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Trencor/Mobile -
TRENCOR LIMITED
REG NO 1955/002869/06
SHARE CODE: ISIN:
TRE ZAE000007506
MOBILE INDUSTRIES LIMITED
REG NO 1968/014997/06
SHARE CODE: ISIN:
MOB ZAE000004602
MBN ZAE000012274
MOBD ZAE000004610
UNAUDITED INTERIM RESULTS
for the six months ended 30 June 2003
HIGHLIGHTS
* Trading income was R254 million (2002: R272 million) despite the adverse
effect of the stronger rand on translation of these mainly foreign currency
earnings into rand
* Textainer"s taxed income improved from US$4,5 million to
US$12 million
* Utilisation of Textainer"s expanding container fleet (1 024 000 TEU at 30 June
2003) remained high at 89%
* 57% of Textainer"s fleet now on long-term lease, resulting in less volatile
revenue
* TrenStar made good progress, securing contracts with high profile
international companies in the US in the tyre, automotive and food industries
* Implementation of TrenStar"s beer keg contracts in the UK is going well and
management systems go `live" on 1 September 2003
* Trailer business (40% held) continued to perform well
* The tank container factory at Parow traded satisfactorily in difficult trading
conditions but did not achieve breakeven
* Strong rand resulted in an unrealised loss of R327 million (2002: unrealised
loss R394 million) on translation of net receivables, partially mitigated by
gains of R54 million (2002: R11 million) on translation of dollar loans
* Headline attributable loss, after unrealised translation gains and losses, was
88,4 cents per share (2002: loss 140,7 cents)
* Consolidated gearing ratio was 201% (2002: 210%) - ratio with Textainer and
Brewers Logistics International notionally equity accounted was 24% (2002: 44%)
* The boards of Trencor and Mobile have decided not to declare a dividend at
this time
TAX QUERIES
The inquiry by the South African Revenue Service ("SARS") into the tax treatment
of the group"s export partners" participation in the export of cargo containers
(in respect of transactions entered into in prior years) has now been open for
almost five years. We have reason to believe that SARS has completed its
enquiries and we are hopeful that it will come to its conclusions in the near
future. The income tax principles underlying the tax treatment of the
participation of our partners in the export trade have been the subject of a
number of supportive legal opinions, including from various Senior Counsel, and
we remain confident that the legal advice received will prevail should SARS seek
to challenge the tax treatment.
As previously reported, a successful challenge by SARS may result in the
acceleration of the payment of a portion of the amounts attributable to third
parties (i.e. our export partners) which are carried at the net present values,
and which would otherwise be paid over an average period of about nine years.
Such an outcome would have an adverse effect on the cash flow and profitability
of the group. It is not possible to quantify these effects, as it is not known
what form any challenge from SARS may take.
ON BEHALF OF THE BOARDS
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL CHAIRMAN MOBILE INDUSTRIES LIMITED
21 AUGUST 2003
Registered Office: Transfer Secretaries:
1313 Main Tower Computershare Limited
Standard Bank Centre 70 Marshall Street
Heerengracht Johannesburg 2001
Cape Town 8001 (PO Box 61051 Marshalltown 2107)
Directors:
Trencor:
NI Jowell* (Chairman/CEO), HR van der Merwe* (Managing),
HA Gorvy, JE Hoelter (USA), C Jowell*, JE McQueen*, DM Nurek
(*Executive)
Mobile:
C Jowell (Chairman), HA Gorvy, NI Jowell, DM Nurek
(all non-executive)
Secretaries to Trencor and Mobile: Trencor Services (Pty) Ltd
(Reg No 1967/004868/07)
THESE RESULTS CAN BE VIEWED ON THE WEBSITES:
HTTP://WWW.TRENCOR.NET AND HTTP://MOBILE-INDUSTRIES.NET
ABRIDGED INCOME STATEMENTS
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 December
R MILLION 2003 2002 2002
Revenue (including exchange
differences) (Note 2) 288,8 267,9 589,0
Trading income before items
listed below: 254,3 272,3 563,0
Exchange (losses)/gains
Translation of long-term
receivables included in revenue (541,5) (663,8) (1 420,4)
Translation of borrowings and
investments (net) 54,3 (11,0) 70,8
Net long-term receivable revaluation
adjustment 215,0 270,0 545,2
Changes in discount rates relating
to long-term receivables - - 132,9
Exceptional items (Note 3) (1,7) 5,3 (16,3)
