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RLO
RLO
RLO - Reunert - Unaudited group results for the six months ended 31 March 2010
and cash dividend declaration
REUNERT LIMITED
Incorporated in the Republic of South Africa
Registration number 1913/004355/06
Share code: RLO
ISIN: ZAE000057428
("Reunert", "the group" and "the company")
UNAUDITED GROUP RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2010 AND CASH DIVIDEND
DECLARATION
- Operating profit up 9%
- Available cash on hand of R1,4 billion
- Cash dividend per share 67 cents
CONDENSED GROUP INCOME STATEMENT
For the six months ended 31 March
Year ended
30 Sept
2010 2009 2009
R million R million % R million
Notes (Unaudited) (Unaudited) change (Audited)
Revenue 5 113,6 5 118, 9 - 10 270,8
Earnings before
interest, tax,
depreciation,
amortisation, other 608,6 568,6 7 1 200,3
income and dividends
Other income 23,7 9,0 36,5
Earnings before 1 632,3 577,6 9 1 236,8
interest, tax,
depreciation and
amortisation
(EBITDA)
Depreciation and 50,8 46, 3 10 96,4
amortisation
Operating profit 581,5 531, 3 9 1 140,4
Net interest and 2 48,4 51, 6 (6) 108,2
dividend income
Abnormal items 3 (34,0) - 299,2
Profit before 595,9 582,9 2 1 547,8
taxation
Taxation 4 192,6 163,5 18 374,3
Profit after 403,3 419,4 (4) 1 173,5
taxation
Profit attributable
to:
Minority interests 4,7 2,8 68 9,0
Equity holders of 398,6 416,6 (4) 1 164,5
Reunert Limited
Basic earnings per 5 & 6 223,1 233,4 (4) 652,4
share (cents)
Diluted earnings per 5 & 6 221,1 232,9 (5) 646,9
share (cents)
Headline earnings
per share (cents) 5 & 6 223,0 233,5 (5) 651,6
Diluted headline 5 & 6
earnings per share
(cents) 221,0 232,9 (5) 646,2
Normalised headline 238,9 232,2 3 499,5
earnings per share 5 & 6
(cents)
Normalised diluted 236,8 231,6 2 495,3
headline earnings 5 & 6
per share (cents)
Cash dividend per 67,0 65,0 3 253,0
ordinary share
declared (cents)
Taxation rate 4 32,3 28,0 (15) 24,2
EBITDA as a % of 12,4 11,3 10 12,0
revenue
CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 March
Year ended
30 Sept
2010 2009 2009
R million R million R million
(Unaudited) (Unaudited) (Audited)
Profit after taxation 403,3 419,4 1 173,5
Other comprehensive income, net of
tax:
(Losses)/gains arising from (1,6) 1,3 (0,9)
translating the financial
statements of foreign subsidiaries
Loss arising on re-measurement of - - (311,7)
available-for-sale financial
assets
Effective portion of 3,3 - (10,2)
gains/(losses) on hedging
instruments in a cash flow hedge
Income tax relating to components - - 39,2
of other comprehensive income
Total comprehensive income 405,0 420,7 889,9
Total comprehensive income
attributable to:
Minority interests 4,7 2,8 9,0
Equity holders of Reunert Limited 400,3 417,9 880,9
CONDENSED GROUP BALANCE SHEET
As at 31 March
30 Sept
2010 2009 2009
R million R million R million
Notes (Unaudited) (Unaudited) (Audited)
Non-current assets
Property, plant and
equipment and intangible
assets 632,0 607,6 587,9
Goodwill 7 491,8 415,5 460,6
Investments and loans 8 841,4 866,6 853,9
