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RLO - Reunert - Unaudited group results for the six months ended 31 March 2011
and Cash Dividend Declaration
Reunert Limited
Incorporated in the Republic of South Africa
Registration number 1913/004355/06
Share code: RLO
ISIN: ZAE000057428
("Reunert", "the group" and "the company")
UNAUDITED GROUP RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2011 AND CASH DIVIDEND
DECLARATION
Headline earnings per share up 18%
Normalised headline earnings per share up 9%
Available cash on hand of R1,3 billion
Cash dividend per share 77 cents
COMMENTARY
Reunert is pleased to report a 9% increase in normalised headline earnings per
share to 260,7 cents from 238,9 cents achieved in 2010. Revenue increased by 2%
despite the group`s decision to exit the consumer business of Nashua
Electronics. A continual focus on productivity improvements increased margins
enabling the group to grow operating profit by 4% to R604 million.
Basic earnings increased by 97% due to the profit of R346 million realised on
the sale of the NSN shares. Headline earnings per share growth of 18% was
notably due to the one-off charge of R34 million for the BEE transaction
completed in Reutech in 2010 not being repeated this year, and the buyback of
19,2 million shares.
Reunert ended the six months with available cash of R1,3 billion after the
buyback of shares to the value of R1,1 billion, offset by the sale of its 40%
stake in NSN for R794 million.
REVIEW OF OPERATIONS
CBI-electric
Revenue increased by 14% to R1,5 billion due to strong demand for certain
electrical products, as well as increased exports into international markets.
Operating profit increased by 16% to R253 million.
The demand for energy cables continued at the level achieved during the second
half of last year. The price of copper remained at premium levels. Increased
efficiency contributed to better gross margins.
The low voltage business experienced strong demand for its products from
international markets. Operating profit was significantly up on the previous
period due to increased exports and the return to profitability of the
Australian operation.
Strict cost control and efficiency also led to improved margins.
Telecommunications cables had a disappointing first period with revenue
remaining flat and operating margins decreasing because of reduced throughput in
the factory. The delay in the long haul fibre networks and low demand for copper
cable were the major causes.
Nashua
Nashua performed well in quiet market conditions with revenue remaining constant
at R3,4 billion while operating profit increased by 8% to R315 million.
The office automation operations experienced increased unit sales over the
previous period but had no growth in revenue in a competitive market. Prices to
the market were reduced as a result of the strong rand. The franchises owned by
Nashua performed well and contributed positively to the division`s
profitability. The strategy of purchasing larger franchises continues.
Nashua Communications achieved pleasing results and the expected benefits of
adding Panasonic`s PABX business to its portfolio were achieved.
Nashua Mobile continues to perform satisfactorily despite the reduction in this
business`s interconnect rates. Revenue and operating profit were in line with
the previous period.
The restructuring at Nashua Electronics is now complete. The contribution from
this division is small at this stage but encouraging.
Quince, the division`s financing operation, performed well after a few difficult
years. The operation is now focused on its core business of financing office
automation and telecoms customers. Bad debts have reduced to minimal levels.
Reutech
Revenue for the period was 20% down on the previous period at R308 million with
operating profit decreasing by 35% to R14 million. The contribution from Fuchs
was significantly down for the period due to the non-receipt of an export order
which is still expected during the year. The remaining businesses in the
division performed as expected.
NSN
Reunert exercised its option to sell its shares in NSN to the controlling NSN
shareholder in January 2011, as reported on SENS on 4 February 2011. R794
million was realised for the investment, which gave rise to the abnormal profit
of R346 million.
ECN
Reunert announced on SENS on 14 March 2011 that it had acquired the business of
ECN Telecommunications (Pty) Ltd (ECN). The transaction is subject to approval
by the South African Competition Authorities. ECN`s existing portfolio of
internet protocol based telecommunication services will add converged voice and
data capability to Nashua Mobile.
