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Trencor Limited/mobile Industries Limited - Trencor Limited/mobile Industries Limited - Reviewed Results For The Year Ended
Release Date: 04/03/2004 17:12:01 Code(s): MBN TRE MOBD TED2
Trencor Limited/Mobile Industries Limited - Reviewed results for the year ended
31 December 2003
TRENCOR LIMITED
(REG NO 1955/002869/06)
SHARE CODE: ISIN:
TRE ZAE000007506
TED2 ZAE000007282
MOBILE INDUSTRIES LIMITED
(REG NO 1968/014997/06)
SHARE CODE: ISIN:
MOB ZAE000004602
MBN ZAE000012274
MOBD ZAE000004610
CONDENSED Income Statements FOR THE YEAR ENDED 31 DECEMBER 2003
TRENCOR MOBILE
Reviewed Audited Reviewed Audited
R MILLION 2003 2002 2003 2002
REVENUE (INCLUDING EXCHANGE
DIFFERENCES) (NOTE 2 AND 3) 731,8 589,0 12,1 19,6
TRADING INCOME BEFORE ITEMS
LISTED BELOW: 503,5 563,0 10,2 15,4
CONTINUING OPERATIONS 516,5 579,5
DISCONTINUING OPERATIONS (13,0) (16,5)
EXCHANGE (LOSSES)/GAINS
TRANSLATION OF LONG-TERM
RECEIVABLES INCLUDED IN REVENUE (854,5) (1 420,4)
TRANSLATION OF BORROWINGS AND
INVESTMENTS (NET) 84,0 70,8
NET LONG-TERM RECEIVABLE
REVALUATION ADJUSTMENT 335,2 545,2
CHANGE IN DISCOUNT RATE RELATING
TO LONG-TERM RECEIVABLES - 132,9
OTHER INCOME RELATING TO
DISCONTINUING OPERATIONS
(NOTE 3) 1,1 14,1
INCOME/(LOSS) FROM OPERATIONS 69,3 (94,4) 10,2 15,4
NET INTEREST EXPENSE
- TEXTAINER (165,8) (225,7)
- OTHER (78,2) (105,9) (8,5) (14,5)
ATTRIBUTABLE INCOME OF
ASSOCIATE COMPANY 5,5 1,3 (46,6) (175,2)
EXCEPTIONAL ITEMS (NOTE 4) 68,5 (30,4) (0,6) -
LOSS BEFORE TAXATION (100,7) (455,1) (45,5) (174,3)
INCOME TAX (114,5) (165,4) 0,6 0,5
CONTINUING OPERATIONS (110,9) (164,6)
DISCONTINUING OPERATIONS
(NOTE 3) (3,6) (0,8)
INCOME/(LOSS) AFTER TAXATION 13,8 (289,7) (46,1) (174,8)
INCOME ATTRIBUTABLE TO OUTSIDE
SHAREHOLDERS IN SUBSIDIARIES 112,3 80,3 0,4 0,2
NET LOSS ATTRIBUTABLE TO
SHAREHOLDERS (98,5) (370,0) (46,5) (175,0)
NUMBER OF SHARES IN ISSUE
(MILLION) 153,6 153,0 897,8 897,8
WEIGHTED AVERAGE NUMBER OF
SHARES IN ISSUE (MILLION) 153,2 152,9 897,8 897,8
UNDILUTED LOSS PER SHARE
(CENTS) (NOTE 5) (64,3) (242,0) (5,2) (19,5)
DILUTED LOSS PER SHARE (CENTS)
(NOTE 5) (64,3) (242,0) (5,2) (19,5)
UNDILUTED HEADLINE LOSS PER
SHARE (CENTS) (NOTE 5) (108,2) (230,3) (8,6) (18,2)
DILUTED HEADLINE LOSS PER
SHARE (CENTS) (NOTE 5) (108,2) (230,3) (8,6) (18,2)
YEAR-END RATE OF EXCHANGE:
SA RAND TO US DOLLAR 6,62 8,66 6,62 8,66
CONDENSED BALANCE SHEETS AT 31 DECEMBER 2003
TRENCOR MOBILE
Reviewed Audited Reviewed Audited
R MILLION 2003 2002 2003 2002
ASSETS
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT 4 759,8 5 619,4
INVESTMENT PROPERTIES 29,3 33,7
INTANGIBLE ASSETS AND
GOODWILL 43,1 16,1
INVESTMENT IN ASSOCIATES 64,8 59,4 829,5 936,4
OTHER INVESTMENTS 36,3 43,1
LONG-TERM LOANS 27,7 20,0
NET INVESTMENT IN DIRECT
FINANCE LEASES 34,9 66,1
PARTICIPATION IN EXPORT
PARTNERSHIPS - - 6,1 6,6
LONG-TERM RECEIVABLES 1 446,6 2 065,1 6,3 24,4
DEFERRED TAXATION 188,8 -
6 631,3 7 922,9 841,9 967,4
CURRENT ASSETS (NOTE 7) 849,7 1 043,8 11,1 21,2
TOTAL ASSETS 7 481,0 8 966,7 853,0 988,6
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
SHARE CAPITAL AND PREMIUM 168,7 165,6 66,5 66,5
RESERVES 1 337,5 1 567,2 647,1 755,6
SHAREHOLDERS" EQUITY 1 506,2 1 732,8 713,6 822,1
INTEREST OF OUTSIDE
SHAREHOLDERS IN SUBSIDIARIES 522,1 460,4 4,1 3,7
