Trencor

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2014 News

Third quarter update

THIRD QUARTER UPDATE
04 November 2014

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


THIRD QUARTER UPDATE


 Holders of securities in Trencor are advised that Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 48,06% (30 September 2013: 48,41%) beneficiary interest, has announced net profit attributable to its shareholders in US GAAP of US$147,0 million for the nine months ended 30 September 2014 compared with US$137,3 million for the same period in 2013. Textainer's results may be viewed on its website www.textainer.com.

Adjusted to conform with IFRS, Textainer's net profit for the nine months ended 30 September 2014 was US$128,0 million (same period in 2013: US$142,0 million).

Trencor's earnings for the nine months to 30 September 2014 are as follows:

  9 months ended
30 September
Year ended
31 December
  2014 2013 2013
  Cents per share Unaudited Cents per share Unaudited Cents per share Audited
HEADLINE EARNINGS 427,2 461,4 792,6
Deduct:
Unrealised foreign exchange translation gains
21,2 54,5 64,7
Gain on modification of debt terms - - 97,2
ADJUSTED HEADLINE EARNINGS 406,0 406,9 630,7
SA rand to US dollar:      
- Period-end rate of exchange R11,24 R10,07 R10,46
- Average rate of exchange for period R10,68 R9,51 R9,67

COMMENTS

  • Adjusted headline earnings exclude the effect of net unrealised foreign exchange gains arising on the translation of the long-term receivables and related valuation adjustment.
  • Textainer:
    • Profit includes US$7,9 million received from a settlement with a lessee in bankruptcy proceedings; the settlement covers a portion of rental and recovery costs which had been previously expensed and a write-off of US$,8 million of unamortised debt issuance costs related to the refinancing of certain debt on more favourable terms;
    • Average fleet utilisation was 97,0% for nine months to 30 September of 2014 (same period in 2013: 97,5%). Spot utilisation at 30 September 2014 was 97,4%;
    • Acquired 433 000 TEU of new, purchase-leaseback and previously managed containers costing US$821 million in the first nine months of 2014;
    • Fleet size increased to 3 173 000 TEU of which the percentage of owned containers was 78%;
      Declared a dividend of US$0,47 per share in respect of the third quarter.

The financial information on which this trading update is based has not been reviewed or reported on by Trencor's independent auditors.

On behalf of the Board

NI Jowell Chairman

4 November 2014

Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited

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About Trencor

TRENCOR LIMITED is an investment holding company listed on the JSE. Trencor benefits from operations that focus on owning, leasing, managing and trading marine cargo containers worldwide, and related finance activities. Trencor has a beneficiary interest in Textainer.

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