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TRENCOR / MOBILE - TRADING STATEMENT
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration no 1955/002869/06)
Share Code: ISIN:
TRE ZAE000007506
TED2 ZAE000007282
(`Trencor`)
MOBILE INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration no 1968/014997/06)
Share Code: ISIN:
MOB ZAE000004602
MBN ZAE000012274
MOBD ZAE000004610
(`Mobile`)
TRADING STATEMENT
Holders of securities in Trencor and Mobile are advised that Trencor expects to
report undiluted headline earnings of between R0,55 and R0,65 per share for the
year ended 31 December 2004 compared to the undiluted headline loss of R1,08 per
share in 2003. This improvement is the net result of mainly the factors set out
below. Expressed in US dollars, undiluted headline earnings are expected to
increase from 5,6 US cents per share in 2003 to between 18 and 20 US cents per
share for 2004.
Trading income after net financing costs has shown pleasing improvement in
dollar terms. In rand terms, trading income has grown at a slower rate due to
the negative effect of the much stronger rand on the translation of income from
Trencor`s predominantly US dollar-based operations. Earnings have been enhanced
by a reduction in the valuation provision against long-term receivables in
recognition of the favourable trading conditions currently being experienced in
the container leasing industry and the improved outlook for the collectability
and timing of receipts from the long-term receivables.
The spot US$/rand exchange rate strengthened from US$1 = R6,62 at 31 December
2003 to US$1 = R5,61 at 31 December 2004. This resulted in a net unrealised
exchange loss of approximately R230 million for the year on the translation of
the long-term receivables and the related provision, from US dollars into rand
(2003: R520 million loss). Earnings were further reduced by:
- the effects of the settlement of the protracted dispute with the South
African Revenue Service over the tax treatment of our export partners
(announced on 22 December 2004); and
- a reduction in the rand discount rate applied to amounts attributable to
third parties in respect of long-term receivables.
This forecast financial information has not been reviewed or reported on by the
companies` auditors. The Reviewed Results in respect of the year ended 31
December 2004 are expected to be published in early March 2005.
ON BEHALF OF THE BOARDS
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL CHAIRMAN MOBILE INDUSTRIES LIMITED
10 February 2005
www.trencor.net
www.mobile-industries.net
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 10/02/2005 03:28:04 PM
Produced by the JSE SENS Department
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