PROSPECTS
Should the current market conditions continue the board expects the second half
performance to exceed that achieved in the first six months and earnings should
increase.
The financial information on which the above forecast is based has not been
reviewed and reported on by the company`s external auditors.
DIVIDEND
The interim dividend has been increased to 77 cents per share (2010: 67 cents)
which is a 15% increase over the comparable period.
The board intends over time to narrow the difference between the interim and
final dividend.
DIRECTORATE AND APPRECIATION
At the annual general meeting held on 8 February 2011 Brian Connellan and Bobby
Makwetla retired from the board. The board expresses its appreciation to both of
them for their valuable service to the group over many years.
The board is pleased to welcome Yolanda Cuba and Brand Pretorius as board
members. Yolanda was appointed with effect from 1 January 2011 and Brand with
effect from 22 February 2011.
Reunert Management Services resigned as company secretary on 1 April 2011 and
Natasha Camhee was appointed as company secretary on that date.
CASH DIVIDEND
Notice is hereby given than an interim cash dividend No 170 of 77 cents per
share (2010: 67 cents per share) has been declared by the directors for the six
months ended 31 March 2011. In compliance with the requirements of Strate, the
following dates are applicable:
Last date to trade (cum dividend) Thursday, 9 June 2011
First date of trading (ex dividend) Friday, 10 June 2011
Record date Friday, 17 June 2011
Payment date Monday, 20 June 2011
Shareholders may not dematerialise or rematerialise their share certificates
between Friday, 10 June 2011 and Friday, 17 June 2011, both days inclusive.
As agreed to by shareholders at the company`s annual general meeting held on 8
February 2011 dividend cheques amounting to less than R50,00 due to any holder
of the company`s shares will not be paid, unless otherwise requested in writing,
but will be suppressed and retained in the company`s unclaimed dividend account.
Once the accumulated amount exceeds R50,00, such payment may be claimed by
shareholders by submitting a written claim.
On behalf of the board
Trevor Munday Nick Wentzel
Chairman Chief Executive
Sandton, 17 May 2011
Condensed group income statement
Six months ended Year
ended
31 March 30 Sept
2011 2010 2010
Rm Rm % Rm
Notes (Unaudited) (Unaudited) change (Audited)
Revenue 5 223,5 5 113,6 2 10 679,9
Earnings before 651,2 608,6 7 1 281,4
interest, tax,
depreciation,
amortisation,
other income and
dividends
Other income 10,3 23,7 54,9
Earnings before
interest, tax,
depreciation and
amortisation 1 661,5 632,3 5 1 336,3
(EBITDA)
Depreciation and 57,5 50,8 13 112,7
amortisation
Operating profit 604,0 581,5 4 1 223,6
Net interest and 2 46,2 48,4 (5) 98,4
dividend income
Abnormal items 3 346,4 (34,0) (34,0)
Profit before 996,6 595,9 67 1 288,0
taxation
Taxation 4 201,4 192,6 5 376,6
Profit after 795,2 403,3 97 911,4
taxation
Profit
attributable to:
Non-controlling
interests 5,4 4,7 15 12,0
Equity holders of 789,8 398,6 98 899,4
Reunert Limited
Basic earnings 5 & 6 466,5 223,1 109 503,3
per share
(cents)
Diluted earnings 5 & 6 463,2 221,1 110 498,8
per share (cents)
Headline earnings 5 & 6 262,7 223,0 18 505,5
per share (cents)
Diluted headline 5 & 6 260,9 221,0 18 501,1
earnings per
share (cents)
Normalised 5 & 6 260,7 238,9 9 515,7
headline earnings
per share (cents)
Normalised 5 & 6 258,8 236,8 9 511,1
diluted headline
earnings per
