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RLO
RLO
RLZP - Reunert Limited - Unaudited group results for the six months ended 31
March 2012 and cash dividend declaration
Reunert Limited
Incorporated in the Republic of South Africa
Reg. No 1913/004355/06 - Share Code: RLO ISIN code: ZAE000057428
Preference share code: RLZP - ISIN code: ZAE00005930
("Reunert", "the group" or "the company")
UNAUDITED GROUP RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2012 AND CASH DIVIDEND
DECLARATION
Normalised headline earnings per share up 14%
Cash dividend per share up 23%
COMMENTARY
Reunert is pleased to report a 14% increase in normalised headline earnings per
share to 298 cents from 261 cents in March 2011. Revenue increased by 10% to
R5,7 billion from R5,2 billion. Increased revenue was achieved in all our
business segments, with Reutech and CBi-electric being particularly strong.
Operating profit grew by 18% to R736 million. The margin improvement was
achieved through productivity and process improvements.
The decrease in basic earnings is as a result of the abnormal profit of R346
million made in the prior year on the disposal of the NSN shares. Headline
earnings per share reflected growth of 16% to 304 cents compared to 263 cents in
the prior year.
REVIEW OF OPERATIONS
CBi-electric
The increase in revenue in our electrical business of 15% to R1,7 billion in
the current economic environment reflects a solid performance. This growth was
achieved across our product portfolio, both in local and international markets.
Operating profit increased by 16% to R292 million, which is marginally ahead of
revenue growth.
The low voltage business continued to experience demand for its products from
export markets, largely due to the continued supply of our product into the 4G
networks roll out in the United States of America. The Australian subsidiary
continued to perform well on the back of the buoyancy of the mining industry.
However, the building industry in South Africa is not showing any signs of
improvement, which dampened growth locally.
There was sustained demand for energy cables due to the country`s
electrification programme, further assisted by demand from the mining industry.
Our Power Installations` division also achieved satisfactory growth with its
diversification into maintenance and repair work for municipalities.
Productivity improvements and efficiencies contributed to increased margins.
Consistent with prior years, the telecommunications cables operation had a
disappointing first six months, mainly because of the continued delay in the
long haul fibre networks and low demand for copper cable from Telkom. Although
revenue and operating profit reflected an increase on the prior period, this was
off a very low base.
Nashua
Nashua grew revenues by 7% to R3,6 billion, off a high base, whilst operating
profit grew by 20% to R403 million compared to R336 million in 2011.
The office automation operation increased its revenue by 25% and operating
profit by 31%, principally from contributions from the franchises acquired in
the latter half of 2011. The acquired franchises continue to perform to
expectation. Nashua will continue to acquire the last of the franchises targeted
for repurchase.
Revenue and operating profit from Nashua Communications remained static for the
six months under review. The market for customer premises equipment remain
subdued but the tender pipeline has started showing signs of improvement. Given
our strong relationship with our technical partner, Siemens, we believe that
this business has sound growth prospects.
Nashua Mobile produced a satisfactory result, although it has been affected by
the loss of LCR revenue, slower turnover growth caused by the drop in
interconnect rates and a market that is approaching saturation. The prepaid data
market continues to grow strongly off a low base. Net connections increased by
35 000 in the six month period. These contracts, however, are generally at lower
subscription rates. Despite the lack of growth in revenue, operating profit
increased as a consequence of cost control and productivity gains.
Revenue for PanSolutions was consistent with the prior year, whereas the
operating profit reflected an increase as a consequence of the restructure
effected in the prior year.
Quince had a sound six months with a marginal increase in the asset rental book.
Operating profit increased slightly due to continued containment of bad debts.
The business continues to finance Nashua group customers.
Nashua ECN is performing at expected levels. The conversion of the Nashua Mobile
LCR base to the ECN VoIP platform is in progress. The number of voice minutes on
the ECN network continues to grow, with volumes exceeding 60 million minutes per
month.
