Wrap Text
Unaudited Interim Results for the six months ended 30 June 2018
Trencor Limited
(Incorporated in the Republic of South Africa)
Registration number 1955/002869/06
Share code: TRE
ISIN: ZAE000007506
("Trencor" or "the company")
Unaudited Interim Results
for the six months ended 30 June 2018
COMMENTARY
GROUP
- Textainer Group Holdings Ltd ("Textainer") and Halco Holdings Inc ("Halco") entered into a
Voting Limitation Deed ("VLD") on 1 January 2018, with Trencor assuming the rights and
obligations of Halco under the VLD on the registration of transfer to Trencor of Halco's
shareholding in Textainer in May 2018. The VLD has the effect for IFRS purposes of Trencor
being regarded as neither in control of nor having significant influence over Textainer.
- Accordingly, as from 1 January 2018, the financial results of Textainer, reporting under US
GAAP, are no longer required to be converted into IFRS for inclusion in the results of Trencor.
Textainer is now accounted for by Trencor as an investment measured at fair value through
profit or loss.
- The deconsolidation of Textainer at 1 January 2018 resulted in a basic earnings gain of
R2,6 billion and a recycling of the accumulated foreign currency translation gains in other
comprehensive income to profit or loss of R3,2 billion. Neither of these effects have any
impact on headline earnings or cash flow.
- The period-end SA rand to US dollar exchange rate was R13,66 (2017: R12,99). The average
SA rand to US dollar exchange rate for the period was R12,19 (2017: R13,28).
- Earnings in tabular form:
Year ended
Six months ended 30 June 31 December
2018 2017 2017
Cents per share Cents per share Cents per share
Basic earnings/(loss) 2 478 (487) (182)
Headline (loss)/earnings (724) (145) 149
- Based on the relevant spot exchange rate and the listed share price of Textainer, the net
asset value ("NAV") of Trencor at the dates below were as follows:
25 September 30 June 31 December
2018 2018 2017
Textainer share price US$13,25 US$15,90 US$21,50
Spot exchange rate US$1 equals R14,35 R13,66 R12,37
R million R million R million
Textainer 5 187 5 925 7 255
TAC (US GAAP NAV) 1 749 1 664 1 004
Cash (excluding in Textainer and TAC) 1 019 1 022 1 095
Other net (liabilities)/assets (398) (380) 273
Total NAV 7 557 8 231 9 627
Cents per share Cents per share Cents per share
Textainer 29,29 33,46 40,97
TAC (US GAAP NAV) 9,88 9,40 5,67
Cash (excluding in Textainer and TAC) 5,76 5,77 6,19
Other net (liabilities)/assets (2,25) (2,15) 1,54
Total NAV 42,68 46,48 54,37
Notes:
1. The values at a reporting period end are actuals converted at the applicable exchange rate.
At 25 September 2018, other than for Textainer and the cash outside of Textainer and TAC which are
recorded at actual, all other components of the NAV are at the actual values prevailing at the end of the
previous reporting date adjusted for the current exchange rate where applicable.
2. On 19 February 2018, TAC issued one million ordinary shares to Halco in exchange for the settlement
of all outstanding Halco loans of US$36,8 million. This is the main reason for the significant increase in
the NAV of TAC at 30 June 2018 when compared to 31 December 2017. An identical reduction in Other
net (liabilities)/assets has been recorded.
TEXTAINER (NYSE: TGH): 47,74% interest at 30 June 2018 (2017: beneficiary
interest 48,00%)
(Note: Trencor now owns the shares in Textainer, whereas it previously had a beneficiary interest in such shares).
US GAAP RESULTS
- Net income attributable to common shareholders for the six months ended 30 June 2018 was
US$36,2 million (2017: loss US$16,3 million).
- Average fleet utilisation for the six months ended 30 June 2018 was 97,9% (2017: 95,7%).
- New container investments totalling US$700 million ordered and or received to 30 June 2018.
- Total fleet under management at 30 June was 3 354 085 (2017: 2 992 040) twenty foot
equivalent units ("TEU") of which Textainer itself owned 80,0% (2017: 81,3%).
- Dividend declared nil (2017: nil).
- Textainer's results may be viewed on its website: http://investor.textainer.com/quarterly-results
TAC: 100% interest at 30 June 2018 (2017: beneficiary interest 100%)
(Note: Trencor now owns the shares in TAC, whereas it previously had a beneficiary interest in such shares.)
