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MOB TRE
MOB TRE
TRE/MOB - Trencor/Mobile - Interim Results: Unaudited For The Six Months
Ended 30 June 2009 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 2009 AND
DECLARATION OF CASH DIVIDENDS
HIGHLIGHTS
TRENCOR: GROUP
Trading profit from continuing operations, which is earned in US dollars,
after net finance costs excluding gains on the early extinguishment of debt,
increased by 2% from R443 million to R451 million during the period under
review. Expressed in dollars, this decreased by 15% from US$58,5 million to
US$49,8 million.
Net exchange losses, realised and unrealised, arising on translation into
rand of the net dollar receivables and the related valuation adjustment
amounted to R235 million (2008: R194 million gain); this non-cash adjustment
had the effect of decreasing earnings per share by 90 cents (2008 effect:
75 cents per share increase).
Headline earnings per share (including the effect of realised and unrealised
foreign exchange translation gains and losses and gains realised by Textainer
on the early extinguishment of debt) were 68,8 cents (2008: 204,1 cents).
Following the adoption of Improvements to IFRS, net gains and losses arising
from the sale of containers from Textainer`s container fleet are now included
in headline earnings and comparative figures have been restated accordingly.
Adjusted headline earnings per share (which excludes the effect of foreign
exchange translation gains and losses and gains realised by Textainer on the
early extinguishment of debt) were 113,1 cents (2008: 129,5 cents).
Consolidated gearing ratio at 30 June 2009 was 82% (2008: 87%).
Interim dividend of 35 cents per share declared (2008: 35 cents per share).
TEXTAINER: 62,3% interest Net profit for the half-year was US$53 million
(2008: US$48 million). This included US$15 million realised on the early
extinguishment of debt during the current period.
Average utilisation of the container fleet under management for the first
quarter of the year was 90,7% and for the second quarter 86,9% (six months to
June 2008: 93,4%). Spot utilisation at 30 June 2009 was 85,4% (2008: 95,5%).
Total managed fleet increased by 15% following the purchase of the rights to
manage the container fleet of Amphibious Container Leasing effective
1 May 2009 and the Capital Intermodal and Xines fleets effective 1 July 2009.
70% of the more than 2,1 million TEU (twenty foot equivalent unit) under
management at 30 June 2009 was on long-term lease compared to 67,9% of
2,0 million TEU in June 2008.
Interest-bearing debt was reduced by US$97,2 million during the period
through debt repurchases and net repayments.
Textainer`s results may be viewed on its website, www.textainer.com.
DIRECTORATE
Mr Roddy Sparks was appointed as an independent non-executive director of
Trencor on 27 July 2009.
DECLARATION OF CASH DIVIDENDS
Cash dividends in respect of the six months ended 30 June 2009 have been
declared as follows:
Trencor No 87 35,0 cents per share
Mobile No 72 2,8 cents per share
The salient dates pertaining to the cash dividend payments are as follows:
Last day to trade cum the dividend Friday, 28 August 2009
Trading commences ex the dividend Monday, 31 August 2009
Record date Friday, 4 September 2009
Payment date Monday, 7 September 2009
Share certificates may not be dematerialised or rematerialised between
Monday, 31 August 2009 and Friday, 4 September 2009, both days inclusive.
