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TRE MBN MOB TED2 MOBD
TRE
TRE - Trencor - MOB - Mobile - Reviewed Results for the Year Ended 31 December
2006 And Declaration of Dividends
TRENCOR
(TRENCOR LIMITED REG NO 1955/002869/06)
SHARE CODE: ISIN:
TRE ZAE000007506
TED2 ZAE000007282
("Trencor")
MOBILE
(MOBILE INDUSTRIES LIMITED REG NO 1968/014997/06)
SHARE CODE: ISIN:
MOB ZAE000004602
MBN ZAE000012274
MOBD ZAE000004610
("Mobile")
REVIEWED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006 AND DECLARATION OF
DIVIDENDS
Highlights
TRENCOR: GROUP
Headline earnings per share (including net unrealised foreign exchange gains
and losses) were 232,8 cents (2005: 255,4 cents). In US dollar terms, these
were 27,7 US cents per share (2005: 32,1 US cents per share).
Adjusted headline earnings per share were 253,5 cents (2005: 274,5 cents)
which, consistent with prior years, include gains and losses arising on the
disposal of containers from Textainer`s leasing fleet. In US dollar terms,
these were 30,8 US cents per share (2005: 35,1 US cents per share).
Trading profit after net interest expense was R493 million (2005: R499
million).
Net realised and unrealised exchange gains arising on translation of net
dollar receivables and the related provisions were R135 million (2005: R187
million).
Valuation provision against long-term receivables reduced by a net R60
million (2005: R67 million) in recognition of the continuing improved outlook
for collectability and timing of receipts.
Consolidated gearing ratio was 169% (2005: 169%).
Final dividend of 37 cents per share declared, making a total of 57 cents per
share for the year (2005: total 40 cents per share).
TEXTAINER (72% owned by Trencor)
Net profit for the year was US$54,1 million (2005: US$59,6 million).
Average utilisation of the container fleet under management for the year was
91,1% (2005: 91,9%). Currently, utilisation is 91,6%.
Textainer purchased the right to manage the Gateway fleet with effect from 1
July 2006, thereby increasing the fleet under management by 317 000 twenty-foot
equivalent units (TEUs).
62,2% of the 1 527 000 TEUs under management are on long-term lease.
Gearing at 31 December 2006 was 179% (2005: 203%).
Equipment purchases during the year amounted to 94 900 TEUs.
TRENSTAR SA (PTY) LTD (100% owned by Trencor)
Operating in South Africa, growth at TrenStar SA during 2006 was satisfactory
with revenue increasing to R72 million (2005: R57 million).
Profit before interest and tax improved to R9,8 million (2005: R3,5 million).
TRENSTAR INC (58% owned by Trencor)
Revenue for the year was US$65,6 million (2005: US$56,0 million).
Net loss, including substantial restructuring costs, came to US$11,2 million
(2005: loss US$9,9 million).
Certain operations in the US continue to show promise. However, in the UK,
higher beer keg losses due to theft, coupled with declining draught beer sales
(on which TrenStar`s revenue is based) on the part of two of TrenStar`s larger
UK brewer customers, have made the contracts between these customers and the
TrenStar subsidiaries involved uneconomic. Contractual disputes with these
customers regarding responsibility for replacing kegs in this environment of
increased keg losses have exacerbated the position. TrenStar is discussing the
best way forward with the customers and financiers concerned.
To facilitate a solution, the special purpose company that contracted with one
of these customers has been placed into administration and it is unlikely that
the contract will be continued. It is further possible that the contract with
the other customer may be discontinued.
These developments have negatively impacted TrenStar`s performance and
hampered efforts to raise significant new equity to de-gear its balance sheet
and improve profitability. As previously reported, strategic alternatives for
TrenStar Inc continue to be considered.
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.
DECLARATION OF DIVIDENDS
Dividends in respect of the year ended 31 December 2006 have been declared as
follows:
TRENCOR NO 82 37,0 CENTS PER SHARE
MOBILE* NO 67 3,0 CENTS PER SHARE
*The Mobile dividend is declared under the new ISIN ZAE000091435 which
commences on Monday, 5 March 2007.
