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MOB TRE
MOB TRE
TRE/MOB - Trencor/Mobile - Reviewed Results For The Year Ended 31 December 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
REVIEWED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008 AND DECLARATION OF CASH
DIVIDENDS
TRADING PROFIT after net interest expense +27%
ADJUSTED HEPS +18%
FULL YEAR DIVIDEND +37,5%
COMMENTARY
TRENCOR: GROUP
Trading profit from continuing operations after net financing costs (but
excluding unrealised losses on derivative instruments in Textainer) increased
by 27% from R733 million in 2007 to R932 million. After accounting for these
unrealised losses, the increase was 20% from R675 million in 2007 to
R810 million in 2008. These gains or losses are non-cash, non-operating items
and Textainer intends to hold its interest rate swaps until maturity. Over the
life of an interest rate swap held to maturity the unrealised gains or losses
will net to zero.
Headline earnings per share which includes net unrealised foreign exchange
gains and losses as well as the group`s attributable share of unrealised losses
on interest rate swaps in Textainer were 384,4 cents (2007: 212,9 cents).
Adjusted headline earnings per share, which excludes net unrealised foreign
exchange gains and losses and includes net gains and losses arising from the
ongoing disposals of containers from Textainer`s leasing fleet, were
251,9 cents (2007: 214,0 cents).
Net realised and unrealised foreign exchange gains arising on translation of
net dollar receivables and the related valuation adjustments, not included in
adjusted headline earnings per share, were R439 million or 169 cents per share
(2007: loss R29 million or 11 cents per share).
Consolidated gearing ratio at 31 December 2008 was 101% (2007: 92%). All of
the interest-bearing debt is in Textainer, with no recourse to Trencor.
Final dividend of 75 cents per share declared, making a total of 110 cents
per share for the year (2007: total 80 cents per share), an increase of 37,5%
over the previous year.
TEXTAINER: 62,6% interest
Net profit for the year excluding net unrealised losses on interest rate
swaps was US$99,8 million, a 38% increase over the US$72,2 earned in 2007. Net
profit for the year was US$87,7 million (2007: US$66,6 million). Unrealised
gains and losses on these interest rate swaps net out to zero over a period of
time, if held to maturity, and have no effect on cash flow.
While the overall demand for containers started to decline in the fourth
quarter, utilisation of the fleet under management averaged 95,7% during the
quarter and 94,8% for the year (average for 2007: 93,9%).
The container resale division had the best year in its history. Full year
resale profit before tax of US$14,3 million exceeded last year`s record results
by US$4,0 million, or 38%.
DECLARATION OF CASH DIVIDENDS
Cash dividends in respect of the year ended 31 December 2008 have been declared
as follows:
TRENCOR NO 86 75,0 CENTS PER SHARE
MOBILE NO 71 6,05 CENTS PER SHARE
The salient dates pertaining to the cash dividend payments are as follows:
Last day to trade cum the dividend Friday, 27 March 2009
Trading commences ex the dividend Monday, 30 March 2009
Record date Friday, 3 April 2009
Payment date Monday, 6 April 2009
Share certificates may not be dematerialised or rematerialised between Monday,
30 March 2009 and Friday, 3 April 2009, both days inclusive.
REVIEW OPINION
These results, other than the figures stated in US dollars, have been reviewed
by the independent auditors KPMG Inc, and their unmodified review reports are
available for inspection at the registration office.
