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MBN TRE MOB TED2 MOBD
MOB TRE
Trencor Limited/ Mobile Industries Limited - Unaudited Results For The Six
Months Ended December 2005
TRENCOR LIMITED
("Trencor")
REG NO 1955/002869/06
SHARE CODE: ISIN:
TRE ZAE000007506
TED2 ZAE000007282
MOBILE INDUSTRIES LIMITED
("Mobile")
REG NO 1968/014997/06
SHARE CODE: ISIN:
MOB ZAE000004602
MBN ZAE000012274
MOBD ZAE000004610
FIFTY YEARS SINCE LISTING ON THE JSE
SEVENTY-FIVE YEARS SINCE STARTING BUSINESS AS JD DU PLESSIS AND COMPANY
REVIEWED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2005
HIGHLIGHTS
TRENCOR: GROUP
* Headline earnings per share (including unrealised foreign exchange gains and
losses) were 262,3 cents (2004: 78,3 cents). In US dollar terms, headline
earnings were 33,1 US cents per share (2004: 21,9 US cents per share).
* Adjusted headline earnings per share were 266,7 cents (2004: 72,5 cents),
which include gains and losses arising on the disposal of containers from
Textainer "s leasing fleet, consistent with prior years, but exclude the
effects of the non-cash adjustments made to Textainer "s earnings arising from
accounting for derivatives (refer note 10).
* Trading profit after net interest expense increased by 31% from R366 million
in 2004 to R480 million.
* Net realised and unrealised exchange gains arising on translation of net
dollar receivables and the related provisions were R187 million (2004: net loss
R232 million).
* Valuation provision against long-term receivables reduced by a net R67
million in recognition of the improved outlook for collectability and timing of
receipts.
* Consolidated gearing ratio was 169% (2004: 187%).
* Final dividend of 30 cents per share declared, making a total of 40 cents per
share for the year (2004: total 12 cents per share).
TEXTAINER
* Net income for the year, excluding the adjustment for derivatives (refer note
10), was US$56,9 million (2004: US$46,4 million).
* Average utilisation of the container fleet under management for the year was
91,9% (2004: 93.2%). Currently, utilisation is 89,1%.
* 68,4% of the 1 155 000 twenty foot equivalent units (TEUs) under management
are on long-term lease.
* Gearing at 31 December 2005 was 203% (2004: 269%).
* Equipment purchases during the year amounted to 78 454 TEUs, which was
significantly below expectation.
TRENSTAR INC
* Revenue for the year was US$56,0 million (2004: US$51,0 million).
* Net loss for the year was US$9,9 million (2004: net loss US$13,8 million).
* Trencor (US$7 million) and the Carlyle Group (US$3 million) committed a
further US$10 million of additional equity to TrenStar, of which US$2,1 million
had been invested by Trencor and US$0,9 million by the Carlyle Group by the end
of December 2005.
* During the second half of the year, the TrenStar board implemented certain
management changes which included the replacement of Gregory Cronin as CEO with
Alex M Brown as Chief Executive.
TRENSTAR SA
* Performed well and made a positive contribution to earnings.
DECLARATION OF DIVIDENDS
Final dividends in respect of the year ended 31 December 2005 have been
declared as follows:
TRENCOR NO 80 30,0 CENTS PER SHARE
MOBILE NO 65 2,3 CENTS PER SHARE
The salient dates pertaining to the dividend payments are as follows:
