Wrap Text
Reviewed results and declaration of cash dividend for the year ended 31 December 2014
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 and declaration of cash dividend for the year ended 31 December 2014
COMMENTARY
GROUP
- Trading profit after net financing costs increased by 5% from R2 038 million in 2013
to R2 144 million.
- Headline earnings per share (including the effect of net realised and unrealised foreign
exchange translation gains) were 579,3 cents (2013: 792,6 cents).
- Adjusted headline earnings per share (which excludes the effect of net unrealised
foreign exchange translation gains) and in 2013 the gain arising from the modification
of certain borrowing terms), were 552,1 cents (2013: 630,7 cents). Adjusted headline
earnings in 2013 included 82,9 cents in respect of the option held by Halco to acquire
additional shares in TAC.
- Net unrealised foreign exchange gains arising on translation of net dollar receivables
and the related valuation adjustments, not included in adjusted headline earnings, were
R67 million – 27,2 cents per share (2013: R159 million – 64,7 cents per share).
- These various earnings are better reflected in tabular form:
2014 2013
Cents per share Cents per share
BASIC EPS 542,0 785,7
HEPS 579,3 792,6
Deduct:
Once-off gain on modification of debt terms – 97,2
Net unrealised foreign exchange translation gains 27,2 64,7
ADJUSTED HEPS (including the value of the TAC
option held by Halco) 552,1 630,7
Deduct once-off gain on value of the TAC option – 82,9
ADJUSTED HEPS (excluding the value of the TAC
option) 552,1 547,8
Year-end rate of exchange: SA rand to US dollar 11,54 10,46
Average rate of exchange for the year 10,78 9,67
- Consolidated gearing ratio at 31 December 2014 was 204% (2013: 198%).
- Based on the spot exchange rate of US$1 = R11,54 and the price of Textainer's shares
listed on the NYSE on 31 December 2014 (US$34,32), the net asset value of Trencor at
that date was as follows:
R million R per share
Net beneficiary interest in Textainer 10 803,8 61,01
Net beneficiary interest in TAC 466,3 2,63
Net interest in long-term receivables 564,7 3,19
Cash 1 785,3 10,08
Net liabilities (113,3) (0,64)
13 506,8 76,27
- Final dividend of 195 cents per share declared, making a total of 267 cents per share
for the year (2013: total 230 cents per share), an increase of 16% over the previous year.
TEXTAINER: 47,97% beneficiary interest at 31 December 2014 (2013: 48,3%)
- Net profit for the year in US GAAP was US$189,4 million (2013: US$182,8 million).
Adjusted to conform with International Financial Reporting Standards, Textainer's net
profit was US$171,1 million (2013: US$186,2 million).
- Average fleet utilisation for the year was 96,1%, compared with 94,9% for 2013.
Utilisation is currently 97,7%, up 3,6% since the beginning of 2014.
- Total expenditure for both the owned and managed fleets was US$864 million for the
year, used to purchase 449 000 TEU of new, purchase leaseback and previously
managed containers.
- At 31 December 2014, Textainer owned 78,9% of the total fleet of 3 233 364 TEU;
at 31 December 2013, it owned 75,6% of the then fleet of 3 040 454 TEU.
- Declared dividends totalling US$1,88 per share in 2014 (2013: US$1,85 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 99) of 195 cents per share out of
distributable reserves in respect of the year ended 31 December 2014.
The salient dates pertaining to the dividend payment are as follows:
Last day to trade cum the dividend Friday, 20 March 2015
Trading commences ex the dividend Monday, 23 March 2015
Record date Friday, 27 March 2015
Payment date Monday, 30 March 2015
Share certificates may not be dematerialised or rematerialised between Monday, 23 March
2015 and Friday, 27 March 2015, both days inclusive.
