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Audited group results for the year ended 30 September 2012 and cash dividend declaration
Reunert Limited
Incorporated in the Republic of South Africa
Reg. No 1913/004355/06
Share Code: RLO
ISIN code: ZAE000057428
Preference share code: RLZP
ISIN code: ZAE00005930
(Reunert, the group or the company)
Audited group results
for the year ended 30 September 2012 and cash dividend declaration
Highlights
Normalised headline earnings per share up by 9%
Total cash dividend per share up by 12%
Commentary
Reunert is pleased to report a 9% increase in normalised headline earnings per share to 644,4cps from 590,0cps. Although revenues from
our various businesses remained under pressure, particularly in the second half of the financial year, revenue increased by 7% to
R11 662 million. Operating profit increased by 10% to R1 525 million.
Basic earnings decreased by 19% due to the abnormal profit of R346 million realised on the sale of NSN last year. Headline earnings per
share grew 10% to 658,3 cents.
Review of operations
CBi-electric
Revenue increased by 9% to R3 634 million due to strong demand for certain electrical products as well as increased exports. Operating
profit remained at R593 million.
Notwithstanding the slower than expected rollout of state infrastructure, constrained spend in the mining sector and lower levels of
residential and commercial property development, the continued investment in the services business led to steady growth in the energy
cables business.
The low voltage business experienced strong demand for its products from international markets. Growing competition and a lower demand
for circuit breakers in the South African residential market led to a decrease in manufacturing volumes, although a bundled product offering
allowed for a new revenue source.
Telecommunications cables once again experienced a difficult year but, with the successful development and qualification of the high bit
rate ADSL cable for Telkom, its revenues increased slightly. The roll-out of the national long-haul project also supported revenue growth.
Nashua
Nashua performed well in quiet market conditions with revenue increasing by 4% to R7 218 million whilst operating profit increased by 6%
to R839 million.
The office automation business increased unit sales over last year in a market characterised by lacklustre demand and heightened
competition. Revenue was further supported by the benefit of a full years trading from franchise acquisitions in 2011. Operating profit,
however, was adversely affected by a sharp weakening of the Rand that exacerbated mounting pressure on margins.
Nashua Communications was transformed from being a provider of voice networks to a converged information-technology solutions
provider. The acquisition of a CISCO service provider will add to this converged service offering in the next year. Cost control and
efficiencies led to improved margins.
Nashua ECN continued with the migration of the least cost routing (LCR) clients of Nashua Mobile to the VoIP, as well as pursuing new
clients. At year end the business was routing almost 3,5 million business call voice minutes per day. As a consequence, ECN has delivered
a pleasing result, both in terms of revenue growth and operating profit.
Nashua Communications and Nashua ECN were merged on 1 October 2012 to enable the single operation to offer corporate customers a
compelling converged voice and data service.
Nashua Mobile performed satisfactorily despite the reduction in the interconnect rates and the loss of LCR customers. The post-paid
customer base grew by 6% to 897 534 customers while the average revenue per customer declined by 19% to R337. Although, as
expected, revenue declined slightly, judicious cost control allowed operating profit margins to remain constant.
Pansolutions, previously Nashua Electronics, experienced a demanding year but made good progress in stabilising its office automation
channel.
Quince, the divisions financing operation, performed well with revenue remaining constant and margins improving slightly. The rental book
grew by 11% in the year. The discontinued Quince asset rentals book has been substantially repaid and no further losses are expected.
Reutech
The uneven demand that characterises this segment is reflected in the increase in revenue for the year of 26% to R806 million with a
substantial increase in operating profit to R151 million. This was due to strong performances from all the businesses but, in particular, the
contribution from Fuchs through execution of a long anticipated export order. Reutech Solutions repositioned its business and reflected a
healthy operating profit increase of 95%. The continued success of the mining surveillance radar increased revenue within Reutech Radar.
Reutech Communications acquired the high frequency radio business of SAAB Grintek, which completes our product offering.
Prospects
The local and global economic environment remains uncertain and we expect 2013 to be a challenging year. We remain committed to our
strategy of diversifying our revenue streams and promoting efficiencies within our businesses.
