|
MOB TRE
MOB TRE
TRE/MOB - Trencor/Mobile - Interim results unaudited for the six months ended
30 June 2008 and declaration of cash 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 2008 AND DECLARATION
OF CASH DIVIDENDS
HIGHLIGHTS
TRENCOR: GROUP
Trading profit from continuing operations, which is earned in foreign currency
(mainly US dollars), after net finance costs increased by 24% from US$47,0
million to US$58,5 million during the period under review. Expressed in rand,
this increased by 32% from R336 million to R443 million.
Net exchange gains, realised and unrealised, arising on translation into rand of
the net dollar receivables and the related valuation adjustments amounted to
R194 million (2007: R20 million); this non-cash adjustment had the effect of
increasing earnings per share by 75 cents (2007 effect: 8 cents per share
increase).
Diluted headline earnings per share (including the effect of foreign exchange
translation gains and losses) were 183,4 cents (2007: 99,7 cents).
Diluted adjusted headline earnings per share (which includes net gains and
losses arising from the sale of containers from Textainer`s leasing fleet and
excludes the effect of foreign exchange translation gains and losses) were 129,3
cents (2007: 104,7 cents).
Consolidated gearing ratio at 30 June 2008 was 87% (2007: 151%).
Interim dividend of 35 cents per share declared (2007: 22 cents per share). We
previously reported a dividend policy guideline that annual dividends should be
covered about three times by sustainable headline earnings. The Board of Trencor
has determined that, following the restructure of the Group operations over the
last few years and having regard to our strong cash flows as well as to
opportunities that may arise to make attractive investments as Textainer pursues
planned growth as announced during its IPO in October 2007, future dividends
will be considered in the light of circumstances which prevail and/or are
anticipated from time to time in regard to the abovementioned and other relevant
factors. Similarly, interim dividends should not be seen as necessarily
indicative of the amount of final dividends.
TEXTAINER
Net profit for the half-year was US$48 million (2007: US$32 million).
Average tax rate declined to 1,9% from 6,2% in 2007 primarily due to
remeasurement of income tax provisions.
Average utilisation of the container fleet under management for the six months
to 30 June 2008 was 93,4% (2007: 93,6%). Spot utilisation at 30 June 2008 was
95,5% (2007: 94,1%).
67,9% of the more than 2 million TEU (twenty foot equivalent unit) under
management at 30 June 2008 was on long-term lease compared to 62,7% of
1,5 million TEU in June 2007.
In April 2008, Textainer negotiated a US$205 million five-year revolving
credit facility with a group of financial institutions. In July 2008, the
group extended and increased the size of its secured debt facility; the total
facility was increased from US$300 million to US$475 million.
In the first half of 2008, Textainer originated over 164 000 TEU of owned and
managed long-term leases and 18 600 TEU of direct financing and sales-type
leases. New owned and managed standard dry freight containers ordered for
delivery through August 2008 totalled 104 450 TEU at a cost of US$229 million.
In addition, 2 750 owned and managed 40 foot High Cube refrigerated containers
costing US$48 million were ordered for delivery through September 2008.
Textainer`s results may be viewed on its website www.textainer.com.
DECLARATION OF CASH DIVIDENDS
Cash dividends in respect of the six months ended 30 June 2008 have been
declared as follows:
TRENCOR NO 85 35,0 CENTS PER SHARE
MOBILE NO 70 2,8 CENTS PER SHARE
The salient dates pertaining to the dividend payments are as follows:
