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Unaudited interim results for the six months ended 30 June 2015 and declaration of cash dividend
Trencor Limited
(Incorporated in the Republic of South Africa)
Registration No. 1955/002869/06
Share code: TRE
ISIN: ZAE000007506
('the company' or 'Trencor')
Unaudited interim results
for the six months ended 30 June 2015
and declaration of cash dividend
Highlights
GROUP
- Trading profit, which is earned mainly in US dollars, after net financing costs, increased
by 22,3% from R840 million in 2014 to R1 027 million during the period under review.
Financing costs in the prior year period included a write-off by Textainer of unamortised
debt issuance costs amounting to R68 million.
- Headline earnings per share (including the effect of realised and net unrealised foreign
exchange translation gains) and, in the prior year period, the write-off of unamortised
debt issuance costs) were 275,8 cents (2014: 213,0 cents), an increase of 29,5%.
- Adjusted headline earnings per share (which excludes the effect of net unrealised
foreign exchange translation gains and losses and, in the prior year period, the write-off
of unamortised debt issuance costs) were 261,2 cents (2014: 209,7 cents), an increase
of 24,6%.
- These various earnings are better presented in tabular form:
Year
ended
Six months ended 30 June 31 December
2015 2014 2014
Cents Cents Cents
per share per share per share
Headline earnings 275,8 213,0 546,6
Deduct: Net unrealised foreign exchange
translation gains (14,6) (3,3) (27,2)
Adjusted headline earnings 261,2 209,7 519,4
- Based on the spot exchange rate of US$1 = R12,25 and the price of Textainer's shares
listed on the NYSE on 30 June 2015 (US$26,01), the value of Trencor at that date
was as follows:
Rand
R million per share
Net beneficiary interest in Textainer 8 692 49,08
Net beneficiary interest in TAC 560 3,16
Net interest in long-term receivables 506 2,86
Cash 1 890 10,67
Net liabilities (mainly deferred tax) (124) (0,70)
11 524 65,07
- Consolidated gearing ratio at 30 June 2015 was 211% (2014: 208%).
- Interim dividend of 80 cents per share declared (2014: 72 cents per share).
TEXTAINER (47,9% beneficiary interest)
- Net profit for the half year in US GAAP was US$75,6 million (2014: US$92,7 million).
Profit for the first half of 2014 included a one-time US$22,7 million income tax benefit
following the completion of an IRS tax examination and a write-off of US$6,4 million of
unamortised debt issuance costs related to the refinancing of certain debt. Adjusted to
conform with International Financial Reporting Standards, Textainer's net profit for the
half year was US$76,1 million (2014: US$73,1 million).
- Average fleet utilisation for the six months to 30 June 2015 was 97,6% (2014: 94,8%).
- Utilisation has remained high and storage expenses minimised in part due to record
sales of older containers, with more than 95 000 twenty foot equivalent units ('TEU')
sold in the first half of 2015.
- Total fleet under management at 30 June 2015 was 3 276 509 (2014: 3 059 657) TEU of
which Textainer itself owned 79,7% (2014: 76,7%).
- Textainer declared dividends of US$0,47 per share in respect of each of quarters 1 and
2 of 2015.
- Textainer's results may be viewed on its website www.textainer.com.
PREPARATION OF FINANCIAL STATEMENTS
These unaudited interim condensed consolidated financial statements have been prepared
by management under the supervision of the Financial Director and have not been audited or
reviewed by Trencor's independent auditors, KPMG Inc.
DECLARATION OF CASH DIVIDEND
The board has declared an interim cash dividend (number 100) of 80 cents per share out of
distributable reserves in respect of the six months ended 30 June 2015.
The salient dates pertaining to the dividend payment are as follows:
Last day to trade cum the dividend Friday, 4 September 2015
Trading commences ex the dividend Monday, 7 September 2015
Record date Friday, 11 September 2015
Payment date Monday, 14 September 2015
Share certificates may not be dematerialised or rematerialised between Monday, 7 September
2015 and Friday, 11 September 2015, both days inclusive.
Note that:
- 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 68,0 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).