Quince receivables 9 838,9 1 253,3 993,6
Other accounts receivable 86,3 - -
Deferred taxation 28,7 22,9 29,1
Non-current assets 2 919,1 3 165,9 2 925,1
Current assets
Inventory and contracts in 733,9 799,2 696,2
progress
Accounts receivable and 1 702,9 1 598,5 1 665,7
derivative assets
Quince receivables 9 745,8 617,3 709,7
Cash and cash equivalents 1 397,2 961,6 1 603,1
Quince bank balances and 9 123,8 99,6 97,6
cash
Current assets 4 703,6 4 076,2 4 772,3
Total assets 7 622,7 7 242,1 7 697,4
Equity attributable to
equity holders of Reunert
Limited
Ordinary 4 140,6 3 672,4 4 033,7
Preference 0,7 0,7 0,7
4 141,3 3 673,1 4 034,4
Minority interest 30,6 19,5 26,7
Total equity 4 171,9 3 692,6 4 061,1
Non-current liabilities
Deferred taxation 127,9 182,7 140,3
Long-term borrowings 10 11,0 10,9 11,0
Quince long-term 9 & 10 699,9 699,9 699,9
borrowings
Non-current liabilities 838,8 893,5 851,2
Current liabilities
Accounts payable, 1 766,8 1 620,8 1 769,7
derivative liabilities,
provisions and taxation
Quince bank borrowings 9 845,2 1 034,7 1 012,3
Bank overdrafts and short- - 0,5 3,1
term portion of long-term
borrowings (including
finance leases)
Current liabilities 2 612,0 2 656,0 2 785,1
Total equity and 7 622,7 7 242,1 7 697,4
liabilities
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 March
Year ended
30 Sept
2010 2009 2009
R million R million R million
(Unaudited) (Unaudited) (Audited)
Share capital and premium
Balance at the beginning of the 116,0 106,9 106,9
period
Issue of shares 2,1 3,1 9,1
Balance at the end of the period 118,1 110,0 116,0
Share-based payment reserve
Balance at the beginning of the 679,6 664,3 664,3
period
Share-based payment expense and 40,6 6,9 15,3
deferred tax thereon
Balance at the end of the period 720,2 671,2 679,6
Fair value adjustment reserve*
Balance at the beginning of the 338,4 621,1 621,1
period
Other comprehensive income 3,3 - (282,7)
Balance at the end of the period 341,7 621,1 338,4
Equity transaction with BEE partner (35,3) (35,3) (35,3)
Treasury shares (276,1) (276,1) (276,1)
Non-distributable reserves
Balance at the beginning of the 11,9 4,1 4,1
period
Other comprehensive income (1,6) 1,3 (0,9)
Transfer from retained earnings - - 8,7
Balance at the end of the period 10,3 5,4 11,9
Retained earnings
Balance at the beginning of the 3 199,9 2 590,4 2 590,4
period
Profit after taxation 398,6 416,6 1 164,5
Transferred to non-distributable - - (8,7)
reserves
Cash dividends declared and paid (336,1) (430,2) (546,3)
Balance at the end of the period 3 262,4 2 576,8 3 199,9
Equity attributable to equity
holders of
Reunert Limited 4 141,3 3 673,1 4 034,4
Minority interest
Balance at the beginning of the 26,7 20,7 20,7
period
Share of profit 4,7 2,8 9,0
Dividends declared and paid (0,8) (4,0) (4,0)
Minority interest introduced - - 1,0
Balance at the end of the period 30,6 19,5 26,7
Total equity at the end of the 4 171,9 3 692,6 061,1
period
*This reserve relates to fair value adjustments on financial assets classified
as "available-for-sale" financial assets in terms of IAS 39.
