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Audited group results and cash dividend declaration for the year ended 30 September 2015
REUNERT LIMITED
Incorporated in the Republic of South Africa
Reg. No 1913/004355/06
Ordinary share Code: RLO ISIN code: ZAE000057428
("Reunert", "the group" or "the company")
AUDITED group results and cash dividend declaration FOR THE YEAR ENDED 30 SEPTEMBER 2015
Group profile
Reunert manages a diversified portfolio of businesses in the fields of electrical engineering,
(CBI-electric), information communication technologies (ICT-Nashua), and applied electronics
(Reutech). The group was established in 1888 by Theodore Reunert and Otto Lenz, and has
contributed to the South African economy in numerous ways over the past 127 years. Reunert
was listed on the JSE in 1948 and is included in the industrial goods and services (electronic
and electrical equipment) sector of the JSE. The group operates mainly in South Africa with
minor operations in Australia, Lesotho, Sweden, the USA and Zimbabwe. Group headquarters
are located in Woodmead, South Africa.
Commentary
Reunert, with its strong brands, diversified customer bases and quality value offerings, delivered a solid performance in the financial year, despite the
challenges in the current South African macro-economic environment. The economic growth rates achieved by the South African economy have slowed materially
from those forecast for 2015 and are not expected to improve in the medium term.
Revenue and operating profit as well as earnings per share metrics are presented in the table below.
Measure Units 2015 2014 %
Revenue R million 8 300 7 774 7
Operating Profit R million 1 167 1 017 15
Continuing Operations
Basic Earnings per share cents 579 235 146
Headline Earnings per share cents 576 391 47
Normalised Headline Earnings per share cents 568 439 29
All Operations
Basic Earnings per share * cents 604 1 202 (50)
Headline Earnings per share cents 588 506 16
Normalised Headline Earnings per share cents 580 553 5
*As a consequence of the disposal of Nashua Mobile and the non-recurring nature of the 2014 profit on the sale of its subscriber bases, basic earnings per
share from all operations decreased by 50% to 604 cents.
REVIEW OF OPERATIONS
ELECTRICAL ENGINEERING - CBI-ELECTRIC
The CBI-electric segment delivered a substantially improved performance with revenue increasing by 14% to R4,1 billion (2014: R3,6 billion) and operating
profit by 21% from R428 million to R520 million. This strong performance was driven primarily by the energy and telecommunication cables business units
which maintained strong cost control while benefiting from improved factory utilisation. These drivers resulted in improved profit margins which further
underpinned the financial performance of this segment.
In addition, the cable business units improved their respective market shares. Crucial long-term contracts were secured primarily in the industrial, state-
owned entities and mining sectors. These successes position the businesses well for the future when the general market conditions are expected to tighten.
The circuit breaker business unit had a challenging year. Product sales performed well but the contribution from the solutions business unit was
disappointing. Product volumes into South Africa were strong, while export volumes remained in line with the previous year.
Cost management and asset utilisation across the spectrum of these business units continued strongly in the year under review.
INFORMATION COMMUNICATION TECHNOLOGY - NASHUA
The Nashua segment delivered solid progress with some significant improvements primarily in the voice businesses. Although revenue was flat, operating
profit net of the discontinued operation increased by 17% from R453 million to R533 million. This was achieved through a careful evaluation of the whole
supply chain and realising savings in our distribution and general overhead costs.
The sale of Nashua Mobile (telecommunication operation) was successfully concluded in the first quarter of the financial year and the management team at
Office Automation was strengthened by the deployment of key Mobile team members. This provided stability and accelerated the implementation of key
deliverables during the year.
In line with the improved office automation market share, the asset finance business, Quince Capital, delivered another sound performance. Credit losses
remain well below industry standards and the company re-secured its A+ (ZA) long-term and A1 (ZA) short-term national credit rating for 2016.
The segment's voice businesses had a successful year with ECN breaking through the one billion voice minutes per year mark and entrenching its position as
the largest independent Voice over Internet Protocol solution provider in the country. Nashua Communications, now managed by Reutech, delivered a positive
performance underpinned by strong service revenues.
