc. following its acquisition of 60% of Agip Petrol's stake in Agip Nigeria Plc. The Company formally changed its name from Unipetrol Nigeria Plc. to Oando PLC in December 2003.

Oando PLC (the "Company") is listed on the Nigerian Stock Exchange and the Johannesburg Stock Exchange. In 2016, the Company embarked on a reorganisation and disposed some subsidiaries in the Energy, Downstream and Gas & Power segments. The Company retains its significant ownership in Oando Trading Bermuda (OTB), Oando Trading Dubai (OTD) and its upstream businesses (see note 3 for segment result), hereinafter referred to as the Group.

On October 13, 2011, Exile Resources Inc. ("Exile") and the Oando Exploration and Production Division ("OEPD") of Oando PLC ("Oando") announced that they had entered into a definitive master agreement dated September 27, 2011 providing for the previously announced proposed acquisition by Exile of certain shareholding interests in Oando subsidiaries via a Reverse Take Over ("RTO") in respect of Oil Mining Leases ("OMLs") and Oil Prospecting Licenses ("OPLs") (the "Upstream Assets") of Oando (the "Acquisition") first announced on August 2, 2011. The Acquisition was completed on July 24, 2012 ("Completion date"), giving birth to Oando Energy Resources Inc. ("OER"); a company which was listed on the Toronto Stock Exchange between the Completion date and May 2016. Immediately prior to completion of the Acquisition, Oando PLC and the OEPD first entered into a reorganization transaction (the "Oando Reorganization") with the purpose of facilitating the transfer of the OEPD interests to OER (formerly Exile).

OER effectively became the Group's main vehicle for all oil exploration and production activities.

In 2016, OER previously quoted on Toronto Stock Exchange (TSX), notified the (TSX) of its intention to voluntarily delist from the TSX. The intention to delist from the TSX was approved at a Board meeting held on the 18th day of December, 2015. The shares of OER were delisted from the TSX at the close of business on Monday, May 16th 2016. Upon delisting, the requirement to file annual reports and quarterly reports to the Exchange will no longer be required. The Company believes the objectives of the listing on the TSX was not achieved and judges that the continued listing on the TSX was uneconomical.

To effect the delisting, a restructuring of the OER Group was done and a special purpose vehicle, Oando E&P Holdings Limited ("OEPH") was set up to acquire all of the issued and outstanding shares of OER. As a result of the restructuring, shares held by the previous owners of OER (Oando PLC (93.49%), the institutional investors in OER (5.08%) and certain Key Management Personnel (1.43%)) were required to be transferred to OEPH, in exchange for an equivalent number of shares in OEPH. The share for share exchange between entities in the Oando Group is considered as a business combination under common control not within the scope of IFRS 3.

OEPH purchased the remaining shares in OER from the remaining shareholders who did not partake in the share for share exchange arrangement for a cash consideration. The shareholders of the 5,733,277 shares were paid a cash consideration of US$1.20 per share in accordance with the plan of arrangement. As a result of the above, OEPH owns 100% of the shares in OER.

'Pursuant of the Amended and Restated Loan Agreement between West Africa Investment Limited (the "Lender" /"WAIL"), Goldeneye Energy Resources Limited (the "Borrower") and Oando PLC (the "Guarantor") dated March 31, 2016, on one hand; and another Amended and Restated Loan Agreement between Goldeneye Energy Resources Limited (the "Borrower"), Southern Star Shipping Co Inc. (the "Lender"/"SS") and Oando PLC (the "Guarantor") also dated 31 March 2016; Oando PLC provided financial guarantee to the Lenders to the tune of US$32m (WAIL: US$27m, SS: US$5m). The essence of the loans was for the borrower to acquire shares owned by the Lenders in Oando Exploration and Production Holdings Limited (OEPH), a subsidiary of Oando PLC. The Borrower agreed to repay the loans in 12 installments starting from March 2017.

The financial guarantee required Oando PLC to pay to the Lenders in its capacity as Guarantor, the loan amounts due (inclusive of accrued interest) if the Borrower is unable to pay while the Borrower is also required to transfer the relevant number of shares held in OEPH to the Guarantor or its Nominee in the event of default.

Upon failure by the Borrower to honour the repayment agreement, the Guarantor paid US$ 6.1m (which represented principal plus accrued interest) to SS on October 4, 2017. On the same date, the borrower executed a share transfer instrument for the purpose of transferring all the shares previously acquired from SS to the Calabar Power Limited, a wholly owned subsidiary of Oando PLC. Consequently, the Guarantor was discharged of the financial guarantee to SS and Oando PLC now owns 78.18% (2016: 77.74%) shares in OEPH. The Borrower and Lenders are not related parties to the Guarantor.

On May 19, 2018, Oando PLC (through its subsidiary Calabar Power) acquired 8,631,225 shares in OEPH from some non-controlling interests (NCI) who were paid a cash consideration of US$1.20 per share in accordance with the plan of arrangement executed for some NCI following the delisting of OER in 2016. As a result, Oando PLC now owns 79.27% (2018: 78.18%) shares in OEPH.

Calabar Power (through Oando PLC) paid $8.3 million (N3 billion) in 2018 and $13.5 million (N4.9 billion) in 2019 to WAIL. On May 31, 2019, Goldeneye transferred 5,236,626 shares to Calabar Power amounting to $13,349,083.59, thereby increasing Oando PLC's (direct and indirect) percentage interest in OEPH to 79.93%. Amounts paid up to 31 December 2019 have been reflected as deposit for shares in these consolidated financial statements.

Subsequently, the company (through Oando PLC) paid the outstanding indebtedness to WAIL as follows: 2020: $1.5 million, 2021: $10 million while Goldeneye paid $4.12 million in 2022 out of the indebtedness to Oando PLC of $9.59 million. The final payment of $4.12 million extinguished the debt to WAIL as guaranteed by Oando PLC. Upon the final payment and on April 12, 2022, the outstanding shares of 12,218,788 were transferred to Calabar Power.

On November 2, 2020, M1 Petroleum Limited (an NCI in OEPH) transferred 2,935,774 shares in OEPH (amounting to $5 million) to Calabar Power thereby increasing

Oando PLC's (direct and indirect) percentage interest in OEPH to 80.3%. Furthermore, on 31 March 2021 (the "effective date"), OODP Nigeria (the "Seller") agreed to sell, assign and deliver to the Calabar Power Limited (the "Purchaser") and the Purchaser agreed to purchase and accept from the Seller the Shares - 128,413,672 common shares of Oando E & P Holdings Limited ("OEPH") free from all encumbrances on the effective date for a consideration of $225 million. The Seller and the

Purchaser further agreed that costs and taxes directly related to the sale and transfer by the Seller shall be borne by the Seller; and that the consideration will be paid in full by the Purchaser within twelve months from the effective date. The Seller and Purchaser executed a Share Transfer Form on the effective date. A Share Certificate covering the 128,413,672 common shares dated the effective date was also issued to the Purchaser by Oando E & P Holdings Limited thereby increasing Oando PLC's (direct and indirect) percentage interest in OEPH to 96.51% at same date. Following the transfer of 12,218,788 shares in OEPH from WAIL to Calabar Power in April 2022, Oando PLC's (direct and indirect) percentage interest in OEPH to 98.05% at same date.

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Oando plc published this content on 23 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2024 15:48:03 UTC.