Last day to trade cum the dividend Friday, 29 August 2008
Trading commences ex the dividend Monday, 1 September 2008
Record date Friday, 5 September 2008
Payment date Monday, 8 September 2008
Share certificates may not be dematerialised or rematerialised between Monday,
1 September 2008 and Friday, 5 September 2008, both days inclusive.
ON BEHALF OF THE BOARDS
N I JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL CHAIRMAN MOBILE INDUSTRIES LIMITED
13 AUGUST 2008
Condensed consolidated income statement for the six months ended 30 June 2008
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
2008 2007 2007
R Million RE-PRESENTED
Revenue (including exchange
differences) (Note 2) 1 322,3 873,4 1 697,9
Continuing operations
Trading profit/(loss) 521,1 428,3 922,8
Realised and unrealised exchange
gains/(losses) on translation
of long-term receivables, included in
revenue, excluding fair value
adjustment 278,8 30,8 (46,0)
Net long-term receivable fair value
adjustment (73,4) (11,1) 78,3
(Increase)/Decrease due to translation
of dollar amount (84,9) (11,1) 17,5
Reduction in fair value adjustment 11,5 - 60,8
Impairment of plant and equipment (2,0) (1,0) (4,0)
Profit from operations 724,5 447,0 951,1
Net finance costs (Note 4) (78,0) (92,4) (247,7)
Finance expense (102,9) (112,8) (295,9)
Finance income 24,9 20,4 48,2
Exceptional items (Note 5) - (5,4) 197,3
Profit before tax 646,5 349,2 900,7
Income tax expense (78,5) (27,9) (73,4)
Profit after tax from continuing
operations 568,0 321,3 827,3
Discontinued operations
(Loss)/Profit for the period from
discontinued operations (net of
income tax) (Note 3) (77,2) 16,9 132,6
Profit for the period 490,8 338,2 959,9
Attributable to:
Equity holders of the company 339,1 207,5 659,9
Minority interest 151,7 130,7 300,0
490,8 338,2 959,9
Number of shares in issue (million) 187,4 187,2 187,3
Weighted average number of shares in
issue (million) 187,3 187,1 187,2
Basic earnings/(loss) per share (cents)
Entity as a whole 181,0 110,9 352,5
Continuing operations 205,5 100,8 302,2
Discontinued operations (24,5) 10,1 50,3
Diluted earnings/(loss) per share
(cents)
Entity as a whole 180,8 110,7 351,8
Continuing operations 205,2 100,6 301,6
Discontinued operations (24,4) 10,1 50,2
Period-end rate of exchange: SA rand
to US dollar 7,85 7,07 6,78
Average rate of exchange for period:
SA rand to US dollar 7,58 7,17 7,02
Condensed consolidated balance sheet at 30 June 2008
TRENCOR
UNAUDITED AUDITED
30 JUNE 31 DECEMBER
R Million 2008 2007 2007
Assets
Property, plant and equipment 7 207,3 6 248,7 5 726,0
Goodwill 141,3 - 122,0
Intangible assets 526,8 129,0 476,8
Investments 29,8 122,5 30,6
Long-term loans 2,7 5,8 3,1
Net investment in finance leases 470,4 277,0 331,1
Long-term receivables 1 189,9 1 185,3 1 113,3
Deferred tax assets 73,0 113,7 106,8
Derivative financial instruments 13,2 29,2 0,9
Restricted cash 125,4 147,2 113,5
Total non-current assets 9 779,8 8 258,4 8 024,1
Current assets (Note 8) 1 922,1 3 083,4 2 066,2
Total assets 11 701,9 11 341,8 10 090,3
Equity
Share capital and premium 456,1 455,0 455,6
Reserves 3 293,2 2 324,7 2 730,2
Equity attributable to equity
holders of the company 3 749,3 2 779,7 3 185,8
Minority interest 1 758,5 1 176,9 1 428,7
Total equity 5 507,8 3 956,6 4 614,5
Liabilities
Interest-bearing borrowings 4 196,9 3 866,7 3 490,7
Amounts attributable to third
parties in respect of long-term
receivables 245,6 255,7 262,7
Derivative financial instruments 39,7 3,6 29,9
