Trencor

Trading statement - six months ended 30 June 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 - SIX MONTHS ENDED 30 JUNE 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 interim results of Trencor for the six months ended 30 June 2018 (“current period”) are not comparable with its results for the corresponding six months ended 30 June 2017 (“prior period”).

Primarily due to the gain recognised on the deconsolidation of Textainer, as recorded in Trencor’s 2017 integrated annual report, there is an increase in Trencor’s basic earnings per share for the current period. Conversely, accounting for Trencor’s shareholding in Textainer as an investment measured at fair value through profit or loss results in an increased headline loss per share for the current period.

Pending publication of the interim results for the current period, shareholders are advised that the Company expects:

  • basic earnings per share for the current period to be at least 486,7 cents or at least 200% (973,4 cents) higher compared to the reported basic loss per share of 486,7 cents for the prior period.
  • headline loss per share for the current period to be at least 722,5 cents or at least 400% (578,0 cents) greater than the reported headline loss per share of 144,5 cents for the prior period.

Except for the gain on the deconsolidation of Textainer, the financial information on which this trading statement is based has not been reviewed nor reported on by Trencor’s independent auditors.

The interim results for the six months ended 30 June 2018 are expected to be published on the Stock Exchange News Service on or about              28 September 2018. A further trading statement will be released as soon as the Company has reasonable certainty on the expected earnings.

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

30 August 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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