On behalf of the boards
NI Jowell C Jowell
Chairman Trencor Limited Chairman Mobile Industries Limited
13 August 2009
Condensed consolidated statement of comprehensive income for the six months
ended 30 June 2009
TRENCOR
Restated*
Unaudited unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
R Million 2009 2008 2008
Revenue (Note 2) 900,5 1 495,6 3 295,5
Continuing operations
Trading profit 491,4 521,1 1 142,5
Realised and unrealised exchange
(losses)/gains on translation of
long-term receivables, included in
revenue, excluding fair value
adjustment (357,9) 278,8 630,1
Net long-term receivable fair value
adjustment 123,3 (73,4) (179,2)
Impairment of goodwill - - (134,5)
Impairment of plant and equipment (9,3) (2,0) (4,4)
Other 7,1 - -
Profit from operations 254,6 724,5 1 454,5
Net finance income/(costs) (Note 3) 134,6 (78,0) (332,9)
Finance expense - Interest expense (55,7) (102,9) (211,1)
- Losses on derivative financial
instruments 3,3 - (171,3)
Finance income - Interest received 12,4 24,9 49,5
- Gain on extinguishment of debt 174,6 - -
Profit before tax 389,2 646,5 1 121,6
Income tax credit/(expense) 14,0 (78,5) (124,7)
Profit after tax from continuing
operations 403,2 568,0 996,9
Discontinued operations (Note 4)
Profit/(Loss) for the period from
discontinued operations (net of
income tax) 25,3 (77,2) (81,4)
Profit for the period 428,5 490,8 915,5
Other comprehensive (loss)/income (962,3) 549,5 1 345,9
Foreign currency translation
differences (953,3) 550,6 1 344,6
Net change in fair value of
available-for-sale financial asset (1,9) (1,1) 1,3
Net change in fair value of
available-for-sale financial asset
transferred to profit or loss (7,1) - -
Total comprehensive (loss)/income
for the period (533,8) 1 040,3 2 261,4
Total comprehensive income for the
period attributable to:
Equity holders of the company (437,5) 658,2 1 458,9
Non-controlling interest (96,3) 382,1 802,5
(533,8) 1 040,3 2 261,4
Profit attributable to:
Equity holders of the company 145,8 339,1 662,6
Non-controlling interest 282,7 151,7 252,9
428,5 490,8 915,5
Basic earnings/(loss) per share (cents)
Entity as a whole 77,8 181,0 353,8
Continuing operations 70,1 205,5 379,2
Discontinued operations 7,7 (24,5) (25,4)
Diluted earnings/(loss) per share (cents)
Entity as a whole 77,7 180,8 353,2
Continuing operations 70,0 205,2 378,6
Discontinued operations 7,7 (24,4) (25,4)
* These amounts have previously been
audited, but have been restated due to
the amendments to IFRS (refer Note 1)
Number of shares in issue (million) 187,5 187,4 187,4
Weighted average number of shares
in issue (million) 187,4 187,3 187,3
Period-end rate of exchange: SA
rand to US dollar 7,74 7,85 9,27
Average rate of exchange for
period: SA rand to US dollar 9,07 7,58 8,12
Condensed consolidated statement of financial position at 30 June 2009
TRENCOR
Unaudited Unaudited Audited
30 June 30 June 31 December
R Million 2009 2008 2008
ASSETS
Property, plant and equipment 7 216,8 7 207,3 9 198,4
Goodwill - 141,3 -
Intangible assets 573,7 526,8 591,2
Investments 14,2 29,8 33,1
Long-term loans 0,2 2,7 0,2
Net investment in finance leases 763,3 470,4 697,8
Long-term receivables 1 045,1 1 189,9 1 339,2
Deferred tax assets 84,6 73,0 5,8
Derivative financial instruments - 13,2 -
Restricted cash 93,4 125,4 149,3
Total non-current assets 9 791,3 9 779,8 12 015,0
Inventories 6,9 23,8 14,8
Trade and other receivables 688,4 662,4 849,1
Investments - 89,2 -
Current tax assets - - 1,5
Assets classified as held for sale
(Note 7) 134,5 116,0 138,8
Cash and cash equivalents 1 124,0 1 030,7 1 445,0
Current assets 1 953,8 1 922,1 2 449,2
Total assets 11 745,1 11 701,9 14 464,2
EQUITY
Share capital and premium 456,5 456,1 456,1
Reserves 3 471,2 3 293,2 4 045,6
Equity attributable to equity
holders of the company 3 927,7 3 749,3 4 501,7
