Wrap Text
Unaudited consolidated results and cash dividend declaration for the six months ended 31 March 2016
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")
Group profile
Reunert manages a diversified portfolio of businesses in the fields of electrical engineering, information communication
technologies (ICT), and applied electronics. 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 128 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, Johannesburg, South Africa.
COMMENTARY
UNAUDITED CONSOLIDATED RESULTS AND CASH DIVIDEND DECLARATION
FOR THE SIX MONTHS ENDED 31 MARCH 2016
Reunert is pleased to announce an improvement in its trading results for the past six months when compared to the comparative period. This was
achieved despite the well-publicised adverse macro-economic conditions in the country and delays in the commencement of various national
infrastructure projects. The improvement in the financial result is due to moderate growth in operations, a positive impact from exports, cost
management and improved efficiencies.
Revenue from continuing operations increased by 2% from R3,9 billion to R4,0 billion, whilst operating profit increased by 12% from R503 million
to R564 million.
Normalised headline earnings per share for the group, from continuing operations, increased by 12% from 239 cents to 268 cents. Basic earnings
per share, on the same basis, increased by 11% from 246 cents to 272 cents and headline earnings per share increased by 12% from 242 cents to 271
cents.
Normalised headline earnings per share for the group, from all operations, increased by 3% from 261 cents to 268 cents. Basic earnings per share,
on the same basis, decreased by 5% from 287 cents to 272 cents, whilst headline earnings per share increased by 2% from 265 cents to 271 cents.
This will be the last interim period that discontinued operations from Nashua Mobile will be reported.
REVIEW OF OPERATIONS
ELECTRICAL ENGINEERING
Revenue in this segment, which includes the group's share from the telecoms joint venture, decreased by 7% from R2,0 billion to R1,8 billion but,
for the reasons outlined below, operating profit increased by 6% to R272 million.
In the cable operations the product mix reflected an increased demand for aluminium vs. copper based products, leading to lower revenue. Revenue
was also adversely impacted by the delay in the award of key projects that are now expected to materialise in the second half of the year.
Operating margins improved through continued manufacturing efficiencies.
The local market continued to tighten for circuit breakers in the low voltage business, the impact of which was more than offset by increased
revenue from exports. Furthermore, although revenue was negatively impacted by the restructure of the Solutions division at the end of 2015, this
division was loss making and its restructure increased the operating profit of the business unit.
ICT
Segmental revenue from continuing operations decreased by 1% to R1,7 billion. Operating profit increased by 2% to R250 million driven by both
efficiency gains and cost control across the segment.
The rapid devaluation of the Rand placed pressure on the office automation business, whose market continues to be characterised by strong
competition resulting in ongoing margin pressure.
The voice component of this segment continued to grow its base while margins remain intact.
Quince, the in house finance company's first half operating results were positive, mainly due to the higher loan book of R2,1 billion, a 4%
increase on the prior period. Despite the continued challenging economic conditions, there was no increase in credit losses.
APPLIED ELECTRONICS
Revenue increased significantly by 64% from R424 million to R696 million and operating profit increased to R122 million. The solid performance by
Applied Electronics is mainly attributable to large scale export sales assisted by the weaker exchange rate. The communications and radar
businesses delivered in line with expectations.
Traditional sales and annuity income from maintenance contracts were in line with expectation although market conditions continue to tighten in
line with the prevailing economic realities.
PROSPECTS
The economic conditions in South Africa are not expected to improve significantly in the near future. However, the continued execution of large,
base load orders in the Applied Electronics segment and improved order intake in the Electrical Engineering businesses, position Reunert to
deliver real growth in continuing operations for the full 2016 financial year. The earnings base in the second half of 2015 benefited from
increased export orders in Applied Electronics, which carried forward into the first half of 2016. This, combined with the prevailing economic
weakness, will result in lower comparative growth in the second half of 2016.
The board is pleased to announce that subsequent to the period end, within the Electrical Engineering segment, the group entered into a new B-
BBEE transaction. Details are set out in note 13 - events after reporting date - in the interim financial report. The group also intends to
conclude a similar transaction in the Applied Electronics segment prior to the end of the financial year.
The financial information on which the prospects are based has neither been reviewed nor reported on by the group's external auditors.
DIRECTORATE
There were no changes in the directorate during the period under review.
CASH DIVIDEND
Notice is hereby given that a gross interim cash dividend No 180 of 113,0 cents per ordinary share (2015: 105,0 cents per share) has been
declared by the directors for the six months ended 31 March 2016.
