Wrap Text
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 48,93%
(30 September 2011: 60,9%) beneficiary interest, has announced net
profit attributable to its shareholders in US GAAP of US$146,4
million for the nine months ended 30 September 2012 compared with
US$134,7 million for the same period in 2011. Profit in 2011
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 net profit for the nine
months ended 31 September 2012 was US$147,7 million (same period in
2011: US$138,0 million). Profit in 2011 also included the US$14,8
million non-cash gain on the sale of containers referred to above.
Trencor’s earnings for the nine months to 30 September 2012 are as
follows:
9 months ended 30 Year ended
September 31 December
2012 2011 2011
Cents per Cents per Cents per
share share share
Unaudited Unaudited Audited
HEADLINE EARNINGS 405,4 415,9 559,3
Deduct:
Unrealised foreign exchange
translation gains 3,3 75,2 76,9
ADJUSTED HEADLINE EARNINGS 402,1 340,7 482,4
SA rand to US dollar:
- Period-end rate of R8,21 R8,01 R8,12
exchange
- Average rate of exchange R8,02 R6,90 R7,20
for period
COMMENTS
- Adjusted headline earnings exclude the effect of net unrealised
foreign exchange gains arising on the translation of the long-term
receivables and related valuation adjustment.
- Earnings per share for the nine months to 30 September 2011 and for
the year ended 31 December 2011 included a 32,9 cents non-cash gain
arising on the sale of containers to the prior non-controlling
interest in Textainer’s asset-owning subsidiary.
- On 19 September 2012, Textainer raised US$185 million of fresh
capital through the issue of 6 125 000 new shares. At the same time,
Halco Holdings Inc sold 2 500 000 shares in Textainer for a total net
consideration of US$75,6 million, thereby reducing its interest in
Textainer to 48,93%.
- Textainer’s average fleet utilisation averaged 97,9% for the nine
months to 30 September of 2012 (same period in 2011: 98,5%).
- Textainer has invested more than US$1,0 billion in new and used
containers in the year to date (of which 91% was for its owned
fleet), including more than US$155 million of purchases from its
managed fleet.
- Textainer owned 68,8% (2011: 58,2%) of the total fleet of 2 659 000
TEU at 30 September 2012 (2011: 2 485 000 TEU).
- Textainer increased the size of its revolving credit facility from
US$205 million to US$600 million at attractive pricing.
The financial information on which this update is based has not been
reviewed or reported on by Trencor’s independent auditors.
On behalf of the Board
NI Jowell Chairman
7 November 2012
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
Date: 07/11/2012 02:10:00 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.
Sharenet Sites 