Non-controlling interest 1 963,5 1 758,5 2 117,4
Total equity 5 891,2 5 507,8 6 619,1
LIABILITIES
Interest-bearing borrowings 4 440,5 4 196,9 6 151,3
Amounts attributable to third
parties in respect of long-term
receivables 237,5 245,6 243,1
Derivative financial instruments 87,6 39,7 179,7
Deferred income 19,5 - -
Deferred tax liabilities 231,5 335,0 270,7
Total non-current liabilities 5 016,6 4 817,2 6 844,8
Trade and other payables 241,5 626, 274,1
Current tax liability 170,3 128,1 164,4
Current portion of
interest-bearing borrowings 398,6 602,3 537,7
Deferred income 11,6 - -
Liabilities classified as held
for sale (Note 8) 15,3 19,9 24,1
Short-term borrowings - 0,1 -
Current liabilities 837,3 1 376,9 1 000,3
Total liabilities 5 853,9 6 194,1 7 845,1
Total equity and liabilities 11 745,1 11 701,9 14 464,2
Capital expenditure incurred
during the period 140,6 907,3 1 945,6
Capital expenditure committed and
authorised, but not yet incurred 2,7 392,2 -
Market value of listed investments - 14,4 15,2
Directors` valuation of unlisted
investments 14,2 104,6 17,9
Ratio to aggregate of total equity:
Total liabilities (%) 99,4 112,5 118,5
Interest-bearing debt (%) 82,1 87,1 101,1
Condensed consolidated statement of cash flows for the six months ended
30 June 2009
TRENCOR
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
R Million 2009 2008 2008
Cash generated from operations 744,8 564,9 1 274,3
Finance income received 13,7 24,9 49,5
Finance expenses paid (114,6) (109,8) (259,7)
Dividends paid to equity holders of
the company (140,5) (108,6) (174,2)
Dividends paid to minorities (76,5) (60,2) (132,1)
Taxation paid (54,2) (38,9) (68,6)
Net cash inflow from operating
activities 372,7 272,3 689,2
Cash inflow/(outflow) from investing
activities 156,0 (444,1) (1 624,9)
Cash (outflow)/inflow from financing
activities (594,3) 369,9 1 357,4
Net (decrease)/increase in cash and
cash equivalents before exchange
rate changes (65,6) 198,1 421,7
Net cash and cash equivalents at
the beginning of the period 1 525,9 808,2 808,2
Effects of exchange rate changes on
cash and cash equivalents (204,8) 101,6 296,0
Net cash and cash equivalents at
the end of the period 1 255,5 1 107,9 1 525,9
Condensed consolidated statement of changes in equity for the six months
ended 30 June 2009
TRENCOR
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
R Million 2009 2008 2008
Balance at the beginning of the
period 4 501,7 3 185,8 3 185,8
Total comprehensive (loss)/income
for the period (437,5) 658,2 1 458,9
Retained earnings 145,8 339,1 662,6
Foreign currency translation
differences (574,3) 320,2 795,0
Fair value reserve -
available-for-sale financial asset (1,9) (1,1) 1,3
Fair value reserve -
available-for-sale financial asset
transferred to profit or loss (7,1) - -
Dividends paid (140,5) (108,6) (174,2)
Share-based payments 14,0 13,4 30,7
Change in holding in subsidiary (10,4) - -
Shares issued 0,4 0,5 0,5
Shareholders` interest 3 927,7 3 749,3 4 501,7
Non-controlling interest in
subsidiaries 1 963,5 1 758,5 2 117,4
Balance at the beginning of the
period 2 117,4 1 428,7 1 428,7
Total comprehensive (loss)/income
for the period (96,3) 382,1 802,5
Retained earnings 282,7 151,7 252,9
Foreign currency translation
differences (379,0) 230,4 549,6
Dividends paid to minorities (76,5) (60,2) (132,1)
Share-based payments 8,5 7,9 18,3
Change in holding in subsidiary 10,4 - -
Equity 5 891,2 5 507,8 6 619,1
Notes to the condensed consolidated interim financial statements for the six
months ended 30 June 2009
1. These condensed consolidated interim financial statements have been
prepared
in accordance with International Financial Reporting Standards (IFRS)
including
IAS 34 Interim Financial Reporting. Except as stated below the accounting
policies applied 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 2008.