The salient dates pertaining to the dividend payments are as follows:
Last day to trade cum the dividend Thursday, 29 March 2007
Trading commences ex the distribution Friday, 30 March 2007
Record date Thursday, 5 April 2007
Payment date Tuesday, 10 April 2007
Share certificates may not be dematerialised or rematerialised between Friday,
30 March 2007 and Thursday, 5 April 2007, both days inclusive.
CONVERSION OF CONVERTIBLE DEBENTURES
In terms of the trust deeds governing the convertible debentures, each
debenture will automatically convert into shares on the last Friday of the
fifth month of the financial year following the financial year in respect of
which the total dividend declared in cents per share is equal to or exceeds a
specified level, namely 54,6 cents in respect of Trencor and 4,5 cents in
respect of Mobile.
In view of the fact that the total dividends in respect of the year ended 31
December 2006 exceed the predetermined levels, each Trencor debenture will be
converted into one Trencor ordinary share and each Mobile debenture into three
Mobile ordinary shares effective 25 May 2007. A circular containing full
details with regard to the conversions and incorporating forms of surrender
will be issued to debenture holders in due course.
VALUE ENHANCEMENT INITIATIVES
As announced on 20 February 2007, the resolutions required to consolidate the
two classes of ordinary shares in Mobile into one class of share were passed at
the general meetings held on 19 February 2007 and are in the process of being
implemented. This, together with the conversion of the debentures referred to
in the preceding paragraph, will reduce the current five investor entry points
into the Mobile/Trencor Group to only two - one class of ordinary share in each
of Mobile and Trencor. These steps simplify the group structure and should
enhance liquidity in Mobile and Trencor shares.
Investigations into value enhancement initiatives at the operational level
indicate that an appropriate opportunity may be the listing of Textainer on an
international stock exchange. This is being explored further and shareholders
will be advised of developments.
ON BEHALF OF THE BOARDS
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL CHAIRMAN MOBILE INDUSTRIES LIMITED
22 FEBRUARY 2007
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
TRENCOR CONDENSED INCOME STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006
REVIEWED REVIEWED
RESTATED
R Million 2006 2005
Revenue (including exchange
differences) (Note 2) 2 245,9 2 099,6
Continuing operations
Trading profit 819,0 739,6
Realised and unrealised
exchange
gains/(losses) 205,4 260,5
Translation of long-term
receivables, included in
revenue,
excluding fair value
adjustment 204,5 272,1
Translation of borrowings 0,9 (11,6)
Net long-term receivable
fair
value adjustment (9,5) (18,1)
Increase due to translation
of
dollar amount (69,1) (85,0)
Reduction in fair value
adjustment 59,6 66,9
Impairment of plant and
equipment (1,2) (3,1)
Profit from operations 1 013,7 978,9
Net interest expense (Note3) (326,0) (240,8)
Interest expense (362,9) (271,5)
Interest income 36,9 30,7
Share of profit of equity
accounted investee 0,6 -
Exceptional items (Note 4) (3,0) (4,5)
Profit before tax 685,3 733,6
Income tax expense (98,1) (112,0)
Profit after tax from
continuing operations 587,2 621,6
Discontinued operations
Profit for the year from
discontinued operations
(net of income tax) (Note 5) 3,0 5,3
Profit for the year 590,2 626,9
Attributable to:
Equity holders of the
company 389,0 423,5
Minority interest 201,2 203,4
590,2 626,9
Number of shares in issue
(million) 158,4 155,6
Weighted average number of
shares in issue (million) 156,5 155,0
Basic earnings per share
(cents)
Entity as a whole 248,6 273,2
Continuing operations 246,7 269,8
Discontinued operations 1,9 3,4
Diluted earnings per share
(cents)
Entity as a whole 213,9 233,0
Continuing operations 212,3 230,2
Discontinued operations 1,6 2,8
Headline earnings per share
(cents) (Note 6) 232,8 255,4
Diluted headline earnings
per
share (cents) 200,7 218,2
Adjusted undiluted headline
earnings per share (cents)
(Note 6) 253,5 274,5
Year-end rate of exchange:
SA rand to US dollar 6,98 6,310
Average rate of exchange for
year: SA rand to US dollar 6,77 6,325
TRENCOR CONDENSED BALANCE SHEETS AT 31 DECEMBER 2006
REVIEWED REVIEWED
RESTATED
R Million 2006 2005
Assets
Property, plant and equipment 8 043,0 6 315,2
Intangible assets and goodwill 170,1 44,6
Investment in equity accounted
investee - 0,3
Other investments 114,6 30,4
Long-term loans 8,5 24,6
Net investment in finance leases 251,6 180,4
Long-term receivables 1 267,8 1 240,5
Deferred tax assets 104,5 151,7
Derivative financial instruments 29,3 28,8
Restricted bank balances 409,8 214,3
Total non-current assets 10 399,2 8 230,8
Current assets (Note 8) 1 284,9 1 151,8
Total assets 11 684,1 9 382,6
Equity
Share capital and premium 193,8 179,2
Reserves 2 233,6 1 789,0
Equity attributable to equity
holders of the company 2 427,4 1 968,2
Minority interest 1 104,6 833,0
Total equity 3 532,0 2 801,2
Liabilities
Convertible debentures 260,5 260,5
Interest-bearing borrowings 5 806,3 4 661,5
Amounts attributable to third
parties in respect of long-term
receivables 263,0 258,5
Derivative financial instruments 4,2 2,6
Share based payments (Note 10) 88,2 64,7
Deferred tax liabilities 308,3 296,6
Total non-current liabilities 6 730,5 5 544,4
Current liabilities (Note 9) 1 421,6 1 037,0
Total liabilities 8 152,1 6 581,4
Total equity and liabilities 11 684,1 9 382,6
Capital expenditure incurred during
the year 1 698,5 816,4
Capital expenditure committed and
authorised, but not yet incurred 281,0 3,2
Market value of listed investments 14,1 10,8
Directors` valuation of unlisted
investments 100,5 19,6
Ratio to aggregate of total equity
and convertible debentures:
Total liabilities excluding
convertible debentures (%) 208,1 206,5
Interest-bearing debt excluding
convertible debentures (%) 169,5 169,2
TRENCOR CONDENSED CASH FLOW STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006
REVIEWED REVIEWED
RESTATED
R Million 2006 2005
Cash generated
from operations 1 441,8 1 048,4
Interest received 36,9 30,7
Dividends received 0,9 -
Interest paid (362,6) (327,6)
Dividends paid to
shareholders of
the company (78,1) (34,1)
Dividends paid to
minorities (49,2) (46,5)
Taxation paid (44,2) (40,0)
Net cash inflow from
operating activities 945,5 630,9
Cash flows from investing
activities (1 492,1) (1 211,9)
Cash flows from financing
activities 614,5 767,9
Net increase
in cash and
cash equivalents before
exchange rate
changes 67,9 186,9
Net cash and cash
equivalents at the
beginning of the year 495,8 282,9
Effects of exchange rate
changes on
cash and cash equivalents 52,4 26,0
Net cash and cash
equivalents at the
end of the year 616,1 495,8
TRENCOR CONDENSED STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER
2006
REVIEWED REVIEWED
RESTATED
R Million 2006 2005
Balance at the beginning of
the year 2 801,2 2 033,0
Proceeds on issue of shares 14,6 8,4
Movements in distributable
reserves 316,0 385,8
Net profit for the year 389,0 423,5
As previously reported 434,1
Restatement (refer note 10) (10,6)
Dividends paid to
shareholders of the
company (78,1) (34,1)
Transfers to
non-distributable
reserves
Loss/(Gain) on dilution of
investment in subsidiaries 5,1 (3,6)
Movements in
non-distributable
reserves 128,6 101,3
Currency translation
differences 130,5 87,5
Fair-value adjustment -
available-
for-sale investments 3,2 8,4
Transfer (to)/from
distributable
reserves (see above) (5,1) 3,6
Share based payments - 1,8
Movements in minority
interest 271,6 272,7
Share of profit for the year 201,2 203,4
As previously reported 202,8
Restatement (refer note 10) 0,6
Increase in minority
investment in
subsidiary 9,9 42,4
Currency translation
differences 98,9 64,5
Allocation of share based
payment
reserve (0,5) 0,9
Amount arising on changes in
shareholding 11,3 8,0
Dividends paid to minorities (49,2) (46,5)
Balance at the end of the
year 3 532,0 2 801,2
TRENCOR NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the year ended 31
December 2006
1.These consolidated condensed interim financial statements have been prepared
in accordance with International Financial Reporting Standards (IFRS). 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.
