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RLO
RLO
RLO - Reunert - Unaudited Results For The Six Months Ended 31 March 2009 And
Cash Dividend Declaration
REUNERT LIMITED
Incorporated in the Republic of South Africa
(Registration number 1913/004355/06)
Share code: RLO & ISIN code: ZAE000057428
("Reunert" or "the group")
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2009 AND CASH DIVIDEND
DECLARATION
CONDENSED GROUP INCOME STATEMENT
For the six months ended 31 March
Year
ended
30 Sept
2009 2008 2008
R million R million % R million
Notes (Unaudited) (Unaudited) change (Audited)
Revenue 1 5 118,9 5 084,8 1 10 921,1
Earnings before 568,6 679,1 (16) 1 487,2
interest, tax,
depreciation,
amortisation,
other income and
dividends
Other income 1 9,0 89,8 172,0
Earnings before
interest, tax,
depreciation and
amortisation 1 577,6 768,9 (25) 1 659,2
(EBITDA)
Depreciation and 46,3 39,9 16 86,6
amortisation
Operating profit 531,3 729,0 (27) 1 572,6
Net interest and 2 51,6 30,6 69 60,3
dividend income
Abnormal items 3 - 1,5 1,5
Profit before 582,9 761,1 (23) 1 634,4
taxation
Taxation 163,5 247,7 (34) 486,8
Profit after 419,4 513,4 1 147,6
taxation
Share of - 15,6 16,1
associate
companies`
profits
Profit for the 419,4 529,0 (21) 1 163,7
period
Profit for the
period
attributable to:
Minority 2,8 2,7 4 7,1
interests
Equity holders 416,6 526,3 (21) 1 156,6
of Reunert
Limited
419,4 529,0 1 163,7
Basic earnings 4 233,4 296,2 (21) 650,1
per share
(cents)
Diluted basic 4 232,9 294,0 (21) 646,9
earnings per
share (cents)
Headline 4 & 5 233,5 296,1 (21) 651,9
earnings per
share (cents)
Diluted headline 4 & 5 232,9 294,0 (21) 648,7
earnings per
share (cents)
Normalised 4 & 5 232,2 277,5 (16) 630,1
headline
earnings per
share (cents)
Normalised 4 & 5 231,6 275,5 (16) 626,9
diluted headline
earnings per
share (cents)
Cash dividend 65,0 78,0 (17) 319,0
per ordinary
share declared
in respect of
the period
(cents)
Taxation rate 28,0 32,6 14 29,8
excluding
abnormal items
(%)
EBITDA as a % of 11,3 15,1 (25) 15,2
revenue
CONDENSED GROUP BALANCE SHEET
As at 31 March
30 Sept
2009 2008 2008
R million R million R million
Notes (Unaudited) (Unaudited) (Audited)
Non-current assets
Property, plant and 607,6 599,9 591,3
equipment and Intangible
assets
Goodwill 6 415,5 291,9 415,3
Investments and loans 7 866,6 1 482,5 865,3
RCCF accounts receivable 1 253,3 - 1 274,8
Deferred taxation 22,9 36,9 32,0
3 165,9 2 411,2 3 178,7
Current assets
Inventory and contracts 799,2 961,5 979,7
in progress
Accounts receivable and 1 598,5 1 951,3 1 935,3
derivative assets
RCCF accounts receivable 617,3 - 682,2
Non-current assets held - - 23,1
for sale
Cash and cash 961,6 294,1 794,6
equivalents
RCCF bank balances and 99,6 - 82,0
cash
4 076,2 3 206,9 4 496,9
Total assets 7 242,1 5 618,1 7 675,6
Equity attributable to
equity holders of
Reunert Limited
Ordinary 3 672,4 3 125,0 3 674,7
Preference 0,7 0,7 0,7
3 673,1 3 125,7 3 675,4
Minority interest 19,5 16,3 20,7
Total equity 3 692,6 3 142,0 3 696,1
Non-current liabilities
Deferred taxation 182,7 155,7 208,2
Long-term borrowings 8 3,9 333,6 12,8
RCCF long-term 8 699,9 - 699,9
borrowings
Vendor liability 12 7,0 - -
893,5 489,3 920,9
Current liabilities
Accounts payable, 1 620,8 1 822,7 1 880,6
derivative liabilities,
provisions and taxation
RCCF bank borrowings 1 034,7 - 1 164,4
Bank overdrafts and
short-term portion of
long-term borrowings
(including finance 8 0,5 164,1 13,6
leases)
2 656,0 1 986,8 3 058,6
Total equity and 7 242,1 5 618,1 7 675,6
