| Wed 17 Nov 2010, 7:05 | | RLO - Reunert Limited - Audited group results for the year ended 30 September |
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RLO
RLO
RLO - Reunert Limited - Audited group results for the year ended 30 September
2010 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", "the group" and "the Company")
AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2010 AND CASH DIVIDEND
DECLARATION
- Operating profit up 7%
- Normalised headline earnings per share up 3%
- Cash on hand of R1,8 billion
- Total cash dividend per share increased by 13%
Condensed group income statement
For the year ended 30 September
2010 % 2009
Notes R million change R million
Revenue 10 679,9 4 10 270,8
Earnings before 1 281,4 7 1 200,3
interest, tax,
depreciation,
amortisation, other
income and dividends
Other income 1 54,9 36,5
Earnings before 1 1 336,3 8 1 236,8
interest, tax,
depreciation and
amortisation (EBITDA)
Depreciation and 112,7 17 96,4
amortisation
Operating profit 1 223,6 7 1 140,4
Net interest and 2 98,4 (9) 108,2
dividend income
Abnormal items 3 (34,0) 299,2
Profit before taxation 1 288,0 (17) 1 547,8
Taxation 4 376,6 1 374,3
Profit after taxation 911,4 (22) 1 173,5
Profit attributable to:
Non-controlling 12,0 33 9,0
interests
Equity holders of 899,4 (23) 1 164,5
Reunert Limited
Basic earnings per share 5 & 6 503,3 (23) 652,4
(cents)
Diluted earnings per 5 & 6 498,8 (23) 646,9
share (cents)
Headline earnings per 5 & 6 505,5 (22) 651,6
share (cents)
Diluted headline 5 & 6 501,1 (22) 646,2
earnings per share
(cents)
Normalised headline
earnings per share
(cents) 5 & 6 515,7 3 499,5
Normalised diluted 5 & 6 511,1 3 495,3
headline earnings per
share (cents)
Cash dividend per 287,0 13 253,0
ordinary share declared
in respect of the year
(cents)
Taxation rate 4 29,2 (21) 24,2
EBITDA as a % of revenue 12,5 4 12,0
Condensed group statement of comprehensive income
For the year ended 30 September
2010 2009
R million R million
Profit after taxation 911,4 1 173,5
Other comprehensive income, net of tax:
Losses arising from translating the (1,9) (0,9)
financial results of foreign subsidiaries
Loss arising on re-measurement of available- - (311,7)
for-sale financial assets
Effective portion of gains/(losses) on 6,0 (10,2)
hedging instruments in a cash flow hedge
Income tax relating to components of other 1,2 39,2
comprehensive income
Total comprehensive income 916,7 889,9
Total comprehensive income attributable to:
Non-controlling interests 12,0 9,0
Equity holders of Reunert Limited 904,7 880,9
Condensed group balance sheet
As at 30 September
2010 2009
Notes R million R million
Non-current assets
Property, plant and equipment and 635,3 587,9
intangible assets
Goodwill 7 492,1 460,6
Investments and loans 8 44,3 853,9
Quince receivables 9 821,7 993,6
Deferred taxation 40,4 29,1
Non-current assets 2 033,8 2 925,1
Current assets
Inventory and contracts in progress 863,3 696,2
Accounts receivable and derivative 1 737,8 1 665,7
assets
Quince receivables 9 646,3 709,7
Investment 8 793,5 -
Cash and cash equivalents 1 805,6 1 603,1
Quince bank balances and cash 9 72,5 97,6
Current assets 5 919,0 4 772,3
Total assets 7 952,8 7 697,4
Equity attributable to equity
holders of Reunert Limited
Ordinary 4 432,4 4 033,7
Preference 0,7 0,7
4 433,1 4 034,4
Non-controlling interests 37,9 26,7
Total equity 4 471,0 4 061,1
Non-current liabilities
Deferred taxation 122,0 140,3
Long-term borrowings 10 11,0 11,0
Quince long-term borrowings 9 & 10 699,9 699,9
Non-current liabilities 832,9 851,2
Current liabilities
Accounts payable, derivative 1 956,6 1 769,7
liabilities, provisions and
taxation
Quince bank borrowings 9 691,5 1 012,3
Bank overdrafts and short-term 0,8 3,1
portion of long-term borrowings
(including finance leases)
Current liabilities 2 648,9 2 785,1
Total equity and liabilities 7 952,8 7 697,4
Condensed group statement of changes in equity
For the year ended 30 September
2010 2009
R million R million
Share capital and premium
Balance at the beginning of the year 116,0 106,9
Issue of shares 24,9 9,1
Balance at the end of the year 140,9 116,0
Share-based payment reserve
Balance at the beginning of the year 679,6 664,3
Share-based payment expense and deferred 52,8 15,3
tax thereon
Balance at the end of the year 732,4 679,6
Fair value adjustment reserve*