Note that:
- In terms of the company's Memorandum of Incorporation, dividends will only be
transferred electronically to the bank accounts of shareholders, while dividend cheques
will no longer be mailed. If you have in the past received dividend cheques, please
contact the Transfer Secretaries to provide them with confirmation of your banking
details. In the instance where shareholders do not provide the Transfer Secretaries with
their banking details, the dividend will not be forfeited but will be marked as “unclaimed”
in the share register until the shareholder provides the Transfer Secretaries with the
relevant 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 from this tax,
which will result in a net dividend of 165,75 cents per share to these shareholders;
- 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 REPORT
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
20 February 2015
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 31 December 2014
Reviewed Audited
R million 2014 2013
ASSETS
Property, plant and equipment 44 911 36 505
Intangible assets 288 305
Investment in equity accounted investee 92 57
Other investments 66 66
Long-term receivables 498 637
Net investment in finance leases 1 662 1 305
Derivative financial instruments 24 12
Deferred tax assets 14 16
Restricted cash 646 629
Total non-current assets 48 201 39 532
Inventories 375 471
Trade and other receivables 1 360 1 201
Current portion of long-term receivables 181 230
Current portion of net investment in finance leases 652 447
Current tax assets – 3
Cash and cash equivalents 3 160 2 744
Total current assets 5 728 5 096
Total assets 53 929 44 628
EQUITY
Share capital and premium 44 44
Reserves 9 224 7 868
Total equity attributable to equity holders of the company 9 268 7 912
Non-controlling interests 7 953 6 647
Total equity 17 221 14 559
LIABILITIES
Interest-bearing borrowings 31 976 26 936
Amounts attributable to third parties in respect of long-term
receivables 85 119
Derivative financial instruments 20 43
Deferred revenue 33 34
Deferred tax liabilities 235 284
Total non-current liabilities 32 349 27 416
Trade and other payables 1 105 594
Current tax liabilities 92 76
Current portion of interest-bearing borrowings 3 128 1 943
Current portion of amounts attributable to third parties in
respect of long-term receivables 30 36
Current portion of deferred revenue 4 4
Total current liabilities 4 359 2 653
Total liabilities 36 708 30 069
Total equity and liabilities 53 929 44 628
Capital expenditure incurred during the period 8 653 6 928
Capital expenditure committed and authorised, but not yet
incurred 1 018 643
Directors' valuation of unlisted investments 66 66
Ratio to total equity:
Total liabilities (%) 213,2 206,5
Interest-bearing debt (%) 203,8 198,4
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2014
Reviewed Audited
R million 2014 2013
Revenue (note 2) 8 055 6 590
Trading profit before items listed below 3 186 2 855
Realised and unrealised exchange gains on translation of
long-term receivables, excluding fair value adjustment 98 226
Fair value adjustment on net long-term receivable (36) (49)
Impairment of property, plant and equipment (141) (86)
Gain – fair value of option to acquire non-controlling interest – 147
Bargain purchase gain – 54
Loss on step up to control – (26)
Operating profit before net finance expenses 3 107 3 121
Net finance expenses (note 3) (1 042) (817)
Finance expenses Interest expense (970) (829)
Realised and unrealised losses on
derivative financial instruments (85) (6)
Finance income Interest income 13 18
Share of profit of equity accounted investees (net of tax) 4 182
Profit before tax 2 069 2 486
Income tax expense (22) (83)
Profit for the year 2 047 2 403
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences 1 516 2 434
Total comprehensive income for the period 3 563 4 837
Total comprehensive income for the period attributable to:
Equity holders of the company 1 751 2 666
Non-controlling interests 1 812 2 171
3 563 4 837
Profit for the year attributable to:
Equity holders of the company 960 1 391
Non-controlling interests 1 087 1 012
2 047 2 403
Basic earnings per share (cents) 542,0 785,7
Diluted earnings per share (cents) 542,0 785,7
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 11,54 10,46
Average rate of exchange for the year: SA rand to US dollar 10,78 9,67
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2014
Reviewed Audited
R million 2014 2013
Cash generated from operations 6 534 5 104
Increase in container leasing equipment (8 283) (7 595)
Finance income received 13 18
Finance lease income 187 139
Finance expenses paid (873) (795)
Decrease in finance leases 563 392
