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Reviewed Results for the year ended 31 December 2013 and declaration of cash dividend
Trencor Limited
(Incorporated in the Republic of South Africa)
Registration No. 1955/002869/06
Share code: TRE
ISIN: ZAE000007506
('the company' or 'Trencor')
Reviewed Results
for the year ended 31 December 2013
and declaration of cash dividend
COMMENTARY
GROUP
- Trading profit after net financing costs increased by 25% from R1 636 million
in 2012 to R2 038 million.
- Headline earnings per share (including the effect of net realised and unrealised
foreign exchange translation gains) were 792,6 cents (2012: 559,6 cents).
- Adjusted headline earnings per share (which excludes the effect of net
unrealised foreign exchange translation gains and the gain arising from the
modification of debt terms on initial recognition), at 630,7 cents (2012: 546,1
cents), were up by 15,5%.
- The option held by Halco Holdings to acquire 55,7% of TAC for approximately
US$5 million became exercisable with effect from 1 July 2013 and, in
accordance with International Financial Reporting Standards, TAC has been
consolidated in Trencor's results for the first time, notwithstanding that Halco
has not yet exercised the option. Earnings include:
- 44,3% of TAC's profit for the six months to 31 December 2013
(R29,5 million or 16,7 cents per share);
– R146,8 million (82,9 cents per share), being the value of the option at that date;
– R172,2 million (97,2 cents per share) gain arising from the modification of
debt terms on initial recognition.
- Net unrealised foreign exchange gains arising on translation of net dollar
receivables and the related valuation adjustments, not included in adjusted
headline earnings per share, were R159 million or 64,7 cents per share (2012:
R33 million or 13,5 cents per share).
- These various earnings are better reflected in tabular form:
2013 2012
Cents per share Cents per share
Headline earnings including, in 2013, the value
placed on the option to acquire the remaining 55,7%
of the shares in TAC (82,9 cents per share) 792,6 559,6
Deduct: Net unrealised foreign exchange
translation gains 64,7 13,5
Deduct: Gain on modification of debt terms on initial
recognition 97,2 –
Adjusted headline earnings 630,7 546,1
- Consolidated gearing ratio at 31 December 2013 was 198% (2012: 165%).
- Based on the spot exchange rate of US$1 = R10,46 and the price of Textainer's
shares listed on the NYSE on 31 December 2013 (US$40,22), the net asset
value of Trencor at that date was as follows:
R million R per share
Net beneficiary interest in Textainer 11 476,2 64,80
Net beneficiary interest in TAC 254,0 1,43
Net interest in long-term receivables 711,7 4,02
Cash 1 465,4 8,28
Net liabilities (132,3) (0,75)
13 775,0 77,78
- Final dividend of 158 cents per share declared, making a total of 230 cents per
share for the year (2012: total 215 cents per share), an increase of 7% over
the previous year.
TEXTAINER: 48,3% beneficiary interest at 31 December 2013 (2012: 48,9%)
- Net profit for the year in US GAAP was US$182,8 million (2012: US$197,5
million). Adjusted to conform with International Financial Reporting Standards,
Textainer's net profit was US$186,2 million (2012: US$200,2 million).
- Average fleet utilisation for the year was 94,5%, compared with 97,2% for
2012. 84% of the fleet is subject to long-term and direct financing leases.
- Total expenditure for both the owned and managed fleets was US$752 million
for the year, used to purchase new and used containers.
- At 31 December 2013, Textainer owned 75,7% of the total fleet of 3 040 000
TEU; at 31 December 2012, it owned 72,7% of the then fleet of 2 775 000 TEU.
- Declared dividends totalling US$1,85 per share in 2013 (2012: US$1,63 per share).
- Textainer's results may be viewed on its website www.textainer.com.
DECLARATION OF CASH DIVIDEND
The board has declared a final gross cash dividend (number 97) of 158 cents per
share out of distributable reserves in respect of the year ended 31 December 2013.