liabilities
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 March
Year
ended
30 Sept
2009 2008 2008
R million R million R million
Notes (Unaudited) (Unaudited) (Audited)
Share capital and
premium
Balance at the 106,9 90,8 90,8
beginning of the period
Issue of shares 3,1 1,2 16,1
Balance at the end of 110,0 92,0 106,9
the period
Share-based payment
reserve
Balance at the 664,3 649,9 649,9
beginning of the period
Share-based payment 6,9 6,2 14,4
expense
Balance at the end of 671,2 656,1 664,3
the period
Fair value adjustment
reserve*
Balance at the 621,1 - -
beginning of the period
Arising on fair 7 - 591,7 660,3
valuation of financial
instruments
Deferred taxation on - (39,3) (39,2)
fair value gain
Balance at the end of 621,1 552,4 621,1
the period
Equity transaction with
BEE partner
Balance at the (35,3) - -
beginning of the period
Purchase of a portion
of BEE partner`s
interest in a
subsidiary
not previously 9 - - (35,3)
recognised as a
minority
Balance at the end of (35,3) - (35,3)
the period
Treasury shares (276,1) (276,1) (276,1)
Non-distributable
reserves
Balance at the 4,1 7,3 7,3
beginning of the period
Translation reserve 1,3 (1,3) 0,7
Reunert`s share of
previously equity
accounted associate`s
actuarially valued - (3,9) (3,9)
surplus of medical aid
provision**
Balance at the end of 5,4 2,1 4,1
the period
Retained earnings
Balance at the 2 590,4 1 997,1 1 997,1
beginning of the period
Profit for the period 416,6 526,3 1 156,6
Reunert`s share of - 3,9 3,9
previously equity
accounted associate`s
actuarially valued
surplus of medical aid
provision transferred
from non-distributable
reserves**
Cash dividends declared (430,2) (428,1) (567,2)
and paid
Balance at the end of 2 576,8 2 099,2 2 590,4
the period
Equity attributable to 3 673,1 3 125,7 3 675,4
equity holders of
Reunert Limited
Minority interest
Balance at the 20,7 14,4 14,4
beginning of the period
Profit for the period 2,8 2,7 7,1
Dividends declared and (4,0) (1,8) (1,8)
paid
Minority interest - 1,0 1,0
introduced
Balance at the end of 19,5 16,3 20,7
the period
Total equity at end of 3 692,6 3 142,0 3 696,1
the period
*This reserve relates to fair value adjustments on financial assets designated
as "available-for-sale" financial assets in terms of IAS 39.
**Since Reunert`s investment in NSN is no longer equity-accounted this reserve
has been transferred to retained earnings.
CONDENSED GROUP CASH FLOW STATEMENT
For the six months ended 31 March
Year ended
30 Sept
2009 2008 2008
R million R million R million
(Unaudited) (Unaudited) (Audited)
EBITDA 577,6 768,9 1 659,2
Decrease/(increase) in net 480,6 (292,4) (327,7)
working capital
Decrease/(increase) in net 394,2 (292,4) (295,2)
working capital (excluding
RCCF)*
Decrease/(increase) in RCCF 86,4 - (32,5)
accounts receivable while a
consolidated subsidiary
Cash generated from 1 058,2 476,5 1 331,5
operations
Net interest and dividend 51,6 30,6 147,2
income (including associates)
Taxation paid (316,6) (231,3) (410,8)
Dividends paid (including to (434,2) (429,9) (569,0)
minorities)
Other (net) 8,4 6,1 19,4
Net cash flows from operating 367,4 (148,0) 518,3
activities
Net cash flows from investing (35,4) (129,1) (921,3)
activities*
Net cash flows from financing (5,0) 88,4 (380,3)
activities*
Increase/(decrease) in net 327,0 (188,7) (783,3)
cash resources
Net (borrowings)/cash (300,5) 482,8 482,8
resources at the beginning of
the period
Net cash/(borrowings) 26,5 294,1 (300,5)
resources at the end of the
period