Reutech
The uneven demand that charaterises this business is reflected in the increase
in revenue of 21% to R373 million and a substantial increase in operating profit
to R69 million. This was due, in the main, to the contribution from Fuchs as
execution of the long anticipated export order commenced. Reutech Solutions has
repositioned its business and also reflected a healthy operating profit increase
of 70%. Reutech Radar also increased its revenue, principally due to the
continued success of the Mining Surveillance Radar. Reutech Communications has
reached an in principle agreement with SAAB Grintek, subject to regulatory
approvals, to acquire its high frequency radio business, which completes our
product offering.
Prospects
The continued volatility in global markets provides an unpredictable backdrop
for the South African economy. Reunert has experienced reasonable demand for
most of its products and services in the electrical segment in the first six
months. Our telecoms environment in the mobile side remains challenging but our
VoIP offering, and associated services, are reflecting encouraging growth off a
low base. We are anticipating continued growth in Reutech.
International economic events unfolding daily, amidst considerable uncertainty,
are having a knock-on effect in emerging markets and we believe the environment
will be more challenging in the next six months. Subject to prevailing economic
conditions not deteriorating, we believe that the group will reflect earnings
growth for the full year, but we anticipate a lower rate of growth for the full
year.
The financial information on which the above forecast is based has not been
reviewed or reported on by the company`s external auditors.
Dividend
The interim dividend has been increased to 95 cents per share (2011: 77 cents)
which is a 23% increase over the comparable period. With the change in tax
legislation with respect to dividends from secondary tax on companies (STC) to a
withholding tax, Reunert has increased its dividend to take account of this
change.
Directorate and secretariat
With effect from 7 March 2012, the following changes to the board sub-committees
were effected:
Ms Thandi Orleyn has resigned as the chairman of the Remuneration Committee but
will remain a member, and Mr Sean Jagoe has been appointed as the chairman of
the Remuneration Committee.
Mr Trevor Munday has resigned as the chairman of the Social, Ethics and
Transformation Committee but will remain a member, and Ms Thandi Orleyn has been
appointed as a member and the chairman of the Social, Ethics and Transformation
Committee.
Reunert Management Services Limited was appointed as company secretary on 5
April 2012.
CASH DIVIDEND
Notice is hereby given that a gross interim cash dividend No 172 of 95 cents per
ordinary share (2011:77 cents per share) has been declared by the directors for
the six months ended 31 March 2012.
The dividend has been declared from income reserves and no STC credits have been
used.
A dividend withholding tax of 15% will be applicable to all shareholders who are
not exempt from or 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 80,75 cents per share.
The issued share capital at the declaration date is 199 715 385 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) Friday, 15 June 2012
First date of trading (ex-dividend) Monday, 18 June 2012
Record date Friday, 22 June 2012
Payment date Monday, 25 June 2012
Shareholders may not dematerialise or rematerialise their share certificates
between Monday, 18 June 2012 and Friday, 22 June 2012, both dates inclusive.
On behalf of the board
Trevor Munday David Rawlinson
Chairman Chief Executive