(Loss)/Income from operations (19,6) (127,2) (124,8)
Net interest expense - Textainer (89,8) (117,1) (225,7)
- Other (38,7) (46,2) (105,9)
(148,1) (290,5) (456,4)
Attributable income of associate
company 0,7 1,1 1,3
Loss before taxation (147,4) (289,4) (455,1)
Income tax expense (64,9) (99,4) (165,4)
Loss after taxation (82,5) (190,0) (289,7)
Income attributable to outside
shareholders in subsidiaries (60,2) (22,6) (80,3)
Net loss attributable to
shareholders (142,7) (212,6) (370,0)
Number of shares in issue (million) 153,0 152,8 153,0
Weighted average number of shares
in issue (million) 153,0 152,8 152,9
Undiluted loss per share (cents) (93,3) (139,1) (242,0)
Diluted loss per share (cents)
(Note 4) (93,3) (139,1) (242,0)
Undiluted headline loss per share
(cents) (Note 4) (88,4) (140,7) (230,3)
Diluted headline loss per share
(cents) (Note 4) (88,4) (140,7) (230,3)
Period-end rate of exchange:
SA rand to US dollar 7,38 10,36 8,66
ABRIDGED BALANCE SHEETS
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
R MILLION 2003 2002 2002
Assets
Non-current assets
Property, plant and equipment 5 067,0 6 263,3 5 619,4
Investment properties 29,2 33,7 33,7
Intangible assets and goodwill 13,4 30,0 16,1
Investments 97,0 108,4 102,5
Long-term loans 32,6 31,6 20,0
Net investment in direct finance
leases 48,2 94,2 66,1
Participation in export partnerships - - -
Long-term receivables 1 684,7 2 449,0 2 065,1
6 972,1 9 010,2 7 922,9
Current assets (Note 6) 921,4 1 076,6 1 043,8
Total assets 7 893,5 10 086,8 8 966,7
Equity and liabilities
Capital and reserves
Share capital and premium 165,6 164,5 165,6
Reserves 1 333,6 1 814,2 1 567,2
Shareholders" equity 1 499,2 1 978,7 1 732,8
Interest of outside shareholders
in subsidiaries 435,1 526,7 460,4
Total shareholders" funds 1 934,3 2 505,4 2 193,2
Convertible debentures 260,5 260,5 260,5
Other non-current liabilities
Interest-bearing borrowings 3 924,2 5 206,2 4 488,8
Amounts attributable to third
parties in respect of long-term
receivables 389,9 408,2 397,4
Derivative instruments 155,2 131,0 171,0
Deferred taxation 162,6 469,6 273,7
6 826,7 8 980,9 7 784,6
Current liabilities (Note 7) 1 066,8 1 105,9 1 182,1
Total equity and liabilities 7 893,5 10 086,8 8 966,7
Capital expenditure incurred during
the period 489,0 1 336,6 1 994,7
Capital expenditure committed and
authorised, but not yet incurred 261,2 56,1 201,6
Market value of listed investments 9,1 17,2 14,7
Directors" valuation of unlisted
investments 87,9 91,2 87,8
Ratio to aggregate of total
shareholders" funds and convertible
debentures:
Total liabilities excluding
convertible debentures (%) 259,6 264,7 265,4
Interest-bearing debt excluding
convertible debentures (%) 201,1 210,4 204,8
ABRIDGED STATEMENTS OF CHANGES IN
SHAREHOLDERS" EQUITY(Trencor)
Balance at the beginning of the
period 1 732,8 2 323,9 2 323,9
Movements in distributable reserves (142,7) (212,6) (370,0)
Net loss for the period (142,7) (212,6) (370,0)
Movements in non-distributable
reserves (90,9) (132,6) (221,1)
Currency translation differences (86,4) (94,6) (210,6)
Proceeds on issue of shares - - 1,1
Unrecognised loss on derivative
instruments (in Textainer) (1,6) (13,0) (11,6)
Fair-value adjustment - available
for sale investments (3,4) (25,0) (20,6)
Impairment of available for sale
investment transferred to income
statement - - 20,6
Change in effective holding of
subsidiary company 0,5 - -
Reserves of associate companies - - -
Balance at the end of the period 1 499,2 1 978,7 1 732,8
ABRIDGED CASH FLOW STATEMENTS
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
R MILLION 2003 2002 2002
Cash generated from operations 353,9 338,6 886,6
Interest received 10,3 11,0 21,4
Interest paid (138,5) (173,8) (346,3)
Dividends paid to outside
shareholders (17,9) (20,9) (20,0)
Taxation paid 3,0 (1,6) (24,3)
Net cash inflow from operating
activities 210,8 153,3 517,4
Cash flows from investing activities (459,2) (1 346,8) (1 973,0)
Cash flows from financing activities 262,5 1 439,7 1 789,2
Net increase/(decrease) in cash
and cash equivalents before
exchange rate changes 14,1 246,2 333,6
Net cash and cash equivalents at
the beginning of the period 368,6 128,1 128,1
Effects of exchange rate changes
on cash and cash equivalents (41,2) (40,2) (93,1)
Net cash and cash equivalents at
the end of the period 341,5 334,1 368,6
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS (TRENCOR)
