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REUNERT LIMITED - Unaudited group results and cash dividend declaration for the six months ended 31 March 2013

Release Date: 21/05/2013 07:05
Code(s): RLO RLZP     PDF:  
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Unaudited group results and cash dividend declaration
for the six months ended 31 March 2013

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)


UNAUDITED GROUP RESULTS
and cash dividend declaration
for the six months ended 31 March 2013


COMMENTARY
Normalised headline earnings per share declined by 14% from 298 cents to 257 cents. Revenue reduced by 8% to R5,3 billion from R5,7 billion.
This decrease was predominantly in the CBI-electric and Nashua segments.

Operating profit was 21% lower at R583 million. This decline was experienced across all segments and is attributable primarily to the prevailing
difficult business environment.

Basic earnings reduced by 14% to R421 million. Headline earnings per share decreased by 15% to 258 cents compared to 304 cents.

Net cash resources at 31 March 2013 amounted to R593 million, reflecting an increase of R329 million over the same date in 2012.


REVIEW OF OPERATIONS

CBI-electric
Under the current trading conditions, the revenue from our electrical business of R1,6 billion was reasonable.

The delays in external infrastructure project roll-outs have significantly impacted the segment, whilst the strike within the port and transport sector
affected production at African Cables in October 2012.

The instability in the mining sector exacerbated the situation further. Exports of our electrical products increased.

Operating profit decreased by 20% to R234 million due to a reduction in revenue, margin pressures and an unfavourable product mix.

The low voltage business continued to experience strong demand for its products from export markets, mainly as a result of 4G cellular network
roll-outs in Europe. The slowdown in the Australian mining sector negatively affected our Australian operation resulting in a lower profit than
achieved in 2012.

The delay in certain tender awards affected the energy cables business negatively and the power installation division was underutilised due to
delays in certain significant external projects. Maintenance and repair work continued at normal levels. In addition, competitive market conditions
have resulted in margin reduction.

The telecommunications cables operation again experienced a disappointing first six months. In the main this was due to low demand for copper
cable from Telkom. Revenue was flat with strong demand for optical fibre cable supporting turnover. Margins remained under pressure in the fibre
market.

Nashua
Revenues within the Nashua segment declined by 9% to R3,3 billion, whilst operating profit decreased by 23% to R311 million.

The office automation business reflected largely static revenues. The number of units sold in the first half was lower than the prior half year where
certain significant tenders boosted revenues and operating profit.

Furthermore, Rand weakness resulted in lower margins as price increases could not be passed on to customers in a difficult and competitive
market.

Nashua Mobile reflected a 12% decrease in revenue. This deterioration was, in part, expected as Least Cost Routing (LCR) revenues continued to
decline due to the drop in interconnect rates. The reduction in interconnect rates also resulted in enhanced hybrid packages from the networks,
which negatively affected airtime revenue within this business. Net connections increased by 57 684. However, these new contracts are generally
at lower subscription rates which, together with reductions in the high value LCR business, resulted in a further decline in margin over the
comparative period in the prior year.

Nashua Mobile is in the process of renegotiating its service provider agreement with Vodacom. Discount rates have been reduced, which has
negatively affected our margins.

The businesses of Nashua ECN and Nashua Communications were merged into a single operation with effect from 1 October 2012. The business
had a challenging first half due to difficult market conditions. We are confident that the combined business is well-positioned with our converged
communication offering. Sales and installations of the VoIP solution continue to be robust, although with the decreased interconnect rates, revenue
reflects only nominal growth.

Quince had a sound six months with a marginal increase in its net rental book. Both revenue and operating profit increased.

Reutech
The uneven demand and phasing of contract roll-outs that characterises the business is reflected in an increase of 2% in revenue and a decline
of 29% in operating profit. The increase in revenue is largely due to the continued demand for mining surveillance radars as well as the additional
revenues from the acquisition of the SAAB Grintek business, offset by lower sales in Fuchs due to the timing of contract awards.
The decrease in operating profits is largely due to the impact of once-off costs associated with the acquisition of SAAB Grintek, which is now
complete.