Last day to trade cum the dividend Friday, 31 March 2006
Trading commences ex the distribution Monday, 3 April 2006
Record date Friday, 7 April 2006
Payment date Monday, 10 April 2006
Share certificates may not be dematerialised or rematerialised between Monday,
3 April 2006 and Friday, 7 April 2006, both days inclusive.
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
27 FEBRUARY 2006
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)
Sponsors: 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 for the year ended 31 December 2005
TRENCOR MOBILE
2005 2004 2005 2004
RESTATED RESTATED
R MILLION
Revenue (including exchange
differences) (Note 2) 2 099,6 1 119,9 8,0 8,6
Continuing operations
Trading profit before items
listed below: 749,6 551,4 6,7 11,1
Realised and unrealised
exchange gains/(losses) 260,5 (372,5)
Translation of long-term
receivables, included in
revenue, excluding valuation
adjustment 272,1 (393,7)
Translation of borrowings (11,6) 21,2
Net long-term receivable
valuation adjustment (18,1) 316,9
(Increase)/Reduction due to
translation of dollar amount (85,0) 161,9
Reduction in valuation
adjustment 66,9 155,0
Change in discount rate
relating to amount attributable
to third parties in respect of long-term receivables -
(42,2)
Fair value adjustment -
convertible debentures 72,8 53,5
Realised and unrealised
gains/(losses) on derivative instruments 28,7
(5,7)
Impairment of plant and
equipment (3,1) -
Impairment of goodwill - (4,1)
Profit from operations 1 017,6 443,8 79,5 64,6
Net interest expense (Note 4) (269,5) (185,7)
Interest expense (300,2) (195,1) (7,7) (7,8)
Interest income 30,7 9,4
Share of profit of associate
company - 3,2 204,4 40,6
Exceptional items (Note 5) (4,5) (39,7) 1,8 (0,1)
Profit before taxation 743,6 221,6 278,0 97,3
Income tax 112,0 (5,1) 0,3 3,6
Profit after tax from
continuing operations 631,6 226,7 277,7 93,7
Discontinued operations
Profit/(Loss) for the year from
discontinued operations (Note 3) 5,3 (0,2) - -
Profit for the year 636,9 226,5 277,7 93,7
Attributable to:
Equity holders of the parent 434,1 86,1 277,7 93,6
Minority interest 202,8 140,4 - 0,1
636,9 226,5 277,7 93,7
Number of shares in issue
(million) 155,6 154,3 897,8 897,8
Weighted average number of
shares in issue (million) 155,0 153,8 897,8 897,8
Basic earnings/(loss) per share
(cents)
Continuing operations 276,6 56,1 30,9 10,4
Discontinued operations 3,4 (0,1)
Diluted earnings/(loss)per share
(cents)
Continuing operations 235,6 56,1 26,5 9,3
Discontinued operations 2,8 (0,1)
Headline earnings per share
(cents) (Note 6) 262,3 78,3 29,3 12,2
Diluted headline earnings per
share (cents) 223,9 78,3 25,1 10,8
Adjusted undiluted headline
earnings per share (cents)
(Note 6) 266,7 72,5 29,7 11,8
Year-end rate of exchange: SA
rand to US dollar 6,310 5,610
Average rate of exchange for
the year: SA rand to US dollar 6,325 6,360
CONDENSED BALANCE SHEETS at 31 December 2005
TRENCOR MOBILE
2005 2004 2005 2004
R MILLION RESTATED RESTATED
Assets
Non-current assets
Property, plant and equipment 6 315,2 5 596,1
Intangible assets and goodwill 44,6 31,9
Investment in associate 0,3 0,3 1 204,6 895,4
Other investments 30,4 22,3
Long-term loans 24,6 24,4
Net investment in direct
finance leases 180,4 19,0
Participation in export
partnerships 4,2 5,6
Long-term receivables 1 240,5 1 250,6
Deferred taxation 151,7 257,1
Derivative instruments 28,8 -
8 016,5 7 201,7 1 208,8 901,0
Current assets (Note 8) 1 366,1 995,6 8,9 9,5
Total assets 9 382,6 8 197,3 1 217,7 910,5
Equity and liabilities
Equity
