- Trading profit from continuing operations (which is mainly earned in foreign currency), after net interest expense, increased by 3% from US$35,3 million to US$36,3 million.
Expressed in rand, this increased to R224 million from R217 million at June 2005.
- Net realised and unrealised exchange gains arising on translation into rand of the net dollar receivables and the related provisions and loans were R152 million (2005: R257 million). The effect on earnings per share in the current period of this non-cash adjustment was a reduction of 48 cents.
- As a result of the above, headline earnings per share (including the effect of foreign exchange translation gains and losses referred to above) were 130,3 cents (June 2005: 174,7 cents). In US currency terms, headline earnings were 11,4 US cents per share (June 2005: 16,5 US cents per share).
- Adjusted headline earnings per share, which includes net gains and losses arising from the sale of containers from Textainer’s leasing fleet, were 140,2 cents per share (June 2005: 185,0 cents per share).
- Consolidated gearing ratio was 162% (30 June 2005: 193%). There is no longer any debt at the centre.
- Interim dividend of 20 cents per share declared (2005: 10 cents per share).
- Net profit for the half year was US$25,4 million (2005: US$30,8 million).
- Average utilisation of the container fleet under management for the six months to 30 June 2006 was 89,8% (June 2005: 92,4%). Spot utilisation at 30 June 2006 was 91,9% (June 2005: 92,8%).
- 66,8% of the 1,2 million TEU (twenty foot equivalent unit) under management at 30 June 2006 was on long-term lease.
- Acquired the rights to manage Gateway’s fleet of 315 000 TEU with effect from 1 July 2006, increasing the total managed fleet to 1,5 million TEU, making it the largest lessor-operated fleet in the world.
- Loss for the half year was US$4,7 million (2005: loss US$4,4 million).
- Revenue for the half year was US$29,5 million (2005: US$25,6 million).
- Trencor continues to review alternatives for the future of Trenstar.
DECLARATION OF DIVIDENDS
Dividends in respect of the six months ended 30 June 2006 have been declared as follows:
CENTS PER SHARE
1,55 CENTS PER SHARE
The salient dates pertaining to the dividend payments are as follows:
Last day to trade cum the dividend
Thursday, 21 September 2006
Trading commences ex the distribution
Friday, 22 September 2006
Friday, 29 September 2006
Monday, 2 October 2006
Share certificates may not be dematerialised or rematerialised between Friday, 22 September 2006 and Friday, 29 September 2006, both days inclusive.
CAPITAL RESTRUCTURING AND VALUE ENHANCING INITIATIVES
Investors are referred to the separate announcement of 23 August 2006 on capital restructuring and value enhancing initiatives.
ON BEHALF OF THE BOARDS
CHAIRMAN TRENCOR LIMITED
CHAIRMAN MOBILE INDUSTRIES LIMITED
24 AUGUST 2006
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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