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MOB TRE
MOB TRE
TRE / MOB - Trencor / Mobile - Interim Results Unaudited For The Six Months
Ended 30 June 2007 And Declaration Of Dividends
TRENCOR LIMITED
REG NO 1955/002869/06
("Trencor")
SHARE CODE: TRE
ISIN: ZAE000007506
MOBILE INDUSTRIES LIMITED
REG NO 1968/014997/06
("Mobile")
SHARE CODE: MOB
ISIN: ZAE000091435
INTERIM RESULTS UNAUDITED FOR THE SIX MONTHS ENDED 30 JUNE 2007 AND DECLARATION
OF DIVIDENDS
HIGHLIGHTS
TRENCOR: GROUP
Trading profit from continuing operations (which is mainly earned in
foreign currency), after net finance costs, increased by 33% from
US$36,7 million to US$48,9 million. Expressed in rand, this increased by 55%
from R226 million at June 2006 to R350 million.
However, net exchange gains, realised and unrealised, arising on the
translation into rand of the net dollar receivables and the related provisions
amounted to R20 million (2006: R152 million) and the net effect of this non-
cash adjustment was a 50 cents lesser contribution to earnings per share
compared to the same period in 2006.
Headline earnings per share (including the effect of foreign exchange
translation gains and losses and of the conversion of the debentures) were
102,1 cents per share which may be compared to similarly diluted earnings per
share for the same period in 2006 of 108,8 cents per share. It should be noted
that the convertible debentures were converted into ordinary shares on a one-
for-one basis with effect from 1 January 2007.
Diluted adjusted headline earnings per share, which includes net gains
and losses arising from the sale of containers from Textainer`s leasing fleet
and after conversion of the debentures, were 114,4 cents (2006: 117,1 cents).
Consolidated gearing ratio was 151% (2006: 163%). If debt associated
with the discontinued beer keg contracts is excluded, consolidated gearing
ratio was 108%.
Interim dividend of 22,0 cents per share declared (2006: 20,0 cents per
share).
TEXTAINER (72% owned by Trencor)
Net profit for the half year was US$32,0 million (2006 restated: US$24,2
million).
Average utilisation of the container fleet under management for the six
months to 30 June 2007, calculated on a basis consistent with the past, was
91,2% (June 2006: 89,8%); spot utilisation at 30 June 2007 was 91,7% (June
2006: 91,9%). With effect from 1 January 2007, Textainer changed the basis of
calculating utilisation to conform to that used by most of its competitors; on
this basis, spot utilisation at 30 June 2007 was 94,1%.
62,7% of the 1,5 million TEU (twenty foot equivalent unit) under
management at 30 June 2007 was on long-term lease compared to 67,4% of
1,2 million TEU in June 2006.
Textainer acquired the rights to manage the Capital Lease Ltd fleet of
over 500 000 TEU and expects to begin managing the fleet from 1 September
2007. This transaction brings the total fleet under management to more than
two million TEU.
As previously reported, the listing of Textainer`s shares on an
international stock exchange is under consideration; shareholders will be
advised of any developments as allowed under applicable law.
TRENSTAR SA (PTY) LTD (100% owned by Trencor)
Made a satisfactory contribution to group earnings for the half-year.
TRENSTAR INC (58% owned by Trencor)
Discontinued the beer keg business in the UK and Europe and is in the
process of an orderly unwinding of the contracts with the brewers.
Continues to trade satisfactorily in the US.
Revenue and losses from continuing operations amounted to US$7,5 million
and US$0,9 million respectively for the half-year (2006: US$7,6 million and
US$2,6 million).
Trencor continues to review alternatives for the future of TrenStar Inc.
