News
Distribution of integrated annual report, change statement, notice of annual general meeting and B-BBEE compliance report
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
(“Trencor” or “the Company”)
DISTRIBUTION OF INTEGRATED ANNUAL REPORT, CHANGE STATEMENT, NOTICE OF ANNUAL GENERAL MEETING AND B-BBEE COMPLIANCE REPORT
DISTRIBUTION OF INTEGRATED ANNUAL REPORT
Trencor will on Monday, 3 July 2017, distribute its integrated annual report, incorporating its audited financial statements for the year ended 31 December 2016, which are unchanged from the reviewed provisional results released on SENS on 28 April 2017 and distributed to shareholders on 2 May 2017, save as detailed in the Change Statement below.
The integrated annual report is available on the Company’s website.
CHANGE STATEMENT
The audited financial statements in the integrated annual report contain two corrections compared to the reviewed provisional results for the year ended 31 December 2016, namely:
(1) The amount reported as impairment losses incurred – financial assets (refer to note 3 of the reviewed provisional results and to note 22.1 of the integrated annual report) and (2) certain line items in the statement of cash flows. These corrections are set out below:
| 28 June 2017 | 28 April 2017 | ||
| Audited | Reviewed | ||
| 31 December | 31 December | ||
| R million | 2016 | 2016 | Change |
| Impairment losses incurred – financial assets | 628 | 638 | (10) |
Correction of the amount disclosed as impairment losses incurred in respect of financial assets. This change has had no effect to the group’s loss for the year and the statement of financial position.
| Statement of cash flows for the year ended 31 December 2016 | |||
| 28 June 2017 | 28 April 2017 | ||
| Audited | Reviewed | ||
| 31 December | 31 December | ||
| R million | 2016 | 2016 | Change |
| Cash flows from operating activities | |||
| Cash generated from operations (before items listed below) | 7 479 | 7 465 | 14 |
| Increase in container leasing equipment | (7 635) | (7 635) | – |
| Finance income received | 57 | 57 | – |
| Finance lease income received | 167 | 167 | – |
| Finance expenses paid | (1 236) | (1 236) | – |
| Decrease in finance leases | 795 | 874 | (79) |
| Receipts from long-term receivables | 928 | 928 | – |
| Payments to third parties in respect of long-term receivables | (49) | (49) | – |
| Dividends paid to equity holders of the company | (531) | (531) | – |
| Dividends paid to non-controlling interests | (231) | (231) | – |
| Income tax paid | (205) | (205) | – |
| Net cash outflow from operating activities | (461) | (396) | (65) |
| Cash flows from investing activities | |||
| Acquisition of property, plant and equipment | (22) | (22) | – |
| Proceeds on sale of available-for-sale financial asset | 36 | 36 | – |
| Increase in restricted cash | (372) | (372) | – |
| Net cash outflow from investing activities | (358) | (358) | – |
| Cash flows from financing activities | |||
| Interest-bearing borrowings repaid | (1 052) | (1 052) | – |
| Interest-bearing borrowings raised | 945 | 945 | – |
| Debt issuance costs incurred | (88) | (88) | – |
| Net cash outflow from financing activities | (195) | (195) | – |
| Net decrease in cash and cash equivalents before exchange rate fluctuations | (1 014) | (949) | (65) |
| Cash and cash equivalents at the beginning of the period | 4 241 | 4 241 | – |
| Effects of exchange rate fluctuations on cash and cash equivalents | (390) | (455) | 65 |
| Cash and cash equivalents at the end of the period | 2 837 | 2 837 | – |
The changes noted above resulted from the recalculation of exchange rate fluctuations which were incorrectly included as part of the cash flow movements in finance leases and trade and other receivables included in cash generated from operations.
These adjustments resulted in an additional outflow of cash from operating activities and a decrease in the effects of exchange rate fluctuations. There was no effect on the cash and cash equivalents at the end of the reporting period.
NOTICE OF ANNUAL GENERAL MEETING
The annual general meeting will be held on Thursday, 10 August 2017 at Trencor, 13th Floor, The Towers South, Heerengracht, Cape Town, commencing at 15:00 to transact the business as stated in the notice of the annual general meeting forming part of the annual financial statements. The salient dates pertaining to the annual general meeting are as follows:
| 2017 | |
| Record date to determine which shareholders are entitled to receive the notice |
Friday, 23 June |
| Last day to trade in order to be eligible to attend and vote | Tuesday, 25 July |
| Record date to determine which shareholders are entitled to attend and vote |
Friday, 28 July |
| Forms of proxy to be lodged, for administrative purposes, by 15:00* on | Tuesday, 8 August |
* proxies not lodged by this time may be handed to the scrutineers of the annual general meeting immediately prior to the meeting.
BROAD-BASED BLACK ECONOMIC EMPOWERMENT (‘B-BBEE’) COMPLIANCE REPORT
Trencor’s B-BBEE annual compliance report in terms of Section 13G(2) of the B-BBEE Act is available on the Company’s website.
Trencor Services (Pty) Ltd
Secretaries
30 June 2017
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)