TOTAL SHAREHOLDERS" FUNDS 2 028,3 2 193,2 717,7 825,8
CONVERTIBLE DEBENTURES 260,5 260,5 127,6 127,6
OTHER NON-CURRENT LIABILITIES
INTEREST-BEARING BORROWINGS 3 548,8 4 488,8 - 18,3
AMOUNTS ATTRIBUTABLE TO THIRD
PARTIES IN RESPECT OF
LONG-TERM RECEIVABLES 380,0 397,4
DERIVATIVE INSTRUMENTS 87,0 171,0
DEFERRED TAXATION 276,8 273,7 5,3 5,8
6 581,4 7 784,6 850,6 977,5
CURRENT LIABILITIES (NOTE 8) 899,6 1 182,1 2,4 11,1
TOTAL EQUITY AND LIABILITIES 7 481,0 8 966,7 853,0 988,6
CAPITAL EXPENDITURE INCURRED
DURING THE YEAR 831,7 1 994,7 - -
CAPITAL EXPENDITURE COMMITTED
AND AUTHORISED, BUT NOT
YET INCURRED 152,4 201,6 - -
MARKET VALUE OF LISTED
INVESTMENTS 10,2 14,7 886,2 749,7
DIRECTORS" VALUATION OF
UNLISTED INVESTMENTS 26,1 28,4
RATIO TO AGGREGATE OF TOTAL
SHAREHOLDERS" FUNDS AND
CONVERTIBLE DEBENTURES:
TOTAL LIABILITIES EXCLUDING
CONVERTIBLE DEBENTURES (%) 226,9 265,4 0,9 3,7
INTEREST-BEARING DEBT
EXCLUDING CONVERTIBLE
DEBENTURES (%) 173,9 204,8 - 2,8
CONDENSED CASH FLOW STATEMENTS
TRENCOR MOBILE
Reviewed Audited Reviewed Audited
R MILLION 2003 2002 2003 2002
CASH GENERATED FROM OPERATIONS 715,7 886,6 35,5 87,4
INTEREST RECEIVED 14,5 21,4 7,8 8,4
INTEREST PAID (254,8) (346,3) (8,5) (14,5)
DIVIDENDS PAID TO OUTSIDE
SHAREHOLDERS (17,9) (20,0) - -
TAXATION PAID (71,8) (24,3) (1,1) (6,1)
NET CASH INFLOW FROM OPERATING
ACTIVITIES 385,7 517,4 33,7 75,2
CASH FLOWS FROM INVESTING
ACTIVITIES (793,8) (1 973,0) (2,3) -
CASH FLOWS FROM FINANCING
ACTIVITIES 442,1 1 789,2 (26,9) (78,8)
NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS
BEFORE EXCHANGE RATE CHANGES 34,0 333,6 4,5 (3,6)
NET CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF THE YEAR 368,6 128,1 5,1 8,7
EFFECTS OF EXCHANGE RATE
CHANGES ON CASH AND CASH
EQUIVALENTS (72,1) (93,1) - -
NET CASH AND CASH EQUIVALENTS
AT THE END OF THE YEAR 330,5 368,6 9,6 5,1
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS" EQUITY
TRENCOR MOBILE
Reviewed Audited Reviewed Audited
R MILLION 2003 2002 2003 2002
BALANCE AT THE BEGINNING
OF THE YEAR 1 732,8 2 323,9 822,1 1 103,4
PROCEEDS ON ISSUE OF SHARES 3,1 1,1 - -
MOVEMENTS IN DISTRIBUTABLE
RESERVES (177,4) (370,0) (83,2) (175,0)
NET LOSS FOR THE YEAR (98,5) (370,0) (46,5) (175,0)
GAIN ON DILUTION OF INTEREST IN
SUBSIDIARIES TRANSFERRED TO
NON-DISTRIBUTABLE RESERVE (78,9) - - -
LOSS ON DILUTION OF INTEREST
IN ASSOCIATE TRANSFERRED TO
NON-DISTRIBUTABLE RESERVE - - 0,6 -
GAIN ON DILUTION OF
ASSOCIATE"S INTEREST IN
SUBSIDIARIES TRANSFERRED
TO NON-DISTRIBUTABLE RESERVE - - (37,3) -
MOVEMENTS IN NON-DISTRIBUTABLE
RESERVES (52,3) (222,2) (25,3) 106,3)
CURRENCY TRANSLATION
DIFFERENCES (169,1) (210,6)
CHANGE IN EFFECTIVE INTEREST
IN ASSOCIATE COMPANY - - - (1,1)
UNRECOGNISED INCOME/(LOSS)
ON DERIVATIVE INSTRUMENTS
(IN TEXTAINER) 42,4 (11,6)
FAIR-VALUE ADJUSTMENT -
AVAILABLE FOR SALE
INVESTMENTS (4,5) (20,6)
IMPAIRMENT OF AVAILABLE
FOR SALE INVESTMENT
TRANSFERRED TO INCOME
STATEMENT - 20,6
TRANSFER FROM DISTRIBUTABLE
RESERVES (SEE ABOVE) 78,9 - 36,7 -
SHARE OF INCREASE IN
NON-DISTRIBUTABLE RESERVE
OF ASSOCIATE COMPANY - - (62,0) (105,2)
BALANCE AT THE END OF
THE YEAR 1 506,2 1 732,8 713,6 822,1
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1 These consolidated condensed financial statements are prepared in accordance
