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Highlights
TRENCOR: GROUP
- Trading profit from continuing operations, which is earned in foreign currency (mainly US dollars), after net finance costs increased by 24% from US$47,0 million to US$58,5 million during the period under review. Expressed in rand, this increased by 32% from R336 million to R443 million.
- Net exchange gains, realised and unrealised, arising on translation into rand of the net dollar receivables and the related valuation adjustments amounted to R194 million (2007: R20 million); this non-cash adjustment had the effect of increasing earnings per share by 75 cents (2007 effect: 8 cents per share increase).
- Diluted headline earnings per share (including the effect of foreign exchange translation gains and losses) were 183,4 cents (2007: 99,7 cents).
- Diluted adjusted headline earnings per share (which includes net gains and losses arising from the sale of containers from Textainer’s leasing fleet and excludes the effect of foreign exchange translation gains and losses) were 129,3 cents (2007: 104,7 cents).
- Consolidated gearing ratio at 30 June 2008 was 87% (2007: 151%).
- Interim dividend of 35 cents per share declared (2007: 22 cents). We previously reported a dividend policy guideline that annual dividends should be covered about three times by sustainable headline earnings. The Board of Trencor has determined that, following the restructure of the Group operations over the last few years and having regard to our strong cash flows as well as to opportunities that may arise to make attractive investments as Textainer pursues planned growth as announced during its IPO in October 2007, future dividends will be considered in the light of circumstances which prevail and/or are anticipated from time to time in regard to the abovementioned and other relevant factors. Similarly, interim dividends should not be seen as necessarily indicative of the amount of final dividends.
TEXTAINER
- Net profit for the half-year was US$48 million (2007: US$32 million).
- Average tax rate declined to 1,9% from 6,2% in 2007 primarily due to remeasurement of income tax provisions.
- Average utilisation of the container fleet under management for the six months to 30 June 2008 was 93,4% (2007: 93,6%). Spot utilisation at 30 June 2008 was 95,5% (2007: 94,1%).
- 67,9% of the more than 2 million TEU (twenty foot equivalent unit) under management at 30 June 2008 was on long-term lease compared to 62,7% of 1,5 million TEU in June 2007.
- In April 2008, Textainer negotiated a US$205 million five-year revolving credit
facility with a group of financial institutions. In July 2008, the group extended and increased the size of its secured debt facility; the total facility was increased from US$300 million to US$475 million.
- In the first half of 2008, Textainer originated over 164 000 TEU of owned and managed long-term leases and 18 600 TEU of direct financing and sales-type leases. New owned and managed standard dry freight containers ordered for delivery through August 2008 totalled 104 450 TEU at a cost of US$229 million. In addition, 2 750 owned and managed 40 foot High Cube refrigerated containers costing US$48 million were ordered for delivery through September 2008.
- Textainer’s results may be viewed on its website
www.textainer.com.
DECLARATION OF CASH DIVIDENDS
Cash dividends in respect of the six months ended 30 June 2008 have been declared as follows:
TRENCOR |
NO 85 |
35,0 CENTS PER SHARE |
MOBILE |
NO 70 |
2,8 CENTS PER SHARE |
The salient dates pertaining to the dividend payments are as follows:
Last day to trade cum the dividend |
Friday, 29 August 2008 |
Trading commences ex the dividend |
Monday, 1 September 2008 |
Record date |
Friday, 5 September 2008 |
Payment date |
Monday, 8 September 2008 |
Share certificates may not be dematerialised or rematerialised between Monday, 1 September 2008 and Friday, 5 September 2008, both days
inclusive.
ON BEHALF OF THE BOARDS
N I JOWELL |
CHAIRMAN TRENCOR LIMITED |
C JOWELL |
CHAIRMAN MOBILE INDUSTRIES LIMITED |
13 AUGUST 2008
Directors:
Trencor: N I Jowell* (Chairman), H R van der Merwe* (Managing), H A Gorvy, J E Hoelter (USA), C Jowell, J E McQueen*, D M Nurek, E Oblowitz (*executive)
Mobile: C Jowell (Chairman), H A Gorvy, N I 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 (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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