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Trencor / Mobile - Unaudited Interim Results for t 24 Aug 2006
MBN TRE MOB TED2 MOBD
MOB TRE
Trencor / Mobile - Unaudited Interim Results for the six months ended 30
June 2006 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
Unaudited Interim Results for the six months ended 30 June 2006 and Declaration
of Dividends
Highlights
TRENCOR: GROUP
· Trading profit from continuing operations (which is mainly earned in foreign
currency), after net interest expense, increased by 3% from US$35,3 million to
US$36,3 million. Expressed in rand, this increased to R224 million from
R217 million at June 2005.
· Net realised and unrealised exchange gains arising on translation into rand
of the net dollar receivables and the related provisions and loans were
R152 million (2005: R257 million). The effect on earnings per share in the
current period of this non-cash adjustment was a reduction of 48 cents.
· As a result of the above, headline earnings per share (including the effect
of foreign exchange translation gains and losses referred to above) were
130,3 cents (June 2005: 174,7 cents). In US currency terms, headline earnings
were 11,4 US cents per share (June 2005: 16,5 US cents per share).
· Adjusted headline earnings per share, which includes net gains and losses
arising from the sale of containers from Textainer"s leasing fleet, were
140,2 cents per share (June 2005: 185,0 cents per share).
· Consolidated gearing ratio was 162% (30 June 2005: 193%). There is no
longer any debt at the centre.
· Interim dividend of 20 cents per share declared (2005: 10 cents per share).
TEXTAINER
· Net profit for the half year was US$25,4 million (2005: US$30,8 million).
· Average utilisation of the container fleet under management for the six
months to 30 June 2006 was 89,8% (June 2005: 92,4%). Spot utilisation at
30 June 2006 was 91,9% (June 2005: 92,8%).
· 66,8% of the 1,2 million TEU (twenty foot equivalent unit) under management
at 30 June 2006 was on long-term lease.
· Acquired the rights to manage Gateway"s fleet of 315 000 TEU with effect from
1 July 2006, increasing the total managed fleet to 1,5 million TEU, making it
the largest lessor-operated fleet in the world.
TRENSTAR
· Loss for the half year was US$4,7 million (2005: loss US$4,4 million).
· Revenue for the half year was US$29,5 million (2005: US$25,6 million).
· Trencor continues to review alternatives for the future of TrenStar.
Declaration of dividends
Dividends in respect of the six months ended 30 June 2006 have been declared
as follows:
TRENCOR NO 81 20,0 CENTS PER SHARE
MOBILE NO 66 1,55 CENTS PER SHARE
The salient dates pertaining to the dividend payments are as follows:
Last day to trade cum the dividend Thursday, 21 September 2006
Trading commences ex the distribution Friday, 22 September 2006
Record date Friday, 29 September 2006
Payment date Monday, 2 October 2006
Share certificates may not be dematerialised or rematerialised between Friday,
22 September 2006 and Friday, 29 September 2006, both days inclusive.
CAPITAL RESTRUCTURING AND VALUE ENHANCING INITIATIVES
Investors are referred to the separate announcement of 23 August 2006 on capital
restructuring and value enhancing initiatives.