On behalf of the board
NI Jowell Chairman
13 August 2015
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 (Pty) Ltd
Registered office: 1313 Main Tower, Standard Bank Centre, Heerengracht, Cape Town 8001
Transfer Secretaries: Computershare Investor Services (Pty) Ltd, 70 Marshall Street,
Johannesburg 2001 (PO Box 61051, Marshalltown 2107)
Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)
Consolidated statement of financial position
at 30 June 2015
Unaudited Unaudited Audited
30 June 30 June 31 December
R million 2015 2014 2014
ASSETS
Property, plant and equipment 49 152 38 605 44 911
Intangible assets 277 288 288
Investment in equity accounted investees 110 68 92
Other investments 45 66 66
Long-term receivables 441 538 498
Net investment in finance leases 1 481 1 320 1 662
Derivative financial instruments 13 3 14
Deferred tax assets 26 16 24
Restricted cash 459 289 646
Total non-current assets 52 004 41 193 48 201
Inventories 492 395 375
Trade and other receivables 1 498 1 297 1 360
Current portion of long-term receivables 160 194 181
Current portion of net investment in finance
leases 657 499 652
Cash and cash equivalents 3 189 2 679 3 160
Total current assets 5 996 5 064 5 728
Total assets 58 000 46 257 53 929
EQUITY
Share capital and premium 44 44 44
Reserves 9 896 8 041 9 224
Total equity attributable to equity holders of the
company 9 940 8 085 9 268
Non-controlling interests 8 683 6 939 7 953
Total equity 18 623 15 024 17 221
LIABILITIES
Interest-bearing borrowings 36 517 28 404 31 976
Amounts attributable to third parties in respect
of long-term receivables 70 103 85
Derivative financial instruments 53 40 20
Deferred revenue 33 32 33
Deferred tax liabilities 227 231 235
Total non-current liabilities 36 900 28 810 32 349
Trade and other payables 812 1 307 1 105
Current tax liabilities 135 89 92
Current portion of interest-bearing borrowings 1 501 992 3 128
Current portion of amounts attributable to third
parties in respect of long-term receivables 25 31 30
Current portion of deferred revenue 4 4 4
Total current liabilities 2 477 2 423 4 359
Total liabilities 39 377 31 233 36 708
Total equity and liabilities 58 000 46 257 53 929
Capital expenditure incurred during the period 3 478 3 615 8 653
Capital expenditure committed and authorised,
but not yet incurred 124 622 1 018
Directors' valuation of unlisted investments 45 66 66
Ratio to total equity:
Total liabilities (%) 211,4 207,9 213,2
Interest-bearing debt (%) 204,1 195,7 203,8
Consolidated statement of comprehensive income
for the six months ended 30 June 2015
Unaudited Unaudited Audited
Six months ended Year ended
30 June 30 June 31 December
R million 2015 2014 2014
Revenue (note 2) 4 249 3 844 8 055
Trading profit before items listed below (note 4) 1 589 1 429 3 063
Realised and unrealised exchange gains on
translation of long-term receivables, excluding fair
value adjustment 55 12 98
Fair value adjustment on net long-term receivable (7) (19) (36)
Impairment of property, plant and equipment (2) – (18)
Operating profit before net finance expenses 1 635 1 422 3 107
Net finance expenses (note 3) (562) (589) (1 042)
Finance expenses Interest expense (472) (539) (970)
Realised and unrealised
losses on derivative
financial instruments (101) (56) (85)
Finance income Interest income 11 6 13
Share of profit of equity accounted investees
(net of tax) 5 2 4
Profit before tax 1 078 835 2 069
Income tax expense/(credit) 48 (1) 22
Profit for the period 1 030 836 2 047
Other comprehensive income
Items that are or may be reclassified
subsequently to profit or loss
Foreign currency translation differences 1 043 145 1 516
Impairment of available-for-sale financial asset (21) – –
Income tax expense on other comprehensive
income 4 – –
Total comprehensive income for the period 2 056 981 3 563
Total comprehensive income for the period
attributable to:
Equity holders of the company 1 009 454 1 751
Non-controlling interests 1 047 527 1 812
2 056 981 3 563
Profit for the period attributable to:
Equity holders of the company 488 377 960
Non-controlling interests 542 459 1 087
1 030 836 2 047
Basic earnings per share (cents) 275,3 213,0* 542,0
Diluted earnings per share (cents) 275,3 213,0* 542,0