with South African Statements of Generally Accepted Accounting Practice. The
accounting policies used in the preparation of the financial statements are
consistent with those used in the annual financial statements for the year ended
31 December 2002.
2. REVENUE
INVOICED SALES - GOODS
AND SERVICES 70,5 121,3
LEASING INCOME 1 117,5 1 176,8
MANAGEMENT FEES 232,3 276,8
FINANCE INCOME 109,5 352,7 12,1 19,6
1 529,8 1 927,6 12,1 19,6
DISCONTINUING OPERATION -
TANK CONTAINER BUSINESS 56,5 81,8 - -
1 586,3 2 009,4 12,1 19,6
REALISED AND UNREALISED
EXCHANGE DIFFERENCES (854,5) (1 420,4) - -
731,8 589,0 12,1 19,6
3. DISCONTINUING OPERATIONS
REVENUE (NOTE 2) 56,5 81,8
TRADING LOSS - TANK CONTAINER
BUSINESS (13,0) (16,5)
OTHER INCOME RELATING TO
DISCONTINUING OPERATIONS 1,1 14,1
RETRENCHMENT COSTS - TANK
CONTAINER BUSINESS (6,1) -
OTHER COSTS OF CLOSURE -
TANK CONTAINER BUSINESS (2,7) -
REVERSAL OF IMPAIRMENT OF
PLANT - TANK CONTAINER
BUSINESS 8,8 -
RECOVERY OF COSTS - ISITHEBE 1,1 14,1
LOSS BEFORE TAXATION (11,9) (2,4)
INCOME TAX (3,6) (0,8)
LOSS AFTER TAXATION (8,3) (1,6)
4. EXCEPTIONAL ITEMS
PREMIUM PAID ON ACQUISITION
OF SHARES FROM OUTSIDE
SHAREHOLDERS (5,1) (0,4)
GOODWILL IMPAIRMENT - (11,7)
GOODWILL AMORTISATION
- SUBSIDIARY (3,6) (0,4)
GOODWILL WRITTEN OFF PURSUANT
TO CHANGE OF INTEREST IN
SUBSIDIARY (1,5) -
REVERSAL OF IMPAIRMENT OF
PLANT - 2,7
PROFIT ON SALE OF INVESTMENT
PROPERTY 0,6 -
IMPAIRMENT OF INTANGIBLE
ASSET (0,8) -
GAIN ON DILUTION OF
INTEREST IN SUBSIDIARIES 78,9 -
IMPAIRMENT OF AVAILABLE FOR
SALE INVESTMENT - (20,6)
LOSS ON DILUTION OF INTEREST
IN ASSOCIATE - - (0,6) -
5. HEADLINE LOSS 68,5 (30,4) (0,6) -
NET LOSS ATTRIBUTABLE TO
SHAREHOLDERS (98,5) (370,0) (46,5) (175,0)
AMORTISATION OF GOODWILL IN
RESPECT OF ASSOCIATE COMPANY 3,6 3,6
LOSS/(PROFIT) ON SALE OF
PROPERTY, PLANT AND EQUIPMENT 0,2 (6,3)
EXCEPTIONAL ITEMS (NOTE 4) (68,5) 30,4 0,6 -
DISCONTINUING OPERATIONS
- CURRENT YEAR 9,1 -
DISCONTINUED OPERATIONS -
PRIOR YEARS (0,8) (9,9)
DISCONTINUING OPERATIONS -
LOSSES INCURRED TO DATE
OF DISCONTINUANCE (9,3) -
OUTSIDE SHAREHOLDERS"
ATTRIBUTABLE SHARE OF
EXCEPTIONAL ITEMS (1,5) -
ATTRIBUTABLE SHARE OF
HEADLINE EARNINGS ADJUSTMENTS
OF ASSOCIATE COMPANY - - (31,7) 11,4
HEADLINE LOSS (165,7) (352,2) (77,6) (163,6)
WEIGHTED AVERAGE NUMBER
OF SHARES IN ISSUE (MILLION) 153,2 152,9 897,8 897,8
HEADLINE LOSS PER
SHARE (CENTS) (108,2) (230,3) (8,6) (18,2)
The dilution would arise as a result of any future conversion of convertible
debentures and outstanding share options. 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 either instrument as this would be anti-dilutive.
