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RLO
RLO
Reunert - Unaudited Results For The Six Months Ended 31 March 2006
Reunert Limited
Incorporated in the Republic of South Africa
(Reg No 1913/004355/06)
ISIN code: ZAE000057428
Share code: RLO
("Reunert")
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 March 2006
- Up 29% HEADLINE EARNINGS PER SHARE
- Up 19% REVENUE
- Up 21% DIVIDEND PER SHARE
GROUP INCOME STATEMENT
Six months ended 31 March 2006
Year ended
30 Sept
2006 2005 2005
R million R million % R million
Notes (Restated) change (Restated)
Revenue 3 910,9 3 275,5 19 7 037,3
Earnings before
interest, tax,
depreciation and
amortisation
(EBITDA) 551,0 448,1 23 967,2
Depreciation and
amortisation of
intangible assets 27,0 23,1 17 49,9
Operating profit 1 524,0 425,0 23 917,3
Net interest and
dividend income 2 33,2 22,2 50 50,1
Profit before
abnormal items 557,2 447,2 25 967,4
Abnormal items 3 3,3 2,4 3,9
Profit before
taxation 560,5 449,6 25 971,3
Taxation 202,0 164,1 23 326,5
Profit after
taxation 358,5 285,5 26 644,8
Share of associate
company"s profits 53,3 29,6 80 79,2
Profit for the
period 411,8 315,1 31 724,0
Profit for the
period attributable
to:Minority interest 3,0 0,7 10,7
Equity holders of
Reunert Limited 408,8 314,4 30 713,3
411,8 315,1 724,0
Basic earnings
per share (cents) 4 234,1 181,9 29 411,4
Diluted basic
earnings per share
(cents) 4 231,0 179,7 29 406,5
Headline earnings
per share (cents) 4 & 5 232,6 180,5 29 408,4
Diluted headline
earnings per
share (cents) 4 & 5 229,5 178,2 29 403,6
Normalised basic
Earnings per share
(cents) 4 & 5 223,6 176,2 27 397,1
Normalised headline
Earnings per share
(cents) 4 & 5 222,2 174,8 27 394,1
Normalised diluted
basic earnings
per share (cents) 4 & 5 220,6 174,0 27 392,5
Normalised diluted
headline earnings
per share (cents) 4 & 5 219,2 172,6 27 389,5
Dividends per
ordinary share
declared in respect
of the period
(cents) 63,0 52,0 21 222,0
Taxation rate
excluding abnormal
items (%) 36,3 36,7 33,8
EBITDA as a % of
revenue 14,1 13,7 13,7
GROUP BALANCE SHEET
at 31 March 2006
at 30 Sept
2006 2005 2005
R million R million R million
Notes (Restated) (Restated)
Non-current assets
Property, plant and
equipment and Intangible
assets 360,9 332,7 336,3
Goodwill 329,8 326,3 329,0
Investments and loans 6 106,8 110,2 116,2
RC&C Finance Company
accounts receivable 889,7 563,0 726,0
Deferred taxation 37,5 42,9 37,5
1 724,7 1 375,1 1 545,0
Current assets
Inventory and contracts
in progress 555,2 519,2 560,9
Accounts receivable and
derivative assets 1 098,5 837,8 1 004,9
RC&C Finance Company
accounts receivable 346,0 197,8 302,2
Non-current assets held
for sale 2,9 - -
Cash and cash equivalents 676,4 319,1 784,4
2 679,0 1 873,9 2 652,4
Total assets 4 403,7 3 249,0 4 197,4
Equity attributable to
equity holders of
Reunert Limited
Ordinary 1 660,1 1 225,6 1 561,0
Preference 0,7 0,7 0,7
1 660,8 1 226,3 1 561,7
Minority interest 30,2 28,0 43,0
Total equity 1 691,0 1 254,3 1 604,7
Non-current liabilities
Long-term borrowings 7 115,4 0,5 111,7
Deferred taxation 78,6 78,8 81,7
194,0 79,3 193,4
Current liabilities
Bank overdrafts and
short-term portion of
long-term borrowings 15,6 0,5 20,9
RC&C Finance Company
bank borrowings 8 1 096,0 625,1 866,8
Accounts payable, derivative
liabilities, provisions
and taxation 1 407,1 1 289,8 1 511,6
