MOB TRE
MOB TRE
TRE / MOB - Trencor / Mobile - Trading Statement
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration no 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
("Trencor")
MOBILE INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration no 1968/014997/06)
Share Code: MOB
ISIN: ZAE000091435
("Mobile")
TRADING STATEMENT
Shareholders in Trencor and Mobile are advised that Trencor expects to report
headline earnings of between 375 and 390 cents per share for the year ended 31
December 2008 (2007: 212,9 cents per share). Adjusted headline earnings (which
includes net gains and losses arising from the sale of containers from
Textainer`s leasing fleet and excludes the effect of unrealised foreign exchange
translation gains and losses) are expected to be between 245 and 260 cents per
share (2007: 214,0 cents per share). These changes are mainly the result of the
following:
- Unaudited net profit of Textainer (in which Trencor has a 62,6% interest)
attributable to the group increased from R325 million in 2007 to R453
million in 2008. This result was achieved after providing for the effect of
unrealised losses on derivative financial instruments (interest rate swaps)
of R57 million (2007: loss R21 million). Unrealised gains and losses on
these derivative instruments net out to zero over a period of time, if held
to maturity, and have no effect on cash flow.
- The spot US$/R exchange rate weakened from US$1 = R6,78 at 31 December 2007
to US$1 = R9,27 at 31 December 2008. This resulted in net realised and
unrealised exchange gains of approximately R439 million for the year on the
translation of the long-term receivables and related valuation adjustment
from US dollars into rand (2007: loss R29 million). The effect of these
gains on earnings per share in 2008 is 169 cents (2007: loss 11 cents).
Basic earnings are expected to be between 350 and 360 cents per share (2007:
352,5 cents per share).
Based on Trencor`s estimated headline earnings above, Mobile is expected to
report headline earnings of between 30 and 32 cents per share (2007: 17,2 cents
per share). Earnings are expected to be between 28 and 30 cents per share (2007:
28,4 cents per share).
This forecast financial information has not been reviewed or reported on by
Trencor`s or Mobile`s independent auditors. The Reviewed Results in respect of
the year ended 31 December 2008 are expected to be published in the second half
of February 2009.
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.
