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  Reviewed Results 2004     E-mail

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HIGHLIGHTS

TRENCOR: GROUP

  • Headline earnings per share (including unrealised foreign exchange gains and losses) were 262,3 cents (2004: 78,3 cents). In US dollar terms, headline earnings were 33,1 US cents per share (2004: 21,9 US cents per share).
  • Adjusted headline earnings per share were 266,7 cents (2004: 72,5 cents), which include gains and losses arising on the disposal of containers from Textainer's leasing fleet, consistent with prior years, but exclude the effects of the non-cash adjustments made to Textainer's earnings arising from accounting for derivatives (refer to note 10 of the Trencor Limited consolidated condensed annual financial statements).
  • Trading profit after net interest expense increased by 31% from R366 million in 2004 to R480 million.
  • Net realised and unrealised exchange gains arising on translation of net dollar receivables and the related provisions were R187 million (2004: net loss R232 million).
  • Valuation provision against long-term receivables reduced by a net R67 million in recognition of the improved outlook for collectability and timing of receipts.
  • Consolidated gearing ratio was 169% (2004: 187%).
  • Final dividend of 30 cents per share declared, making a total of 40 cents per share for the year (2004: total 12 cents per share).

TEXTAINER

  • Net income for the year, excluding the adjustment for derivatives (refer to note 10 of the Trencor Limited consolidated condensed annual financial statements), was US$56,9 million (2004: US$46,4 million).
  • Average utilisation of the container fleet under management for the year was 91,9% (2004: 93.2%). Currently, utilisation is 89,1%.
  • 68,4% of the 1 155 000 twenty foot equivalent units (TEUs) under management are on long-term lease.
  • Gearing at 31 December 2005 was 203% (2004: 269%).
  • Equipment purchases during the year amounted to 78 454 TEUs, which was significantly below expectation.

TRENSTAR INC

  • Revenue for the year was US$56,0 million (2004: US$51,0 million).
  • Net loss for the year was US$9,9 million (2004: net loss US$13,8 million).
  • Trencor (US$7 million) and the Carlyle Group (US$3 million) committed a further US$10 million of additional equity to TrenStar, of which US$2,1 million had been invested by Trencor and US$0,9 million by the Carlyle Group by the end of December 2005.
  • During the second half of the year, the TrenStar board implemented certain management changes which included the replacement of Gregory Cronin as CEO with Alex M Brown as Chief Executive.

TRENSTAR SA

  • Performed well and made a positive contribution to earnings.

DECLARATION OF DIVIDENDS

Final dividends in respect of the year ended 31 December 2005 have been declared as follows:

TRENCOR

NO 80

30,0 cents PER SHARE

MOBILE

NO 65

2,3 cents PER SHARE

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

Last day to trade cum the dividend

Friday, 31 March 2006

Trading commences ex the distribution

Monday, 3 April 2006

Record date

Friday, 7 April 2006

Payment date

Monday, 10 April 2006

Share certificates may not be dematerialised or rematerialised between Monday, 3 April 2006 and Friday, 7 April 2006, both days inclusive.

REVIEW OPINION

These results, other than the figures stated in US dollars, have been reviewed by the auditors, KPMG Inc, and their unmodified review reports are available for inspection at the registered office.

ON BEHALF OF THE BOARDS

NI JOWELL

CHAIRMAN TRENCOR LIMITED

C JOWELL

CHAIRMAN MOBILE INDUSTRIES LIMITED

27 FEBRUARY 2006

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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