NOTES TO THE CONDENSED FINANCIAL STATEMENTS

1. These consolidated condensed financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) for the first time. The accounting policies used in the preparation of the interim financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2004.
UNAUDITEDAUDITED
6 MONTHSYEAR ENDED
ENDED 30 JUNE31 DECEMBER
RESTATEDRESTATED
R MILLION200520042004
2.  Revenue
Interest income3,9 4,6 8,6
3,94,68,6
3. Exceptional item
Loss on dilution of interest in associate company(1,2)(0,1)(0,1)
(1,2)(0,1)(0,1)
4. Headline earnings
Profit/(loss) attributable to ordinary equity holders of the parent entity 131,2 (11,5) 27,2
Exceptional item (Note 3) 1,2 0,1 0,1
Attributable share of headline earnings adjustments of associate company (10,1) 18,4 16,2
Headline earnings122,3 7,043,5
Weighted average number of shares in issue (million) 897,8 897,8 897,8
Headline earnings per share (cents)13,6 0,8 4,8
Adjusted undiluted headline earnings
Circular 07/02 issued by the South African Institute of Chartered Accountants requires that profits and losses on the sale of property, plant and equipment be excluded from the calculation of headline earnings. The directors consider that, given the nature of Textainer's business model, this treatment of profits and losses on sales of used containers from its leasing fleet is not appropriate for a proper understanding of the results of the group. Accordingly, adjusted undiluted headline earnings per share, which includes profits and losses on the sale of used containers, is also presented for information.
Headline earnings (as above)122,37,043,5
Profit on sale of used containers 7,40,88,6
Adjusted undiluted headline earnings129,77,852,1
Adjusted undiluted headline earnings per share (cents) 14,4 0,9 5,8
4.1 The dilution arises as a result of any future conversion of debentures. The directors are of the opinion that the debentures will not be converted in the foreseeable future and therefore no dilution is anticipated for the foreseeable future.
5. Current assets
Trade and other receivables0,2 0,3 0,2
Amount owing by affiliated company0,9 0,2
Cash and cash equivalents7,1 16,1 9,3
8,2 16,6 9,5
6. Current liabilities
Trade and other payables0,8 0,8 1,0
Taxation0,3 1,3 1,5
1,1 2,1 2,5
7. Comparative information
Comparative information has been restated for the impact of IFRS on the associate company's results.
The aggregate effect of the restatements is as follows.
  Previously
Stated  AdjustmentRestated
As at 31 December 2003
Retained earnings 136,5 (0,6) 135,9
Non-distributable reserves 510,6 1,1 511,7
For the six months ended 30 June 2004
Investment in associate 800,61,1801,7
Retained earnings 124,6 (0,8)123,8
Non-distributable reserves 493,41,9 495,3
For the year ended 31 December 2004
Investment in associate820,81,8822,6
Retained earnings 160,4 (0,9) 159,5
Non-distributable reserves 473,3 2,7 476,0

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