6. SEGMENTAL REPORTING
REVENUE
CONTAINER - SALES AND FINANCE (752,5) (1 068,3)
CONTAINER - OWNING,
LEASING-OUT AND MANAGEMENT 1 097,1 1 299,9
SUPPLY CHAIN MANAGEMENT
SERVICES 327,5 274,2
OTHER 3,2 1,4
675,3 507,2
DISCONTINUING OPERATIONS 56,5 81,8
731,8 589,0
INCOME/(LOSS)FROM OPERATIONS
CONTAINER - SALES AND FINANCE (433,6) (545,0)
CONTAINER - OWNING,
LEASING-OUT AND MANAGEMENT 465,5 469,0
SUPPLY CHAIN MANAGEMENT
SERVICES (11,9) (43,0)
OTHER 61,2 27,0
81,2 (92,0)
DISCONTINUING OPERATIONS (11,9) (2,4)
69,3 (94,4)
7. CURRENT ASSETS
INVENTORIES 50,8 51,3
ACCOUNTS RECEIVABLE 459,9 612,3 1,1 13,8
CURRENT PORTION OF
LONG-TERM LOANS 8,5 11,6
AMOUNT OWING BY AFFILIATED
COMPANY 0,4 2,3
CASH AND CASH EQUIVALENTS 330,5 368,6 9,6 5,1
849,7 1 043,8 11,1 21,2
8. CURRENT LIABILITIES
ACCOUNTS PAYABLE 300,1 439,2 0,8 0,9
PROVISIONS 75,8 75,8
TAXATION 64,2 90,5 1,6 1,6
CURRENT PORTION OF
INTEREST-BEARING BORROWINGS 432,1 537,5 - 8,6
DEFERRED INCOME 27,4 39,1
899,6 1 182,1 2,4 11,1
In order to provide a better appreciation of the results of the group"s
activities, abridged 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, are unaudited and have not been reviewed by
the company"s auditors.
UNAUDITED TRENCOR CONDENSED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2003
UNAUDITED UNAUDITED
2003 2002
US$ MILLION
REVENUE 192,8 167,6
TRADING INCOME BEFORE ITEMS LISTED BELOW: 66,5 54,0
CONTINUING OPERATIONS 68,3 55,6
DISCONTINUING OPERATIONS (1,8) (1,6)
EXCHANGE LOSSES ARISING ON TRANSLATION (15,0) (11,0)
CHANGE IN DISCOUNT RATE RELATING TO
LONG-TERM RECEIVABLES - 11,0
INCOME FROM OPERATIONS 51,5 54,0
NET INTEREST EXPENSE
- TEXTAINER (22,5) (21,8)
- TRENSTAR (8,1) (5,4)
- OTHER (2,5) (4,8)
EXCEPTIONAL ITEMS 9,7 (1,9)
ATTRIBUTABLE INCOME OF ASSOCIATE COMPANY 0,7 0,2
INCOME BEFORE TAXATION 28,8 20,3
INCOME TAX 2,8 (4,7)
INCOME AFTER TAXATION 31,6 15,6
INCOME ATTRIBUTABLE TO OUTSIDE SHAREHOLDERS
IN SUBSIDIARIES (15,1) (8,0)
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS 16,5 7,6
NUMBER OF SHARES IN ISSUE (MILLION) 153,6 153,0
WEIGHTED AVERAGE NUMBER OF SHARES IN ISSUE (MILLION) 153,2 152,9
UNDILUTED EARNINGS PER SHARE (US CENTS) 10,8 5,0
DILUTED EARNINGS PER SHARE (US CENTS) 9,3 4,2
UNDILUTED HEADLINE EARNINGS PER SHARE (US CENTS) 5,6 6,8
DILUTED HEADLINE EARNINGS PER SHARE (US CENTS) 4,7 5,7
YEAR-END RATE OF EXCHANGE: SA RAND TO US DOLLAR 6,62 8,66
TRADING INCOME FROM CONTINUING OPERATIONS:
TEXTAINER 63,0 45,3
TRENSTAR (1,7) (4,0)
OTHER 7,0 14,3
68,3 55,6
UNAUDITED TRENCOR CONDENSED BALANCE SHEET
AT 31 DECEMBER 2003
UNAUDITED UNAUDITED
2003 2002
US$ MILLION
ASSETS
PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT
PROPERTIES 723,4 652,8
LONG-TERM RECEIVABLES 218,5 239,0
OTHER NON-CURRENT ASSETS 61,0 25,0
1 002,9 916,8
CURRENT ASSETS 127,1 119,2
INVENTORIES 7,7 5,9
ACCOUNTS RECEIVABLE 69,5 70,7
CASH AND CASH EQUIVALENTS 49,9 42,6
TOTAL ASSETS 1 130,0 1 036,0
EQUITY AND LIABILITIES
SHAREHOLDERS" EQUITY 227,5 200,6
INTEREST OF OUTSIDE SHAREHOLDERS IN SUBSIDIARIES 78,8 53,2
TOTAL SHAREHOLDERS" FUNDS 306,3 253,8
CONVERTIBLE DEBENTURES 39,4 30,1
INTEREST-BEARING LIABILITIES 536,1 518,3
AMOUNTS ATTRIBUTABLE TO THIRD PARTIES IN
RESPECT OF LONG-TERM RECEIVABLES 57,4 46,0
DERIVATIVE INSTRUMENTS 13,1 19,7
DEFERRED TAXATION 41,8 31,6
994,1 899,5
CURRENT LIABILITIES 135,9 136,5
ACCOUNTS PAYABLE 66,5 69,9
CURRENT PORTION OF INTEREST-BEARING LIABILITIES 65,3 62,1
DEFERRED INCOME 4,1 4,5
TOTAL EQUITY AND LIABILITIES 1 130,0 1 036,0
RATIO TO AGGREGATE OF TOTAL SHAREHOLDERS" FUNDS
