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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
Limited (NYSE: TGH), in which Trencor has a 48,5% (31 March 2012:
60,1%) beneficiary interest, has announced net profit attributable to
its shareholders in US GAAP of US$48,3 million for the three months
ended 31 March 2013 compared with US$49,9 million for the same period
in 2012. 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 2013 was US$50,8 million (same period 2012:
US$46,7 million).
Trencor’s earnings for the quarter to 31 March 2013 were as follows:
Year ended
3 months ended 31 March 31 December
2013 2012 2012
Cents per Cents per Cents per
share share share
Unaudited Unaudited Audited
HEADLINE EARNINGS 150,6 91,5 559,6
(Deduct)/Add
Unrealised foreign exchange
translation (gains)/losses (29,1) 21,5 (13,5)
ADJUSTED HEADLINE EARNINGS 121,5 113,0 546,1
SA rand to US dollar:
- Period-end rate of R9,25 R7,67 R8,48
exchange
- Average rate of exchange
for period R8,91 R7,71 R8,16
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 95,4% for the first quarter of 2013
(96,9% for the first quarter 2012);
- Purchased new and used containers costing US$232 million year to
date following US$198 million in new containers in the fourth quarter
of 2012, for lease outs in 2013;
- Textainer has experienced a significant increase in the useful
lives of its containers over the past few years as the company has
entered into more lifecycle leases and shipping lines have kept
containers on-lease for longer periods. As a result, Textainer has
increased the estimated useful lives of its non-refrigerated
containers from 12 to 13 years beginning in the first quarter of 2013
based on an extended period of higher useful lives and a view that
new equipment lives will remain consistent with recent levels; this
is consistent with the useful lives applied by other listed container
leasing companies. This change resulted in US$6,3 million less
depreciation expense than would have been recorded using the prior 12
year useful lives during the current quarter;
- After the close of the quarter Textainer refinanced one of its
revolving credit facilities, reducing the funding costs by 175 basis
points and increasing the size by US$50 million to US$170 million;
- Total fleet size at the end of the quarter was 2 809 000 TEU
compared to 2 775 000 at 31 December 2012;
- Declared a dividend of US$0,46 per share in respect of the first
quarter of 2013.
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
8 May 2013
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
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