Prospects
While Reunert will plan for and pursue earnings growth, given the tough trading conditions, it will continue to focus on rigorous cost control,
effective cash management and extracting efficiencies from its businesses. Further, we will continue to act with prudence and foresight in the short
term.

Directorate and secretarial
With effect from 7 December 2012 Mr Trevor Munday was appointed as a member of the audit committee.

Mr Pat Gallagher retired from the board on 28 March 2013. The board extends its thanks to him for his service over the years and wishes him and
his wife all the best in their retirement.

With effect from 1 April 2013 Ms Louisa Mojela was appointed to the board and the audit committee.

With effect from 17 May 2013 Ms Yolanda Cuba resigned from the board and the audit committee.


CASH DIVIDEND
Notice is hereby given that a gross interim cash dividend No 174 of 95 cents per ordinary share (2012: 95 cents per share) has been declared by
the directors for the six months ended 31 March 2013.

The dividend has been declared from income reserves and no secondary tax on companies 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 80,75 cents per share.

The issued share capital at the declaration date is 200 807 585 ordinary shares and 350 000 5,5% cumulative preference shares.

Reunerts income taxation 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)                                         Thursday,   13 June 2013
First date of trading (ex dividend)                                         Friday,   14 June 2013
Record date                                                                 Friday,   21 June 2013
Payment date                                                               Monday,    24 June 2013

Shareholders may not dematerialise or rematerialise their share certificates between Friday, 14 June 2013 and Friday, 21 June 2013, both days
inclusive.

On behalf of the board

Trevor Munday                         David Rawlinson
Chairman                              Chief Executive

Sandton
20 May 2013


Financial information

Condensed group income statement
                                                                                    
                                                                                     Six months ended 31 March   
                                                                                                                                  Year ended
                                                                                                                                30 September
                                                                                        2013              2012                          2012
                                                                                   R million         R million            %        R million
                                                                  Notes          (Unaudited)       (Unaudited)       change        (Audited)
Revenue                                                                              5 272,2           5 748,8          (8)         11 662,2
Earnings before interest, taxation, depreciation, amortisation,
other income and dividends                                                             637,0             792,2         (20)          1 629,7
Other income                                                                            14,4              11,2                          31,0
Earnings before interest, taxation, depreciation and
amortisation (EBITDA)                                                                  651,4             803,4         (19)          1 660,7
Depreciation and amortisation                                                           68,4              67,3            2            136,1
Operating profit                                                     1                 583,0             736,1         (21)          1 524,6
Net interest and dividend income                                     2                  13,6              22,1         (38)             41,8
Profit before taxation                                                                 596,6             758,2         (21)          1 566,4
Taxation                                                                               171,5             260,0         (34)            483,8
Profit after taxation                                                                  425,1             498,2         (15)          1 082,6
Profit attributable to:
Non-controlling interests                                                                4,6               6,6         (30)             15,9
Equity holders of Reunert                                                              420,5             491,6         (14)          1 066,7
Basic earnings per share (cents)                                     3 & 4             258,1             303,8         (15)            658,2
Diluted earnings per share (cents)                                   3 & 4             255,2             301,6         (15)            654,2
Headline earnings per share (cents)                                  3 & 4             258,2             303,7         (15)            658,3
Diluted headline earnings per share (cents)                          3 & 4             255,2             301,5         (15)            654,3
Normalised headline earnings per share (cents)                       3 & 4             256,5             298,0         (14)            644,4
Normalised diluted headline earnings per share (cents)               3 & 4             253,6             295,9         (14)            640,5
Cash dividend per ordinary share declared (cents)                                       95,0              95,0           -             370,0


