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Trencor/Mobile - Unaudited Interim results
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
INTERIM RESULTS
unaudited for the six months ended 30 June 2004
Highlights
TRENCOR: GROUP
- Headline earnings per share (after unrealised foreign exchange translation
losses and gains) were 10,5 cents (June 2003: loss of 88,4 cents). In US dollar
terms, headline earnings were 4,4 cents per share (June 2003: 1,0 cent per
share)
- Trading income from continuing operations (which is mainly earned in foreign
currency), after net financing costs, increased by 10% from US$16,4 million to
US$18,1 million. However, translated into rand, this declined to R125 million
from R134 million at June 2003 due to the strengthening of the rand
- Unrealised exchange losses on translating net dollar receivables into rand
declined to R75 million compared to the loss of R272 million for the
corresponding period in 2003
- Investment in Marlio and certain properties occupied by it, disposed of for an
aggregate consideration of R63 million
- Consolidated gearing ratio is 179% (2003: 201%). The ratio excluding Textainer
and TrenStar Inc has declined to 12% (2003: 24%)
TEXTAINER
- Headline earnings for the half year were US$17,1 million (2003: US$12 million)
- Average utilisation of the container fleet under management for six months to
30 June 2004 was 90,7% (June 2003: 88,3%). Current utilisation is at an all-time
time high of 95,5%
- 65% of the more than 1,1 million twenty foot equivalent units (`TEU`) under
management now on long-term lease
TRENSTAR
- Headline loss for the half year was US$5,7 million (2003: loss US$2,4 million)
- Delays in closing certain significant contracts (including Coors UK) adversely
affected attainment of profitability
- Revenue for the half year was US$23,3 million (2003: US$19,6 million)
- Acquired the beer keg fleet of Coors UK in June 2004 and will provide
outsourced management. This brings the kegs owned and managed by TrenStar to 60%
of all kegs in the UK
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. The resultant investigation by SARS is well
into its sixth year but it is not possible to anticipate when it will be
concluded. We continue to use our best efforts to bring this matter to a
conclusion.
The income tax principles underlying the 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 of about eight 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.
Mobile directorate
Mr DM Nurek resigned as a director of Mobile on 19 May 2004.
ON BEHALF OF THE BOARDS
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL CHAIRMAN MOBILE INDUSTRIES LIMITED
26 AUGUST 2004
Registered Office: 1313 Main Tower, Standard Bank Centre, Heerengracht, Cape
Town 8001
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd, 70
Marshall Street, Johannesburg 2001 (PO Box 61051, Marshalltown 2107)
Sponsor: Rand Merchant Bank (A division of First Rand Bank Limited) Corporate
Finance
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, E Oblowitz (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
CONDENSED INCOME STATEMENT
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
R MILLION 2004 2003 2003
Revenue (including exchange differences)
(Note 2 and 3) 613,9 288,8 731,8
Trading income before items listed below: 231,7 254,3 503,5
Continuing operations 238,2 262,7 516,5
Discontinuing operations (6,5) (8,4) (13,0)
Exchange (losses)/gains
Translation of long-term receivables
included in revenue (145,9) (541,5) (854,5)
Translation of borrowings 8,8 54,3 84,0
Net long-term receivable revaluation
adjustment 62,0 215,0 335,2
Goodwill amortisation - subsidiary (0,7) (0,2) (3,6)
Impairment of intangible asset - - (0,8)
Other income/(expenses) relating to
discontinuing operations (Note 3) 8,6 (2,1) 1,1
Income/(Loss) from operations 164,5 (20,2) 64,9
Net interest expense - Textainer (71,6) (89,8) (165,8)
- Other (41,7) (38,7) (78,2)
Attributable income/(loss) of associate
company 2,3 0,7 5,5
Exceptional items (Note 4) (37,0) 0,6 72,9
Income/(Loss) before taxation 16,5 (147,4) (100,7)