Receipts from long-term receivables 272 202
Payments to third parties in respect of long-term receivables (40) (39)
Dividends paid to equity holders of the company (407) (1 031)
Dividends paid to non-controlling interest (631) (535)
Income tax paid (60) (54)
Net cash outflow from operating activities (2 725) (4 194)
Cash inflow/(outflow) from investing activities 17 (26)
Cash inflow from financing activities 2 851 3 969
Net increase/(decrease) in cash and cash equivalents before
exchange rate fluctuations 143 (251)
Cash and cash equivalents at the beginning of the year 2 744 2 513
Effects of exchange rate fluctuations on cash and cash equivalents 273 482
Cash and cash equivalents at the end of the year 3 160 2 744
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2014
Equity holders of the company
Gain/(Loss)
Foreign on changes
currency Equity in ownership Non-
Share Share Fair value translation compensation interests Retained controlling Total
R million capital premium reserve reserve reserve in subsidiaries income Total interest equity
Balance at 1 January 2013 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 of the company
Contributions and distributions
Share-based payments – – – – 40 – – 40 42 82
Share options exercised – – – – – – – – 34 34
Acquisition of controlling interest
in a subsidiary – – – – – – – – 277 277
Dividends – – – – – – (1 031) (1 031) (535) (1 566)
Total contributions and distributions – – – – 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
Total comprehensive income for the year
Profit for the year – – – – – – 960 960 1 087 2 047
Other comprehensive income for the year
Foreign currency translation differences – – – 791 – – – 791 725 1 516
Total comprehensive income for the year – – – 791 – – 960 1 751 1 812 3 563
Transactions with owners of the company
Contributions and distributions
Share-based payments – – – – 53 – – 53 57 110
Share options exercised – – – – – – – – 27 27
Dividends – – – – – – (407) (407) (631) (1 038)
Total contributions and distributions – – – – 53 – (407) (354) (547) (901)
Changes in ownership interests in subsidiaries – – – – – (41) – (41) 41 –
Total transactions with owners – – – – 53 (41) (407) (395) (506) (901)
Balance at 31 December 2014 1 43 52 2 774 334 342 5 722 9 268 7 953 17 221
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2014
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 2013. The adoption of
the amendments to IAS 32 Financial Instruments: Presentation: Offsetting financial
assets and financial liabilities has had no impact on the group's current or comparative
financial results.
Reviewed Audited
R million 2014 2013
2. Revenue
Goods sold 1 976 1 477
Leasing income 5 820 4 681
Management fees 149 177
Finance income 12 29
7 957 6 364
Realised and unrealised exchange differences 98 226
8 055 6 590
3. Net finance expenses
Finance expenses 1 055 835
Interest expense – Textainer 890 790
Interest expense – TAC 80 39
Realised and unrealised losses on derivative financial
instruments 85 6
Finance income
Interest income – cash and cash equivalents (13) (18)
1 042 817
Reviewed Audited
R million 2014 2013
4. Headline earnings
Profit attributable to equity holders of the company 960 1 391
Impairment of property, plant and equipment 141 86
Bargain purchase gain – (54)
Loss on step up to control – 26
Total tax effects of adjustments (4) (2)
Total non-controlling interests' share of adjustments (71) (43)
Headline earnings 1 026 1 404
Weighted average number of shares in issue
(million) 177,1 177,1
Headline earnings per share (cents) 579,3 792,6
Diluted headline earnings per share (cents) 579,3 792,6
Adjusted headline earnings
Headline earnings (as above) 1 026 1 404
Gain on modification of debt terms on initial
recognition – (172)
Net unrealised foreign exchange gain on translation
of long-term receivables (67) (159)
Total tax effects of adjustments 19 44
Adjusted headline earnings 978 1 117
Undiluted adjusted headline earnings per share
(cents) 552,1 630,7
Diluted adjusted headline earnings per share
(cents) 552,1 630,7
5. Segmental reporting
Revenue
Reportable segments
Containers – finance (including exchange
differences) 113 256
Containers – owning, leasing, management and
trading 7 942 6 334
8 055 6 590
Profit from operations
Reportable segments
Containers – finance 66 196
Containers – owning, leasing, management and
trading 3 083 2 788
3 149 2 984
Unallocated (42) 137*
3 107 3 121
Profit before tax
Reportable segments
Containers – finance 66 196
Containers – owning, leasing, management and
trading 2 033 2 137
2 099 2 333
Unallocated (30) 153*
2 069 2 486
* Primarily includes gain – fair value of option to acquire non-controlling interest of R147 million.