The salient dates pertaining to the dividend payment are as follows:
Last day to trade cum the dividend Thursday, 20 March 2014
Trading commences ex the dividend Monday, 24 March 2014
Record date Friday, 28 March 2014
Payment date Monday, 31 March 2014
Share certificates may not be dematerialised or rematerialised between Monday,
24 March 2014 and Friday, 28 March 2014, both days inclusive.
Note that:
- Dividends will only be paid electronically to bank accounts of shareholders
and dividend cheques will no longer be issued. If you have in the past received
dividend cheques, you are required to provide the Transfer Secretaries with
confirmation of your banking details. Where shareholders have not provided
banking details, their dividend will be marked as “unclaimed” until the Transfer
Secretaries have been provided with the banking details for payout;
- As no secondary tax on companies' credits are available, dividend withholding
tax at the rate of 15% will be applicable to shareholders who are not exempt,
which will result in a net dividend of 134,30 cents per share;
- Trencor's tax reference number is 9676002711; and
- Trencor's issued share capital at the declaration date is R885 340 (177 068 011
ordinary shares of 0,5 cent each).
PREPARATION OF FINANCIAL STATEMENTS
These reviewed results have been prepared by management under the supervision
of the financial director.
REVIEW OPINION
These results, other than the figures stated in US dollars, have been reviewed by
the independent auditors, KPMG Inc, and their unmodified review report is available
for inspection at the registered office.
On behalf of the board
NI Jowell Chairman
26 February 2014
Consolidated statement of financial position
at 31 December 2013
Reviewed Audited
R million 2013 2012
ASSETS
Property, plant and equipment 36 505 24 798
Intangible assets 305 283
Investment in equity accounted investees 57 40
Other investments 66 66
Long-term receivables 637 699
Net investment in finance leases 1 305 627
Derivative financial instruments 12 –
Deferred tax assets 16 20
Restricted cash 629 448
Total non-current assets 39 532 26 981
Inventories 471 195
Trade and other receivables 1 201 885
Current portion of long-term receivables 230 133
Current portion of net investment in finance leases 447 201
Current tax assets 3 2
Cash and cash equivalents 2 744 2 513
Total current assets 5 096 3 929
Total assets 44 628 30 910
EQUITY
Share capital and premium 44 44
Reserves 7 868 6 370
Total equity attributable to equity holders of the company 7 912 6 414
Non-controlling interests 6 647 4 628
Total equity 14 559 11 042
LIABILITIES
Interest-bearing borrowings 26 936 17 107
Amounts attributable to third parties in respect of
long-term receivables 119 156
Derivative financial instruments 43 89
Deferred revenue 34 27
Deferred tax liabilities 284 218
Total non-current liabilities 27 416 17 597
Trade and other payables 594 1 029
Current tax liabilities 76 83
Current portion of interest-bearing borrowings 1 943 1 115
Current portion of amounts attributable to third parties in
respect of long-term receivables 36 30
Current portion of deferred revenue 4 14
Total current liabilities 2 653 2 271
Total liabilities 30 069 19 868
Total equity and liabilities 44 628 30 910
Capital expenditure incurred during the year 6 928 8 647
Capital expenditure committed and authorised,
but not yet incurred 643 193
Directors' valuation of unlisted investments 66 66
Ratio to total equity:
Total liabilities (%) 206,5 179,9
Interest-bearing debt (%) 198,4 165,0
Consolidated statement of comprehensive income
for the year ended 31 December 2013
Reviewed Audited
R million 2013 2012
Revenue (Note 2) 6 590 4 553
Trading profit before items listed below 2 855 2 225
Realised and unrealised exchange gains on translation of
long-term receivables, excluding fair value adjustment 226 54
Fair value adjustment on net long-term receivable (49) 68
Impairment of plant and equipment (86) (6)
Gain – fair value of option to acquire non-controlling interest 147 –
Bargain purchase gain (Note 5) 54 80
Loss on step up to control (26) –
Operating profit before net finance expenses 3 121 2 421
Net finance expenses (Note 3) (817) (589)
Finance expenses Interest expense (829) (571)
Realised and unrealised losses on
derivative financial instruments (6) (34)
Finance income Interest income 18 16
Share of profit of equity accounted investees (net of tax) 182 2
Profit before tax 2 486 1 834
Income tax expense (83) (61)
Profit for the year 2 403 1 773
Other comprehensive income
Items that are or maybe reclassified subsequently to profit
or loss
Foreign currency translation differences 2 434 389
