Trading Statement


(Incorporated in the Republic of South Africa)

(Registration No 1955/002869/06)

Share Code: TRE

ISIN: ZAE000007506


                                                                          TRADING STATEMENT

Despite improving conditions in the container leasing market, a much stronger financial performance and a return to positive headline earnings per share, Trencor will still be reporting losses for the year ended 31 December 2017 as Trencor is required under IFRS to further impair the container fleets owned by Textainer and TAC. No such impairments were required by those companies reporting under US GAAP. These non-cash impairments are the result of future cash flows associated with the container fleets being discounted at a higher weighted average cost of capital than the rate used at 31 December 2016.

Shareholders are advised that Trencor’s headline earnings per share and loss per share for the year ended 31 December 2017 are expected to be within the ranges set out below:


2017 Expected

  2016 Actual
  % change                cps                 cps
Headline earnings/(loss) per share 123 - 130      100 - 130              (435)
Loss per share     86 - 78 (138) - (216)              (984)


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
15 May 2018

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.

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