MOBILE
  Unaudited Interim Results Unaudited 2005     E-mail

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HIGHLIGHTS

TRENCOR: GROUP

  • Headline earnings per share (including unrealised foreign exchange translation losses and gains) were 168,7 cents (June 2004: 10,0 cents). In US dollar terms, headline earnings were 15,5 US cents per share (June 2004: 4,2 US cents per share).
  • Adjusted headline earnings per share, which includes gains and losses arising from the sale of used containers from Textainer's leasing fleet, were 179,1 cents per share (June 2004: 11,1 cents per share).
  • Trading income from continuing operations (which is mainly earned in foreign currency), after net interest expense, increased by 79% from US$17,9 million to US$32,1 million. Due to the firmer average exchange rate, when expressed in rand, this increase is 60% to R197 million from R123 million at June 2004.
  • Net unrealised exchange gains on translating net dollar receivables, the related provisions and loans into rand were R257 million compared to the net unrealised loss of R75 million for the corresponding period in 2004.
  • Consolidated gearing ratio was 193% (30 June 2004: 179%). The ratio excluding Textainer and TrenStar Inc has declined to 3% (30 June 2004: 12%).
  • Interim dividend of 10 cents per share declared.

TEXTAINER

  • Net income for the half year was US$28,8 million (2004: US$17,1 million).
  • Average utilisation of the container fleet under management for six months to 30 June 2005 was 92,4% (June 2004: 90,7%).
  • 68,6% of the 1 170 000 twenty foot equivalent units under management are now on long-term lease.
  • A US$580 million bond issue was completed in May 2005, refinancing existing debt and freeing up existing credit lines.

TRENSTAR

  • Loss for the half year was US$4,4 million (2004: loss US$5,9 million).
  • Revenue for the half year was US$25,6 million (2004: US$23,3 million).
  • The timing of additional revenue from large new contracts remains unpredictable as the closing of these continues to encounter delays. Supporting debt funding for TrenStarís growing asset fleets with an equity component continues to require capital.
  • Concluded a transaction for the purchase and subsequent management of a fleet of cages for Bridgestone Firestone in the US in June 2005 (a ten-year contract with annual revenue of US$4,5 million).


DECLARATION OF DIVIDENDS

Dividends in respect of the six months ended 30 June 2005 have been declared as follows:

TRENCOR

NO 79

10 CENTS PER SHARE

MOBILE

NO 64

0,75 CENTS PER SHARE



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

Last day to trade cum the dividend

Friday 23 September 2005

Trading commences ex the distribution

Monday, 26 September 2005

Record date

Friday, 30 September 2005

Payment date

Monday 3 October 2005

Share certificates may not be dematerialised or rematerialised between Monday, 26 September 2005 and Friday, 30 September 2005, both days inclusive.

ON BEHALF OF THE BOARDS

NI JOWELL

CHAIRMAN TRENCOR LIMITED

C JOWELL

CHAIRMAN MOBILE INDUSTRIES LIMITED

18 AUGUST 2005

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 2004 (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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