Share-based payments - 98,2 -
Deferred income - 1,2 -
Deferred tax liabilities 335,0 301,8 316,1
Total non-current liabilities 4 817,2 4 527,2 4 099,4
Current liabilities (Note 9) 1 376,9 2 858,0 1 376,4
Total liabilities 6 194,1 7 385,2 5 475,8
Total equity and liabilities 11 701,9 11 341,8 10 090,3
Capital expenditure incurred during
the period 907,3 777,4 1 416,8
Capital expenditure committed and
authorised, but not yet incurred 392,2 93,2 157,2
Market value of listed investments 14,4 15,9 15,6
Directors` valuation of unlisted
investments 104,6 106,6 90,8
Ratio to aggregate of total equity:
Total liabilities (%) 112,5 186,7 118,7
Interest-bearing debt (%) 87,1 151,2 91,8
Condensed consolidated cash flow statement for the six months ended
30 June 2008
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
R Million 2008 2007 2007
Cash generated from operations 564,9 1 111,5 1 279,0
Finance income received 24,9 22,7 52,1
Finance expenses paid (109,8) (124,0) (340,5)
Dividends paid to equity holders of the
company (108,6) (58,6) (99,8)
Dividends paid to minorities (60,2) (57,8) (99,1)
Taxation paid (38,9) (33,3) (35,4)
Net cash inflow from operating
activities 272,3 860,5 756,3
Cash outflow from investing activities (444,1) (295,7) (1 603,0)
Cash inflow/(outflow) from financing
activities 369,9 (450,5) 1 058,9
Net increase in cash and cash
equivalents before exchange rate changes 198,1 114,3 212,2
Net cash and cash equivalents at the
beginning of the period 808,2 616,1 616,1
Effects of exchange rate changes on cash
and cash equivalents 101,6 5,9 (20,1)
Net cash and cash equivalents at the end
of the period 1 107,9 736,3 808,2
Condensed consolidated statement of changes in equity for the six months
ended 30 June 2008
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
R Million 2008 2007 2007
Balance at the beginning of the period 4 614,5 3 436,6 3 436,6
Movement in share capital and premium 0,5 261,2 261,8
Proceeds on issue of shares 0,5 0,7 1,3
Conversion of convertible debentures - 260,5 260,5
Movement in reserves
Fair value reserve - change in fair value
of available-for-sale assets (1,1) 1,8 1,5
Foreign currency translation reserve 320,2 9,8 (57,5)
Equity compensation reserve - current year
share-based payments 13,4 0,2 62,1
(Loss)/Gain on dilution of investment in
subsidiaries - amount transferred from
retained income - (5,4) 197,3
Retained income 230,5 154,3 362,8
Share of profit for the period 339,1 207,5 659,9
Dividends paid to equity holders of the
company (108,6) (58,6) (99,8)
Transfers to specific reserves
Loss/(Gain) on dilution of investment in
subsidiaries - 5,4 (197,3)
Movements in minority interest 329,8 98,1 349,9
Share of profit for the period 151,7 130,7 300,0
Foreign currency translation reserve 230,4 13,3 (42,8)
Share-based payments - current year 7,9 0,3 35,9
Amount arising on change in minority
interest - 11,6 155,9
Dividends paid to minorities (60,2) (57,8) (99,1)
Balance at the end of the period 5 507,8 3 956,6 4 614,5
Notes to the condensed consolidated interim financial statements for the six
months ended 30 June 2008
1. These condensed consolidated interim financial statements have been prepared
in accordance with International Financial Reporting Standards (IFRS),
including IAS 34 Interim Financial Reporting. The accounting policies used
in the preparation of these consolidated condensed financial statements are
consistent with those used in the annual financial statements for the year
ended 31 December 2007.