Condensed group statement of comprehensive income
                                                                               Six months ended 31 March
                                                                                                                 Year ended
                                                                                                               30 September                                                                                                  
                                                                                  2013              2012               2012
                                                                             R million         R million          R million
                                                                           (Unaudited)       (Unaudited)          (Audited)
Profit after taxation                                                            425,1             498,2            1 082,6
Other comprehensive income, net of taxation:
  Gains/(losses) arising from translating the financial results of
foreign subsidiaries                                                               3,2             (1,4)                  -*
Total comprehensive income                                                       428,3             496,8            1 082,6
Total comprehensive income attributable to:
Non-controlling interests                                                          4,6               6,6               15,9
Equity holders of Reunert                                                        423,7             490,2            1 066,7
* Nil due to rounding.


Condensed group balance sheet


                                                                                                       
                                                                                        31 March          31 March        30 September    
                                                                                            2013              2012                2012
                                                                                       R million         R million           R million
                                                                         Notes       (Unaudited)       (Unaudited)           (Audited)
Non-current assets
Property, plant and equipment and intangible assets                                        685,9             684,2               706,8
Goodwill                                                                     6             706,0             661,1               707,0
Investments and loans                                                        7              61,9              41,8                64,3
Accounts receivable                                                                      1 186,7           1 023,2             1 066,5
Deferred taxation                                                                           28,5              27,6                33,3
Non-current assets                                                                       2 669,0           2 437,9             2 577,9
Current assets
Inventory and contracts in progress                                                      1 045,7             924,1               969,3
Accounts receivable, derivative assets and taxation                                      2 235,8           2 307,7             2 343,9
Cash and cash equivalents                                                                  818,8             454,5               696,9
Current assets                                                                           4 100,3           3 686,3             4 010,1
Total assets                                                                             6 769,3           6 124,2             6 588,0
Equity attributable to equity holders of Reunert
Ordinary                                                                                 4 449,0           3 983,0             4 441,7
Preference                                                                                   0,7               0,7                 0,7
                                                                                         4 449,7           3 983,7             4 442,4
Non-controlling interests                                                                   52,5              47,4                56,1
Total equity                                                                             4 502,2           4 031,1             4 498,5
Non-current liabilities
Deferred taxation                                                                          122,7             106,3               127,4
Long-term borrowings                                                         8              26,7               0,4                25,4
Non-current liabilities                                                                    149,4             106,7               152,8
Current liabilities
Accounts payable, derivative liabilities, provisions and taxation                        1 891,7           1 795,7             1 860,1
Bank overdrafts and short-term portion of long-term borrowings
(including finance leases)                                                                 226,0             190,7                76,6
Current liabilities                                                                      2 117,7           1 986,4             1 936,7
Total equity and liabilities                                                             6 769,3           6 124,2             6 588,0


Condensed group cash flow statement
                                                                   Six months ended 31 March
                                                                                                   Year ended
                                                                                                 30 September
                                                                         2013           2012             2012
                                                                    R million      R million        R million
                                                                  (Unaudited)    (Unaudited)        (Audited)
EBITDA                                                                  651,4          803,4          1 660,7
Increase in net working capital                                        (31,7)        (360,8)          (398,9)
Other (net)                                                              14,8            7,5             26,2
Cash generated from operations                                          634,5          450,1          1 288,0
Net interest and dividend income                                         13,6           22,1             41,8
Taxation paid                                                         (194,5)        (213,1)          (447,2)
Dividends paid (including to non-controlling interests)               (456,1)        (422,8)          (577,4)
Net cash flows from operating activities                                (2,5)        (163,7)            305,2
Net cash flows from investing activities                               (46,8)        (151,1)          (291,2)
Capital expenditure                                                    (52,6)         (52,2)          (106,5)
Net cash flows from acquisition of businesses                               -              -           (76,8)
Payment of outstanding purchase consideration for previous
years acquisitions                                                         -         (90,9)           (91,5)
Non-current loans granted                                                   -              -           (28,5)
Other                                                                     5,8          (8,0)             12,1
Net cash flows from financing activities                                 21,6           14,0             42,1
Shares issued                                                            20,5           14,3             42,5
Other                                                                     1,1          (0,3)            (0,4)
(Decrease)/increase in net cash resources                              (27,7)        (300,8)             56,1
Net cash resources at the beginning of the period                       620,7          564,6            564,6
Net cash resources at the end of the period                             593,0          263,8            620,7
Cash and cash equivalents                                               818,8          454,5            696,9
Bank overdrafts                                                       (225,8)        (190,7)           (76,2)
Net cash resources at the end of the period                             593,0          263,8            620,7


