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TRENCOR LIMITED - Trading statement - year ended 31 December 2018

Release Date: 28/01/2019 11:45
Code(s): TRE     PDF:  
 
Wrap Text
Trading statement - year ended 31 December 2018

TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
(“Trencor” or “the Company”)

TRADING STATEMENT - YEAR ENDED 31 DECEMBER 2018

As detailed in Trencor’s 2017 integrated annual report, with effect from 1 January 2018 the
results of Textainer Group Holdings Limited (“Textainer”) are no longer required to be
converted from US GAAP into IFRS for inclusion in the consolidated results of Trencor. As
from that date, Textainer is deconsolidated and accounted for by Trencor as an investment
measured at fair value through profit or loss. It follows that the results of Trencor for the year
ended 31 December 2018 (“current period”) are not comparable with its results for the
corresponding year ended 31 December 2017 (“prior period”).

Primarily due to the gain recognised on such deconsolidation of Textainer, there is an increase in
Trencor’s basic earnings per share for the current period, with this gain however excluded from
headline earnings. Conversely, accounting for Trencor’s shareholding in Textainer as an
investment measured at fair value through profit or loss results in a headline loss per share for
the current period.

Pending publication of the results for the current period, expected to occur on or about 29 March
2019, shareholders are advised that based on information currently available, the Company
expects:

-   basic earnings per share for the current period to be between 1 255 and 1 290 cents per share
    compared to the reported basic loss per share of 181,5 cents for the prior period; and
-   headline loss per share for the current period to be between 1 850 and 1 880 cents per share
    compared to the reported headline earnings per share of 149,4 cents for the prior period.

The above estimates do not provide for the potential effects of any possible impairment to the
TAC container fleets, still in the process of being assessed. A further more detailed trading
statement will be released as soon as the Company has reasonable certainty on the expected
earnings for the current period.

The financial information on which this trading statement is based has not been reviewed nor
reported on by Trencor’s independent auditors.

On behalf of the Board
Hennie van der Merwe
Chief Executive Officer

28 January 2019

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

www.trencor.net

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