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
R Million 2008 2007 2007
2. Revenue
Goods sold and services rendered 182,6 51,3 178,9
Leasing income 730,9 694,1 1 352,1
Management fees 109,2 72,7 169,4
Finance income 20,8 24,5 43,5
1 043,5 842,6 1 743,9
Realised and unrealised exchange differences 278,8 30,8 (46,0)
1 322,3 873,4 1 697,9
3. Discontinued operations
During the year ended 31 December 2007 the group exited the mobile asset
ownership and management business. At the time of publication of the results to
30 June 2007, the group had only exited the UK/Europe keg business which
constituted a portion of the group`s discontinued operations for the year
ended 31 December 2007. In compliance with IFRS 5, the comparative information
for the six months ended 30 June 2007 has been re-presented so that the
comparative disclosures relate to all operations that were discontinued by
31 December 2007.
Substantially all of the associated assets and liabilities have been disposed
of at 30 June 2008. The operations were previously reported in the mobile asset
management segment.
(Losses)/Profits attributable to the discontinued operations were as follows:
Revenue 20,7 275,8 431,0
Other operating income - 0,2 1,7
Expenses (20,7) (196,6) (269,2)
Profit/(Loss) on disposal of discontinued
operations and remeasurement of fair value
less costs to sell 14,3 5,5 (10,4)
Profit/(Loss) from operations 14,3 84,9 153,1
Finance expenses (8,4) (71,1) (102,8)
Finance income 1,1 3,0 3,9
Profit before tax 7,0 16,8 54,2
Income tax (expense)/credit (84,2) 0,1 78,4
(Loss)/Profit for the period (77,2) 16,9 132,6
Attributable to:
Equity holders of the company (45,9) 18,8 94,1
Minority interest (31,3) (1,9) 38,5
(77,2) (16,9) 132,6
4. Net finance costs
Finance expenses 102,9 112,8 295,9
Interest expense incurred by: 92,5 123,7 260,3
Textainer 92,4 123,7 260,2
Other group companies 0,1 - 0,1
Losses/ (Gains)on derivative financial
instruments 10,4 (10,9) 35,6
Finance income - interest income earned
from: (24,9) (20,4) (48,2)
Cash and cash equivalents (24,6) (20,0) (46,9)
Other (0,3) (0,4) (1,3)
78,0 92,4 247,7
5. Exceptional items
Net (loss)/gain on dilution of interest in
subsidiaries - (5,4) 197,3
- (5,4) 197,3
6. Headline earnings
Profit attributable to equity holders of
the company 339,1 207,5 659,9
Net loss/(gain) on dilution of interest in
subsidiaries - 5,4 (197,3)
Impairment of plant and equipment 2,0 1,0 4,0
Profit on sale of plant and equipment (67,9) (42,1) (127,7)
(Profit)/Loss on disposal of discontinued
operations and remeasurement of fair value
less costs to sell (14,3) (5,5) 10,4
Total tax effects of adjustments 85,7 2,5 6,6
Total minority share of adjustments (0,5) 18,2 42,6
Headline earnings 344,1 187,0 398,5
Weighted average number of shares in issue
(million) 187,3 187,1 187,2
Headline earnings per share (cents) 183,7 99,9 212,9
Diluted headline earnings per share (cents) 183,4 99,7 212,4
Adjusted headline earnings
Headline earnings (as above) 344,1 187,0 398,5
Profit on sale of containers 38,1 23,4 64,4
TrenStar Inc depreciation adjustment - - (40,3)
TrenStar Inc deferred tax adjustment - - (42,5)
Net (gain)/loss on translation of net
dollar receivables (139,6) (14,0) 20,6
Adjusted headline earnings 242,6 196,4 400,7
Undiluted adjusted headline earnings per
share (cents) 129,5 105,0 214,0
Diluted adjusted headline earnings per