US GAAP RESULTS
- Net income attributable to shareholder US$3,8 million (2017: US$0,2 million).
- Average fleet utilisation for the six months ended 30 June 2018 was 97,8% (2017: 96,5%).
- Fleet size at 30 June 2018 was 184 059 TEU (2017: 173 902 TEU).
- Ordered US$30 million of new containers in the six months ended 30 June 2018.
CONVERTING US GAAP RESULTS OF TAC TO IFRS
The results of TAC, reporting under US GAAP, are converted to IFRS for inclusion in the results
of Trencor, which is required to report under IFRS. Differences in accounting treatment between
US GAAP and IFRS, in the areas of impairment testing and a revision of the residual values
of the container fleets, cause significant differences in financial results reported under the
respective accounting conventions.
Reconciliation of TAC US GAAP results to IFRS for the six months ended 30 June:
2018 2017
US$ million US$ million
US GAAP profit attributable to shareholder 3,8 0,2
Adjustments:
Non-cash IFRS impairment gain/(loss) 1,7 (5,2)
IFRS reduction/(increase) in depreciation 4,2 (1,0)
IFRS tax effect of the above, and other (0,7) -
IFRS profit/(loss) attributable to shareholder 9,0 (6,0)
PREPARATION OF FINANCIAL STATEMENTS
These unaudited interim condensed consolidated financial statements have been prepared
by management under the supervision of the financial director, Ric Sieni (CA)SA, and have not
been audited or reviewed by Trencor's external auditors. The directors take full responsibility
for the preparation of the interim results and that the financial information has been correctly
extracted from the underlying condensed consolidated financial statements.
POTENTIAL SHARE REPURCHASE
In view of the current substantial discount in Trencor's listed share price compared to its NAV
per share, the board has determined that it may be appropriate for Trencor to consider a
repurchase of its shares. The terms of such a potential share repurchase will be within the
parameters of the share repurchase authority approved by shareholders at Trencor's annual
general meeting on 14 August 2018 and as determined by the board, and the implementation
thereof will be effected in terms of the Listings Requirements of the JSE Limited.
INTERIM DIVIDEND
In view of the above, the board has not declared an interim dividend (2017: 50 cents per share).
Payment of an ordinary dividend will again be considered in the normal course on finalisation of
the reviewed results for the year ending 31 December 2018.
On behalf of the board
Hennie van der Merwe
Chief Executive Officer
28 September 2018
CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
at 30 June 2018
Unaudited Unaudited Audited
30 June 30 June 31 December
R million 2018 2017 2017
ASSETS
Property, plant and equipment 3 115 43 312 44 793
Intangible assets and goodwill - 323 282
Investment in equity accounted investee - 112 114
Investment (note 3) 5 925 - -
Net investment in finance leases 22 785 496
Derivative financial instruments 21 65 100
Deferred tax assets - 18 19
Restricted cash - 1 065 1 105
Total non-current assets 9 083 45 680 46 909
Inventories 13 444 403
Trade and other receivables 124 1 535 1 440
Current portion of net investment in finance
leases 12 408 427
Current tax asset - 14 -
Cash and cash equivalents 1 285 3 384 3 134
Total current assets 1 434 5 785 5 404
Total assets 10 517 51 465 52 313
EQUITY
Share capital and premium 44 44 44
Reserves 8 261 6 899 7 004
Total equity attributable to equity holders of
the company 8 305 6 943 7 048
Non-controlling interests - 5 124 5 387
Total equity 8 305 12 067 12 435
LIABILITIES
Interest-bearing borrowings 2 021 33 457 35 008
Derivative financial instruments - 5 -
Deferred revenue - 28 25
Deferred tax liabilities 12 66 28
Total non-current liabilities 2 033 33 556 35 061
Trade and other payables 165 548 2 080
Current tax liabilities 12 140 123
Current portion of interest-bearing borrowings 2 5 146 2 611
Current portion of amounts attributable to
third parties in respect of long-
term receivables - 5 -
Current portion of deferred revenue - 3 3
Total current liabilities 179 5 842 4 817
Total liabilities 2 212 39 398 39 878
Total equity and liabilities 10 517 51 465 52 313
Capital expenditure incurred during the
period 342 283 5 750
Capital expenditure committed and
authorised, but not yet incurred - 2 430 3 030
Ratio to total equity:
Total liabilities (%) 26,6 326,5 320,7
Interest-bearing borrowings (%) 24,4 319,9 302,5
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR
LOSS AND OTHER COMPREHENSIVE INCOME
for the six months ended 30 June 2018
Unaudited Unaudited Audited
Six months ended Year ended
30 June 30 June 31 December
R million 2018 2017 2017
Revenue (note 4) 249 4 052 8 344
Other operating income 17 - 2
Gain on deconsolidation of subsidiary (note 3) 5 767 - -
Cost of containers sold (52) (778) (1 489)
Direct leasing expenses (41) (444) (794)
Employee benefits expense (11) (180) (369)
Depreciation (34) (1 991) (3 048)
Impairment recovery/(Impairment) of property,
plant and equipment (note 5) 24 (1 272) (1 222)
Impairment of goodwill (137) - -
Other operating expenses (51) (190) (407)
Net long-term receivables fair value
adjustment - (10) (15)
Loss on revaluation of investment (note 3) (1 330) - -
Operating profit/(loss) before net finance
income/(expenses) 4 401 (813) 1 002
Net finance income/(expenses) 5 (853) (1 586)
Finance expenses: Interest expense (38) (884) (1 704)
Realised and
unrealised gains/
(losses) on derivative
financial instruments 12 (4) 50
Finance income: Interest income 31 35 68
Share of (loss)/profit of equity accounted
investee (net of tax) - (4) 4
Profit/(Loss) before tax 4 406 (1 670) (580)
Income tax expense 17 40 30
Profit/(Loss) for the period 4 389 (1 710) (610)
Other comprehensive income/(loss)
Items that are or may be reclassified
subsequently to profit or loss
Foreign currency translation gains/(losses) 144 (584) (1 239)
Accumulated foreign currency translation
gains recycled from other comprehensive
income on deconsolidation of subsidiary
(note 3) (3 188) - -
Total comprehensive income/(loss) for the
period 1 345 (2 294) (1 849)
Total comprehensive income/(loss)
attributable to:
Equity holders of the company 1 345 (1 180) (983)
Non-controlling interests - (1 114) (866)
1 345 (2 294) (1 849)
Profit/(Loss) attributable to:
Equity holders of the company 4 389 (862) (321)
Non-controlling interests - (848) (289)
4 389 (1 710) (610)
Basic earnings/(loss) per share (cents) 2 478,2 (486,7) (181,5)
Diluted earnings/(loss) per share (cents) 2 478,2 (486,7) (181,5)
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 13,66 12,99 12,37
Average rate of exchange for the period:
SA rand to US dollar 12,19 13,28 13,29
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2018
Attributable to equity holders of the company
Gain/(Loss)
Foreign Share- on changes
currency based in ownership Non-
Unaudited Share Share translation payment interests in Retained controlling Total
R million capital premium reserve reserve subsidiaries income Total interests equity
Six months ended 30 June 2018
Balance at 1 January 2018 1 43 3 821 439 482 2 262 7 048 5 387 12 435
Total comprehensive loss for the period
Profit for the period - - - - - 4 389 4 389 - 4 389
Other comprehensive income/(loss) for the period
Foreign currency translation gains - - 144 - - - 144 - 144
Accumulated foreign currency translation gains recycled to profit or
loss (note 3) - - (3 188) - - - (3 188) - (3 188)
Total other comprehensive loss for the period - - (3 044) - - - (3 044) - (3 044)
Total comprehensive (loss)/income for the period - - (3 044) - - 4 389 1 345 - 1 345
Transactions with owners, recorded directly in equity
Distributions to owners
Dividends paid - - - - - (88) (88) - (88)
Total distributions to owners - - - - - (88) (88) - (88)
Change due to deconsolidation of subsidiary (note 3) - - - - - - - (5 387) (5 387)
Total transactions with owners - - - - - (88) (88) (5 387) (5 475)
Transfer of reserves
Transfer to retained income - - - (439) (482) 921 - - -
Balance at 30 June 2018 1 43 777 - - 7 484 8 305 - 8 305
Six months ended 30 June 2017
Balance at 1 January 2017 1 43 4 483 408 504 2 760 8 199 6 218 14 417
Total comprehensive loss for the period
Loss for the period - - - - - (862) (862) (848) (1 710)
Other comprehensive loss for the period
Foreign currency translation losses - - (318) - - - (318) (266) (584)
Total other comprehensive loss for the period - - (318) - - - (318) (266) (584)
Total comprehensive loss for the period - - (318) - - (862) (1 180) (1 114) (2 294)
Transactions with owners, recorded directly in equity
Contributions by/(Distributions to) owners
Share-based payments - - - 15 - - 15 17 32