share (cents)
Cash dividend per 77,0 67,0 15 287,0
ordinary share
declared (cents)
Taxation rate 4 20,2 32,3 37 29,2
including
abnormal items
Taxation rate 4 31,0 30,6 1 28,5
excluding
abnormal items
EBITDA as a % of 12,7 12,4 2 12,5
revenue
Condensed group statement of comprehensive income
Six months ended Year
31 March ended
30 Sept
2011 2010 2010
Rm Rm Rm
Note (Unaudited) (Unaudited) (Audited)
Profit after taxation 795,2 403,3 911,4
Other comprehensive
income, net of tax:
Losses arising from (1,0) (1,6) (1,9)
translating the
financial statements of
foreign subsidiaries
Gain on disposal of 3
investment classified
as available-for-sale (348,2) - -
Effective portion of 2,9 3,3 6,0
gains on hedging
instruments in a cash
flow hedge
Income tax relating to (0,3) - 1,2
components of other
comprehensive income
Total comprehensive 448,6 405,0 916,7
income
Total comprehensive
income attributable to:
Non-controlling 5,4 4,7 12,0
interests
Equity holders of 443,2 400,3 904,7
Reunert Limited
Condensed group balance sheet
As at 31 March 30 Sept
2011 2010 2010
Rm Rm Rm
Notes (Unaudited) (Unaudited) (Audited)
Non-current assets
Property, plant and 631,6 632,0 635,3
equipment and intangible
assets
Goodwill 7 504,4 491,8 492,1
Investments and loans 8 45,5 841,4 44,3
Quince receivables 9 758,7 838,9 821,7
Other accounts - 86,3 -
receivable
Deferred taxation 37,1 28,7 40,4
Non-current assets 1 977,3 2 919,1 2 033,8
Current assets
Inventory and contracts 774,7 733,9 863,3
in progress
Accounts receivable and 1 678,3 1 702,9 1 737,8
derivative assets
Quince receivables 9 640,4 745,8 646,3
Investment 8 - - 793,5
Cash and cash 1 333,6 1 397,2 1 805,6
equivalents
Quince bank balances and 9 - 123,8 72,5
cash
Current assets 4 427,0 4 703,6 5 919,0
Total assets 6 404,3 7 622,7 7 952,8
Equity attributable to
equity holders of
Reunert Limited
Ordinary 3 414,8 4 140,6 4 432,4
Preference 0,7 0,7 0,7
3 415,5 4 141,3 4 433,1
Non-controlling 39,1 30,6 37,9
interests
Total equity 3 454,6 4 171,9 4 471,0
Non-current liabilities
Deferred taxation 69,1 127,9 122,0
Long-term borrowings 10 13,0 11,0 11,0
Quince long-term 9 & - 699,9 699,9
borrowings 10
Non-current liabilities 82,1 838,8 832,9
Current liabilities
Accounts payable, 1 628,4 1 766,8 1 956,6
derivative liabilities,
provisions and taxation
Quince bank borrowings 9 & 1 239,2 845,2 691,5
10
Bank overdrafts and - - 0,8
short-term portion of
long-term borrowings
(including finance
leases)
Current liabilities 2 867,6 2 612,0 2 648,9
Total equity and 6 404,3 7 622,7 7 952,8
liabilities
Condensed group statement of changes in equity
Six months ended Year
31 March ended
30 Sept
2011 2010 2010
Rm Rm Rm
(Unaudited) (Unaudited) (Audited)
Share capital and premium
Balance at the beginning of 140,9 116,0 116,0
the period
Issue of shares 32,9 2,1 24,9
Balance at the end of the 173,8 118,1 140,9
period
Share-based payment reserve
Balance at the beginning of 732,4 679,6 679,6
the period
Share-based payment expense 4,3 40,6 52,8
and deferred tax there on
Balance at the end of the 736,7 720,2 732,4
period
Fair value adjustment reserve*
Balance at the beginning of 345,6 338,4 338,4
the period
Other comprehensive income (345,6) 3,3 7,2
Balance at the end of the - 341,7 345,6
period
Equity transaction with BEE
partner (35,3) (35,3) (35,3)
BEE shares** (276,1) (276,1) (276,1)
Treasury shares***
Balance at the beginning of (125,7) - -
the period
Purchases made during the (1 127,9) - (125,7)
period
Balance at the end of the (1 253,6) - (125,7)