ON BEHALF OF THE BOARDS
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL CHAIRMAN MOBILE INDUSTRIES LIMITED
24 AUGUST 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 Ltd)
THESE RESULTS CAN BE VIEWED ON THE WEBSITES: WWW.TRENCOR.NET AND
WWW.MOBILE-INDUSTRIES.NET
CONDENSED INCOME STATEMENTS for the six months ended 30 June 2006
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
R Million 2006 2005 2005
Revenue (including exchange
differences) (Note 2) 1 156,3 1 244,5 2 099,6
Continuing operations
Trading profit 340,2 347,3 749,6
Realised and unrealised
exchange gains/(losses) 237,1 371,6 260,5
Translation of long-term receivables,
included in revenue, excluding
valuation adjustment 236,2 388,0 272,1
Translation of borrowings 0,9 (16,4) (11,6)
Net long-term receivable
valuation adjustment (85,3) (114,9) (18,1)
Increase due to translation
of dollar amount (85,3) (114,9) (85,0)
Reduction in valuation adjustment - - 66,9
Impairment of plant and equipment (5,5) - (3,1)
Profit from operations 486,5 604,0 988,9
Net interest expense (Note 3) (116,5) (130,3) (240,8)
Interest expense (131,7) (137,8) (271,5)
Interest income 15,2 7,5 30,7
Exceptional items (Note 4) 0,8 - (4,5)
Profit before tax 370,8 473,7 743,6
Income tax (expense)/credit (62,8) (90,1) (112,0)
Profit after tax from continuing operations 308,0 383,6 631,6
Discontinued operations
Profit for the period from
discontinued operations after tax (Note 5) - 5,0 5,3
Profit for the period 308,0 388,6 636,9
Attributable to:
Equity holders of the parent 214,5 290,8 434,1
Minority interest 93,5 97,8 202,8
308,0 388,6 636,9
Number of shares in issue (million) 156,5 155,3 155,6
Weighted average number of
shares in issue (million) 155,8 154,3 155,0
Basic earnings per share (cents)
Entity as a whole 137,7 188,5 280,1
Continuing operations 137,7 185,2 276,7
Discontinued operations - 3,3 3,4
Diluted earnings per share (cents)
Entity as a whole 117,9 159,2 238,4
Continuing operations 117,9 156,5 235,6
Discontinued operations - 2,7 2,8
Headline earnings per
share (cents) (Note 6) 130,3 174,7 262,3
Diluted headline earnings
per share (cents) 111,7 147,7 223,9
Adjusted undiluted headline
earnings per share (cents) (Note 6) 140,2 185,0 281,3
Period-end rate of
exchange: SA rand to US dollar 7,10 6,65 6,310
Average rate of exchange for
period: SA rand to US dollar 6,31 6,23 6,325
CONDENSED BALANCE SHEETS at 30 June 2006
TRENCOR
UNAUDITED AUDITED
30 JUNE 31 DECEMBER
R Million 2006 2005 2005
Assets
Property, plant and equipment 7 360,7 6 981,8 6 315,2
Intangible assets and goodwill 114,8 38,7 44,6
Investment in associate 0,3 0,3 0,3
Other investments 35,7 23,7 30,4
Long-term loans 8,3 25,4 24,6
Net investment in finance leases 278,8 186,9 180,4
Long-term receivables 1 296,4 1 409,5 1 240,5
Deferred taxation 117,0 197,3 151,7
Derivative financial instruments 61,8 - 28,8
Total non-current assets 9 273,8 8 863,6 8 016,5
Current assets (Note 8) 1 550,1 1 149,7 1 366,1
Total assets 10 823,9 10 013,3 9 382,6
Equity
Share capital and premium 183,9 177,7 179,2
Reserves 2 125,1 1 727,5 1 810,3
Equity attributable to equity
holders of the parent 2 309,0 1 905,2 1 989,5
Minority interest 1 019,3 768,3 824,4
Total equity 3 328,3 2 673,5 2 813,9
Liabilities
Convertible debentures 260,5 260,5 260,5
Interest-bearing borrowings 5 126,7 5 106,7 4 661,5
Amounts attributable to third parties
