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Correction of headline earnings per share and adjusted headline earnings per share for the year ended 31 December 2014

23 April 2015

TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
(“Trencor” or “the company”)

CORRECTION OF HEADLINE EARNINGS PER SHARE AND ADJUSTED HEADLINE EARNINGS PER SHARE FOR THE YEAR ENDED 31 DECEMBER 2014

Shareholders are referred to the Reviewed Results announcement for the year ended 31 December 2014 that was published on SENS on 20 February 2015.

Attention is drawn to the fact that the figures for headline earnings per share (“HEPS”) and adjusted HEPS were incorrectly calculated.

Restated As previously reported Change
Cents per share
Basic earnings per share 542,0 542,0
HEPS 546,6 579,3 32,7
Deduct: Net unrealised foreign exchange translation gain 27,2 27,2
Adjusted HEPS 519,4 552,1 32,7

In compliance with Circular 2/2013 Headline Earnings, HEPS has been restated to include the write-down to net realisable value of the carrying value of containers transferred to inventory for sale. This has had the effect of reducing HEPS and adjusted HEPS, as previously reported, by 32,7 cents.

In determining HEPS attributable to equity holders of the company, this amount was incorrectly added back to profit for the year as being part of the adjustment for impairment of property, plant and equipment. In accordance with IAS16 Property, Plant and Equipment, containers which come off-hire and are transferred to inventory for sale should have been transferred at their carrying values, and an adjustment to net realisable value then recorded as a write-down of inventories.

There has been no change to basic earnings per share, net asset value or the consolidated balance sheet of the company.

Trencor Services (Pty) Ltd
Secretaries

23 April 2015

Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)