The group applied IFRS 8 Operating Segments and the revised IAS 1
Presentation of Financial Statements which became effective for the first
time
on 1 January 2009. The application of these amendments to IFRS did not
significantly impact the group`s financial results.
As a result of adopting Improvements to International Financial Reporting
Standards, profits or losses arising from the sale of containers are
recognised
in profit or loss as part of gross selling revenue and not as part of other
income as previously reported, and as such these profits or losses are
included
in headline earnings.
The group has chosen to early adopt the requirements of the amendments to
IAS 27 Consolidated and Separate Financial Statements effective 1 January
2009. As a result, changes in any group entity`s ownership interest in a
subsidiary
after control is obtained are accounted for as equity transactions (i.e.
transactions with owners in their capacity as owners). Accordingly, gains or
losses which arise from acquisitions or disposals of additional non-
controlling
interests are accounted for as equity transactions provided control is
retained
after the conclusion of such transactions.
TRENCOR
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
R Million 2009 2008 2008
2. Revenue
Goods sold and services rendered 277,1 355,9 769,4
Leasing income 853,9 730,9 1 621,5
Management fees 107,7 109,2 232,3
Finance income 19,7 20,8 42,2
1 258,4 1 216,8 2 665,4
Realised and unrealised exchange
differences (357,9) 278,8 630,1
900,5 1 495,6 3 295,5
3. Net finance (income)/costs
Finance expenses 52,4 102,9 382,4
Interest expense incurred by: 55,7 92,5 211,1
Textainer 55,7 92,4 211,0
Other group companies - 0,1 0,1
(Gains)/Losses on derivative
financial instruments (3,3) 10,4 171,3
Finance income (187,0) (24,9) (49,5)
Interest income earned from: (12,4) (24,9) (49,5)
Cash and cash equivalents (12,4) (24,6) (49,2)
Other - (0,3) (0,3)
Gain on extinguishment of debt (174,6) - -
(134,6) 78,0 332,9
4. Discontinued operations
The discontinued operations relate
to the mobile asset ownership and
management businesses exited by the
group during 2007 and the sale of
the plant and equipment of the tank
manufacturing business which was
discontinued during 2003.
Results of discontinued operations:
Revenue - 20,7 20,7
Expenses (1,6) (20,7) (30,0)
Profit on disposal of discontinued
operations 26,8 14,3 20,6
Profit from operations 25,2 14,3 11,3
Finance expenses - (8,4) (8,4)
Finance income 1,3 1,1 1,7
Profit before tax 26,5 7,0 4,6
Income tax expense (1,2) (84,2) (86,0)
Profit/(Loss) for the period 25,3 (77,2) (81,4)
Attributable to:
Equity holders of the company 14,4 (45,9) (47,7)
Non-controlling interest 10,9 (31,3) (33,7)
25,3 (77,2) (81,4)
5. Headline earnings
Profit attributable to equity
holders of the company 145,8 339,1 662,6
Impairment of goodwill - - 134,5
Impairment of plant and equipment 9,3 2,0 4,4
Net change in fair value of
available-for-sale financial asset
transferred to profit or loss (7,1) - -
Profit on disposal of discontinued
operations (26,8) (14,3) (20,6)
Total tax effects of adjustments 0,7 84,2 85,8
Total non-controlling interests`
share of adjustments 7,1 (28,8) (78,6)
Headline earnings 129,0 382,2 788,1
Weighted average number of shares
in issue (million) 187,4 187,3 187,3
Headline earnings per share (cents) 68,8 204,1 420,8