share (cents) 129,3 104,7 213,6
7. Segmental reporting
Revenue
Continuing operations
Containers - finance (including exchange
differences) 299,9 55,7 (2,5)
Containers - owning, leasing and management 1 021,7 817,0 1 698,9
Other 0,7 0,7 1,5
1 322,3 873,4 1 697,9
Segment result
Profit from operations
Continuing operations
Containers - finance 223,7 42,0 69,1
Containers - owning, leasing and management 514,8 414,6 903,4
Other (14,0) (9,6) (21,4)
724,5 447,0 951,1
8. Current assets
Inventories 23,8 15,9 25,8
Trade and other receivables 662,4 573,8 530,8
Investments 89,2 - 75,8
Current tax asset - 11,8 -
Assets classified as held for sale (Note 10) 116,0 1 786,5 676,4
Cash and cash equivalents 1 030,7 695,4 757,4
1 922,1 3 083,4 2 066,2
9. Current liabilities
Trade and other payables 626,5 543,4 442,0
Provisions - 5,8 -
Current tax liability 128,1 88,3 99,5
Current portion of interest-bearing
borrowings 602,3 420,9 437,9
Liabilities classified as held for sale
(Note 11) 19,9 1 799,5 396,9
Short-term borrowings 0,1 0,1 0,1
1 376,9 2 858,0 1 376,4
10. Assets classified as held for sale
Property, plant and equipment - 1 662,0 485,7
Intangible assets - - 1,0
Investments 35,5 - 26,1
Deferred tax asset - - 71,2
Restricted cash 1,0 28,7 0,9
Inventories - 0,3 2,9
Trade and other receivables 2,3 54,6 37,8
Cash and cash equivalents 77,2 40,9 50,8
116,0 1 786,5 676,4
11. Liabilities classified as held for sale
Interest-bearing borrowings - 1 693,9 307,9
Derivative financial instruments 3,2 - 6,5
Deferred tax liability - 9,4 -
Deferred income - 66,8 1,5
Trade and other payables 16,7 29,4 75,3
Provisions - - 5,7
19,9 1 799,5 396,9
In order to provide a better appreciation of the results of the group`s
activities, condensed consolidated 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.
Trencor condensed consolidated income statement in US dollars for the six months
ended 30 June 2008
UNAUDITED UNAUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
US$ Million 2008 2007 2007
RE-PRESENTED
Revenue 144,5 117,1 190,1
Continuing operations
Trading profit 68,8 59,9 132,1
Unrealised exchange gains/(losses) arising on
translation 6,7 0,5 (0,7)
Net long-term receivables fair value adjustment 0,8 - 9,1
Impairment of plant and equipment (0,3) (0,1) (0,6)
Profit from operations 76,0 60,3 139,9
Net finance costs (10,3) (12,9) (35,4)
Finance expense (13,6) (15,8) (42,2)
Finance income 3,3 2,9 6,8
Exceptional items - (0,8) 28,4
Profit before tax 65,7 46,6 132,9
Income tax expense (5,1) (3,2) (11,5)
Profit after tax from continuing operations 60,6 43,4 121,4
Discontinued operations
(Loss)/Profit for the period from discontinued
operations (net of income tax) (10,3) 2,4 19,1
Profit for the period 50,3 45,8 140,5
Attributable to:
Equity holders of the company 30,4 27,5 97,7
Minority interest 19,9 18,3 42,8
50,3 45,8 140,5
Number of shares in issue (million) 187,4 187,2 187,3
Weighted average number of shares in issue
(million) 187,3 187,1 187,2
Basic earnings/(loss) per share (US cents)
Entity as a whole 16,2 14,7 52,2
Continuing operations 19,7 13,3 45,0
Discontinued operations (3,5) 1,4 7,2
Diluted earnings/(loss) per share (US cents)
Entity as a whole 16,2 14,7 52,1
Continuing operations 19,7 13,3 44,9
Discontinued operations (3,5) 1,4 7,2
Headline earnings per share (US cents) 16,7 12,9 31,8
Diluted headline earnings per share (US cents) 16,6 12,9 31,8