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 96,05 cents per share.
The issued share capital at the declaration date is 183 893 996 ordinary shares. Reunert's 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) Thursday, 09 June 2016
First date of trading (ex-dividend) Friday, 10 June 2016
Record date Friday, 17 June 2016
Payment date Monday, 20 June 2016
Shareholders may not dematerialise or rematerialise their share certificates between Friday, 10 June 2016 and Friday, 17 June 2016, both days
inclusive.
On behalf of the board
Trevor Munday Alan Dickson Nick Thomson
Chairman Chief executive officer Chief financial officer
Sandton
23 May 2016
Summarised consolidated income statement
For the six months ended 31 March 2016
Six months ended Year ended
31 March 30 September
(Unaudited) (Audited)
R million Notes %
2016 2015 change 2015
Revenue 4 022 3 935 2 8 300
EBITDA 622 559 11 1 284
Depreciation and amortisation 58 56 117
Operating profit 2 564 503 12 1 167
Net interest income 3 70 57 135
Profit before taxation 634 560 13 1 302
Taxation 190 157 360
Profit after taxation 444 403 10 942
Share of joint ventures' profit/(loss) 9 6 17
Profit for the period from continuing operations 453 409 11 959
Profit for the period from discontinued operation 10 - 67 (100) 42
Profit for the period 453 476 (5) 1 001
Profit attributable to:
Non-controlling interests 3 5 (40) 7
Equity holders of Reunert - from continuing operations 450 404 11 952
Equity holders of Reunert - from discontinued operation - 67 (100) 42
Cents
Basic earnings per share from continuing operations 4,5 272 246 11 579
Diluted earnings per share from continuing operations 4,5 269 242 11 570
Basic earnings per share from discontinued operation 4,5 - 41 (100) 26
Diluted earnings per share from discontinued operation 4,5 - 40 (100) 25
Basic earnings per share 4,5 272 287 (5) 604
Diluted earnings per share 4,5 269 282 (5) 595
Six months ended Year ended
31 March 30 September
(Unaudited) (Audited)
Cents Notes %
2016 2015 change 2015
Other measures of earnings per share from continuing operations
Headline earnings per share 4,5 271 242 12 576
Diluted headline earnings per share 4,5 268 239 12 568
Normalised headline earnings per share 4,5 268 239 12 568
Diluted normalised headline earnings per share 4,5 265 235 13 560
Other measures of earnings per share
Headline earnings per share 4,5 271 265 2 588
Diluted headline earnings per share 4,5 268 261 3 579
Normalised headline earnings per share 4,5 268 261 3 580
Diluted normalised headline earnings per share 4,5 265 258 3 572
Cash dividend per ordinary share declared 113 105 8 407
Summarised consolidated statement of comprehensive income
for the six months ended 31 March 2016
Six months ended Year ended
31 March 30 September
(Unaudited) (Audited)
R million
2016 2015 2015
Profit for the period 453 476 1 001
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 10 - 3
Total comprehensive income 463 476 1 004
Total comprehensive income attributable to:
Non-controlling interests 3 5 7
Equity holders of Reunert - from continuing operations 460 404 955
Equity holders of Reunert - from discontinued operation - 67 42
Summarised consolidated balance sheet
at 31 March 2016
Six months ended Year ended
31 March 30 September
(Unaudited) (Audited)
R million Notes
2016 2015 2015
Non-current assets
Property, plant and equipment, investment properties and
intangible assets 766 710 745
Goodwill 6 671 648 653
Investments and loans 7 90 93 95
Investment in joint ventures 157 155 158
Rental and finance lease receivables 1 537 1 535 1 463
Deferred taxation 114 51 92
3 335 3 192 3 206
Current assets
Inventory and contracts in progress 1 274 918 990
Rental and finance lease receivables 702 738 728
Accounts receivable and taxation 1 782 1 651 1 689
Derivative Assets 8 3 1 22
Cash and cash equivalents 2 355 2 521 2 713
Assets of discontinued operation 10 - 62 51
6 116 5 891 6 193
Total assets 9 451 9 083 9 399
Equity attributable to equity holders of Reunert 6 675 6 301 6 679
Non-controlling interests 43 60 46
Total equity 6 718 6 361 6 725
Non-current liabilities
Deferred taxation 101 96 98
Long-term borrowings 9 247 402 239
348 498 337
Current liabilities
Accounts payable, provisions and taxation 2 134 1 890 2 003
Derivative liabilities 8 6 6 7
Bank overdrafts and short-term loans 44 75 77
Current portion of long-term borrowings 9 201 13 201
Current liabilities of discontinued operation 10 - 240 49
2 385 2 224 2 337
Total equity and liabilities 9 451 9 083 9 399