APPLIED ELECTRONICS - REUTECH
This segment is characterised by large contracts which take several years to conclude, with delivery extending over future years. The results of the Reutech
segment are therefore largely dependent on where in the cycle its various existing and expected contracts are. Against this backdrop, this segment has
increased its revenue by 8% to R1,1 billion (2014: R1,0 billion) and operating profit by 6% to R181 million (2014: R170 million). Reutech delivered a good
result despite a slowdown in the communications and radar business units.
The timing of new contracts received by this segment did not fully compensate for contracts completed in the 2014 financial year. However, contracts secured
during 2015 provide a strong revenue base for the year ahead. The radar business' mining surveillance radar performance remains strong. Communications
secured the long-term South African National Defence Force (SANDF) tactical communications contract and products from the new factory will commence delivery
in the next financial year. A large fuze order was received and resulted in full factory capacity utilisation during the second six months of the financial
year and the weaker rand supported the segmental result.
HUMAN CAPITAL
Reunert has re-energised its investment into employees and in meeting transformation objectives. As a direct result, top management employment equity
demographic increased by more than 50% and showed significant improvement in all management classifications. The new B-BBEE codes present additional
challenges, but the work to retain appropriate ratings is well advanced.
PROSPECTS
The business drivers of the group's performance continue to be challenged by Reunert's strong concentration in the South African market. Accordingly, the
future growth prospects of the group are likely to be constrained by the domestic macro-economic environment. The group's future prospects are augmented by
recently secured long-term contracts specifically in applied electronics. These revenues, with a strong, hard currency exposure, are expected to bolster
operational performance. Reunert's strengthened financial position and significant capacity to leverage its balance sheet, positions it well to execute its
growth strategy.
The financial information on which the above prospects is based has not been reviewed or reported on by the company's external auditors.
DIRECTORATE
Ms Mohini Moodley and Mr Nick Thomson were appointed to the board as executive directors on 31 March 2015 and 15 June 2015 respectively. Mohini was
appointed in the portfolio of Human Resources and Transformation and Nick as Chief Financial Officer.
Ms Phuti Mahanyele was appointed to the board as an independent non-executive director on 1 October 2015.
Ms Manuela Krog retired from the board as chief financial officer on 31 March 2015. The board and the executive committee thank her for the valuable and
extensive contribution she made to Reunert during her tenure.
CASH DIVIDEND
Notice is hereby given that a gross final cash dividend No 179 of 302 cents per ordinary share (2014: 275 cents per share) has been declared by the
directors for the year ended 30 September 2015.
The dividend has been declared from income reserves.
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 256,70 cents per share.
The issued share capital at the declaration date is 183 531 596 ordinary shares. Reunert's 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) Friday, 8 January 2016
First date of trading (ex dividend) Monday, 11 January 2016
Record date Friday, 15 January 2016
Payment date Monday, 18 January 2016
Shareholders may not dematerialise or rematerialise their share certificates between Monday, 11 January 2016 and Friday, 15 January 2016, both days
inclusive.
On behalf of the board
Trevor Munday Alan Dickson Nick Thomson
Chairman Chief Executive Chief Financial Officer
Sandton
20 November 2015
Summarised consolidated income statement
for the year ended 30 September 2015
%
R million Notes 2015 2014 change
Revenue 8 300 7 774 7
EBITDA 1 284 1 125 14
Depreciation and amortisation 117 108
Operating profit 2 1 167 1 017 15
Net interest income/(expense) 3 135 (10)
Profit before abnormal items 1 302 1 007 29
Abnormal items - (327)
Profit before taxation 1 302 680 91
Taxation 360 278
Profit after taxation 942 402 134
Share of joint ventures' profit/(loss) 17 (12)
Profit for the year from continuing operations 959 390 146
Profit for the year from discontinued operation 4 42 1 584 (97)
Profit for the year 1 001 1 974 (49)
Profit attributable to:
Non-controlling interests 7 3 75
Equity holders of Reunert - from continuing operations 952 387 146
