1.
|
These consolidated condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The accounting policies used in the preparation of the financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2005. |
| |
|
REVIEWED |
REVIEWED |
| |
|
|
RESTATED |
| |
R MILLION |
2006 |
2005 |
| 2. |
Revenue |
|
|
| |
Goods sold and services rendered |
124,6 |
126,9 |
| |
Leasing income |
1 749,3 |
1 552,9 |
| |
Management fees |
109,6 |
97,9 |
| |
Finance income |
57,9 |
49,8 |
| |
|
2 041,4 |
1 827,5 |
| |
Realised and unrealised exchange differences |
204,5 |
272,1 |
| |
|
2 245,9 |
2 099,6 |
| 3. |
Net interest expense |
|
|
| |
Interest expense |
362,9 |
271,5 |
| |
– Textainer |
224,0 |
176,6 |
| |
– TrenStar |
138,4 |
103,8 |
| |
– Other group companies |
16,1 |
19,8 |
| |
– Net realised and unrealised gains on derivative
financial instruments |
(15,6) |
(28,7) |
| |
Interest income |
(36,9) |
(30,7) |
| |
– Textainer |
(15,5) |
(6,9) |
| |
– Other group companies |
(21,4) |
(23,8) |
 |
|
| |
|
326,0 |
240,8 |
| 4. |
Exceptional items |
|
|
| |
Net (loss)/gain on dilution of interest in subsidiaries |
(5,1) |
3,6 |
| |
Premium paid on shares repurchased from minorities |
(0,6) |
(8,3) |
| |
Profit on disposal of investment |
2,7 |
0,2 |
| |
|
(3,0) |
(4,5) |
| 5. |
Discontinued operations – container manufacturing |
|
|
| |
Profit before tax |
4,5 |
6,2 |
| |
Income tax expense |
(1,5) |
(0,9) |
| |
Net profit after tax |
3,0 |
5,3 |
| |
|
|
|
| 6. |
Headline earnings |
|
|
| |
Profit attributable to equity holders of the company |
389,0 |
423,5 |
| |
Impairment of plant and equipment |
0,6 |
2,3 |
| |
Write-off of intangible asset |
2,6 |
– |
| |
Net profit on sale of property, plant and equipment |
(27,8) |
(26,8) |
| |
Exceptional items net of tax (Note 4) |
3,1 |
4,5 |
| |
Discontinued operations (Note 5) |
(3,0) |
(5,3) |
| |
Minority share of exceptional items |
(0,1) |
(2,3) |
| |
Headline earnings |
364,4 |
395,9 |
| |
Weighted average number of shares in issue (million) |
156,5 |
155,0 |
| |
Headline earnings per share (cents) |
232,8 |
255,4 |
|
Adjusted undiluted headline earnings |
|
|
|
Circular 07/02 issued by The South African Institute of Chartered Accountants requires that profits and losses on the sale of property, plant and equipment be excluded from the calculation of headline earnings. The directors consider that, given the nature of Textainer’s business model, this treatment of profits and losses on sales of containers from its leasing fleet is not appropriate for a proper understanding of the results of the group. Accordingly, adjusted undiluted headline earnings per share, which includes profits and losses on the sale of containers, is also presented for information. |
|
Headline earnings (as above) |
364,4 |
395,9 |
|
Profit on sale of containers |
32,4 |
29,5 |
|
Adjusted undiluted headline earnings |
396,8 |
425,4 |
|
Adjusted undiluted headline earnings per share (cents) |
253,5 |
274,5 |
|
|
|
|
| 7. |
Segmental reporting
|
|
|
|
Revenue
|
|
|
|
Continuing operations
|
|
|
|
Containers – finance (including exchange differences)
|
262,9 |
292,6 |
| |
Containers – owning, leasing and management |
1 465,2 |
1 394,2 |
| |
Mobile asset management services |
516,4 |
411,5 |
| |
Other |
1,4 |
1,3 |
| |
|
2 245,9 |
2 099,6 |
| |
Profit from operations |
|
|
| |
Continuing operations |
|
|
| |
Containers – finance |
248,6 |
273,2 |
| |
Containers – owning, leasing and management |
720,9 |
686,7 |
| |
Mobile asset management services |
74,6 |
43,8 |
| |
Other |
(30,4) |
(24,8) |
| |
|
1 013,7 |
978,9 |
| 8. |
Current assets |
|
|
| |
Inventories |
31,2 |
29,6 |
| |
Trade and other receivables |
619,5 |
610,3 |
| |
Current tax asset |
13,1 |
16,1 |
| |
Assets classified as held for sale |
5,0 |
– |
| |
Cash and cash equivalents |
616,1 |
495,8 |
| |
|
1 284,9 |
1 151,8 |
| 9. |
Current liabilities |
|
|
| |
Trade and other payables |
663,1 |
424,4 |
| |
Provisions (Note 10) |
5,9 |
6,6 |
| |
Current tax liability |
79,2 |
60,9 |
| |
Current portion of interest-bearing borrowings |
620,5 |
506,3 |
| |
Deferred income |
52,8 |
25,4 |
| |
Short-term borrowings |
0,1 |
13,4 |
| |
|
1 421,6 |
1 037,0 |
| 10. |
Two IFRS adjustments were identified in the 2006 audit of Textainer,
which were not identified in 2005. These relate to the accounting for
certain expense provisions and the Textainer stock option plan. Although the
impact on the current and prior years (as disclosed in the statements of changes
in equity) individually is not material, the comparatives and opening equity
position have been restated for the adjustments due to the material cumulative
impact thereof. |