Change in fair value of available-for-sale financial asset – 52
Income tax expense on other comprehensive income – (10)
Total comprehensive income for the year 4 837 2 204
Total comprehensive income for the year attributable to:
Equity holders of the company 2 666 1 282
Non-controlling interests 2 171 922
4 837 2 204
Profit for the year attributable to:
Equity holders of the company 1 391 1 027
Non-controlling interests 1 012 746
2 403 1 773
Basic earnings per share (cents) 785,7 579,9
Diluted earnings per share (cents) 785,7 579,9
Number of shares in issue (million) 177,1 177,1
Weighted average number of shares in issue (million) 177,1 177,1
Year-end rate of exchange: SA rand to US dollar 10,46 8,48
Average rate of exchange for the year: SA rand to US dollar 9,67 8,16
Consolidated statement of cash flows
for the year ended 31 December 2013
Reviewed Audited
R million 2013 2012
Cash generated from operations 5 104 3 510
Increase in container leasing equipment (7 595) (8 036)
Finance income received 18 16
Finance expenses paid (795) (559)
Dividends paid to equity holders of the company (1 031) (336)
Dividends paid to non-controlling interest (535) (302)
Income tax paid (54) (64)
Net cash outflow from operating activities (4 888) (5 771)
Cash inflow from investing activities 505 614
Cash inflow from financing activities 4 132 6 253
Net (decrease)/increase in cash and cash equivalents
before exchange rate fluctuations (251) 1 096
Cash and cash equivalents at the beginning of the year 2 513 1 333
Effects of exchange rate fluctuations on cash
and cash equivalents 482 84
Cash and cash equivalents at the end of the year 2 744 2 513
Consolidated statement of changes in equity
for the year ended 31 December 2013 Attributable to equity holders of the company
Gain/(Loss)
Foreign on changes
currency Equity in ownership Non-
Share Share Fair value translation compensation interests in Retained controlling Total
capital premium reserve reserve reserve subsidiaries income Total interest equity
R million
Group
Balance at 31 December 2011 1 43 10 495 189 83 3 973 4 794 2 188 6 982
Total comprehensive income for the year
Profit for the year – – – – – – 1 027 1 027 746 1 773
Other comprehensive income for the year
Foreign currency translation differences – – – 213 – – – 213 176 389
Net change in fair value of available-for-sale financial asset 42 – – – – 42 – 42
Total other comprehensive income for the year – – 42 213 – – – 255 176 431
Total comprehensive income for the year – – 42 213 – – 1 027 1 282 922 2 204
Transactions with owners, recorded directly in equity
Contributions by/(Distributions to) owners
Share-based payments – – – – 52 – – 52 36 88
Share options exercised – – – – – – – – 37 37
Issue of shares by subsidiary – – – – – – – – 1 519 1 519
Acquisition of controlling interest of a subsidiary – – – – – – – – 234 234
Dividends paid to equity holders – – – – – – (336) (336) (302) (638)
Sale of shares of subsidiary without loss of control 292 292 324 616
Total contributions by/(distributions to) owners – – – – 52 – (44) 8 1 848 1 856
Changes in ownership interests in subsidiaries – – – – – 330 – 330 (330) –
Total transactions with owners – – – – 52 330 (44) 338 1 518 1 856
Balance at 31 December 2012 1 43 52 708 241 413 4 956 6 414 4 628 11 042
Total comprehensive income for the year
Profit for the year – – – – – – 1 391 1 391 1 012 2 403
Other comprehensive income for the year
Foreign currency translation differences – – – 1 275 – – – 1 275 1 159 2 434
Total comprehensive income for the year – – – 1 275 – – 1 391 2 666 2 171 4 837
Transactions with owners, recorded directly in equity
Contributions by/(Distributions to) owners
Share-based payments – – – – 40 – – 40 42 82
Share options exercised – – – – – – – 34 34
Acquisition of controlling interest of a subsidiary – – – – – – – – 277 277
Dividends paid to equity holders – – – – – – (1 031) (1 031) (535) (1 566)
Total contributions by/(distributions to) owners – – – – 40 – (1 031) (991) (182) (1 173)
Fair value adjustment on option to acquire non-controlling interest – – – – – – (147) (147) – (147)
Changes in ownership interests in subsidiaries – – – – – (30) – (30) 30 –
Total transactions with owners – – – – 40 (30) (1 178) (1 168) (152) (1 320)
Balance at 31 December 2013 1 43 52 1 983 281 383 5 169 7 912 6 647 14 559
Notes to the condensed consolidated financial
statements for the year ended 31 December 2013
1. These condensed consolidated annual financial statements have been prepared
in accordance with the requirements of the JSE Limited's Listings Requirements
for preliminary reports and the requirements of the Companies Act of South Africa.