1. These consolidated abridged interim financial statements are prepared in
accordance with South African Statements of Generally Accepted Accounting
Practice. The accounting policies used in the preparation of the interim
financial statements are consistent with those used in the annual financial
statements for the year ended
31 December 2002.
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
2003 2002 2002
2. Revenue
Invoiced sales - goods and
services 71,8 115,1 203,1
Leasing income 575,5 539,6 1 176,8
Management fees 123,2 147,4 276,8
Finance income 59,8 129,6 352,7
830,3 931,7 2 009,4
Realised and unrealised exchange
differences (541,5) (663,8) (1 420,4)
288,8 267,9 589,0
3. Exceptional items
Premium paid on acquisition of
shares from outside shareholders - - (0,4)
Impairment of goodwill - - (11,7)
Amortisation of goodwill (0,2) (2,0) (0,4)
Discontinued operations (2,1) 7,3 14,1
Reversal of impairment of plant - - 2,7
Profit on sale of investment
property 0,6 - -
Impairment of available for sale
investment - - (20,6)
(1,7) 5,3 (16,3)
4. Headline loss
Loss attributable to shareholders (142,7) (212,6) (370,0)
Amortisation of goodwill in respect
of associate company 2,7 - 3,6
Loss/(profit) on sale of property,
plant and equipment 3,7 0,7 (6,3)
Exceptional items (net of taxation) 1,1 (3,1) 20,5
Headline loss (135,2) (215,0) (352,2)
Weighted average number of shares
in issue (million) 153,0 152,8 152,9
Headline loss per share (cents) (88,4) (140,7) (230,3)
The dilution arises as a result of
any future conversion of convertible
debentures. The directors are of the
opinion that the debentures will
not be converted in the foreseeable
future and therefore no dilution is
anticipated for the foreseeable
future. No dilutive effect has been
presented in respect of the current
or prior year as this would be
anti-dilutive.
5. Segmental reporting
Revenue
Container - sales and finance (481,6) (534,4) (1 068,3)
Container - owning, leasing-out
and management 567,6 636,9 1 299,9
Container - manufacturing 33,0 38,0 81,8
Supply chain management services 167,1 124,9 274,2
Other 2,7 2,5 1,4
288,8 267,9 589,0
Loss from operations
Container - sales and finance (222,2) (270,3) (545,0)
Container - owning, leasing-out
and management 231,5 188,6 469,0
Container - manufacturing (12,0) (6,6) (16,5)
Supply chain management services (8,4) (8,7) (43,0)
Other (6,8) (35,5) 27,0
(17,9) (132,5) (108,5)
Exceptional items (1,7) 5,3 (16,3)
(19,6) (127,2) (124,8)
6. Current assets
Inventories 53,1 89,5 51,3
Accounts receivable 521,8 650,1 612,3
Current portion of long-term loans 5,0 - 11,6
Amount owing by affiliated company - - -
Cash and cash equivalents 341,5 337,0 368,6
921,4 1 076,6 1 043,8
7. Current liabilities
Accounts payable 337,9 384,1 439,2
Provisions 75,3 75,8 -
Taxation 115,7 10,6 90,5
Bank overdrafts and short-term loans 2,9 - -
Current portion of interest-bearing
borrowings 488,7 610,9 537,5
Deferred income 22,1 39,1 -
1 066,8 1 105,9 1 182,1
ABRIDGED INCOME STATEMENTS
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
R MILLION 2003 2002 2002
Revenue (including exchange
differences) (Note 2) 8,0 11,0 19,6
Trading income before items listed
below: 6,9 9,8 15,4
(Loss)/Income from operations 6,9 9,8 15,4
Net interest expense - - -
- Other (5,6) (8,8) (14,5)
1,3 1,0 0,9
Attributable income of associate
company (67,5) (100,7) (175,2)
Loss before taxation (66,2) (99,7) (174,3)
Income tax expense 0,5 0,3 0,5
Loss after taxation (66,7) (100,0) (174,8)
Income attributable to outside
shareholders in subsidiaries (0,3) (0,2) (0,2)
Net loss attributable to
shareholders (67,0) (100,2) (175,0)
Number of shares in issue (million) 897,8 897,8 897,8
Weighted average number of shares
in issue (million) 897,8 897,8 897,8
Undiluted loss per share (cents) (7,5) (11,2) (19,5)
Diluted loss per share (cents)
(Note 3) (7,5) (11,2) (19,5)
Undiluted headline loss per