ON BEHALF OF THE BOARDS
N I JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL CHAIRMAN MOBILE INDUSTRIES LIMITED
19 FEBRUARY 2009
Condensed consolidated income statements for the year ended 31 December 2008
TRENCOR
Reviewed Audited
R Million 2008 2007
Revenue (including exchange differences) (Note 2) 2 804,1 1 697,9
Continuing operations
Trading profit/(loss) 1 142,5 922,8
Realised and unrealised exchange gains/(losses) on
translation of long-term receivables, included
in revenue, excluding fair adjustment value 630,1 (46,0)
Net long-term receivable fair value adjustment (179,2) 78,3
Impairment of goodwill (134,5) -
Impairment of plant and equipment (4,4) (4,0)
Profit/(Loss) from operations 1 454,5 951,1
Net finance costs (Note 4) (332,9) (247,7)
Finance expense - Interest expense (211,1) (260,3)
- Losses on derivative financial instruments (171,3) (35,6)
Finance income 49,5 48,2
Exceptional item (Note 5) - 197,3
Profit before tax 1 121,6 900,7
Income tax expense (124,7) (73,4)
Profit after tax from continuing operations 996,9 827,3
Discontinued operations
(Loss)/Profit for the year from discontinued operations
(net of income tax) (Note 3) (81,4) 132,6
Profit for the year 915,5 959,9
Attributable to:
Equity holders of the company 662,6 659,9
Minority interest 252,9 300,0
915,5 959,9
Number of shares in issue (million) 187,4 187,3
Weighted average number of shares in issue (million) 187,3 187,2
Basic earnings/(loss) per share (cents)
Entity as a whole 353,8 352,5
Continuing operations 379,2 302,2
Discontinued operations (25,4) 50,3
Diluted earnings/(loss) per share (cents)
Entity as a whole 353,2 351,8
Continuing operations 378,6 301,6
Discontinued operations (25,4) 50,2
Year-end rate of exchange: SA rand to US dollar 9,27 6,78
Average rate of exchange for year: SA rand to US dollar 8,12 7,02
Condensed consolidated balance sheets at 31 December 2008
TRENCOR
Reviewed Audited
Restated
R Million 2008 2007
Assets
Property, plant and equipment 9 198,4 5 726,0
Goodwill - 98,3
Intangible assets 591,2 476,8
Investments 33,1 30,6
Long-term loans 0,2 3,1
Net investment in finance leases 697,8 331,1
Long-term receivables 1 339,2 1 113,3
Deferred tax assets 5,8 106,8
Derivative financial instruments - 0,9
Restricted cash 149,3 113,5
Total non-current assets 12 015,0 8 000,4
Current assets (Note 8) 2 449,2 2 066,2
Total assets 14 464,2 10 066,6
Equity
Share capital and premium 456,1 455,6
Reserves 4 045,6 2 730,2
Equity attributable to equity holders of the company 4 501,7 3 185,8
Minority interest 2 117,4 1 428,7
Total equity 6 619,1 4 614,5
Liabilities
Interest-bearing borrowings 6 151,3 3 490,7
Amounts attributable to third parties in respect of
long-term receivables 243,1 262,7
Derivative financial instruments 179,7 29,9
Deferred tax liabilities 270,7 292,4
Total non-current liabilities 6 844,8 4 075,7
Current liabilities (Note 9) 1 000,3 1 376,4
Total liabilities 7 845,1 5 452,1
Total equity and liabilities 14 464,2 10 066,6
Capital expenditure incurred during the year 1 945,6 1 416,8
Capital expenditure committed and authorised, but not
yet incurred - 157,2
Market value of listed investments 15,2 15,6
Directors` valuation of unlisted investments 17,9 90,8
Ratio to aggregate of total equity:
Total liabilities (%) 118,5 118,2
Interest-bearing debt (%) 101,1 91,8
Condensed consolidated statements of cash flows for the year ended 31 December
2008
TRENCOR
Reviewed Audited
R Million 2008 2007
Cash generated from/(utilised by) operations 1 274,3 1 279,0
Finance income received 49,5 52,1
Finance expenses paid (259,7) (340,5)
Dividends paid to equity holders of the company (174,2) (99,8)
Dividends paid to minorities (132,1) (99,1)
Taxation paid (68,6) (35,4)
Net cash inflow/(outflow) from operating activities 689,2 756,3
Cash outflow from investing activities (1 624,9) (1 603,0)
Cash inflow/(outflow) from financing activities 1 357,4 1 058,9
Net increase/(decrease) in cash and cash equivalents
Before exchange rate changes 421,7 212,2
Net cash and cash equivalents at the beginning of
the year 808,2 616,1
Effects of exchange rate changes on cash and cash
equivalents 296,0 (20,1)
Net cash and cash equivalents at the end of the year 1 525,9 808,2
Condensed consolidated statements of changes in equity for the year ended
31 December 2008
TRENCOR
Reviewed Audited
R Million 2008 2007
Balance at the beginning of the year 4 614,5 3 436,6
Movement in share capital and premium 0,5 261,8
Proceeds on issue of shares 0,5 1,3
Conversion of convertible debentures - 260,5
Movement in reserves
Fair value reserve - change in fair value of
available-for-sale assets 1,3 1,5
Foreign currency translation reserve 795,1 (57,5)
Equity compensation reserve - current year share-based
payments 30,7 62,1
Gain on dilution of investment in subsidiaries -
amount transferred from retained income - 197,3
Non-distributable reserve
Share of net increase in non-distributable reserves of
associate
Retained income 488,4 362,8
Share of profit for the year 662,6 659,9
Dividends paid to equity holders of the company (174,2) (99,8)
Transfers to specific reserves
Gain on dilution of investment in subsidiaries - (197,3)
Loss on dilution of investment in associate
Movements in minority interest 688,6 349,9
Share of profit for the year 252,9 300,0
Foreign currency translation reserve 549,5 (42,8)
Share-based payments - current year 18,3 35,9
Amount arising on change in minority interest - 155,9
Dividends paid to minorities (132,1) (99,1)
Balance at the end of the year 6 619,1 4 614,5
Notes to the condensed consolidated financial statements
for the year ended 31 December 2008
1. These condensed consolidated annual 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
Reviewed Audited
R Million 2008 2007
2. Revenue
Goods sold and services rendered 278,0 178,9
Leasing income 1 621,5 1 352,1
Management fees 232,3 169,4
Finance income 42,2 43,5
2 174,0 1 743,9
Realised and unrealised exchange differences 630,1 (46,0)
2 804,1 1 697,9
3. Discontinued operations
The discontinued operations relate to the mobile asset ownership and management
businesses exited by the group in the previous financial year and the sale of
the plant and equipment of the tank manufacturing business which was
discontinued during 2003.