DECLARATION OF DIVIDENDS
Dividends in respect of the six months ended 30 June 2007 have been declared
as follows:
TRENCOR NO 83 22,0 CENTS PER SHARE
MOBILE NO 68 1,75 CENTS PER SHARE
The salient dates pertaining to the dividend payments are as follows:
Last day to trade cum the dividend Friday, 14 September 2007
Trading commences ex the dividend Monday, 17 September 2007
Record date Friday, 21 September 2007
Payment date Tuesday, 25 September 2007
Share certificates may not be dematerialised or rematerialised between Monday,
17 September 2007 and Friday, 21 September 2007, both days inclusive.
ON BEHALF OF THE BOARDS
NI JOWELL: CHAIRMAN TRENCOR LIMITED
C JOWELL: CHAIRMAN MOBILE INDUSTRIES LIMITED
23 AUGUST 2007
Condensed consolidated income statements for the six months ended 30 June 2007
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
2007 2006 2006
R Million RESTATED RE-PRESENTED
Revenue (including exchange
differences) (Note 2) 966,6 1 018,1 1 902,7
Continuing operations
Trading profit 451,5 294,0 720,8
Realised exchange gains 30,8 237,1 205,4
Translation of long-term receivables,
included in revenue, excluding fair
value adjustment 30,8 236,2 204,5
Translation of borrowings - 0,9 0,9
Net long-term receivable
fair value adjustment (11,1) (85,3) (9,5)
Increase due to translation
of dollar amount (11,1) (85,3) (69,1)
Reduction in fair value adjustment - - 59,6
Impairment of plant and equipment (1,0) (5,5) (1,3)
Profit from operations 470,2 440,3 915,4
Net finance costs (Note 4) (101,4) (67,9) (210,9)
Finance expense (124,1) (81,2) (243,1)
Finance income 22,7 13,3 32,2
Share of profit of equity accounted investee - - 0,6
Exceptional items (Note 5) (5,4) 0,8 (36,9)
Profit before tax 363,4 373,2 668,2
Income tax (expense)/credit (27,9) (62,8) (98,1)
Profit after tax from continuing operations 335,5 310,4 570,1
Discontinued operations
Profit/(Loss) for the period from
discontinued operations
(net of income tax) (Note 3) 2,7 (8,8) (75,3)
Profit for the period 338,2 301,6 494,8
Attributable to:
Equity holders of the company 207,5 209,1 319,4
Minority interest 130,7 92,5 175,4
338,2 301,6 494,8
Number of shares in issue 187,2 156,5 158,4
Weighted average number
of shares in issue (million) 187,1 155,8 156,5
Basic earnings per share (cents)
Entity as a whole 110,9 134,2 204,1
Continuing operations 110,2 137,4 230,9
Discontinued operations 0,7 (3,2) (26,8)
Diluted earnings/(loss) per share (cents)
Entity as a whole 110,7 114,9 176,7
Continuing operations 110,0 117,6 199,1
Discontinued operations 0,7 (2,7) (22,4)
Period-end rate of exchange:
SA rand to US dollar 7,07 7,10 6,98
Average rate of exchange for period:
SA rand to US dollar 7,17 6,31 6,77
Condensed consolidated balance sheets at 30 June 2007
TRENCOR
UNAUDITED AUDITED
30 JUNE 31 DECEMBER
2007 2006 2006
R Million RESTATED
Assets
Property, plant and equipment 6 248,7 7 360,7 7 981,5
Intangible assets 129,0 114,8 136,2
Investment in equity accounted investee - 0,3 -
Other investments 122,5 35,7 114,6
Long-term loans 5,8 8,3 8,5
Net investment in finance leases 277,0 278,8 251,6
Long-term receivables 1 185,3 1 296,4 1 267,8
Deferred tax assets 113,7 117,0 104,5
Derivative financial instruments 29,2 61,8 29,3
Restricted bank balances 147,2 310,4 409,8
Total non-current assets 8 258,4 9 584,2 10 303,8
Current assets (Note 8) 3 083,4 1 239,7 1 284,9
Total assets 11 341,8 10 823,9 11 588,7
Equity
Share capital and premium (Note 9) 455,0 183,9 193,8
Reserves 2 324,7 2 104,1 2 164,0
Equity attributable to equity holders
of the company 2 779,7 2 288,0 2 357,8
Minority interest 1 176,9 1 026,9 1 078,8
Total equity 3 956,6 3 314,9 3 436,6
Liabilities
Convertible debentures (Note 9) - 260,5 260,5
Interest-bearing borrowings 3 866,7 5 126,7 5 806,3
Amounts attributable to third parties in
respect of long-term receivables 255,7 259,6 263,0
Derivative financial instruments 3,6 2,9 4,2
Share-based payments 98,2 73,1 88,2
Deferred income 1,2 34,1 52,8
Deferred tax liabilities 301,8 327,7 308,3
Total non-current liabilities 4 527,2 6 084,6 6 783,3
Current liabilities (Note 10) 2 858,0 1 424,4 1 368,8
Total liabilities 7 385,2 7 509,0 8 152,1