Income tax (5,1) (64,9) (114,5)
Continuing operations (10,3) (61,8) (110,9)
Discontinuing operations (Note 3) 5,2 (3,1) (3,6)
Income/(Loss) after taxation 21,6 (82,5) 13,8
Income attributable to outside
shareholders in subsidiaries 45,1 60,2 112,3
Net loss attributable to shareholders (23,5) (142,7) (98,5)
Number of shares in issue (million) 153,7 153,0 153,6
Weighted average number of shares in
issue (million) 153,6 153,0 153,2
Undiluted loss per share (cents) (15,3) (93,3) (64,3)
Diluted loss per share (cents) (Note 5.1) (15,3) (93,3) (64,3)
Undiluted headline income/(loss) per
share (cents) (Note 5) 10,5 (88,4) (108,2)
Diluted headline income/(loss) per
share (cents) (Note 5.1) 10,5 (88,4) (108,2)
Period-end rate of exchange: SA rand
to US dollar 6,25 7,38 6,62
CONDENSED INCOME STATEMENT
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
R million 2004 2003 2003
Revenue (Note 2) 4,6 8,0 12,1
Income from operations 4,1 6,9 10,3
Interest expense (4,0) (5,6) (8,5)
Attributable (loss) of associate company (11,2) (67,5) (46,6)
Exceptional items (Note 3) (0,1) - (0,6)
Loss before taxation (11,2) (66,2) (45,4)
Income tax 0,1 0,5 0,7
Loss after taxation (11,3) (66,7) (46,1)
Income attributable to outside
shareholders in subsidiaries 0,1 0,3 0,4
Net loss attributable to shareholders (11,4) (67,0) (46,5)
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) (1,3) (7,5) (5,2)
Diluted loss per share (cents) (Note 4.1) (1,3) (7,5) (5,2)
Undiluted headline income/(loss) per
share (cents) (Note 4) 0,8 (7,1) (8,6)
Diluted headline income/(loss) per
share (cents) (Note 4.1) 0,8 (7,1) (8,6)
Period-end rate of exchange: SA rand
to US dollar
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS` EQUITY
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
R MILLION 2004 2003 2003
Balance at the beginning of the period 1 506,2 1 732,8 1 732,8
Proceeds on issue of shares 0,2 - 3,1
Movements in distributable reserves (24,8) (142,7) (177,4)
Net loss for the period (23,5) (142,7) (98,5)
Gain on dilution of interest in
subsidiaries transferred to
non-distributable reserve (1,3) - (78,9)
Loss on dilution of interest in
associate transferred to
non-distributable reserve - - -
Gain on dilution of associate`s interest
in subsidiaries transferred to
non-distributable reserve - - -
Movements in non-distributable reserves (36,1) (90,9) (52,3)
Currency translation differences (51,0) (86,4) (169,1)
Change in effective interest in
subsidiary company - 0,5 -
Unrecognised income/(loss) on derivative
instruments (in Textainer) 20,0 (1,6) 42,4
Fair-value adjustment - available for
sale investments (6,4) (3,4) (4,5)
Transfer from distributable reserves
(see above) 1,3 - 78,9
Share of increase in non-distributable
reserve of associate company - - -
Balance at the end of the period 1 445,5 1 499,2 1 506,2
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS` EQUITY
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
R MILLION 2004 2003 2003
Balance at the beginning of the period 713,6 822,1 822,1
Proceeds on issue of shares - - -
Movements in distributable reserves (11,9) (67,0) (83,2)
Net loss for the period (11,4) (67,0) (46,5)
Loss on dilution of interest in
associate transferred to
non-distributable reserve 0,1 - 0,6
Gain on dilution of associate`s
interest in subsidiaries transferred
to non-distributable reserve (0,6) - (37,3)
Movements in non-distributable reserves (17,2) (43,0) (25,3)
Transfer from distributable reserves
(see above) 0,5 - 36,7
Share of increase in non-distributable
reserve of associate company (17,7) (43,0) (62,0)
Balance at the end of the period 684,5 712,1 713,6
CONDENSED BALANCE SHEET
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
R MILLION 2004 2003 2003
Assets
Non-current assets
Property, plant and equipment 5 103,1 5 067,0 4 759,8
Investment properties - 29,2 29,3
Intangible assets and goodwill 39,6 13,4 43,1
Investment in associates 0,3 59,8 64,8
Other investments 31,2 37,2 36,3
Long-term loans 13,4 32,6 27,7
Net investment in direct finance leases 13,7 48,2 34,9