We will continue to act with prudence and foresight and shall, of course, plan for and pursue earnings growth.
The financial information on which the above forecast is based has not been reviewed or reported on by the companys external auditors.
Dividend
The final gross cash dividend has been increased to 275 cents per share (2011:253 cents per share) which is a 9% increase over last year.
Directorate and company secretary
Mr GJ Oosthuizen resigned from the board on 14 October 2011.
Ms KW Mzondeki resigned from the board on 19 November 2012.
Ms NG Camhee resigned as company secretary on 26 April 2012. Reunert Management Services Limited was appointed as company
secretary on that day.
Cash dividend
Notice is hereby given that a gross final cash dividend No 173 of 275 cents per ordinary share (2011: 253 cents per share) has been
declared by the directors for the year ended 30 September 2012, bringing the total cash dividend for the year to 370 cents per share
(2011:330 cents per share).
The dividend has been declared from income reserves and no STC credits have been used.
A dividend withholding tax of 15% will be applicable to all shareholders who are not exempt from, or who do not qualify for a reduced rate
of, withholding tax. The net dividend payable to shareholders subject to withholding tax at a rate of 15% thus amounts to 233,75 cents per
share.
The issued share capital at the declaration date is 200 310 185 ordinary shares. Reunerts income tax reference number is 9100/101/71/7P.
In compliance with the requirements of Strate, the following dates are applicable:
Last date to trade (cum dividend) Friday, 11 January 2013
First date of trading (ex dividend) Monday, 14 January 2013
Record date Friday, 18 January 2013
Payment date Monday, 21 January 2013
Shareholders may not dematerialise or rematerialise their share certificates between Monday, 14 January 2013 and Friday, 18 January
2013, both dates inclusive.
On behalf of the board
Trevor Munday
Chairman
David Rawlinson
Chief Executive
Sandton
19 November 2012
Condensed group income statement
Notes 2012 % 2011
R million change R million
Revenue 11 662,2 7 10 922,7
Earnings before interest, taxation, depreciation, amortisation, other 1 629,7 11 1 472,7
income and dividends
Other income 31,0 40,5
Earnings before interest, taxation, depreciation and amortisation (EBITDA) 1 1 660,7 10 1 513,2
Depreciation and amortisation 136,1 12 121,8
Operating profit 1 524,6 10 1 391,4
Net interest and dividend income 2 41,8 2 40,9
Abnormal items - 346,4
Profit before taxation 1 566,4 (12) 1 778,7
Taxation 483,8 14 425,9
Profit after taxation 1 082,6 (20) 1 352,8
Profit attributable to:
Non-controlling interests 15,9 1 15,7
Equity holders of Reunert 1 066,7 (20) 1 337,1
Basic earnings per share (cents) 3&4 658,2 (19) 809,0
Diluted earnings per share (cents) 3&4 654,2 (19) 803,3
Headline earnings per share (cents) 3&4 658,3 10 598,3
Diluted headline earnings per share (cents) 3&4 654,3 10 594,1
Normalised headline earnings per share (cents) 3&4 644,4 9 590,0
Normalised diluted headline earnings per share (cents) 3&4 640,5 9 585,9
Cash dividend per ordinary share declared (cents) 370,0 12 330,0
Condensed group statement of comprehensive income
2012 2011
R million R million
Profit after taxation 1 082,6 1 352,8
Other comprehensive income, net of taxation:
Losses arising from translating the financial results of foreign subsidiaries -* -*
Gain on disposal of investment recycled to income statement - (348,6)
Effective portion of gains on hedging instruments - 4,2
Income tax relating to components of other comprehensive income - (1,2)
Total comprehensive income 1 082,6 1 007,2
Total comprehensive income attributable to:
Non-controlling interests 15,9 15,7
Equity holders of Reunert 1 066,7 991,5
* Nil due to rounding.
