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TRENCOR LIMITED - Third quarter update

Release Date: 04/11/2014 16:25
Code(s): TRE     PDF:  
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 48,06% (30 September 2013: 48,41%) beneficiary
interest, has announced net profit attributable to its shareholders in US GAAP of
US$147,0 million for the nine months ended 30 September 2014 compared with
US$137,3 million for the same period in 2013. 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
30 September 2014 was US$128,0 million (same period in 2013: US$142,0 million).

Trencor’s earnings for the nine months to 30 September 2014 are as follows:

                                                  9 months ended          Year ended
                                                   30 September         31 December
                                                    2014         2013           2013
                                               Cents per    Cents per      Cents per
                                                   share        share           share
                                               Unaudited Unaudited          Audited
HEADLINE EARNINGS                                  427,2        461,4          792,6
Deduct:
Unrealised foreign exchange translation
gains                                               21,2        54,5            64,7
Gain on modification of debt terms                     -           -            97,2
ADJUSTED HEADLINE EARNINGS                         406,0       406,9           630,7
SA rand to US dollar:
- Period-end rate of exchange                    R11,24       R10,07          R10,46
- Average rate of exchange for period            R10,68        R9,51           R9,67

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.
-   Textainer:
       o Profit includes US$7,9 million received from a settlement with a lessee in
         bankruptcy proceedings; the settlement covers a portion of rental and recovery
         costs which had been previously expensed and a write-off of US$6,8 million
         of unamortised debt issuance costs related to the refinancing of certain debt on
         more favourable terms;
       o Average fleet utilisation was 97,0% for the nine months to 30 September 2014
         (same period in 2013: 94,5%). Spot utilisation at 30 September 2014 was
         97,4%;
       o Acquired 433 000 TEU of new, purchase-leaseback and previously managed
         containers costing US$821 million in the first nine months of 2014;
       o Fleet size increased to 3 173 000 TEU of which the percentage of owned
         containers was 78%;
       o Declared a dividend of US$0,47 per share in respect of the third quarter.

The financial information on which this trading update is based has not been reviewed or
reported on by Trencor’s independent auditors.

On behalf of the Board

NI Jowell Chairman

4 November 2014

Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

www.trencor.net

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