Equity holders of Reunert - from discontinued operation 42 1 584 (97)
Basic earnings per share from continuing operations (cents) 5 and 6 579 235 146
Diluted earnings per share from continuing operations (cents) 5 and 6 570 233 145
Basic earnings per share from discontinued operation (cents) 5 and 6 26 966 (97)
Diluted earnings per share from discontinued operation (cents) 5 and 6 25 955 (97)
Basic earnings per share (cents) 5 and 6 604 1 202 (50)
Diluted earnings per share (cents) 5 and 6 595 1 187 (50)
%
Cents Notes 2015 2014 change
Other measures of earnings per share from continuing operations
Headline earnings per share 5 and 6 576 391 47
Diluted headline earnings per share 5 and 6 568 387 47
Normalised headline earnings per share 5 and 6 568 439 29
Diluted normalised headline earnings per share 5 and 6 560 434 29
Other measures of earnings per share
Headline earnings per share 5 and 6 588 506 16
Diluted headline earnings per share 5 and 6 579 500 16
Normalised headline earnings per share 5 and 6 580 553 5
Diluted normalised headline earnings per share 5 and 6 572 547 5
Cash dividend per ordinary share declared 407 370 10
Summarised consolidated statement of comprehensive income
for the year ended 30 September 2015
R million 2015 2014
Profit for the year 1 001 1 974
Other comprehensive income, net of taxation:
Items that may be reclassified subsequently to profit or loss
Gains arising from translating the financial results of foreign subsidiaries 3 -
Total comprehensive income 1 004 1 974
Total comprehensive income attributable to:
Non-controlling interests 7 3
Equity holders of Reunert - from continuing operations 955 387
Equity holders of Reunert - from discontinued operation 42 1 584
Summarised consolidated balance sheet
at 30 September 2015
R million Notes 2015 2014
Non-current assets
Property, plant and equipment, investment properties
and intangible assets 745 722
Goodwill 8 653 649
Investments and loans 9 95 92
Investment in joint ventures 158 149
Rental and finance lease receivables 1 463 1 465
Deferred taxation 92 51
3 206 3 128
Current assets
Inventory and contracts in progress 990 984
Rental and finance lease receivables 728 722
Accounts receivable and taxation 1 689 1 436
Derivative assets 10 22 8
Cash and cash equivalents 2 713 697
Assets of discontinued operation 4 51 2 607
6 193 6 454
Total assets 9 399 9 582
Equity attributable to equity holders of Reunert 6 679 6 269
Non-controlling interests 46 63
Total equity 6 725 6 332
Non-current liabilities
Deferred taxation 98 121
Long-term borrowings 11 239 425
Non-current liabilities of discontinued operation 4 - 251
337 797
Current liabilities
Accounts payable, provisions and taxation 2 003 1 455
Derivative liabilities 10 7 4
Bank overdrafts and short-term loans 77 334
Current portion of long-term borrowings 201 9
Current liabilities of discontinued operation 4 49 651
2 337 2 453
Total equity and liabilities 9 399 9 582
Summarised consolidated cash flow statement
for the year ended 30 September 2015
R million 2015 2014
EBITDA 1 329 1 315
EBITDA from continuing operations 1 284 1 125
EBITDA from discontinued operation 45 190
Decrease/(increase) in net working capital 62 (44)
Other (net) 79 (93)
Cash generated from operations 1 470 1 178
Net interest 133 (6)
Taxation paid (415) (332)
Dividends paid (including to non-controlling interests) (629) (612)
Net cash flows from operating activities 559 228
Net cash flows from investing activities 1 641 (494)
Capital expenditure (146) (122)
Net cash flows arising from disposal of businesses 1 789 -
Net cash flows arising from acquisition of businesses (19) (219)
Movement in total rental and finance lease receivables (2) (192)
Non-current loans repaid (5) (2)
Dividends received 10 38
Other 14 3
Net cash flows from financing activities 21 439
Shares issued 32 27
Long-term borrowings (repaid)/raised (3) 404
Equity transactions with non-controlling interest1 (21) (16)
Government grant received relating to plant and equipment1 13 21
Other - 3
Increase in net cash resources 2 221 173
Net cash resources at the beginning of the year 415 242
Net cash resources at the end of the year 2 636 415
Cash and cash equivalents 2 713 697
Cash and cash equivalents of discontinued operation - 52
Bank overdrafts - (34)
Quince short-term borrowings (77) (300)
Net cash resources at the end of the year 2 636 415
1 These balances were reported as investing activities in the 2014 annual financial statements.
The cash flow statement includes the cashflows of all operations, including the discontinued operation,
which has been recorded in terms of IFRS 5 - Non-current Assets Held for Sale.
