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. 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. | ||||
| UNAUDITED | AUDITED | ||||
| 6 MONTHS | YEAR ENDED | ||||
| ENDED 30 JUNE | 31 DECEMBER | ||||
| RESTATED | RESTATED | ||||
| R MILLION | 2005 | 2004 | 2004 | ||
| 2. | Revenue | ||||
| Interest income | 3,9 | 4,6 | 8,6 | ||
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| 3,9 | 4,6 | 8,6 | |||
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| 3. | Exceptional item | ||||
| Loss on dilution of interest in associate company | (1,2) | (0,1) | (0,1) | ||
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| (1,2) | (0,1) | (0,1) | |||
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| 4. | Headline earnings | ||||
| Profit/(loss) attributable to ordinary equity holders of the parent entity | 131,2 | (11,5) | 27,2 | ||
| Exceptional item (Note 3) | 1,2 | 0,1 | 0,1 | ||
| Attributable share of headline earnings adjustments of associate company | (10,1) | 18,4 | 16,2 | ||
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| Headline earnings | 122,3 | 7,0 | 43,5 | ||
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| Weighted average number of shares in issue (million) | 897,8 | 897,8 | 897,8 | ||
| Headline earnings per share (cents) | 13,6 | 0,8 | 4,8 | ||
| 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) | 122,3 | 7,0 | 43,5 | ||
| Profit on sale of used containers | 7,4 | 0,8 | 8,6 | ||
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| Adjusted undiluted headline earnings | 129,7 | 7,8 | 52,1 | ||
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| Adjusted undiluted headline earnings per share (cents) | 14,4 | 0,9 | 5,8 | ||
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| 4.1 | The dilution arises as a result of any future conversion of debentures. The directors are of the opinion that the debentures will not be converted in the foreseeable future and therefore no dilution is anticipated for the foreseeable future. | ||||
| 5. | Current assets | ||||
| Trade and other receivables | 0,2 | 0,3 | 0,2 | ||
| Amount owing by affiliated company | 0,9 | 0,2 | – | ||
| Cash and cash equivalents | 7,1 | 16,1 | 9,3 | ||
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| 8,2 | 16,6 | 9,5 | |||
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| 6. | Current liabilities | ||||
| Trade and other payables | 0,8 | 0,8 | 1,0 | ||
| Taxation | 0,3 | 1,3 | 1,5 | ||
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| 1,1 | 2,1 | 2,5 | |||
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| 7. | Comparative information | ||||
| Comparative information has been restated for the impact of IFRS on the associate company's results. | |||||
| The aggregate effect of the restatements is as follows. | |||||
| Previously | |||||
| Stated | Adjustment | Restated | |||
| As at 31 December 2003 | |||||
| Retained earnings | 136,5 | (0,6) | 135,9 | ||
| Non-distributable reserves | 510,6 | 1,1 | 511,7 | ||
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| For the six months ended 30 June 2004 | |||||
| Investment in associate | 800,6 | 1,1 | 801,7 | ||
| Retained earnings | 124,6 | (0,8) | 123,8 | ||
| Non-distributable reserves | 493,4 | 1,9 | 495,3 | ||
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| For the year ended 31 December 2004 | |||||
| Investment in associate | 820,8 | 1,8 | 822,6 | ||
| Retained earnings | 160,4 | (0,9) | 159,5 | ||
| Non-distributable reserves | 473,3 | 2,7 | 476,0 | ||
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