Total equity and liabilities 11 341,8 10 823,9 11 588,7
Capital expenditure incurred during
the period 777,4 482,4 1 698,5
Capital expenditure committed and
authorised, but not yet incurred 93,2 142,9 281,0
Market value of listed investments 15,9 14,5 14,1
Directors` valuation of
unlisted investments 106,6 21,2 100,5
Ratio to aggregate of total equity and
convertible debentures:
Total liabilities excluding convertible
debentures (%) 186,7 202,7 213,5
Interest-bearing debt excluding convertible
debentures (%) 151,2 162,7 173,8
Condensed consolidated cash flow statements for the six months ended 30 June
2007
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
2007 2006 2006
R Million RESTATED
Cash generated from operations 1 111,5 834,2 1 424,7
Finance income received 22,7 15,2 36,9
Dividends received - - 0,9
Finance expenses paid (124,0) (159,6) (362,6)
Dividends paid to shareholders of the
company (58,6) (32,4) (49,2)
Dividends paid to minorities (57,8) (46,7) (78,1)
Taxation paid (33,3) (19,8) (44,2)
Net cash inflow from operating activities 860,5 590,9 928,4
Cash flows from investing activities (295,7) (487,0) (1 475,6)
Cash flows from financing activities (450,5) (52,7) 615,1
Net increase in cash and cash
equivalents before exchange rate changes 114,3 51,2 67,9
Net cash and cash equivalents
at the beginning of the period 616,1 495,8 495,8
Effects of exchange rate changes on cash
and cash equivalents 5,9 65,7 52,4
Net cash and cash equivalents at the end
of the period (refer notes 8 and 11) 736,3 612,7 616,1
Condensed consolidated statements of changes in equity for the six months ended
30 June 2007
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
2007 2006 2006
R Million RESTATED
Balance at the beginning of the period 3 436,6 2 801,2 2 801,2
Movement in share capital and premium 261,2 4,7 14,6
Proceeds on issue of shares 0,7 4,7 14,6
Conversion of convertible debentures 260,5 - -
Movement in reserves
Fair value reserve
- change in fair value of available-for-
sale assets 1,8 3,8 3,2
Foreign currency translation reserve 9,8 148,3 130,5
Equity compensation reserve 0,2 0,6 -
Loss on dilution of investment in subsidiaries
- amount transferred from retained income (5,4) (1,2) (5,1)
Retained income 154,3 163,6 246,4
Profit for the period 207,5 209,1 319,4
As previously reported 214,5
Restatement (refer note 13) (5,4)
Dividends paid to shareholders of the company (58,6) (46,7) (78,1)
Transfers to specific reserves
Loss on dilution of investment in
subsidiaries 5,4 1,2 5,1
Movements in minority interest 98,1 193,9 245,8
Share of profit for the period 130,7 92,5 175,4
As previously reported 93,5
Restatement (refer note 13) (1,0)
Increase in investment in subsidiary 6,2 11,2 9,9
Foreign currency translation differences 13,3 115,0 98,9
Share-based payment 0,3 0,2 (0,5)
Amount arising on change in minority interest 5,4 7,4 11,3
Dividends (57,8) (32,4) (49,2)
Balance at the end of the period 3 956,6 3 314,9 3 436,6
Notes to the condensed consolidated financial statements for the six months
ended 30 June 2007
1. These condensed consolidated interim financial statements have been
prepared in accordance with International Financial Reporting Standards
(IFRS) IAS 34 Interim Financial Reporting. The accounting policies used in
the preparation of the financial statements are consistent with those used
in the annual financial statements for the year ended 31 December 2006.
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
2007 2006 2006
R Million RESTATED RE-PRESENTED
2. Revenue
Goods sold and services rendered 57,4 74,3 111,0
Leasing income 781,2 638,0 1 419,7
Management fees 72,7 41,5 109,6
Finance income 24,5 28,1 57,9
935,8 781,9 1 698,2
Realised and unrealised exchange differences 30,8 236,2 204,5
966,6 1 018,1 1 902,7
3. Discontinued operations
During the period under review the group exited the UK/European market for
beer keg asset ownership and management business. The operation was
previously reported in the mobile asset management segment. Comparative
information for earlier periods has been re-presented to show the
discontinued operation separately from continuing operations.