Summarised consolidated statement of changes in equity
for the year ended 30 September 2015
R million 2015 2014
Share capital
Balance at the beginning of the year 294 288
Issue of shares 32 27
Cancellation of issued shares (8) (21)
Balance at the end of the year 318 294
Share-based payment reserve
Balance at the beginning of the year - -
Share-based payment expense 16 6
Transfer to retained earnings - (6)
Balance at the end of the year 16 -
Equity transactions with empowerment partner and
non-controlling shareholders
Balance at the beginning of the year - -
Net changes in non-controlling interests (10) (7)
Transferred to retained earnings 10 7
Balance at the end of the year - -
Empowerment shares* (276) (276)
Treasury shares
Balance at the beginning of the year (313) (1 254)
Cancellation of issued shares 313 941
Balance at the end of the year - (313)
Foreign currency translation reserves
Balance at the beginning of the year 3 2
Other comprehensive income 3 1
Balance at the end of the year 6 3
Retained earnings
Balance at the beginning of the year 6 561 6 118
Profit after taxation attributable to equity
holders of Reunert 994 1 970
Cash dividends declared and paid (625) (606)
Cancellation of issued shares (305) (920)
Transfer to reserves (10) (1)
Balance at the end of the year 6 615 6 561
R million 2015 2014
Equity attributable to equity holders of Reunert 6 679 6 269
Non-controlling interests
Balance at the beginning of the year 63 59
Share of total comprehensive income 7 3
Dividends declared and paid (4) (6)
Net changes in non-controlling interests (20) 9
Settlement of non-controlling interest loan - (2)
Balance at the end of the year 46 63
Total equity at end of the year 6 725 6 332
* These are shares held by Bargenel Investments (Pty) Ltd (Bargenel), a company sold by Reunert to an accredited empowerment partner in 2007. Until
the amount owing by the empowerment 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 empowerment partner.
Summarised segmental analysis
% % %
R million 2015 of total 2014 of total change
Revenue1
CBI-electric 4 112 45 3 611 32 14
Nashua 3 961 43 6 787 59 (42)
Reutech 1 081 12 1 000 9 8
Other 23 - 17 - 35
Total operations 9 177 100 11 415 100 (20)
Revenue from equity accounted joint ventures (CBI-electric) (347) (293)
Revenue from discontinued operation (Nashua) (530) (3 348)
Revenue as reported 8 300 7 774 7
Operating profit
CBI-electric 520 42 428 36 21
Nashua2 577 47 637 53 (9)
Reutech 181 15 170 14 6
Other2 (42) (4) (36) (3) (17)
Total operations 1 236 100 1 199 100 3
Operating (profit)/loss from equity accounted joint ventures (CBI-electric) (25) 2
Operating profit from discontinued operation (Nashua) (44) (184) (76)
Operating profit as reported 1 167 1 017 15
1 Inter-segment revenue is immaterial and has not been separately disclosed.
2 Net interest charged to Quince through the group treasury function has been eliminated in line with the consolidation principles of IFRS. This
amounted to R77 million (2014: R82 million).
% %
R million 2015 of total 2014 of total
Total assets
CBI-electric 1 900 20 1 923 20
Nashua 3 976 43 6 399 67
Reutech 979 10 651 7
Other3 2 544 27 609 6
Total assets as reported 9 399 100 9 582 100
3 Other consists mainly of group treasury cash balances.
Notes
1. BASIS OF PREPARATION
These preliminary summarised consolidated financial statements were prepared in accordance with the framework concepts and the recognition and measurement
criteria of IFRS and its interpretations adopted by the International Accounting Standards Boards (IASB) in issue and effective for the group at 30 September
2015 and the SAICA Financial Reporting Guides, as issued by the Accounting Practices Committees and Financial Reporting pronouncements as issued by the
Financial Reporting Standards Council. This summarised consolidated information was prepared using the information as required by IAS 34 - Interim Financial
Reporting, and complies with the Listings Requirements of the JSE Ltd and the requirements of the Companies Act, 71 of 2008, of South Africa. This report was
compiled under the supervision of NA Thomson CA(SA) (chief financial officer).
