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TRE - Trencor Limited - First Quarter Update
TRENCOR LIMITED
Incorporated in the Republic of South Africa
Registration No 1955/002869/06
Share Code: TRE
ISIN: ZAE000007506
("Trencor")
FIRST QUARTER UPDATE
Shareholders in Trencor are advised that Textainer Group Holdings Ltd (NYSE:
TGH), in which Trencor has a 60,1% (31 March 2011: 60,9%) beneficiary interest,
has announced net profit attributable to its shareholders in US GAAP of US$49,9
million for the three months ended 31 March 2012 compared with US$37,2 million
for the same period in 2011. Textainer`s results may be viewed on its website
www.textainer.com.
Adjusted to conform with IFRS, Textainer`s net profit for the three months ended
31 March 2012 was US$46,7 million (same period 2011: US$39,2 million).
Trencor`s earnings for the quarter to 31 March 2012 are as follows:
Year ended
3 months ended 31 March 31 December
2012 2011 2011
Cents per Cents per Cents per
share share share
Unaudited Unaudited Audited
HEADLINE EARNINGS 91,5 89,9 559,3
(Deduct)/Add
Unrealised foreign exchange
translation losses/(gains) 21,5 (9,1) 76,9
ADJUSTED HEADLINE EARNINGS 113,0 80,8 482,4
SA rand to US dollar:
- Period-end rate of R7,67 R6,76 R8,12
exchange
- Average rate of exchange R7,71 R6,93 R7,20
for period
COMMENTS
- Adjusted headline earnings exclude the effect of net unrealised foreign
exchange gains and losses arising on the translation of the long-term
receivables and related valuation adjustment.
TEXTAINER:
- average fleet utilisation was 96,9% for the first quarter of 2012 (98,2% for
the first quarter 2011) but this been improving steadily since the beginning of
April this year;
- ordered 224 000 twenty-foot equivalent units ("TEU") of new standard dry-
freight containers and 15 000 TEU of refrigerated containers for delivery
through July 2012 and purchased 2 000 TEU of previously managed used containers,
representing a total of more than US$661 million of capital expenditure;
- successfully issued US$400 million in asset backed notes in April 2012 with an
effective semi-annual yield of 4,25% per annum, the lowest yield in recent
history for container-backed debt;
- significantly increased the size of the its warehouse facility to US$1,2
billion in May 2012, resulting in the container industry`s largest facility and
providing significant liquidity for the company`s owned fleet expansion;
- declared a dividend of US$0,40 per share in respect of the first quarter of
2012.
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
9 May 2012
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
Date: 09/05/2012 10:59:01 Supplied by www.sharenet.co.za
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