AND CONVERTIBLE DEBENTURES:
TOTAL LIABILITIES EXCLUDING CONVERTIBLE DEBENTURES (%) 226,9 264,9
INTEREST-BEARING DEBT EXCLUDING CONVERTIBLE
DEBENTURES (%) 174,0 204,4
COMMENTS
Group
- Condensed income statements and balance sheets for Trencor are also presented
in US dollars for a better appreciation of the group"s results as virtually all
of its revenue and assets and much of its expenditure are denominated in that
currency. The US dollar statements have not been reviewed by the auditors
- Trading income, after interest, from continuing operations was R273 million
(2002: R248 million) despite the adverse effect of the stronger rand. In US
dollar terms it was US$35,2 million (2002: US$23,6 million) up 49%
- Strong rand has again resulted in unrealised losses on the translation of net
receivables of R519 million (2002: R875 million). These losses were partially
mitigated by gains on translation of certain dollar loans of R84 million (2002:
R71 million)
- Headline attributable loss, after unrealised translation gains and losses, was
108,2 cents per share (2002: 230,3 cents). In US dollar terms, headline earnings
for the year were 5,6 US cents (2002: 6,8 US cents). Note that earnings in 2002
included the benefit of the change in the discount rate amounting to
approximately 61 SA cents or 5 US cents per share
- Tank container manufacturing equipment sold effective 15 April 2004 and loss-
making factory in Parow to close
- Consolidated gearing ratio was 174% (2002: 205%) - ratio with Textainer and
Brewers Logistics International notionally equity accounted was 24% (2002: 38%)
Textainer
- Textainer"s headline income increased by 81% to US$29,5 million
- Average fleet utilisation at 88% was the highest since 1995
- 62% of the managed container fleet of nearly 1,1 million twenty foot
equivalent units ("TEU") now on long-term lease
- 78% of the 388 000 TEU owned by Textainer itself are on long-term lease,
resulting in higher utilisation and less volatile revenue
TrenStar
- Continues to expand its markets and secure contracts with large global
companies
- Revenue expectations were not achieved in 2003; the company anticipates
becoming profitable in the second half of 2004
- TrenStar raised US$33,5 million in new equity to finance expansion
TAX QUERIES
As previously reported, during September and October 1999 the South African
Revenue Service ("SARS") issued queries to some of the group"s export partners
relating to the tax treatment of their participation in the container export
trade through export partnerships. This process continues into its sixth year
but it is not possible to anticipate when it will be concluded.
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.
A successful challenge by SARS may result in the acceleration of the payment of
certain amounts attributable to third parties (i.e. our export partners) which
are carried at their net present values and which would otherwise be paid over
an average period of eight to 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 possible challenge from
SARS may take.
DIVIDENDS
The boards of Trencor and Mobile have decided not to declare a dividend at this
time.
DIRECTORATE
On 3 March 2004 Mr Edwin Oblowitz was appointed as an independent non-executive
director of Trencor and Mobile.
REVIEW OPINION
These results, other than the figures stated in US dollars, have been reviewed
by the auditors, KPMG Inc, and their unmodified review reports are available for
inspection at the registered office.