Dividends paid - - - - - (88) (88) - (88)
Total contributions by/(distributions to) owners - - - 15 - (88) (73) 17 (56)
Changes in ownership interests in subsidiaries - - - - (3) - (3) 3 -
Total transactions with owners - - - 15 (3) (88) (76) 20 (56)
Balance at 30 June 2017 1 43 4 165 423 501 1 810 6 943 5 124 12 067
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 June 2018
Unaudited Unaudited Audited
Six months ended Year ended
30 June 30 June 31 December
R million 2018 2017 2017
Cash flows from operating activities
Cash generated from operations 150 3 455 6 920
Increase in container leasing equipment (271) (371) (4 156)
Finance income received 31 35 68
Finance lease income received 2 50 94
Finance expenses paid (35) (710) (1 430)
Decrease in finance leases 7 195 430
Payments to third parties in respect of
long-term receivables - (36) (36)
Dividends paid to equity holders of the
company (88) (88) (177)
Dividends paid to non-controlling interests - - (34)
Income tax paid (4) (31) (62)
Net cash (outflow)/inflow from operating
activities (208) 2 499 1 617
Cash flows from investing activities
Acquisition of property, plant and equipment - (2) (14)
Proceeds on disposal of property, plant and
equipment 24 - -
Decrease in cash on deconsolidation of
subsidiary (note 3) (1 701) - -
Increase in restricted cash - (368) (466)
Net cash outflow from investing activities (1 677) (370) (480)
Cash flows from financing activities
Interest-bearing borrowings repaid - (19 201) (23 244)
Interest-bearing borrowings raised - 18 008 22 988
Debt issuance costs incurred - (284) (393)
Proceeds on issue of shares by subsidiary - - 13
Net cash outflow from financing activities - (1 477) (636)
Net (decrease)/increase in cash and cash
equivalents before exchange rate
fluctuations (1 885) 652 501
Cash and cash equivalents at the beginning
of the period 3 134 2 837 2 837
Effects of exchange rate fluctuations on cash
and cash equivalents 36 (105) (204)
Cash and cash equivalents at the end of the
period 1 285 3 384 3 134
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
for the six months ended 30 June 2018
1. The condensed consolidated interim financial statements are prepared in accordance with
IFRS, IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee, the Financial Pronouncements as issued by
Financial Reporting Standards Council and the requirements of the Companies Act of
South Africa. The accounting policies applied in the preparation of these interim financial
statements are in terms of IFRS and except for the implementation of IFRS 9 Financial
Instruments (replacing IAS 39) and IFRS 15 Revenue from Contracts with Customers
(replacing IAS 18), are consistent with those applied in the previous consolidated annual
financial statements. The implementation of IFRS 9 had no material impact on the financial
statements. The implementation of IFRS 15 had no effect on the financial statements as
revenue recognition under the new standard is the same as IAS 18 for the group.
2. Comparability of financial periods
As a consequence of the events reported below, the results in the current period are not
comparable to previous financial periods.
At 31 December 2017, Trencor had a 47,8% beneficiary interest in Textainer Group
Holdings Limited ("Textainer") through Halco Holdings Inc ("Halco") under the Halco Trust
("Trust"). At Halco's request, Textainer and Halco entered into a Voting Limitation Deed
("VLD"), on 1 January 2018, whereby Halco agreed to limit or restrict its shareholder voting
rights in Textainer, solely in respect of the appointment and/or removal of directors and
then only to the extent necessary to ensure that Trencor would be regarded for purposes of
IFRS as being neither in control of nor having significant influence over Textainer. All Halco's
voting rights, save for the said limitation or restriction, were unaffected by the VLD.
Following the entering into of the VLD, the financial results of Textainer, reporting under
US GAAP, are no longer required to be converted into IFRS for inclusion in the results of
Trencor. Textainer is now accounted for by Trencor as an investment measured at fair value
through profit or loss (refer to note 3). The results of Textainer were previously included
in the segment Containers - owning, leasing, management and trading (refer to note 7).
