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Trencor/Mobile - Interim Results And Declaration Of Dividends
TRENCOR LIMITED REG NO 1955/002869/06
(`Trencor`)
SHARE CODE: ISIN:
TRE ZAE000007506
TED2 ZAE000007282
MOBILE INDUSTRIES LIMITED REG NO 1968/014997/06
(`Mobile`)
SHARE CODE: ISIN:
MOB ZAE000004602
MBN ZAE000012274
MOBD ZAE000004610
INTERIM RESULTS
and declaration of dividends
unaudited for the six months ended 30 June 2005
Highlights
TRENCOR: GROUP
Headline earnings per share (including unrealised foreign exchange
translation losses and gains) were 168,7 cents (June 2004: 10,0 cents). In US
dollar terms, headline earnings were 15,5 US cents per share (June 2004: 4,2
US cents per share).
Adjusted headline earnings per share, which includes gains and losses
arising from the sale of used containers from Textainer`s leasing fleet, were
179,1 cents per share (June 2004: 11,1 cents per share).
Trading income from continuing operations (which is mainly earned in
foreign currency), after net interest expense, increased by 79% from US$17,9
million to US$32,1 million. Due to the firmer average exchange rate, when
expressed in rand, this increase is 60% to R197 million from R123 million at
June 2004.
Net unrealised exchange gains on translating net dollar receivables, the
related provisions and loans into rand were R257 million compared to the net
unrealised loss of R75 million for the corresponding period in 2004.
Consolidated gearing ratio was 193% (30 June 2004: 179%). The ratio
excluding Textainer and TrenStar Inc has declined to 3% (30 June 2004: 12%).
Interim dividend of 10 cents per share declared.
TEXTAINER
Net income for the half year was US$28,8 million (2004: US$17,1
million).
Average utilisation of the container fleet under management for six
months to 30 June 2005 was 92,4% (June 2004: 90,7%).
68,6% of the 1 170 000 twenty foot equivalent units under management are
now on long-term lease.
A US$580 million bond issue was completed in May 2005, refinancing
existing debt and freeing up existing credit lines.
TRENSTAR
Loss for the half year was US$4,4 million (2004: loss US$5,9 million).
Revenue for the half year was US$25,6 million (2004: US$23,3 million).
The timing of additional revenue from large new contracts remains
unpredictable as the closing of these continues to encounter delays.
Supporting debt funding for TrenStar`s growing asset fleets with an equity
component continues to require capital.
Concluded a transaction for the purchase and subsequent management of a
fleet of cages for Bridgestone Firestone in the US in June 2005 (a ten-year
contract with annual revenue of US$4,5 million).
Declaration of dividends
Dividends in respect of the six months ended 30 June 2005 have been declared
as follows:
TRENCOR NO 79 10 CENTS PER SHARE
MOBILE NO 64 0,75 CENTS PER SHARE
The salient dates pertaining to the dividend payments are as follows:
Last day to trade cum the dividend Friday, 23 September 2005
Trading commences ex the distribution Monday, 26 September 2005
Record date Friday, 30 September 2005
Payment date Monday, 3 October 2005
Share certificates may not be dematerialised or rematerialised between Monday,
26 September 2005 and Friday, 30 September 2005, both days inclusive.
ON BEHALF OF THE BOARDS
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL CHAIRMAN MOBILE INDUSTRIES LIMITED
18 AUGUST 2005
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
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 FirstRand Bank Limited)
THESE RESULTS CAN BE VIEWED ON THE WEBSITES: WWW.TRENCOR.NET AND WWW.MOBILE-
INDUSTRIES.NET
Condensed income statements
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
RESTATED RESTATED
R Million 2005 2004 2004
Revenue (including
exchange differences)
(Note 2) 1 244,5 613,9 1 119,9
Continuing operations
Trading profit before
items listed below: 347,3 236,7 551,4
Exchange gains
/(losses)
Translation of
long-term receivables
included in revenue 388,0 (145,9) (393,7)
Translation of
borrowings (16,4) 8,8 21,2
Net long-term
receivable valuation
adjustment (114,9) 62,0 316,9
Reduction due to
translation of
dollar amount (114,9) 62,0 161,9
Reduction in
revaluation provision - - 155,0
Change in discount
rate relating to
amount attributable
to third parties
in respect of
long-term receivables - - (42,2)
Impairment of goodwill - - (4,1)
Profit from operations 604,0 161,6 449,5
Net interest expense
(Note 4) (150,3) (113,3) (248,7)
Interest expense (157,8) (117,1) (258,1)
Interest income 7,5 3,8 9,4
Share of profit of
associate company - 3,2 3,2
Exceptional items
(Note 5) - (37,9) (39,7)
Profit before
taxation 453,7 13,6 164,3
Income tax 90,1 (10,3) (5,1)
Profit for the period
from continuing
operations 363,6 23,9 169,4
Discontinued
operations
Profit/(Loss) for
the period from
discontinued
operations 5,0 (3,1) (0,2)
Profit/(Loss) for
the period 368,6 20,8 169,2
Attributable to:
Equity holders of
the parent 281,6 (23,7) 58,9
Minority interest 87,0 44,5 110,3
368,6 20,8 169,2
Number of shares
in issue (million) 155,3 153,7 154,3
Weighted average
number of shares in
issue (million) 154,3 153,6 153,8
Basic earnings/(loss)
per share (cents) 182,5 (15,4) 38,3
Diluted earnings/(loss)
per share (cents)
(Note 6.1) 154,4 (15,4) 37,6
Headline earnings
per share (cents) 168,7 10,0 60,7
Diluted headline
earnings per share
(cents) (Note 6.1) 142,9 10,0 59,5
Adjusted undiluted
headline earnings
per share (cents)
(Note 6) 179,1 11,1 72,5
Period-end rate
of exchange: SA rand
to US dollar 6,65 6,25 5,61
Average rate of
exchange
for period: SA rand
to US dollar 6,23 6,60 6,36
Condensed cash flow statements
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
RESTATED RESTATED
R Million 2005 2004 2004
Cash generated from/
(utilised by)
operations 476,7 555,8 901,2
Interest received 7,5 3,3 9,4
Interest paid (156,6) (115,6) (255,7)
Dividend paid (18,5) - -
Dividends paid to
minorities (29,4) (25,5) (36,2)
Taxation paid (24,1) (46,5) (70,2)
Net cash inflow/
(outflow) from
operating activities 255,6 371,5 548,5
Cash flows from
investing activities (937,2) (738,0) (1 146,8)
Cash flows from
financing activities 689,8 448,0 769,4
Net increase/
(decrease)
in cash and cash
equivalents before
exchange rate changes 8,2 81,5 171,1
Net cash and cash
equivalents at the
beginning of
the period 439,7 330,5 330,5
Effects of exchange
rate changes on cash
and cash equivalents 71,9 (29,4) (61,9)
Net cash and cash
equivalents at the
end of the period 519,8 382,6 439,7
Condensed balance sheets
TRENCOR
UNAUDITED AT AUDITED AT
30 JUNE 31 DECEMBER
RESTATED RESTATED
R Million 2005 2004 2004