period
Non-distributable reserves
Balance at the beginning of 10,0 11,9 11,9
the period
Other comprehensive income (1,0) (1,6) (1,9)
Balance at the end of the 9,0 10,3 10,0
period
Retained earnings
Balance at the beginning of 3 641,3 3 199,9 3 199,9
the period
Profit after taxation 789,8 398,6 899,4
attributable to equity holders
of Reunert
Taxation charge on transaction - - (2,0)
with BEE partner
Cash dividends declared and (370,1) (336,1) (456,0)
paid
Balance at the end of the 4 061,0 3 262,4 3 641,3
period
Equity attributable to equity 3 415,5 4 141,3 4 433,1
holders of Reunert Limited
Non-controlling interests
Balance at the beginning of 37,9 26,7 26,7
the period
Share of total comprehensive 5,4 4,7 12,0
income
Dividends declared and paid (4,2) (0,8) (0,8)
Balance at the end of the 39,1 30,6 37,9
period
Total equity at end of the 3 454,6 4 171,9 4 471,0
period
*This reserve relates to fair value adjustments on financial
assets classified as "available-for-sale" financial assets in
terms of IAS 39.
**These are shares held by Bargenel Investment Limited (Bargenel),
a company sold by Reunert to an accredited BEE partner in 2007. In
terms of IFRS, until the amount owing by the BEE partner is repaid
to Reunert, Bargenel is consolidated by the group as the
significant risks and rewards of ownership of the equity have not
passed to the BEE partner.
***Commencing in August 2010, a group subsidiary purchased Reunert
shares on the open market. Up to 30 September 2010, 2,1 million
shares had been bought at an average price of R59,18 per share. No
further purchases have been made since 4 February 2011 at which
time a total of 19,2 million shares had been bought at an average
price of R65,37 per share.
Condensed group cash flow statement
Year
Six months Year ended
31 March 30 Sept
2011 2010 2010
Rm Rm Rm
(Unaudited) (Unaudited) (Audited)
EBITDA 661,5 632,3 1 336,3
(Increase)/decrease in (172,3) 97,5 318,3
net working capital
Increase/(decrease) in (241,2) (21,1) 83,0
net working capital
(excluding Quince)
Decrease in Quince 68,9 118,6 235,3
receivables
Other (net) 7,5 (3,3) 26,3
Cash generated from 496,7 726,5 1 680,9
operations
Net interest and 46,2 48,4 98,4
dividend income
Taxation paid (185,5) (213,9) (407,9)
Dividends paid (374,3) (336,9) (456,8)
(including to non-
controlling interests)
Net cash flows from (16,9) 224,1 914,6
operating activities
Net cash flows from 720,3 (238,9) (313,3)
investing activities
Capital expenditure (55,1) (73,2) (148,9)
Net cash flows from (15,7) (180,3) (180,3)
acquisition of
businesses
Net proceeds on 791,7 - -
disposal of investment
in NSN
Other (0,6) 14,6 15,9
Net cash flows from (1 794,9) 2,2 (103,8)
financing activities
Shares issued 32,9 2,1 24,9
Shares repurchased (1 127,9) - (125,7)
during the period
Repayment of Quince (699,9) - -
long-term borrowings
Other - 0,1 (3,0)
(Decrease)/increase in (1 091,5) (12,6) 497,5
net cash resources
Net cash resources at 1 185,9 688,4 688,4
the beginning of the
period
Net cash resources at 94,4 675,8 1 185,9
the end of the period
Cash and cash 1 333,6 1 397,2 1 805,6
equivalents
Bank overdrafts - - (0,7)
Net cash resources 1 333,6 1 397,2 1 804,9
excluding Quince
Quince net borrowings (1 239,2) (721,4) (619,0)
Quince bank balances - 123,8 72,5
and cash
Quince short-term (1 239,2) (845,2) (691,5)
borrowings
Net cash resources 94,4 675,8 1 185,9
including Quince net
borrowings at the end
of the period
Notes
31 March 31 March 30 Sept
2011 2010 2010
Rm Rm Rm