Share capital and premium 179,2 170,8 66,5 66,5
Reserves 1 810,3 1 311,4 1 017,6 708,3
Equity attributable to equity
holders of the parent 1 989,5 1 482,2 1 084,1 774,8
Minority interest 824,4 553,2 - -
Total equity 2 813,9 2 035,4 1 084,1 774,8
Non-current liabilities
Convertible debentures 260,5 260,5 127,6 127,6
Interest-bearing borrowings 4 661,5 3 947,5
Amounts attributable to third
parties in respect of
long-term receivables 258,5 347,2
Derivative instruments 2,6 25,4
Deferred taxation 296,6 295,7 3,4 5,6
8 293,6 6 911,7 1 215,1 908,0
Current liabilities (Note 9) 1 089,0 1 285,6 2,6 2,5
Total equity and liabilities 9 382,6 8 197,3 1 217,7 910,5
Capital expenditure incurred
during the year 816,4 2 206,5
Capital expenditure committed
and authorised, but not yet
incurred 3,2 126,4
Market value of listed
investments 10,8 6,2 1 804,1 1 257,1
Directors" valuation of
unlisted investments 19,6 16,1
Ratio to aggregate of total
equity and convertible
debentures:
Total liabilities excluding
convertible debentures (%) 205,2 257,1
Interest-bearing debt
excluding convertible
debentures (%) 168,5 187,1
CONDENSED CASH FLOW STATEMENTS for the year ended 31 December 2005
TRENCOR MOBILE
2004 2005 2004
2005
R MILLION RESTATED RESTATED
Cash generated
from/(utilised by)
operations 1022,0 838,2 (6,6) 11,7
Interest received 30,7 9,4 8,0 7,5
Dividends received 16,1 -
Interest paid (301,3) (192,7) (7,7) (7,8)
Dividends paid (34,1) - (14,8) -
Dividends paid to minorities (46,5) (36,2) (3,1)
-
Taxation paid (39,9) (70,2) (3,3) (3,3)
Net cash inflow/(outflow)
from operating activities 630,9 548,5 (8,3) 5,0
Net cash flows from
investing activities (1 173,9) (1 146,8) - (5,3)
Net cash flows from
financing activities 767,9 769,4 - -
Net increase/(decrease) in
cash and cash equivalents
before exchange rate
changes 224,9 171,1 (8,3) (0,3)
Net cash and cash
equivalents at the
beginning of the year 439,7 330,5 9,3 9,6
Effects of exchange rate
changes on cash and cash
equivalents 45,5 (61,9)
Net cash and cash
equivalents at the end of
the year 710,1 439,7 1,0 9,3
CONDENSED STATEMENTS OF CHANGES IN EQUITY for the year ended 31 December 2005
TRENCOR MOBILE
2005 2004 2005 2004
R MILLION RESTATED RESTATED
Balance at the beginning of
the year 2 035,4 2 028,3 774,8 717,7
Proceeds on issue of shares 8,4 2,1
Movements in distributable
reserves 396,4 36,1 259,4 90,7
Net profit for the year 434,1 86,1 277,7 93,6
As previously reported 59,1 27,3
IFRS adjustments
Goodwill 1,5 0,7
Share-based payments (1,7) (0,8)
Fair value adjustment -
convertible debentures 53,5
Change in accounting
treatment of derivative
instruments in Textainer 27,2 12,9
Adjustments to opening balance
Share-based payments (1,4) (0,6)
Change in accounting
treatment of derivative
instruments in Textainer (40,9) (19,4)
Fair value adjustment -
convertible debentures 20,6
Dividend paid (34,1) - (14,8) -
Transfers to
non-distributable reserve
Gain on dilution of interest
in subsidiaries (3,6) (7,7)
Gain on dilution of interest
in associate (1,8) 0,1
Gain on dilution of associate
company"s interest in
subsidiaries (1,7) (3,6)
Movements in
non-distributable reserves 102,5 (62,2) 49,9 (29,5)
Currency translation
differences 88,7 (120,9)
Fair value adjustment -
available-for-sale
investments 8,4 0,2
Transfer from distributable
reserves (see above) 3,6 7,7 3,5 3,5
Impairment of
available-for-sale investment
transferred to income
statement - 8,5
Share-based payments -
current year 1,8 1,7
Adjustment to opening balance
Share-based payments 1,4 0,6
Change in accounting
treatment of derivative