Assets
Non-current assets
Property, plant
and equipment 6 981,8 5 103,1 5 596,1
Intangible assets
and goodwill 38,7 40,3 31,9
Investment
in associate 0,3 0,3 0,3
Other investments 23,7 15,1 22,3
Long-term loans 25,4 29,5 24,4
Net investment in
direct finance leases 186,9 13,7 19,0
Long-term
receivables 1 409,5 1 296,2 1 250,6
Deferred taxation 197,3 221,7 257,1
8 863,6 6 719,9 7 201,7
Current assets
(Note 8) 1 149,7 853,5 995,6
Total assets 10 013,3 7 573,4 8 197,3
Equity and
liabilities
Equity
Share capital
and premium 177,7 168,9 170,8
Reserves 1 727,5 1 279,1 1 314,4
Equity attributable
to equity holders
of the parent 1 905,2 1 448,0 1 485,2
Minority interest 768,3 555,7 550,8
Total equity 2 673,5 2 003,7 2 036,0
Convertible
debentures 260,5 260,5 260,5
Other non-current
liabilities
Interest-bearing
borrowings 5 106,7 3 637,9 3 947,5
Amounts attributable
to third parties in
respect of long-term
receivables 289,2 365,4 347,2
Derivative
instruments 8,8 40,4 25,4
Deferred taxation 331,4 280,4 295,1
8 670,1 6 588,3 6 911,7
Current liabilities
(Note 9) 1 343,2 985,1 1 285,6
Total equity and
liabilities 10 013,3 7 573,4 8 197,3
Capital expenditure
incurred during
the period 722,7 873,0 2 206,5
Capital expenditure
committed and
authorised, but not
yet incurred 7,6 92,9 126,4
Market value of
listed investments 8,0 3,8 6,2
Directors` valuation
of unlisted
investments 15,7 11,3 16,1
Ratio to aggregate
of total equity and
convertible debentures:
debentures (%) 241,3 234,5 257,1
Interest-bearing debt
excluding convertible
debentures (%) 193,1 179,3 187,1
Condensed statements of changes in equity
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
RESTATED RESTATED
R Million 2005 2004 2004
Balance at the
beginning of
the period 2 036,0 2 028,3 2 028,3
Proceeds on issue
of shares 6,9 0,2 2,1
Movements in
distributable reserves 263,1 (26,4) 49,8
Net profit/(loss) for
the period 281,6 (23,7) 58,9
As previously reported 281,6 (23,5) 59,1
Adjustment for IFRS
change in respect
of goodwill - 0,6 1,5
Adjustment for IFRS
change in respect of
share based payments - (0,8) (1,7)
Adjustment to opening
retained income
in respect of
share based payments - (1,4) (1,4)
Dividend paid (18,5) - -
Gain on dilution of
interest in
subsidiaries
transferred to
non-distributable
reserve - (1,3) (7,7)
Movements in non-
distributable
reserves 150,0 (32,0) (72,9)
Currency translation
differences 139,4 (51,0) (123,8)
Unrecognised profit
on derivative
instruments (in
Textainer) 7,4 20,0 29,0
Fair-value adjustment
- available-for-sale
investments 1,9 (6,4) 0,2
Transfer from
distributable reserves
(see above) - 1,3 7,7
Impairment of
available-for-sale
investment transferred
to income statement - - 8,5
Share based payment
- current period 1,3 1,5 2,9
Adjustment to opening
non-distributable
reserve in respect
of share based
payments - 2,6 2,6
Movements in minority
interest 217,5 33,6 28,7
Share of profit for
the period 87,0 44,5 110,3
As previously reported 87,0 45,1 111,5
Adjustment for IFRS
change in respect
of goodwill - 0,1 -
Adjustment for IFRS
change in respect
of share based payment - (0,7) (1,2)
Increase in
minorities` investment
in subsidiary 34,7 25,3 27,0
Currency translation
differences 108,3 (33,6) (95,0)
Share of unrecognised
profit on derivative
instruments 10,9 23,1 30,1
Adjustment to opening
minority interest
in respect of share
based payments - (1,2) (1,2)
Amount arising on
changes in holding 6,0 1,0 (6,3)
Dividend (29,4) (25,5) (36,2)
Balance at the end
of the period 2 673,5 2 003,7 2 036,0
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 US$
UNAUDITED UNAUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
RESTATED RESTATED
US$ MILLION 2005 2004 2004