Diluted headline earnings per share
(cents) 68,8 203,7 420,1
Adjusted headline earnings
Headline earnings (as above) 129,0 382,2 788,1
Gain on extinguishment of debt (174,6) - -
Net loss/(gain) on translation of
net dollar receivables 234,6 (193,9) (437,2)
Total tax effects of adjustments (61,4) 54,3 121,0
Total non-controlling interests`
share of adjustments 84,3 - -
Adjusted headline earnings 211,9 242,6 471,9
Undiluted adjusted headline
earnings per share (cents) 113,1 129,5 251,9
Diluted adjusted headline earnings
per share (cents) 113,0 129,3 251,5
6. Segmental reporting
Revenue
Continuing operations
Containers - finance (including
exchange differences) (337,3) 299,9 672,3
Containers - owning, leasing,
management and reselling 1 236,7 1 195,0 2 621,7
Other 1,1 0,7 1,5
900,5 1 495,6 3 295,5
Segment result
Profit from operations
Continuing operations
Containers - finance (217,0) 223,7 488,7
Containers - owning, leasing,
management and reselling 480,4 514,8 998,8
Profit before goodwill impairment 480,4 514,8 1 133,3
Goodwill impairment - - (134,5)
Other (8,8) (14,0) (33,0)
(254,6) 724,5 1 454,5
7. Assets classified as held for sale
Investments - 35,5 47,2
Restricted cash - 1,0 1,7
Trade and other receivables 3,0 2,3 9,0
Cash and cash equivalents 131,5 77,2 80,9
134,5 116,0 138,8
8. Liabilities classified as held
for sale
Derivative financial instruments 3,1 3,2 3,8
Trade and other payables 6,4 16,7 9,5
Income tax payable 1,3 - -
Provisions 4,5 - 10,8
15,3 19,9 24,1
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 six months ended 30 June 2009
Unaudited Unaudited
6 months 6 months Unaudited
ended ended Year ended
30 June 30 June 31 December
US$ Million 2009 2008 2008
Revenue 133,8 167,4 339,0
Continuing operations
Trading profit 54,1 68,8 141,3
Unrealised exchange (losses)/gains
arising on translation (4,9) 6,7 -
Net long-term receivables fair
value adjustment (0,6) 0,8 12,3
Impairment of goodwill - - (14,5)
Impairment of plant and equipment (1,0) (0,3) (0,5)
Other 1,0 - -
Profit from operations 48,6 76,0 138,6
Net finance income/(costs) 15,2 (10,3) (41,0)
Finance expense - Interest expense (6,1) (13,6) (26,0)
- Gains/(Losses) on derivative
financial instruments 0,4 - (21,1)
Finance income - Interest received 1,4 - -
- Gain on extinguishment of debt 19,5 3,3 6,1
Profit before tax 63,8 65,7 97,6
Income tax expense (4,2) (5,1) (3,9)
Profit after tax from continuing
operations 59,6 60,6 93,7
Discontinued operations
Profit/(Loss) for the period from
discontinued operations (net of
income tax) 3,3 (10,3) (10,6)
Profit for the period 62,9 50,3 83,1
Attributable to:
Equity holders of the company 31,5 30,4 51,4
Non-controlling interest 31,4 19,9 31,7
62,9 50,3 83,1
Number of shares in issue (million) 187,5 187,4 187,4
Weighted average number of shares
in issue (million) 187,4 187,3 187,3
Basic earnings/(loss) per share (US
cents)
Entity as a whole 16,8 16,2 27,4
Continuing operations 15,8 19,7 30,7
Discontinued operations 1,0 (3,5) (3,3)
Diluted earnings/(loss) per share
(US cents)
Entity as a whole 16,8 16,2 27,4
Continuing operations 15,8 19,7 30,7
Discontinued operations 1,0 (3,5) (3,3)
Headline earnings per share (US
cents) 15,5 19,3 35,2
Diluted headline earnings per share
(US cents) 15,5 16,6 35,1
Adjusted headline earnings per
share (US cents) 12,3 16,8 31,3
Diluted adjusted headline earnings
per share (US cents) 12,3 16,7 31,2