instruments in Textainer 39,2 18,6
Share of net
increase/(decrease) in
non-distributable reserves of
associate company 46,4 (52,2)
Movements in minority interest 271,2 31,1 - (4,1)
Share of profit for the year 0,1
202,8 140,4
As previously reported 111,5 0,1
Adjustments
Change in accounting
treatment of derivative
instruments in Textainer 30,1
Share-based payments (1,2)
Increase in minority
investment in subsidiary 42,4 27,0
Currency translation
differences 63,6 (95,0)
Adjustment to opening
minority interest in respect
of share-based payments (1,2)
Allocation of share-based
payment reserve 0,9 2,4
Amount arising on changes in
shareholding 8,0 (6,3)
Dividend (46,5) (36,2) - (3,1)
Acquisition of minority
interest in subsidiary - (1,1)
Balance at the end of
the year 2 813,9 2 035,4 1 084,1 774,8
NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the year ended 31 December 2005
1. These consolidated condensed annual financial statements have been prepared
in accordance with International Financial Reporting Standards (IFRS) for
the first time. Other than for the treatment of goodwill, share options
granted to employees and the convertible debentures held by Mobile in
Trencor, 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 2004. In terms of IFRS 3: Business
combinations, goodwill may not be amortised. Share options granted to
employees have been accounted for in terms of IFRS 2: Share-based payment.
The accounting treatment of the derivative instruments taken out by
Textainer to hedge economic risk has also been changed (refer note 10).
TRENCOR MOBILE
2005 2004 2005 2004
R MILLION RESTATED RESTATED
2. Revenue
Invoiced sales - goods and
services 126,9 60,1
Leasing income 1 552,9 1 210,3
Management fees 97,9 193,2
Finance income 49,8 6,9 8,0 8,6
1 827,5 1 470,5 8,0 8,6
Discontinued operations -
container manufacturing - 43,1
1 827,5 1 513,6 8,0 8,6
Realised and unrealised
exchange differences 272,1 (393,7)
2 099,6 1 119,9 8,0 8,6
3. Discontinued operations -
container manufacturing
Profit 6,2 7,2
Interest expense - 0,4
Profit before taxation 6,2 6,8
Income tax 0,9 7,0
Net profit/(loss) after
taxation 5,3 (0,2)
4. Net interest expense
Interest expense 300,2 195,1
- Textainer 176,6 85,9
- TrenStar 103,8 85,4
- Other 19,8 23,8 7,7 7,8
Interest income (30,7) (9,4)
- Textainer (6,9) (2,5)
- Other (23,8) (6,9)
269,5 185,7 7,7 7,8
5. Exceptional items
Loss on sale of investment
properties - (2,2)
Net gain on dilution of
interest in subsidiaries 3,6 9,1
Premium paid on shares
acquired from minorities (8,3) -
Profit on disposal of
investment 0,2 -
Loss on sale of interest in
associate - (38,1)
Impairment of
available-for-sale investment - (8,5)
Gain/(Loss) on dilution of
interest in associate company - - 1,8 (0,1)
(4,5) (39,7) 1,8 (0,1)
6. Headline earnings
Profit attributable to
ordinary equity holders of the
parent entity 434,1 86,1 277,7 93,6
Impairment of goodwill - 1,9
Impairment of plant and
equipment 2,3 -
Profit on sale of property,
plant and equipment (26,8) (9,0)
Exceptional items (Note 5) 4,5 39,7 (1,8) 0,1
Discontinued operations (Note
3) (5,3) 0,2
Minority share of exceptional
items (2,3) 1,6
Attributable share of headline
earnings adjustments of
associate company (13,0) 16,2
Headline earnings 406,5 120,5 262,9 109,9
Weighted average number of
shares in issue (million) 155,0 153,8 897,8 897,8
Headline earnings per share
(cents) 262,3 78,3 29,3 12,2
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 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 containers, is also presented for information.
