Trading Statement

15 May 2018

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


Despite improving conditions in the container leasing market, a much stronger financial performance and a return to positive headline earnings per share, Trencor will still be reporting losses for the year ended 31 December 2017 as Trencor is required under IFRS to further impair the container fleets owned by Textainer and TAC. No such impairments were required by those companies reporting under US GAAP. These non-cash impairments are the result of future cash flows associated with the container fleets being discounted at a higher weighted average cost of capital than the rate used at 31 December 2016.

Shareholders are advised that Trencor’s headline earnings per share and loss per share for the year ended 31 December 2017 are expected to be within the ranges set out below:

2017 Expected 2016 Actual
% change cps cps
Headline earnings/(loss) per share 123 – 130 100 – 130 (435)
Loss per share 86 – 78 (138) – (216) (984)

The financial information on which this trading statement is based has not been reviewed nor reported on by Trencor’s independent auditors.

On behalf of the board
Hennie van der Merwe
Chief Executive Officer
15 May 2018

Rand Merchant Bank (A division of FirstRand Bank Limited)