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Distribution of annual report, change statement, notice of AGM, B-BBEE compliance report and Listings Requirements
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
(“Trencor” or “the Company”)
DISTRIBUTION OF ANNUAL REPORT, CHANGE STATEMENT, NOTICE OF ANNUAL
GENERAL MEETING, B-BBEE COMPLIANCE REPORT AND LISTINGS
REQUIREMENTS
DISTRIBUTION OF INTEGRATED ANNUAL REPORT
Trencor will on Wednesday, 11 July 2018 distribute its integrated annual report, incorporating its
audited annual financial statements for the year ended 31 December 2017 (“audited financial
statements”), which are unchanged from the reviewed condensed consolidated financial statements
(“reviewed provisional results”) released on the Stock Exchange News Service (“SENS”) on
22 May 2018 and distributed to shareholders on 23 May 2018, save as detailed in the Change
Statement below.
The Company’s independent auditors have issued an unmodified audit opinion. The integrated
annual report is available on the Company’s website:
http://www.trencor.net/index.php-option=com_content&view=article&id=252&Itemid=796
CHANGE STATEMENT
The audited financial statements contain two changes from the reviewed provisional results for the
year ended 31 December 2017, namely:
- Capital expenditure committed and authorised, but not yet incurred amounts to R3 030 million,
previously reported as R2 365 million; and
- Incorrect allocation of impairment losses relating to containers on lease to defaulting customers
which affected headline earnings.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME for the year ended 31 December 2017
6 July 2018 22 May 2018
Audited Reviewed Change
Rm Rm Rm
Revenue 8 344 8 344 -
Trading profit/(loss) 2 224 2 100 124
Impairment of property, plant and equipment (note 1) (1 133) (1 098) (35)
Reduction in compensation receivable from third party
in respect of impairment of property, plant and
equipment (note 2) (89) - (89)
Operating profit/(loss) before net finance expenses 1 002 1 002 -
Net finance expenses (1 586) (1 586) -
Finance expenses Interest expense (1 704) (1 704) -
Realised and unrealised gains/(losses) on derivative
financial instruments 50 50 -
Finance income Interest income 68 68 -
Share of profit/(loss) of equity accounted investee (net
of tax) 4 4 -
Loss before tax (580) (580) -
Income tax expense 30 30 -
Loss for the year (610) (610) -
Other comprehensive loss
Items that are or may be reclassified subsequently to
profit or loss
Foreign currency translation differences (1 239) (1 239) -
Total comprehensive loss for the year (1 849) (1 849) -
Total comprehensive loss for the year attributable to:
Equity holders of the company (983) (983) -
Non-controlling interests (866) (866) -
(1 849) (1 849) -
Loss for the year attributable to:
Equity holders of the company (321) (321) -
Non-controlling interests (289) (289) -
(610) (610) -
Basic loss per share (cents) (181,5) (181,5) -
Diluted loss per share (cents) (181,5) (181,5) -
Note 1
Impairment of property, plant and equipment
Impairment as a result of impairment testing 1 209 1 209 -
Impairment loss/(recovery) in respect of containers
on lease to defaulting customers 33 (111) 144
Recovery of prior year impairment losses in respect
of containers on lease to defaulting customers (109) - (109)
Impairment of property, plant and equipment 1 133 1 098 35
Note 2
Reduction in compensation receivable from third party
in respect of impairment of property, plant and
equipment 89 - 89
Note 3
Headline earnings
Headline earnings reconciliation
Loss attributable to equity holders of the company (321) (321) -
Impairment of property, plant and equipment 1 133 1 098 35
Reduction in compensation receivable from third
party in respect of impairment of property, plant and
equipment 89 - 89
Total tax effects of adjustments (19) (17) (2)
Total non-controlling interests’ share of adjustments (617) (554) (63)
Headline earnings attributable to equity holders of the
company 265 206 59
Headline earnings per share (cents) 149,4 116,5 32,9
The change to headline earnings results from (i) the
incorrect allocation of amounts in respect of previously
impaired containers which were disposed of during the
financial year and (ii) the incorrect allocation of an
amount previously impaired, now no longer required as
a result of the improved recovery rate of the containers
related to the Hanjin bankruptcy referred to in note 20.2
of the annual financial statements.
The above changes have had no effect on the consolidated statement of financial position as
presented in the reviewed provisional results.
NOTICE OF ANNUAL GENERAL MEETING
The annual general meeting of the Company will be held on Tuesday, 14 August 2018 at Trencor,
13th Floor, The Towers South, Heerengracht, Cape Town, commencing at 15:00 to transact the
business as stated in the notice of the annual general meeting forming part of the integrated annual
report. The salient dates pertaining to the annual general meeting are as follows:
2018
Record date to determine which shareholders are entitled to receive the
notice of the annual general meeting Friday, 29 June
Last day to trade in order to be eligible to attend and vote Tuesday, 31 July
Record date to determine which shareholders are entitled to attend and
vote Friday, 3 August
Forms of proxy to be lodged, for administrative purposes, by 15:00* on Monday, 13 August
* proxies not lodged by this time may be handed to the scrutineers of the annual general meeting
immediately prior to the meeting.
BROAD-BASED BLACK ECONOMIC EMPOWERMENT (“B-BBEE”) COMPLIANCE
REPORT
Trencor’s B-BBEE annual compliance report in terms of Section 13G(2) of the B-BBEE Act is
available on the Company’s website:
http://www.trencor.net/images/B-BBEE_Certificate/B-BBEE_Certificate.pdf
LISTINGS REQUIREMENTS
Shareholders are advised that, in light of the progression of the simplification of Trencor’s interest
in Textainer Group Holdings Limited (NYSE: TGH) (refer to the SENS announcement of 15 May
2018), the JSE Limited has deferred any decision regarding Trencor’s compliance with the
applicable Listings Requirements (refer to the SENS announcement of 2 January 2018) and has to
this end requested that Trencor makes representations after a period of twelve months on further
progress made in respect of the simplification during that period.
Trencor Services Proprietary Limited
Secretaries
6 July 2018
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
Date: 06/07/2018 05:49:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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