Long-term receivables 1 296,2 1 684,7 1 446,6
Deferred taxation 221,7 - 188,8
6 719,2 6 972,1 6 631,3
Current assets (Note 7) 853,5 921,4 849,7
Total assets 7 572,7 7 893,5 7 481,0
Equity and liabilities
Capital and reserves
Share capital and premium 168,9 165,6 168,7
Reserves 1 276,6 1 333,6 1 337,5
Shareholders` equity 1 445,5 1 499,2 1 506,2
Interest of outside shareholders in
subsidiaries 557,5 435,1 522,1
Total shareholders` funds 2 003,0 1 934,3 2 028,3
Convertible debentures 260,5 260,5 260,5
Other non-current liabilities
Interest-bearing borrowings 3 637,9 3 924,2 3 548,8
Amounts attributable to third parties
in respect of long-term receivables 365,4 389,9 380,0
Derivative instruments 40,4 155,2 87,0
Deferred taxation 280,4 162,6 276,8
6 587,6 6 826,7 6 581,4
Current liabilities (Note 8) 985,1 1 066,8 899,6
Total equity and liabilities 7 572,7 7 893,5 7 481,0
Capital expenditure incurred during
the period 873,0 489,0 831,7
Capital expenditure committed and
authorised, but not yet incurred 92,9 261,2 152,4
Market value of listed investments 3,8 9,1 10,2
Directors` valuation of unlisted
investments 27,4 28,1 26,1
Ratio to aggregate of total shareholders`
funds and convertible debentures:
Total liabilities excluding convertible
debentures (%) 234,6 259,6 226,9
Interest-bearing debt excluding
convertible debentures (%) 179,4 201,1 173,9
CONDENSED BALANCE SHEET
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
R MILLION 2004 2003 2003
Assets
Investment in associates 800,6 825,8 829,5
Participation in export partnerships 5,8 6,3 6,1
Long-term receivables 0,4 12,6 6,3
806,8 844,7 841,9
Current assets (Note 5) 16,6 10,7 11,1
Total assets 823,4 855,4 853,0
Equity and liabilities
Capital and reserves
Share capital and premium 66,5 66,5 66,5
Reserves 618,0 645,6 647,1
Shareholders` equity 684,5 712,1 713,6
Interest of outside shareholders
in subsidiaries 4,2 4,0 4,1
Total shareholders` funds 688,7 716,1 717,7
Convertible debentures 127,6 127,6 127,6
Other non-current liabilities
Interest-bearing borrowings - 1,8 -
Deferred taxation 5,0 5,5 5,3
821,3 851,0 850,6
Current liabilities (Note 6) 2,1 4,4 2,4
Total equity and liabilities 823,4 855,4 853,0
Market value of listed investments 1 037,3 741,6 886,2
Ratio to aggregate of total shareholders`
funds and convertible debentures:
Total liabilities excluding
convertible debentures (%) 0,9 1,4 0,9
Interest-bearing debt excluding
convertible debentures (%) - 0,4 -
CONDENSED CASH FLOW STATEMENT
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
R MILLION 2004 2003 2003
Cash generated from operations 555,8 353,9 712,6
Interest received 3,3 10,3 14,5
Interest paid (115,6) (138,5) (254,8)
Dividends paid to outside shareholders (25,5) (17,9) (17,9)
Taxation paid (46,5) 3,0 (71,8)
Net cash inflow from operating activities 371,5 210,8 382,6
Cash flows from investing activities (738,0) (459,2) (778,5)
Cash flows from financing activities 448,0 262,5 429,9
Net increase/(decrease) in cash and
cash equivalents before exchange rate
changes 81,5 14,1 34,0
Net cash and cash equivalents at the
beginning of the period 330,5 368,6 368,6
Effects of exchange rate changes on cash
and cash equivalents (29,4) (41,2) (72,1)
Net cash and cash equivalents at the
end of the period 382,6 341,5 330,5
CONDENSED CASH FLOW STATEMENT
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
R MILLION 2004 2003 2003
Cash generated from operations 7,3 21,3 35,5
Interest received 3,7 3,8 7,8
Interest paid (3,8) (5,6) (8,5)
Taxation paid (0,7) (0,3) (1,1)
Net cash inflow from operating activities 6,5 19,2 33,7
Cash flows from investing activities - - (2,3)
Cash flows from financing activities - (23,5) (26,9)
Net increase/(decrease) in cash and
cash equivalents 6,5 (4,3) 4,5
Net cash and cash equivalents at the
beginning of the period 9,6 5,1 5,1
Net cash and cash equivalents at the
end of the period 16,1 0,8 9,6
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 interim financial statements
are consistent with those used in the annual financial statements for the year
ended 31 December 2003.