CONDENSED GROUP CASH FLOW STATEMENT
For the six months ended 31 March
Year ended
30 Sept
2010 2009 2009
R million R million R million
(Unaudited) (Unaudited) (Audited)
EBITDA 632,3 577,6 1 236,8
Decrease in net working capital 97,5 480,6 757,4
(Increase)/decrease in net (21,1) 394,2 513,9
working capital (excluding
Quince)
Decrease in Quince receivables 118,6 86,4 243,5
Other (net) (3,3) 8,4 42,6
Cash generated from operations 726,5 1 066,6 2 036,8
Net interest and dividend income 48,4 51,6 108,2
Taxation paid (213,9) (316,6) (477,5)
Dividends paid (including to (336,9) (434,2) (550,3)
minorities)
Net cash flows from operating 224,1 367,4 1 117,2
activities
Net cash flows from investing (238,9) (35,4) (130,8)
activities
Net cash flows from financing 2,2 (5,0) 2,5
activities
(Decrease)/increase in net cash (12,6) 327,0 988,9
resources
Net cash resources/(borrowings)
at the beginning of
the period 688,4 (300,5) (300,5)
Net cash resources at the end of 675,8 26,5 688,4
the period
Cash and cash equivalents 1 397,2 961,6 1 603,1
Bank overdrafts - - -
Net cash resources excluding 1 397,2 961,6 1 603,1
Quince
(721,4) (935,1) (914,7)
Quince bank balances and cash 123,8 99,6 97,6
Quince short-term borrowings (845,2) (1 034,7) (1 012,3)
Net cash resources including
Quince net borrowings
at the end of the period 675,8 26,5 688,4
NOTES
For the six months ended 31 March
Note 1 Year ended
30 Sept
Other Income and EBITDA 2010 2009 2009
R million R million R million
(Unaudited) (Unaudited) (Audited)
EBITDA is stated after:
- Cost of sales 3 649,3 3 712,3 7 585,4
- Other expenses excluding 820,0 871,8 1 518,2
depreciation and amortisation
- Other income 23,7 9,0 36,5
- Realised (loss)/profit on (10,5) 8,3 37,9
foreign exchange and derivative
instruments
- Unrealised (loss)/profit on (25,2) 25,5 (4,8)
foreign exchange and derivative
instruments
Note 2
Net interest and dividend income
Interest received 57,7 72,5 128,9
- From Quince Capital (Quince)
(previously RC & C
Finance Company) 25,1 39,0 69,8
- External 32,6 33,5 59,1
Interest paid (9,3) (21,1) (21,1)
Dividend income - 0,2 0,4
Total 48,4 51,6 108,2
Note 3
Abnormal Items
Gain on fair valuation of option - - 299,2
in terms of agreement with NSN
(refer to note 8)
BEE transaction expense (refer to (34,0) - -
note 11)
Taxation - - (37,4)
Net abnormal items after taxation (34,0) - 261,8
Note 4
Taxation
The current year`s tax rate was increased by the non-deductibility of the BEE
transaction expense. Both comparative periods rates were reduced by the dividend
received from NSN in lieu of commission income, while the rate for the full year
to September 2009 was further reduced mainly by the abnormal item being taxed at
the CGT rate.
Note 5
Number of shares used to calculate
earnings per share
Weighted average number of shares 178,7 178,5 178,5
in issue used to determine basic
earnings, headline earnings and
normalised headline earnings per
share (millions of shares)
Adjusted by the dilutive effect of 1,6 0,4 1,5
unexercised share options granted
(millions of shares)
Weighted average number of shares 180,3 178,9 180,0
used to determine diluted basic,
diluted headline and diluted
normalised headline earnings per
share (millions of shares)
Note 6
6.1 Headline earnings
Profit attributable to equity
holders of Reunert
(IAS 33 - Basic Earnings) 398,6 416,6 1 164,5
Headline earnings are determined
by eliminating the effect of the
following items from attributable
earnings:
Net surplus on dilution in and - - (1,3)
disposal of business
Net (gain)/loss on disposal of
property, plant and equipment and
intangible assets (0,1) 1,7 3,9
Taxation - (0,3) (3,9)
Minority interest and other - (1,3) (0,1)
headline earnings adjustments
Headline earnings 398,5 416,7 1 163,1
6.2 Normalised headline earnings
Headline earnings (refer to note 398,5 416,7 1 163,1
6.1)
Normalised headline earnings are
determined by eliminating the
effect of the following items from
attributable headline earnings:
Fair value of option in terms of - - (299,2)
agreement with NSN
BEE transaction expense (refer to 34,0 - -
note 11)
IFRS 3 profit on acquisition of (8,2) - -
Nashua Communications
Rate portion of revaluation of 11,2 - -
interest rate swap derivative
assets and liabilities
Taxation effect (3,1) - 37,4
BEE share of headline earnings - 0,1 0,3
adjustments
432,4 416,8 901,6
Net economic interest in profit (5,5) (2,4) (10,0)
attributable to BEE partners
(refer to note 11)
Normalised headline earnings 426,9 414,4 891,6
Note 7