Plans to dispose of the associated assets and liabilities are well
advanced.
Profits/Losses attributable
to discontinued operations
Revenue 182,6 138,2 343,2
Expenses (119,2) (98,4) (306,4)
Profit from operations 63,4 39,8 36,8
Finance expenses (59,8) (50,5) (119,8)
Finance income 0,6 1,9 4,7
Profit/(Loss) from discontinued operations
(before and after tax) 4,2 (8,8) (78,3)
(Costs)/Recoveries on discontinuance (1,6) - 4,5
Income tax credit 0,1 - (1,5)
Profit/(Loss) after tax 2,7 (8,8) (75,3)
Minority interest
Minority interest in profit/(loss) from
discontinued operations 1,8 (3,8) (33,3)
Minority interest in post-tax other costs
of discontinuance (0,5) - -
1,3 (3,8) (33,3)
4. Net finance costs
Finance expenses 124,1 81,2 243,1
Interest expense incurred by: 136,6 113,6 258,7
- Textainer 123,7 97,1 224,0
- TrenStar 12,9 8,4 18,6
- Other group companies - 8,1 16,1
Gains on derivative financial instruments (12,5) (32,4) (15,6)
Finance income - interest income earned from:(22,7) (13,3) (32,2)
Cash and cash equivalents (22,3) (13,1) (31,7)
Other (0,4) (0,2) (0,5)
101,4 67,9 210,9
5. Exceptional items
Impairment of goodwill - - (33,9)
Net loss on dilution of interest in
subsidiaries (5,4) (1,2) (5,1)
Premium paid on shares
repurchased by a subsidiary - (0,1) (0,6)
Profit on disposal of investment - 2,1 2,7
(5,4) 0,8 (36,9)
6. Headline earnings
Profit attributable to equity holders of the
company 207,5 209,1 319,4
Impairment of plant and equipment 0,6 3,1 36,4
Net profit on sale of
property, plant and equipment (23,4) (13,8) (27,8)
Loss on disposal of intangible asset - - 2,6
Exceptional items (Note 5) 5,4 (0,8) 36,9
Discontinued operations
- costs/(recoveries) on discontinuance 1,0 - (3,0)
Minority share of exceptional items - - (0,1)
Headline earnings 191,1 197,6 364,4
Weighted average number of shares in
issue (million) 187,1 155,8 156,5
Headline earnings per share (cents) 102,1 126,8 232,8
Diluted headline earnings per share (cents) 101,9 108,8 200,7
Adjusted 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 containers from its
leasing fleet is not appropriate for a proper understanding of the results
of the group. Accordingly, adjusted headline earnings per share, which
includes profits and losses on the sale of containers, is also presented
for information.
Headline earnings (as above) 191,1 197,6 364,4
Profit on sale of containers 23,4 15,4 32,4
Adjusted headline earnings 214,5 213,0 396,8
Adjusted headline earnings per share (cents) 114,6 136,7 253,5
Diluted adjusted headline earings per
share (cents) 114,4 117,1 218,0
7. Segmental reporting
Revenue
Continuing operations
Containers - finance
(including exchange differences) 55,7 264,5 262,3
Containers - owning, leasing
and management 817,0 672,3 1 465,8
Mobile asset management services 93,2 80,7 173,1
Other 0,7 0,6 1,5
966,6 1 018,1 1 902,7
Segment result
- profit from operations
Continuing operations
Containers - finance 42,0 176,7 248,6
Containers - owning, leasing
and management 414,6 290,9 720,9
Mobile asset management services 23,2 (12,4) (23,7)
Other (9,6) (14,9) (30,4)
470,2 440,3 915,4
8. Current assets
Inventories 15,9 23,7 31,2
Trade and other receivables 573,8 594,1 619,5
Current tax asset 11,8 9,2 13,1
Assets classified as held
for sale (Note 11) 1 786,5 - 5,0
Cash and cash equivalents 695,4 612,7 616,1
3 083,4 1 239,7 1 284,9
9. Conversion of convertible debentures
In terms of the trust deed governing the convertible debentures, each
debenture converted into one share, effective 1 January 2007. For
calculation of the weighted average number of shares in issue, the shares
issued have been included with effect from 1 January 2007.