Cash and cash equivalents 961,6 294,1 794,6
Bank overdrafts - - (12,7)
Net cash resources excluding 961,6 294,1 781,9
RCCF
(935,1) - (1 082,4)
RCCF bank balances and cash 99,6 - 82,0
RCCF short-term borrowings (1 034,7) - (1 164,4)
Net cash/(borrowings) 26,5 294,1 (300,5)
resources including RCCF net
borrowings at the end of the
period
*In order to enhance disclosures the following amounts relating to
debtors discounted by subsidiaries with RCCF, while it was an
equity accounted associate, which did not entail a receipt or
payment of cash and cash equivalents, have been included
(Increase)/decrease in
respect of short-term portion
of accounts receivable
(included in working capital - (20,3) 145,3
changes (excluding RCCF))
(Increase)/decrease in
respect of long-term portion
of accounts receivable
(included in cash flows from - (59,1) 235,5
investing activities)
Increase/(decrease) in - 79,4 (380,8)
respect of the borrowings
(included in financing
activities)
- - -
CONDENSED SEGMENTAL ANALYSIS
For the six months ended 31 March
Year
ended
30 Sept
2009 2008 2008
R million % R million % % R million %
(Unaudited) (Unaudited) change (Audited)
Revenue*
CBI-electric 1 610,5 32 1 750,3 34 (8) 3 951,9 36
Nashua 3 167,9 62 3 125,8 61 1 6 445,2 58
NSN** 59,1 1 - - - -
Reutech 281,4 5 281,7 5 (0) 622,3 6
Total 5 118,9 5 157,8 (1) 11 019,4 100
operations 100 100
Less: - (73,0) (98,3)
Reunert`s
attributable
portion of
associate
companies`
revenue
Revenue as 5 118,9 5 084,8 1 10 921,1
reported
**Inter-segment revenue is immaterial and has not been disclosed.
**Revenue in the current period includes dividends in lieu of commission income
received attributable to the investment in NSN (refer to notes 1 and 7). In the
comparative period in 2008 this was disclosed as other income (refer below).
Operating profit
CBI-electric 179,2 34 289,3 39 (38) 675,3 42
Nashua 268,8 51 310,2 41 (13) 652,8 41
NSN* 33,4 6 86,1 11 (61) 139,0 9
Reutech 49,9 9 65,0 9 (23) 136,9 8
Total 531,3 750,6 (29) 1 604,0 100
operations 100 100
Less: - (21,6) (31,4)
Reunert`s
attributable
portion of
associate
companies`
net
operating
profit
Operating 531,3 729,0 (27) 1 572,6
profit as
reported
*Operating profit of NSN represents commission income and dividends in lieu of
commission income (refer to notes 1 and 7). On a comparative basis the 2009
operating profit amounts to R64,6 million.
NOTES TO THE INCOME STATEMENT AND BALANCE SHEET
Year
ended
30 Sept
2009 2008 2008
R million R million R million
(Unaudited) (Unaudited) (Audited)
Note 1
Other Income and EBITDA
EBITDA is stated after:
- Cost of sales 3 712,3 3 670,5 7 915,4
- Other expenses excluding 871,8 793,4 1 561,3
depreciation and amortisation
- Other income 9,0 89,8 172,0
Commission income* - 86,1 139,0
Other 9,0 3,7 33,0
- Realised profit on foreign 8,3 28,0 20,6
exchange and derivative
instruments
- Unrealised profit on 25,5 30,2 22,2
foreign exchange and
derivative instruments
*In terms of the agreement governing the commission income (the agreement) the
Nokia Siemens Networks-Group (NSN group) may pay a dividend to Reunert in lieu
of the commission. Reunert received a dividend of R80 million from NSN group in
the current period, which relates to sales revenue arising in the previous
financial year, sales revenue in the six months to 31 March 2009 and future
revenue. With effect from 1 October 2008 all income earned in terms of the
agreement is included in revenue. In the current period the gross revenue
amounts to R64,6 million.