Goodwill
Carrying value at the beginning of 460,6 415,3 415,3
the period
Acquisition of businesses 31,2 0,2 44,5
Minor acquisitions in existing - - 0,8
businesses and subsidiaries
Carrying value at the end of the 491,8 415,5 460,6
period
Note 8
Investments and loans
Loans - at cost 46,4 52,3 52,1
Other unlisted investments - at 1,5 8,3 8,3
cost
Financial instrument - NSN option 299,2 - 299,2
- at fair value*
Financial instrument - investment 494,3 806,0 494,3
in NSN - at fair value**, made up
as follows:
Carrying value of NSN at the 494,3 806,0 806,0
beginning of the period
Fair value adjustment - - (299,2)
Compensation received - - (12,5)
Total carrying value 841,4 866,6 853,9
Directors` valuation of unlisted
investments
-
Other unlisted investments
(includes NSN at R793,5 million)
(March 2009: R806,0 million,
September 2009:
R793,5 million)) 795.1 814,3 801,8
*Reunert holds an option to sell its investment in Nokia Siemens Networks SA
(Pty) Limited (NSN) to the other shareholders of NSN and the other shareholders
of NSN may call on Reunert to sell its shares in NSN. During the prior year
R12,5 million of compensation, as defined in the agreement with the Nokia
Siemens Networks Group (NSN group), was received in respect of a country, sales
to which ceased qualifying for commission. In terms of the agreement any
compensation received reduces the minimum and maximum prices of the options.
The minimum price of the put option is R793,5 million (March 2009: R806,0
million, September 2009: R793,5 million) and the maximum price of the call
option is R947,5 million (March 2009: R960,0 million, September 2009: R947,5
million). The first time a sale may take place in terms of the agreement is 31
December 2010.
A valuation of the option was performed at 31 March 2010, as a result of which
no adjustment was necessary to the value at 30 September 2009.
** The fair value of the investment is the present value of the amount specified
in the shareholders` agreement with NSN group, together with discounted cash
flows of estimated future commissions.
Note 9
Quince
Quince provides asset-based financial solutions and, due to the nature of the
business, its receivables and associated borrowings are disclosed separately on
the face of the balance sheet. Interest income and expense are included in
revenue and cost of sales respectively.
Note 10
Quince and other long-term
borrowings
Total long-term borrowings 710,9 711,3 711,0
(including finance leases)
Less: Short-term portion - (0,5) (0,1)
(including finance leases)
710,9 710,8 710,9
Made up of:
Quince long-term borrowings 699,9 699,9 699,9
Other 11,0 10,9 11,0
710,9 710,8 710,9
Note 11
BEE transactions
With effect from 1 October 2009 the group disposed of 20% of its interest in
Reutech Limited to an accredited BEE partner for R100,0 million. This
transaction gave rise to an expense of R34,0 million in terms of IFRS 2 - Share
Based Payment.
BEE transactions where the significant risks and rewards of ownership in respect
of their equity interests have not passed to the BEE partners, have not been
recognised as minority interests under International Financial Reporting
Standards (IFRS).
Had the minority interest been recognised, the effect would be the following:
- Net economic interest in 5,5 2,4 10,0
current period profit that is
attributable to BEE partners
- Balance sheet interest that is
economically attributable
to BEE partners 135,5 102,9 115,0
Note 12
Basis of preparation
These condensed group interim 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 per the audited annual financial statements
for the year ended 30 September 2009, have been consistently applied, with the
exception of the adoption of the revised IAS 1 - Presentation of Financial
Statements and IFRS 8 - Operating Segments (refer to the condensed segmental
analysis). The effect of IAS 1 has been the inclusion of the statement of
comprehensive income and the consequent reduction in the amount of disclosure in
the statement of changes in equity.
These accounting policies comply with IFRS.
Note 13
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 14
Related party transactions
The group entered into various transactions with related parties which occurred
in the ordinary course of business and under terms that are no more favourable
than those arranged with independent third parties.
Note 15
Events after balance sheet date
No events occurred after the balance sheet date that require additional
disclosure or adjustment.
