TRENCOR PROFITS FROM BUMPER CONTAINER TRADE
28 February 2005

Favourable trading conditions in the container leasing industry underpinned Trencor Ltd’s turnaround in 2004, with the group posting headline earnings of 61,8 cents per share for the year after a loss of 108,2 cents per share in 2003.

A dividend of 12 cents per share (2003: nil) was declared. The board said it will consider paying dividends on an annual basis.

Trencor reported revenue, including exchange differences, of R1,1 billion against R731 million in 2003. Trading profit from continuing operations after net financing costs grew from US$35,2 million to US$47,3 million – a 34% increase that was curbed by the effect of the stronger rand on translation of income from the group’s predominantly US$-based operations. In rand terms, there was a 12% increase in trading profit – from R273 million to R305 million.

The strengthening in the US$/Rand exchange rate to R5,61 in 2004 from R6,62 a year earlier resulted in unrealised losses of R232 million on translation of net receivables, compared with R519 million in 2003. A reduction from 12% to 10% in the discount rate applied to rand amounts attributable to third parties for long-term receivables took R42 million off pre-tax income.

Chairman Neil Jowell said strong trading conditions resulted in earnings being enhanced by a net R155 million reduction in the valuation provision against long-term receivables, but reduced by the effects of the settlement of the dispute with SARS over the tax treatment of export partners.

Jowell said buoyant trading conditions in marine container leasing were again reflected in an outstanding performance by subsidiary, Textainer. A global container lessor, Textainer increased headline income by 57% to US$46,4 million – this after an 81% increase in 2003.

While Textainer’s average fleet utilisation in 2004 was 93%, utilisation at 31 December 2004, excluding new production in manufacturers’ yards, was 97%. Textainer added 150 000 TEU (20-foot equivalent unit) new containers to its fleet in 2004. It bought 70 000 units, owned by Xtra International and which it was managing, for US$85,3 million.

Of the total managed fleet of 1,14 million TEU, 67% is on long-term lease. Almost 70% of the 484 000 TEU owned by Textainer itself is on long-term lease.

Revenue at TrenStar, the US-based subsidiary focused on supply chain management, increased by 28% to US$51 million in 2004, but delays in closing certain significant contracts adversely affected attainment of profitability. TrenStar acquired the beer keg fleet of Coors UK in June 2004, increasing the number of kegs it owns and manages in the UK to 4,1 million.

Jowell said that in terms of the agreement with SARS, the tax treatment of the export partners up to and including their 2004 tax years would be as contended by Trencor and its export partners. At the end of each of their respective first tax years ending on or after 1 January 2005, the export partners collectively would, in effect, accelerate payment of R305 million in aggregate to SARS. This was a part of the amount which Trencor and its partners had contended should be paid over the following four to five years.

Beyond the four to five year period, the tax treatment of the partners would continue on the basis contended by Trencor and its export partners.

Jowell said that of the R305 million to be paid in 2005, R68 million would have been paid in that year in any event.

Mobile Industries Ltd which has a 47% interest in Trencor, declared a dividend of 0,9 cents per share.

TRADING STATEMENT
10 February 2005

TRENCOR LIMITED (Reg no 1955/002869/06) SHARE CODE:             ISIN: TRE                          ZAE000007506 TED2                        ZAE000007282       ("Trencor")	MOBILE INDUSTRIES LIMITED (Reg no 1968/014997/06) SHARE CODE:             ISIN: MOB                         ZAE000004602 MBN                         ZAE000012274 MOBD                                     ZAE000004610 ("Mobile")
TRADING STATEMENT

Holders of securities in Trencor and Mobile are advised that Trencor expects to report undiluted headline earnings of between R0,55 and R0,65 per share for the year ended 31 December 2004 compared to the undiluted headline loss of R1,08 per share in 2003. This improvement is the net result of mainly the factors set out below. Expressed in US dollars, undiluted headline earnings are expected to increase from 5,6 US cents per share in 2003 to between 18 and 20 US cents per share for 2004.

Trading income after net financing costs has shown pleasing improvement in dollar terms. In rand terms, trading income has grown at a slower rate due to the negative effect of the much stronger rand on the translation of income from Trencor’s predominantly US dollar-based operations. Earnings have been enhanced by a reduction in the valuation provision against long-term receivables in recognition of the favourable trading conditions currently being experienced in the container leasing industry and the improved outlook for the collectability and timing of receipts from the long-term receivables.

The spot US$/rand exchange rate strengthened from US$1 = R6,62 at 31 December 2003 to US$1 = R5,61 at 31 December 2004. This resulted in a net unrealised exchange loss of approximately R230 million for the year on the translation of the long-term receivables and the related provision, from US dollars into rand (2003: R520 million loss). Earnings were further reduced by:

·        the effects of the settlement of the protracted dispute with the South African Revenue Service over the tax treatment of our export partners (announced on 22 December 2004); and

·        a reduction in the rand discount rate applied to amounts attributable to third parties in respect of long-term receivables.