Number of shares issued 28,6 - -
Increase in share capital and premium
Share capital 0,1 - -
Share premium 260,4 - -
260,5 - -
10. Current liabilities
Trade and other payables 543,4 663,2 663,1
Provisions 5,8 6,7 5,9
Current tax liability 88,3 65,3 79,2
Current portion of
interest-bearing borrowings 420,9 689,1 620,5
Liabilities classified as
held for sale (Note 12) 1 799,5 - -
Short-term borrowings 0,1 0,1 0,1
2 858,0 1 424,4 1 368,8
11. Assets classified as held for sale
Property, plant and equipment 1 662,0 - 5,0
Restricted bank balances 28,7 - -
Inventories 0,3 - -
Trade and other receivables 54,6 - -
Cash and cash equivalents 40,9 - -
1 786,5 - 5,0
12. Liabilities classified as held for sale
Interest-bearing borrowings 1 693,9 - -
Deferred income 66,8 - -
Deferred tax liabilities 9,4 - -
Trade and other payables 29,4 - -
1 799,5 - -
13. Reporting changes
Comparative information for 30 June 2006 has been restated to account for
the two IFRS adjustments identified in the preparation of the 2006 Textainer
results.
In order to provide a better appreciation of the results of the group`s
activities, condensed income statements and balance sheets are also presented
in US dollars, as virtually all of the group`s revenue and assets and much of
its expenditure are denominated in that currency. The amounts stated in US
dollars have been prepared by management and are unaudited.
Unaudited Trencor condensed consolidated income statement in us dollars
for the six months ended 30 June 2007
TRENCOR
UNAUDITED UNAUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
2007 2006 2006
US$ MILLION RESTATED RE-PRESENTED
Revenue 156,5 149,3 266,4
Continuing operations
Trading profit 63,1 47,5 107,7
Exchange gains arising on translation 0,5 3,0 4,0
Net long-term receivable fair value
adjustment - - 9,0
Impairment of plant and equipment - (0,9) (0,2)
Profit from operations 63,6 49,6 120,5
Net finance costs (14,2) (10,8) (31,2)
Finance expense (17,4) (12,9) (35,9)
Finance income 3,2 2,1 4,7
Share of profit of equity accounted
investee - - 0,1
Exceptional items (0,9) 0,1 (5,4)
Profit before taxation 48,5 38,9 84,0
Income tax expense (3,2) (4,1) (10,2)
Profit after tax from
continuing operations 45,3 34,8 73,8
Discontinued operations (net
of income tax) 0,5 (1,4) (10,9)
Profit for the period 45,8 33,4 62,9
Attributable to:
Equity holders of the company 27,5 18,7 36,9
Minority interest 18,3 14,7 26,0
45,8 33,4 62,9
Number of shares in issue (million) 187,2 156,5 155,6
Weighted average number of shares
in issue (million) 187,1 155,8 156,5
Basic earnings per share (US cents)
Entity as a whole 14,7 12,1 23,6
Continuing operations 14,5 12,6 27,5
Discontinued operations 0,2 (0,5) (3,9)
Diluted earnings per share (US cents)
Entity as a whole 14,7 10,7 20,6
Continuing operations 14,5 11,1 23,9
Discontinued operations 0,2 (0,4) (3,3)
Headline earnings per share
(US cents) 13,5 10,7 27,7
Diluted headline earnings
per share (US cents) 13,4 9,5 24,1
Adjusted headline earnings
per share (US cents) 15,2 12,3 30,8
Diluted adjusted headline earnings
per share (US cents) 15,2 10,8 26,6
Period-end rate of exchange:
SA rand to US dollar 7,07 7,10 6,98
Average rate of exchange for
the period: SA rand to US dollar 7,17 6,31 6,77
Trading profit from continuing
operations comprises:
Textainer 58,0 47,0 106,7
TrenStar 3,2 (2,0) (3,4)
Other 1,9 2,5 4,4
63,1 47,5 107,7
UNAUDITED TRENCOR CONDENSED CONSOLIDATED BALANCE SHEET IN US DOLLARS
at 30 June 2007
TRENCOR
UNAUDITED UNAUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
2007 2006 2006
US$ MILLION RESTATED
Assets
Non-current assets
Property, plant and equipment 884,5 1 036,7 1 144,2
Long-term receivables 167,7 182,6 181,6