SUPPLEMENTARY INFORMATION
For the six months ended 31 March
Year ended
30 Sept
2010 2009 2009
R million (unless otherwise stated) (Unaudited) (Unaudited) (Audited)
Net worth per share (cents) 2 316 2 058 2 258
Current ratio (including Quince) 1,8 1,5 1,7
(:1)
Current ratio (excluding Quince) 2,2 2,1 2,3
(:1)
Net number of ordinary shares in
issue (million) 178,8 178,5 178,7
Number of ordinary shares in issue 197,3 197,0 197,2
(million)
Less: Held by Bargenel Investments (18,5) (18,5) (18,5)
Limited (million)
Capital expenditure 73,2 37,6 87,1
- expansion 56,8 17,8 34,7
- replacement 16,4 19,8 52,4
Capital commitments in respect of 73,9 38,0 56,5
property, plant and equipment
- contracted 41,5 17,6 17,9
- authorised not yet contracted 32,4 20,4 38,6
Commitments in respect of operating 81,6 101,4 91,2
leases
CONDENSED SEGMENTAL ANALYSIS
For the six months ended 31 March
Year
ended
30 Sept
2010 2009 2009
R million R million % R million
(Unaudited) % (Unaudited) % change (Audited) %
Revenue*
CBI-electric 1 319,9 26 1 610,5 32 (18) 2 952,2 29
Nashua 3 375,6 66 3 167,9 63 7 6 364,9 62
Reutech 385,8 8 281,4 5 37 873,7 9
Other 1,3 - - - - -
Total 5 082,6 5 059,8 - 10 190,8 100
operations 100 100
NSN 31,0 59,1 (48) 80,0
Revenue as 5 113,6 5 118,9 - 10 270,8
reported
*Inter-segment revenue is immaterial and has not been disclosed.
Operating
profit
CBI-electric 217,5 40 201,1 40 8 420,8 39
Nashua 292,4 53 286,1 58 2 514,3 47
Reutech 21,4 4 50,4 10 (58) 226,7 21
Other 19,2 3 (39,7) (8) (75,7) (7)
Total 550,5 497,9 11 1 086,1 100
operations 100 100
NSN* 31,0 33,4 (7) 54,3
Operating 581,5 531,3 9 1 140,4
profit as
reported
*Operating profit of NSN represents commission income and in the comparative
periods included dividends in lieu of commission income. On a comparative basis
the March 2009 operating profit amounts to R64,6 million (September 2009: R96,5
million).
Total assets per segment have not been disclosed as there have been no material
changes.
IFRS 8 - Operating Segments was adopted during the current year, resulting in
the disclosure of a further segment, shown as "Other".
The comparative information has been amended accordingly.
COMMENTARY
Subdued market conditions resulted in no growth in revenue, which remained flat
at R5,1 billion for the six months ended 31 March. However, effective action
taken by management to counter the lack of growth in revenue and the negative
effect of the strong rand on margins, enhanced Reunert`s operating profit by 9%
to R582 million for the period.
The balance sheet remained strong with available cash of R1,4 billion. A higher
tax rate reduced the growth in basic normalised earnings to 3% (238,9 cents per
share).
NASHUA
Nashua performed well and revenue grew by 7% to R3,4 billion. Operating profit
increased by 2% to R292 million.
The Office Automation operations had a particularly good start to the year. Unit
sales were up on the same period last year despite a very competitive market
that showed no growth overall.
The Electronics operations, comprising Nashua Communications and PanSolutions,
performed in line with expectations. Nashua Communications, formerly Siemens
Enterprise Communications, delivered pleasing results. The integration with
Nashua Electronics is almost complete and the expected benefits of synergy are
being realised. Exiting consumer electronics was a good decision, enabling
PanSolutions to focus on business systems.
Nashua Mobile`s performance reflected the tough cellular communications
environment in which it currently operates. Although net connections increased
by 8%, revenue and operating profit remained virtually unchanged. The changes in
termination rates have had no impact on the results to date.
The asset-backed finance activity of Nashua, Quince Capital, had a relatively
good half. New business is of a high quality at margins reflecting the uncertain
economic times. The first issue of commercial paper that forms part of a long-
term funding programme should be placed shortly.