Adjusted headline earnings per share (US cents) 16,8 14,5 30,7
Diluted adjusted headline earnings per share
(US cents) 16,7 14,5 30,6
Period-end rate of exchange: SA rand to US
dollar 7,85 7,07 6,78
Average rate of exchange for the period: SA
rand to US dollar 7,58 7,17 7,02
Trading profit from continuing operations
comprises:
Textainer 68,2 58,0 129,3
Other 0,6 1,9 2,8
68,8 59,9 132,1
Trencor condensed consolidated balance sheet in US dollars at 30 June 2008
UNAUDITED UNAUDITED
30 JUNE 31 DECEMBER
US$ Million 2008 2007 2007
Assets
Property, plant and equipment 918,1 884,5 844,5
Long-term receivables 151,6 167,7 164,2
Other non-current assets 176,1 116,5 187,3
Non-current assets 1 245,8 1 168,7 1 196,0
Current assets 244,9 435,4 294,3
Inventories 3,0 2,2 3,8
Trade and other receivables 84,4 81,1 78,3
Current tax asset - 1,7 -
Investments 11,4 - 11,2
Assets classified as held for sale 14,8 252,0 89,3
Cash and cash equivalents 131,3 98,4 111,7
Total assets 1 490,7 1 604,1 1 490,3
Equity and liabilities
Equity attributable to equity holders of
the company 477,6 393,0 469,9
Minority interest 224,0 166,5 210,7
Total equity 701,6 559,5 680,6
Liabilities
Interest-bearing borrowings 534,6 546,9 514,9
Amounts attributable to third parties in
respect of long-term receivables 31,3 36,2 38,7
Derivative financial instruments 5,1 0,5 4,4
Share-based payments - 13,9 -
Deferred income - 0,2 -
Deferred tax liabilities 42,7 42,7 50,8
Total non-current liabilities 613,7 640,4 608,8
Current liabilities 175,4 404,2 200,9
Trade and other payables 79,8 77,6 63,1
Current tax liability 16,3 12,6 14,7
Current portion of interest-bearing
borrowings 76,7 59,5 64,6
Liabilities classified as held for sale 2,6 254,5 58,5
Total liabilities 789,1 1 044,6 809,7
Total equity and liabilities 1 490,7 1 604,1 1 490,3
Ratio to aggregate of total equity:
Total liabilities (%) 112,5 186,7 118,7
Interest-bearing debt (%) 87,1 151,2 91,8
Condensed consolidated income statement for the six months ended 30 June 2008
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
2008 2007 2007
R Million
Revenue (Note 2) 0,5 0,4 0,8
Trading (loss) (0,6) (0,6) (0,9)
Loss from operations (0,6) (0,6) (0,9)
Share of profit of associate 157,0 96,2 305,6
Exceptional items (Note 3) (0,6) (0,3) (1,3)
Profit before tax 155,8 95,3 303,4
Income tax expense - (0,1) (0,2)
Profit for the period 155,8 95,2 303,2
Number of shares in issue (million) 1 068,0 1 068,0 1 068,0
Weighted average number of shares in issue
(million) 1 068,0 1 068,0 1 068,0
Basic earnings/(loss) per share (cents) 14,6 8,9 28,4
Diluted earnings/(loss) per share (cents) 14,6 8,9 28,4
Condensed consolidated balance sheet at 30 June 2008
MOBILE
UNAUDITED AUDITED
30 JUNE 31 DECEMBER
R Million 2008 2007 2007
Assets
Investment in associate 1 994,2 1 547,6 1 734,2
Participation in export partnerships 2,3 2,7 2,6
Total non-current assets 1 996,5 1 550,3 1 736,8
Current assets (Note 5) 7,2 7,8 9,5
Total assets 2 003,7 1 558,1 1 746,3
Equity
Share capital and premium 192,7 192,7 192,7
Reserves 1 807,9 1 361,9 1 548,5
Equity attributable to equity holders of
the company 2 000,6 1 554,6 1 741,2
Total equity 2 000,6 1 554,6 1 741,2
Deferred tax liabilities 2,3 2,7 2,6
Total non-current liabilities 2,3 2,7 2,6
Current liabilities (Note 6) 0,8 0,8 2,5
Total liabilities 3,1 3,5 5,1
Total equity and liabilities 2 003,7 1 558,1 1 746,3