REVIEWED REVIEWED
RESTATED
R Million 2006 2005
2. Revenue
Goods sold and services
rendered 124,6 126,9
Leasing income 1 749,3 1 552,9
Management fees 109,6 97,9
Finance income 57,9 49,8
2 041,4 1 827,5
Realised and unrealised
exchange differences 204,5 272,1
2 245,9 2 099,6
3. Net interest expense
Interest expense 362,9 271,5
- Textainer 224,0 176,6
- TrenStar 138,4 103,8
- Other group companies 16,1 19,8
- Net realised and
unrealised gains
on derivative
financial instruments (15,6) (28,7)
Interest income (36,9) (30,7)
- Textainer (15,5) (6,9)
- Other group companies (21,4) (23,8)
326,0 240,8
4. Exceptional items
Net (loss)/gain
on dilution of
interest in subsidiaries (5,1) 3,6
Premium paid on shares
repurchased
from minorities (0,6) (8,3)
Profit on disposal of
investment 2,7 0,2
(3,0) (4,5)
5.Discontinued operations -
container
manufacturing
Profit before tax 4,5 6,2
Income tax 1,5 0,9
Net profit after tax 3,0 5,3
6. Headline earnings
Profit attributable to
equity holders
of the parent entity 389,0 423,5
Impairment of plant
and equipment 0,6 2,3
Write-off of intangible
asset 2,6 -
Net profit on sale of
property, plant
and equipment (27,8) (26,8)
Exceptional items net of
tax (Note 4) 3,1 4,5
Discontinued operations
(Note 5) (3,0) (5,3)
Minority share of
exceptional items (0,1) (2,3)
Headline earnings 364,4 395,9
Weighted average number of
shares
in issue (million) 156,5 155,0
Headline earnings per share
(cents) 232,8 255,4
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) 364,4 395,9
Profit on sale of containers 32,4 29,5
Adjusted undiluted headline
earnings 396,8 425,4
Adjusted undiluted headline
earnings per share (cents) 253,5 274,5
7. Segmental reporting
Revenue
Continuing operations
Containers - finance
(including exchange
differences) 262,9 292,6
Containers - owning, leasing and
management 1 465,2 1 394,2
Mobile asset management
services 516,4 411,5
Other 1,4 1,3
2 245,9 2 099,6
Profit from operations
Continuing operations
Containers - finance 248,6 273,2
Containers - owning,
leasing and management 720,9 686,7
Mobile asset management
services 74,6 43,8
Other (30,4) (24,8)
1 013,7 978,9
8. Current assets
Inventories 31,2 29,6
Trade and other receivables 619,5 610,3
Current tax asset 13,1 16,1
Assets classified as held for
sale 5,0 -
Cash and cash equivalents 616,1 495,8
1 284,9 1 151,8
9. Current liabilities
Trade and other payables 663,1 424,4
Provisions (Note 10) 5,9 6,6
Current tax liability 79,2 60,9
Current portion of
interest-bearing
borrowings 620,5 506,3
Deferred income 52,8 25,4
Short-term borrowings 0,1 13,4
1 421,6 1 037,0
10. Two IFRS adjustments were identified in the 2006 audit of Textainer, which
were not identified in 2005. These relate to the accounting for
certain expense provisions and the Textainer stock option plan. Although the
impact on the current and prior years (as disclosed in the statements of
changes in equity) individually is not material, the comparatives and opening
equity position have been restated for the adjustments due to the material
cumulative impact thereof.
PREVIOUSLY
STATED ADJUSTMENT RESTATED
As at 31 December 2004
Retained income 1 329,7 (9,5) 1 320,2
Minority interest 553,2 7,1 560,3
Share based payments - 41,4 41,4
Provisions 42,4 (39,0) 3,4
As at 31 December 2005
Non-distributable reserves 84,2 (1,2) 83,0
Retained income 1 726,1 (20,1) 1 706,0
Minority interest 824,4 8,6 833,0
Share based payments - 64,7 64,7
Provisions 58,6 (52,0) 6,6
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.
