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TRENCOR LIMITED - First quarter update

Release Date: 07/05/2015 10:22
Code(s): TRE     PDF:  
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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 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

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