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TRENCOR LIMITED - Correction of Headline Earnings Per Share and Adjusted Headline Earnings Per Share for period ended 31 December 2014

Release Date: 23/04/2015 13:10
Code(s): TRE     PDF:  
Wrap Text
Correction of Headline Earnings Per Share and Adjusted Headline Earnings Per Share for period ended 31 December 2014

TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Reg No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
(“Trencor” or “the company”)

CORRECTION OF HEADLINE EARNINGS PER SHARE AND ADJUSTED HEADLINE
EARNINGS PER SHARE FOR THE YEAR ENDED 31 DECEMBER 2014

Shareholders are referred to the Reviewed Results announcement for the year ended 31 December
2014 that was published on SENS on 20 February 2015.

Attention is drawn to the fact that the figures for headline earnings per share (“HEPS”) and adjusted
HEPS were incorrectly calculated.

                                                                                        As
                                                                                previously
                                                                   Restated       reported        Change
                                                                              Cents per share
 Basic earnings per share                                             542,0          542,0             -
 HEPS                                                                 546,6          579,3          32,7
 Deduct: Net unrealised foreign exchange translation gains             27,2           27,2             -
 Adjusted HEPS                                                        519,4          552,1          32,7

In compliance with Circular 2/2013 Headline Earnings, HEPS has been restated to include the write-
down to net realisable value of the carrying value of containers transferred to inventory for sale. This
has had the effect of reducing HEPS and adjusted HEPS, as previously reported, by 32,7 cents.

In determining HEPS attributable to equity holders of the company, this amount was incorrectly
added back to profit for the year as being part of the adjustment for impairment of property, plant and
equipment. In accordance with IAS16 Property, Plant and Equipment, containers which come off-
hire and are transferred to inventory for sale should have been transferred at their carrying values, and
an adjustment to net realisable value then recorded as a write-down of inventories.

There has been no change to basic earnings per share, net asset value or the consolidated balance
sheet of the company.

Trencor Services (Pty) Ltd
Secretaries
23 April 2015

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

www.trencor.net

Date: 23/04/2015 01:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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