Sandton
28 May 2012
Condensed group income statement
Notes Six months ended 31 % Year
March change ended
30 Sep-
tember
2011
R
million
(Audite
d)
2012 (Re-
R million stated)
(Un- 2011
audited) R million
(Un-
audited)
Revenue 5 748,8 5 220,9 10 10
922,7
Earnings before 792,2 672,7 18 1
interest, tax, 472,7
depreciation,
amortisation, other
income and dividends
Other income 11,2 10,3 40,5
Earnings before 1 803,4 683,0 18 1
interest, tax, 513,2
depreciation and
amortisation (EBITDA)
Depreciation and 67,3 57,5 17 121,8
amortisation
Operating profit 736,1 625,5 18 1
391,4
Net interest and 2 22,1 24,7 (11) 40,9
dividend income
Abnormal items - 346,4 346,4
Profit before taxation 758,2 996,6 (24) 1
778,7
Taxation 260,0 201,4 29 425,9
Profit after taxation 498,2 795,2 (37) 1
352,8
Profit attributable to:
Non-controlling 6,6 5,4 22 15,7
interests
Equity holders of 491,6 789,8 (38) 1
Reunert 337,1
Basic earnings per 3 & 4 303,8 466,5 (35) 809,0
share (cents)
Diluted earnings per 3 & 4 301,6 463,2 (35) 803,3
share (cents)
Headline earnings per 3 & 4 303,7 262,7 16 598,3
share (cents)
Diluted headline 3 & 4 301,5 260,9 16 594,1
earnings per share
(cents)
Normalised headline 3 & 4 298,0 260,7 14 590,0
earnings per share
(cents)
Normalised diluted 3 & 4 295,9 258,8 14 585,9
headline earnings per
share (cents)
Cash dividend per 95,0 77,0 23 330,0
ordinary share declared
(cents)
Condensed group statement of comprehensive income
Six months ended 31 March Year
ended
30 Sep-
tember
2011
R million
(Audited)
2012 2011
R million R million
(Un-audited) (Un-
audited)
Profit after taxation 498,2 795,2 1 352,8
Other comprehensive income, net of
taxation:
Losses arising from translating the (1,4) (1,0) -
financial results of foreign
subsidiaries
Gain on disposal of investment
recycled to income statement - (348,2) (348,6)
Effective portion of gains on - 2,9 4,2
hedging instruments
Income tax relating to other - (0,3) (1,2)
comprehensive income
Total comprehensive income 496,8 448,6 1 007,2
Total comprehensive income
attributable to:
Non-controlling interests 6,6 5,4 15,7
Equity holders of Reunert 490,2 443,2 991,5
Condensed group balance sheet
Notes 31 March (Re-stated) 30 Sep-
2012 31 March tember
R million 2011 2011
(Un- R million R
audited) (Un- million
audited) (Audite
d)
Non-current assets
Property, plant and equipment 684,2 631,6 702,0
and intangible assets
Goodwill 5 661,1 504,4 654,9
Investments and loans 6 41,8 45,5 46,1
Accounts receivable 1 023,2 758,7 965,9
Deferred taxation 27,6 37,1 32,2
Non-current assets 2 437,9 1 977,3 2
401,1
Current assets
Inventory and contracts in 924,1 774,7 885,5
progress
Accounts receivable and 2 307,7 2 318,7 2
derivative assets 176,7
Cash and cash equivalents 7 454,5 1 333,6 643,0
Current assets 3 686,3 4 427,0 3
705,2
Total assets 6 124,2 6 404,3 6
106,3
Equity attributable to equity
holders of Reunert
Ordinary 3 983,0 3 414,8 3
879,7
Preference 0,7 0,7 0,7
3 983,7 3 415,5 3
880,4
Non-controlling interests 47,4 39,1 55,2
Total equity 4 031,1 3 454,6 3
935,6
Non-current liabilities
Deferred taxation 106,3 69,1 99,6
Long-term borrowings 0,4 13,0 0,7
Non-current liabilities 106,7 82,1 100,3
Current liabilities
Accounts payable, derivative 1 795,7 1 628,4 1
liabilities, provisions and 984,9
taxation
Bank overdrafts and short-term 7 190,7 1 239,2 85,5
portion of long-term borrowings
(including finance leases)
Current liabilities 1 986,4 2 867,6 2
070,4
Total equity and liabilities 6 124,2 6 404,3 6
106,3
Condensed group cash flow statement
Six months ended Year
31 March ended
30 Sep-
tember
2011
R
million
(Audited
)
2012 (Restated)
R million 2011
(Un- R million
audited) (Un-audited)