Condensed group statement of changes in equity
                                                                   Six months ended 31 March
                                                                                                   Year ended
                                                                                                 30 September
                                                                         2013           2012             2012
                                                                    R million      R million        R million
                                                                  (Unaudited)    (Unaudited)        (Audited)
Share capital and premium
 Balance at the beginning of the period                                 242,8          200,3            200,3
 Issue of shares                                                         20,5           14,3             42,5
 Balance at the end of the period                                       263,3          214,6            242,8
Share-based payment reserve
 Balance at the beginning of the period                                 766,9          751,0            751,0
 Share-based payment expense                                             11,0            7,9             15,9
 Balance at the end of the period                                       777,9          758,9            766,9
Equity transactions with BEE partner and non-controlling
shareholder
 Balance at the beginning of the period                                (34,9)         (35,3)           (35,3)
 Transferred to retained income                                         (0,4)              -                -
 Acquisition of non-controlling interest                                    -            0,4              0,4
 Balance at the end of the period                                      (35,3)         (34,9)           (34,9)
BEE shares*                                                           (276,1)        (276,1)          (276,1)
Treasury shares                                                     (1 253,6)      (1 253,6)        (1 253,6)
Non-distributable reserves                                                3,9            3,9              3,9
Foreign currency translation reserves
 Balance at the beginning of the period                                 (2,8)          (2,8)            (2,8)
 Other comprehensive income                                               3,2          (1,4)                -
 Balance at the end of the period                                         0,4          (4,2)            (2,8)
Retained earnings
 Balance at the beginning of the period                               4 996,2        4 493,0          4 493,0
 Profit after taxation attributable to equity holders of Reunert        420,5          491,6          1 066,7
 Transferred from non-distributable reserves                              0,4              -                -
  Cash dividends declared and paid                                    (447,9)        (409,5)          (563,5)
  Balance at the end of the period                                    4 969,2        4 575,1          4 996,2
Equity attributable to equity holders of Reunert                      4 449,7        3 983,7          4 442,4
Non-controlling interests
  Balance at the beginning of the period                                 56,1           55,2             55,2
  Share of total comprehensive income                                     4,6            6,6             15,9
  Dividends declared and paid                                           (8,2)         (13,3)           (13,9)
  Acquisition of non-controlling interest                                   -          (1,1)            (1,1)
  Balance at the end of the period                                       52,5           47,4             56,1
Total equity at end of the period                                     4 502,2        4 031,1          4 498,5
* These are shares held by Bargenel Investment Limited (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.


Condensed segmental analysis
                                                              Six months ended 31 March
                                                                                                                             Year ended          
                                                                                                                           30 September                        
                                                                  2013                    2012                                     2012
                                                             R million         %     R million           %            %       R million        %
                                                           (Unaudited)  of total   (Unaudited)    of total       change       (Audited) of total
Revenue*
CBI-electric                                                  1 577,8         30       1 738,3          30          (9)         3 634,3       31
Nashua                                                        3 308,3         63       3 636,1          63          (9)         7 218,3       62
Reutech                                                         380,5          7         372,6           7            2           805,7        7
Other                                                             5,6          -           1,8           -                          3,9        -
Revenue as reported                                           5 272,2        100       5 748,8         100          (8)        11 662,2      100
* Inter-segment revenue is immaterial and has not been
separately disclosed.
Operating profit
CBI-electric                                                    233,8         40         292,2          40         (20)           592,9       39
Nashua                                                          310,5         53         402,5          55         (23)           838,6       55
Reutech                                                          49,3          8          69,1           9         (29)           150,5       10
Other                                                          (10,6)        (1)        (27,7)         (4)           62          (57,4)      (4)
Operating profit as reported                                    583,0        100         736,1         100         (21)         1 524,6      100

