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Unaudited interim results for the six months ended 30 June 2019
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
(“Trencor” or “the company”)
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019
This short-form announcement is the responsibility of the directors and represents a summary
of the information contained in the full announcement, which can be accessed at
https://senspdf.jse.co.za/documents/2019/JSE/ISSE/TRE/interim619.pdf and is available on the
company’s website (www.trencor.net).
Any investment decisions by investors and/or shareholders should be based on consideration of
the full announcement.
The full announcement is also available from the registered office of the company and at the
offices of the sponsor, at no charge, during business hours.
FINANCIAL RESULTS
Audited
Unaudited Unaudited Year ended
Six months ended 30 June 31 December
2019 2018 Change 2018
R million R million R million R million
Profit attributable to equity holders of the
company 6 4 389 (4 383) 2 848
Cents Cents Cents Cents
Basic earnings per share 3 2 478 (2 475) 1 610
Headline loss per share (9) (724) 715 (1 818)
Consolidated net asset value per share
attributable to the equity holders of the
company 3 576 4 690 (1 114) 3 587
Ratio of interest-bearing borrowings to
total equity 31% 24% 7% 34%
DIVIDEND CONSIDERATIONS
At Trencor’s AGM in June 2019, the Chairman envisaged, in further simplification of Trencor’s
interests, the potential unbundling of Trencor’s shares in Textainer to Trencor’s shareholders, subject to
Textainer inward listing on the JSE. On 18 September 2019, Trencor issued a circular and an
accompanying announcement, advising shareholders of proposed further actions in this regard. In
considering any distribution, such as the said unbundling or a dividend, the board, when applying the
solvency and liquidity test (as set out in section 4 of the Companies Act) would have to be satisfied that
post distribution Trencor will retain adequate assets and liquidity to cover the maximum potential
exposure of US$62 million under the indemnity provided to, inter alia, the trustee of the Halco Trust.
The board’s view is that Trencor should earmark mainly its cash resources for this purpose. This would
enable the envisaged unbundling of as many as possible of its Textainer shares to Trencor’s
shareholders. Accordingly, the board resolved to preserve Trencor’s cash resources in lieu of paying a
dividend and/or repurchasing Trencor shares.
No dividend was paid in respect of the six months ended 30 June 2018.
On behalf of the board
Hennie van der Merwe
Chief Executive Officer
30 September 2019
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), 1 Merchant Place, Corner
Fredman Drive and Rivonia Road, Sandton 2196
Date: 30/09/2019 03:22:00
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