COMMENTARY
TRENCOR: GROUP
- Trading profit from continuing operations after net financing costs (but excluding unrealised losses on derivative instruments in Textainer) increased by 27% from R733 million in 2007 to R932 million. After accounting for these unrealised losses, the increase was 20% from R675 million in 2007 to R810 million in 2008. These gains or losses are non-cash, non-operating items and Textainer intends to hold its interest rate swaps until maturity. Over the life of an interest rate swap held to maturity the unrealised gains or losses will net to zero.
- Headline earnings per share which includes net unrealised foreign exchange gains and losses as well as the group’s attributable share of unrealised losses on interest rate swaps in Textainer were 384,4 cents (2007: 212,9 cents).
- Adjusted headline earnings per share, which excludes net unrealised foreign exchange gains and losses and includes net gains and losses arising from the ongoing disposals of containers from Textainer’s leasing fleet, were 251,9 cents (2007: 214,0 cents).
- Net realised and unrealised foreign exchange gains arising on translation of net dollar receivables and the related valuation adjustments, not included in adjusted headline earnings per share, were R439 million or 169 cents per share (2007: loss R29 million or 11 cents per share).
- Consolidated gearing ratio at 31 December 2008 was 101% (2007: 92%). All of the interest-bearing debt is in Textainer, with no recourse to Trencor.
- Final dividend of 75 cents per share declared, making a total of 110 cents per share for the year (2007: total 80 cents per share), an increase of 37,5% over the previous year.
TEXTAINER: 62,6% interest
- Net profit for the year excluding net unrealised losses on interest rate swaps was US$99,8 million, a 38% increase over the US$72,2 earned in 2007. Net profit for the year was US$87,7 million (2007: US$66,6 million). Unrealised gains and losses on these interest rate swaps net out to zero over a period of time, if held to maturity, and have no effect on cash flow.
- While the overall demand for containers started to decline in the fourth quarter, utilisation of the fleet under management averaged 95,7% during the quarter and 94,8% for the year (average for 2007: 93,9%).
- The container resale division had the best year in its history. Full year resale profit before tax of US$14,3 million exceeded last year’s record results by US$4,0 million, or 38%.
DECLARATION OF CASH DIVIDENDS
Cash dividends in respect of the year ended 31 December 2008 have been declared as follows: |
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TRENCOR | NO 86 | 75,0 CENTS PER SHARE |
MOBILE | NO 71 | 6,05 CENTS PER SHARE |
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The salient dates pertaining to the cash dividend payments are as follows: |
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Last day to trade cum the dividend | Friday, 27
March 2009 |
Trading commences ex the dividend | Monday,
30 March 2009 |
Record date | Friday, 3 April 2009 |
Payment date | Monday, 6 April 2009 |
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Share certificates may not be dematerialised or rematerialised between Monday, 30 March 2009 and Friday,
3 April 2009, both days inclusive. |
REVIEW OPINION
These results, other than the figures stated in US dollars, have been reviewed by the independent auditors, KPMG Inc, and their unmodified review reports are available for inspection at the
registered office.
ON BEHALF OF THE BOARDS
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NI JOWELL | CHAIRMAN TRENCOR LIMITED |
C JOWELL | CHAIRMAN MOBILE INDUSTRIES LIMITED |
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19 FEBRUARY 2009 |
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 (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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