2 518,7 1 915,4 2 399,3
Total equity and liabilities 4 403,7 3 249,0 4 197,4
GROUP STATEMENT OF CHANGES IN EQUITY
Six months ended 31 March 2006
Year ended
30 Sept
2006 2005 2005
R million R million R million
(Restated) (Restated)
Restated balance at beginning of
the period 1 604,7 1 127,1 1 127,1
Profit for the period 411,8 315,1 724,0
Dividends paid (338,4) (217,7) (308,3)
Issue of shares in terms of Share
Option Scheme 10,6 16,5 26,7
Share-based payments
reserves 4,8 13,0 30,8
Other (2,5) 0,3 4,4
Total equity at end of the period 1 691,0 1 254,3 1 604,7
Attributable to equity holders of
Reunert Limited 1 660,8 1 226,3 1 561,7
Attributable to minority interest 30,2 28,0 43,0
1 691,0 1 254,3 1 604,7
GROUP CASH FLOW STATEMENT
Six months ended 31 March 2006
Year ended
30 Sept
2006 2005 2005
R million R million R million
(Restated) (Restated)
EBITDA 551,0 448,1 967,2
Increase in net working capital (394,1) (317,3) (601,0)
Increase in RC&C Finance Company
accounts receivable (207,5) (232,3) (499,7)
Increase in other working capital (186,6) (85,0) (101,3)
Cash generated from operations 156,9 130,8 366,2
Net interest and dividend income
(including associates) 81,2 62,2 119,3
Taxation paid (210,5) (243,8) (364,9)
Dividends paid (including to
minorities) (338,4) (217,7) (308,3)
Net cash outflow from operating
activities (310,8) (268,5) (187,7)
Net additions of property, plant
and equipment and intangible assets (49,1) (23,1) (40,2)
Net disposal/(acquisition) of
subsidiaries, businesses and other
investments 1,9 (3,8) (3,2)
Long-term borrowing (repaid)/raised - (0,5) 129,4
Other (net) 22,4 23,1 50,9
Net decrease in cash and cash
equivalents (335,6) (272,8) (50,8)
Net short-term bank borrowings at
beginning of the period (84,0) (33,2) (33,2)
Net short-term bank borrowings at
end of the period (419,6) (306,0) (84,0)
Cash and cash equivalents 676,4 319,1 784,4
Bank overdrafts - - (1,6)
Cash and cash equivalents (net) 676,4 319,1 782,8
RC&C Finance Company
bank borrowings (note 8) (1 096,0) (625,1) (866,8)
Net short-term bank borrowings at
end of the period (419,6) (306,0) (84,0)
SUPPLEMENTARY INFORMATION
Six months ended 31 March 2006
Year ended
30 Sept
2006 2005 2005
R million (unless otherwise stated) (Restated) (Restated)
Net asset value per share (cents)
including goodwill 948 706 896
Net asset value per share (cents)
excluding goodwill 760 518 707
Current ratio excluding interest-
bearing current liabilities (:1) 1,9 1,5 1,8
Net number of ordinary shares
in issue (million) 175,1 173,7 174,4
Number of ordinary shares
in issue (million) 194,1 192,7 193,4
Less: Held by subsidiary (million) (19,0) (19,0) (19,0)
Capital expenditure 49,7 23,6 59,7
- expansion 23,0 12,7 22,6
- replacement 26,7 10,9 37,1
Capital commitments 106,3 22,3 68,9
- contracted 93,7 13,4 42,6
- authorised not yet contracted 12,6 8,9 26,3
Commitments in respect of
operating leases 40,3 30,3 50,0
Contingent liabilities 5,5 6,9 5,6
NOTES TO THE INCOME STATEMENT AND BALANCE SHEET
Note 1
Operating profit
Operating profit is
stated after:
- Cost of sales 2 684,4 2 238,0 4 826,6
- Other income (4,9) (6,2) (15,2)
- Other expenses
excluding depreciation,
amortisation and
impairments 680,4 595,6 1 258,7
Note 2
Net interest and
dividend income
Interest received 43,4 23,9 60,8
- from RC&C Finance
