OANDO EARNINGS FORECAST FOR THE FOURTH QUARTER ENDING 31 DECEMBER 2012.

OANDO EARNINGS FORECAST FOR THE FOURTH QUARTER ENDING 31 DECEMBER 2012.

In terms of the Listings Requirements and Rules governing listing on the Nigerian Stock Exchange, Oando is pleased to provide the following income statements forecast for the fourth quarter ending 31 December 2012:
All figures in US$ ‘millions
Q4 2012 Forecast
Turnover 1049
Cost of sales (919)
Gross margin 130
Operating expenses (61)
Other operating Income 30
Operating profit 99
Finance costs (44)
Depreciation (17)
Profit before Tax 38
Income tax expense (18)
Profit after tax 20
The earnings forecast has been prepared in compliance with Nigerian Statement of Accounting Standards (SAS) translated to US Dollars (US$).
The earnings forecast reported in this announcement has neither been reviewed nor reported on by the auditors of the Company.
EARNINGS FORECAST FOR THE FOURTH QUARTER ENDING 31 DECEMBER 2012
KEY ASSUMPTIONS
1 Exchange Rate NGN/USD – Interbank 160
2 Annual Consumer Inflation Rate (Y/Y%) 11.1%
3 Average borrowing rate 17.5%
4 Average selling price per barrel of crude $98/barrel
5 Average selling price per scm of natural gas N32/scm ($0.20/mscf)
6 Average selling price per litre of PMS N97/litre ($0.61/litre)
7 Average selling price per litre of AGO N150/litre (0.94/litre)
8 Average operating day rate for swamp rigs $104,900/day
9 Average efficiency rate for swamp rigs 98%
10 Tax Rate – Company Income Tax 30%
11 Tax Rate – Education Tax 2%
12 Tax Rate – Petroleum Profit Tax 50
Source: OANDO
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