This forecast financial information has not been reviewed or reported on by the companies’ auditors. The Reviewed Results in respect of the year ended 31 December 2004 are expected to be published in early March 2005.

ON BEHALF OF THE BOARDS
 
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL  CHAIRMAN MOBILE INDUSTRIES LIMITED  

10 FEBRUARY 2005

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited) CORPORATE
FINANCE

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SETTLEMENT OF INCOME TAX QUERIES
11 January 2005

TRENCOR LIMITED (Reg no 1955/002869/06) ("Trencor") SHARE CODE:             ISIN: TRE                          ZAE000007506 TED2                        ZAE000007282	MOBILE INDUSTRIES LIMITED (Reg no 1968/014997/06) ("Mobile") SHARE CODE:             ISIN: MOB                         ZAE000004602 MBN                         ZAE000012274 MOBD                                     ZAE000004610
SETTLEMENT OF INCOME TAX QUERIES

It was announced on 22 December 2004 that Trencor and the Commissioner for the South African Revenue Service (“SARS”) had concluded an agreement (“the agreement”) that will dispose of the income tax queries raised by SARS on some of the group’s export partners relating to the tax treatment of their participation in the container export trade, subject to all of the relevant export partners agreeing to be bound by its terms.

Holders of securities in Trencor and Mobile are hereby advised that all of the relevant export partners have agreed to be bound by the terms of the agreement and, accordingly, the agreement has taken effect.

ON BEHALF OF THE BOARDS
 
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL  CHAIRMAN MOBILE INDUSTRIES LIMITED  

11 JANUARY 2005

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited) CORPORATE
FINANCE

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SETTLEMENT OF INCOME TAX QUERIES
22 December 2004

TRENCOR LIMITED (Reg no 1955/002869/06) ("Trencor") SHARE CODE:             ISIN: TRE                          ZAE000007506 TED2                        ZAE000007282	MOBILE INDUSTRIES LIMITED (Reg no 1968/014997/06) ("Mobile") SHARE CODE:             ISIN: MOB                         ZAE000004602 MBN                         ZAE000012274 MOBD                                     ZAE000004610
SETTLEMENT OF INCOME TAX QUERIES

Holders of securities in Trencor and Mobile are advised that Trencor and the Commissioner for the South African Revenue Service (“SARS”) have concluded an agreement (“the agreement”) that will dispose of the income tax queries raised by SARS on some of the group’s export partners relating to the tax treatment of their participation in the container export trade. The agreement is subject to all of the relevant export partners agreeing to be bound by its terms. The agreement does not involve any admission by either SARS or Trencor and its partners as to the correctness of the other parties' contentions.

In terms of the agreement, the tax treatment of the export partners up to and including their 2004 tax years will be as contended for by Trencor and its export partners. At the end of each of their respective first tax years ending on or after 1 January 2005 the export partners collectively will, in effect, accelerate payment of approximately R305 million in aggregate to SARS, being a portion of the amount which Trencor and its partners had contended should be paid over the following four to five years. At the end of the four to five year period, the tax treatment of the partners will continue on the basis contended for by Trencor and its export partners.

The board of Trencor remains confident that the merits of its legal position would prevail in the face of a challenge from SARS. However, the board is of the view that it is in the best interests of all stakeholders to settle this matter on the above basis rather than to face further years of costly litigation and continuing uncertainty.

Trencor will account for the effects of the agreement in its annual financial statements as at 31 December 2004. It is estimated that the implementation of the agreement and the arrangements with its partners will reduce undiluted headline earnings in that year by 25,0 cents per share in the case of Trencor and 2,0 cents per share in Mobile. The reduction in fully diluted earnings is estimated to be 20,6 cents (Trencor) and 1,7 cents (Mobile).

The forecast financial information on which this announcement is based has not been reviewed and reported on by the auditors in accordance with the JSE Securities Exchange South Africa Listings Requirements.

ON BEHALF OF THE BOARDS
 
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL  CHAIRMAN MOBILE INDUSTRIES LIMITED  

22 DECEMBER 2004

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited) CORPORATE
FINANCE

6% CONVERTIBLE DEBENTURES INTEREST PAYMENT No. 26
25 November 2004

TRENCOR LIMITED (Reg No 1955/002869/06) ("Trencor") SHARE CODE: TED2 ISIN: ZAE000007282	MOBILE INDUSTRIES LIMITED (Reg No 1968/014997/06) ("Mobile") SHARE CODE: MOBD ISIN: ZAE000004610
6% UNSECURED AUTOMATICALLY CONVERTIBLE SUBORDINATED DEBENTURES ("CONVERTIBLE DEBENTURES")
INTEREST PAYMENT NO. 26

Notice is hereby given that interest at the rate of 6% per annum in respect of the six month period ending 31 December 2004 will be paid to holders of convertible debentures in the following companies as follows:

The salient dates pertaining to the interest payments are as follows:

Interest cheques, dated 31 December 2004, in respect of certificated debenture holders, will be posted on or about Monday, 20 December 2004. The convertible debenture certificates may not be dematerialised or rematerialised between Friday, 10 December 2004 and Friday, 17 December 2004, both days inclusive.