EBITDA 803,4 683,0 1 513,2
(Increase)/decrease in net working (360,8) (172,3) 47,7
capital
Other (net) 7,5 7,5 (1,6)
Cash generated from operations 450,1 518,2 1 559,3
Net interest and dividend income 22,1 24,7 40,9
Taxation paid (213,1) (185,5) (438,8)
Dividends paid (including to non- (422,8) (374,3) (498,5)
controlling interests)
Net cash flows from operating (163,7) (16,9) 662,9
activities
Net cash flows from investing (151,1) 720,3 484,7
activities
Capital expenditure (52,2) (55,1) (99,4)
Net cash flows from acquisition of - (15,7) (213,6)
businesses
Net proceeds on disposal of - 791,7 791,2
investment in NSN
Payment of outstanding purchase (90,9) - -
consideration for prior year
acquisitions
Other (8,0) (0,6) 6,5
Net cash flows from financing 14,0 (1 794,9) (1
activities 768,9)
Shares issued 14,3 32,9 59,4
Shares repurchased during the - (1 127,9) (1
period 127,9)
Repayment of Quince long-term - (699,9) (699,9)
borrowings
Other (0,3) - (0,5)
Decrease in net cash resources (300,8) (1 091,5) (621,3)
Net cash resources at the beginning 564,6 1 185,9 1 185,9
of the period
Net cash resources at the end of 263,8 94,4 564,6
the period
Cash and cash equivalents 454,5 1 333,6 643,0
Bank overdrafts (190,7) (1 239,2) (78,4)
Net cash resources at the end of 263,8 94,4 564,6
the period
Condensed group statement of changes in equity
Six months ended Year
31 March ended
30 Sep-
tember
2011
R million
(Audited)
2012 2011
R R
million million
(Un- (Un-
audited) audited)
Share capital and premium
Balance at the beginning of 200,3 140,9 140,9
the period
Issue of shares 14,3 32,9 59,4
Balance at the end of the period 214,6 173,8 200,3
Share-based payment reserve
Balance at the beginning of 751,0 732,4 732,4
the period
Share-based payment expense 7,9 4,3 18,6
and deferred tax thereon
Balance at the end of the period 758,9 736,7 751,0
Fair value adjustment reserve
Balance at the beginning of - 345,6 345,6
the period
Other comprehensive income - (345,6) (345,6)
Balance at the end of the period - - -
Equity transaction with BEE partner (35,3) (35,3) (35,3)
Equity transaction with non-
controlling shareholder
Balance at the beginning of - - -
the period
Acquisition of non-controlling 0,4 - -
interest
Balance at the end of the period 0,4 - -
BEE shares* (276,1) (276,1) (276,1)
Treasury shares
Balance at the beginning of (1 (125,7) (125,7)
the period 253,6)
Purchases made during the period - (1 (1 127,9)
127,9)
Balance at the end of the period (1 (1 (1 253,6)
253,6) 253,6)
Non-distributable reserves
Balance at the beginning of 1,1 10,0 10,0
the period
Other comprehensive income (1,4) (1,0) -
Transfer to retained earnings - - (8,9)
Balance at the end of the period (0,3) 9,0 1,1
Retained earnings
Balance at the beginning of 4 493,0 3 641,3 3 641,3
the period
Profit after taxation 491,6 789,8 1 337,1
attributable
to equity holders of Reunert
Transferred from non- - - 8,9
distributable
reserves
Cash dividends declared and paid (409,5) (370,1) (494,3)
Balance at the end of the period 4 575,1 4 061,0 4 493,0
Equity attributable to equity 3 983,7 3 415,5 3 880,4
holders of Reunert
Non-controlling interests
Balance at the beginning of 55,2 37,9 37,9
the period
Share of total comprehensive 6,6 5,4 15,7
income
Dividends declared and paid (13,3) (4,2) (4,2)
Non-controlling interest - - 2,0
introduced
Acquisition of non-controlling (1,1) - -
interest
Other - - 3,8
Balance at the end of the period 47,4 39,1 55,2
Total equity at end of the period 4 031,1 3 454,6 3 935,6
* These are shares held by Bargenel Investment Limited (Bargenel), a
company sold by Reunert to an accredited BEE partner in 2007. 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.