Balance at the beginning of the year 338,4 621,1
Other comprehensive income 7,2 (282,7)
Balance at the end of the year 345,6 338,4
Equity transaction with BEE partner (35,3) (35,3)
BEE shares** (276,1) (276,1)
Treasury shares***
Balance at the beginning of the year - -
Purchase made during the year (125,7) -
Balance at the end of the year (125,7) -
Non-distributable reserves
Balance at the beginning of the year 11,9 4,1
Other comprehensive income (1,9) (0,9)
Transfer from retained earnings - 8,7
Balance at the end of the year 10,0 11,9
Retained earnings
Balance at the beginning of the year 3 199,9 2 590,4
Profit after taxation 899,4 1 164,5
Transferred to non-distributable reserves - (8,7)
Taxation charge on transaction with BEE (2,0)
partner
Cash dividends declared and paid (456,0) (546,3)
Balance at the end of the year 3 641,3 3 199,9
Equity attributable to equity holders of 4 433,1 4 034,4
Reunert Limited
Non-controlling interests
Balance at the beginning of the year 26,7 20,7
Share of profit 12,0 9,0
Dividends declared and paid (0,8) (4,0)
Non-controlling interest introduced - 1,0
Balance at the end of the year 37,9 26,7
Total equity at the end of the year 4 471,0 4 061,1
*This reserve relates to fair value adjustments on financial assets classified
as "available-for-sale" financial assets in terms of IAS 39.
**These are shares held by Bargenel Investment Limited (Bargenel), a company
sold by Reunert to an accredited BEE partner in 2007. In terms of IFRS, until
the amount owing by the BEE partner is repaid to Reunert, Bargenel is to be
consolidated by the group as the significant risks and rewards of ownership of
the equity have not passed to the BEE partner.
***Commencing in August 2010, a group subsidiary purchased Reunert shares on
the open market. Up to the beginning of the closed period, on 30 September
2010, 2,1 million shares had been bought at an average price of R59,18 per
share.
Condensed group cash flow statement
For the year ended 30 September
2010 2009
R million R million
EBITDA 1 336,3 1 236,8
Decrease in net working capital 318,3 757,4
Decrease in net working capital (excluding 83,0 513,9
Quince)
Decrease in Quince receivables 235,3 243,5
Other (net) 26,3 42,6
Cash generated from operations 1 680,9 2 036,8
Net interest and dividend income 98,4 108,2
Taxation paid (407,9) (477,5)
Dividends paid (including non-controlling (456,8) (550,3)
interests)
Net cash flows from operating activities 914,6 1 117,2
Net cash flows from investing activities (313,3) (130,8)
Net cash flows from financing activities (103,8) 2,5
Increase in net cash resources 497,5 988,9
Net cash resources/(borrowings) at the 688,4 (300,5)
beginning of the year
Net cash resources at the end of the year 1 185,9 688,4
Cash and cash equivalents 1 805,6 1 603,1
Bank overdrafts (0,7) -
Net cash resources excluding Quince 1 804,9 1 603,1
Quince net borrowings (619,0) (914,7)
Quince bank balances and cash 72,5 97,6
Quince short-term borrowings (691,5) (1 012,3)
Net cash resources including Quince net 1 185,9 688,4
borrowings at the end of the year
Notes
2010 2009
R million R million
Note 1
Other income and EBITDA
EBITDA is stated after:
- Cost of sales 7 599,5 7 585,4
- Other expenses excluding depreciation 1 727,5 1 518,2
and amortisation
- Other income 54,9 36,5
- Realised (loss)/profit on foreign (15,5) 37,9
exchange and derivative instruments
- Unrealised loss on foreign exchange and (56,0) (4,8)
derivative instruments
Note 2
Net interest and dividend income
Interest received 109,0 128,9
- From Quince Capital (Quince) (previously 44,0 69,8
RC & C Finance Company)
- External 65,0 59,1
Interest paid (12,0) (21,1)
- To Quince (4,8) (1,8)
- External (7,2) (19,3)
Dividend income 1,4 0,4
Total 98,4 108,2
Note 3
Abnormal items
Gain on fair valuation of option in - 299,2
terms of agreement with Nokia Siemens
Networks SA (Pty) Limited (NSN)
(refer to note 8)
BEE transaction expense (refer to note 11) (34,0) -
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 years rates
were reduced by the dividend
received from NSN. The rate for the
prior year 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 in issue 178,7 178,5
used to determine basic earnings, headline
earnings and normalised headline earnings
per share (millions of shares)
Adjusted by the dilutive effect of
