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Send  Share  RSS  Twitter  19 Feb 2012

VENTURES: Trencor Earnings Surge


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Trencor’s headline earnings per share, including the effect of net realised and unrealised foreign exchange translation gains and losses, rose 67% to 559,3 cents for 2011, against 2010’s 335,5 cents, on the back of a record performance by Textainer, the NYSE-listed company in which Trencor has a 60,3% interest. 

Without the unrealised foreign exchange translation gains of 76,9 cents per share, adjusted headline earnings rose 30,6% to 482,4 cents per share from 369,4 cents per share in 2010.  Earnings included gains of 35,7 cents per share on the sale of containers following a restructuring of Textainer’s primary asset-owning subsidiary, Textainer Marine Containers Ltd.

Trencor today declared a final dividend of 125 cents per share, making a total of 175 cents per share for 2011, 25% more than the total 140 cents per share paid in 2010. 

Trencor’s chairman, Neil Jowell, said the company’s net asset value on 31 December 2011 was R47,65 per share.  This was based on the spot rate of R8,12 to the US dollar and the quote of US$29,12 for Textainer shares on the NYSE at year end.

He said Textainer’s net profit for 2011, adjusted to conform with International Financial Reporting Standards (IFRS), was US$194 million, against US$128 million in 2010.

Mr Jowell said utilisation of Textainer’s total fleet of 2 469 000 containers currently stood at 97,3%, compared with spot utilisation of 98,6% a year ago.

He said the owned portion of the total fleet, 78% of which is committed to long-term and direct financing leases, increased to 58,6%.  The owned portion in 2010 was 50,9% of a fleet of 2 314 000 containers.

Textainer set new records in 2011 with total capital expenditure for both the owned and managed fleets of US$904 million, buying 215 000 new standard dry-freight containers, 18 000 new refrigerated units and 215 000 used containers.

Mr Jowell said the fleet expansion at Textainer lifted Trencor’s consolidated gearing ratio at year end to 173%, against 98% in 2010.  All of the interest-bearing debt was in Textainer without recourse to Trencor.

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