Note 2
Net interest and dividend
income
Interest received 72,5 48,6 99,3
- From RC&C Finance Company 39,0 - 20,7
(Pty) Ltd (RCCF) while a
consolidated subsidiary
- External 33,5 48,6 78,6
Interest paid (21,1) (21,6) (43,2)
Dividend income 0,2 3,6 4,2
Total 51,6 30,6 60,3
Note 3
Abnormal Items
Net surplus on dilution in and - 1,5 1,5
disposal of business (before
and after tax)
Note 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) 178,5 177,7 177,9
Adjusted by the dilutive 0,4 1,3 0,9
effect of unexercised share
options granted (millions of
shares)
Weighted average number of 178,9 179,0 178,8
shares used to determine
diluted basic, diluted
headline, and diluted
normalised headline earnings
per share (millions of shares)
Note 5
5.1 Headline earnings
Profit attributable to equity 416,6 526,3 1,156,6
holders of Reunert (IAS 33
basic earnings)
Headline earnings are
determined by eliminating the
effect of the following
items from attributable
earnings:
Net surplus on dilution in and - (1,5) (1,5)
disposal of business
Loss on disposal of property, 1,7 0,9 5,2
plant and equipment and
intangible assets
Other headline earnings (1,3) - -
adjustments
Taxation effect of adjustments (0,3) 0,5 (0,5)
Headline earnings 416,7 526,2 1,159,8
5.2 Normalised headline
earnings
Headline earnings (refer to 416,7 526,2 1,159,8
note 5.1)
Normalised headline earnings
are determined by eliminating
the effect of the
following item from
attributable headline
earnings:
BEE share adjustments 0,1 - (0,4)
416,8 526,2 1,159,4
Net economic interest in
profit that is attributable to
BEE partners
(refer to note 9) (2,4) (33,0) (38,5)
Normalised headline earnings 414,4 493,2 1,120,9
Note 6
Goodwill
Carrying value at the 415,3 372,8 372,8
beginning of the year
Acquisitions of businesses and 0,2 13,7 137,1
minority interests
Unamortised goodwill arising - (94,6) (94,6)
in a previous period on a
further acquisition of NSN now
transferred to investment in
NSN (refer to note 7).
Carrying value at the end of 415,5 291,9 415,3
the year
Year ended
30 Sept
2009 2008 2008
R million R million R million
(Unaudited) (Unaudited) (Audited)
Note 7
Investments and loans
Unlisted associate companies -
at cost plus equity-accounted
earnings excluding
goodwill - 297,7 -
Other unlisted investments - 8,3 7,0 7,0
at cost
Loans - at cost 52,3 52,4 52,3
Long-term accounts receivable - 319,4 -
Financial instrument - 806,0 806,0 806,0
Investment in NSN - at fair
value*, made up as follows:
Carrying value of NSN at 1
October 2007, previously an
unlisted company,
now a financial instrument 119,7 119,7 119,7
Unamortised goodwill arising
on a further acquisition in a
previous period
(refer to note 6). 94,6 94,6 94,6
Pre-acquisition dividend (68,6) - (68,6)
received from NSN
Fair value adjustment 660,3 591,7 660,3
Total carrying value 866,6 1 482,5 865,3
Directors` valuation of
unlisted investments
- Unlisted associate companies - 404,0 -
(2008: Quince Capital Holdings
(Pty) Limited (Quince))**
- Other unlisted investments 814,3 813,0 813,0
(includes NSN at R806,0
million)
*The fair value of the investment is the discounted cash flow of
the minimum amount specified in the shareholders` agreement with
NSN group, in the event of a sale to NSN group, together with an
estimation of future commissions. The first time a sale may take
place in terms of the agreement is 31 December 2010.
**With effect from 1 June 2008, Reunert Limited bought the
remaining 53% of Quince`s share capital not previously owned.
Note 8
RCCF and other long-term
borrowings
Total long-term borrowings 704,3 475,4 713,6
(including finance leases)
Less: Short-term portion (0,5) (164,1) (0,9)
(including finance leases)
703,8 311,3 712,7
Loan repaid by BEE partner - 22,3 -
703,8 333,6 712,7
Made up of:
Non-RCCF long-term borrowings 3,9 333,6 12,8
RCCF long-term borrowings 699,9 - 699,9
703,8 333,6 712,7
Note 9
BEE transactions
The group entered into an agreement with Powerhouse Utilities (Pty) Limited
(Powerhouse), whereby on 1 December 2004, 25,1% of the A shares of ATC (Pty) Ltd
(ATC) were sold to Powerhouse at a cost of R130 million. IFRS requires that this
transaction is not accounted for as a sale, since the loan has not been fully
paid by Powerhouse and conditions are attached to the unpaid portion,
notwithstanding that the economic reality of this transaction is, in fact, a
sale.