unexercised share options granted
(millions of shares) 1,6 1,5
Weighted average number of shares used to 180,3 180,0
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 899,4 1 164,5
Reunert (IAS 33 - Earnings per share)
Headline earnings are determined by
eliminating the effect of the following
items from attributable earnings:
Net surplus on dilution in and disposal of (0,2) (1,3)
business
Net loss on disposal of property, plant 0,1 3,9
and equipment and intangible assets
Impairment charge recognised for property, 5,6 -
plant and equipment
Taxation (1,6) (3,9)
Non-controlling interests 0,1 (0,1)
Headline earnings 903,4 1 163,1
6.2 Normalised headline earnings
Headline earnings (refer to note 6.1) 903,4 1 163,1
Normalised headline earnings are
determined by eliminating the effect of
the following items from attributable
headline earnings:
Fair value of option in terms of agreement - (299,2)
with NSN
BEE transaction expense (refer to note 11) 34,0 -
IFRS 3 profit on acquisition of Nashua (8,2) -
Communications (Pty) Limited
Rate portion of revaluation of interest 11,2 -
rate swap derivative assets and
liabilities
Taxation (3,1) 37,4
BEE share of headline earnings adjustments (6,9) 0,3
930,4 901,6
Net economic interest in profit
attributable to all BEE partners (refer to
note 11) (8,8) (10,0)
Normalised headline earnings 921,6 891,6
Note 7
Goodwill
Carrying value at the beginning of the 460,6 415,3
year
Acquisition of businesses 31,2 44,5
Minor acquisitions in existing businesses 0,3 0,8
and subsidiaries
Carrying value at the end of the year 492,1 460,6
Note 8
Investments and loans
Loans - at cost 42,8 52,1
Other unlisted investments - at cost 1,5 8,3
Financial instrument - NSN option - at 299,2 299,2
fair value*
Financial instruments - investments in NSN 494,3 494,3
- at fair value made up as follows:
Carrying value of NSN at the beginning of 494,3 806,0
the year
Fair value adjustment - (299,2)
Compensation received - (12,5)
Carrying value at the end of the year 837,8 853,9
Non-current investments and loans 44,3 853,9
Current investments** 793,5 -
Directors` valuation of unlisted
investments
- NSN option and investment 793,5 793,5
- Other unlisted investments 1,5 8,3
*Reunert holds an option to sell its investment in NSN to the other
shareholders of NSN and the other shareholders of NSN may call on
Reunert to sell its shares in NSN.
The minimum price of the put option is R793,5 million (2009: R793,5
million) and the maximum price of the call option is R947,5 million
(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 30 September 2010, as a
result of which no adjustment was necessary to the carrying value.
**Reunert intends to put their shares to NSN on 31 December 2010
which should result in R793,5 million being received during
February 2011. The NSN option and investment are therefore
classified as current assets in 2010.
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 (including 711,0 711,0
finance leases)
Less: Short-term portion (including (0,1) (0,1)
finance leases)
710,9 710,9
Made up of:
Quince long-term borrowings 699,9 699,9
Other (including finance leases) 11,0 11,0
Note 11
BEE transactions
With effect from 1 October 2009 the group disposed of 20,0% of its interest in
Reutech Ltd to an accredited BEE partner for R100,0 million funded by Reunert
subscribing for preference shares. This transaction gave rise to an expense of
R34,0 million in terms of IFRS 2 - Share-based Payments.
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 non-controlling interests under International Financial
Reporting Standards (IFRS).
Had the non-controlling interests been recognised, the effect would be the
following:
- Net economic interest in current year profit that is attributable to all BEE
partners 8,8 10,0
- Balance sheet interest that is economically attributable to all BEE partners
154,1 115,0
Note 12
Basis of preparation
These condensed group financial statements have been prepared in accordance
with IAS 34 - Interim Financial Reporting, the Framework concepts and the
measurement and recognition requirements of IFRS and the AC 500 Standards as
issued by The Accounting Practices Board, as well as in compliance with the
Companies Act of South Africa (Act 61 of 1973) as amended and the Listing
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.