Condensed group balance sheet
at 30 September
2012 2011
Notes R million R million
Non-current assets
Property, plant and equipment and intangible assets 706,8 702,0
Goodwill 6 707,0 654,9
Investments and loans 7 64,3 46,1
Accounts receivable 1 066,5 965,9
Deferred taxation 33,3 32,2
Non-current assets 2 577,9 2 401,1
Current assets
Inventory and contracts in progress 969,3 885,5
Accounts receivable, derivative assets and taxation 2 343,9 2 176,7
Cash and cash equivalents 696,9 643,0
Current assets 4 010,1 3 705,2
Total assets 6 588,0 6 106,3
Equity attributable to equity holders of Reunert
Ordinary 4 441,7 3 879,7
Preference 0,7 0,7
4 442,4 3 880,4
Non-controlling interests 56,1 55,2
Total equity 4 498,5 3 935,6
Non-current liabilities
Deferred taxation 127,4 99,6
Long-term borrowings 8 25,4 0,7
Non-current liabilities 152,8 100,3
Current liabilities
Accounts payable, derivative liabilities, provisions and taxation 1 860,1 1 984,9
Bank overdrafts and short-term portion of long-term borrowings (including finance leases) 76,6 85,5
Current liabilities 1 936,7 2 070,4
Total equity and liabilities 6 588,0 6 106,3
Condensed group cash flow statement
2012 2011
R million R million
EBITDA 1 660,7 1 513,2
(Increase)/decrease in net working capital (398,9) 47,7
Other (net) 26,2 (1,6)
Cash generated from operations 1 288,0 1 559,3
Net interest and dividend income 41,8 40,9
Taxation paid (447,2) (438,8)
Dividends paid (including to non-controlling shareholders) (577,4) (498,5)
Net cash flows from operating activities 305,2 662,9
Net cash flows from investing activities (291,2) 484,7
Capital expenditure (106,5) (99,4)
Net cash flows from acquisition of businesses (76,8) (213,6)
Net proceeds on disposal of investment in NSN - 791,2
Payment of outstanding purchase consideration for prior year acquisitions (91,5) -
Non-current loans granted (28,5) -
Other 12,1 6,5
Net cash flows from financing activities 42,1 (1 768,9)
Shares issued 42,5 59,4
Shares repurchased - (1 127,9)
Repayment of Quince long-term borrowings - (699,9)
Other (0,4) (0,5)
Increase/(decrease) in net cash resources 56,1 (621,3)
Net cash resources at the beginning of the year 564,6 1 185,9
Net cash resources at the end of the year 620,7 564,6
Cash and cash equivalents 696,9 643,0
Bank overdrafts (76,2) (78,4)
Net cash resources at the end of the year 620,7 564,6
Condensed group statement of changes in equity
2012 2011
R million R million
Share capital and premium
Balance at the beginning of the year 200,3 140,9
Issue of shares 42,5 59,4
Balance at the end of the year 242,8 200,3
Share-based payment reserve
Balance at the beginning of the year 751,0 732,4
Share-based payment expense and deferred taxation thereon 15,9 18,6
Balance at the end of the year 766,9 751,0
Equity transactions with BEE partner and non-controlling shareholder
Balance at the beginning of the year (35,3) (35,3)
Acquisition of non-controlling interest 0,4 -
Balance at the end of the year (34,9) (35,3)
BEE shares* (276,1) (276,1)
Treasury shares
Balance at the beginning of the year (1 253,6) (125,7)
Purchases made during the year - (1 127,9)
Balance at the end of the year (1 253,6) (1 253,6)
Non-distributable reserves
Balance at the beginning of the year 3,9 12,8
Transfer to retained earnings - (8,9)
Balance at the end of the year 3,9 3,9
Foreign currency translation reserves (2,8) (2,8)
Retained earnings
Balance at the beginning of the year 4 493,0 3 641,3
Profit after taxation attributable to equity holders of Reunert 1 066,7 1 337,1
Transferred from non-distributable reserves - 8,9
Cash dividends declared and paid (563,5) (494,3)
Balance at the end of the year 4 996,2 4 493,0
Equity attributable to equity holders of Reunert 4 442,4 3 880,4
Non-controlling interests
Balance at the beginning of the year 55,2 37,9
Share of total comprehensive income 15,9 15,7
Dividends declared and paid (13,9) (4,2)
Acquisition of non-controlling interest (1,1) -
Non-controlling interest introduced - 2,0
Other - 3,8
Balance at the end of the year 56,1 55,2
Total equity at end of the year 4 498,5 3 935,6
* These are shares held by Bargenel Investments Ltd (Bargenel), a company sold by Reunert to an accredited BEE
partner in 2007. Until the amount owing by the BEE partner is repaid to Reunert, Bargenel is to be consolidated by
the group as the significant risks and rewards of ownership of the equity have not passed to the BEE partner.