Revenue 152,6 111,4 243,1
Continuing operations
Trading profit before
items listed below: 56,3 35,1 85,9
Exchange losses
arising on translation 16,0 (3,0) (12,0)
Net long-term receivable
valuation adjustment - - 25,0
Change in discount rate
relating to amount
attributable to third
parties in respect of
long-term receivables - - (6,0)
Impairment of goodwill - - (0,8)
Profit from operations 72,3 32,1 92,1
Net interest expense (24,2) (17,2) (39,1)
Interest expense (25,3) (17,8) (40,6)
Interest income 1,1 0,6 1,5
Share of profit of
associate company - 0,4 0,5
Exceptional items - (5,9) (5,2)
Profit/(Loss)
before taxation 48,1 9,4 48,3
Income tax expense 7,6 0,6 4,9
Profit for the period
from continuing operations 40,5 8,8 43,4
Discontinued operations 0,8 (0,5) (0,1)
Profit for the period 41,3 8,3 43,3
Attributable to:
Equity holders of the parent 27,3 0,4 25,9
Minority interest 14,0 7,9 17,4
41,3 8,3 43,3
Number of shares in
issue (million) 155,3 153,7 154,3
Weighted average number of
shares in issue (million) 154,3 153,6 153,8
Basic earnings per share
(US cents) 17,7 0,3 16,8
Diluted earnings per share
(US cents) 15,2 0,3
Headline earnings per share
(US cents) 15,5 4,2 19,9
Diluted headline income
per share (US cents) 13,3 3,9
Adjusted undiluted headline
earnings per share (US cents) 4,4 20,1 17,2
Period-end rate of exchange:
SA rand to US dollar 6,65 6,25 5,61
Average rate of exchange
for period: SA rand
to US dollar 6,23 6,60 6,36
Trading profit from
continuing operations comprises:
Textainer 55,4 34,7 84,7
TrenStar 2,5 (1,9) (1,6)
Other (1,6) 2,3 2,8
56,3 35,1 85,9
Unaudited Trencor condensed balance sheet US$
UNAUDITED AT UNAUDITED AT
30 JUNE 31 DECEMBER
RESTATED RESTATED
US$ MILLION 2005 2004 2004
Assets
Non-current assets
Property, plant and equipment 1 049,9 816,5 997,5
Long-term receivables 212,0 207,7 222,9
Other non-current assets 71,0 51,1 63,3
1 332,9 1 075,3 1 283,7
Current assets 172,9 136,6 177,5
Inventories 1,7 3,7 1,7
Trade and other receivables 93,0 71,7 97,4
Cash and cash equivalents 78,2 61,2 78,4
Total assets 1 505,8 1 211,9 1 461,2
Equity and liabilities
Equity attributable to
equity holders of the parent 286,6 231,3 264,8
Minority interest 115,5 89,2 98,2
Total equity 402,1 320,5 363,0
Convertible debentures 39,2 41,7 46,4
Other non-current liabilities
Interest-bearing borrowings 767,9 582,1 703,7
Amounts attributable to third
parties in respect of
long-term receivables 43,5 58,5 61,9
Derivative instruments 1,3 6,5 4,5
Deferred taxation 49,8 44,9 52,6
1 303,8 1 054,2 1 232,1
Current liabilities 202,0 157,7 229,1
Trade and other payables 113,9 85,8 163,1
Current portion of
interest-bearing borrowings 84,1 67,5 61,9
Deferred income 4,0 4,4 4,1
Total equity and liabilities 1 505,8 1 211,9 1 461,2
Ratio to aggregate of equity
and convertible debentures:
Total liabilities excluding
convertible debentures (%) 241,2 234,6 256,9
Interest-bearing debt
excluding convertible
debentures (%) 193,1 179,3 187,0
Condensed income statements
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
RESTATED RESTATED
R Million 2005 2004 2004
Revenue (including
exchange differences)
(Note 2) 3,9 4,6 8,6
Trading profit before
items listed below: 3,1 4,1 11,0
Profit from operations 3,1 4,1 11,0
Interest expense (3,8) (4,0) (7,8)
Share of profit of
associate company 132,9 (11,3) 27,8
Exceptional items
(Note 5) (1,2) (0,1) (0,1)
Profit before
taxation 131,0 (11,3) 30,9
Income tax (0,2) 0,1 3,6
Profit for the period
from continuing
operations 131,2 (11,4) 27,3
Profit/(Loss) for
the period 131,2 (11,4) 27,3
Attributable to:
Equity holders of
the parent 131,2 (11,5) 27,2
Minority interest - 0,1 0,1
131,2 (11,4) 27,3