Assets
Capital expenditure incurred by the container
owning, leasing, management and trading
segment 8 653 6 928
Reviewed Audited
2014 2013
Carrying Fair Carrying Fair
R million amount value amount value
The carrying amounts and fair values of financial assets and financial liabilities are as follows:
6. Financial instruments
Assets
Other investments – equity securities –
available-for-sale 66 66 66 66
Long-term receivables – designated
at fair value through profit or loss 679 679 867 867
Net investment in finance leases –
other 2 314 2 291 1 752 1 732
Derivative financial instruments –
held for trading 24 24 12 12
Restricted cash – loans and
receivables 646 646 629 629
Trade and other receivables – loans
and receivables 1 237 1 237 1 116 1 116
Cash and cash equivalents – loans
and receivables 3 160 3 160 2 744 2 744
8 126 8 103 7 186 7 166
Liabilities
Interest-bearing borrowings –
liabilities at amortised cost (excluding
debt issuance costs) 35 383 35 409 29 182 29 266
Amounts attributable to third parties
in respect of long-term receivables
– designated at fair value through
profit or loss 115 115 155 155
Derivative financial instruments –
held for trading 20 20 43 43
Trade and other payables – liabilities
at amortised cost 1 106 1 106 594 594
36 624 36 650 29 974 30 058
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
2014
Assets
Other investments – 66 – 66
Long-term receivables – – 679 679
Derivative financial instruments – 24 – 24
– 90 679 769
Liabilities
Amounts attributable to third parties in respect of
long-term receivables – – 115 115
Interest-bearing borrowings – – 398 398
Derivative financial instruments – 20 – 20
– 20 513 533
R million Level 1 Level 2 Level 3 Total
2013
Assets
Other investments – 66 – 66
Long-term receivables – – 867 867
Derivative financial
instruments – 12 – 12
– 78 867 945
Liabilities
Amounts attributable to
third parties in respect of
long-term receivables – – 155 155
Interest-bearing borrowings – 556 556
Derivative financial
instruments – 43 – 43
– 43 711 754
Details of the determination of Level 3 fair value measurements during the year ended
31 December 2014 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% per annum (2013: 8,5%), and amounts attributable
to third parties in respect of long-term receivables is 10% per annum (2013: 10%). 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=R11,54
(2013: US$1=R10,46).
The fair value of the obligations under instalment sale agreements is determined by
discounting expected future cash flows at a pre-tax rate that reflects current assessments
of the time value of money and the risks specific to the liability.
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
Long- third parties
term in respect of Interest-
receiv- long-term bearing
ables receivables debt Total
2013
Balance at the beginning of the year 832 (186) – 646
Total gains/(losses) in profit or loss 237 (8) (14) 215
Settlements (202) 39 65 (98)
Effects of movements in exchange rates
included in equity – – (26) (26)
Amount arising through business
combination – – (581) (581)
Balance at the end of the year 867 (155) (556) 156
2014
Total gains/(losses) in profit or loss 84 – (29) 55
Settlements (272) 40 229 (3)
Effects of movements in exchange rates
included in equity – – (42) (42)
Balance at the end of the year 679 (115) (398) 166
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:
Amounts
attributable to
Long- third parties
term in respect of Interest-
receiv- long-term bearing
R million ables receivables debt Total
2014
Total gains or losses included in
profit or loss for the year
Operating profit 84 (3) – 81
Finance expenses – – (29) (29)
Associate tax credit – 3 – 3
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 32 4 – 36
Finance expenses – – – –
2013
Total gains or losses included in
profit or loss for the year
Operating profit 237 (12) – 225
Finance expenses – – (14) (14)
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
Finance expenses – – (23) (23)
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:
2014 2013 2014 2013
Increase/ Favourable/(Unfavourable) Favourable/(Unfavourable)
(Decrease) in impact on impact on other
unobservable inputs profit or loss comprehensive income
Interest rates –
discount rate
Long-term
receivables 100 basis points (19) (18)* – –
(100) basis points 19 18* – –
Amounts attributable
to third parties in
respect of long-term
receivables 100 basis points 3 3* – –
(100) basis points (3) (3)* – –
Finance expense 100 basis points (4) (3) – –
(100) basis points 4 3 – –
Exchange rates
(SA rand = US$)
Long-term
receivables 1% 4 6 – –
(1%) (4) (6) – –
* The prior year sensitivity amounts have been restated as the basis on which the amounts have
been calculated has been changed from contractual cash flows to free cash flows.
