News
Trading Statement
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
(“Trencor”)
TRADING STATEMENT
The poor economic conditions experienced in the global container industry during 2016 and the bankruptcy of Hanjin Shipping Co reported earlier had a materially detrimental effect on Trencor’s results for the year ended 31 December 2016. This was exacerbated by Trencor, in compliance with the requirements of IFRS, having had to charge additional depreciation on and impairing the container fleets of Textainer and TAC, beyond what is required under the US GAAP reporting applied by these companies.
Shareholders are advised that as a result headline loss per share, adjusted headline loss per share and loss per share for the year ended 31 December 2016 are expected to be within the ranges set out below:
| 2016 Expected | 2015 Actual | ||
| % decrease/(increase) | cps | cps | |
| Headline(loss)/earnings per share | 178 – 190 | (400) – (460) | 513 |
| Adjusted headline (loss)/earnings per share (which excludes net unrealised foreign exchange gains on translation of long-term receivables) | 190 – 204 | (400) – (460) | 443 |
| Loss per share | (1076) – (1095) | (976) – (992) | (83) |
The financial information on which this trading statement is based has not been reviewed and reported on by Trencor’s independent auditors.
On behalf of the board
DM Nurek Chairman
20 April 2017
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)