| 1. |
|
These condensed consolidated interim 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 2007. |
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Unaudited |
Audited |
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6
months |
Year ended |
|
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ended 30 June |
31 December |
|
| R Million |
|
2008 |
2007 |
2007 |
|
 |
| 2. |
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Revenue |
|
|
|
|
|
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Goods sold and services rendered |
|
182,6 |
51,3 |
178,9 |
|
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Leasing income |
|
730,9 |
694,1 |
1 352,1 |
|
| |
|
Management fees |
|
109,2 |
72,7 |
169,4 |
|
| |
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Finance income |
|
20,8 |
24,5 |
43,5 |
|
| |
|
|
|
1 043,5 |
842,6 |
1 743,9 |
|
| |
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Realised and unrealised exchange differences |
|
278,8 |
30,8 |
(46,0) |
|
| |
|
|
|
1 322,3 |
873,4 |
1 697,9 |
|
| 3. |
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Discontinued operations |
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During the year ended 31 December 2007 the group exited the mobile asset ownership and management business. At the time of
publication of the results to 30 June 2007, the group had only exited the UK/Europe keg business which constituted a portion of the group’s
discontinued operations for the year ended 31 December 2007. In compliance with IFRS 5, the comparative information for the six months
ended 30 June 2007 has been re-presented so that the comparative disclosures relate to all operations that were discontinued by
31 December 2007. |
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Substantially all of the associated assets and liabilities have been disposed of at 30 June 2008. The operations were previously reported in
the mobile asset management segment. |
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(Losses)/Profits attributable to the discontinued operations were as follows: |
|
|
|
|
|
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Revenue |
|
20,7 |
275,8 |
431,0 |
|
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Other operating income |
|
– |
0,2 |
1,7 |
|
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|
Expenses |
|
(20,7) |
(196,6) |
(269,2) |
|
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Profit/(Loss) on disposal of discontinued operations and remeasurement of fair value less costs to sell |
|
14,3 |
5,5 |
(10,4) |
|
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Profit from operations |
|
14,3 |
84,9 |
153,1 |
|
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Finance expenses |
|
(8,4) |
(71,1) |
(102,8) |
|
| |
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Finance income |
|
1,1 |
3,0 |
3,9 |
|
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Profit before tax |
|
7,0 |
16,8 |
54,2 |
|
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Income tax (expense)/credit |
|
(84,2) |
0,1 |
78,4 |
|
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(Loss)/Profit for the period |
|
(77,2) |
16,9 |
132,6 |
|
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Attributable to: |
|
|
|
|
|
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Equity holders of the company |
|
(45,9) |
18,8 |
94,1 |
|
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Minority interest |
|
(31,3) |
(1,9) |
38,5 |
|
| |
|
|
|
(77,2) |
(16,9) |
132,6 |
|
| 4. |
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Net finance costs |
|
|
|
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|
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Finance expenses |
|
102,9 |
112,8 |
295,9 |
|
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Interest expense incurred by: |
|
92,5 |
123,7 |
260,3 |
|
| |
|
|
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Textainer |
|
92,4 |
123,7 |
260,2 |
|
| |
|
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Other group companies |
|
0,1 |
– |
0,1 |
|
| |
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Losses/(Gains) on derivative financial instruments |
|
10,4 |
(10,9) |
35,6 |
|
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Finance income – interest income earned from: |
|
(24,9) |
(20,4) |
(48,2) |
|
| |
|
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Cash and cash equivalents |
|
(24,6) |
(20,0) |
(46,9) |
|
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|
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Other |
|
(0,3) |
(0,4) |
(1,3) |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
78,0 |
92,4 |
247,7 |
|
| 5. |
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Exceptional items |
|
|
|
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|
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Net (loss)/gain on dilution of interest in subsidiaries |
|
– |
(5,4) |
197,3 |
|
| |
|
|
|
– |
(5,4) |
197,3 |
|
| 6. |
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Headline earnings |
|
|
|
|
|
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Profit attributable to equity holders of the company |
|
339,1 |
207,5 |
659,9 |
|
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Net loss/(gain) on dilution of interest in subsidiaries |
|
– |
5,4 |
(197,3) |
|
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Impairment of plant and equipment |
|
2,0 |
1,0 |
4,0 |
|
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Profit on sale of plant and equipment |
|
(67,9) |
(42,1) |
(127,7) |
|
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(Profit)/Loss on disposal of discontinued operations and remeasurement of fair value less costs to sell |
|
(14,3) |
(5,5) |
10,4 |
|