The group's accounting policies, as per the audited financial statements for the year ended 30 September 2015, were consistently applied with those used in
the prior year financial statements. These accounting policies comply with IFRS.
R million 2015 2014
2. OPERATING PROFIT
Operating profit includes:
- Cost of sales 5 416 5 144
- Other expenses excluding depreciation and amortisation 1 652 1 591
- Other income 31 68
- Realised loss on foreign exchange and derivative instruments (13) (27)
- Unrealised gain on foreign exchange and derivative instruments 34 45
3. NET INTEREST
Interest income 150 14
Interest expense (16) (25)
Other 1 1
Total 135 (10)
4. DISCONTINUED OPERATION
As announced in the prior year, Nashua Mobile, entered into sale agreements with the mobile network operators, in terms of which it disposed of its
subscriber bases. Following the major conditions precedent in the sale agreement being met, including an unconditional approval from the Competition Tribunal
on 29 September 2014, the sale was recognised in the prior financial year. The customers were transferred to the purchasers with effect from December 2014.
Arising out of this, the group income statement and related notes, which are for continuing operations only, exclude the results of the Nashua Mobile
discontinued operation.
Nashua Mobile is presented in the Nashua segment of the segmental analysis.
The income statement, abridged cash flows and related notes of Nashua Mobile are presented below:
Summarised income statement
%
R million 2015 2014 change
Revenue 530 3 348 (84)
EBITDA 45 190 (76)
Profit for the year 42 1 584 (97)
SUMMARISED STATEMENT OF CASH FLOW
R million 2015 2014
Net cash flows from:
Operating activities (92) 183
Investing activities 1 789 4
Financing activities - -
Net cash inflow 1 697 187
SUMMARISED BALANCE SHEET
The major classes of assets and liabilities of
Nashua Mobile at the end of the year were as follows:
R million 2015 2014
Assets of discontinued operation 51 2 607
Non-current liabilities of discontinued operation - 251
Current liabilities of discontinued operation 49 651
R million 2015 2014
5. 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)
165 164
Adjusted by the dilutive effect of unexercised share options granted (millions of shares) 2 2
Weighted average number of shares used to determine diluted basic,
headline and normalised headline earnings per share (millions of shares) 167 166
6. Headline earnings
6.1 Profit attributable to equity holders of Reunert from continuing
operations 952 387
Headline earnings are determined by eliminating the effect of the
following items from attributable earnings:
Net gain on disposal of property, plant and equipment and intangible
assets (after tax charge of R1 million)
(4) -
Impairment of goodwill in subsidiaries (2014: after tax charge of Rnil) - 246
Impairment of goodwill in equity accounted joint venture (2014: after
tax charge of Rnil) - 11
Impairment reversal recognised for property, plant and equipment
(2014: charge of R1 million) - (2)
Headline earnings from continuing operations 948 642
Profit attributable to equity holders of Reunert from discontinued
operation 42 1 584
Net gain on disposal of business (after tax charge of R18 million)
(2014: charge of R264 million) (22) (1 397)
Headline earnings from discontinued operation 20 187
Headline earnings 968 829
R million 2015 2014
6.2 Normalised headline earnings
Headline earnings from continuing operations (refer to note 6.1) 948 642
Normalised headline earnings are determined by eliminating the effect of the
following items from attributable headline earnings:
Settlement provided in respect of ATC (after a tax credit of Rnil) - 81
Economic interest in the settlement provided in respect of ATC attributable to
non-controlling interests with outstanding equity-related loan accounts - (8)
Net economic interest in profit attributable to non-controlling interests with
outstanding equity-related loan accounts (refer to note 7) (13) 5
Normalised headline earnings from continuing operations 935 720
Headline earnings attributable to equity holders of Reunert from discontinued
operation 20 187
Normalised headline earnings 955 907
7. Non-controlling interests with outstanding equity-related loan accounts
Where the significant risks and rewards of ownership in respect of equity interests
have not passed to the non controlling shareholders,
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/(loss) that is attributable to all
affected non-controlling shareholders 13 (5)
R million 2015 2014
8. Goodwill
Carrying value at the beginning of the year 649 792
Acquisition of businesses 13 263
Disposals of businesses and subsidiaries (6) -
Goodwill impaired during the year - (246)
Exchange differences on consolidation of foreign subsidiaries (3) (2)
Goodwill derecognised with discontinued operation - (158)
Carrying value at the end of the year 653 649
9. Investments and loans
Loans - at cost 81 76
Investment in insurance cells - at fair value 14 14
Other unlisted investments - at cost - 2
Carrying value at the end of the year 95 92
10. Fair Value classification and measurement
During the year under review, the only financial instruments
that the group held at fair value were:
Derivative assets 22 8
Derivative liabilities 7 4
These were classified as Level 2 instruments in the fair value hierarchy and
comprise forward exchange contracts and interest rate swaps. The fair value
of these derivative financial instruments is calculated using a discounted cash flow
model with the major variables being the discount rate and the spot exchange rate.