Period-end rate of exchange: SA
rand to US dollar 7,74 7,85 9,27
Average rate of exchange for the
period: SA rand to US dollar 9,07 7,58 8,12
Trading profit from continuing
operations comprises:
Textainer 54,0 68,2 140,1
Other 0,1 0,6 1,2
54,1 68,8 141,3
Unaudited Trencor condensed consolidated balance sheet in US dollars at
30 June 2009
Unaudited Unaudited Unaudited
30 June 30 June 31 December
US$ Million 2009 2008 2008
ASSETS
Property, plant and equipment 932,4 918,1 992,3
Long-term receivables 135,0 151,6 144,5
Other non-current assets 197,6 176,1 159,4
Non-current assets 1 265,0 1 245,8 1 296,2
Current assets 252,4 244,9 264,3
Inventories 0,9 3,0 1,6
Trade and other receivables 88,9 84,4 91,6
Current tax assets - - 0,2
Investments - 11,4 -
Assets classified as held for sale 17,4 14,8 15,0
Cash and cash equivalents 145,2 131,3 155,9
Total assets 1 517,4 1 490,7 1 560,5
EQUITY AND LIABILITIES
Equity attributable to equity
holders of the company 507,3 477,6 485,7
Non-controlling interest 253,7 224,0 228,4
Total equity 761,0 701,6 714,1
LIABILITIES
Interest-bearing borrowings 573,7 534,6 663,6
Amounts attributable to third
parties in respect of long-term
receivables 30,7 31,3 26,2
Derivative financial instruments 11,3 5,1 19,4
Deferred income 2,5 - -
Deferred tax liabilities 29,9 42,7 29,2
Total non-current liabilities 648,1 613,7 738,4
Current liabilities 108,3 175,4 108,0
Trade and other payables 31,2 79,8 29,6
Current tax liability 22,0 16,3 17,7
Current portion of interest-bearing
borrowings 51,5 76,7 58,0
Deferred tax liabilities 1,5 - -
Liabilities classified as held for
sale 2,1 2,6 2,7
Total liabilities 756,4 789,1 846,4
Total equity and liabilities 1 517,4 1 490,7 1 560,5
Ratio to aggregate of total equity:
Total liabilities (%) 99,4 112,5 118,5
Interest-bearing debt (%) 82,2 87,1 101,1
Condensed consolidated statement of comprehensive income for the six months
ended 30 June 2009
MOBILE
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
R Million 2009 2008 2008
Revenue (Note 2) 0,4 0,5 0,9
Trading loss (0,6) (0,6) (0,9)
Other (0,8) (0,6) (0,6)
Loss from operations (1,4) (1,2) (1,5)
Share of profit of associate 67,4 157,0 306,6
Profit before tax 66,0 155,8 305,1
Income tax expense - - (0,1)
Profit for the period 66,0 155,8 305,0
Other comprehensive (loss)/income (269,7) 147,7 368,4
Share of other comprehensive
(loss)/income of associate (269,7) 147,7 368,4
Total comprehensive (loss)/income
for the period attributable to the
equity holders of the company (203,7) 303,5 673,4
Profit attributable to the
equity holders of the company 66,0 155,8 305,0
Basic earnings per share (cents) 6,2 14,6 28,6
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, 1 068,0
Condensed consolidated statement of financial position at 30 June 2009
MOBILE
Unaudited Unaudited Audited
30 June 30 June 31 December
R Million 2009 2008 2008
ASSETS
Goodwill 0,2 - 0,2
Investment in associate 2 075,8 1 994,2 2 342,2
Participation in export partnerships 2,2 2,3 2,2
Total non-current assets 2 078,2 1 996,5 2 344,6
Trade and other receivables 0,2 0,1 0,5
Cash and cash equivalents 6,9 7,1 8,0
Current assets 7,1 7,2 8,5
Total assets 2 085,3 2 003,7 2 353,1
EQUITY
Share capital and premium 192,7 192,7 192,7
Reserves 1 889,4 1 807,9 2 156,0
Equity attributable to equity
holders of the company 2 082,1 2 000,6 2 348,7