Summarised consolidated cash flow statement
for the six months ended 31 March 2016
Six months ended Year ended
31 March 30 September
(Unaudited) (Audited)
R million
2016 2015 2015
EBITDA 622 607 1 329
EBITDA from continuing operations 622 559 1 284
EBITDA from discontinued operation - 48 45
(Increase)/decrease in net working capital (235) 166 62
Other (net) 28 15 79
Cash generated from operations 415 788 1 470
Net interest 70 57 133
Taxation paid (231) (192) (415)
Dividends paid (including to non-controlling interests) (502) (455) (629)
Net cash flows from operating activities (248) 198 559
Net cash flows from investing activities (90) 1 862 1 641
Capital expenditure (74) (47) (146)
Net cash flows arising from disposal of businesses 27 1 971 1 789
Net cash flows arising from acquisition of businesses (13) - (19)
Movement in total rental and finance lease receivables (48) (61) (2)
Non-current loans repaid/(granted) 6 - (5)
Dividends received - - 10
Other 12 (1) 14
Net cash flows from financing activities 13 (29) 21
Shares issued 19 6 32
Long-term borrowings repaid (5) (20) (3)
Equity transactions with non-controlling interests - (15) (21)
Other (1) - 13
(Decrease)/increase in net cash resources (325) 2 031 2 221
Net cash resources at the beginning of the period 2 636 415 415
Net cash resources at the end of the period 2 311 2 446 2 636
Cash and cash equivalents 2 355 2 521 2 713
Quince short-term borrowings (44) (75) (77)
Net cash resources at the end of the period 2 311 2 446 2 636
The cash flow statement includes the cashflows of all operations, including the discontinued operation for the prior periods,
which has been recorded in terms of IFRS 5 - Non Current Assets Held for Sale.
Summarised consolidated statement of changes in equity
for the six months ended 31 March 2016
Six months ended Year ended
31 March 30 September
(Unaudited) (Audited)
R million
2016 2015 2015
Share capital 337 293 318
Balance at the beginning of the period 318 294 294
Issue of shares 19 6 32
Cancellation of issued shares - (7) (8)
Share-based payment reserve 32 - 16
Balance at the beginning of the period 16 - -
Share-based payment expense 16 6 16
Transfer to retained earnings - (6) -
Equity transactions with empowerment partner and non-controlling shareholders - - -
Balance at the beginning of the period - - -
Net changes in non-controlling interests - (7) (10)
Transferred to retained earnings - 7 10
Empowerment shares* (276) (276) (276)
Foreign currency translation reserves 16 3 6
Balance at the beginning of the period 6 3 3
Other comprehensive income 10 - 3
Retained earnings 6 566 6 281 6 615
Balance at the beginning of the period 6 615 6 561 6 561
Profit after taxation attributable to equity holders of Reunert 450 471 994
Cash dividends declared and paid (499) (452) (625)
Cancellation of issued shares - (305) (305)
Transfer (to)/from reserves - 6 (10)
Equity attributable to equity holders of Reunert 6 675 6 301 6 679
Non-controlling interests 43 60 46
Balance at the beginning of the period 46 63 63
Share of total comprehensive income 3 5 7
Dividends declared and paid (3) (3) (4)
Net changes in non-controlling interests (3) (5) (20)
Total equity at end of the period 6 718 6 361 6 725
* These are shares held by Bargenel Investments (Pty) Limited (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
Six months ended Six months ended Year ended
31 March 31 March 30 September
(Unaudited) (Unaudited) (Audited)
R million % % % %
2016 of total 2015 of total change 2015 of total
Revenue1
Electrical Engineering 1 824 43 1 965 43 (7) 4 112 45
ICT 1 689 40 1 698 37 (1) 3 431 37
ICT - discontinued - - 529 11 530 6
Applied Electronics 696 17 424 9 64 1 081 12
Other 11 - 7 - 57 23 -
Total operations 4 220 100 4 623 100 (9) 9 177 100
Revenue from equity accounted joint ventures -
Electrical Engineering (198) (159) - (347)
Revenue from discontinued operation - ICT - (529) (530)
Revenue as reported 4 022 3 935 2 8 300
Operating profit
Electrical Engineering 272 47 257 46 6 520 42
ICT2 250 44 244 44 2 533 43
ICT - discontinued - - 47 8 44 4
Applied Electronics 122 21 35 6 248 181 15
Other2 (68) (12) (25) (4) (172) (42) (4)
Total operations 576 100 558 100 3 1 236 100
Operating profit from equity accounted joint ventures -
Electrical Engineering (12) (8) (25)
Operating profit from discontinued operation - ICT - (47) (100) (44)
Operating profit as reported 564 503 12 1 167
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 R41 million (2015: R38 million) (September 2015: R77 million).
