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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 the convertible debentures held
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.
Users are however referred to notes 1 and 10 of the consolidated annual
financial statements of Trencor Limited for changes in that company's
financial results which have been included in these financial statements. |
| | | |
| | 2005 | 2004 |
| R MILLION | | RESTATED |
| 2. | Revenue | | |
| | Interest
received | 8,0 | 8,6 |
| 3. | Exceptional items | | |
| | Gain/(Loss) on dilution of interest in associate company | 1,8 | (0,1) |
| 4. | Headline earnings | | |
| Profit attributable to ordinary equity holders of the parent entity | 277,7 | 93,6 |
| Exceptional items
(Note 3) | (1,8) | 0,1 |
| | Attributable share of headline earnings adjustments of associate company | (13,0) | 16,2 |
| | Headline earnings | 262,9 | 109,9 |
| Weighted average number of shares in issue (million) | 897,8 | 897,8 |
| Headline earnings per share (cents) | 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) | 262,9 | 109,9 |
| Profit on sale of containers | 13,9 | 8,6 |
| | Adjustment for unrealised gain on derivative instruments in Textainer
(Note 7) | (10,6) | (12,9) |
| | Adjusted undiluted headline earnings | 266,2 | 105,6 |
| | Adjusted undiluted headline earnings per share (cents) | 29,7 | 11,8 |
| 5. | Current assets | | |
| Trade and other receivables | 0,6 | 0,2 |
| Amount owing by affiliated company | 7,3 | – |
| Cash and cash equivalents | 1,0 | 9,3 |
| | | 8,9 | 9,5 |
| 6. | Current liabilities | | |
| Trade and other payables | 1,9 | 1,0 |
| | Taxation | 0,7 | 1,5 |
| | | 2,6 | 2,5 |
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7. |
Reporting changes
Users are referred to note 10 of the Trencor Limited consolidated condensed annual financial statements for the
details relating to the restatements
of the amounts recorded below.
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| | 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 |
| As at 31 December 2004 | | | |
| 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 |
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