(Unaudited) (Unaudited) (Audited)
Note 1
Other income and EBITDA
EBITDA is stated after:
- Cost of sales 3 694,8 3 649,3 7 599,5
- Other expenses excluding 862,3 820,0 1 727,5
depreciation and amortisation
- Other income 10,3 23,7 54,9
- Realised loss on foreign (17,8) (10,5) (15,5)
exchange and derivative
instruments
- Unrealised profit/(loss) on 2,6 (25,2) (56,0)
foreign exchange and
derivative instruments
Note 2
Net interest and dividend
income
Interest received 53,0 57,7 109,0
- From Quince Capital (Pty) 24,1 25,1 44,0
Limited (Quince)
- External 28,9 32,6 65,0
Interest paid (6,8) (9,3) (12,0)
- To Quince (2,6) (2,8) (4,8)
- External (4,2) (6,5) (7,2)
Dividend income - - 1,4
Total 46,2 48,4 98,4
Note 3
Abnormal items
Gain on disposal of investment 348,2 - -
classified as available-for-
sale
Less: Costs associated with (1,8) - -
disposal
Net gain on disposal of 346,4 - -
investment in NSN (refer to
note 8)
BEE transaction expense - (34,0) (34,0)
Taxation (refer to note 4) 0,3 - -
Net abnormal items after 346,7 (34,0) (34,0)
taxation
Note 4
Taxation
An estimate of the expected capital gains tax payable on the
disposal of the investment in NSN (refer to notes 3 and 8) was
provided for in prior years as a result of the change in the
nature of the investment from an equity accounted associate to an
available-for-sale financial instrument carried at fair value. The
current year taxation effect of the gain (refer to note 3) is due
to an adjustment between the estimate provided previously and the
amount currently expected to be paid.
Note 5
Number of shares used to
calculate earnings per share
Weighted average number of 169,3 178,7 178,7
shares in issue used to
determine basic earnings,
headline earnings and
normalised headline earnings
per share (millions of shares)
Adjusted by the dilutive
effect of unexercised share
options
granted (millions of shares) 1,2 1,6 1,6
Weighted average number of 170,5 180,3 180,3
shares used to determine
diluted basic, diluted
headline and diluted
normalised headline earnings
per share (millions of shares)
Note 6
6.1 Headline earnings
Profit attributable to equity
holders of Reunert (IAS 33 -
Earnings
per share) 789,8 398,6 899,4
Headline earnings are
determined by eliminating the
effect of the following items
from attributable earnings:
Gain on disposal of investment (346,7) - -
in NSN
Net surplus on dilution in and - - (0,2)
disposal of business
Net loss/(gain) on disposal of 1,7 (0,1) 0,1
property, plant and equipment
and intangible assets
Impairment charge recognised
for property, plant and
equipment - - 5,6
Taxation - - (1,6)
Non-controlling interests - - 0,1
Headline earnings 444,8 398,5 903,4
6.2 Normalised headline
earnings
Headline earnings (refer to 444,8 398,5 903,4
note 6.1)
Normalised headline earnings
are determined by eliminating
the effect of the following
items from attributable
headline earnings:
BEE transaction expense - 34,0 34,0
IFRS 3 profit on acquisition - (8,2) (8,2)
of Nashua Communications (Pty)
Limited
Rate portion of revaluation of - 11,2 11,2
interest rate swap derivative
assets and liabilities
Taxation effect - (3,1) (3,1)
BEE share of headline earnings - - (6,9)
adjustments
444,8 432,4 930,4
Net economic interest in
profit attributable to BEE
partners
(refer to note 11) (3,5) (5,5) (8,8)
Normalised headline earnings 441,3 426,9 921,6
Note 7
Goodwill
Carrying value at the 492,1 460,6 460,6
beginning of the period
Acquisition of businesses 12,3 31,2 31,2
Minor acquisitions in existing - - 0,3