The Listings Requirements require preliminary reports to be prepared in accordance
with the framework concepts and the measurement and recognition of International
Financial Reporting Standards ('IFRS') and SAICA Financial Reporting Guides as
issued by the Accounting Practices Committee and financial pronouncements
as issued by Financial Reporting Standards Council and to also, as a minimum,
contain the information required by IAS 34 Interim Financial Reporting.
The accounting policies applied in the preparation of these condensed consolidated
financial statements comply with IFRS and are consistent with those used
in the annual financial statements for the year ended 31 December 2012,
except for the accounting policy changes required to comply with IFRS 10
Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12
Disclosure of Interests in Other Entities, IAS 27 Separate Financial Statements,
IAS 28 Investments in Associates and Joint Ventures (2011) and IFRS 13 Fair
Value Measurement, as well as amendments to IFRS 7 Financial Instruments:
Disclosures: Offsetting Financial Assets and Financial Liabilities. The application
of these standards and amendments to IFRS has had no impact on the group's
comparative financial results.
Reviewed Audited
R million 2013 2012
2. Revenue
Goods sold and services rendered 1 477 1 134
Leasing income 4 681 3 130
Management fees 177 221
Finance income 29 14
6 364 4 499
Realised and unrealised exchange differences 226 54
6 590 4 553
3. Net finance expenses
Finance expenses 835 605
Interest expense – Textainer 790 571
Interest expense – TAC 39 –
Losses on derivative financial instruments 6 34
Finance income
Interest income – cash and cash equivalents (18) (16)
817 589
Reviewed Audited
R million 2013 2012
4. Headline earnings
Profit attributable to equity holders of the company 1 391 1 027
Impairment of property, plant and equipment 86 6
Bargain purchase gain (Note 5) (54) (80)
Loss on step up to control 26 –
Total tax effects of adjustments (2) –
Total non-controlling interests' share of adjustments (43) 38
Headline earnings 1 404 991
Weighted average number of shares in issue (million) 177,1 177,1
Headline earnings per share (cents) 792,6 559,6
Diluted headline earnings per share (cents) 792,6 559,6
Adjusted headline earnings
Headline earnings (as above) 1 404 991
Gain on modification of debt terms on initial recognition (172) –
Net gain on translation of long-term receivables (159) (33)
Total tax effects of adjustments 44 9
Adjusted headline earnings 1 117 967
Undiluted adjusted headline earnings per share (cents) 630,7 546,1
Diluted adjusted headline earnings per share (cents) 630,7 546,1
5. TAC Limited – business combination
Halco Holdings Inc ('Halco') owns 44,3% of the issued shares of TAC Limited
('TAC'). Through to 30 June 2013, the financial results of TAC have been
accounted for using the equity accounting method. In prior years, TAC has had
negative equity and consequently the investment had a carrying value of zero.