TRENCOR UNAUDITED CONDENSED INCOME STATEMENT IN US DOLLARS for the year ended
31 December 2006
UNAUDITED UNAUDITED
RESTATED
US$ Million 2006 2005
Revenue 317,1 305,6
Continuing operations
Trading profit 122,2 116,3
Exchange gains arising on translation 4,0 12,0
Net long-term receivable fair value adjustment 9,0 9,0
Impairment of plant and equipment (0,2) (0,5)
Profit from operations 135,0 136,8
Net interest expense (48,2) (38,1)
Interest expense (53,6) (43,0)
Interest income 5,4 4,9
Share of profit of equity accounted investee 0,1 -
Exceptional items (0,5) (0,7)
Profit before taxation 86,4 98,0
Income tax expense (10,2) (12,7)
Profit after tax from continuing operations 76,2 85,3
Discontinued operations (net of income tax) 0,4 0,8
Profit for the year 76,6 86,1
Attributable to:
Equity holders of the company 46,9 54,0
Minority interest 29,7 32,1
76,6 86,1
Number of shares in issue (million) 158,4 155,6
Weighted average number of shares in issue (million) 156,5 155,0
Basic earnings per share (continuing operations)
(US cents) 29,7 34,3
Diluted earnings per share (continuing operations)
(US cents) 25,7 29,5
Headline earnings per share (US cents) 27,7 32,1
Diluted headline earnings per share (US cents) 24,1 27,6
Adjusted undiluted headline earnings per share
(US cents) 30,8 35,1
Year-end rate of exchange: SA rand to US dollar 6,98 6,310
Average rate of exchange for the year: SA rand to
US dollar 6,77 6,325
Trading profit from continuing operations comprises:
Textainer 106,7 107,5
TrenStar 11,1 6,9
Other 4,4 1,9
122,2 116,3
TRENCOR UNAUDITED CONDENSED BALANCE SHEET IN US DOLLARS at 31 December 2006
UNAUDITED UNAUDITED
RESTATED
US$ Million 2006 2005
Assets
Non-current assets
Property, plant and equipment 1 153,0 1 000,8
Long-term receivables 181,6 196,6
Other non-current assets 155,9 107,0
1 490,5 1 304,4
Current assets 183,4 182,6
Inventories 4,5 4,7
Trade and other receivables 90,6 99,3
Cash and cash equivalents 88,3 78,6
Total assets 1 673,9 1 487,0
Equity and liabilities
Equity attributable to equity holders of the company 347,7 312,0
Minority interest 158,3 132,0
Total equity 506,0 444,0
Liabilities
Convertible debentures 37,3 41,3
Interest-bearing borrowings 831,8 738,7
Amounts attributable to third parties in respect of
long-term receivables 37,7 41,0
Derivative financial instruments 0,6 0,4
Share based payments 12,6 10,3
Deferred tax liabilities 44,2 47,0
Total non-current liabilities 964,2 878,7
Current liabilities 203,7 164,3
Trade and other payables 107,2 78,0
Current portion of interest-bearing borrowings 88,9 80,2
Short-term borrowings - 2,1
Deferred income 7,6 4,0
Total liabilities 1 167,9 1 043,0
Total equity and liabilities 1 673,9 1 487,0
Ratio to aggregate of total equity and convertible
debentures:
Total liabilities excluding convertible
debentures (%) 208,1 206,4
Interest-bearing debt excluding convertible
debentures (%) 169,5 169,2
MOBILE CONDENSED INCOME STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006
REVIEWED REVIEWED
RESTATED
R Million 2006 2005
Revenue (including exchange
differences) (Note 2) 8,2 8,0
Continuing operations
Trading profit 7,3 6,7
Fair value adjustment - convertible debentures 115,3 72,8
Impairment of plant and
equipment
Profit from operations 122,6 79,5
Net interest expense
Interest expense (7,8) (7,7)
Share of profit of equity accounted investee 181,4 199,4
Exceptional items (Note 3) (11,9) 1,8
Profit before tax 284,3 273,0
Income tax credit/(expense) 0,5 (0,3)
Profit after tax from
continuing operations 284,8 272,7
Discontinued operations
Profit for the year 284,8 272,7
Attributable to:
Equity holders of the
company 284,8 272,7
Minority interest
284,8 272,7
Number of shares in issue (million) 897,8 897,8
Weighted average number of
shares in issue (million) 897,8 897,8
Basic earnings per share (cents)
Continuing operations 31,7 30,4
Diluted earnings per share (cents)
Continuing operations 27,2 26,0
Headline earnings per share (cents) (Note 4) 31,8 28,7
Diluted headline earnings
per share (cents) 27,2 24,7
MOBILE CONDENSED BALANCE SHEETS AT 31 DECEMBER 2006
REVIEWED REVIEWED
RESTATED
R Million 2006 2005
Assets
Investment in equity accounted
investee 1 117,9 922,7