Market value of listed investments 2 336,5 2 912,9 2 427,5
Condensed consolidated cash flow statement for the six months ended
30 June 2008
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
R Million 2008 2007 2007
Cash utilised by operations (2,4) (2,0) (1,0)
Finance income received 0,5 0,4 0,8
Dividends received 50,3 27,0 46,1
Dividends paid to equity holders of the
Company (50,3) (26,9) (45,6)
Taxation paid (0,3) (0,4) (0,6)
Net cash outflow from operating
activities (2,2) (1,9) (0,3)
Cash outflow from financing
activities - (1,4) (1,4)
Net decrease in cash and cash
equivalents before exchange rate changes (2,2) (3,3) (1,7)
Net cash and cash equivalents at the
beginning of the period 9,3 11,0 11,0
Net cash and cash equivalents at the end of
the period 7,1 7,7 9,3
Condensed consolidated statement of changes in equity for the six months
ended 30 June 2008
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
R Million 2008 2007 2007
Balance at the beginning of the period 1 741,2 1 354,6 1 354,6
Movement in share capital and premium - 126,2 126,2
Conversion of convertible debentures - 127,6 127,6
Repayment of share capital - (1,4) (1,4)
Movement in reserves
Non-distributable reserve (0,6) (0,3) (1,3)
Share of net increase in non-distributable
reserves of associate 153,9 5,5 2,8
Retained income 106,1 68,6 258,9
Profit for the period 155,8 95,2 303,2
Dividends paid to equity holders of the
company (50,3) (26,9) (45,6)
Transfers to specific reserves
Loss on dilution of investment in associate 0,6 0,3 1,3
Balance at the end of the period 2 000,6 1 554,6 1 741,2
Notes to the condensed consolidated interim financial statements for the six
months ended 30 June 2008
1. These condensed consolidated interim financial statements have been prepared
in accordance with International Financial Reporting Standards (IFRS),
including IAS 34 Interim Financial Reporting. The accounting policies used
in the preparation of these consolidated condensed financial statements are
consistent with those used in the annual financial statements for the year
ended 31 December 2007.
MOBILE
UNAUDITED AUDIT
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
R Million 2008 2007 2007
2. Revenue
Interest income 0,5 0,4 0,8
3. Exceptional items
Loss on dilution of investment in associate (0,6) (0,3) (1,3)
4. Headline earnings
Profit attributable to equity holders of
the company 155,8 95,2 303,2
Net loss on dilution of investment in
associate 0,6 0,3 1,3
Attributable share of headline earnings
adjustments of associate 2,3 (9,5) (121,0)
Headline earnings 158,7 86,0 183,5
Weighted average number of shares in issue
(million) 1 068,0 1 068,0 1 068,0
Headline earnings per share (cents) 14,9 8,1 17,2
Diluted headline earnings per share (cents) 14,9 8,1 17,2
5. Current assets
Trade and other receivables 0,1 0,1 0,2
Cash and cash equivalents 7,1 7,7 9,3
7,2 7,8 9,5
6. Current liabilities
Trade and other payables 0,6 0,5 2,2
Current tax liability 0,2 0,3 0,3
0,8 0,8 2,5
Directors:
Trencor: N I Jowell* (Chairman), H R van der Merwe* (Managing), H A Gorvy,
J E Hoelter (USA), C Jowell, J E McQueen*, D M Nurek, E Oblowitz (*executive)
Mobile: C Jowell (Chairman), H A Gorvy, N I 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 (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: 13/08/2008 15:08:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