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
Basic earnings/(loss)
per share (cents) 14,6 (1,3) 3,0
Diluted earnings/(loss)
per share (cents)
(Note 6.1) 12,5 (1,3) 3,0
Headline earnings
per share (cents) 13,6 0,8 4,8
Diluted headline
earnings per share
(cents) (Note 6.1) 11,7 0,8 4,6
Adjusted undiluted
headline earnings
per share (cents)
(Note 6) 14,4 0,9 5,8
Condensed cash flow statements
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
RESTATED RESTATED
R Million 2005 2004 2004
Cash generated from/
(utilised by)
operations (1,8) 7,3 11,7
Interest received 3,9 3,7 7,5
Dividend received 8,8 - -
Interest paid (3,8) (3,8) (7,8)
Dividend paid (8,1) - -
Dividends paid to
minorities - - (3,1)
Taxation paid (1,2) (0,7) (3,3)
Net cash inflow/
(outflow) from
operating activities (2,2) 6,5 5,0
Cash flows from
investing activities - - (5,3)
Cash flows from
financing activities - - -
Net increase/
(decrease)
in cash and cash
equivalents before
exchange rate changes (2,2) 6,5 (0,3)
Net cash and cash
equivalents at the
beginning of
the period 9,3 9,6 9,6
Effects of exchange
rate changes on cash
and cash equivalents - - -
Net cash and cash
equivalents at the
end of the period 7,1 16,1 9,3
Condensed balance sheets
MOBILE
UNAUDITED AT AUDITED AT
30 JUNE 31 DECEMBER
RESTATED RESTATED
R Million 2005 2004 2004
Assets
Non-current assets
Investment
in associate 1 019,9 801,7 822,6
Participation in
export partnerships 5,2 5,8 5,6
Long-term
receivables - 0,4 -
1 025,1 807,9 828,2
Current assets
(Note 8) 8,2 16,6 9,5
Total assets 1 033,3 824,5 837,7
Equity and
liabilities
Equity
Share capital
and premium 66,5 66,5 66,5
Reserves 832,9 619,1 635,5
Equity attributable
to equity holders
of the parent 899,4 685,6 702,0
Minority interest - 4,2 -
Total equity 899,4 689,8 702,0
Convertible
debentures 127,6 127,6 127,6
Other non-current
liabilities
Deferred taxation 5,2 5,0 5,6
1 032,2 822,4 835,2
Current liabilities
(Note 9) 1,1 2,1 2,5
Total equity and
liabilities 1 033,3 824,5 837,7
Market value of
listed investments 1 323,0 1 037,3 1 257,1
Condensed statements of changes in equity
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
RESTATED RESTATED
R Million 2005 2004 2004
Balance at the
beginning of
the period 702,0 717,7 717,7
Movements in
distributable reserves 124,3 (12,7) 23,0
Net profit/(loss) for
the period 131,2 (11,5) 27,2
As previously reported 131,2 (11,4) 27,3
Adjustment for IFRS
change in respect
of goodwill - 0,3 0,7
Adjustment for IFRS
change in respect of
share based payments - (0,4) (0,8)
Adjustment to opening
retained income
in respect of
share based payments - (0,7) (0,7)
Dividend paid (8,1) - -
Loss on dilution of
interest in associate
transferred to
non-distributable
reserve 1,2 0,1 0,1
Gain on dilution
of associate`s interest
in subsidiaries
transferred to
non-distributable
reserve - (0,6) (3,6)
Movements in non-
distributable
reserves 73,1 (15,3) (34,6)
Transfer from
distributable reserves
(see above) (1,2) 0,5 3,5
Adjustment to opening
non-distributable
reserve in respect
of share based
payments
of associate company - 1,2 1,2
Share of net increase/
(decrease) in non-
distributable reserves
of associate company 74,3 (17,0) (39,3)
Movements in minority
interest - 0,1 (4,1)
Share of profit for
the period - 0,1 0,1
As previously reported - 0,1 0,1
Adjustment for IFRS
change in respect
of goodwill
Dividend - - (3,1)
Acquisition of
minority`s interest
in subsidiary - - (1,1)
Balance at the end
of the period 899,4 689,8 702,0
Trencor and Mobile
Notes to the condensed financial statements
1.These consolidated condensed financial statements are prepared in accordance
with International Financial Reporting Standards (IFRS) for the first time.