ON BEHALF OF THE BOARDS
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL CHAIRMAN MOBILE INDUSTRIES LIMITED
4 MARCH 2004
DIRECTORS:
Trencor:
NI Jowell* (Chairman),
HR van der Merwe* (Managing),
HA Gorvy,
JE Hoelter (USA),
C Jowell,
JE McQueen*,
DM Nurek,
E Oblowitz (*Executive)
Mobile:
C Jowell (Chairman),
HA Gorvy,
NI Jowell,
DM Nurek, E Oblowitz (All non-executive)
Registered Office: 1313 Main Tower, Standard Bank Centre, Heerengracht, Cape
Town 8001
Transfer Secretaries: Computershare Limited, 70 Marshall Street, Johannesburg
2001 (PO Box 61051 Marshalltown 2107)
VIEW THE RESULTS ON: WWW.TRENCOR.NET AND WWW.MOBILE-INDUSTRIES.NET
Release Date: 04/03/2004 17:12:01 Code(s): MBN TRE MOBD TED2
Trencor Limited/Mobile Industries Limited - Reviewed results for the year ended
31 December 2003
TRENCOR LIMITED
(REG NO 1955/002869/06)
SHARE CODE: ISIN:
TRE ZAE000007506
TED2 ZAE000007282
MOBILE INDUSTRIES LIMITED
(REG NO 1968/014997/06)
SHARE CODE: ISIN:
MOB ZAE000004602
MBN ZAE000012274
MOBD ZAE000004610
CONDENSED Income Statements FOR THE YEAR ENDED 31 DECEMBER 2003
TRENCOR MOBILE
Reviewed Audited Reviewed Audited
R MILLION 2003 2002 2003 2002
REVENUE (INCLUDING EXCHANGE
DIFFERENCES) (NOTE 2 AND 3) 731,8 589,0 12,1 19,6
TRADING INCOME BEFORE ITEMS
LISTED BELOW: 503,5 563,0 10,2 15,4
CONTINUING OPERATIONS 516,5 579,5
DISCONTINUING OPERATIONS (13,0) (16,5)
EXCHANGE (LOSSES)/GAINS
TRANSLATION OF LONG-TERM
RECEIVABLES INCLUDED IN REVENUE (854,5) (1 420,4)
TRANSLATION OF BORROWINGS AND
INVESTMENTS (NET) 84,0 70,8
NET LONG-TERM RECEIVABLE
REVALUATION ADJUSTMENT 335,2 545,2
CHANGE IN DISCOUNT RATE RELATING
TO LONG-TERM RECEIVABLES - 132,9
OTHER INCOME RELATING TO
DISCONTINUING OPERATIONS
(NOTE 3) 1,1 14,1
INCOME/(LOSS) FROM OPERATIONS 69,3 (94,4) 10,2 15,4
NET INTEREST EXPENSE
- TEXTAINER (165,8) (225,7)
- OTHER (78,2) (105,9) (8,5) (14,5)
ATTRIBUTABLE INCOME OF
ASSOCIATE COMPANY 5,5 1,3 (46,6) (175,2)
EXCEPTIONAL ITEMS (NOTE 4) 68,5 (30,4) (0,6) -
LOSS BEFORE TAXATION (100,7) (455,1) (45,5) (174,3)
INCOME TAX (114,5) (165,4) 0,6 0,5
CONTINUING OPERATIONS (110,9) (164,6)
DISCONTINUING OPERATIONS
(NOTE 3) (3,6) (0,8)
INCOME/(LOSS) AFTER TAXATION 13,8 (289,7) (46,1) (174,8)
INCOME ATTRIBUTABLE TO OUTSIDE
SHAREHOLDERS IN SUBSIDIARIES 112,3 80,3 0,4 0,2
NET LOSS ATTRIBUTABLE TO
SHAREHOLDERS (98,5) (370,0) (46,5) (175,0)
NUMBER OF SHARES IN ISSUE
(MILLION) 153,6 153,0 897,8 897,8
WEIGHTED AVERAGE NUMBER OF
SHARES IN ISSUE (MILLION) 153,2 152,9 897,8 897,8
UNDILUTED LOSS PER SHARE
(CENTS) (NOTE 5) (64,3) (242,0) (5,2) (19,5)
DILUTED LOSS PER SHARE (CENTS)
(NOTE 5) (64,3) (242,0) (5,2) (19,5)
UNDILUTED HEADLINE LOSS PER
SHARE (CENTS) (NOTE 5) (108,2) (230,3) (8,6) (18,2)
DILUTED HEADLINE LOSS PER
SHARE (CENTS) (NOTE 5) (108,2) (230,3) (8,6) (18,2)
YEAR-END RATE OF EXCHANGE:
SA RAND TO US DOLLAR 6,62 8,66 6,62 8,66
CONDENSED BALANCE SHEETS AT 31 DECEMBER 2003
TRENCOR MOBILE
Reviewed Audited Reviewed Audited
R MILLION 2003 2002 2003 2002
ASSETS
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT 4 759,8 5 619,4
INVESTMENT PROPERTIES 29,3 33,7
INTANGIBLE ASSETS AND
GOODWILL 43,1 16,1
INVESTMENT IN ASSOCIATES 64,8 59,4 829,5 936,4
OTHER INVESTMENTS 36,3 43,1
LONG-TERM LOANS 27,7 20,0
NET INVESTMENT IN DIRECT
FINANCE LEASES 34,9 66,1
PARTICIPATION IN EXPORT
PARTNERSHIPS - - 6,1 6,6
LONG-TERM RECEIVABLES 1 446,6 2 065,1 6,3 24,4
DEFERRED TAXATION 188,8 -
6 631,3 7 922,9 841,9 967,4
CURRENT ASSETS (NOTE 7) 849,7 1 043,8 11,1 21,2
TOTAL ASSETS 7 481,0 8 966,7 853,0 988,6