Notes
31 March (Restated) 30 Sep-
2012 31 March tember
R million 2011 2011
(Un- R million R
audited) (Un- million
audited) (Audited
)
Note 1
Other Income and EBITDA
EBITDA is stated after:
- Cost of sales 3 967,4 3 670,7 7 683,0
- Other expenses excluding 1 005,2 862,3 1 773,4
depreciation and amortisation
- Other income 11,2 10,3 40,5
- Realised loss on foreign exchange (6,5) (17,8) (2,9)
and derivative instruments
- Unrealised gain on foreign 22,5 2,6 9,3
exchange and derivative instruments
Note 2
Net interest and dividend income
Interest received 26,2 28,9 46,9
Interest paid (4,1) (4,2) (6,6)
Dividend income - - 0,6
Total 22,1 24,7 40,9
Note 3
Number of shares used to calculate
earnings per share
Weighted average number of shares 161,8 169,3 165,3
in issue used to determine basic
earnings, headline earnings and
normalised headline earnings per
share (millions of shares)
Adjusted by the dilutive effect of 1,2 1,2 1,1
unexercised share options granted
(millions of shares)
Weighted average number of shares 163,0 170,5 166,4
used to determine diluted basic,
diluted headline and diluted
normalised headline earnings per
share (millions of shares)
Note 4
4.1 Headline earnings
Profit attributable to equity 491,6 789,8 1 337,1
holders of Reunert
Headline earnings are determined by
eliminating the effect of the
following items from attributable
earnings:
Gain on disposal of NSN - (346,7) (346,7)
Net (gain)/loss on disposal of (0,2) 1,7 (1,5)
property, plant and equipment and
intangible assets (after tax charge
of Rnil (2011: Rnil)(September
2011: R0,6 million))
Headline earnings 491,4 444,8 988,9
4.2 Normalised headline earnings
Headline earnings (refer to note 491,4 444,8 988,9
4.1)
Normalised headline earnings is
determined by eliminating the
effect of the following item from
attributable headline earnings:
Net economic interest in profit (9,2) (3,5) (13,8)
attributable to BEE partners (refer
to note 8)
Normalised headline earnings 482,2 441,3 975,1
Note 5
Goodwill
Carrying value at the beginning of 654,9 492,1 492,1
the period
Acquisition of businesses - 12,3 162,8
Adjustment to goodwill on 6,2 - -
finalisation of acquisitions made
in the prior period
Carrying value at the end of the 661,1 504,4 654,9
period
Note 6
Investments and loans
Loans - at cost 40,2 44,0 44,5
Other unlisted investments - at 1,6 1,5 1,6
cost
Carrying value at the end of the 41,8 45,5 46,1
period
Note 7
Quince Financing
At 31 March 2011 the Quince
receivable book was financed
externally.
These external borrowings were
included in bank overdrafts and
short term borrowings. Since then
funding has been provided from
group cash resources.
Note 8
BEE transactions
Where the significant risks and
rewards of ownership in respect of
their equity interests have not
passed to the BEE partners, these
are not recognised as non-
controlling interests.
Had the non-controlling interests
been recognised, the effect would
be the following:
- Net economic interest in current 9,2 3,5 13,8
period profit that is attributable
to all BEE partners
- Balance sheet interest that is 94,5 160,4 77,3
economically attributable to all
BEE partners
Note 9
Basis of preparation
These condensed consolidated financial statements have been prepared in
accordance with the framework concepts and the recognition and measurement
criteria of IFRS and its interpretations adopted by the International
Accounting Standards Board (IASB) in issue and effective for the group at
30 September 2012 and the AC500 standards issued by the Accounting
Practices Board. This condensed consolidated information has been prepared
using the information as required by IAS 34 - Interim Financial Reporting,
and comply with the Listings Requirements of the JSE Limited and the
requirements of the Companies Act, No. 71 of 2008 of South Africa. This
report was compiled under the supervision of MC Krog CA (SA) (Financial
Director).
The group`s accounting policies, as per the audited annual financial
statements for the year ended 30 September 2011, have been consistently
applied. These accounting policies comply with IFRS.
Note 10
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 that there is a lack of control. The amounts involved are not
material to the group`s results.
At 31 March 2012 the company`s retained earnings amounted to US$4
million.
Note 11
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 12
Events after balance sheet date
No events have occurred after the balance sheet date that require
additional disclosure or adjustment to the results presented.
Note 13
Restatement of March 2011
The March 2011 numbers have been restated to fully eliminate intergroup
interest transactions between Reunert subsidiaries and Quince.