Other than for the treatment of goodwill and share options granted to
employees, 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 2004. In terms of IFRS 3: Business
combinations, goodwill is not permitted to be amortised. Share options granted
to employees have been accounted for in terms of IFRS 2: Share based payment.
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
RESTATED RESTATED
R Million 2005 2004 2004
2. Revenue
Invoiced sales
- goods and services 34,5 20,2 60,1
Leasing income 747,0 555,3 1 210,3
Management fees 54,7 103,0 193,2
Finance income 20,3 38,6 6,9
856,5 717,1 1 470,5
Discontinued operations
- container manufacturing - 42,7 43,1
856,5 759,8 1 513,6
Realised and unrealised
exchange differences 388,0 (145,9) (393,7)
1 244,5 613,9 1 119,9
3. Discontinued operations
- container manufacturing
Operating profit 7,1 2,1 7,2
Interest expense - - 0,4
Profit before taxation 7,1 2,1 6,8
Income tax 2,1 5,2 7,0
Net profit/(loss)
after taxation 5,0 (3,1) (0,2)
4. Net interest expense
Interest expense 157,8 117,1 258,1
- Textainer 103,6 72,5 148,9
- TrenStar 43,8 32,2 85,4
- Other 10,4 12,4 23,8
Interest income (7,5) (3,8) (9,4)
- Textainer (2,8) (0,9) (2,5)
- Other (4,7) (2,9) (6,9)
150,3 113,3 248,7
5. Exceptional items
Loss on sale of investment properties - (1,0) (2,2)
Net gain on dilution of interest in
subsidiaries - 1,2 9,1
Loss on sale of interest in associate - (38,1) (38,1)
Impairment of available-
for-sale investment - - (8,5)
Loss on dilution of interest in associate
- (37,9) (39,7)
6. Headline earnings
Profit/(loss)
attributable to ordinary
equity holders
of the parent entity 281,6 (23,7) 58,9
Impairment of goodwill - - 1,9
Profit on sale of property, plant and
equipment (16,3) (2,0) (9,0)
Exceptional items
(Note 5) - 37,9 39,7
Discontinued operations
(Note 3) (5,0) 3,1 0,2
Minority share of exceptional items - - 1,6
Attributable share
of headline earnings
adjustments of associate company
Headline earnings 260,3 15,3 93,3
Weighted average number
of shares in issue (million) 154,3 153,6 153,8
Headline earnings
per share (cents) 168,7 10,0 60,7
Adjusted undiluted
headline earnings
Circular 07/02 issued by the South African
Institute of Chartered Accountants
requires that profits and losses on the
sale of property, plant and equipment
be excluded from the calculation of
headline earnings. The directors consider
that, given the nature of Textainer`s
business model, this treatment of profits
and losses on sales of used containers
from its leasing fleet is not
appropriate for a proper understanding
of the results of the group.
Accordingly, adjusted undiluted headline
earnings per share, which includes
profits and losses on the sale of used
containers, is also presented for
information.
Headline earnings
(as above) 260,3 15,3 93,3
Profit on sale of used containers 16,0 1,7 18,2
Adjusted undiluted
headline earnings 276,3 17,0 111,5
Adjusted undiluted
headline earnings
per share (cents) 179,1 11,1 72,5
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
RESTATED RESTATED
R Million 2005 2004 2004
2. Revenue
Invoiced sales
- goods and services
Leasing income
Management fees
Finance income 3,9 4,6 8,6
3,9 4,6 8,6
Discontinued operations
- container
manufacturing
3,9 4,6 8,6
Realised and unrealised
exchange differences
3,9 4,6 8,6
3. Discontinued
operations
- container
manufacturing
Operating profit
Interest expense
Profit before taxation
Income tax
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