in respect of long-term receivables 259,6 289,2 258,5
Derivative financial instruments 2,9 8,8 2,6
Deferred taxation 327,7 331,4 296,6
Total non-current liabilities 5 977,4 5 996,6 5 479,7
Current liabilities (Note 9) 1 518,2 1 343,2 1 089,0
Total liabilities 7 495,6 7 339,8 6 568,7
Total equity and liabilities 10 823,9 10 013,3 9 382,6
Capital expenditure incurred
during the period 482,4 722,7 816,4
Capital expenditure committed
and authorised, but not yet incurred 142,9 7,6 3,2
Market value of listed investments 14,5 8,0 10,8
Directors" valuation of
unlisted investments 21,2 15,7 19,6
Ratio to aggregate of total
equity and convertible debentures:
Total liabilities excluding
convertible debentures (%) 201,6 241,3 205,2
Interest-bearing debt excluding
convertible debentures (%) 162,1 193,1 168,5
CONDENSED CASH FLOW STATEMENTS for the six months ended 30 June 2006
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
R Million 2006 2005 2005
Cash generated from/(utilised
by) operations 834,2 476,7 1 048,4
Interest received 15,2 7,5 30,7
Interest paid (159,6) (156,6) (327,6)
Dividends paid (32,4) (18,5) (34,1)
Dividends paid to minorities (46,7) (29,4) (46,5)
Taxation paid (19,8) (24,1) (40,0)
Net cash inflow/(outflow)
from operating activities 590,9 255,6 630,9
Cash flows from investing activities (425,4) (937,2) (1 173,9)
Cash flows from financing activities (52,7) 689,8 767,9
Net increase/(decrease) in cash and
cash equivalents before
exchange rate changes 112,8 8,2 224,9
Net cash and cash equivalents at
the beginning of the period 710,1 439,7 439,7
Effects of exchange rate changes
on cash and cash equivalents 100,2 71,9 45,5
Net cash and cash equivalents
at the end of the period 923,1 519,8 710,1
CONDENSED STATEMENTS OF CHANGES IN EQUITY for the six months ended 30 June 2006
TRENCOR
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
R Million 2006 2005 2005
Balance at the beginning of the period 2 813,9 2 035,4 2 035,4
Proceeds on issue of shares 4,7 6,9 8,4
Movements in distributable reserves 169,0 272,3 396,4
Net profit for the period 214,5 290,8 434,1
As previously reported 281,6
Restatement (refer note 10) 9,2
Dividends paid (46,7) (18,5) (34,1)
Transfers to/(from) non-distributable
reserve
Loss/(Gain)on dilution of investment in
Subsidiaries 1,2 - (3,6)
Movements in non-distributable reserves 145,8 141,4 102,5
Currency translation differences 142,6 138,2 88,7
Fair-value adjustment
- available-for-sale investments 3,8 1,9 8,4
Transfer (to)/from distributable
reserves (see above) (1,2) - 3,6
Share based payments 0,6 1,3 1,8
Movements in minority interest 194,9 217,5 271,2
Share of profit for the period 93,5 97,8 202,8
As previously reported 87,0
Restatement (refer note 10) 10,8
Increase in minority
investment in subsidiary 11,2 34,7 42,4
Currency translation differences 115,0 108,4 63,6
Allocation of share based payment reserve 0,2 - 0,9
Amount arising on changes in shareholding 7,4 6,0 8,0
Dividends (32,4) (29,4) (46,5)
Balance at the end of the period 3 328,3 2 673,5 2 813,9
NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the six months ended 30
June 2006
TRENCOR
1. These consolidated condensed interim financial statements have been prepared
in accordance with International Financial Reporting Standards. 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 2005.