At 30 June 2010 the company`s retained earnings amounted to US$0,7 million
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.
Note 16
Audit opinion
The consolidated financial statements for the year have been audited by
Deloitte & Touche. The consolidated financial statements, the accompanying
unmodified audit report, as well as the unmodified audit report on this set of
condensed financial information are available for inspection at the Company`s
registered office.
Supplementary information
R million (unless otherwise stated) 2010 2009
Net worth per share (cents) 2 502 2 258
Current ratio (including Quince) (:1) 2,2 1,7
Current ratio (excluding Quince) (:1) 2,7 2,3
Net number of ordinary shares in issue 177,2 178,7
(million)
Number of ordinary shares in issue (million) 197,8 197,2
Less: Held by Bargenel (million) (18,5) (18,5)
Less: Held by Nashua Mobile (Pty) Limited (2,1) -
(million)
Capital expenditure 148,9 87,1
- expansion 111,0 34,7
- replacement 37,9 52,4
Capital commitments in respect of property, 65,1 56,5
plant and equipment
- contracted 11,0 17,9
- authorised not yet contracted 54,1 38,6
Commitments in respect of operating leases 85,8 91,2
Condensed segmental analysis
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.
2010 % % 2009 %
R million change R million
Revenue*
CBI-electric 2 961,3 28 - 2 952,2 29
Nashua 6 872,0 65 9 6 331,5 62
Reutech 791,0 7 (13) 904,3 9
Other 2,7 - (4) 2,8 -
Total operations 10 627,0 100 4 10 190,8 100
NSN 52,9 (34) 80,0
Revenue as reported 10 679,9 4 10 270,8
*Inter-segment revenue
is immaterial and has
not been disclosed.
Operating profit
CBI-electric 521,1 45 24 419,3 39
Nashua 614,5 52 19 518,0 48
Reutech 60,6 5 (73) 223,1 20
Other (25,5) (2) 66 (74,3) (7)
Total operations 1 170,7 100 8 1 086,1 100
NSN 52,9 (3) 54,3
Operating profit as 1 223,6 7 1 140,4
reported
Total assets
CBI-electric 1 494,8 1 400,8
Nashua 3 595,4 3 574,5
Reutech 659,7 601,0
Other* 2 202,9 2 121,1
Total assets as reported 7 952,8 7 697,4
*Included in Other are bank balances of R1 207,6 million
(2009:R1 154,8 million) because it manages the group`s treasury function.
Commentary
Following the worst financial crisis the global economy has experienced in the
post war period, this year was always going to be challenging. Revenue for the
year increased by 4% from R10,3 billion to R10,7 billion. Operating profit
increased by 7% to R1,2 billion and normalised headline earnings per share
increased by 3% to 515,7 cents. Ebitda margins improved to 12,5% from the 12%
achieved in 2009.
Lower interest rates have resulted in an IFRS, non-cash, mark-to-market charge
of R40 million for the year on the interest rate swaps. The strong rand cost
the group more than R50 million in lower revenue and margins.
CBI-electric
Our electrical businesses have produced strong results for the year with
operating profit up by 24%. Revenue was flat for the year mainly as a result
of lower activity in our telecommunications cable joint venture.
Building activity remained subdued but increased exports to Europe and Asia
and the return to profitability of our Australian operations helped our low-
voltage operation to be significantly up on the previous year.
The energy cable business, CBI-electric: African Cables, had an excellent
year. African Cables has invested in its service and project operation, Power
Installations, and has expanded its value-added service to meet key customer`s
requirements. The electrical installations required for the 2010 Soccer World
Cup was a welcome stimulus for the cable and electrical service market. Market
conditions remain challenging with the strong rand encouraging importers to
enter our market.
CBI Electric Aberdare ATC Telecommunications Cables, our joint venture with
Altron, had a mixed year. The first half was below expectations due to reduced
activity in the copper telecommunications cable market. The second half has
been stronger. The micro-duct production line which was commissioned last year
has expanded our product range. The fibreoptic cable connections between the
major cities in South Africa are going ahead, with the demand for fibre and
micro-duct increasing significantly.
Nashua
Revenue was boosted by the inclusion of Nashua Communications from 1 November
2009, which enabled Nashua to achieve 9% growth. Operating profit was up by
19% due to increased revenue, cost control and profit contributed by Nashua
Communications.
