Wrap Text
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 47,9% (31 March 2014:
48,2%) beneficiary interest, has announced net profit attributable to
its shareholders in US GAAP of US$35,2 million for the three months
ended 31 March 2015 compared with US$59,7 million for the same period
in 2014. 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 2015 was US$35,5 million (same period 2014:
US$40,2 million including a US$3,1 million income tax benefit
referred to above).
Trencor’s earnings for the quarter ended 31 March 2015 are as
follows:
Year ended
3 months ended 31 March 31 December
2015 2014 2014
Cents per Cents per Cents per
share share share
Unaudited Unaudited Audited
HEADLINE EARNINGS 137,7 130,3 546,6
Deduct:
Unrealised foreign exchange
translation gains (13,4) (3,8) (27,2)
ADJUSTED HEADLINE EARNINGS 124,3 126,5 519,4
SA rand to US dollar:
- Period-end rate of
exchange R12,14 R10,58 R11,54
- Average rate of exchange
for the period R11,63 R10,79 R10,78
COMMENTS
- Adjusted headline earnings exclude 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 97,6% for the first quarter of 2015
(94,4% for the first quarter 2014). Current utilisation is 97,4%;
- US$415 million invested in this and prior periods to acquire more
than 200 000 TEU of primarily new containers for lease-out in 2015,
enabling it to maintain its position as the world’s largest container
leasing company;
- Owned 79,2% of the total fleet of 3 244 162 TEU; at 31 December
2014 the company owned 78,9% of the total fleet;
- Declared a dividend of US$0,47 per share in respect of the first
quarter of 2015.
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
7 May 2015
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
Date: 07/05/2015 10:22:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.