The calculations were performed by major financial institutions.
11. Long-term borrowings
Total long-term borrowings (including finance leases)1 440 434
Less: short-term portion (including finance leases) (201) (9)
239 425
1 Long-term borrowings in respect of the Quince rental book amount to R200 million (2014: R404 million).
12. Unconsolidated subsidiary
The financial results of Cafca Ltd (Cafca), a subsidiary incorporated in Zimbabwe, have not been consolidated in the group results as the group does not have management control:
Reunert does not have a majority vote on the board of directors of Cafca and therefore does not control the board; and
The difficult economic circumstances in Zimbabwe have resulted in a major liquidity crisis which renders Reunert's access to economic benefits from Cafca (e.g. dividends) such that it does
not have the ability to affect its variable returns through its powers over Cafca.
The amounts involved are not material to the group's results. At 30 September 2015 Cafca's retained earnings amounted to US$14 million (2014: US$12 million).
13. 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.
14. Events after the reporting date
No events occurred after the reporting date that require additional disclosure or adjustment to the results presented.
15. Audit opinion
These summarised consolidated financial statements were derived from the group's consolidated financial statements and are consistent in all material respects with the group's consolidated
financial statements. The directors take full responsibility for the preparation of the summarised consolidated financial statements. The auditors, Deloitte & Touche, issued unmodified
audit opinions on the group's consolidated financial statements and on these summarised consolidated financial statements for the year ended 30 September 2015 and the audit opinions are
available for inspection at Reunert's registered office. The audit was conducted in accordance with the International Standards on Auditing. The auditors' report does not necessarily report
on all information contained in this announcement. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement they should
obtain a copy of that report together with the accompanying financial information from the issuers registered office. Any reference to future performance included in this announcement has
not been reviewed or reported on by the auditors.
Supplementary information
R million (unless otherwise stated) 2015 2014
Net worth per share (cents) 4 047 3 816
Current ratio (:1) 2,6 2,6
Net number of ordinary shares in issue (million) 165 164
Number of ordinary shares in issue (million) 184 188
Less: Empowerment shares (million) (19) (19)
Less: Treasury shares (million) - (5)
Capital expenditure 146 122
- expansion 104 92
- replacement 42 30
Capital commitments in respect of property, plant and equipment 68 38
- contracted 41 22
- authorised not yet contracted 27 16
Commitments in respect of operating leases 75 75
Contingent liabilities - -
A full list of abbreviations and acronyms will be available in the audited financial statements.
Administration
Directors
TS Munday (Chairman)*, T Abdool-Samad*, AE Dickson (Chief executive officer), SD Jagoe*, S Martin*,
P Mahanyele*, M Moodley, TJ Motsohi*, NDB Orleyn**, SG Pretorius*, MAR Taylor, NA Thomson (Chief financial officer), R Van Rooyen*
* Independent non-executive; ** Non-executive
Registered office
Woodmead North Office Park
54 Maxwell 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)
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 (CIPC) for the financial year ended 30 September 2015 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 (Pty) Ltd
Group company secretaries
Enquiries
Carina de Klerk +27 11 517 9000 or e-mail invest@reunert.co.za.
For more information go to the Reunert website at www.reunert.com.
23 November 2015
Date: 23/11/2015 09:37:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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