(Loss)/Profit attributable to the discontinued operations were as follows:
Revenue 20,7 431,0
Other operating income - 1,7
Expenses (30,0) (269,2)
Profit/(Loss) on disposal of discontinued operations
and remeasurement of fair value
less costs to sell 20,6 (10,4)
Profit from operations 11,3 153,1
Finance expenses (8,4) (102,8)
Finance income 1,7 3,9
Profit before tax 4,6 54,2
Income tax (expense)/credit (86,0) 78,4
(Loss)/Profit for the year (81,4) 132,6
Attributable to:
Equity holders of the company (47,7) 94,1
Minority interest (33,7) 38,5
(81,4) 132,6
4. Net finance costs
Finance expenses 382,4 295,9
Interest expense incurred by: 211,1 260,3
Textainer 211,0 260,2
Other group companies 0,1 0,1
Losses on derivative financial instruments 171,3 35,6
Finance income - interest income earned from: (49,5) (48,2)
Cash and cash equivalents (49,2) (46,9)
Other (0,3) (1,3)
332,9 247,7
5. Exceptional item
Net gain on dilution of interest in subsidiaries - 197,3
6. Headline earnings
Profit attributable to equity holders of the company 662,6 659,9
Net gain on dilution of interest in subsidiaries - (197,3)
Impairment of goodwill 134,5 -
Impairment of plant and equipment 4,4 4,0
Profit on sale of plant and equipment (127,1) (127,7)
(Profit)/Loss on disposal of discontinued
operations and remeasurement of
fair value less costs to sell (20,6) 10,4
Total tax effects of adjustments 91,9 6,6
Total minority share of adjustments (25,8) 42,6
Net loss on dilution of investment in associate
Attributable share of headline earnings adjustments
of associate
Headline earnings 719,9 398,5
Weighted average number of shares in issue (million) 187,3 187,2
Headline earnings per share (cents) 384,4 212,9
Diluted headline earnings per share (cents) 383,7 212,4
Adjusted headline earnings
Headline earnings (as above) 719,9 398,5
Profit on sale of containers 68,2 64,4
TrenStar Inc depreciation adjustment - (40,3)
TrenStar Inc deferred tax adjustment - (42,5)
Net (gain)/loss on translation of net dollar
receivables (316,2) 20,6
Adjusted headline earnings 471,9 400,7
Undiluted adjusted headline earnings per share (cents) 251,9 214,0
Diluted adjusted headline earnings per share (cents) 251,5 213,6
7. Segmental reporting
Revenue
Continuing operations
Containers - finance (including exchange differences) 672,3 (2,5)
Containers - owning, leasing, managing and reselling 2 130,3 1 698,9
Other 1,5 1,5
2 804,1 1 697,9
Segment result
Profit from operations
Continuing operations
Containers - finance 488,7 69,1
Containers - owning, leasing, managing and reselling 998,8 903,4
Profit before impairment of goodwill 1 133,3 903,4
Impairment of goodwill (134,5) -
Other (33,0) (21,4)
1 454,5 951,1
8. Current assets
Inventories 14,8 25,8
Trade and other receivables 849,1 530,8
Investments - 75,8
Current tax asset 1,5 -
Assets classified as held for sale (Note 10) 138,8 676,4
Cash and cash equivalents 1 445,0 757,4
2 449,2 2 066,2
9. Current liabilities
Trade and other payables 274,1 442,0
Current tax liability 164,4 99,5
Current portion of interest-bearing borrowings 537,7 437,9
Amount owing to subsidiary of associate
Liabilities classified as held for sale (Note 11) 24,1 396,9
Short-term borrowings - 0,1
1 000,3 1 376,4
10. Assets classified as held for sale
Property, plant and equipment - 485,7
Intangible assets - 1,0
Investments 47,2 26,1
Deferred tax asset - 71,2
Restricted cash 1,7 0,9
Inventories - 2,9
Trade and other receivables 9,0 37,8
Cash and cash equivalents 80,9 50,8
138,8 676,4
11. Liabilities classified as held for sale
Interest-bearing borrowings - 307,9
Derivative financial instruments 3,8 6,5
Deferred income - 1,5
Trade and other payables 9,5 75,3
Provisions 10,8 5,7
24,1 396,9
12. Restatement of prior year amounts
In November 2007, Textainer acquired an additional interest in its subsidiary
Textainer Marine Containers Ltd. A reduction of R23,7 million to the group`s
deferred tax liabilities as a result of the acquisition was not accounted for
in the prior year. Consequently, deferred tax liabilities and goodwill
recognised on the acquisition transaction were each overstated by R23,7 million
at 31 December 2007. The comparative amounts at 31 December 2007 have
been restated to adjust goodwill and deferred tax liabilities accordingly.