Headline earnings (as above) 406,5 120,5 262,9 109,9
Profit on sale of containers 29,5 18,2 13,9 8,6
Adjustment for unrealised gain
on derivative instruments in
Textainer (Note 10) (22,6) (27,2) (10,6) (12,9)
Adjusted undiluted headline
earnings 413,4 111,5 266,2 105,6
Adjusted undiluted headline
earnings per share (cents) 266,7 72,5 29,7 11,8
TRENCOR MOBILE
2005 2004 2005 2004
R MILLION RESTATED RESTATED
7. Segmental reporting
Revenue
Continuing operations
Containers - finance (including
exchange differences) 292,6 (387,3)
Containers - owning, leasing and
management 1 394,2 1 103,6
Mobile asset management services 411,5 358,9
Other 1,3 1,6
2 099,6 1 076,8
Discontinued operations - 43,1
2 099,6 1 119,9
Profit from operations
Continuing operations
Containers - finance 283,2 (82,6)
Containers - owning, leasing and
management 715,4 532,9
Mobile asset management services 43,8 (13,7)
Other (24,8) 7,2
1 017,6 443,8
Discontinued operations 6,2 7,2
1 023,8 451,0
8. Current assets
Inventories 29,6 9,3
Trade and other receivables 610,3 546,6 0,6 0,2
Taxation prepaid 16,1 -
Amount owing by affiliated company 7,3 -
Cash and cash equivalents 710,1 439,7 1,0 9,3
Restricted cash balances 214,3 156,8
Unrestricted cash balances 495,8 282,9 1,0 9,3
1 366,1 995,6 8,9 9,5
9. Current liabilities
Trade and other payables 424,4 834,7 1,9 1,0
Provisions 58,6 42,4
Taxation 60,9 37,9 0,7 1,5
Current portion of
interest-bearing borrowings 506,3 347,5
Deferred income 25,4 23,1
Short-term borrowings 13,4 -
1 089,0 1 285,6 2,6 2,5
10. Reporting changes
Textainer, 73% owned by Trencor, has determined that under the stricter
application of International Accounting Standard 39, it may not use hedge
accounting for certain interest rate swaps taken out to hedge economic risk,
notwithstanding that the swaps were economically effective. It is therefore
required to account on the basis that the net result of the marked-to-market
valuation of these instruments is flowed through the income statement. In the
past, these adjustments have been charged or credited direct to equity in
accordance with the principles of hedge accounting. The net result of this
non-cash change is an increase in Textainer"s 2004 earnings of US$5,8 million,
with a corresponding reduction in the derivative reserve previously recorded in
equity. The effect on Trencor is to increase undiluted headline earnings per
share in 2004 by 17,6 cents from 60,7 cents to 78,3 cents. Comparative figures
for 2004 have been amended accordingly. No changes were required to Trencor"s
2004 net asset position. The unrealised gain reported in Textainer on marking
these instruments to market at 31 December 2005 is US$4,9 million.