With effect 1 April 2008, Reunert bought back 15.0% of ATC`s A shares from
Powerhouse for R117m leaving Powerhouse with 10,1% shareholding.
The effect of this has been to not recognise the following:
- Net economic interest in current year profit that is attributable to BEE
partners 2,4 33,0 38,5
- Balance sheet interest that is economically attributable to BEE partners
102,9 194,8 95,3
Note 10
Basis of preparation
These condensed interim group financial statements have been prepared in terms
of IAS 34 - Interim Financial Reporting as well as in compliance with the
Companies Act of South Africa, Act 61 of 1973 as amended, and the Listings
Requirements of the JSE Limited.
The group`s accounting policies, as set out in the audited annual financial
statements for the year ended 30 September 2008 and which comply with
International Financial Reporting Standards, have been consistently applied,
except as detailed in note 1 in respect of income from the NSN group.
Note 11
Unconsolidated subsidiary
The financial results of Cafca Limited, a subsidiary incorporated in Zimbabwe,
have not been consolidated in the group results as the directors believe there
is a lack of control as defined in IAS 27 - Consolidated and Separate Financial
Statements, and the amounts involved are not material to the group`s results.
Note 12
Major corporate activity
Acquisition of Blue Lake Investments (Pty) Limited
With effect from 1 October 2008 Nashua Mobile purchased 75% of the business of
Blue Lake Investments (Pty) Limited, which is involved in least cost routing.
The company was valued at R28 million. Reunert`s 75% cost R21 million and 25%
was acquired by a non-controlling shareholder for R7 million.
R million
Net assets acquired:
Intangible asset 28,0
Vendor liability (7,0)
Cost of investment (75%) 21,0
Operating profit since acquisition 3,8
Revenue since acquisition 12,6
Note 13
Related party transactions
The group entered into various transactions with related parties which occurred
under terms that are no more favourable than those arranged with independent
third parties.
Supplementary information
For the six months ended 31 March
Year
ended
30 Sept
2009 2008 2008
R million (unless otherwise (Unaudited) (Unaudited) (Audited)
stated)
Net worth per share (cents) 2 058 1,758 2 060
Current ratio (including 1,5 - 1,5
RCCF) (:1)
Current ratio (excluding 2,1 1,6 2,0
RCCF) (:1)
Net number of ordinary shares 178,5 177,8 178,4
in issue (million)
Number of ordinary shares in 197,0 196,3 196,9
issue (million)
Less: Held by Bargenel (18,5) (18,5) (18,5)
Investments Limited (million)
Capital expenditure 37,6 66,2 117,1
- expansion 17,8 36,0 72,8
- replacement 19,8 30,2 44,3
Capital commitments in 38,0 33,1 74,2
respect of property, plant
and equipment
- contracted 17,6 13,6 9,0
- authorised not yet 20,4 19,5 65,2
contracted
Commitments in respect of 101,4 91,7 90,9
operating leases
Contingent liabilities
-
guarantees in respect of - 700 -
Quince
COMMENTARY
Since the announcement of our 2008 results in November last year, market
conditions have deteriorated radically. Consequently, revenue in the interim
reporting period increased by only 1% to R5,1 billion compared to a year ago.
The steep decline in volumes, specifically in our electrical engineering
operations, resulted in operating profit decreasing by 27% to R531 million.
The lower levels of activity and prudent cash management have resulted in
working capital decreasing with a corresponding increase in cash and cash
equivalents to R962 million at the end of March. Net interest and dividend
income increased by 69% and coupled with a lower tax rate, limited the decline
in normalised headline earnings per share to 16% (232 cents per share).
The CBI-electric group
Surprisingly the electrical engineering group, CBI-electric, excluding the
telecommunication cables operation, which is directly exposed to infrastructure
developments suffered significant volume declines. In addition, the collapse in
the copper price led to once-off charges of R52 million.
Revenue decreased by 8% to R1,6 billion whilst operating profit dropped by 38%.
The depreciation of the rand tended to offset some of the decline in volume
preventing revenue from slipping further and as a result margins and cash flows
held up remarkably well. Capital expenditure programs are being maintained.
Volume declines are attributable to fewer building plans approved, the slowdown
in mining activities and destocking by customers. The demand for supertension
cable is strong and a second production line has been commissioned.