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 consolidated 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 2014
Unaudited Unaudited
US$ million 2014 2013
Revenue 738,0 658,0
Trading profit before items listed below 295,5 295,6
Realised and unrealised exchange losses on translation
of long-term receivables (0,2) (0,4)
Fair value adjustment on net long-term receivable 0,5 3,9
Impairment of property, plant and equipment (13,1) (8,9)
Gain – fair value of option to acquire non-controlling interest – 14,8
Bargain purchase gain – 5,5
Loss on step up to control – (2,6)
Operating profit before net finance expenses 282,7 307,9
Net finance expenses (96,6) (84,3)
Finance expense Interest expense (90,0) (85,7)
Realised and unrealised losses on
derivative financial instruments (7,8) (0,5)
Finance income Interest income 1,2 1,9
Share of profit of equity accounted investees (net of tax) 0,4 18,3
Profit before tax 186,5 241,9
Income tax expense (0,5) (4,6)
Profit for the year 186,0 237,3
Attributable to:
Equity holders of the company 85,2 132,6
Non-controlling interests 100,8 104,7
186,0 237,3
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) 48,1 74,9
Diluted earnings per share (US cents) 48,1 74,9
Headline earnings per share (US cents) 51,6 75,6
Diluted headline earnings per share (US cents) 51,6 75,6
Adjusted headline earnings per share (US cents) 51,2 64,5
Diluted adjusted headline earnings per share (US cents) 51,2 64,5
Year-end rate of exchange: SA rand to US dollar 11,54 10,46
Average rate of exchange for the year: SA rand to US dollar 10,78 9,67
Trading profit from operations comprises:
Textainer and TAC 299,0 297,2
Other (3,5) (1,6)
295,5 295,6
UNAUDITED TRENCOR CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION IN US DOLLARS
at 31 December 2014
Unaudited Unaudited
US$ million 2014 2013
ASSETS
Property, plant and equipment 3 891,8 3 489,9
Long-term receivables 43,2 60,9
Other non-current assets 242,0 228,5
Total non-current assets 4 177,0 3 779,3
Total current assets 496,3 487,2
Inventories 32,5 45,1
Trade and other receivables 117,8 117,5
Current portion of long-term receivables 15,7 21,6
Current portion of net investment in finance leases 56,5 40,4
Current tax assets – 0,3
Cash and cash equivalents 273,8 262,3
Total assets 4 673,3 4 266,5
Equity and liabilities
Equity attributable to equity holders of the company 803,1 756,3
Non-controlling interests 689,1 635,5
Total equity 1 492,2 1 391,8
LIABILITIES
Interest-bearing borrowings 2 770,9 2 575,1
Amounts attributable to third parties in respect of long-term
receivables 7,4 11,4
Derivative financial instruments 1,7 4,2
Deferred revenue 2,9 3,3
Deferred tax liabilities 20,4 27,1
Total non-current liabilities 2 803,3 2 621,1
Total current liabilities 377,8 253,6
Trade and other payables 95,8 57,0
Current tax liability 8,0 7,1
Current portion of amounts attributable to third parties in
respect of long-term receivables 2,6 3,4
Current portion of interest-bearing borrowings 271,1 185,8
Current portion of deferred revenue 0,3 0,3
Total liabilities 3 181,1 2 874,7
Total equity and liabilities 4 673,3 4 266,5
Ratio to total equity:
Total liabilities (%) 213,2 206,5
Interest-bearing debt (%) 203,8 198,4
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 Proprietary Limited
Registered office: 1313 Main Tower, Standard Bank Centre, Heerengracht, Cape Town 8001
Transfer Secretaries: Computershare Investor Services Proprietary Limited, 70 Marshall Street, Johannesburg 2001 (PO Box 61051, Marshalltown 2107)
Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)
www.trencor.net
Date: 20/02/2015 04:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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