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TRE - Trencor Limited - Third quarter update
TRENCOR LIMITED
Incorporated in the Republic of South Africa
Registration No 1955/002869/06
Share Code: TRE
ISIN: ZAE000007506
("Trencor")
THIRD QUARTER UPDATE
Holders of securities in Trencor are advised that Textainer Group Holdings
Limited (NYSE: TGH), in which Trencor has a 60,9% (30 September 2010: 61,8%)
interest, has announced net profit attributable to its shareholders in US GAAP
of US$134,7 million for the nine months ended 30 September 2011 compared with
US$80,0 million for the same period in 2010. Profit in the current period
included a US$14,8 million non-cash gain on the sale of containers to the prior
non-controlling interest in Textainer`s asset-owning subsidiary. Textainer`s
results may be viewed on its website www.textainer.com.
Adjusted to conform with IFRS, Textainer`s profit for the nine months ended 30
September 2011 was US$138,0 million (2010: US$76,3 million).
Trencor`s earnings for the 9 months to 30 September 2011 are as follows:
9 months ended 30 Year ended 31
September December
2011 2010 2010
Cents per Cents per Cents per share
share share
Unaudited Unaudited Audited
HEADLINE EARNINGS 415,9 164,2 335,5
(Deduct)/Add:
Unrealised foreign exchange
translation (gains)/losses (75,2) 18,0 33,9
ADJUSTED HEADLINE EARNINGS 340,7 182,2 369,4
SA rand to US dollar:
- Period-end rate of R8,01 R6,95 R6,61
exchange
- Average rate of exchange R6,90 R7,44 R7,33
for period
COMMENTS
- Adjusted headline earnings excludes the effect of net unrealised foreign
exchange gains and losses arising on the translation of the long-term
receivables and related valuation adjustment.
- Earnings per share for the nine months included a non-cash gain of 33,5
cents arising on the sale of containers to the prior non-controlling
interest in Textainer`s asset-owning subsidiary. Textainer now owns 100%
of this subsidiary.
- Earnings per share for the year ended 31 December 2010 included 72,4 cents
following a reduction in the long-term receivables valuation adjustment;
amount included for the nine months ended 30 September 2011: 12,4 cents
(2010: 10,2 cents).
- Textainer`s average fleet utilisation increased to 98,6% for the third
quarter of 2011 from 98,0% for the same period in 2010; spot utilisation on
28 October 2011 was 98,2% (29 October 2010: 98,5%).
- Textainer ordered 177 000 twenty-foot equivalent units ("TEU") of new
standard dry-freight containers and 16 000 TEU of refrigerated containers
for delivery through December 2011, and purchased 212 000 TEU of used
containers, including some previously managed and additional containers
from purchase-leaseback transactions, for a total of 405 000 TEU
representing US$787 million of capital expenditures year to date, a new
company record.
The financial information on which this update is based has not been reviewed
and reported on by Trencor`s independent auditors.
On behalf of the Board
NI Jowell Chairman
4 November 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
Date: 04/11/2011 15:38:08 Supplied by www.sharenet.co.za
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