There is no effect on the group`s income or retained earnings reported
in prior years.
Effect on the year ended 31 December 2007:
Decrease in deferred taxation liabilities 23,7 -
Decrease in goodwill 23,7 -
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.
Unaudited Trencor condensed consolidated income statement in US dollars for
the year ended 31 December 2008
Unaudited Unaudited
US$ Million 2008 2007
Revenue 278,5 247,8
Continuing operations
Trading profit 141,3 132,1
Net long-term receivables fair value adjustment 12,3 8,4
Impairment of goodwill (14,5) -
Impairment of plant and equipment (0,5) (0,6)
Profit from operations 138,6 139,9
Net finance costs (41,0) (35,4)
Finance expense - Interest expense (26,0) (37,1)
- Losses on derivative financial instruments (21,1) (5,1)
Finance income 6,1 6,8
Exceptional item - 28,4
Profit before tax 97,6 132,9
Income tax expense (3,9) (11,5)
Profit after tax from continuing operations 93,7 121,4
Discontinued operations
(Loss)/Profit for the year from discontinued
operations (net of income tax) (10,6) 19,1
Profit for the year 83,1 140,5
Attributable to:
Equity holders of the company 51,4 97,7
Minority interest 31,7 42,8
83,1 140,5
Number of shares in issue (million) 187,4 187,3
Weighted average number of shares in issue (million) 187,3 187,2
Basic earnings/(loss) per share (US cents)
Entity as a whole 27,4 52,2
Continuing operations 30,7 45,0
Discontinued operations (3,3) 7,2
Diluted earnings/(loss) per share (US cents)
Entity as a whole 27,4 52,1
Continuing operations 30,7 44,9
Discontinued operations (3,3) 7,2
Headline earnings per share (US cents) 30,7 31,8
Diluted headline earnings per share (US cents) 30,7 31,8
Adjusted headline earnings per share (US cents) 31,3 30,7
Diluted adjusted headline earnings per share (US
cents) 31,2 30,6
Year-end rate of exchange: SA rand to US dollar 9,27 6,78
Average rate of exchange for the year: SA rand to
US dollar 8,12 7,02
Trading profit from continuing operations comprises:
Textainer 140,1 129,3
Other 1,2 2,8
141,3 132,1
Unaudited Trencor condensed consolidated balance sheet in US dollars at 31
December 2008
Unaudited Unaudited
US$ Million 2008 2007
Assets
Property, plant and equipment 992,3 844,5
Long-term receivables 144,5 164,2
Other non-current assets 159,4 171,2
Non-current assets 1 296,2 1 179,9
Current assets 264,3 304,8
Inventories 1,6 3,8
Trade and other receivables 91,6 78,3
Current tax asset 0,2 -
Investments - 11,2
Assets classified as held for sale 15,0 99,8
Cash and cash equivalents 155,9 111,7
Total assets 1 560,5 1 484,7
Equity and liabilities
Equity attributable to equity holders of the company 485,7 469,9
Minority interest 228,4 210,7
Total equity 714,1 680,6
Liabilities
Interest-bearing borrowings 663,6 514,9
Amounts attributable to third par ties in respect
of long-term receivables 26,2 38,7
Derivative financial instruments 19,4 4,4
Deferred tax liabilities 29,2 43,1
Total non-current liabilities 738,4 601,1
Current liabilities 108,0 203,0
Trade and other payables 29,6 65,2
Current tax liability 17,7 14,7
Current portion of interest-bearing borrowings 58,0 64,6
Liabilities classified as held for sale 2,7 58,5
Total liabilities 846,4 804,1
Total equity and liabilities 1 560,5 1 484,7
Ratio to aggregate of total equity:
Total liabilities (%) 118,5 118,1
Interest-bearing debt (%) 101,1 91,8
Condensed consolidated income statements for the year ended 31 December 2008
MOBILE
Reviewed Audited
R Million 2008 2007
Revenue (Note 2) 0,9 0,8
Trading profit (0,9) (0,9)
Other (0,6) (1,3)
Loss from operations (1,5) (2,2)
