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Further trading statement
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
(“Trencor” or “the Company”)
FURTHER TRADING STATEMENT
Shareholders are referred to the Trading Statement and Further Trading Statement published on
the Stock Exchange News Service (“SENS”) on 3 October and 12 October 2016 respectively. In
the Further Trading Statement of 12 October 2016 it was advised that Trencor’s (loss)/earnings
per share, headline (loss)/earnings per share and adjusted headline (loss)/earnings per share for
the six months ended 30 June 2016 were expected to be within the ranges set out below:
2016 2015 2015
30 June 30 June* 31 December
Expected Actual Actual
cps cps cps
Headline (loss)/earnings per share (270) - (280) 278 513
Adjusted headline (loss)/earnings
per share (which excludes net
unrealised foreign exchange
losses/gains on translation of long-
term receivables) (260) - (270) 264 443
(Loss)/Earnings per share (1 280) - (1 300) 278 (83)
*As a result of the restatement disclosed in note 35 to the 2015 Trencor annual financial statements, the
comparative amounts for the six months ended 30 June 2015 have been restated accordingly. Previously
reported amounts: headline earnings 275,8, adjusted headline earnings 261,2 and earnings 275,3 cents per
share respectively.
The information above took into account the impairment of the Hanjin trade receivable as at
30 June 2016, but did not take into account further uncertainties related to the Hanjin bankruptcy.
Subsequent to publication of the Further Trading Statement on 12 October 2016, Trencor has
received additional information relating to the Hanjin finance lease receivables due to Textainer.
The amounts receivable under these finance leases have been impaired to the current best
estimate of the fair value of the containers which serve as collateral. Currently, great uncertainty
exists in relation to the potential recovery of the underlying container fleet on lease to Hanjin and
an estimate of its financial effect cannot at present be made.
Consequently, shareholders are now advised that Trencor’s loss per share, headline loss per share
and adjusted headline loss per share for the six months ended 30 June 2016 are expected to be
within the ranges set out below:
2016
30 June
Expected
cps
Headline loss per share 320 - 330
Adjusted headline loss per share (which excludes net unrealised foreign
exchange losses on translation of long-term receivables) 310 - 320
Loss per share 1 330 - 1 350
The financial information on which this Further Trading Statement is based has not been
reviewed and reported on by Trencor’s external auditors.
Shareholders are advised that the Company expects to publish its Interim Results in respect of the
six months ended 30 June 2016 on SENS on or before 21 October 2016.
Trencor Services (Pty) Ltd
Secretaries
18 October 2016
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
Date: 18/10/2016 12:39:00 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.