businesses and subsidiaries
Carrying value at the end of 504,4 491,8 492,1
the period
Note 8
Investments and loans
Loans - at cost 44,0 46,4 42,8
Other unlisted investments - 1,5 1,5 1,5
at cost
Financial instrument - NSN - 299,2 299,2
option - at fair value*
Financial instrument - - 494,3 494,3
investment in NSN - at fair
value*
Carrying value at the end of 45,5 841,4 837,8
the period
Non-current investments and 45,5 841,4 44,3
loans
Current investments* - - 793,5
Directors` valuation of
unlisted investments
- NSN option and investment - 793,5 793,5
- Other unlisted investments 1,5 1,6 1,5
*As announced on the Securities Exchange News Service (SENS) on 4
February 2011, Reunert exercised its option to sell its investment
in Nokia Siemens Networks SA (Pty) Limited (NSN) and received
R793,5 million from the Nokia Siemens Networks group.
Note 9
Quince
Quince provides asset-based financial solutions and, due to the
nature of the business, its receivables and associated cash and
borrowings are disclosed separately on the face of the balance
sheet. Interest income and expense are included in revenue and
cost of sales respectively.
Note 10
Quince and other long-term
borrowings
Total long-term borrowings 13,0 710,9 711,0
(including finance leases)
Less: Short-term portion - - (0,1)
(including finance leases)
13,0 710,9 710,9
Made up of:
Quince long-term borrowings - 699,9 699,9
Other (including finance 13,0 11,0 11,0
leases)
In February 2011 Quince repaid its long-term securitised
borrowings. For the time being these have been replaced by short-
term overnight call borrowings.
Note 11
BEE transactions
BEE transactions, where the significant risks and rewards of
ownership in respect of their equity interests have not passed to
the BEE partners, have not been recognised as non-controlling
interests under International Financial Reporting Standards
(IFRS).
Had the non-controlling interests been recognised, the effect
would be the following:
Net economic interest in 3,5 5,5 8,8
current period profit that is
attributable to all BEE
partners
Balance sheet interest that is 160,4 135,3 154,1
economically attributable to
all BEE partners
Note 12
Basis of preparation
The condensed group interim financial information has been
prepared in accordance with the framework concepts and the
measurement and recognition requirements of IFRS, the AC 500
standards as issued by the Accounting Practices Board and in
compliance with IAS 34 - Interim Financial Reporting. The report
has been prepared using accounting policies that comply with IFRS
which are consistent with those applied in the financial
statements for the year ended 30 September 2010.
Note 13
Unconsolidated subsidiary
The financial results of Cafca Limited (Cafca), a subsidiary
incorporated in Zimbabwe, have not been consolidated in the group
results as the directors believe there is a lack of control as
defined in IAS 27 - Consolidated and Separate Financial Statements
and the amounts involved are not material to the group`s results.
This is being reviewed.
At 31 December 2010 Cafca`s retained earnings amounted to US$1,6
million.
Note 14
Related party transactions
The group entered into various transactions with related parties
which occurred in the ordinary course of business and under terms
that are no more favourable than those arranged with independent
third parties.
Note 15
Events after balance sheet
date
No events occurred after the balance sheet date that require
additional disclosure or adjustment.