* Correction of misprint in 2014 (previously 207,9cps)
Number of shares in issue (million) 177,1 177,1 177,1
Weighted average number of shares in issue
(million) 177,1 177,1 177,1
Period-end rate of exchange: SA rand to US
dollar 12,25 10,57 11,54
Average rate of exchange for the period:
SA rand to US dollar 11,83 10,65 10,78
Consolidated statement of cash flows
for the six months ended 30 June 2015
Unaudited Unaudited Audited
Six months ended Year ended
30 June 30 June 31 December
R million 2015 2014 2014
Cash generated from operations 3 416 2 975 6 534
Increase in container leasing equipment (3 842) (2 879) (8 283)
Finance income received 11 6 13
Finance lease income received 102 90 187
Finance expenses paid (479) (464) (873)
Decrease in finance leases 379 236 563
Receipts from long-term receivables 134 136 272
Payments to third parties in respect of long-term
receivables (22) (18) (40)
Dividends paid to equity holders of the company (345) (280) (407)
Dividends paid to non-controlling interests (358) (309) (631)
Income tax paid (26) (29) (60)
Net cash outflow from operating activities (1 030) (536) (2 725)
Cash inflow from investing activities 205 335 17
Cash inflow from financing activities 668 108 2 851
Net (decrease)/increase in cash and cash
equivalents before exchange rate fluctuations (157) (93) 143
Cash and cash equivalents at the beginning of
the period 3 160 2 744 2 744
Effects of exchange rate fluctuations on cash and
cash equivalents 186 28 273
Cash and cash equivalents at the end of the
period 3 189 2 679 3 160
Consolidated statement of changes in equity
for the six months ended 30 June 2015
Equity holders of the company
Gain/(Loss)
Foreign on changes
currency Share-based in ownership Non
Share Share Fair value translation payment interests Retained controlling Total
R million (unaudited) capital premium reserve reserve reserve in subsidiaries income Total interests equity
Six months ended 30 June 2015
Balance at 1 January 2015 1 43 52 2 774 334 342 5 722 9 268 7 953 17 221
Total comprehensive income for the
period
Profit for the period – – – – – – 488 488 542 1 030
Other comprehensive income for the period
Foreign currency translation differences – – – 538 – – – 538 505 1 043
Impairment of available-for-sale financial
asset, net of tax – – (17) – – – – (17) – (17)
Total comprehensive income for the period – – (17) 538 – – 488 1 009 1 047 2 056
Transactions with owners, recorded
directly in equity
Contributions and distributions
Share-based payments – – – – 22 – – 22 25 47
Share options exercised – – – – – – – – 2 2
Dividends – – – – – – (345) (345) (358) (703)
Total contributions and distributions – – – – 22 – (345) (323) (331) (654)
Changes in ownership interests in
subsidiaries – – – – – (14) – (14) 14 –
Total transactions with owners – – – – 22 (14) (345) (337) (317) (654)
Balance at 30 June 2015 1 43 35 3 312 356 328 5 865 9 940 8 683 18 623
Six months ended 30 June 2014
Balance at 1 January 2014 1 43 52 1 983 281 383 5 169 7 912 6 647 14 559
Total comprehensive income for the
period
Profit for the period – – – – – – 377 377 459 836
Other comprehensive income for the period
Foreign currency translation differences – – – 77 – – – 77 68 145
Total comprehensive income for the period – – – 77 – – 377 454 527 981
Transactions with owners, recorded
directly in equity
Contributions and distributions
Share-based payments – – – – 28 – – 28 30 58
Share options exercised – – – – – – – – 15 15
Dividends – – – – – – (280) (280) (309) (589)
Total contributions and distributions – – – – 28 – (280) (252) (264) (516)
Changes in ownership interests in
subsidiaries – – – – – (29) – (29) 29 –
Total transactions with owners of the company – – – – 28 (29) (280) (281) (235) (516)
Balance at 30 June 2014 1 43 52 2 060 309 354 5 266 8 085 6 939 15 024
Notes to the condensed consolidated interim
financial statements
for the six months ended 30 June 2015
1. These condensed consolidated interim financial statements have been prepared in
accordance with the requirements of the JSE Limited's Listings Requirements for interim
reports and the requirements of the Companies Act of South Africa. The Listings
Requirements require interim 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 2014.