BY ORDER OF THE BOARDS : TRENCOR SERVICES (PTY) LTD SECRETARIES
25 November 2004

TRANSFER SECRETARIES
COMPUTERSHARE INVESTOR SERVICES 2004 (PTY) LTD
70 MARSHALL STREET
JOHANNESBURG 2001
P O BOX 61051 MARSHALLTOWN 2107
TEL 011 370 5000

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TRENCOR TURNAROUND
26 August 2004

Trencor Ltd today reported headline earnings per share of 10,5 cents for the six months to 30 June, a turnaround from last year’s interim headline loss of 88,4 cents a share.

Trencor which has Textainer, the global container lessor, among its mainly US dollar-based operations, said headline earnings, posted after unrealised foreign exchange translation losses and gains, came in at 4,4 US cents per share, as against 1,0 US cents per share at the interim stage in 2003.

Chairman Neil Jowell said there was a 10% increase – from $16,4 million to $18,1 million – in trading income from continuing operations, after net financing costs.

“When translated into rand, this declined to R125 million from R134 million at June 2003 as a result of the strengthening of the SA currency.”

Jowell said unrealised exchange losses on translating net dollar receivables into rand declined to R75 million compared to the 2003 interim loss of R272 million.

He said Textainer had another excellent half year, with headline earnings for the period growing to $17,1 million from $12 million in 2003.

“The average utilisation of the container fleet under management improved to 90,7% for the first half of 2004 from 88,3% for 2003. Right now, utilisation is at an all-time high of 95,5%, with 65% of the more than 1,1 million TEU ( twenty-foot equivalent units) on long-term lease which reduces revenue volatility.”

TrenStar, the US-based subsidiary focused on supply chain management, increased revenue for the half year to $23,3 million from $19,6 million, Jowell said.

“There were delays in closing certain significant contracts and this meant TrenStar was unable to reach profitability. TrenStar’s headline loss for the half year was $5,7 million.

“One of the delays involved the Coors UK contract. This took effect in June 2004, and TrenStar now owns and manages 60% of all beer kegs in the United Kingdom.”

Jowell said the SARS investigation into the tax treatment of export partners’ participation in the container export trade through export partnerships was well into its sixth year, but it was not possible to anticipate when it would be concluded.

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TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
13 August 2004

TRENCOR LIMITED (Reg no 1955/002869/06) ("Trencor") SHARE CODE:             ISIN: TRE                          ZAE000007506 TED2                        ZAE000007282	MOBILE INDUSTRIES LIMITED (Reg no 1968/014997/06) ("Mobile") SHARE CODE:             ISIN: MOB                         ZAE000004602 MBN                         ZAE000012274 MOBD                                     ZAE000004610
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT

Holders of securities in Trencor and Mobile are advised that it is expected that Trencor will report positive headline earnings of approximately 10 cents per share for the six months ended 30 June 2004 compared to the undiluted headline losses per share of 88,4 cents reported for the corresponding period last year and 108,2 cents reported for the year ended 31 December 2003. This change arises mainly for the reasons set out below.

In US dollar terms, trading income from Trencor’s continuing operations, after net financing costs, is expected to show an improvement over the corresponding period last year. Due to the negative effect of the much stronger rand on the translation of income from Trencor’s mainly US dollar-based operations, trading income after charging net financing costs for the six months is expected to be lower than the corresponding period last year when expressed in rand.

At 30 June 2004 the spot US$/R exchange rate had strengthened to US$1 = R6,25 from R7,38 at 30 June 2003 and R6,62 at 31 December 2003. This resulted in a net unrealised exchange loss of approximately R75 million for the six months ended 30 June 2004 on the translation of the long-term receivables and the related provision, and also Trencor’s dollar loans, from US dollars into rand (R272 million loss for the corresponding period in 2003).

This forecast financial information has not been reviewed or reported on by the auditors and holders of securities in Trencor and Mobile are advised to exercise caution when dealing in their securities until the unaudited interim results in respect of the six months ended 30 June 2004 are published, which is expected to be towards the end of August 2004.

ON BEHALF OF THE BOARDS
 
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL  CHAIRMAN MOBILE INDUSTRIES LIMITED  

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited) CORPORATE FINANCE

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