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  • Headline earnings per share (including net unrealised foreign exchange gains and losses) were 232,8 cents (2005: 255,4 cents). In US dollar terms, these were 27,7 US cents per share (2005: 32,1 US cents per share).
  • Adjusted headline earnings per share were 253,5 cents (2005: 274,5 cents) which, consistent with prior years, include gains and losses arising on the disposal of containers from Textainerís leasing fleet. In US dollar terms, these were 30,8 US cents per share (2005: 35,1 US cents per share).
  • Trading profit after net interest expense was R493 million (2005: R499 million).
  • Net realised and unrealised exchange gains arising on translation of net dollar receivables and the related provisions were R135 million (2005: R187 million).
  • Valuation provision against long-term receivables reduced by a net R60 million (2005: R67 million) in recognition of the continuing improved outlook for collectability and timing of receipts.
  • Consolidated gearing ratio was 169% (2005: 169%).
  • Final dividend of 37 cents per share declared, making a total of 57 cents per share for the year (2005: total 40 cents per share).

TEXTAINER (72% owned by Trencor)

  • Net profit for the year was US$54,1 million (2005: US$59,6 million).
  • Average utilisation of the container fleet under management for the year was 91,1% (2005: 91,9%). Currently, utilisation is 91,6%.
  • Textainer purchased the right to manage the Gateway fleet with effect from 1 July 2006, thereby increasing the fleet under management by 317 000 twentyfoot equivalent units (TEUs).
  • 62,2% of the 1 527 000 TEUs under management are on long-term lease.
  • Gearing at 31 December 2006 was 179% (2005: 203%).
  • Equipment purchases during the year amounted to 94 900 TEUs.

TRENSTAR SA (PTY) LTD (100% owned by Trencor)

  • Operating in South Africa, growth at TrenStar SA during 2006 was satisfactory with revenue increasing to R72 million (2005: R57 million).
  • Profit before interest and tax improved to R9,8 million (2005: R3,5 million).

TRENSTAR INC (58% owned by Trencor)

  • Revenue for the year was US$65,6 million (2005: US$56,0 million).
  • Net loss, including substantial restructuring costs, came to US$11,2 million (2005: loss US$9,9 million).
  • Certain operations in the US continue to show promise. However, in the UK, higher beer keg losses due to theft, coupled with declining draught beer sales (on which TrenStarís revenue is based) on the part of two of TrenStarís larger UK brewer customers, have made the contracts between these customers and the TrenStar subsidiaries involved uneconomic. Contractual disputes with these customers regarding responsibility for replacing kegs in this environment of increased keg losses have exacerbated the position. TrenStar is discussing the best way forward with the customers and financiers concerned. To facilitate a solution, the special purpose company that contracted with one of these customers has been placed into administration and it is unlikely that the contract will be continued. It is further possible that the contract with the other customer may be discontinued.
  • These developments have negatively impacted TrenStarís performance and hampered efforts to raise significant new equity to de-gear its balance sheet and improve profitability. As previously reported, strategic alternatives for TrenStar Inc continue to be considered.


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.


Final dividends in respect of the year ended 31 December 2006 have been declared as follows:


NO 82



NO 67


*The Mobile dividend is declared under the new ISIN ZAE000091435 which commences on Monday, 5 March 2007.

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

Last day to trade cum the dividend

Thursday, 29 March 2007

Trading commences ex the distribution

Friday, 30 March 2007

Record date

Thursday, 5 April 2007

Payment date

Tuesday, 10 April 2007

Share certificates may not be dematerialised or rematerialised between Friday, 30 March 2007 and Thursday, 5 April 2007, both days inclusive.


In terms of the trust deeds governing the convertible debentures, each debenture will automatically convert into shares on the last Friday of the fifth month of the financial year following the financial year in respect of which the total dividend declared in cents per share is equal to or exceeds a specified level, namely 54,6 cents in respect of Trencor and 4,5 cents in respect of Mobile.

In view of the fact that the total dividends in respect of the year ended 31 December 2006 exceed the predetermined levels, each Trencor debenture will be converted into one Trencor ordinary share and each Mobile debenture into three Mobile ordinary shares effective 25 May 2007. A circular containing full details with regard to the conversions and incorporating forms of surrender will be issued to debenture holders in due course.


As announced on 20 February 2007, the resolutions required to consolidate the two classes of ordinary shares in Mobile into one class of share were passed at the general meetings held on 19 February 2007 and are in the process of being implemented. This, together with the conversion of the debentures referred to in the preceding paragraph, will reduce the current five investor entry points into the Mobile/Trencor Group to only two Ė one class of ordinary share in each of Mobile and Trencor. These steps simplify the group structure and should enhance liquidity in Mobile and Trencor shares.

Investigations into value enhancement initiatives at the operational level indicate that an appropriate opportunity may be the listing of Textainer on an international stock exchange. This is being explored further and shareholders will be advised of developments.






22 FEBRUARY 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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