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HIGHLIGHTS
TRENCOR: GROUP
- Trading profit from continuing operations (which is mainly earned in foreign currency), after net finance costs, increased by 33% from US$36,7 million to US$48,9 million. Expressed in rand, this increased by 55% from R226 million at June 2006 to R350 million.
- However, net exchange gains, realised and unrealised, arising on the translation into rand of the net dollar receivables and the related provisions amounted to R20 million (2006: R152 million) and the net effect of this non-cash adjustment was a 50 cents lesser contribution to earnings per share compared to the same period in 2006.
- Headline earnings per share (including the effect of foreign exchange translation gains and losses and of the conversion of the debentures) were 102,1 cents per share which may be compared to similarly diluted earnings per share for the same period in 2006 of 108,8 cents per share. It should be noted that the convertible debentures were converted into ordinary shares on a one-for-one basis with effect from 1 January 2007.
- Diluted adjusted headline earnings per share, which includes net gains and losses arising from the sale of containers from Textainer’s leasing fleet and after conversion of the debentures, were 114,4 cents (2006: 117,1 cents).
- Consolidated gearing ratio was 151% (2006: 163%). If debt associated with the discontinued beer keg contracts is excluded, consolidated gearing ratio was 108%.
- Interim dividend of 22,0 cents per share declared (2006: 20,0 cents per share).
TEXTAINER (72% owned by Trencor)
- Net profit for the half year was US$32,0 million (2006 restated: US$24,2 million).
- Average utilisation of the container fleet under management for the six months to 30 June 2007, calculated on a basis consistent with the past, was 91,2% (June 2006: 89,8%); spot utilisation at 30 June 2007 was 91,7% (June 2006: 91,9%). With effect from 1 January 2007, Textainer changed the basis of calculating utilisation to conform to that used by most of its competitors; on this basis, spot utilisation at 30 June 2007 was 94,1%.
- 62,7% of the 1,5 million TEU (twenty foot equivalent unit) under management at 30 June 2007 was on long-term lease compared to 67,4% of 1,2 million TEU in June 2006.
- Textainer acquired the rights to manage the Capital Lease Ltd fleet of over 500 000 TEU and expects to begin managing the fleet from 1 September 2007. This transaction brings the total fleet under management to more than two million TEU.
- As previously reported, the listing of Textainer’s shares on an international stock exchange is under consideration; shareholders will be advised of any developments as allowed under applicable law.
TRENSTAR SA (PTY) LTD (100% owned by Trencor)
• Made a satisfactory contribution to group earnings for the half-year.
TRENSTAR INC (58% owned by Trencor)
- Discontinued the beer keg business in the UK and Europe and is in the process of an orderly unwinding of the contracts with the brewers.
- Continues to trade satisfactorily in the US.
- Revenue and losses from continuing operations amounted to US$7,5 million and US$0, million respectively for the half-year (2006: US$7,6 million and US$2,6 million).
- Trencor continues to review alternatives for the future of TrenStar Inc.
DECLARATION OF DIVIDENDS
Dividends in respect of the six months ended 30 June 2007 have been declared as follows:
TRENCOR |
NO 83 |
22,0 CENTS PER SHARE |
MOBILE |
NO 68 |
1,75 CENTS PER SHARE |
The salient dates pertaining to the dividend payments are as follows:
Last day to trade cum the dividend |
Friday, 14 September 2007 |
Trading commences ex the dividend |
Monday, 17 September 2007 |
Record date |
Friday, 21 September 2007 |
Payment date |
Tuesday, 25 September 2007 |
Share certificates may not be dematerialised or rematerialised between Monday, 17 September 2007 and Friday, 21 September 2007, both days inclusive.
ON BEHALF OF THE BOARDS
NI JOWELL |
CHAIRMAN TRENCOR LIMITED |
C JOWELL |
CHAIRMAN MOBILE INDUSTRIES LIMITED |
23 AUGUST 2007 |
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Directors
Trencor: NI Jowell* (Chairman), HR van der Merwe* (Managing), HA Gorvy, JE Hoelter (USA), C Jowell, JE McQueen*, DM Nurek, E Oblowitz (*executive) Mobile: C Jowell (Chairman), HA Gorvy, NI Jowell, E Oblowitz (all non-executive)Secretaries to Trencor and Mobile: Trencor Services (Pty) Ltd
Registered Office: 1313 Main Tower, Standard Bank Centre, Heerengracht, Cape Town 8001
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd,
70 Marshall Street, Johannesburg 2001 (PO Box 61051, Marshalltown 2107)
Sponsors: Rand Merchant Bank (A division of FirstRand Bank Ltd)
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