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Total tax effects of adjustments |
|
85,7 |
2,5 |
6,6 |
|
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Total minority share of adjustments |
|
(0,5) |
18,2 |
42,6 |
|
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Headline earnings |
|
344,1 |
187,0 |
398,5 |
|
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Weighted average number of shares in issue (million) |
|
187,3 |
187,1 |
187,2 |
|
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Headline earnings per share (cents) |
|
183,7 |
99,9 |
212,9 |
|
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Diluted headline earnings per share (cents) |
|
183,4 |
99,7 |
212,4 |
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Adjusted headline earnings |
|
|
|
|
|
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Headline earnings (as above) |
|
344,1 |
187,0 |
398,5 |
|
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Profit on sale of containers |
|
38,1 |
23,4 |
64,4 |
|
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TrenStar Inc depreciation adjustment |
|
– |
– |
(40,3) |
|
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TrenStar Inc deferred tax adjustment |
|
– |
– |
(42,5) |
|
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Net (gain)/loss on translation of net dollar receivables |
|
(139,6) |
(14,0) |
20,6 |
|
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Adjusted headline earnings |
|
242,6 |
196,4 |
400,7 |
|
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Undiluted adjusted headline earnings per share (cents) |
|
129,5 |
105,0 |
214,0 |
|
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Diluted adjusted headline earnings per share (cents) |
|
129,3 |
104,7 |
213,6 |
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| 7. |
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Segmental reporting |
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Revenue |
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|
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Continuing operations |
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|
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Containers – finance (including exchange differences) |
|
299,9 |
55,7 |
(2,5) |
|
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Containers – owning, leasing and management |
|
1 021,7 |
817,0 |
1 698,9 |
|
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Other |
|
0,7 |
0,7 |
1,5 |
|
| |
|
|
|
1 322,3 |
873,4 |
1 697,9 |
|
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Segment result |
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Profit from operations |
|
|
|
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Continuing operations |
|
|
|
|
|
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Containers – finance |
|
223,7 |
42,0 |
69,1 |
|
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Containers – owning, leasing and management |
|
514,8 |
414,6 |
903,4 |
|
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Other |
|
(14,0) |
(9,6) |
(21,4) |
|
| |
|
|
|
724,5 |
447,0 |
951,1 |
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| 8. |
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Current assets |
|
|
|
|
|
| |
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Inventories |
|
23,8 |
15,9 |
25,8 |
|
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Trade and other receivables |
|
662,4 |
573,8 |
530,8 |
|
| |
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Investments |
|
89,2 |
– |
75,8 |
|
| |
|
Current tax asset |
|
– |
11,8 |
– |
|
| |
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Assets classified as held for sale (Note 10) |
|
116,0 |
1 786,5 |
676,4 |
|
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Cash and cash equivalents |
|
1 030,7 |
695,4 |
757,4 |
|
| |
|
|
|
1 922,1 |
3 083,4 |
2 066,2 |
|
| 9. |
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Current liabilities |
|
|
|
|
|
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Trade and other payables |
|
626,5 |
543,4 |
442,0 |
|
| |
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Provisions |
|
– |
5,8 |
– |
|
| |
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Current tax liability |
|
128,1 |
88,3 |
99,5 |
|
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Current portion of interest-bearing borrowings |
|
602,3 |
420,9 |
437,9 |
|
| |
|
Liabilities classified as held for sale (Note 11) |
|
19,9 |
1 799,5 |
396,9 |
|
| |
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Short-term borrowings |
|
0,1 |
0,1 |
0,1 |
|
| |
|
|
|
1 376,9 |
2 858,0 |
1 376,4 |
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| 10. |
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Assets classified as held for sale |
|
|
|
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|
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Property, plant and equipment |
|
– |
1 662,0 |
485,7 |
|
| |
|
Intangible assets |
|
– |
– |
1,0 |
|
| |
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Investments |
|
35,5 |
– |
26,1 |
|
| |
|
Deferred tax asset |
|
– |
– |
71,2 |
|
| |
|
Restricted cash |
|
1,0 |
28,7 |
0,9 |
|
| |
|
Inventories |
|
– |
0,3 |
2,9 |
|
| |
|
Trade and other receivables |
|
2,3 |
54,6 |
37,8 |
|
| |
|
Cash and cash equivalents |
|
77,2 |
40,9 |
50,8 |
|
| |
|
|
|
116,0 |
1 786,5 |
676,4 |
|
| 11. |
|
Liabilities classified as held for sale |
|
|
|
|
|
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Interest-bearing borrowings |
|
– |
1 693,9 |
307,9 |
|
| |
|
Derivative financial instruments |
|
3,2 |
– |
6,5 |
|
| |
|
Deferred tax liability |
|
– |
9,4 |
– |
|
| |
|
Deferred income |
|
– |
66,8 |
1,5 |
|
| |
|
Trade and other payables |
|
16,7 |
29,4 |
75,3 |
|
| |
|
Provisions |
|
– |
– |
5,7 |
|
| |
|
|
|
19,9 |
1 799,5 |
396,9 |
|