Total equity 2 082,1 2 000,6 2 348,7
LIABILITIES
Deferred tax liabilities 2,2 2,3 2,2
Total non-current liabilities 2,2 2,3 2,2
Trade and other payables 0,9 0,6 0,7
Current tax liability 0,1 0,2 0,3
Amount due to subsidiary of
associate - - 1,2
Current liabilities 1,0 0,8 2,2
Total liabilities 3,2 3,1 4,4
Total equity and liabilities 2 085,3 2 003,7 2 353,1
Market value of listed investments 1 733,9 2 336,5 1 699,2
Condensed consolidated statement of cash flows for the six months ended
30 June 2009
MOBILE
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
R Million 2009 2008 2008
Cash utilised by operations (1,7) (2,4) (2,0)
Finance income received 0,4 0,5 0,9
Dividends received 65,0 50,3 80,6
Dividends paid to equity holders of
the company (64,6) (50,3) (80,1)
Taxation paid (0,2) (0,3) (0,5)
Net cash outflow from operating
activities (1,1) (2,2) (1,1)
Cash outflow from investing activities - - (0,2)
Net decrease in cash and
cash equivalents (1,1) (2,2) (1,3)
Net cash and cash equivalents at
the beginning of the period 8,0 9,3 9,3
Net cash and cash equivalents at
the end of the period 6,9 7,1 8,0
Condensed consolidated statement of changes in equity for the six months
ended 30 June 2009
MOBILE
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
R Million 2009 2008 2008
Balance at the beginning of the
period 2 348,7 1 741,2 1 741,2
Total comprehensive (loss)/income
for the period (203,7) 303,5 673,4
Retained earnings 66,0 155,8 305,0
Share of other comprehensive
(loss)/income of associate (269,7) 147,7 368,4
Dividends paid (64,6) (50,3) (80,1)
Share of net increase in
non-distributable reserves
of associate 1,7 6,2 14,2
Equity 2 082,1 2 000,6 2 348,7
Notes to the condensed consolidated interim financial statements for the six
months ended 30 June 2009
1. These condensed consolidated interim financial statements have been
prepared
in accordance with International Financial Reporting Standards (IFRS)
including
IAS 34 Interim Financial Reporting. Except as stated below the accounting
policies applied 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 2008.
The group applied the revised IAS 1 Presentation of Financial Statements
which
became effective for the first time on 1 January 2009. The application of
this
amendment to IFRS did not significantly impact the group`s financial results.
As a result of Trencor adopting improvements to IFRS, the calculation of
headline earnings has been adjusted accordingly.
MOBILE
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
R Million 2009 2008 2008
2. Revenue
Finance income 0,4 0,5 0,9
3. Headline earnings
Profit attributable to equity
holders of the company 66,0 155,8 305,0
Net loss on dilution of investment
in associate 0,8 0,6 0,6
Attributable share of headline
earnings adjustments of associate (7,8) 19,9 58,1
Headline earnings 59,0 176,3 363,7
Weighted average number of shares
in issue (million) 1 068,0 1 068,0 1 068,0
Headline earnings per share (cents) 5,5 16,5 34,1
Directors:
Trencor: NI Jowell* (Chairman), HR van der Merwe* (Managing), JE Hoelter
(USA), C Jowell, JE McQueen*, DM Nurek, E Oblowitz, RJA Sparks (* executive)
Mobile: C Jowell (Chairman), NI Jowell, DM Nurek, 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
www.mobile-industries.net
Date: 13/08/2009 16:00:01 Produced by the JSE SENS Department.
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