NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the six months ended 30 June 2007

1.	These condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) IAS 34 Interim Financial Reporting. 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 2006.
		UNAUDITED			AUDITED
		6 MONTHS			YEAR ENDED
		ENDED 30 JUNE			31 DECEMBER
			2007	2006	2006
	R MILLION			RESTATED	RE-PRESENTED
2.	Revenue
	Goods sold and services rendered		57,4	74,3	111,0
	Leasing income		781,2	638,0	1 419,7
	Management fees		72,7	41,5	109,6
	Finance income		24,5	28,1	57,9
			935,8	781,9	1 698,2
	Realised and unrealised exchange differences		30,8	236,2	204,5
			966,6	1 018,1	1 902,7
3.	Discontinued operations During the period under review the group exited the UK/European market for beer keg asset ownership and management business. The operation was previously reported in the mobile asset management segment. Comparative information for earlier periods has been re-presented to show the discontinued operation separately from continuing operations. Plans to dispose of the associated assets and liabilities are well advanced.
	Profits/Losses attributable to discontinued operations
	Revenue		182,6	138,2	343,2
	Expenses		(119,2)	(98,4)	(306,4)
	Profit from operations		63,4	39,8	36,8
	Finance expenses		(59,8)	(50,5)	(119,8)
	Finance income		0,6	1,9	4,7
	Profit/(Loss) from discontinued operations (before and after tax)		4,2	(8,8)	(78,3)
	(Costs)/Recoveries on discontinuance		(1,6)	–	4,5
	Income tax credit		0,1	–	(1,5)
	Profit/(Loss) after tax		2,7	(8,8)	(75,3)
	Minority interest
	Minority interest in profit/(loss) from discontinued operations		1,8	(3,8)	(33,3)
	Minority interest in post-tax other costs of discontinuance		(0,5)	–	–
			1,3	(3,8)	(33,3)
4.	Net finance costs
	Finance expenses		124,1	81,2	243,1
	Interest expense incurred by:		136,6	113,6	258,7
	– Textainer		123,7	97,1	224,0
	– TrenStar		12,9	8,4	18,6
	– Other group companies		–	8,1	16,1
	Gains on derivative financial instruments		(12,5)	(32,4)	(15,6)
	Finance income - interest income earned from:		(22,7)	(13,3)	(32,2)
	Cash and cash equivalents		(22,3)	(13,1)	(31,7)
	Other		(0,4)	(0,2)	(0,5)
			101,4	67,9	210,9
5.	Exceptional items
	Impairment of goodwill		–	–	(33,9)
	Net loss on dilution of interest in subsidiaries		(5,4)	(1,2)	(5,1)
	Premium paid on shares repurchased by a subsidiary		–	(0,1)	(0,6)
	Profit on disposal of investment		–	2,1	2,7
			(5,4)	0,8	(36,9)
6.	Headline earnings
	Profit attributable to equity holders of the company		207,5	209,1	319,4
	Impairment of plant and equipment		0,6	3,1	36,4
	Net profit on sale of property, plant and equipment		(23,4)	(13,8)	(27,8)
	Loss on disposal of intangible asset		–	–	2,6
	Exceptional items (Note 5)		5,4	(0,8)	36,9
	Discontinued operations – costs/(recoveries) on discontinuance		1,0	–	(3,0)
	Minority share of exceptional items		–	–	(0,1)
	Headline earnings		191,1	197,6	364,4
	Weighted average number of shares in issue (million)		187,1	155,8	156,5
	Headline earnings per share (cents)		102,1	126,8	232,8
	Diluted headline earnings per share (cents)		101,9	108,8	200,7
	Adjusted 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 headline earnings per share, which includes profits and losses on the sale of containers, is also presented for information.
	Headline earnings (as above)		191,1	197,6	364,4
	Profit on sale of containers		23,4	15,4	32,4
	Adjusted headline earnings		214,5	213,0	396,8
	Adjusted headline earnings per share (cents)		114,6	136,7	253,5
	Diluted adjusted headline earnings per share (cents)		114,4	117,1	218,0
7.	Segmental reporting
	Revenue
	Continuing operations
	Containers – finance (including exchange differences)		55,7	264,5	262,3
	Containers – owning, leasing and management		817,0	672,3	1 465,8
	Mobile asset management services		93,2	80,7	173,1
	Other		0,7	0,6	1,5
			966,6	1 018,1	1 902,7
	Segment result – profit from operations
	Continuing operations
	Containers – finance		42,0	176,7	248,6
	Containers – owning, leasing and management		414,6	290,9	720,9
	Mobile asset management services		23,2	(12,4)	(23,7)
	Other		(9,6)	(14,9)	(30,4)
			470,2	440,3	915,4
8.	Current assets
	Inventories		15,9	23,7	31,2
	Trade and other receivables		573,8	594,1	619,5
	Current tax asset		11,8	9,2	13,1
	Assets classified as held for sale (Note 11)		1 786,5	–	5,0
	Cash and cash equivalents		695,4	612,7	616,1
			3 083,4	1 239,7	1 284,9
9.	Conversion of convertible debentures In terms of the trust deed governing the convertible debentures, each debenture converted into one share, effective 1 January 2007. For calculation of the weighted average number of shares in issue, the shares issued have been included with effect from 1 January 2007.
	Number of shares issued (million)		28,6	–	–
	Increase in share capital and premium
	Share capital		0,1	–	–
	Share premium		260,4	–	–
			260,5	–	–
10.	Current liabilities
	Trade and other payables		543,4	663,2	663,1
	Provisions		5,8	6,7	5,9
	Current tax liability		88,3	65,3	79,2
	Current portion of interest-bearing borrowings		420,9	689,1	620,5
	Liabilities classified as held for sale (Note 12)		1 799,5	–	–
	Short-term borrowings		0,1	0,1	0,1
			2 858,0	1 424,4	1 368,8
11.	Assets classified as held for sale
	Property, plant and equipment		1 662,0	–	5,0
	Restricted bank balances		28,7	–	–
	Inventories		0,3	–	–
	Trade and other receivables		54,6	–	–
	Cash and cash equivalents		40,9	–	–
			1 786,5	–	5,0
12.	Liabilities classified as held for sale
	Interest-bearing borrowings		1 693,9	–	–
	Deferred income		66,8	–	–
	Deferred tax liabilities		9,4	–	–
	Trade and other payables		29,4	–	–
			1 799,5	–	–
13.	Reporting changes Comparative information for 30 June 2006 has been restated to account for the two IFRS adjustments identified in the preparation of the 2006 Textainer results.