Unaudited Unaudited Audited
Six months ended Year ended
30 June 30 June 31 December
R million 2015 2014 2014
2. Revenue
Goods sold 880 963 1 976
Leasing income 3 236 2 783 5 819
Management fees 74 77 149
Finance income 4 9 13
4 194 3 832 7 957
Realised and unrealised exchange
differences 55 12 98
4 249 3 844 8 055
3. Net finance expenses
Finance expenses 573 595 1 055
Interest expense – Textainer 434 503 890
Interest expense – TAC 38 36 80
Realised and unrealised losses on
derivative financial instruments 101 56 85
Finance income
Interest income – cash and cash
equivalents (11) (6) (13)
562 589 1 042
Unaudited Unaudited Audited
Six months ended Year ended
30 June 30 June 31 December
R million 2015 2014 2014
4. Headline earnings
Profit attributable to equity holders of the
company 488 377 960
Impairment of property, plant and
equipment 2 – 18
Total tax effects of adjustments – – (1)
Total non-controlling interests' share of
adjustments (1) – (9)
Headline earnings 489 377 968
Weighted average number of shares in
issue (million) 177,1 177,1 177,1
Headline earnings per share (cents) 275,8 213,0 546,6
Diluted headline earnings per share (cents) 275,8 213,0 546,6
Adjusted headline earnings
Headline earnings (as above) 489 377 968
Net unrealised foreign exchange gain on
translation of long-term receivables (36) (8) (67)
Total tax effects of adjustments 10 2 19
Adjusted headline earnings 463 371 920
Undiluted adjusted headline earnings per
share (cents) 261,2 209,7 519,4
Diluted adjusted headline earnings per
share (cents) 261,2 209,7 519,4
Headline earnings and adjusted headline earnings have been restated for the six months
ended 30 June 2014 to include the write-down to net realisable value of the carrying
value of containers transferred to inventory for sale, in line with the SENS announcement
issued on 23 April 2015 in respect of the annual results to 31 December 2014. As a
result of the restatement, the amount previously shown as an impairment of property,
plant and equipment in the statement of comprehensive income has been reclassified to
trading income. Trading income as previously reported for the six months to June 2014
has reduced from R1 470 million to R1 429 million.
5. Segmental reporting
Revenue
Reportable segments
Containers – finance (including exchange
differences) 60 21 113
Containers – owning, leasing,
management and trading 4 189 3 823 7 942
4 249 3 844 8 055
Profit from operations
Reportable segments
Containers – finance 48 (6) 66
Containers – owning, leasing,
management and trading 1 596 1 448 3 083
1 644 1 442 3 149
Unallocated (9) (20) (42)
1 635 1 422 3 107
Profit before tax
Reportable segments
Containers – finance 48 (6) 66
Containers – owning, leasing,
management and trading 1 029 856 2 033
1 077 850 2 099
Unallocated 1 (15) (30)
1 078 835 2 069
Assets
Capital expenditure incurred by the
container owning, leasing, management
and trading segment 3 478 3 615 8 653
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
Carrying Fair Carrying Fair Carrying Fair
R million amount value amount value amount value
6. Financial instruments
The carrying amounts and fair values of financial assets and financial liabilities are as follows:
Assets
Equity securities - available-
for-sale:
Other investments 45 66 66 66 66 66
Designated at fair value
through profit or loss:
Long-term receivables 601 601 732 732 679 679
Held for trading:
Derivative financial
instruments 13 13 3 3 14 14
Loans and receivables:
Restricted cash 459 459 289 289 646 646
Trade and other receivables 1 390 1 390 1 208 1 208 1 237 1 237
Cash and cash equivalents 3 189 3 189 2 679 2 679 3 160 3 160
Other:
Net investment in finance
leases 2 138 2 113 1 819 1 715 2 314 2 291
7 835 7 831 6 796 6 692 8 116 8 093
Liabilities
Liabilities at amortised cost:
Interest-bearing borrowings
(excluding debt issuance
costs) 38 313 38 335 29 598 29 734 35 383 35 409
Trade and other payables 812 812 1 307 1 307 1 105 1 105
Designated at fair value
through profit or loss:
Amounts attributable to third
parties in respect of long-term
receivables 95 95 134 134 115 115
Held for trading:
Derivative financial instruments 53 53 40 40 20 20
39 273 39 295 31 079 31 215 36 623 36 649
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
At 30 June 2015 (unaudited)
Assets
Other investments – 45 – 45
Long-term receivables – – 601 601