Nashua Office Automation gained market share, which at 21%, is comfortably
ahead of their closest competition. Unit sales grew by 20%, assisted by the
strong rand and lower interest rates. The weakening of the euro against the
dollar assisted in making our product more competitive. We are now an HP
preferred partner and this has increased the range of products we offer. Our
managed print services` offering and enhanced digital software solutions have
resulted in us winning the majority of tenders which we pursued.
Nashua Communications has integrated the Panasonic PABX division into its
operation thereby increasing its product offering to small and medium size
enterprises. Nashua Communications has strengthened its position as a leading
unified communications provider. Management in the operation has embraced
Nashua`s philosophy and has revelled in the enlarged opportunities their new
environment has given them.
Nashua Mobile was able to increase ongoing revenue by 6% due to a strong sales
drive and a net gain of 96 000 connections was achieved for the year. The
total contract base now stands at 819 000 customers which is a 13% increase
over the prior year. Our sales force is supported by a network of 149 outlets
nationwide.
Significant reductions in data tariffs have been prevalent over the last year.
Interconnection rates were reduced on 1 March 2010 with further reductions to
occur up to 2013. The increased focus on retail customers and the reduction in
data tariffs has reduced average revenue per user by 5% to R463.
Despite the refocusing at Nashua Electronics the business has continued to
produce disappointing results. Kyocera Mita products have been added to the
office systems product range which, together with further restructuring,
should improve performance in the year ahead.
Nashua`s financing operation, Quince, had another difficult year although by
year-end impairments had settled to more normal levels.
Reutech
The substantial contribution by Reutech in the previous year was not repeated.
Reutech`s operating profit decreased by 73% from R223 million to R61 million.
Revenue was down 13% from R904 million to R791 million. The contribution from
Fuchs was significantly down for the year as a result of a large follow-on
order anticipated not being received during the year. The prospects for
receiving this order are good and we hope that we will be successful in 2011.
The remaining businesses in the division performed to expectation and are well
positioned for the years ahead.
Capital investment and cash management
Our capital investment totalling R149 million over the past year has ensured
that our capability and capacity to meet future demand is sustained. We have
invested in our information technology infrastructure to enhance business
activity and reporting.
Reunert invested close to R180 million in acquiring Nashua Communications
(formerly Siemens Enterprise Communications)and R126 million in buying back
2,1 million Reunert shares at an average price of R59,18 per share. Reunert`s
balance sheet has remained strong and the cash flow generated by the group`s
operations increased net cash resources by R498 million. Cash and cash
equivalents at the end of the year amounted to R1,8 billion.
Prospects
The economy is in a delicate state with lower interest rates encouraging
growth. However, the strength of the rand is of serious concern with increased
imports and reduced export opportunities hampering growth.
Subject to the prevailing economic conditions remaining unchanged, the group
predicts an increase in earnings for the year ahead.
The above statement has not been reviewed and reported on by Reunert`s
auditors.
Directorate and appreciation
At the annual general meeting held on 2 February 2010 Messrs M J Shaw and K S
Fuller retired from the board. Martin served as chairman of the board from
June 2003 to May 2009 and Kingsley served as chairman of the audit and risk
committee from June 2005 to February 2010. The board expresses its
appreciation to both of them for their valuable service to the group.
Mr Gerrit (Boel) Pretorius retired in August as chief executive of the group
after 12 years at the helm. It is with heartfelt thanks that the board bid him
farewell. His contribution to the group was outstanding. We wish him and his
wife, Adele, a happy retirement.
The board is pleased to welcome Mr Nick Wentzel as chief executive of the
group with effect 1 August 2010.
CASH DIVIDEND
Notice is hereby given that a final cash dividend, number 169 of 220 cents per
share (2009: 188 cents per share) has been declared by the directors for the
year ended 30 September 2010 bringing the total cash dividend for the year to
287 cents per share (2009: 253 cents per share). In compliance with the
requirements of Strate, the following dates are applicable:
Last date to trade (cum dividend) Friday, 14 January 2011
First date of trading (ex dividend) Monday, 17 January 2011
Record date Friday, 21 January 2011
Payment date Monday, 24 January 2011
Shareholders may not dematerialise or rematerialise their share certificates
between Monday, 17 January 2011 and Friday, 21 January 2011, both days
inclusive.
On behalf of the board
Trevor Munday Nick Wentzel Sandton
Chairman Chief Executive 16 November 2010
Directors: T S Munday (Chairman)*, N C Wentzel (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. 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,
I certify that, to the best of my knowledge and belief, the Company has lodged
with the Registrar of Companies for the year ended 30 September 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: 17/11/2010 07:05:02 Produced by the JSE SENS Department.
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