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
R Million 2006 2005 2005
2. Revenue
Goods sold and services rendered 74,3 34,5 126,9
Leasing income 776,2 747,0 1 552,9
Management fees 41,5 54,7 97,9
Finance income 28,1 20,3 49,8
920,1 856,5 1 827,5
Realised and unrealised
exchange differences 236,2 388,0 272,1
1 156,3 1 244,5 2 099,6
3.Net interest expense
Interest expense 131,7 137,8 271,5
- Textainer 97,1 84,6 176,6
- TrenStar 58,9 43,8 103,8
- Other 8,1 10,3 19,8
- Net realised and unrealised gains
on derivative financial instruments (32,4) (0,9) (28,7)
Interest income (15,2) (7,5) (30,7)
- Textainer (8,8) (2,8) (6,9)
- Other (6,4) (4,7) (23,8)
116,5 130,3 240,8
4. Exceptional items
Net (loss)/gain on dilution
of interest in subsidiaries (1,2) - 3,6
Premium paid on shares repurchased
by a subsidiary from participants
in a share option plan (0,1) - (8,3)
Profit on disposal of investment 2,1 - 0,2
0,8 - (4,5)
5. Discontinued operations
- container manufacturing
Profit before taxation - 7,1 6,2
Income tax - 2,1 0,9
Net profit after taxation - 5,0 5,3
6. Headline earnings
Profit attributable to equity
holders of the parent entity 214,5 290,8 434,1
Impairment of plant and equipment 3,1 - 2,3
Net profit on sale of
property, plant and equipment (13,8) (16,3) (26,8)
Exceptional items (Note 4) (0,8) - 4,5
Discontinued operations (Note 5) - (5,0) (5,3)
Minority share of exceptional items - - (2,3)
Headline earnings 203,0 269,5 406,5
Weighted average number
of shares in issue (million) 155,8 154,3 155,0
Headline earnings per share (cents) 130,3 174,7 262,3
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) 203,0 269,5 406,5
Profit on sale of containers 15,4 16,0 29,5
Adjusted undiluted headline earnings 218,4 285,5 436,0
Adjusted undiluted headline
earnings per share (cents) 140,2 185,0 281,3
7. Segmental reporting
Revenue
Continuing operations
Containers - finance (including
exchange differences) 264,5 380,9 292,6
Containers - owning,
leasing and management 672,3 682,5 1 394,2
Mobile asset management services 218,9 180,5 411,5
Other 0,6 0,6 1,3
1 156,3 1 244,5 2 099,6
Profit from operations
Continuing operations
Containers - finance 176,7 269,8 283,2
Containers - owning,
leasing and management 297,3 345,3 686,7
Mobile asset management services 27,4 15,3 43,8
Other (14,9) (26,4) (24,8)
486,5 604,0 988,9
8. Current assets
Inventories 23,7 11,4 29,6
Trade and other receivables 594,1 618,5 610,3
Income tax 9,2 - 16,1
Cash and cash equivalents 923,1 519,8 710,1
Restricted cash balances 310,4 189,7 214,3
Unrestricted cash balances 612,7 330,1 495,8
1 550,1 1 149,7 1 366,1
9. Current liabilities
Trade and other payables 663,2 662,2 424,4
Provisions 66,4 57,4 58,6
Income tax 65,3 37,7 60,9
Current portion of
interest-bearing borrowings 689,1 559,1 506,3
Deferred income 34,1 26,8 25,4
Short-term borrowings 0,1 - 13,4
1 518,2 1 343,2 1 089,0
10. Reporting change
Comparative information at 30 June 2005 has been restated to take into account
the change in accounting treatment in respect of interest rate swap
transactions.
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 six months
ended 30 June 2006
TRENCOR
UNAUDITED UNAUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
US$ MILLION 2006 2005 2005
Revenue 149,3 152,6 305,6
Continuing operations
Trading profit before
items listed below: 54,8 56,3 117,9
Exchange gains arising
on translation 3,0 16,0 12,0
Net long-term receivable
valuation adjustment - - 9,0
Impairment of plant
and equipment (0,9) - (0,5)
Profit from operations 56,9 72,3 138,4
Net interest expense (18,5) (21,0) (38,1)
Interest expense (20,9) (22,1) (43,0)
Interest income 2,4 1,1 4,9
Exceptional items 0,1 - (0,7)