Share of profit of associate 306,6 305,6
Profit before tax 305,1 303,4
Income tax expense (0,1) (0,2)
Profit after tax 305,0 303,2
Profit for the year 305,0 303,2
Number of shares in issue (million) 1 068,0 1 068,0
Weighted average number of shares in issue (million) 1 068,0 1 068,0
Basic earnings per share (cents) 28,6 28,4
Diluted earnings per share (cents) 28,6 28,4
Condensed consolidated balance sheets at 31 December 2008
MOBILE
Reviewed Audited
R Million 2008 2007
Assets
Goodwill 0,2 -
Investment in associate 2 342,2 1 734,2
Participation in export partnerships 2,2 2,6
Total non-current assets 2 344,6 1 736,8
Current assets (Note 4) 8,5 9,5
Total assets 2 353,1 1 746,3
Equity
Share capital and premium 192,7 192,7
Reserves 2 156,0 1 548,5
Equity attributable to equity holders of the company 2 348,7 1 741,2
Total equity 2 348,7 1 741,2
Liabilities
Deferred tax liabilities 2,2 2,6
Total non-current liabilities 2,2 2,6
Current liabilities (Note 5) 2,2 2,5
Total liabilities 4,4 5,1
Total equity and liabilities 2 353,1 1 746,3
Market value of listed investments 1 699,2 2 427,5
Condensed consolidated statements of cash flows for the year ended
31 December 2008
MOBILE
Reviewed Audited
R Million 2008 2007
Cash utilised by operations (2,0) (1,0)
Finance income received 0,9 0,8
Dividends received 80,6 46,1
Dividends paid to equity holders of the company (80,1) (45,6)
Taxation paid (0,5) (0,6)
Net cash outflow from operating activities (1,1) (0,3)
Cash outflow from investing activities (0,2) -
Cash inflow from financing activities - (1,4
Net decrease in cash and cash equivalents (1,3) (1,7)
Net cash and cash equivalents at the beginning of the
year 9,3 11,0
Net cash and cash equivalents at the end of the year 8,0 9,3
Condensed consolidated statements of changes in equity for the year ended
31 December 2008
MOBILE
Reviewed Audited
R Million 2008 2007
Balance at the beginning of the year 1 741,2 1 354,6
Movement in share capital and premium - 126,2
Conversion of convertible debentures - 127,6
Repayment of share capital - (1,4)
Movement in reserves
Non-distributable reserve (0,6) (1,3)
Share of net increase in non-distributable reserves of
associate 382,6 2,8
Retained income 225,5 258,9
Share of profit for the year 305,0 303,2
Dividends paid to equity holders of the company (80,1) (45,6)
Transfers to specific reserves
Loss on dilution of investment in associate 0,6 1,3
Balance at the end of the year 2 348,7 1 741,2
Notes to the condensed consolidated financial statements for the year ended
31 December 2008
1. These condensed consolidated annual 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
Reviewed Audited
R Million 2008 2007
2. Revenue
Finance income 0,9 0,8
3. Headline earnings
Profit attributable to equity holders of the company 305,0 303,2
Net loss on dilution of investment in associate 0,6 1,3
Attributable share of headline earnings adjustments of
associate 26,5 (121,0)
Headline earnings 332,1 183,5
Weighted average number of shares in issue (million) 1 068,0 1 068,0
Headline earnings per share (cents) 31,1 17,2
Diluted headline earnings per share (cents) 31,1 17,2
4. Current assets
Trade and other receivables 0,5 0,2
Cash and cash equivalents 8,0 9,3
8,5 9,5
5. Current liabilities
Trade and other payables 0,7 2,2
Current tax liability 0,3 0,3
Amount owing to subsidiary of associate 1,2 -
2,2 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 Limited)
www.trencor.net
www.mobile-industries.net
Date: 20/02/2009 07:08:02 Produced by the JSE SENS Department.
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