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
SHARE CAPITAL AND PREMIUM 168,7 165,6 66,5 66,5
RESERVES 1 337,5 1 567,2 647,1 755,6
SHAREHOLDERS" EQUITY 1 506,2 1 732,8 713,6 822,1
INTEREST OF OUTSIDE
SHAREHOLDERS IN SUBSIDIARIES 522,1 460,4 4,1 3,7
TOTAL SHAREHOLDERS" FUNDS 2 028,3 2 193,2 717,7 825,8
CONVERTIBLE DEBENTURES 260,5 260,5 127,6 127,6
OTHER NON-CURRENT LIABILITIES
INTEREST-BEARING BORROWINGS 3 548,8 4 488,8 - 18,3
AMOUNTS ATTRIBUTABLE TO THIRD
PARTIES IN RESPECT OF
LONG-TERM RECEIVABLES 380,0 397,4
DERIVATIVE INSTRUMENTS 87,0 171,0
DEFERRED TAXATION 276,8 273,7 5,3 5,8
6 581,4 7 784,6 850,6 977,5
CURRENT LIABILITIES (NOTE 8) 899,6 1 182,1 2,4 11,1
TOTAL EQUITY AND LIABILITIES 7 481,0 8 966,7 853,0 988,6
CAPITAL EXPENDITURE INCURRED
DURING THE YEAR 831,7 1 994,7 - -
CAPITAL EXPENDITURE COMMITTED
AND AUTHORISED, BUT NOT
YET INCURRED 152,4 201,6 - -
MARKET VALUE OF LISTED
INVESTMENTS 10,2 14,7 886,2 749,7
DIRECTORS" VALUATION OF
UNLISTED INVESTMENTS 26,1 28,4
RATIO TO AGGREGATE OF TOTAL
SHAREHOLDERS" FUNDS AND
CONVERTIBLE DEBENTURES:
TOTAL LIABILITIES EXCLUDING
CONVERTIBLE DEBENTURES (%) 226,9 265,4 0,9 3,7
INTEREST-BEARING DEBT
EXCLUDING CONVERTIBLE
DEBENTURES (%) 173,9 204,8 - 2,8
CONDENSED CASH FLOW STATEMENTS
TRENCOR MOBILE
Reviewed Audited Reviewed Audited
R MILLION 2003 2002 2003 2002
CASH GENERATED FROM OPERATIONS 715,7 886,6 35,5 87,4
INTEREST RECEIVED 14,5 21,4 7,8 8,4
INTEREST PAID (254,8) (346,3) (8,5) (14,5)
DIVIDENDS PAID TO OUTSIDE
SHAREHOLDERS (17,9) (20,0) - -
TAXATION PAID (71,8) (24,3) (1,1) (6,1)
NET CASH INFLOW FROM OPERATING
ACTIVITIES 385,7 517,4 33,7 75,2
CASH FLOWS FROM INVESTING
ACTIVITIES (793,8) (1 973,0) (2,3) -
CASH FLOWS FROM FINANCING
ACTIVITIES 442,1 1 789,2 (26,9) (78,8)
NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS
BEFORE EXCHANGE RATE CHANGES 34,0 333,6 4,5 (3,6)
NET CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF THE YEAR 368,6 128,1 5,1 8,7
EFFECTS OF EXCHANGE RATE
CHANGES ON CASH AND CASH
EQUIVALENTS (72,1) (93,1) - -
NET CASH AND CASH EQUIVALENTS
AT THE END OF THE YEAR 330,5 368,6 9,6 5,1
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS" EQUITY
TRENCOR MOBILE
Reviewed Audited Reviewed Audited
R MILLION 2003 2002 2003 2002
BALANCE AT THE BEGINNING
OF THE YEAR 1 732,8 2 323,9 822,1 1 103,4
PROCEEDS ON ISSUE OF SHARES 3,1 1,1 - -
MOVEMENTS IN DISTRIBUTABLE
RESERVES (177,4) (370,0) (83,2) (175,0)
NET LOSS FOR THE YEAR (98,5) (370,0) (46,5) (175,0)
GAIN ON DILUTION OF INTEREST IN
SUBSIDIARIES TRANSFERRED TO
NON-DISTRIBUTABLE RESERVE (78,9) - - -
LOSS ON DILUTION OF INTEREST
IN ASSOCIATE TRANSFERRED TO
NON-DISTRIBUTABLE RESERVE - - 0,6 -
GAIN ON DILUTION OF
ASSOCIATE"S INTEREST IN
SUBSIDIARIES TRANSFERRED
TO NON-DISTRIBUTABLE RESERVE - - (37,3) -
MOVEMENTS IN NON-DISTRIBUTABLE
RESERVES (52,3) (222,2) (25,3) 106,3)
CURRENCY TRANSLATION
DIFFERENCES (169,1) (210,6)
CHANGE IN EFFECTIVE INTEREST
IN ASSOCIATE COMPANY - - - (1,1)
UNRECOGNISED INCOME/(LOSS)
ON DERIVATIVE INSTRUMENTS
(IN TEXTAINER) 42,4 (11,6)
FAIR-VALUE ADJUSTMENT -
AVAILABLE FOR SALE
INVESTMENTS (4,5) (20,6)
IMPAIRMENT OF AVAILABLE
FOR SALE INVESTMENT
TRANSFERRED TO INCOME
STATEMENT - 20,6
TRANSFER FROM DISTRIBUTABLE
RESERVES (SEE ABOVE) 78,9 - 36,7 -
SHARE OF INCREASE IN
NON-DISTRIBUTABLE RESERVE
OF ASSOCIATE COMPANY - - (62,0) (105,2)
BALANCE AT THE END OF
THE YEAR 1 506,2 1 732,8 713,6 822,1
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1 These consolidated condensed financial statements are prepared in accordance