Investment in convertible debentures
in associate 387,2 271,9
Participation in export partnerships 2,9 4,2
Total non-current assets 1 508,0 1 198,8
Current assets (Note 5) 11,6 8,9
Total assets 1 519,6 1 207,7
Equity
Share capital and premium 66,5 66,5
Reserves 1 320,1 1 007,6
Equity attributable to equity
holders of the company 1 386,6 1 074,1
Total equity 1 386,6 1 074,1
Liabilities
Convertible debentures 127,6 127,6
Deferred tax liabilities 2,9 3,4
Total non-current liabilities 130,5 131,0
Current liabilities (Note 6) 2,5 2,6
Total liabilities 133,0 133,6
Total equity and liabilities 1 519,6 1 207,7
Market value of listed investments 2 612,6 1 804,1
MOBILE CONDENSED CASH FLOW STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006
REVIEWED REVIEWED
RESTATED
R Million 2006 2005
Cash generated
from operations 16,1 1,1
Dividends received 36,5 16,1
Interest paid (7,8) (7,7)
Dividends paid to
shareholders of the company (34,6) (14,8)
Taxation paid (0,2) (3,3)
Net cash inflow/(outflow) from
operating activities 10,0 (8,3)
Net increase/(decrease)
in cash and
cash equivalents before
exchange rate
changes 10,0 (8,3)
Net cash and cash
equivalents at the
beginning of the year 1,0 9,3
Net cash and cash equivalents at the
end of the year 11,0 1,0
MOBILE CONDENSED STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER
2006
REVIEWED REVIEWED
RESTATED
R Million 2006 2005
Balance at the beginning of
the year 1 074,1 770,3
Movements in distributable
reserves 264,5 254,3
Net profit for the year 284,8 272,7
As previously reported 277,7
Restatement (refer note 7) (5,0)
Dividends paid to
shareholders of the
company (34,6) (14,8)
Loss/(Gain) on dilution of
investment in associate 11,9 (1,8)
Loss/(Gain) on dilution of
associate`s interest in
subsidiaries 2,4 (1,8)
Movements in
non-distributable reserves 48,0 49,5
Transfer (to)/from
distributable
reserves (see above) (14,3) 3,6
Share of net increase in
non-distributable reserves of associate 62,3 45,9
Balance at the end of the year 1 386,6 1 074,1
MOBILE NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the year ended 31
December 2006
1.These consolidated condensed interim financial statements have been prepared
in accordance with International Financial Reporting Standards (IFRS). 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.
REVIEWED REVIEWED
RESTATED
R Million 2006 2005
2. Revenue
Finance income 8,2 8,0
3. Exceptional Items
(Loss)/Gain on dilution of investments in associates (11,9) 1,8
4. Headline earnings
Profit attributable to
equity holders
of the parent company 284,8 272,7
Exceptional items (Note 3) 11,9 (1,8)
Attributable share of headline
earnings adjustments of associate company (11,5) (13,0)
Headline earnings 285,2 257,9
Weighted average number of
shares in issue (million) 897,8 897,8
Headline earnings per share (cents) 31,8 28,7
5. Current assets
Inventories
Trade and other receivables 0,6 0,6
Amount owing by affiliated
company - 7,3
Assets classified as held for
sale
Cash and cash equivalents 11,0 1,0
11,6 8,9
6. Current liabilities
Trade and other payables 1,9 1,9
Current tax liability 0,4 0,7
Amount owing to affiliated company 0,2 -
Short-term borrowings
2,5 2,6
7. Two IFRS adjustments were identified in the 2006 audit which were not
identified in 2005. These relate to the accounting for certain expense
provisions and the Textainer stock option plan. Although the impact on the
current and prior years (as disclosed in the statements of changes in equity)
individually is not material, the comparatives and opening equity position have
been restated for the adjustments due to the material cumulative impact thereof.
PREVIOUSLY
STATED ADJUSTMENT RESTATED
As at 31 December 2004
Retained income 625,3 (4,5) 620,8
Minority interest
Share based payments
Provisions
Investment in equity accounted
investee 696,3 (4,5) 691,8
As at 31 December 2005
Non-distributable reserves 203,9 (0,5) 203,4
Retained income 813,7 (9,5) 804,2
Minority interest
Share based payments
Provisions
Investment in equity accounted
investee 932,7 (10,0) 922,7
Date: 22/02/2007 17:26:32 Produced by the JSE SENS Department.
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