Derivative financial instruments – 13 – 13
– 58 601 659
Liabilities
Amounts attributable to third parties in
respect of long-term receivables – – 95 95
Derivative financial instruments – 53 – 53
– 53 95 148
At 30 June 2014 (unaudited)
Assets
Other investments – 66 – 66
Long-term receivables – – 732 732
Derivative financial instruments – 3 – 3
– 69 732 801
Liabilities
Amounts attributable to third parties in
respect of long-term receivables – – 134 134
Derivative financial instruments – 40 – 40
– 40 134 174
Level 1 Level 2 Level 3 Total
At 31 December 2014 (audited)
Assets
Other investments – 66 – 66
Long-term receivables – – 679 679
Derivative financial instruments – 14 – 14
– 80 679 759
Liabilities
Amounts attributable to third parties in
respect of long-term receivables – – 115 115
Derivative financial instruments – 20 – 20
– 20 115 135
Details of the determination of Level 3 fair value measurements during the six months
ended 30 June 2015 are set out below:
Long-term receivables and attributable 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 (2014: 8,5%), and amounts
attributable to third parties in respect of long-term receivables is 10% per annum (2014:
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=R12,25 (June
2014: US$1=R10,57, December 2014: US$1=11,54).
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
third parties
in respect
Long-term of long-term
receivables receivables Total
Six months to 30 June 2015 (unaudited)
Balance at the beginning of the period 679 (115) 564
Total gains/(losses) in profit or loss 56 (2) 54
Settlements (134) 22 (112)
Balance at the end of the period 601 (95) 506
Six months to 30 June 2014 (unaudited)
Balance at the beginning of the period 867 (155) 712
Total gains in profit or loss 1 3 4
Settlements (136) 18 (118)
Balance at the end of the period 732 (134) 598
Year to 31 December 2014 (audited)
Balance at the beginning of the year 867 (155) 712
Total gains in profit or loss 84 – 84
Settlements (272) 40 (232)
Balance at the end of the year 679 (115) 564
Amounts
attributable to
third parties
in respect
Long-term of long-term
receivables receivables Total
Total gains/(losses) included in profit or loss for the period in the above table are
presented in the statement of comprehensive income as follows:
Six months to 30 June 2015 (unaudited)
Total gains/(losses) included in profit or loss
for the period
Operating profit 56 (3) 53
Associate tax credit – 1 1
Total unrealised gains for the period
included in profit or loss for assets and
liabilities held at the end of the period
Operating profit 25 1 26
Six months to 30 June 2014 (unaudited)
Total gains included in profit or loss for the
period
Operating profit 1 1 2
Associate tax credit – 2 2
Total unrealised gains for the period
included in profit or loss for assets and
liabilities held at the end of the period
Operating profit 24 4 28
Year to 31 December 2014 (audited)
Total gains/(losses) included in profit or loss
for the year
Operating profit 84 (3) 81
Associate tax credit – 3 3
Total unrealised gains for the year included
in profit or loss for assets and liabilities held
at the end of the year
Operating profit 32 4 36
Although the estimates of fair value are considered to be 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:
Unaudited Unaudited Audited
Increase/ 30 June 30 June 31 December
(Decrease) in 2015 2014 2014
unobservable Favourable/(Unfavourable) impact on
inputs profit or loss
Interest rates – discount rate
100 basis
Long-term receivables points (19) (18) (19)
(100) basis
points 19 18 19
Amounts attributable to third
parties in respect of long- 100 basis
term receivables points 3 3 3
(100) basis
points (3) (3) (3)
Exchange rates (SA rand=US$1)
Long-term receivables 1% 4 5 4
(1%) (4) (5) (4)
The sensitivity amounts reported at 30 June 2014 have been restated as the basis on which the amounts
have been calculated has been changed from contractual cash flows to free cash flows.
In order to provide a better appreciation of the results of the group's activities, a condensed
consolidated income statement and a condensed consolidated statement of financial position are also
presented in US dollars, as virtually all of the group's consolidated revenue and assets and much
of its expenditure are denominated in that currency. The amounts stated in US dollars have been
prepared by management and are unaudited.