Company 25,5 10,2 30,1
- external 17,9 13,7 30,7
Interest paid (13,5) (10,5) (23,5)
Dividend income
other than from
associate company 3,3 8,8 12,8
Total 33,2 22,2 50,1
Dividend income from
associate company
included in share
of associate
company"s profits 48,0 40,0 69,2
Note 3
Abnormal Items
Surplus on sale of
investment 3,3 - 6,4
Impairment of plant
and equipment - - (4,9)
Negative goodwill
taken to profit - 2,4 2,4
Total before taxation 3,3 2,4 3,9
Taxation (0.5) - 1,4
Total 2,8 2,4 5,3
Note 4
Number of shares
used to calculate
earnings per share
Weighted average number
of shares in issue used
to determine basic
earnings per share,
headline earnings
per share, normalised
basic earnings per share
and normalised headline
earnings per share
(millions of shares) 174,6 172,8 173,4
Adjusted by the dilutive
effect of unexercised
share options granted
(millions of shares) 2,4 2,2 2,1
Weighted average number
of shares used to
determine diluted basic,
normalised diluted basic,
diluted headline, and
normalised diluted
headline earnings
per share (millions
of shares) 177,0 175,0 175,5
Note 5.1
Headline earnings
Headline earnings are
determined by eliminating
the effect of the
following items in
attributable earnings:
Profit attributable to
equity holders of
Reunert Limited 408,8 314,4 713,3
Loss/(surplus) on
disposal of property,
plant and equipment 0,3 (0,1) 0,2
Surplus on sale of
investment (3,3) - (6,4)
Negative goodwill
reflected in abnormal
items - (2,4) (2,4)
Impairment of plant
and equipment - - 4,9
Taxation 0,5 - (1,5)
Headline earnings 406,3 311,9 708,1
Note 5.2
Normalised earnings and
headline earnings
Normalised earnings
are determined by
deducting from
attributable earnings
the interest in profit
that is economically
attributable to BEE
partners(note 9)
Profit attributable
to equity holders of
Reunert Limited
(basic and diluted) 408,8 314,4 713,3
Interest in profit
that is economically
attributable to BEE
partners (18,4) (9,9) (24,7)
Normalised earnings
(basic and diluted) 390,4 304,5 688,6
Normalised headline
earnings are
determined by
deducting from headline
earnings the
interest in profit
that is economically
attributable to BEE
partners (note 9)
Headline earnings
(basic and diluted) 406,3 311,9 708,1
Interest in profit
that is economically
attributable to
BEE partners (18,4) (9,9) (24,7)
Normalised headline
earnings (basic and
diluted) 387,9 302,0 683,4
Note 6
Investments and loans
Unlisted associate company
- at cost plus equity
accounted earnings
excluding goodwill 92,1 66,4 86,8
Other unlisted
investments
- at cost 0,7 2,4 0,7
Listed investments held
for sale
- at market value - 21,2 7,8
Loans - at cost 14,0 20,2 20,9
Total carrying values 106,8 110,2 116,2
Directors" valuation of
unlisted investments
- Unlisted associate
company 520,0 520,0 520,0
- Other unlisted
investments 0,7 2,4 0,7
Note 7
Long-term borrowings
Total long-term borrowing 122,9 - 130,0
Less: Short-term portion (14,9) - (18,6)
108,0 - 111,4
Repayment of loan
by BEE partner 7,1 - -
Finance leases 0,3 0,5 0,3
115,4 0,5 111,7
The group entered into an agreement with Powerhouse Utilities (Pty) Ltd
(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 R130million. IFRS requires that this transaction is not
accounted for as a sale, since the bank 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.