                                                                                                       
                                                             31 March                   31 March                30 September
                                                                 2013          %            2012           %            2012          %
                                                            R million   of total       R million    of total       R million   of total
Total assets
CBI-electric                                                  1 752,9         26         1 581,8          26         1 515,2         23
Nashua                                                        4 184,4         62         3 899,1          64         4 101,6         62
Reutech                                                         604,9          9           460,2           7           598,2          9
Other*                                                          227,1          3           183,1           3           373,0          6
Total assets as reported                                      6 769,3        100         6 124,2         100         6 588,0        100
* Included in Other are bank balances of Rnil (2012: Rnil; September 2012: R206,4 million) relating to the groups treasury function.


Notes
                                                                                                            
                                                                                         31 March            31 March      30 September   
                                                                                             2013                2012              2012
                                                                                        R million           R million         R million
                                                                                      (Unaudited)         (Unaudited)         (Audited)
1. OPERATING PROFIT
   Operating profit includes:
   - Cost of sales                                                                        3 763,0             4 068,8*          8 130,9
   - Realised profit/(loss) on foreign exchange and derivative instruments                    4,1               (6,5)             (0,1)
    - Unrealised gain on foreign exchange and derivative instruments                          9,9                22,5              14,3
    * To improve disclosure certain costs have been reallocated to cost of sales.

2. Net interest and dividend income
   Interest income                                                                           18,7                26,2              52,0
   Interest expense                                                                         (5,1)               (4,1)            (10,7)
   Dividend income                                                                              -                   -               0,5
    Total                                                                                    13,6                22,1              41,8

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)                                                                     162,9               161,8             162,0
   Adjusted by the dilutive effect of unexercised share options granted (millions
   of shares)                                                                                 1,9                 1,2               1,0
   Weighted average number of shares used to determine diluted basic, diluted
   headline and diluted normalised headline earnings per share (millions of
   shares)                                                                                  164,8               163,0             163,0

4.1. Headline earnings
     Profit attributable to equity holders of Reunert                                       420,5               491,6           1 066,7
     Headline earnings are determined by eliminating the effect of the following
     items from attributable earnings:


    Net loss/(gain) on disposal of property, plant and equipment and intangible
    assets (after tax charge of R0,1 million (2012: Rnil)(September 2012: R0,4
    million))                                                                                 0,1               (0,2)             (1,0)
    Gain on change in shareholding in investment (after tax charge of Rnil)                     -                   -             (0,3)
    Impairment charge recognised for property, plant and equipment (after tax
    charge of Rnil (2012: Rnil)(September 2012: R0,5 million))                                  -                   -               1,4
    Headline earnings                                                                       420,6               491,4           1 066,8

                                                                                         31 March            31 March      30 September
                                                                                             2013                2012              2012
                                                                                        R million           R million         R million
                                                                                      (Unaudited)         (Unaudited)         (Audited)
4.2. Normalised headline earnings (unaudited for all periods)#
     Headline earnings (refer to note 4.1)                                                  420,6               491,4           1 066,8
     It is the groups policy to determine normalised headline earnings by
     eliminating the effect of the following items from attributable headline
     earnings:
     Net economic interest in profit attributable to all BEE partners (refer to note
     5)                                                                                     (2,8)               (9,2)            (22,2)
     BEE share of headline and normalised headline earnings adjustments                         -                   -             (0,3)
    Normalised headline earnings                                                            417,8               482,2           1 044,3

5. BEE transactions (unaudited for all periods)#


   It is the groups policy that where the significant risks and rewards of
   ownership in respect of their equity interests have not passed to the 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 period profit that is attributable to all BEE
   partners                                                                                   2,8                 9,2              22,2
   - Balance sheet interest that is economically attributable to all BEE partners           118,3                94,5             107,7

   # 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, insofar as the economic impact of BEE transactions is concerned.