Halco has an option to acquire the remaining 55,7% of the shares in TAC for
approximately US$5 million, which became exercisable as soon as TAC's equity
became positive, which occurred at 30 June 2013. The option expires on
31 December 2015. The board of Halco has elected not to exercise the option
to date. As the option is exercisable and is substantive in nature (as defined
in IFRS 10), the results of TAC have been consolidated in the group financial
statements as required by IFRS with effect from 1 July 2013. The consolidation
resulted in a bargain purchase gain of R54 million, which has been recorded
in the statement of comprehensive income in other operating income. The
bargain purchase gain arose due to the fair value of TAC's assets and liabilities at
1 July 2013 exceeding the fair value of the previously held interest in TAC.
Reviewed
R million 2013
Fair value of assets and liabilities now consolidated:
Property, plant and equipment 2 300
Net investment in finance leases 59
Trade and other receivables 100
Trade and other recievables (gross) 109
Impairment (9)
Cash balances 62
Interest-bearing borrowings (1 924)
Derivative financial instruments (1)
Trade and other payables (96)
Current tax liability (11)
Deferred revenue (2)
Net assets 487
Non-controlling interest (12)
Net assets now consolidated 475
Fair value of previously held interest (156)
Non-controlling interest arising on step up to control (265)
Bargain purchase gain 54
The non-controlling interest was measured at its proportionate share of
attributable net assets measured at fair value.
Cumulative income or expense included in profit or loss:
For the period from 1 July to 31 December 2013 revenue of R268 million
and net profit attributable to TAC's operations of R30 million (net of non-
controlling interests of R40 million) was included in the consolidated statement
of comprehensive income.
Had TAC been consolidated for the full year from 1 January 2013 there would
have been no change to net profit for the year since the results of TAC for the
period 1 January 2013 to 30 June 2013 were equity accounted in the statement of
comprehensive income, however, revenue would have increased by R200 million.
Reviewed Audited
R million 2013 2012
6. Segmental reporting
Revenue
Reportable segments
Containers – finance (including exchange differences) 256 70
Containers – owning, leasing, management and trading 6 334 4 483
6 590 4 553
Profit from operations
Reportable segments
Containers – finance 196 130
Containers – owning, leasing, management and trading 2 788 2 330(1)
2 984 2 460
Unallocated 137(2) (39)
3 121 2 421
Profit before tax
Reportable segments
Containers – finance 196 130
Containers – owning, leasing, management and trading 2 137 1 728(1)
2 333 1 858
Unallocated 153(2) (24)
2 486 1 834
(1) 2012: Includes R80 million – bargain purchase gain.
(2) 2013: Primarily includes gain – fair value of option to
acquire non-controlling interest R147 million.
Assets
Capital expenditure incurred by the container owning,
leasing, management and trading segment 6 928 8 646
7. Financial instruments
The carrying amounts and fair values of financial assets and financial liabilities are as follows:
Reviewed Audited
2013 2012
Carrying Carrying
R million amount Fair value amount Fair value
Assets
Other investments – Equity
securities – available-for-sale 66 66 66 66
Long-term receivables – designated
at fair value through profit or loss 867 867 832 832
Net investment in finance leases
– other 1 752 1 732 828 801
Derivative financial instruments –
held for trading 12 12 – –
Restricted cash – loans and
receivables 629 629 448 448
Trade and other receivables – loans
and receivables 1 116 1 170 855 855
Cash and cash equivalents – loans
and receivables 2 744 2 744 2 513 2 513
7 186 7 220 5 542 5 515
Liabilities
Interest-bearing borrowings
– liabilities at amortised cost
(excluding debt issuance costs) 29 182 29 266 18 425 18 607
Amounts attributable to third parties
in respect of long-term receivables
– designated at fair value through
profit or loss 155 155 186 186
Derivative financial instruments –
held for trading 43 43 89 89
Trade and other payables – liabilities
at amortised cost 594 594 1 029 1 029
29 974 30 058 19 729 19 911
Financial instruments carried at fair value
Fair value hierarchy
The table below analyses the recurring fair value measurements for financial
assets and financial liabilities. These fair value measurements are categorised
into different levels in the fair value hierarchy based on the inputs to valuation
techniques used. The different levels are defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or
liabilities that the group can access at measurement date.