Profit before taxation 38,5 51,3 99,6
Income tax expense (4,1) (7,6) (12,7)
Profit after tax from
continuing operations 34,4 43,7 86,9
Discontinued operations - 0,8 0,9
Profit for the period 34,4 44,5 87,8
Attributable to:
Equity holders of the parent 19,6 28,8 55,7
Minority interest 14,8 15,7 32,1
34,4 44,5 87,8
Number of shares
in issue (million) 156,5 155,3 155,6
Weighted average
number of shares
in issue (million) 155,8 154,3 155,0
Basic earnings per share
(continuing operations) (US cents) 12,6 18,7 35,4
Diluted earnings per share
(continuing operations) (US cents) 11,4 16,4 30,3
Headline earnings
per share (US cents) 11,4 16,5 33,1
Diluted headline earnings
per share (US cents) 10,5 14,6 28,4
Adjusted undiluted headline
earnings per share (US cents) 13,0 18,1 36,1
Period-end rate of
exchange: SA rand to US dollar 7,10 6,65 6,310
Average rate of exchange for
the period: SA rand to US dollar 6,31 6,23 6,325
Trading profit from continuing
operations comprises:
Textainer 48,0 55,4 109,1
TrenStar 4,3 2,5 6,9
Other 2,5 (1,6) 1,9
54,8 56,3 117,9
UNAUDITED TRENCOR CONDENSED BALANCE SHEET IN US DOLLARS at 30 June 2006
TRENCOR
UNAUDITED UNAUDITED
30 JUNE 31 DECEMBER
US$ MILLION 2006 2005 2005
Assets
Property, plant and equipment 1 036,7 1 049,9 1 000,8
Long-term receivables 182,6 212,0 196,6
Other non-current assets 86,9 71,0 73,0
Total non-current assets 1 306,2 1 332,9 1 270,4
Current assets 218,3 172,9 216,5
Inventories 3,3 1,7 4,7
Trade and other receivables 85,0 93,0 99,3
Cash and cash equivalents 130,0 78,2 112,5
Total assets 1 524,5 1 505,8 1 486,9
Equity
Equity attributable to equity
holders of the parent 325,0 286,6 315,4
Minority interest 143,6 115,5 130,6
Total equity 468,6 402,1 446,0
Liabilities
Convertible debentures 36,7 39,2 41,3
Interest-bearing borrowings 722,1 767,9 738,7
Amounts attributable to third parties
in respect of long-term receivables 36,6 43,5 41,0
Derivative financial instruments 0,4 1,3 0,4
Deferred taxation 46,2 49,8 47,0
Total non-current liabilities 842,0 901,7 868,4
Current liabilities 213,9 202,0 172,5
Trade and other payables 112,0 113,9 86,2
Current portion of
interest-bearing borrowings 97,1 84,1 80,2
Short-term borrowings - - 2,1
Deferred income 4,8 4,0 4,0
Total liabilities 1 055,9 1 130,7 1 040,9
Total equity and liabilities 1 524,5 1 505,8 1 486,9
Ratio to aggregate of total
equity and convertible debentures:
Total liabilities excluding
convertible debentures (%) 201,7 241,2 205,1
Interest-bearing debt
excluding convertible debentures (%) 162,1 193,1 168,5
CONDENSED INCOME STATEMENTS for the six months ended 30 June 2006
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
R Million 2006 2005 2005
Revenue (Note 2) 4,0 3,9 8,0
Continuing operations
Trading profit 3,5 3,1 6,7
Fair value adjustment
- convertible debentures 85,1 65,2 72,8
Profit from operations 88,6 68,3 79,5
Interest expense (4,0) (3,8) (7,7)
Share of profit of associate company 100,4 137,2 204,4
Exceptional item (Note 3) (3,8) (1,2) 1,8
Profit before tax 181,2 200,5 278,0
Income tax credit/(expense) - 0,2 (0,3)
Attributable to equity holders of the parent 181,2 200,7 277,7
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 per share (cents) 20,2 22,4 30,9
Diluted earnings per share (cents) 17,2 19,0 26,5
Headline earnings per
share (cents) (Note 4) 20,0 21,4 29,3
Diluted headline earnings
per share (cents) 16,5 18,2 25,1
CONDENSED BALANCE SHEETS at 30 June 2006
MOBILE
UNAUDITED AUDITED
30 JUNE 31 DECEMBER
R Million 2006 2005 2005
Assets
Investment in associate 1 076,3 895,0 932,7
Investment in convertible
debentures in associate 357,0 264,3 271,9
Participation in export partnerships 4,0 5,2 4,2
Total non-current assets 1 437,3 1 164,5 1 208,8