Supplementary information
31 March 31 March 30 Sept
R million 2011 2010 2010
(unless otherwise stated) (Unaudited) (Unaudited) (Audited)
Net worth per share (cents) 2 121 2 316 2 502
Current ratio (including 1,5 1,8 2,2
Quince) (:1)
Current ratio (excluding 2,3 2,2 2,7
Quince) (:1)
Net number of ordinary shares 161,0 178,8 177,2
in issue (million)
Number of ordinary shares in 198,7 197,3 197,8
issue (million)
Less: BEE shares (million) (18,5) (18,5) (18,5)
Less: Treasury (19,2) - (2,1)
shares(million)
Capital expenditure 55,1 73,2 148,9
- expansion 34,7 56,8 111,0
- replacement 20,4 16,4 37,9
Capital commitments in respect 23,7 73,9 65,1
of property, plant and
equipment
- contracted 10,9 41,5 11,0
- authorised not yet 12,8 32,4 54,1
contracted
Commitments in respect of 67,3 81,6 85,8
operating leases
Condensed segmental analysis
Six months ended Year
31 March ended
30
September
2011 2010 2010
Rm % Rm % % Rm %
(Unaudited) (Unaudited) change (Audited)
Revenue*
CBI- 1 505,8 29 1 319,9 26 14 2 961,3 28
electric
Nashua 3 391,0 65 3 375,6 66 - 6 872,0 65
Reutech 307,7 6 385,8 8 (20) 791,0 7
Other 2,1 - 1,3 - - 2,7 -
Total 5 206,6 5 082,6 2 10 627,0 100
operations 100 100
NSN 16,9 31,0 (45) 52,9
Revenue as 5 223,5 5 113,6 2 10 679,9
reported
*Inter-segment revenue is immaterial and has not been disclosed.
Operating
profit
CBI- 252,7 43 217,5 40 16 521,1 45
electric
Nashua 314,5 54 292,4 53 8 614,5 52
Reutech 14,0 2 21,4 4 (35) 60,6 5
Other 5,9 1 19,2 3 (69) (25,5) (2)
Total 587,1 550,5 7 1170,7 100
operations 100 100
NSN 16,9 31,0 (45) 52,9
Operating 604,0 581,5 4 1223,6
profit as
reported
31 March 31 March 30
September
2011 2010 2010
Total
assets
CBI- 1 438,6 1 393,7 1494,8
electric
Nashua 3 355,6 3 770,2 3595,4
Reutech 421,6 583,3 659,7
Other* 1 188,5 1 875,5 2202,9
Total 6 404,3 7 622,7 7 952,8
assets as
reported
*Included in Other are bank balances of R976,8
million (2010: R915,0 million; September 2010: R1
207,6 million) relating to the group`s treasury
function.
Directors: T S Munday (Chairman) *, NC Wentzel (Chief Executive), Y Z Cuba *, B
P Gallagher, S D Jagoe*, T J Motsohi*, K W Mzondeki*, G J Oosthuizen, S G
Pretorius *, N D Orleyn**, D J Rawlinson, Dr J C van der Horst *, R Van Rooyen*
*Independent non-executive; ** Non-executive
Registered office: Lincoln Wood Office Park, 6 - 10 Woodlands Drive, Woodmead,
Sandton.
PO Box 784391, Sandton, 2146, Telephone +27 11 517 9000
Transfer secretaries: Computershare Investor Services (Pty) Limited. 70 Marshall
Street, Johannesburg, 2001
P O Box 61051, Marshalltown, 2107
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Secretaries` certification: In terms of Section 268 G(d) of the Companies Act of
1973, I certify that, to the best of my knowledge and belief, the Company has
lodged with the Registrar of Companies for the six months ended 31 March 2011
all such returns as are required by a public company in terms of the Companies
Act and that all such returns are true, correct and up to date.
Natasha Camhee
Company Secretary (appointed effective 1 April 2011)
Enquiries: Carina de Klerk +27 11 517 9000 or e-mail invest@reunert.co.za.
For more information log on to the Reunert website at www.reunert.com.
Date: 17/05/2011 17:00:01 Supplied by www.sharenet.co.za
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