Level 2: Inputs other than quoted prices included in Level 1 that are observable
for the asset or liability, either directly or indirectly.
Level 3: Unobservable inputs for the asset or liability.
Level 1 Level 2 Level 3 Total
2013
Assets
Other investments – Equity
securities – available-for-sale – 66 – 66
Long-term receivables – designated
at fair value through profit or loss – – 867 867
Interest rate swap contracts – 12 – 12
– 78 867 945
Liabilities
Amounts attributable to third parties
in respect of long-term receivables
– designated at fair value through
profit or loss – – 155 155
Derivative financial instruments –
held for trading – 43 – 43
– 43 155 198
2012
Assets
Other investments – Equity
securities – available-for-sale – 66 – 66
Long-term receivables – designated
at fair value through profit or loss – – 832 832
– 66 832 898
Liabilities
Amounts attributable to third parties
in respect of long-term receivables
– designated at fair value through
profit or loss – – 186 186
Derivative financial instruments –
held for trading – 89 – 89
– 89 186 275
Details of the determination of Level 3 fair value measurements during the year
ended 31 December 2013 are set out below:
Long-term receivables and amounts due to third parties in respect of long-
term receivables are valued by discounting future cash flows. The discount
rate applied to the long-term receivables (denominated in US$) is 8,5% p.a.,
and amounts attributable to third parties in respect of long-term receivables is
10% p.a. An appropriate fair value adjustment is made to the net investment
for the estimated timing of receipt and the possible non-collectability of these
receivables, and the related effect on the payment to third parties. The net
present value of the long-term receivables and the related fair value adjustment
were translated into SA rand at US$1 = R10,46.
The following table shows a reconciliation from the opening balances to the closing
balances for fair value measurements in Level 3 of the fair value hierarchy:
Amounts
attributable to
third parties in
respect of
Long-term long-term
receivables receivables Total
2012
Balance at the beginning of the year 1 041 (226) 815
Total gains/(losses in profit or loss) 159 (20) 139
Settlements (368) 60 (308)
Balance at the end of the year 832 (186) 646
2013
Total gains/(losses in profit or loss) 237 (8) 229
Settlements (202) 39 (163)
Balance at the end of the year 867 (155) 712
Total gains or losses included in profit
or loss for the year in the above table
are presented in the statement of
comprehensive income as follows:
2012
Total gains or losses included in profit or
loss for the year
Operating profit 159 (27) 132
Associate tax credit – 7 7
Total gains or losses for the year
included in profit or loss for assets and
liabilities held at the end of the year
Operating profit 79 (12) 67
2013
Total gains or losses included in profit or
loss for the year
Operating profit 237 (12) 225
Associate tax credit – 4 4
Total gains or losses for the year
included in profit or loss for assets and
liabilities held at the end of the year
Operating profit 183 (3) 180
Although the group believes that its estimates of fair value are appropriate, the use of different
assumptions could lead to different measurements of fair value. For fair value measurement
in Level 3 of the fair value hierarchy, changing one or more of the unobservable inputs used,
to reasonably possible alternative assumptions, would have the following effects:
Increase/ Favourable/(Unfavourable)
(Decrease) in impact on profit or loss
unobservable
inputs 2013 2012
Interest rates – discount rate
Long-term receivables 100 basis
points (1) (1)
(100) basis
points 1 1
Amounts attributable to third parties in 100 basis
respect of long-term receivables points 1 1
(100) basis
points (1) (1)
Exchange rates (SA rand = US$1)
Long-term receivables 1% 6 6
(1%) (6) (6)
In order to provide a better appreciation of the results of the group's activities, a condensed consolidated income statement and a condensed consolidated statement
of financial position are also presented in US dollars, as virtually all of the group's revenue and assets and much of its expenditure are denominated in that currency. The
amounts stated in US dollars have been prepared by management and are unaudited.