Unaudited Trencor condensed consolidated income
statement in US dollars
for the six months ended 30 June 2015
Unaudited Unaudited Unaudited
Six months ended Year ended
30 June 30 June 31 December
US$ million 2015 2014 2014
Revenue 354,7 359,5 738,0
Trading profit before items listed below 133,5 134,3 295,5
Realised and unrealised exchange gains/
(losses) on translation of long-term receivables 0,2 (0,4) (0,2)
Fair value adjustment on net long-term
receivable 1,3 (1,2) 0,5
Impairment of property, plant and equipment (0,2) – (13,1)
Operating profit before net finance expenses 134,8 132,7 282,7
Net finance expenses (47,4) (55,3) (96,6)
Finance expenses Interest expense (39,9) (50,7) (90,0)
Realised and unrealised
losses on derivative
financial instruments (8,4) (5,1) (7,8)
Finance income Interest income 0,9 0,5 1,2
Share of profit of equity accounted investees
(net of tax) 0,4 0,2 0,4
Profit before tax 87,8 77,6 186,5
Income tax expense/(credit) 3,4 (0,3) 0,5
Profit for the period 84,4 77,9 186,0
Attributable to:
Equity holders of the company 38,5 34,9 85,2
Non-controlling interests 45,9 43,0 100,8
84,4 77,9 186,0
Number of shares in issue (million) 177,1 177,1 177,1
Weighted average number of shares in issue
(million) 177,1 177,1 177,1
Basic earnings per share (US cents) 21,7 19,7 48,1
Diluted earnings per share (US cents) 21,7 19,7 48,1
Headline earnings per share (US cents) 21,8 19,7 48,5
Diluted headline earnings per share (US cents) 21,8 19,7 48,5
Adjusted headline earnings per share
(US cents) 21,6 19,6 48,2
Diluted adjusted headline earnings per share
(US cents) 21,6 19,6 48,2
Period-end rate of exchange: SA rand to
US dollar 12,25 10,57 11,54
Average rate of exchange for the period:
SA rand to US dollar 11,83 10,65 10,78
Trading profit from operations comprises:
Textainer and TAC 135,2 136,1 299,0
Other (1,7) (1,8) (3,5)
133,5 134,3 295,5
Unaudited Trencor condensed consolidated
statement of financial position in US dollars
at 30 June 2015
Unaudited Unaudited Unaudited
30 June 30 June 31 December
US$ million 2015 2014 2014
ASSETS
Property, plant and equipment 4 012,4 3 652,3 3 891,8
Long-term receivables 36,0 50,9 43,2
Other non-current assets 197,0 193,9 242,0
Total non-current assets 4 245,4 3 897,1 4 177,0
Total current assets 489,5 479,1 496,3
Inventories 40,2 37,4 32,5
Trade and other receivables 122,3 122,7 117,8
Current portion of long-term receivables 13,1 18,3 15,7
Current portion of net investment in finance
leases 53,6 47,2 56,5
Cash and cash equivalents 260,3 253,5 273,8
Total assets 4 734,9 4 376,2 4 673,3
Equity and liabilities
Equity attributable to equity holders of the
company 811,6 765,0 803,1
Non-controlling interests 708,8 656,5 689,1
Total equity 1 520,4 1 421,5 1 492,2
LIABILITIES
Interest-bearing borrowings 2 981,0 2 687,2 2 770,9
Amounts attributable to third parties in respect
of long-term receivables 5,8 9,7 7,4
Derivative financial instruments 4,3 3,8 1,7
Deferred revenue 2,7 3,1 2,9
Deferred tax liabilities 18,5 21,8 20,4
Total non-current liabilities 3 012,3 2 725,6 2 803,3
Total current liabilities 202,2 229,1 377,8
Trade and other payables 66,3 123,6 95,8
Current tax liability 11,0 8,4 8,0
Current portion of amounts attributable to third
parties in respect of long-term receivables 2,0 3,0 2,6
Current portion of interest-bearing borrowings 122,6 93,8 271,1
Current portion of deferred revenue 0,3 0,3 0,3
Total liabilities 3 214,5 2 954,7 3 181,1
Total equity and liabilities 4 734,9 4 376,2 4 673,3
Ratio to total equity:
Total liabilities (%) 211,4 207,9 213,2
Interest-bearing debt (%) 204,1 195,7 203,8
Date: 13/08/2015 05:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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