Six months ended Six months ended Year ended
31 March 31 March 30 September
(Unaudited) (Unaudited) (Audited)
R million % % %
2016 of total 2015 of total 2015 of total
Total assets
Electrical Engineering 2 091 22 1 947 21 1 900 20
ICT 4 058 43 4 032 45 3 976 43
Applied Electronics 1 330 14 949 10 979 10
Other3 1 972 21 2 155 24 2 544 27
Total assets as reported 9 451 100 9 083 100 9 399 100
3 Other consists mainly of group treasury cash balances.
Notes
1. Basis of preparation
This interim financial report was 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 1 October 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 interim
financial report was prepared using the information as required by IAS 34 - Interim Financial Reporting, and complies with
the Listings Requirements of the JSE Limited and the requirements of the Companies Act, 71 of 2008, of South Africa. This
report was compiled under the supervision of N A Thomson CA(SA) (chief financial officer).
The group's accounting policies applied in this interim report were consistent with those used in the group's annual
financial statements for the year ended 30 September 2015.
Six months ended Year ended
31 March 30 September
(Unaudited) (Audited)
R million
2016 2015 2015
2. Operating profit
Operating profit includes:
- Cost of sales 2 566 2 642 5 416
- Other expenses excluding depreciation and amortisation 887 755 1 652
- Other income 22 24 31
- Realised gain/(loss) on foreign exchange and derivative instruments 30 (13) (13)
- Unrealised gain on foreign exchange and derivative instruments 1 10 34
3. Net Interest
Interest income 76 64 150
Interest expense (6) (7) (16)
Other - - 1
Total 70 57 135
4. 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) 165 164 165
Adjusted by the dilutive effect of unexercised share options granted (millions of shares) 2 3 2
Weighted average number of shares used to determine diluted basic, headline and
normalised headline earnings per share (millions of shares) 167 167 167
5. Headline earnings
5.1 Profit attributable to equity holders of Reunert from continuing operations 450 404 952
Headline earnings are determined by eliminating the effect of the following items from
attributable earnings:
Net gain on disposal of property, plant and equipment (after tax charge of R nil)
(2015: R nil) (September 2015: R1 million) (1) - (4)
Net gain on disposal of businesses (after tax charge of R2 million) (2015: R1 million) (9) (6) -
Scrapping of intangible asset (after a tax credit of R3 million and non-controlling
interest (NCI) portion of R2 million) (2015: after tax charge and NCI of R nil) 7 - -
Headline earnings from continuing operations 447 398 948
Headline earnings from discontinued operation - 37 20
Headline earnings 447 435 968
5.2 Normalised headline earnings
Headline earnings from continuing operations 447 398 948
Normalised headline earnings are determined by eliminating the effect of the following
items from attributable headline earnings:
Net economic interest in profit attributable to non-controlling interests with
outstanding equity related loan accounts.
These are not recognised as the significant risks and rewards of ownership have
not passed to the non-controlling shareholders. (5) (5) (13)
Normalised headline earnings from continuing operations 442 393 935
Headline earnings attributable to equity holders of Reunert from discontinued operation - 37 20
Normalised headline earnings 442 430 955
6. Goodwill
Carrying value at the beginning of the period 653 649 649
Acquisition of businesses 12 - 13
Disposals of businesses and subsidiaries - - (6)
Exchange differences on consolidation of foreign subsidiaries 6 (1) (3)
Carrying value at the end of the period 671 648 653
7. Investments and loans
Loans - at cost 75 77 81
Investment in insurance cells - at fair value 15 14 14
Other unlisted investments - at cost - 2 -
Carrying value at the end of the period 90 93 95
8. Fair Value classification and measurement
During the year under review the only financial instruments that the group held at
fair value were:
Derivative assets 3 1 22
Derivative liabilities 6 6 7
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, the spot exchange rate and prevailing interest rates.
The calculations were performed by major financial institutions.
