News
Third quarter update
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 48,93% (30 September 2011: 60,9%) beneficiary interest, has announced net profit attributable to its shareholders in US GAAP of US$146,4 million for the nine months ended 30 September 2012 compared with US$134,7 million for the same period in 2011. Profit in 2011 included a US$14,8 million non-cash gain on the sale of containers to the prior non-controlling interest in Textainer’s asset-owning subsidiary. 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 31 September 2012 was US$147,7 million (same period in 2011: US$138,0 million). Profit in 2011 also included the US$14,8 million non-cash gain on the sale of containers referred to above.
Trencor’s earnings for the nine months to 30 September 2012 are as follows:
| 9 months ended 30 September |
Year ended 31 December |
||
| 2012 | 2011 | 2011 | |
| Cents per share Unaudited | Cents per share Unaudited | Cents per share Audited | |
| HEADLINE EARNINGS | 405,4 | 415,9 | 559,3 |
| Deduct: Unrealised foreign exchange translation gains |
3,3 | 75,2 | 76,9 |
| ADJUSTED HEADLINE EARNINGS | 402,1 | 340,7 | 482,4 |
| SA rand to US dollar: | |||
| – Period-end rate of exchange | R8,21 | R8,01 | R8,12 |
| – Average rate of exchange for period | R8,02 | R6,90 | R7,20 |
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.
- Earnings per share for the nine months to 30 September 2011 and for the year ended 31 December 2011 included a 32,9 cents non-cash gain arising on the sale of containers to the prior non-controlling interest in Textainer’s asset-owning subsidiary.
- On 19 September 2012, Textainer raised US$185 million of fresh capital through the issue of 6 125 000 new shares. At the same time, Halco Holdings Inc sold 2 500 000 shares in Textainer for a total net consideration of US$75,6 million, thereby reducing its interest in Textainer to 48,93%.
- Textainer’s average fleet utilisation averaged 97,9% for the nine months to 30 September of 2012 (same period in 2011: 98,5%).
- Textainer has invested more than US$1,0 billion in new and used containers in the year to date (of which 91% was for its owned fleet), including more than US$155 million of purchases from its managed fleet.
- Textainer owned 68,8% (2011: 58,2%) of the total fleet of 2 659 000 TEU at 30 September 2012 (2011: 2 485 000 TEU).
- Textainer increased the size of its revolving credit facility from US$205 million to US$600 million at attractive pricing.
The financial information on which this update is based has not been reviewed or reported on by Trencor’s independent auditors.
On behalf of the Board
NI Jowell Chairman
7 November 2012
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)