CBI-ELECTRIC
Revenue reduced by 18% to R1,3 billion as a direct result of a slump in demand
for electrical products. Operating profit, however, increased by 8% to R218
million as a consequence of management actions that adjusted the operations to
the lower levels of activity.
Energy Cables were not subject to copper pricing losses as experienced in the
comparable period. Sales were at lower levels, but operating margins increased
as a consequence of cost reductions and improved efficiencies.
Low voltage experienced strong demand for its products from international
markets. For the first time, export volumes far exceeded local volumes. Rand
strength, however, significantly constrained growth in operating profit.
Telecommunications cables had a disappointing first period. Lack of demand for
copper telecommunications cable led to a marked decline in revenue and operating
profit. The anticipated roll-out of long-haul fibre networks is anticipated to
start shortly.
REUTECH
Revenue from defence related equipment increased by 37% to R386 million. Rand
strength led to a reduction in operating profit of 58% to R21 million primarily
because of a mark-to-market loss of R6 million in respect of foreign currency
holdings (versus a gain of R28 million in the comparable period).
NSN
Commission earned from our 40% interest in NSN decreased from R33 million a year
ago to R31 million.
DIRECTORATE
At the annual general meeting held on 2 February 2010 Messrs MJ Shaw and KS
Fuller retired from the board. The board expresses its appreciation to them for
their valuable service to the group.
At the board meeting held on 2 February 2010 Ms ND Orleyn was appointed chairman
of the remuneration committee, Mr R van Rooyen was appointed chairman of the
audit and risk committee and Mr KJ Makwetla was appointed to the nomination
committee.
PROSPECTS
Our businesses have been appropriately sized for current levels of demand.
Sufficient capacity exists to take advantage of any improvement in the economy.
Exports are strong, albeit at lower margins, because of a stronger rand.
Reutech is expected to be down on last year since most of its earnings are US$
based. In addition, delays in the placement of certain orders will lead to lower
sales.
Based on the above and assuming stable economic conditions and given no
surprises the group`s second half performance should be better than that of the
first half.
The financial information provided above has not been reviewed or reported on by
the company`s external auditors.
DIRECTORATE
At the annual general meeting held on 2 February 2010 Messrs MJ Shaw and KS
Fuller retired from the board. The board expresses its appreciation to them for
their valuable service to the group while serving on the board.
At the board meeting held on 2 February 2010 Mr R van Rooyen was appointed
chairman of the audit and risk committee and Ms ND Orleyn chairman of the
remuneration committee and Mr KJ Makwetla was appointed to the nomination
committee.
CASH DIVIDEND
Notice is hereby given that an interim cash dividend number 168 of 67 cents per
share (2009:65 cents per share) has been declared by the directors for the six
months ended 31 March 2010. In compliance with the requirements of Strate, the
following dates are applicable:
Last date to trade (cum dividend) Thursday, 10 June 2010
First date of trading (ex dividend) Friday, 11 June 2010
Record date Friday, 18 June 2010
Payment date Monday, 21 June 2010
Shareholders may not dematerialise or rematerialise their share certificates
between Friday, 11 June 2010 and Friday, 18 June 2010, both days inclusive.
On behalf of the board
Trevor Munday Chairman
Gerrit Pretorius Chief Executive
Sandton
12 May 2010
Directors: T S Munday (Chairman)*, G Pretorius (Chief Executive),
B P Connellan*, B P Gallagher, S D Jagoe*, K J Makwetla*, T J Motsohi*, K W
Mzondeki*, G J Oosthuizen, N D Orleyn**, D J Rawlinson,
Dr J C van der Horst *, R Van Rooyen*
*Independent non-executive **Non-executive
Registered office: Lincoln Wood Office Park, 6 - 10 Woodlands Drive, Woodmead,
Sandton. PO Box 784391, Sandton, 2146. Telephone +27 11 517 9000
Transfer secretaries: Computershare Investor Services (Pty) Limited, 70 Marshall
Street, Johannesburg, 2001. P O 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, 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 2010 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.
J A F 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 on to the Reunert website at www.reunert.com
Date: 12/05/2010 13:25:01 Produced by the JSE SENS Department.
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