Notes
2012 2011
R million R million
Note 1
Other income and EBITDA
EBITDA is stated after:
- Cost of sales 8 130,9 7 683,0
- Other expenses excluding depreciation and amortisation 1 915,8 1 773,4
- Other income 31,0 40,5
- Realised loss on foreign exchange and derivative instruments (0,1) (2,9)
- Unrealised gain on foreign exchange and derivative instruments 14,3 9,3
Note 2
Net interest and dividend income
Interest income 52,0 46,9
Interest expense (10,7) (6,6)
Dividend income 0,5 0,6
Total 41,8 40,9
Note 3
Number of shares used to calculate earnings per share
Weighted average number of shares in issue used to determine basic earnings,
headline earnings and normalised headline earnings per share (millions of shares) 162,0 165,3
Adjusted by the dilutive effect of unexercised share options granted (millions of shares) 1,0 1,1
Weighted average number of shares used to determine diluted basic, diluted
headline and diluted normalised headline earnings per share (millions) 163,0 166,4
Note 4
4.1 Headline earnings
Profit attributable to equity holders of Reunert 1 066,7 1 337,1
Headline earnings are determined by eliminating the effect of the following items from
attributable earnings:
Gain on disposal of NSN - (346,7)
Net gain on disposal of property, plant and equipment and intangible assets
(after tax charge of R0,4m (2011: R0,6m)) (1,0) (1,5)
Gain on change of shareholding in investment (after tax charge of Rnil) (0,3) -
Impairment charge recognised for property, plant and equipment (after tax charge of
R0,5m) 1,4 -
Headline earnings 1 066,8 988,9
4.2 Normalised headline earnings# (unaudited)
Headline earnings (refer to note 4.1) 1 066,8 988,9
It is the groups policy to determine normalised headline earnings by eliminating the effect
of the following items from attributable headline earnings:
BEE share of headline and normalised headline earnings adjustments (0,3) -
Net economic interest in profit attributable to all BEE partners (refer to note 5) (22,2) (13,8)
Normalised headline earnings 1 044,3 975,1
Note 5
BEE transactions# (unaudited)
It is the groups policy that where the significant risks and rewards of ownership in respect
of equity interests have not passed to BEE partners, these are not recognised as non-
controlling interests.
Had the non-controlling interests been recognised, the effect would be the following:
- Net economic interest in current year profit that is attributable to all BEE partners 22,2 13,8
- Balance sheet interest that is economically attributable to all BEE partners 107,7 77,3
# The unaudited pro forma financial information above has been prepared for illustrative
purposes only to provide information on how the normalised earnings adjustments might
have impacted on the financial results of the group. Because of its nature, the unaudited
pro forma financial information may not be a fair reflection of the groups results of
operation, financial position, changes in equity or cash flows.
The underlying information used in the preparation of the unaudited pro forma financial
information has been prepared using the relevant group accounting policy. The amounts
of the adjustments are consistent with the amounts recorded under International Financial
Reporting Standards.
The adjustments are expected to continue until such time as risks and rewards of
ownership transfer to the BEE partners.
The directors of the group are responsible for the compilation, contents and preparation
of the unaudited pro forma financial information. Their responsibility includes determining
that the unaudited pro forma financial information has been properly compiled on the
basis stated; the basis is consistent with the accounting policy of the group; and the pro
forma adjustments are appropriate for the purposes of the unaudited pro forma financial
information disclosed in terms of the JSE Limited (JSE) listing requirements.
The unaudited pro forma financial information should be read in conjunction with the
Deloitte & Touche unmodified independent reporting accountants report thereon, which is
available for inspection at Reunerts registered office.
