| 1. |
| These consolidated condensed financial statements are
prepared in accordance with South African Statements of Generally Accepted
Accounting Practice. The accounting policies used in the preparation of the
interim financial statements are consistent with those used in the annual
financial statements for the year ended 31 December 2003. |
|
UNAUDITED | AUDITED |
|
6 MONTHS | YEAR |
|
ENDED | ENDED |
|
30 JUNE | 31
DECEMBER |
| R MILLION | 2004 |
2003 | 2003 |
|
|
| 2. |
| Revenue | | | |
| Invoiced sales - goods and services | 20,2 | 39,2 | 70,5 |
| Leasing income | 555,3 | 575,5 | 1 117,5 |
| Management fees | 103,0 | 123,2 | 232,3 |
| Finance income | 38,6 | 59,8 | 109,5 |
 |
| 717,1 | 797,7 | 1 529,8 |
| Discontinuing operation - Tank container business | 42,7 | 32,6 | 56,5 |
|
| 759,8 | 830,3 | 1 586,3 |
| Realised and unrealised exchange differences | (145,9) | (541,5) | (854,5) |
|
| 613,9 | 288,8 | 731,8 |
|
|
| 3. |
| Discontinuing operations | | | |
| Revenue (Note 2) | 42,7 | 32,6 | 56,5 |
|
| Trading loss - Tank container business | (6,5) | (8,4) | (13,0) |
| Other income/(expenses) relating to discontinuing operations | 8,6 | (2,1) | 1,1 |
| Retrenchment costs - Tank container business | (1,3) | - | (6,1) |
| Other costs of closure - Tank container business | (7,1) | - | (2,7) |
| Reversal of impairment of plant - Tank container business | - | - | 8,8 |
| Amounts recovered - net of expenses | 17,0 | (2,1) | 1,1 |
|
| Income/(Loss) before taxation | 2,1 | (10,5) | (11,9) |
| Income tax | 5,2 | (3,1) | (3,6) |
|
| Loss after taxation | (3,1) | (7,4) | (8,3) |
|
|
| 4. |
| Exceptional items | | | |
| Premium paid on acquisition of shares from outside shareholders | - | - | (5,1) |
| Goodwill written off pursuant to change of interest in subsidiary | (0,1) | - | (1,5) |
| (Loss)/Profit on sale of investment properties | (1,0) | 0,6 | 0,6 |
| Gain on dilution of interest in subsidiaries | 1,3 | - | 78,9 |
| Loss on sale of interest in associate | (37,2) | - | - |
| Loss on dilution of interest in associate | - | - | - |
|
| (37,0) | 0,6 | 72,9 |
|
|
| 5. |
| Headline earnings/(loss) | | | |
| Net loss attributable to shareholders | (23,5) | (142,7) | (98,5) |
| Amortisation of goodwill in respect of associate company | 0,9 | 2,7 | 3,6 |
| Goodwill amortisation - subsidiary | 0,7 | 0,2 | 3,6 |
| Impairment of intangible asset | - | - | 0,8 |
| (Gain)/Loss on sale of property, plant and equipment | (2,0) | 3,7 | 0,2 |
| Exceptional items (Note 4) | 37,0 | (0,6) | (72,9) |
| Discontinuing operations | 3,1 | 1,5 | (1,0) |
| Outside shareholders' attributable share of exceptional items | (0,1) | - | (1,5) |
|
| Headline earnings/(loss) | 16,1 | (135,2) | (165,7) |
|
| Weighted average number of shares in issue (million) | 153,6 | 153,0 | 153,2 |
| Headline earnings/(loss) per share (cents) | 10,5 | (88,4) | (108,2) |
|
|
| 5.1 |
The dilution would arise as a result of any future conversion of
convertible debentures and outstanding share options. The directors
are of the opinion that the debentures will not be converted in the
foreseeable future and therefore no dilution is anticipated for the
foreseeable future. No dilutive effect has been presented in respect
of either instrument as this would be anti-dilutive. |
|
| 6. |
| Segmental reporting | | | |
| Revenue |
| Container - sales and finance (including exchange differences) | (108,1) | (481,6) | (752,5) |
| Container - owning, leasing-out and management | 508,6 | 535,0 | 1 097,1 |
| Supply chain management services | 169,1 | 167,1 | 327,5 |
| Other | 1,6 | 35,7 | 3,2 |
|
| 571,2 | 256,2 | 675,3 |
| Discontinuing operations | 42,7 | 32,6 | 56,5 |
|
| 613,9 | 288,8 | 731,8 |
| Income/(Loss) from operations | | | |
| Container - sales and finance | (51,1) | (225,4) | (433,6) |
| Container - owning, leasing-out and management | 229,0 | 231,5 | 465,5 |
| Supply chain management services | (12,3) | (8,6) | (16,3) |
| Other | (3,2) | (7,2) | 61,2 |
|
| 162,4 | (9,7) | 76,8 |
| Discontinuing operations | 2,1 | (10,5) | (11,9) |
|
| 164,5 | (20,2) | 64,9 |
|
|
| 7. |
| Current assets | | | |
| Inventories | 23,0 | 53,1 | 50,8 |
| Accounts receivable | 447,9 | 521,8 | 459,9 |
| Current portion of long-term loans | - | 5,0 | 8,5 |
| Cash and cash equivalents | 382,6 | 341,5 | 330,5 |
|
Restricted cash balances | 141,3 | 49,6 | 47,7 |
|
Unrestricted cash balances | 241,3 | 291,9 | 282,8 |
|
| 853,5 | 921,4 | 849,7 |
|
|
| 8. |
| Current liabilities | | | |
| Accounts payable | 453,2 | 337,9 | 300,1 |
| Provisions | 43,0 | 76,8 | 75,8 |
| Taxation | 39,8 | 115,7 | 64,2 |
| Current portion of interest-bearing borrowings | 421,9 | 488,7 | 432,1 |
| Deferred income | 27,2 | 47,7 | 27,4 |
|
| 985,1 | 1 066,8 | 899,6 |
|
|