share (cents) (Note 3) (7,1) (10,8) (18,2)
Diluted headline loss per share
(cents) (Note 3) (7,1) (10,8) (18,2)
ABRIDGED BALANCE SHEETS
MOBILE
UNAUDITED AUDITED
30 JUNE 31 DECEMBER
2003 2002 2002
Assets
Participation in export
partnerships 6,3 6,7 6,6
Long-term receivables 12,6 41,8 24,4
844,7 1 102,9 967,4
Current assets (Note 4) 10,7 25,8 21,2
Total assets 855,4 1 128,7 988,6
Equity and liabilities
Capital and reserves
Share capital and premium 66,5 66,5 66,5
Reserves 645,6 873,9 755,6
Shareholders" equity 712,1 940,4 822,1
Interest of outside shareholders in
subsidiaries 4,0 3,7 3,7
Total shareholders" funds 716,1 944,1 825,8
Convertible debentures 127,6 127,6 127,6
Other non-current liabilities
Interest-bearing borrowings 1,8 26,1 18,3
Deferred taxation 5,5 5,9 5,8
851,0 1 103,7 977,5
Current liabilities (Note 5) 4,4 25,0 11,1
Total equity and liabilities 855,4 1 128,7 988,6
Market value of listed investments 741,6 752,3 749,7
Ratio to aggregate of total
shareholders" funds and convertible
debentures:
Total liabilities excluding
convertible debentures (%) 1,4 5,3 3,7
Interest-bearing debt excluding
convertible debentures (%) 0,4 4,6 2,8
ABRIDGED STATEMENTS OF CHANGES IN
SHAREHOLDERS" EQUITY (MOBILE)
Balance at the beginning of the
period 822,1 1 103,4 1 103,4
Movements in distributable reserves (67,0) (100,2) (175,0)
Net loss for the period (67,0) (100,2) (175,0)
Movements in non-distributable
reserves (43,0) (62,8) (106,3)
Change in effective holding in
associate company - - (1,1)
Reserves of associate companies (43,0) (62,8) (105,2)
Balance at the end of the period 712,1 940,4 822,1
ABRIDGED CASH FLOW STATEMENTS
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
R MILLION 2003 2002 2002
Cash generated from operations 21,3 57,8 87,4
Interest received 3,8 4,4 8,4
Interest paid (5,6) (8,8) (14,5)
Taxation paid (0,3) (5,7) (6,1)
Net cash inflow from operating
activities 19,2 47,7 75,2
Cash flows from financing activities (23,5) (56,5) (78,8)
Net increase/(decrease) in cash
and cash equivalents before
exchange rate changes (4,3) (8,8) (3,6)
Net cash and cash equivalents at
the beginning of the period 5,1 8,7 8,7
Net cash and cash equivalents at
the end of the period 0,8 (0,1) 5,1
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS (MOBILE)
1. These consolidated abridged interim financial statements are prepared in
accordance with South African Statements of Generally Accepted Accounting
Practice. The accounting policies used in the preparation of the interim
financial statements are consistent with those used in the annual financial
statements for the year ended
31 December 2002.
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
2003 2002 2002
2. Revenue
Finance income 8,0 11,0 19,6
8,0 11,0 19,6
8,0 11,0 19,6
3. Headline loss
Loss attributable to shareholders (67,0) (100,2) (175,0)
Attributable share of headline
earnings adjustments of associate
company 3,5 3,6 11,4
Headline loss (63,5) (96,6) (163,6)
Weighted average number of shares
in issue (million) 897,8 897,8 897,8
Headline loss per share (cents) (7,1) (10,8) (18,2)
The dilution arises as a result of
any future conversion of convertible
debentures. The directors are of
the opinion that the debentures
will not be converted in the
foreseeable future and therefore
no dilution is anticipated for the
foreseeable future. No dilutive
effect has been presented in respect
of the current or prior year as this
would be anti-dilutive.
4. Current assets
Accounts receivable 8,1 22,0 13,8
Amount owing by affiliated company 1,8 3,8 2,3
Cash and cash equivalents 0,8 - 5,1
10,7 25,8 21,2
5. Current liabilities
Accounts payable 0,9 0,5 0,9
Taxation 1,9 1,3 1,6
Bank overdrafts and short-term
loans - 0,1 -
Current portion of interest-bearing
borrowings 1,6 23,1 8,6
4,4 25,0 11,1
Date: 21/08/2003 04:39:28 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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