with South African Statements of Generally Accepted Accounting Practice. The
accounting policies used in the preparation of the financial statements are
consistent with those used in the annual financial statements for the year ended
31 December 2002.
2. REVENUE
INVOICED SALES - GOODS
AND SERVICES 70,5 121,3
LEASING INCOME 1 117,5 1 176,8
MANAGEMENT FEES 232,3 276,8
FINANCE INCOME 109,5 352,7 12,1 19,6
1 529,8 1 927,6 12,1 19,6
DISCONTINUING OPERATION -
TANK CONTAINER BUSINESS 56,5 81,8 - -
1 586,3 2 009,4 12,1 19,6
REALISED AND UNREALISED
EXCHANGE DIFFERENCES (854,5) (1 420,4) - -
731,8 589,0 12,1 19,6
3. DISCONTINUING OPERATIONS
REVENUE (NOTE 2) 56,5 81,8
TRADING LOSS - TANK CONTAINER
BUSINESS (13,0) (16,5)
OTHER INCOME RELATING TO
DISCONTINUING OPERATIONS 1,1 14,1
RETRENCHMENT COSTS - TANK
CONTAINER BUSINESS (6,1) -
OTHER COSTS OF CLOSURE -
TANK CONTAINER BUSINESS (2,7) -
REVERSAL OF IMPAIRMENT OF
PLANT - TANK CONTAINER
BUSINESS 8,8 -
RECOVERY OF COSTS - ISITHEBE 1,1 14,1
LOSS BEFORE TAXATION (11,9) (2,4)
INCOME TAX (3,6) (0,8)
LOSS AFTER TAXATION (8,3) (1,6)
4. EXCEPTIONAL ITEMS
PREMIUM PAID ON ACQUISITION
OF SHARES FROM OUTSIDE
SHAREHOLDERS (5,1) (0,4)
GOODWILL IMPAIRMENT - (11,7)
GOODWILL AMORTISATION
- SUBSIDIARY (3,6) (0,4)
GOODWILL WRITTEN OFF PURSUANT
TO CHANGE OF INTEREST IN
SUBSIDIARY (1,5) -
REVERSAL OF IMPAIRMENT OF
PLANT - 2,7
PROFIT ON SALE OF INVESTMENT
PROPERTY 0,6 -
IMPAIRMENT OF INTANGIBLE
ASSET (0,8) -
GAIN ON DILUTION OF
INTEREST IN SUBSIDIARIES 78,9 -
IMPAIRMENT OF AVAILABLE FOR
SALE INVESTMENT - (20,6)
LOSS ON DILUTION OF INTEREST
IN ASSOCIATE - - (0,6) -
5. HEADLINE LOSS 68,5 (30,4) (0,6) -
NET LOSS ATTRIBUTABLE TO
SHAREHOLDERS (98,5) (370,0) (46,5) (175,0)
AMORTISATION OF GOODWILL IN
RESPECT OF ASSOCIATE COMPANY 3,6 3,6
LOSS/(PROFIT) ON SALE OF
PROPERTY, PLANT AND EQUIPMENT 0,2 (6,3)
EXCEPTIONAL ITEMS (NOTE 4) (68,5) 30,4 0,6 -
DISCONTINUING OPERATIONS
- CURRENT YEAR 9,1 -
DISCONTINUED OPERATIONS -
PRIOR YEARS (0,8) (9,9)
DISCONTINUING OPERATIONS -
LOSSES INCURRED TO DATE
OF DISCONTINUANCE (9,3) -
OUTSIDE SHAREHOLDERS"
ATTRIBUTABLE SHARE OF
EXCEPTIONAL ITEMS (1,5) -
ATTRIBUTABLE SHARE OF
HEADLINE EARNINGS ADJUSTMENTS
OF ASSOCIATE COMPANY - - (31,7) 11,4
HEADLINE LOSS (165,7) (352,2) (77,6) (163,6)
WEIGHTED AVERAGE NUMBER
OF SHARES IN ISSUE (MILLION) 153,2 152,9 897,8 897,8
HEADLINE LOSS PER
SHARE (CENTS) (108,2) (230,3) (8,6) (18,2)
The dilution would arise as a result of any future conversion of convertible
debentures and outstanding share options. 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 either instrument as this would be anti-dilutive.
6. SEGMENTAL REPORTING
REVENUE
CONTAINER - SALES AND FINANCE (752,5) (1 068,3)
CONTAINER - OWNING,
LEASING-OUT AND MANAGEMENT 1 097,1 1 299,9
SUPPLY CHAIN MANAGEMENT
SERVICES 327,5 274,2
OTHER 3,2 1,4
675,3 507,2
DISCONTINUING OPERATIONS 56,5 81,8
731,8 589,0
INCOME/(LOSS)FROM OPERATIONS
CONTAINER - SALES AND FINANCE (433,6) (545,0)
CONTAINER - OWNING,
LEASING-OUT AND MANAGEMENT 465,5 469,0
SUPPLY CHAIN MANAGEMENT
SERVICES (11,9) (43,0)
OTHER 61,2 27,0
81,2 (92,0)
DISCONTINUING OPERATIONS (11,9) (2,4)
69,3 (94,4)
7. CURRENT ASSETS
INVENTORIES 50,8 51,3
ACCOUNTS RECEIVABLE 459,9 612,3 1,1 13,8
CURRENT PORTION OF
LONG-TERM LOANS 8,5 11,6
AMOUNT OWING BY AFFILIATED
COMPANY 0,4 2,3
CASH AND CASH EQUIVALENTS 330,5 368,6 9,6 5,1
849,7 1 043,8 11,1 21,2
8. CURRENT LIABILITIES
ACCOUNTS PAYABLE 300,1 439,2 0,8 0,9
PROVISIONS 75,8 75,8
TAXATION 6
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