Unaudited Trencor condensed consolidated income
statement in US dollars
for the year ended 31 December 2013
Unaudited Unaudited
US$ million 2013 2012
Revenue 658,0 620,5
Trading profit before items listed below 295,6 272,8
Realised and unrealised exchange (losses)/gains on
translation of long-term receivables (0,4) 0,4
Net long-term receivable fair value adjustment 3,9 11,0
Impairment of plant and equipment (8,9) (0,8)
Gain – fair value of option to acquire non-controlling interest 14,8 –
Bargain purchase gain 5,5 9,4
Loss on step up to control (2,6) –
Profit from operations 307,9 282,8
Net finance expenses (84,3) (72,2)
Finance expense Interest expense (85,7) (70,0)
Realised and unrealised losses on
derivative financial instruments (0,5) (4,2)
Finance income Interest income 1,9 2,0
Share of profit of equity accounted investees (net of tax) 18,3 0,3
Profit before tax 241,9 220,9
Income tax expense (4,6) (6,4)
Profit for the year 237,3 214,5
Attributable to:
Equity holders of the company 132,6 123,3
Non-controlling interests 104,7 91,2
237,3 214,5
Number of shares in issue (million) 177,1 177,1
Weighted average number of shares in issue (million) 177,1 177,1
Basic earnings per share (US cents) 74,9 69,6
Diluted earnings per share (US cents) 74,9 69,6
Headline earnings per share (US cents) 75,6 67,3
Diluted headline earnings per share (US cents) 75,6 67,3
Adjusted headline earnings per share (US cents) 64,5 67,0
Diluted adjusted headline earnings per share (US cents) 64,5 67,0
Year-end rate of exchange: SA rand to US dollar 10,46 8,48
Average rate of exchange for the year: SA rand to US dollar 9,67 8,16
Trading profit from operations comprises:
Textainer and Tac 297,2 276,5
Other (1,6) (3,7)
295,6 272,8
Unaudited Trencor condensed consolidated
statement of financial position in US dollars
at 31 December 2013
Unaudited Unaudited
US$ million 2013 2012
ASSETS
Property, plant and equipment 3 489,9 2 924,3
Long-term receivables 60,9 82,5
Other non-current assets 228,5 174,9
Total non-current assets 3 779,3 3 181,7
Total current assets 487,2 463,3
Inventories 45,1 23,0
Trade and other receivables 117,5 104,4
Current portion of long-term receivables 21,6 15,7
Current portion of net investment in finance leases 40,4 23,7
Current tax assets 0,3 0,2
Cash and cash equivalents 262,3 296,3
Total assets 4 266,5 3 645,0
Equity and liabilities
Equity attributable to equity holders of the company 756,3 756,3
Non-controlling interests 635,5 545,7
Total equity 1 391,8 1 302,0
LIABILITIES
Interest-bearing borrowings 2 575,1 2 017,4
Amounts attributable to third parties in respect of
long-term receivables 11,4 18,4
Derivative financial instruments 4,2 10,5
Deferred revenue 3,3 3,2
Deferred tax liabilities 27,1 25,7
Total non-current liabilities 2 621,1 2 075,2
Total current liabilities 253,6 267,8
Trade and other payables 57,0 121,3
Current tax liability 7,1 9,8
Current portion of amounts attributable to third parties in
respect of long-term receivables 3,4 3,5
Current portion of interest-bearing borrowings 185,8 131,5
Current portion of deferred revenue 0,3 1,7
Total liabilities 2 874,7 2 343,0
Total equity and liabilities 4 266,5 3 645,0
Ratio to total equity:
Total liabilities (%) 206,5 179,9
Interest-bearing debt (%) 198,4 165,0
Directors:
NI Jowell* (Chairman), JE Hoelter (USA), C Jowell*, JE McQueen* (Financial), DM Nurek, E Oblowitz, RJA Sparks, HR van der Merwe*, H Wessels (*executive)
Secretaries: Trencor Services (Pty) Ltd
Registered Office: 1313 Main Tower, Standard Bank Centre, Heerengracht, Cape Town 8001
Transfer Secretaries: Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Johannesburg 2001 (PO Box 61051, Marshalltown 2107)
Sponsor: Rand Merchant Bank (A division of FirstRand Bank Ltd)
www.trencor.net
26 February 2014
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
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