Other non-current assets 116,5 130,6 151,0
1 168,7 1 349,9 1 476,8
Current assets 435,4 174,6 183,4
Inventories 2,2 3,3 4,5
Trade and other receivables 82,8 85,0 90,6
Assets classified as held for sale 252,0 - -
Cash and cash equivalents 98,4 86,3 88,3
Total assets 1 604,1 1 524,5 1 660,2
Equity and liabilities
Equity attributable to equity holders of
the company 393,0 321,9 337,7
Minority interest 166,5 144,8 154,6
Total equity 559,5 466,7 492,3
Liabilities
Convertible debentures - 36,7 37,3
Interest-bearing borrowings 546,9 722,1 831,8
Amounts attributable to third parties
in respect of long-term receivables 36,2 36,6 37,7
Derivative financial instruments 0,5 0,4 0,6
Share-based payments 13,9 10,3 12,6
Deferred income 0,2 4,8 7,6
Deferred taxation 42,7 46,2 44,2
Total non-current liabilities 640,4 857,1 971,8
Current liabilities 404,2 200,7 196,1
Trade and other payables 90,2 103,6 107,2
Current portion of
interest-bearing borrowings 59,5 97,1 88,9
Liabilities classified as held for sale 254,5 - -
Total liabilities 1 044,6 1 057,8 1 167,9
Total equity and liabilities 1 604,1 1 524,5 1 660,2
Ratio to aggregate of total equity and
convertible debentures:
Total liabilities excluding
convertible debentures (%) 186,7 202,8 213,5
Interest-bearing debt excluding
convertible debentures (%) 151,2 162,7 173,8
Condensed consolidated income statements for the six months ended 30 June 2007
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
2007 2006 2006
R Million RESTATED
Revenue (including exchange
differences) (Note 2) 0,4 4,0 8,2
Continuing operations
Trading (loss)/profit (0,6) 3,5 7,3
Fair value adjustment
- convertible debentures - 85,1 115,3
(Loss)/Profit from operations (0,6) 88,6 122,6
Finance expense - (4,0) (7,8)
Share of profit of equity
-accounted investee 96,2 97,4 181,4
Exceptional items (Note 3) (0,3) (3,8) (11,9)
Profit before tax 95,3 178,2 284,3
Income tax (expense)/credit (0,1) - 0,5
Profit for the period attributable to equity
holders of the company 95,2 178,2 284,8
Number of shares in issue (million) 1 068,0 897,8 897,8
Weighted average number of shares in
issue (million) 1 068,0 897,8 897,8
Basic earnings per share (cents0 8,9 19,8 31,7
Diluted earnings per share (cents) 8,9 16,9 27,2
Condensed Consolidated Balance Sheets at 30 June 2007
MOBILE
UNAUDITED AUDITED
30 JUNE 31 DECEMBER
2007 2006 2006
R Million RESTATED
Assets
Investment in equity accounted investee
(Note 5) 1 547,6 1 063,3 1 085,9
Investment in convertible
debentures in associate - 357,0 387,2
Participation in export partnerships 2,7 4,0 2,9
Total non-current assets 1 550,3 1 424,3 1 476,0
Current assets (Note 6) 7,8 8,0 11,6
Total assets 1 558,1 1 432,3 1 487,6
Equity
Share capital and premium (Note 7) 192,7 66,5 66,5
Reserves 1 361,9 1 234,0 1 288,1
Total equity 1 554,6 1 300,5 1 354,6
Liability
Convertible debentures (Note 7) - 127,6 127,6
Deferred tax liabilities 2,7 3,2 2,9
Total non-current liabilities 2,7 130,8 130,5
Current liabilities (Note 8) 0,8 1,0 2,5
Total liabilities 3,5 131,8 133,0
Total equity and liabilities 1 558,1 1 432,3 1 487,6
Market value of listed investments 2 912,9 2 217,6 2 612,6
Condensed consolidated cash flow statements for the six months ended 30 June
2007
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
2007 2006 2006
R Million RESTATED
Cash (utilised by)/generated from operations (2,0) 6,3 7,9
Finance income received 0,4 4,0 8,2
Dividends received 27,0 21,9 36,5
Finance expenses paid - (4,0) (7,8)
Dividends paid to
shareholders of the company (26,9) (20,6) (34,6)
Taxation paid (0,4) (0,7) (0,2)
Net cash (outflow)/inflow
from operating activities (1,9) 6,9 10,0
Cash flows from financing activities (1,4) - -
