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TRE/MOB - Trencor/Mobile - Trading Statement TRENCOR LIMITED (Incorporated in the Republic of South Africa) (Registration no 1955/002869/06) Share Code: TRE ISIN: ZAE000007506 ("Trencor") MOBILE INDUSTRIES LIMITED (Incorporated in the Republic of South Africa) (Registration no 1968/014997/06) Share Code: MOB ISIN: ZAE000091435 ("Mobile" or "the company") TRADING STATEMENT Shareholders in Trencor and Mobile are advised that Trencor expects to report adjusted headline earnings (which excludes the effect of unrealised foreign exchange translation gains and losses, and excludes gains realised in 2009 by Textainer on the early retirement of portion of its own debt) of between 360 and 380 cents per share for the year ended 31 December 2010 (2009: 203,5 cents per share). Headline earnings are expected to be between 325 and 345 cents per share (2009: 134,8 cents per share). These improvements are mainly the result of the following: - A much stronger performance by Textainer which reported net profits under International Financial Reporting Standards ("IFRS") of US$128 million (2009: US$ 92 million, including gains realised on the early retirement of portion of its own debt); this included a release of certain taxation provisions, amounting to US$11,1 million (2009: nil), no longer required under IFRS following the conclusion of an audit undertaken by the Internal Revenue Service. - A reduction of R189 million in Trencor`s net long-term receivable valuation adjustment following the significantly improved outlook for collections as a result of the currently very strong container leasing market. - The spot US$/R exchange rate strengthened from US$1 = R7,35 at 31 December 2009 to US$1 = R6,61 at 31 December 2010. This resulted in net realised and unrealised exchange losses of approximately R89 million for the year arising on the translation of the long-term receivables and related valuation adjustment from US dollars into rand (2009: loss R298 million). The effect of these losses on earnings per share in 2010 is 34 cents (2009: loss 115 cents). Trencor`s basic earnings per share are expected to be between 325 and 345 cents per share (2009: 138,1 cents per share). Based on Trencor`s estimated headline earnings above, Mobile is expected to report headline earnings of between 26 and 28 cents per share for the year ended 31 December 2010 (2009: 11,1 cents). Earnings per share are expected to be between 26 and 28 cents per share (2009: 10,8 cents). Shareholders in Mobile are reminded, however, that the company distributed its entire shareholding in Trencor to its shareholders on 7 February 2011 and that Mobile itself will thus not become entitled to any dividend declared by Trencor. This forecast financial information has not been reviewed or reported on by Trencor`s or Mobile`s independent auditors. The reviewed results in respect of the year ended 31 December 2010 are expected to be published in the second half of February 2011. ON BEHALF OF THE BOARDS NI JOWELL CHAIRMAN TRENCOR LIMITED C JOWELL CHAIRMAN MOBILE INDUSTRIES LIMITED 11 February 2010 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) www.trencor.net www.mobile-industries.net Date: 11/02/2011 11:06:02 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.
