NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2007

1.	These condensed consolidated annual financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), including IAS 34 Interim Financial Reporting. The accounting policies used in the preparation of these consolidated condensed financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2006.
			REVIEWED	AUDITED
		RE-PRESENTED
	R MILLION		2007	2006
2.	Revenue
	Goods sold and services rendered		179,0	95,7
	Leasing income		1 352,1	1 261,9
	Management fees		169,3	109,6
	Finance income		43,5	57,9
			1 743,9	1 525,1
	Realised and unrealised exchange differences		(46,0)	204,5
			1 697,9	1 729,6
3.	Discontinued operations
	During the year under review the group exited the mobile asset ownership and management businesses. The operations were previously reported in the mobile asset management segment. Comparative information has been re-presented to show the discontinued operations separately from continuing operations.
	Profits/(Losses) attributable to the discontinued operation were as follows:
	Revenue		431,0	516,4
	Other operating income		1,7	3,4
	Expenses		(269,2)	(421,7)
	Asset impairments, net of reversals		(0,8)	(114,2)
	Profit/(Loss) from operations		162,7	(16,1)
	Finance expenses		(102,8)	(138,2)
	Finance income		3,9	7,2
	Profit/(Loss) from discontinued operations		63,8	(147,1)
	Income tax credit/(charge)		68,8	(1,8)
	Profit/(Loss) after tax		132,6	(148,9)
	Minority interest		(38,5)	57,5
			94,1	(91,4)
4.	Net finance costs
	Finance expenses		295,9	224,7
	Interest expense incurred by:		260,3	240,1
	– Textainer		260,2	224,0
	– Other group companies		0,1	16,1
	Gains/(Losses) on derivative financial instruments		35,6	(15,4)
	Finance income – interest income earned from:		(48,2)	(29,7)
	Cash and cash equivalents		(46,9)	(29,2)
	Other		(1,3)	(0,5)
			247,7	195,0
5.	Exceptional items
	Net gain/(loss) on dilution of interest in subsidiaries		197,3	(5,1)
	Premium paid on shares repurchased by a subsidiary		–	(0,6)
	Profit on disposal of investment		–	2,7
			197,3	(3,0)
6.	Headline earnings
	Profit attributable to equity holders of the company		659,9	319,4
	Adjustments relating to continuing activities
	Net (gain)/loss on dilution of investment in subsidiaries		(197,3)	5,1
	Net profit on disposal of investment		–	(2,7)
	Impairment of plant and equipment		4,0	1,2
	Profit on sale of plant and equipment		(127,7)	(64,7)
	Adjustments relating to discontinued activities
	Impairment of goodwill		–	33,9
	Impairment of plant and equipment		–	61,4
	Profit on sale of plant and equipment		–	8,3
	Loss on disposal of intangible asset		–	2,6
	Net loss on remeasurement of fair value less costs to sell		0,8	18,8
	Total tax effects of adjustments		16,2	0,3
	Total minority share of adjustments		42,6	(3,6)
	Headline earnings		398,5	380,0
	Weighted average number of shares in issue (million)		187,2	156,5
	Headline earnings per share (cents)		212,9	242,8
	Diluted headline earnings per share (cents)		212,4	209,1
	Adjusted headline earnings
	Headline earnings (as above)		398,5	380,0
	Profit on sale of containers		64,4	32,4
	Trenstar Inc depreciation adjustment		(40,3)	–
	TrenStar Inc deferred tax adjustment		(42,5)	–
	Net loss/(gain) on translation of net dollar receivables		20,6	(95,8)
	Adjusted headline earnings		400,7	316,6
	Adjusted undiluted headline earnings per share (cents)		214,0	202,3
	Diluted adjusted headline earnings per share (cents)		213,6	175,2
7.	Segmental reporting
	Revenue
	Continuing operations
	Containers – finance (including exchange differences)		(1,9)	262,3
	Containers – owning, leasing and management		1 698,3	1 465,8
	Other		1,5	1,5
			1 697,9	1 729,6
	Segment result
	Continuing operations
	Containers – finance		69,1	248,6
	Containers – owning, leasing and management		903,4	720,9
	Mobile asset management services
	Other		(21,4)	(30,6)
			951,1	938,9
8.	Current assets
	Inventories		25,8	31,2
	Trade and other receivables		530,8	619,5
	Current tax asset		–	13,1
	Assets classified as held for sale (Note 11)		605,2	5,0
	Cash and cash equivalents		757,4	616,1
			1 919,2	1 284,9
9.	Conversion of convertible debentures
	In view of the fact that the total dividend declared in respect of the year ended 31 December 2006 exceeded the specified level, each debenture was converted into one ordinary share. 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	–
			260,55	–
10.	Current liabilities
	Trade and other payables		442,0	663,1
	Provisions		–	5,9
	Current tax liability		85,3	79,2
	Current portion of interest-bearing borrowings		437,9	620,5
	Liabilities classified as held for sale (Note 12))		396,9	–
	Short-term borrowings		0,1	0,1
			1 362,2	1 368,8
11	. Assets classified as held for sale
	Property, plant and equipment		485,7	5,0
	Intangible assets		1,0	–
	Investments		26,1	–
	Restricted bank balances		0,9	–
	Inventories		2,9	–
	Trade and other receivables		37,8	–
	Cash and cash equivalents		50,8	–
			605,2	5,0
12.	Liabilities classified as held for sale
	Interest-bearing borrowings		307,9	–
	Derivative financial instruments		6,5	–
	Deferred income		1,5	–
	Trade and other payables		75,3	–
	Provisions		5,7	–
			396,9	–

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