    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 (IFRS).

    The adjustments are expected to continue until such time as risks and rewards of ownership transfer to the BEE partners.

    The directors of the company 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 Listings
    Requirements.
                                                                                               
                                                                                       31 March         31 March      30 September
                                                                                           2013             2012              2012
                                                                                      R million        R million         R million
                                                                                    (Unaudited)      (Unaudited)         (Audited)
6. Goodwill
   Carrying value at the beginning of the period                                          707,0            654,9             654,9
   Acquisition of businesses                                                                  -                -              44,0
   Adjustment to goodwill on finalisation of acquisitions made in the prior
   period                                                                                 (1,0)              6,2               8,1
    Carrying value at the end of the period                                               706,0            661,1             707,0
7. Investments and loans
   Loans - at cost                                                                         60,2             40,2              62,6
   Other unlisted investments - at cost                                                     1,7              1,6               1,7
    Carrying value at the end of the period                                                61,9             41,8              64,3
8. Long-term borrowings
   Total long-term borrowings (including finance leases)                                   26,9              0,4              25,8
    Less: short-term portion (including finance leases)                                   (0,2)                -             (0,4)
                                                                                           26,7              0,4              25,4
9. 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 2013 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) (Chief Financial Officer).

    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.

10. Unconsolidated subsidiary
    The financial results of Cafca Limited, a subsidiary incorporated in Zimbabwe, have not been consolidated as the group
    does not have management control. The amounts involved are not material to the groups results.

    At 31 March 2013 Cafcas retained earnings amounted to US$9,3 million.

11. 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.

12. Events after balance sheet date
    No events have occurred after the balance sheet date that require additional disclosure or adjustment to the results presented.


Supplementary information
                                                                                               
                                                                                       31 March         31 March      30 September
                                                                                           2013             2012              2012
R million (unless otherwise stated)                                                 (Unaudited)      (Unaudited)         (Audited)
Net worth per share (cents)                                                               2 728            2 459             2 732
Current ratio (:1)                                                                          1,9              1,9               2,1
Net number of ordinary shares in issue (million)                                          163,1            162,0             162,6
Number of ordinary shares in issue (million)                                              200,8            199,7             200,3
Less: BEE shares (million)                                                               (18,5)           (18,5)            (18,5)
Less: Treasury shares (million)                                                          (19,2)           (19,2)            (19,2)
Capital expenditure                                                                        52,6             52,2             106,5
- expansion                                                                                25,0             39,3              79,9
- replacement                                                                              27,6             12,9              26,6
Capital commitments in respect of property, plant and equipment                            89,6             28,7              78,3
- contracted                                                                               81,0             14,2              16,5
- authorised not yet contracted                                                             8,6             14,5              61,8
Commitments in respect of operating leases                                                 82,9            175,0              99,2
Secretaries certification
In terms of section 88(2)(a) 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 period ended 31 March 2013 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 Proprietary Limited
Group Company Secretaries


Directors
TS Munday (Chairman)*                         NDB Orleyn**
SD Jagoe*                                     SG Pretorius*
MC Krog (Chief Financial Officer)             DJ Rawlinson (Chief Executive)
LM Mojela*                                    Dr JC van der Horst*
TJ Motsohi*                                   R Van Rooyen*

* Independent non-executive         ** Non-executive


Registered office
Lincoln Wood Office Park                     PO Box 784391
6 - 10 Woodlands Drive                       Sandton
Woodmead                                     2146
Sandton
Telephone +27 11 517 9000


Transfer secretaries
Computershare Investor Services (Pty) Limited, 70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107


Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)


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

21 May 2013


www.reunert.co.za
Date: 21/05/2013 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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