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
R MILLION 2004 2003 2003
2. Revenue
Invoiced sales - goods and services 20,2 39,2 70,5
Leasing income 555,3 575,5 1 117,5
Management fees 103,0 123,2 232,3
Finance income 38,6 59,8 109,5
717,1 797,7 1 529,8
Discontinuing operation - Tank
container business 42,7 32,6 56,5
759,8 830,3 1 586,3
Realised and unrealised exchange
differences (145,9) (541,5) (854,5)
613,9 288,8 731,8
3. Discontinuing operations
Revenue (Note 2) 42,7 32,6 56,5
Trading loss - Tank container business (6,5) (8,4) (13,0)
Other income/(expenses) relating to
discontinuing operations 8,6 (2,1) 1,1
Retrenchment costs - Tank container
business (1,3) - (6,1)
Other costs of closure - Tank container
business (7,1) - (2,7)
Reversal of impairment of plant - Tank
container business - - 8,8
Amounts recovered - net of expenses 17,0 (2,1) 1,1
Income/(Loss) before taxation 2,1 (10,5) (11,9)
Income tax 5,2 (3,1) (3,6)
Loss after taxation (3,1) (7,4) (8,3)
4. Exceptional items
Premium paid on acquisition of shares
from outside shareholders - - (5,1)
Goodwill written off pursuant to
change of interest in subsidiary (0,1) - (1,5)
(Loss)/Profit on sale of investment
properties (1,0) 0,6 0,6
Gain on dilution of interest in
subsidiaries 1,3 - 78,9
Loss on sale of interest in associate (37,2) - -
Loss on dilution of interest in
associate - - -
(37,0) 0,6 72,9
5. Headline earnings/(loss)
Net loss attributable to shareholders (23,5) (142,7) (98,5)
Amortisation of goodwill in respect
of associate company 0,9 2,7 3,6
Goodwill amortisation - subsidiary 0,7 0,2 3,6
Impairment of intangible asset - - 0,8
(Gain)/Loss on sale of property,
plant and equipment (2,0) 3,7 0,2
Exceptional items (Note 4) 37,0 (0,6) (72,9)
Discontinuing operations 3,1 1,5 (1,0)
Outside shareholders` attributable
share of exceptional items (0,1) - (1,5)
Attributable share of headline
earnings adjustments of associate
company - - -
Headline earnings/(loss) 16,1 (135,2) (165,7)
Weighted average number of shares in
issue (million) 153,6 153,0 153,2
Headline earnings/(loss) per share
(cents) 10,5 (88,4) (108,2)
5.1 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
(including exchange differences) (108,1) (481,6) (752,5)
Container - owning, leasing-out
and management 508,6 535,0 1 097,1
Supply chain management services 169,1 167,1 327,5
Other 1,6 35,7 3,2
571,2 256,2 675,3
Discontinuing operations 42,7 32,6 56,5
613,9 288,8 731,8
Income/(Loss) from operations
Container - sales and finance (51,1) (225,4) (433,6)
Container - owning, leasing-out
and management 229,0 231,5 465,5
Supply chain management services (12,3) (8,6) (16,3)
Other (3,2) (7,2) 61,2
162,4 (9,7) 76,8
Discontinuing operations 2,1 (10,5) (11,9)
164,5 (20,2) 64,9
7. Current assets
Inventories 23,0 53,1 50,8
Accounts receivable 447,9 521,8 459,9
Current portion of long-term loans - 5,0 8,5
Amount owing by affiliated company
Cash and cash equivalents 382,6 341,5 330,5
Restricted cash balances 141,3 49,6 47,7
Unrestricted cash balances 241,3 291,9 282,8
853,5 921,4 849,7
8. Current liabilities
Accounts payable 453,2 337,9 300,1
Provisions 43,0 76,8 75,8
Taxation 39,8 115,7 64,2
Current portion of interest-bearing
borrowings 421,9 488,7 432,1
Deferred income 27,2 47,7 27,4
985,1 1 066,8 899,6
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 interim financial statements
are consistent with those used in the annual financial statements for the year
ended 31 December 2003.
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
R MILLION 2004 2003 2003
2. Revenue
Finance income 4,6 8,0 12,1
4,6 8,0 12,1
3. Exceptional items
Loss on dilution of interest in
associate (0,1) - (0,6)
(0,1) - (0,6)
4. Headline earnings/(loss)
Net loss attributable to shareholders (11,4) (67,0) (46,5)
Exceptional items (Note 3) 0,1 - 0,6
Attributable share of headline earnings
adjustments of associate company 18,7 3,5 (31,7)
Headline earnings/(loss) 7,4 (63,5) (77,6)
Weighted average number of shares in
issue (million) 897,8 897,8 897,8
Headline earnings/(loss) per share
(cents) 0,8 (7,1) (8,6)
4.1 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.
