First quarter update
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
FIRST QUARTER UPDATE
Shareholders in Trencor are advised that Textainer Group Holdings Ltd (NYSE: TGH), in which Trencor has a 60,1% (31 March 2011: 60,9%) beneficiary interest, has announced net profit attributable to its shareholders in US GAAP of US$49,9 million for the three months ended 31 March 2012 compared with US$37,2 million for the same period in 2011. Textainer’s results may be viewed on its website www.textainer.com.
Adjusted to conform with IFRS, Textainer’s net profit for the three months ended 31 March 2012 was US$46,7 million (same period 2011: US$39,2 million).
Trencor’s earnings for the quarter to 31 March 2012 are as follows:
|3 months ended
|Cents per share Unaudited||Cents per share Unaudited||Cents per share Audited|
Unrealised foreign exchange translation
|ADJUSTED HEADLINE EARNINGS||113,0||80,8||482,4|
|SA rand to US dollar:|
|– Period-end rate of exchange||R7,67||R6,76||R8,12|
|– Average rate of exchange for period||R7,71||R6,93||R7,20|
- Adjusted headline earnings exclude the effect of net unrealised foreign exchange gains and losses arising on the translation of the long-term receivables and related valuation adjustment.
- average fleet utilisation was 96,9% for the first quarter of 2012 (98,2% for the first quarter 2011) but this been improving steadily since the beginning of April this year;
- ordered 224 000 twenty-foot equivalent units (“TEU”) of new standard dry-freight containers and 15 000 TEU of refrigerated containers for delivery through July 2012 and purchased 2 000 TEU of previously managed used containers, representing a total of more than US$661 million of capital expenditure;
- successfully issued US$400 million in asset backed notes in April 2012 with an effective semi-annual yield of 4,25% per annum, the lowest yield in recent history for container-backed debt;
- significantly increased the size of the its warehouse facility to US$1,2 billion in May 2012, resulting in the container industry’s largest facility and providing significant liquidity for the company’s owned fleet expansion;
- declared a dividend of US$0,40 per share in respect of the first quarter of 2012.
The financial information on which this update is based has not been reviewed and reported on by Trencor’s independent auditors.
On behalf of the Board
NI Jowell Chairman
9 May 2012
Rand Merchant Bank (A division of FirstRand Bank Limited)