On 20 February 2018, Trencor, as a nominated beneficiary of the Trust, received a vesting
and distribution from the Trust of the entire issued share capital of Halco. At that date,
Halco was the holder of 47,8% of the shares in Textainer and 100% of the shares in TAC.
This vesting and distribution have had no financial consequences on the consolidated
financial statements of Trencor.
Before the vesting and distribution were effected, as is customary in the Trust's jurisdiction,
Trencor had to provide an indemnity to, inter alia, the trustee of the Trust. The indemnity
terminates on 31 December 2024. The maximum exposure under such indemnity is
US$62 million.
On 11 May 2018, Halco declared to its sole shareholder, Trencor, three dividends, namely
47,8% of the shares in Textainer, 100% of the shares in TAC (these dividends constituting
the entirety of Halco's shareholdings in Textainer and TAC) and a cash amount of
US$8 million. As a result, Trencor now owns 47,8% of Textainer and 100% of TAC. These
dividends have had no financial consequences on the consolidated financial statements
of Trencor.
3. Investment
Following the entering into the VLD (refer to note 2) a gain on deconsolidation of Textainer
as at 1 January 2018 was recorded. At 30 June 2018 a loss on the fair value revaluation of
Textainer was recorded. These recordals are detailed as follows:
Gain on deconsolidation of subsidiary:
R million
Property, plant and equipment 42 237
Intangible assets and goodwill 145
Investment in equity accounted investee 114
Net investment in finance leases 481
Derivative financial instruments 93
Deferred tax assets 19
Restricted cash 1 104
Current assets (including cash and cash equivalents R1 701 million) 3 832
Total assets 48 025
Interest-bearing borrowings (33 180)
Deferred tax liabilities (31)
Deferred revenue (25)
Current liabilities (4 726)
Total liabilities (37 962)
Subsidiary net asset value 10 063
Non-controlling interests (5 387)
Subsidiary net asset value attributable to Trencor's equity holders 4 676
Investment at fair value through profit or loss 7 255
Gain on deconsolidation of subsidiary before recycling accumulated
foreign currency translation gains 2 579
Accumulated foreign currency translation gains transferred from other
comprehensive income to profit or loss 3 188
Gain on deconsolidation of subsidiary 5 767
Loss on revaluation of investment:
R million
Fair value at 1 January 2018 7 255
Fair value at 30 June 2018 5 925
Loss on revaluation of investment (1 330)
Unaudited Unaudited Audited
Six months ended Year ended
30 June 30 June 31 December
R million 2018 2017 2017
4. Revenue
Goods sold 57 956 1 959
Leasing income 192 3 024 6 224
Management fees - 72 161
249 4 052 8 344
5. (Impairment recovery)/impairment of
property, plant and equipment
Container leasing equipment:
(Impairment recovery)/impairment
recognised at end of reporting period (24) 1 234 1 209
Impairment recognised in respect of
containers on operating leases not
recovered from defaulting customers - 38 33
Reversal of impairment provided on
containers on operating leases with
defaulting customers - (87) (109)
Reversal of compensation from third
party in respect of additional containers
recovered from defaulting customers - 87 89
(24) 1 272 1 222
An impairment recovery has been recognised for the six months ended 30 June 2018
(2017: impairment loss), increasing the carrying value of container leasing equipment to
its recoverable amount. For the purposes of calculating the impairment recovery/loss, the
container fleets were grouped by cash-generating units ("CGUs"). CGUs were defined as
containers grouped by container type, as cash flows for the same type of containers are
independent of cash flows of different container types, and are interchangeable with any
other container of the same type within the container fleet. The recoverable amount of a
CGU has been calculated based on its value in use. The pre-tax discount rate used to
discount the future estimated cash flows of TAC Limited ("TAC") was 7,86% (2017: 6,20%).
Projected future cash flows were estimated using the assumptions that are part of the
long-term planning forecasts for TAC. These projected future cash flow assumptions
have strengthened during the period as a result of further improvements in market
conditions. Some of the significant estimates and assumptions used to determine future
expected cash flows were: expected future lease rates, expected utilisation, remaining
useful lives, remaining on-hire periods for expired fixed-term leases, expected future lease
rates, direct container expenses and expected disposal prices of containers. In performing
the impairment analysis, assumptions used reflected the contractually stipulated per diem
rates, with renewal based on current market rates.