Net (decrease)/increase in cash and cash
equivalents before exchange rate changes (3,3) 6,9 10,0
Net cash and cash equivalents
at the beginning of the period 11,0 1,0 1,0
Net cash and cash equivalents at the end of
the period 7,7 7,9 11,0
Condensed consolidated statements of changes in equity for the six months ended
30 June 2007
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
2007 2006 2006
R Million RESTATED
Balance at the beginning of the period 1 354,6 1 074,1 1 074,1
Movement in share capital and premium 126,2 - -
Conversion of convertible debentures 127,6 - -
Return of capital to shareholders (1,4) - -
Movement in reserves
Non-distributable reserves (2,7) 80,7 101,3
Share of net increase in non-distributable
reserves of associate 5,5 68,8 62,3
Retained income 71,0 76,9 116,9
Profit for the period 95,2 178,2 252,8
As previously reported 181,2
Restatement (refer note 9) (3,0)
Dividends paid to shareholders of the company 6,9) (20,6) (34,6)
Transfers to specific reserves
Loss on dilution of investment in associate 0,3 3,8 11,6
Unrealised gain on investment in
convertible debentures - (85,1) (115,3)
Loss on dilution of associates interest in
subsidiaries 2,4 0,6 2,4
Balance at the end of the period 1 554,6 1 300,5 1 354,6
Notes to the condensed consolidated financial statements for the six months
ended 30 June 2007
1. These condensed consolidated interim financial statements have been
prepared in accordance with International Financial Reporting Standards (IFRS)
IAS 34 Interim Financial Reporting. The accounting policies used in the
preparation of the financial statements are consistent with those used in the
annual financial statements for the year ended 31 December 2006.
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
2007 2006 2006
R Million RESTATED
2. Revenue
Interest income 0,4 4,0 8,2
3. Exceptional items
Loss on dilution of investment in associate (0,3) (3,8) (11,9)
4 Headline earnings
Profit attributable to equity holders of the
company 95,2 178,2 284,8
Exceptional items (Note 3) 0,3 3,8 11,9
Attributable share of headline earnings
adjustments of associate (7,6) (5,4) 21,0
Headline earnings 87,9 176,6 317,7
Weighted average number
of shares in issue (million) 1 068,0 897,8 897,8
Headline earnings
per share (cents) 8,2 19,7 35,4
Diluted headline earnings
per share (cents) 8,2 16,8 27,2
5. Investment in equity accounted investee
On conversion of the debentures referred to in note 7, Mobile received
13 730 780 shares in Trencor. Goodwill amounting to R259,6 million has
arisen on this transaction.
6. Current assets
Trade and other receivables 0,1 0,1 0,6
Cash and cash equivalents 7,7 7,9 11,0
7,8 8,0 11,6
7. Conversion of convertible debentures
In terms of the trust deed governing the convertible debentures, each
debenture converted into three shares, effective 1 January 2007. For
calculation of the average number of shares in issue, the shares issued have
been included with effect from 1 January 2007.
Number of shares issued 170,2 - -
Increase in share capital and premium
Share capital - - -
Share premium 127,6 - -
127,6 - -
8. Current liabilities
Trade and other payables 0,5 1,0 1,9
Current tax liability 0,3 - 0,4
Amount due to subsidiary of associate - - 0,2
0,8 1,0 2,5
9. Reporting changes
Comparative information for 30 June 2006 has been restated to account for
the two IFRS adjustments identified in the preparation of the 2006
Textainer results.
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)
THESE RESULTS CAN BE VIEWED ON THE WEBSITES: WWW.TRENCOR.NET AND
WWW.MOBILE-INDUSTRIES.NET
Date: 23/08/2007 17:20:00 Produced by the JSE SENS Department.
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