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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
ADJUSTED HEADLINE EARNINGS for the year ended 31 December 2009 some 20% lower
at between 195 and 210 cents per share (2008: 251,9 cents per share).
Adjusted Headline Earnings is the appropriate measure of Trencor`s financial
performance in that it excludes the effect of unrealised foreign exchange
translation gains and losses as well as gains realised by Textainer on the
repurchase and early extinguishment of portion of its own debt. Largely due
to the effect of the strengthening of the spot US$/R exchange rate on
unrealised foreign exchange translation gains and losses, HEADLINE EARNINGS
are expected to be between 125 and 140 cents per share for the year ended 31
December 2009 (2008: 420,8 cents per share). BASIC EARNINGS per share are
expected to be between 130 and 145 cents per share (2008: 353,8 cents per
share).
These changes are mainly the result of the following:
- The spot US$/R exchange rate strengthened from US$1 = 9,27 at 31 December
2008 to US$1 = R7,35 at 31 December 2009. This resulted in net realised
and unrealised exchange losses of approximately R298 million for the year
arising on the translation of the long-term receivables and related
valuation adjustment from US dollars into rand (2008: gain R439 million).
The effect of these losses on adjusted headline earnings per share in
2009 is 115 cents (2008: gain 169 cents).
- Net gains realised in 2009 by Textainer on the repurchase and early
extinguishment of a portion of its own debt had the effect of increasing
earnings per share by 46,0 cents (2008: nil).
- More difficult trading conditions experienced during the year under
review compared to 2008.
Based on Trencor`s estimated headline earnings above, Mobile is expected to
report HEADLINE EARNINGS of between 10 and 12 cents per share (2008: 31,1
cents). Earnings per share are expected to be between 10 and 12 cents per
share (2008: 28,6 cents).
This forecast financial information has not been reviewed and reported on by
Trencor`s or Mobile`s independent auditors. The Reviewed Results in respect
of the year ended 31 December 2009 are expected to be published in the second
half of February 2010.
ON BEHALF OF THE BOARDS
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL CHAIRMAN MOBILE INDUSTRIES LIMITED
10 February 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
www.mobile-industries.net
Date: 10/02/2010 16:30:03 Produced by the JSE SENS Department.
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