5. Current assets
Accounts receivable 0,3 8,1 1,1
Amount owing by affiliated company 0,2 1,8 0,4
Cash and cash equivalents 16,1 0,8 9,6
16,6 10,7 11,1
6. Current liabilities
Accounts payable 0,8 0,9 0,8
Taxation 1,3 1,9 1,6
Current portion of interest-bearing
borrowings - 1,6 -
2,1 4,4 2,4
In order to provide a better appreciation of the results of the group`s
activities, condensed 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 INCOME STATEMENT
UNAUDITED AUDITED
6 MONTHS YEAR
ENDED ENDED
30 JUNE 31 DECEMBER
US$ MILLION 2004 2003 2003
Revenue 111,4 96,5 192,8
Trading income before items listed below 34,3 31,7 66,5
Continuing operations 35,3 32,8 68,3
Discontinuing operations (1,0) (1,1) (1,8)
Exchange losses arising on translation (3,0) (8,0) (15,0)
Goodwill amortisation - subsidiary (0,3) - (0,3)
Impairment of intangible asset - - (0,1)
Other income/(expenses) relating to
discontinuing operations 1,3 (0,2) 0,2
Income from operations 32,3 23,5 51,3
Net interest expense - Textainer (10,9) (11,4) (22,5)
- TrenStar (4,9) (4,1) (8,1)
- Other (1,4) (0,9) (2,5)
Attributable income of associate company 0,3 0,1 0,7
Exceptional items (5,8) 0,1 9,9
Income before taxation 9,6 7,3 28,8
Income tax expense (1,4) 0,9 2,8
Income after taxation 8,2 8,2 31,6
Income attributable to outside
shareholders in subsidiaries (7,9) (7,7) (15,1)
Net income attributable to shareholders 0,3 0,5 16,5
Number of shares in issue (million) 153,7 153,0 153,6
Weighted average number of shares in
issue (million) 153,6 153,0 153,2
Undiluted earnings per share (US cents) 0,2 0,3 10,8
Diluted earnings per share (US cents) 0,2 0,3 9,3
Undiluted headline earnings per share
(US cents) 4,4 1,0 5,6
Diluted headline earnings per share
(US cents) 4,0 1,0 4,7
Period end rate of exchange: SA rand
to US dollar 6,25 7,38 6,62
Trading income comprises:
Textainer 34,7 29,5 63,0
TrenStar (1,7) (1,1) (1,7)
Other 2,3 4,4 7,0
35,3 32,8 68,3
UNAUDITED TRENCOR CONDENSED BALANCE SHEET
UNAUDITED AUDITED
30 JUNE 31 DECEMBER
US$ MILLION 2004 2003 2003
Assets
Property, plant and equipment 816,5 690,5 723,4
Long-term receivables 207,4 228,3 218,5
Other non-current assets 51,1 26,5 61,0
1 075,0 945,3 1 002,9
Current assets 136,6 124,2 127,1
Inventory 3,7 7,2 7,7
Accounts receivable 71,7 70,7 69,5
Cash and cash equivalents 61,2 46,3 49,9
Total assets 1 211,6 1 069,5 1 130,0
Shareholders` equity 231,0 203,1 227,5
Interest of outside shareholders in
subsidiaries 89,2 59,0 78,8
Total shareholders` funds 320,2 262,1 306,3
Convertible debentures 41,7 35,3 39,4
Long-term interest-bearing liabilities 582,1 531,7 536,1
Amounts attributable to third parties
in respect of long-term receivables 58,5 52,8 57,4
Derivative instruments 6,5 21,0 13,1
Deferred taxation 44,9 22,0 41,8
1 053,9 924,9 994,1
Current liabilities 157,7 144,6 135,9
Accounts payable 85,8 71,9 66,5
Current portion of interest-bearing
liabilities 67,5 66,2 65,3
Deferred income 4,4 6,5 4,1
Total equity and liabilities 1 211,6 1 069,5 1 130,0
Ratio to aggregate of total shareholders`
funds and convertible debentures:
Total liabilities excluding convertible
debentures 234,8% 259,5% 226,9%
Interest-bearing liabilities excluding
convertible debentures 179,5% 201,0% 174,0%
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