First quarter update

7 May 2015

Incorporated in the Republic of South Africa
Registration No 1955/002869/06
Share Code: TRE
ISIN: ZAE000007506


Shareholders in Trencor are advised that Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 47,9% (31 March 2014: 48,2%) beneficiary interest, has announced net profit attributable to its shareholders in US GAAP of US$35,2 million for the three months ended 31 March 2015 compared with US$59,7 million for the same period in 2014. The 2014 profit included a one-time US$22,7 million income tax benefit following the completion of an IRS tax examination. Textainer’s results may be viewed on its website

Adjusted to conform with IFRS, Textainer’s net profit for the three months ended 31 March 2015 was US$35,5 million (same period 2014: US$40,2 million including a US$3,1 million income tax benefit referred to above).

Trencor’s earnings for the quarter ended 31 March 2015 are as follows:

3 months ended Year ended
31 December
2015 2014 2014
Cents per share Unaudited Cents per share Unaudited Cents per share Audited
HEADLINE EARNINGS 137,7 130,3 546,6
Unrealised foreign exchange translation gains
(13,4) (3,8) (27,2)
SA rand to US dollar:
– Period-end rate of exchange R12,14 R10,58 R11,54
– Average rate of exchange for period R11,63 R10,79 R10,78


  • 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 97,6% for the first quarter of 2015 (94,4% for the first quarter 2014). Current utilisation is 97,4%;
    • US$415 million invested in this and prior periods to acquire more than 200 000 TEU of primarily new containers for lease-out in 2015, enabling it to maintain its position as the world’s largest container leasing company;
    • Owned 79,2% of the total fleet of 3 244 162 TEU; at 31 December 2014 the company owned 78,9% of the total fleet;
    • Declared a dividend of US$0,47 per share in respect of the first quarter of 2015.

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 7 May 2015
RAND MERCHANT BANK (A division of FirstRand Bank Limited)