Unfortunately this will not be sufficient to compensate for the drop off in
general demand for power cable.
The export of low-voltage products (circuit breakers for protection) remained
strong despite the global economic downturn. Margins increased as a result of
the weakening rand and bolstered the results.
The telecom cable operation performed better than in the comparable period. The
demand for copper telecommunication cable was healthy while fibre demand remains
subdued. Signs of increased demand for fibre cable are very positive based on
the announced roll-outs of fibre networks for MTN, Vodacom and Neotel.
The Nashua group
Revenue was up by 1% to R3,1 billion while operating profit was down by 13% to
R269 million. Increased bad debts and lack of consumer financing negatively
impacted results.
Our decision to exit the consumer electronics business was prudent and timeous.
Exiting the business did not occur without cost, but positive results are
expected going forward. From 1 April 2009, Panasonic Japan will distribute
consumer products directly to the South African consumer market. Our cooperation
with Panasonic will continue as we will be the sole representative of all
business systems products. Building this business to acceptable levels of
profitability is a priority.
Despite an increase in bad debts Nashua Mobile maintained profitability while
increasing revenue marginally. Additional care is being taken to connect only
credit worthy customers. It will be difficult to achieve future growth as
subscribers cut back on airtime spend.
Office systems performed satisfactorily in an environment where customers found
it very difficult to obtain finance. The relative change in the rand/yen versus
the rand/euro exchange rate will enhance our competitive position in this
business. We are confident that unit sales will increase going forward.
The finance company, in line with the difficulty of obtaining capital, tightened
credit vetting criteria and adjusted margins to reflect increased risk. A
conscious decision was taken to reduce the book in an orderly way. The benefits
of this approach will be realised in future.
Reutech
The first half of the year was a preparation period for Reutech to fulfil
existing contract obligations. Deliveries commenced late in the second quarter
and are now in full swing. Favourable exchange rates have been locked in for the
remainder of the financial year. Reutech is expected to perform well ahead of
last year.
NSN
Commission income, now disclosed as revenue and not other income, decreased from
R86 million to R65 million on a comparable basis. The market is expected to
remain subdued whilst competition is on the increase. Full year results are thus
expected to be down compared to those of a year ago.
Prospects
It is unlikely that the South African economy will turn positive in the short
term. Recovery in South Africa will depend on a global recovery.
Previously we indicated that we were hopeful of achieving a result similar to
that of the past financial year. The severity of the downturn will cause this to
be challenging.
CASH Dividend
Notice is hereby given that interim ordinary share dividend No.166 of 65 cents
per share (2008: 78 cents per share) has been declared by the directors for the
six months ended 31 March 2009. In compliance with the requirements of Strate,
the following dates are applicable:
Last date to trade (cum dividend) Thursday, 11 June 2009
First date of trading (ex dividend) Friday, 12 June 2009
Record date Friday, 19 June 2009
Payment date Monday, 22 June 2009
Shareholders may not dematerialise or rematerialise their share certificates
between Friday, 12 June 2009 and Friday, 19 June 2009, both days inclusive.
On behalf of the board
Martin Shaw Gerrit Pretorius
Chairman Chief Executive
Sandton, 13 May 2009
Directors: MJ Shaw (Chairman)*, G Pretorius (Chief Executive),
BP Connellan*, KS Fuller*, BP Gallagher, SD Jagoe*, KJ Makwetla*, TJ Motsohi*,
TS Munday*, GJ Oosthuizen, ND Orleyn**, DJ Rawlinson, Dr JC van der Horst*
*Independent non-executive **Non-executive
Registered office: Lincoln Wood Office Park6 - 10 Woodlands Drive, Woodmead,
Sandton
PO Box 784391, Sandton, 2146
Telephone +27 11 517 9000
Transfer secretaries: Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Secretaries` certification
In terms of section 268 G(d) of the Companies Act, 61 of 1973, as amended, I
certify that, to the best of my knowledge and belief, the company has lodged
with the Registrar of Companies for the six months ended 31 March 2009 all such
returns as are required by a public company in terms of the Companies Act and
that all such returns are true, correct and up to date.
JAF Simmonds
For Reunert Management Services Limited
Company Secretaries
Enquiries
Carina de Klerk +27 11 517 9000 or e-mail invest@reunert.co.za.
For more information log onto the Reunert website at www.reunert.com.
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