The recoverable amounts and (impairment recovery)/impairment amounts of the CGUs
are as follows:
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 June 2018 30 June 2017 31 December 2017
Impair-
Recover- ment Recover- Recover-
able recov- able Impair- able Impair-
R million amount ery amount ment amount ment
Container type:
Non-refrigerated
containers other than
open top and flatrack
containers:
20' Dry freight - - 13 219 120 14 189 48
40' Hi cube 1 490 (13) 16 339 175 17 613 16
40' Dry freight - - - - 1 902 (14)
45' Hi cube 10 (1) - - 240 18
Refrigerated containers:
20' Refrigerated - - 218 27 204 23
40' Refrigerated 191 (10) 9 490 911 8 390 1 120
Open top and flatrack
containers:
20' Flatrack - - 196 (3) 177 (2)
40' Flatrack - - 26 4 - -
1 691 (24) 39 488 1 234 42 715 1 209
Unaudited Unaudited Audited
Six months ended Year ended
30 June 30 June 31 December
R million 2018 2017 2017
6. Headline (loss)/earnings
Profit/(Loss) attributable to equity holders
of the company 4 389 (862) (321)
(Impairment recovery)/Impairment of
property, plant and equipment (24) 1 185 1 133
Compensation reversal from third party in
respect of impairment of property, plant
and equipment - 87 89
Gain on deconsolidation of subsidiary
(note 3) (5 767) - -
Impairment of goodwill 137 - -
Profit on sale of property, plant and
equipment (17) - -
Total tax effects of adjustments - (21) (19)
Total non-controlling interests' share
of adjustments - (645) (617)
Headline (loss)/earnings (1 282) (256) 265
Weighted average number of shares
in issue (million) 177,1 177,1 177,1
Headline (loss)/earnings per share (cents) (723,8) (144,5) 149,4
Diluted headline (loss)/earnings per share
(cents) (723,8) (144,5) 149,4
7. Segmental reporting
Revenue
Reportable segments
Containers - owning, leasing,
management and trading 249 4 052 8 344
249 4 052 8 344
Loss before tax
Reportable segments
Containers - owning, leasing,
management and trading (24) (1 614) (451)
Containers - finance - (14) (23)
(24) (1 628) (474)
Gain on deconsolidation of subsidiary
(note 3) 5 767 - -
Loss on revaluation of investment (note 3) (1 330) - -
Unallocated (7) (42) (106)
4 406 (1 670) (580)
Assets
Capital expenditure incurred by the
container owning, leasing, management
and trading segment 342 283 5 750
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 June 2018 30 June 2017 31 December 2017
Carrying Fair Carrying Fair Carrying Fair
R million amount value amount value amount value
8. Financial instruments
The carrying amounts
and fair values of
financial assets and
financial liabilities are as
follows:
Assets
Financial assets carried
at fair value through
profit or loss:
Investment (1) 5 925 5 925 - - - -
Derivative financial
instruments (2) 21 21 65 65 100 100
Financial assets carried
at amortised cost:
Restricted cash - - 1 065 1 065 1 105 1 105
Trade and other
receivables 118 118 1 365 1 365 1 282 1 282
Cash and cash
equivalents 1 285 1 285 3 384 3 384 3 134 3 134
Net investment in
finance leases 34 34 1 193 1 202 923 938
7 383 7 383 7 072 7 081 6 544 6 559
Liabilities
Liabilities at amortised
cost:
Interest-bearing
borrowings
(excluding debt
issuance costs) 2 060 2 060 38 268 38 917 37 952 38 013
Trade and other
payables 165 165 548 548 2 080 2 080
Financial liabilities
carried at fair value
through profit or loss:
Derivative financial
instruments (2) - - 5 5 - -
Amounts attributable
to third parties in
respect of long-term
receivables (3) - - 5 5 - -
2 225 2 225 38 826 39 475 40 032 40 093
(1) Level 1, (2) level 2 or (3) level 3 of the fair value hierarchy.
Directors: David Nurek (Chairman), Jimmy McQueen, Eddy Oblowitz, Ric Sieni* (Financial), Roddy Sparks,
Hennie van der Merwe* (CEO), Herman Wessels (*Executive)
Secretaries: Trencor Services Proprietary Limited
Registered office: 13th Floor, The Towers South, Heerengracht, Cape Town 8001
Transfer Secretaries: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue,
Rosebank 2196 (PO Box 61051, Marshalltown 2107)
Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)
Full announcement at www.trencor.net
Date: 28/09/2018 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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