Note 6
Goodwill
Carrying value at the beginning of the year 654,9 492,1
Acquisition of businesses (refer to note 9) 44,0 162,8
Adjustment to goodwill on finalisation of acquisitions made in the prior year 8,1 -
Carrying value at the end of the year 707,0 654,9
Note 7
Investments and loans
Loans - at cost 62,6 44,5
Other unlisted investments - at cost 1,7 1,6
Carrying value at the end of the year 64,3 46,1
Note 8
Long-term borrowings
Total long-term borrowings (including finance leases) 25,8 7,7
Less: short-term portion (including finance leases) (0,4) (7,0)
25,4 0,7
Note 9
Major Corporate Activity
Acquisitions made were funded from internal cash resources.
Acquisition of Nashua Thekwini
With effect from 1 October 2011 Nashua Kopano purchased the public sector customer base from the previous franchise holders of
Nashua Thekwini for R3,5 million.
Goodwill of R0,9 million arose on this transaction.
Acquisition of Tank Industries
With effect from 1 April 2012 the business and net assets of Tank Industries (Pty) Ltd were purchased by CBi-electric: African cables,
a division of ATC (Pty) Ltd for R16,7 million.
The R1,5 million goodwill arising from this acquisition consists mostly of synergies expected to be realised from the combined
comprehensive product offering for any cable installation, whether it be electrical power, telecommunications or fibre optics.
Acquisition of SRCS and IPCS contracts
With effect from 22 June 2012 Reutech Communications, a division of Reutech Ltd acquired the SRCS and IPCS contracts from
Natcom Electronics (Pty) Ltd for R7,1 million.
No goodwill was paid on the acquisition.
Acquisition of KSS Technologies
With effect from 9 July 2012 the business and net assets of KSS Technologies (Pty) Ltd were purchased by Nashua
Communications (Pty) Ltd for R19,8 million.
R13,8 million goodwill has arisen on this acquisition as benefits are expected to be realised from the Cisco capabilities which will
enable Nashua Communications to offer a broader spectrum of services to its customers.
Acquisition of the Communications division of SAAB Systems Grintek Ltd
With effect from 1 September 2012 Reutech Communications, a division of Reutech Ltd acquired the net assets and business of
the Communications division of SAAB Systems Grintek Ltd for R29,7 million.
The combined business will now be able to offer a full-range product offering in the tactical military communications sector. It was to
obtain this advantage that goodwill of R27,8 million was paid.
Group
Net assets acquired Rm
Deferred taxation 4,3
Property, plant and equipment and intangible assets 22,0
Inventory 60,7
Accounts receivable1 22,7
Payables and provisions (76,9)
Goodwill 44,0
Cost of investment 76,8
Revenue since acquisition 46,9
Profit since acquisition 3,0
Revenue for the 12 months ended 30 September 2012 as though the acquisition date had been 1 October 2011 #
Profit/(loss) for the 12 months ended 30 September 2012 as though the acquisition date had been 1 October 2011 #
1
Gross contractual amounts of accounts receivable at acquisition date 22,9
1
The best estimate of contractual cash flows of accounts receivable not expected to be received 0,2
Acquisition related costs incurred on these acquisitions amounted to R0,5 million.
# It is not possible to ascertain the revenue and profit/(loss) for all the acquisitions for this period. Therefore no disclosure has been
made in this regard.
Note 10
Basis of preparation
These condensed consolidated financial statements have been prepared in accordance with the framework concepts and the
recognition and measurement criteria of IFRS and its interpretations adopted by the International Accounting Standards Board (IASB)
in issue and effective for the group at 30 September 2012 and the AC500 standards issued by the Accounting Practices Board. This
condensed consolidated information has been prepared using the information as required by IAS 34 - Interim Financial Reporting,
and complies with the Listings Requirements of the JSE and the requirements of the Companies Act, No. 71 of 2008 of South
Africa. This report was compiled under the supervision of MC Krog CA (SA) (Group financial director). These financial statements do
not include all the information required for full annual financial statements and should be read in conjunction with the consolidated
financial statements as at and for the year ended 30 September 2012.