Income Statement
The impact of the restatement on the March 2011 numbers is reflected
below:
Previously Restated Difference
Reported R million R million
R million
Revenue 5 223,5 5 220,9 2,6
Earnings before interest, 651,2 672,7 21,5
tax, depreciation,
amortisation, other income
and dividends
EBITDA 661,5 683,0 21,5
Operating profit 604,0 625,5 21,5
Net interest and dividend 46,2 24,7 (21,5)
income
Profit before tax 996,6 996,6 -
Profit after tax 795,2 795,2 -
Balance sheet
Disclosures relating to Quince have been condensed into the appropriate
line items on the consolidated balance sheet. Quince non-current
receivables of R758,7 million, Quince receivables of R640,4 million, and
Quince bank borrowings of R1 239,2 million have been incorporated into the
relevant line items of the Reunert group balance sheet.
Condensed segmental analysis
Six months ended % % Year %
31 March of change ended of
total 30 Sep total
tember
2011
R
million
(Audited
)
2012 % (Re
R of stated)
million total 2011
(Un R
audited) million
(Un
audited)
Revenue*
CBi-electric 1 738,3 30 1 505,8 29 15 3 336,0 30
Nashua 3 636,1 63 3 388,4 65 7 6 927,5 64
Reutech 372,6 7 307,7 6 21 639,3 6
Other 1,8 - 2,1 - - 3,0 -
Total operations 5 748,8 100 5 204,0 100 10 10 905,8 100
NSN - 16,9 - 16,9
Revenue as 5 748,8 5 220,9 10 10 922,7
reported
* Inter-segment
revenue is
immaterial and
has not been
disclosed
separately.
Operating profit
CBi-electric 292,2 40 252,7 42 16 592,1 43
Nashua 402,5 55 336,0 55 20 794,2 58
Reutech 69,1 9 14,0 2 394 48,7 3
Other (27,7) (4) 5,9 1 (60,5) (4)
Total operations 736,1 100 608,6 100 21 1 374,5 100
NSN - 16,9 - 16,9
Operating profit 736,1 100 625,5 18 1 391,4
as reported
31 % 31 % 30 Sep- %
March of Marc of tember of
2012 total h total 2011 total
R 2011 R
millio R million
n mill
ion
Total assets
CBi-electric 1 26 1 22 1 580,8 26
581,8 438,
6
Nashua 3 64 3 52 3 847,7 63
899,1 355,
6
Reutech 460,2 7 7 355,7 6
421,
6
Other* 183,1 3 1 19 322,1 5
188,
5
Total assets as 6 100 6 100 6 106,3 100
reported 124,2 404,
3
* Included in Other are bank balances of Rnil (2011: R 976,8
million; September 2011: R224,7 million) relating to the group`s
treasury function.
Supplementary information
R million (unless otherwise stated) 31 March 31 March 30 Sep-
2012 2011 tember
(Un- (Un- 2011
audited) audited) (Audited)
Net worth per share (cents) 2 459 2 121 2 401
Current ratio (:1) 1,9 1,5 1,8
Net number of ordinary shares in 162,0 161,0 161,6
issue (million)
Number of ordinary shares in issue 199,7 198,7 199,3
(million)
Less: BEE shares (million) (18,5) (18,5) (18,5)
Less: Treasury shares (million) (19,2) (19,2) (19,2)
Capital expenditure 52,2 55,1 99,4
- expansion 39,3 34,7 62,6
- replacement 12,9 20,4 36,8
Capital commitments in respect of 28,7 23,7 57,1
property, plant and equipment
- contracted 14,2 10,9 7,2
- authorised not yet contracted 14,5 12,8 49,9
Commitments in respect of operating 175,0 67,3 170,0
leases
www.reunert.com
Directors: TS Munday (Chairman)*, DJ Rawlinson (Chief Executive), YZ Cuba*, BP
Gallagher, SD Jagoe*, MC Krog, TJ Motsohi*,
KW Mzondeki*, NDB Orleyn**, SG Pretorius*, Dr JC 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 85 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 for the financial
period ended 31 March 2012 all such returns as are required of a public company
in terms of the aforesaid Act and that all such returns are true, correct and up
to date.
GE Field
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: 28/05/2012 16:30:01 Produced by the JSE SENS Department.
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