Current assets (Note 5) 8,0 8,2 8,9
Total assets 1 445,3 1 172,7 1 217,7
Equity
Share capital and premium 66,5 66,5 66,5
Reserves 1 247,0 972,3 1 017,6
Equity attributable to equity
holders of the parent 1 313,5 1 038,8 1 084,1
Liabilities
Convertible debentures 127,6 127,6 127,6
Deferred taxation 3,2 5,2 3,4
Total non-current liabilities 130,8 132,8 131,0
Current liabilities (Note 6) 1,0 1,1 2,6
Total liabilities 131,8 133,9 133,6
Total equity and liabilities 1 445,3 1 172,7 1 217,7
Market value of listed investments 2 217,6 1 323,0 1 804,1
CONDENSED CASH FLOW STATEMENTS for the six months ended 30 June 2006
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
R Million 2006 2005 2005
Cash generated from/(utilised
by) operations 6,3 (1,8) (6,6)
Interest received 4,0 3,9 8,0
Dividends received 21,9 8,8 16,1
Interest paid (4,0) (3,8) (7,7)
Dividends paid (20,6) (8,1) (14,8)
Taxation paid (0,7) (1,2) (3,3)
Net increase/(decrease) in cash and
cash equivalents before
exchange rate changes 6,9 (2,2) (8,3)
Net cash and cash equivalents at
the beginning of the period 1,0 9,3 9,3
Net cash and cash equivalents
at the end of the period 7,9 7,1 1,0
CONDENSED STATEMENTS OF CHANGES IN EQUITY for the six months ended 30 June 2006
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
R Million 2006 2005 2005
Balance at the beginning of the period 1 084,1 774,8 774,8
Movements in distributable reserves 165,0 193,8 259,4
Net profit for the period 181,2 200,7 277,7
As previously reported 131,2
Restatement (refer note 7) 69,5
Dividends paid (20,6) (8,1) (14,8)
Transfers to/(from) non-distributable
reserve
Loss/(Gain) on dilution of
investment in associate 3,8 1,2 (1,8)
Loss/(Gain) on dilution of
Associate"s interest
in subsidiaries 0,6 - (1,7)
Movements in non-distributable reserves 64,4 70,2 49,9
reserves (see above) (4,4) (1,2) 3,5
Share of net increase in
non-distributable reserves of
associate 68,8 71,4 46,4
Balance at the end of the period 1 313,5 1 038,8 1 084,1
NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the six months ended 30
June 2006
MOBILE
1. These consolidated condensed interim financial statements have been prepared
in accordance with International Financial Reporting Standards. 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 2005.
MOBILE
UNAUDITED AUDITED
6 MONTHS YEAR ENDED
ENDED 30 JUNE 31 DECEMBER
2006 2005 2005
2. Revenue
Interest income 4,0 3,9 8,0
3. Exceptional item
(Loss)/Gain on dilution of
investment in associate (3,8) (1,2) 1,8
4. Headline earnings
Profit attributable to equity
holders of the parent entity 181,2 200,7 277,7
Exceptional items (Note 3) 3,8 1,2 (1,8)
Attributable share of headline
earnings adjustments of associate (5,4) (10,1) (13,0)
Headline earnings 179,6 191,8 262,9
Weighted average number
of shares in issue (million) 897,8 897,8 897,8
Headline earnings per share (cents) 20,0 21,4 29,3
5. Current assets
Inventories
Trade and other receivables 0,1 0,2 0,6
Income tax - 0,9 -
Amount owing by affiliated company - - 7,3
Cash and cash equivalents 7,9 7,1 1,0
6. Current liabilities
Trade and other payables 1,0 0,8 1,9
Provisions
Income tax - 0,3 0,7
1,0 1,1 2,6
7. Reporting changes
Comparative information at 30 June 2005 has been restated to take into account
the following changes which were reported at 31 December 2005:
The fair value adjustment relating to the investment in convertible debentures
is recognised in the income statement and accounting for the changes in
Trencor"s earnings relating to the change in accounting treatment of interest
rate swap transactions.
Date: 24/08/2006 05:47:37 PM Produced by the JSE SENS Department
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