9. Long-term borrowings
Total long-term borrowings (including finance leases)1 448 415 440
Less: short-term portion (including finance leases) (201) (13) (201)
247 402 239
1 These borrowings include R400 million (March and September 2015: R400 million) in
respect of the Quince rental book, of which R200 million is repayable in May 2016
(September 2015: R200 million)
10. Discontinued operation
As disclosed in both 2014 and 2015, Nashua Mobile disposed of its subscriber bases to the mobile network operators.
Arising out of this, the comparative periods' consolidated income statements and related notes, were presented
including the results of continuing operations only, and consequently exclude the results of the Nashua
Mobile discontinued operation.
The comparative periods' income statements and abridged cashflows of Nashua Mobile are presented below:
Summarised income statement
Six months ended Year ended
31 March 30 September
(Unaudited) (Audited)
R million %
2016 2015 change 2015
Revenue - 529 (100) 530
EBITDA - 48 (100) 45
Operating profit - 48 (100) 44
Profit for the period - 67 (100) 42
Summarised cash flow statement
Six months ended Year ended
31 March 30 September
(Unaudited) (Audited)
R million
2016 2015 2015
Net cash flows from:
Operating activities - (101) (92)
Investing activities - 1 971 1 789
Financing activities - - -
Net cash inflow - 1 870 1 697
Summarised balance sheet
The major classes of assets and liabilities of Nashua Mobile at the end of the previous periods were as follows:
As at As at
31 March 30 September
(Unaudited) (Audited)
R million
2016 2015 2015
Assets of discontinued operation - 62 51
Current liabilities of discontinued operation - 240 49
11. Unconsolidated subsidiary
The financial results of Cafca Limited (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 31 March 2016 Cafca's retained earnings amounted to US$14 million.
12. Related party transactions
Counterparty Rm Relationship Sales Purchases Treasury
shares
All related-party transactions and balances
are on the same terms and conditions as
those with non-related parties.
March 2016
Telecom Cables A joint venture - - -
Bargenel Owns 18,5m Reunert shares - - 276
March 2015
Telecom Cables A joint venture 1 - -
Bargenel Owns 18,5m Reunert shares - - 276
September 2015
Telecom Cables A joint venture 2 - -
Bargenel Owns 18,5m Reunert shares - - 276
13. Events after reporting date
In May 2016, a B-BBEE transaction in the electrical engineering segment was concluded in keeping with the changes in the
Codes of Good Practice. Accordingly, a non-cash IFRS 2 charge of R92 million will be incurred in the second half of the year.
The effect of this transaction is that a minority interest in our electrical cable business is now owned by our empowerment
partners.
The group has recently initiated a similar transaction in the applied electronic segment. The transaction is also expected
to be concluded in the second half of the financial year.
No adjustment to the results presented is required as a result of the above disclosure.
Supplementary information
31 March 30 September
(Unaudited) (Audited)
R million (unless otherwise stated)
2016 2015 2015
Net asset value (cents) 4 038 3 832 4 047
Current ratio (:1) 2,6 2,6 2,6
Quick ratio (:1) 2,0 2,2 2,2
Dividend Yield (%) 6,0 6,3 6,7
Net number of ordinary shares in issue (million) 165 164 165
Number of ordinary shares in issue (million) 184 183 184
Less: Empowerment shares (million) (19) (19) (19)
Capital expenditure 74 47 146
- expansion 54 29 104
- replacement 20 18 42
Capital commitments in respect of property, plant and equipment 91 54 68
- contracted 53 21 41
- authorised not yet contracted 38 33 27
Commitments in respect of operating leases 74 63 75
Contingent liabilities - - -
Administration
Directors
T S Munday (chairman) *,T Abdool-Samad*, A E Dickson (chief executive officer), S D Jagoe*, S Martin*, P Mahanyele*, M
Moodley, T J Motsohi*, N D B Orleyn**, S G Pretorius*, M A R Taylor, N A Thomson (chief financial officer), R Van Rooyen*
* independent non-executive; ** non-executive
Registered office
Nashua Building
Woodmead North Office Park
54 Maxwell Drive
Woodmead, Sandton
PO Box 784391
Sandton, 2146
Telephone +27 11 517 9000
Income taxation reference number 9100/101/71/7P
Transfer secretaries
Computershare Investor Services Proprietary Limited
70 Marshall Street
Johannesburg, 2001
P O Box 61051
Marshalltown, 2107
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited).
Registered auditors
Deloitte & Touche
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 period ended 31 March
2016 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
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 http://www.reunert.com.
24 May 2016 (publication date)
Date: 24/05/2016 12:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
