| Thu 5 May 2011, 16:19 | | TRE - Trencor Limited - First quarter update |
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TRE
TRE
TRE - Trencor Limited - First quarter update
TRENCOR LIMITED
Incorporated in the Republic of South Africa
Registration No 1955/002869/06
Share Code: TRE
ISIN: ZAE000007506
("Trencor")
FIRST QUARTER UPDATE
Holders of securities in Trencor are advised that Textainer Group Holdings Ltd
(NYSE: TGH), in which Trencor has a 60,9% (31 March 2010: 62,0%) beneficiary
interest, has announced net profit attributable to its shareholders in US GAAP
of US$37,2 million for the three months ended 31 March 2011 compared with
US$24,2 million for the same period in 2010. Textainer`s results may be
viewed on its website www.textainer.com.
Adjusted to conform with IFRS, Textainer`s net profit for the three months
ended 31 March 2011 was US$39,2 million (same period 2010: US$21,5 million).
Trencor`s earnings for the quarter to 31 March 2011 are as follows:
3 months ended 31 March Year ended 31
December
2011 2010 2010
Cents per Cents per Cents per share
share share
Unaudited Unaudited Audited
HEADLINE EARNINGS 89,9 46,3 335,5
(Deduct)/Add
Unrealised foreign exchange
translation (gains)/losses (9,1) 2,3 33,9
ADJUSTED HEADLINE EARNINGS 80,8 48,6 369,4
SA rand to US dollar:
- Period-end rate of exchange R6,76 R7,30 R6,61
- Average rate of exchange for R6,93 R7,54 R7,33
period
COMMENTS
- Adjusted headline earnings excludes the effect of net unrealised foreign
exchange gains and losses arising on the translation of the long-term
receivables and related valuation adjustment.
- Earnings per share for the year ended 31 December 2010 included 72,4 cents
following the reduction in the long-term receivables valuation adjustment;
amount included for the three months ended 31 March 2011: 1,3 cents (2010: 2,2
cents).
- Textainer`s average fleet utilisation increased to 98,2% for the first
quarter of 2011 from 90,1% for the first quarter 2010; spot utilisation on 29
April 2011 was 99,0% (30 April 2010: 94,7%).
- Textainer ordered over 166 500 twenty-foot equivalent units ("TEU") of new
standard dry-freight containers for delivery in the first half of 2011 and
purchased 9 000 TEU of refrigerated containers for delivery through July 2011,
representing more than US$506,5 million of capital expenditures.
- Textainer exercised an option to expand the size of its securitization
facility by US$100 million to a total revolving commitment of US$850 million.
The financial information on which this update is based has not been reviewed
and reported on by Trencor`s independent auditors.
On behalf of the Board
NI Jowell Chairman
5 May 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
Date: 05/05/2011 16:19:06 Produced by the JSE SENS Department.
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