The groups accounting policies, as per the audited annual financial statements for the year ended 30 September 2012, have been
consistently applied. These accounting policies comply with IFRS.
Note 11
Unconsolidated subsidiary
The financial results of Cafca Ltd, a subsidiary incorporated in Zimbabwe, have not been consolidated in the group results as the
directors believe that there is a lack of control. The amounts involved are not material to the groups results.
Note 12
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 13
Events after balance sheet date
No events have occurred after the balance sheet date that require additional disclosure or adjustment to the annual financial
statements.
Note 14
Audit opinion
The auditors, Deloitte & Touche, have issued their opinion on the groups financial statements for the year ended 30 September
2012. The audit was conducted in accordance with the International Standards on Auditing. They have issued an unmodified
audit opinion. These summarised provisional financial statements have been derived from the group financial statements and are
consistent in all material respects, with the group financial statements. A copy of their audit report is available for inspection at the
companys registered office. The auditors report does not necessarily cover all of the information contained in this announcement/
financial report. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditors work they
should obtain a copy of that report together with the accompanying financial information from the registered office of the company.
Condensed segmental analysis
2012 % % 2011 %
R million of total change R million of total
Revenue*
CBi-electric 3 634,3 31 9 3 336,0 30
Nashua 7 218,3 62 4 6 927,5 64
Reutech 805,7 7 26 639,3 6
Other 3,9 - 30 3,0 -
Total operations 11 662,2 100 7 10 905,8 100
NSN - 16,9
Revenue as reported 11 662,2 7 10 922,7
* Inter-segment revenue is immaterial and has not been
separately disclosed.
Operating profit
CBi-electric 592,9 39 - 592,1 43
Nashua 838,6 55 6 794,2 58
Reutech 150,5 10 209 48,7 3
Other (57,4) (4) 5 (60,5) (4)
Total operations 1 524,6 100 11 1 374,5 100
NSN - 16,9
Operating profit as reported 1 524,6 10 1 391,4
2012 % 2011 %
R million of total R million of total
Total assets
CBi-electric 1 515,2 23 1 580,8 26
Nashua 4 101,6 62 3 847,7 63
Reutech 598,2 9 355,7 6
Other* 373,0 6 322,1 5
Total assets as reported 6 588,0 100 6 106,3 100
* Included in Other are bank balances of R206,4 million (2011: R224,7 million) held by the groups treasury.
Supplementary information
R million (unless otherwise stated) 2012 2011
Net worth per share (cents) 2 732 2 401
Current ratio (:1) 2,1 1,8
Net number of ordinary shares in issue (million) 162,6 161,6
Number of ordinary shares in issue (million) 200,3 199,3
Less: BEE Shares (million) (18,5) (18,5)
Less: Treasury shares (million) (19,2) (19,2)
Capital expenditure 106,5 99,4
- expansion 79,9 62,6
- replacement 26,6 36,8
Capital commitments in respect of property, plant and equipment 78,3 57,1
- contracted 16,5 7,2
- authorised not yet contracted 61,8 49,9
Commitments in respect of operating leases 99,2 170,0
Secretaries certification: In terms of section 88(2)(e) of the Companies Act, 71 of 2008, we certify that, to the best of our knowledge and
belief, the company has lodged with the Companies and Intellectual Property Commission for the financial year ended 30 September
2012 all such returns and notices as are required of a public company in terms of the aforesaid Act and that all such returns and notices
appear to be true, correct and up to date.
Karen Louw
For Reunert Management Services Ltd
Group Company Secretaries
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) Ltd, 70 Marshall Street, Johannesburg, 2001, PO Box 61051, Marshalltown, 2107
Sponsor: Rand Merchant Bank (A division of FirstRand Bank Ltd)
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.
Directors: TS Munday (Chairman)*, DJ Rawlinson (Chief Executive), YZ Cuba*, BP Gallagher, SD Jagoe*, MC Krog, TJ Motsohi*, NDB Orleyn**,
SG Pretorius*, Dr JC van der Horst*, R van Rooyen* * Independent non-executive; ** Non-executive
www.reunert.com
Date: 20/11/2012 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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