Comparative information has been restated for the effects of adopting IFRS and
the above change in derivative accounting. The aggregate effect of the
restatements is as follows:
TRENCOR
PREVIOUSLY
STATED ADJUSTMENT RESTATED
As at 31 December 2003
Retained earnings 1 293,6 (42,3) 1 251,3
Non-distributable reserves 43,9 40,6 84,5
Investment in associate
Deferred taxation 276,8 1,7 278,5
As at 31 December 2004
Intangible assets and goodwill 30,4 1,5 31,9
Retained earnings 1 345,0 (15,3) 1 329,7
Non-distributable reserves (34,5) 16,2 (18,3)
Investment in associate
Deferred taxation 295,1 0,6 295,7
Other changes to comparatives as at
31 December 2004
Other investments 38,4 (16,1) 22,3
Long-term loans 8,3 16,1 24,4
MOBILE
PREVIOUSLY
STATED ADJUSTMENT RESTATED
As at 31 December 2003
Retained earnings 136,5 0,6 137,1
Non-distributable reserves 510,5 19,2 529,7
Investment in associate 829,5 19,8 849,3
Deferred taxation
As at 31 December 2004
Intangible assets and goodwill
Retained earnings 160,4 66,9 227,3
Non-distributable reserves 473,3 7,7 481,0
Investment in associate 820,8 74,6 895,4
Deferred taxation
Other changes to comparatives as at
31 December 2004
Other investments
Long-term loans
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 IN US DOLLARS for the year ended
31 December 2005
UNAUDITED UNAUDITED
2005 2004
US $ MILLION RESTATED
Revenue 305,6 243,1
Continuing operations
Trading profit before items listed below: 117,9 85,7
Exchange gains/(losses) arising on translation 12,0 (12,0)
Net long-term receivable valuation adjustment 9,0 25,0
Change in discount rate relating to amount
attributable to third parties in respect of
long-term receivables - (6,0)
Realised and unrealised gains/(losses) on
derivative instruments 4,5 (0,9)
Impairment of plant and equipment (0,5) -
Impairment of goodwill - (0,8)
Profit from operations 142,9 91,0
Net interest expense (42,6) (29,2)
Interest expense (47,5) (30,7)
Interest income 4,9 1,5
Share of profit of associate company - 0,5
Exceptional items (0.7) (4,9)
Profit before taxation 99,6 57,4
Income tax expense 12,7 4,9
Profit after tax from continuing operations 86,9 52,5
Discontinued operations 0,9 -
Profit for the year 87,8 52,5
Attributable to:
Equity holders of the parent 55,7 30,3
Minority interest 32,1 22,2
87,8 52,5
Number of shares in issue (million) 155,6 154,3
Weighted average number of shares in issue (million) 155,0 153,8
Basic earnings per share (continuing operations)
(US cents) 35,4 19,7
Diluted earnings per share (continuing operations)
(US cents) 30,3 20,5
Headline earnings per share (US cents) 33,1 21,9
Diluted headline earnings per share (US cents) 28,4 22,6
Adjusted undiluted headline earnings per share (US
cents) 36,1 23,8
Year-end rate of exchange: SA rand to US dollar 6,310 5,610
Average rate of exchange for the year: SA rand to
US dollar 6,325 6,360
Trading profit/(loss) from continuing operations
comprises:
Textainer 109,1 84,7
TrenStar 6,9 (0,7)
Other 1,9 1,7
117,9 85,7
UNAUDITED TRENCOR CONDENSED BALANCE SHEET IN US DOLLARS at 31 December 2005
UNAUDITED UNAUDITED
2005 2004
US$ MILLION RESTATED
Assets
Non-current assets
Property, plant and equipment 1 000,8 997,5
Long-term receivables 196,6 222,9
Other non-current assets 73,0 63,3
1 270,4 1 283,7
Current assets 216,5 177,5
Inventories 4,7 1,7
Trade and other receivables 99,3 97,4
Cash and cash equivalents 112,5 78,4
Total assets 1 486,9 1 461,2
Equity and liabilities
Equity attributable to equity holders of the parent 315,4 264,3
Minority interest 130,6 98,7
Total equity 446,0 363,0
Non-current liabilities
Convertible debentures 41,3 46,4
Interest-bearing borrowings 738,7 703,7
Amounts attributable to third parties in respect of
long-term receivables 41,0 61,9
Derivative instruments 0,4 4,5
Deferred taxation 47,0 52,6
1 314,4 1 232,1
Current liabilities 172,5 229,1
Trade and other payables 86,2 163,1
Current portion of interest-bearing borrowings 80,2 61,9
Short-term borrowings 2,1 -
Deferred income 4,0 4,1
Total equity and liabilities 1 486,9 1 461,2
Ratio to aggregate of total equity and convertible
debentures:
Total liabilities excluding convertible debentures (%) 205,1 256,9
Interest-bearing debt excluding convertible
debentures (%) 168,5 187,0
Date: 27/02/2006 04:26:37 PM Produced by the JSE SENS Department
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