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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 48,2% (31 March 2013:
48,5%) beneficiary interest, has announced net profit attributable to
its shareholders in US GAAP of US$59,7 million for the three months
ended 31 March 2014 compared with US$48,3 million for the same period
in 2013. The 2014 profit included a one-time US$22,7 million income
tax benefit following the completion of an IRS tax examination.
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 2014 was US$40,2 million, including a US$3,1
million income tax benefit referred to above (same period 2013:
US$50,8 million).
Trencor’s earnings for the quarter ended 31 March 2014 were as
follows:
Year ended
3 months ended 31 March 31 December
2014 2013 2013
Cents per Cents per Cents per
share share share
Unaudited Unaudited Audited
HEADLINE EARNINGS 135,0 150,6 792,6
Deduct:
Unrealised foreign exchange
translation gains (3,8) (29,1) (64,7)
Gain on modification of debt
terms - - (97,2)
ADJUSTED HEADLINE EARNINGS 131,2 121,5 630,7
SA rand to US dollar:
- Period-end rate of exchange R10,58 R9,25 R10,46
- Average rate of exchange
for period R10,79 R8,91 R9,67
COMMENTS
- Adjusted headline earnings exclude, inter alia, 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 94,4% for the first quarter of 2014
(95,7% for the first quarter 2013). Current utilisation is 94,7%;
- Committed to acquire 147 000 TEU of new and used containers costing
US$284 million during the quarter, including the purchase of 30 000
TEU from the managed fleet at a cost of US$35 million;
- After the close of the quarter, announced a US$500 million term
loan to refinance the debt in wholly-owned subsidiary Textainer
Marine Containers Limited, which will further lower funding costs and
free up cash to be used for additional container purchases and other
uses;
- Declared a dividend of US$0,47 per share in respect of the first
quarter of 2014.
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 2014
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
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