The long-term borrowing relates to funding provided by Nedbank Limited (Nedbank)
to Powerhouse for their purchase of 25,1% of ATC. The loan is guaranteed by
Reunert and, in terms of current accounting practice for this transaction, is
recognised on the Reunert balance sheet.
Repayment of the loan by the BEE partner represents a portion of a dividend paid
by ATC to Powerhouse, which was used to repay portion of the loan from Nedbank
to Powerhouse. In terms of current accounting practice for this transaction,
this is to be reflected as a long-term liability on the Reunert balance sheet.
When the significant risks and rewards of ownership in the equity of ATC are
deemed to have passed to the BEE partner then this portion of the loan repaid by
Powerhouse will be transferred to minority interest.
Note 8
RC&C Finance Company bank borrowings
RC&C Finance Company has total bank borrowing facilities of R1 200 million
(2005:R900million).
The banks which have granted these facilities are contractually bound to provide
these on a long-term basis, but they may give notice to run down these
facilities.
Once notice has been given these facilities reduce to zero in line with the
reduction in the underlying rental debtors over a maximum of five years.
Note 9
Black Economic Empowerment (BEE) Year ended
transactions 30 Sept
2006 2005 2005
R million R million R million
(Restated) (Restated)
As referred to in note 7 certain
BEE transactions involving
the disposal of equity interests
have not been recognised because
the significant risks and rewards
of ownership of the equity has
been deemed not to have passed
to the BEE partners. Accordingly,
the equity interests in
subsidiaries have not been
recognised in the group income
statement and balance sheet.
The effect of this has been to
not recognise the following:
Interest in profit that is
economically attributable
to BEE partners 18,4 9,9 24,7
Balance sheet interest that
is economically attributable to
BEE partners 88,7 81,3 96,0
Note 10
Basis of preparation
The group has adopted International Financial Reporting Standards (IFRS) for the
year ending 30 September 2006, with a date of transition of 1 October 2004 as
required by the Listings Requirements of the JSE Limited. This interim
financial report has been prepared and presented in accordance with IFRS,
specifically in terms of IAS 34 "Interim Financial Reporting" and the Companies
Act of South Africa.
The financial statements for the year ending 30 September 2006 will be the
group"s first consolidated IFRS-compliant financial statements and hence IFRS 1
"First-time adoption of IFRS" has been applied in preparing this interim report.
The group"s opening balance sheet on 1 October 2004 and the comparative
information for 2005 have been restated to comply with IFRS.
These interim financial statements have been prepared in accordance with those
IFRS standards and International Financial Reporting Interpretations Committee
(IFRIC) interpretations issued and effective as at the time of preparing these
financial statements. The IFRS standards and IFRIC interpretations that will be
applicable at 30 September 2006 are not known with certainty at the time of
preparing these interim financial statements and may therefore still change.
Note 11
Reconciliation between SA GAAP
and IFRS 31 March 30 Sept 1 October
2005 2005 2004
Notes R million R million R million
Reconciliation of
profit for the period
() = reduction of profit
As previously reported
under SA GAAP
- Profit attributable
to equity holders of
Reunert Limited 313,2 709,2
Adjusted for:
SA GAAP Restatements 17,9 1,2
- IAS 16 - Property,
plant and equipment
- reversal of depreciation
on land 11.1 0,5 0,7
- IAS 38 - Intangible
assets 11.2 (0,3) (0,2)
- IAS 17 - Leases 11.3 0,3 -
- IAS 11 - Construction
contracts 11.4 - 0,7
- Minorities
in certain BEE
transactions* 11.5 9,3 -
- IFRS 3 - Reversal of
negative goodwill* 11.6 2,4 -
- Powerhouse interest* 11.7 5,7 -
IFRS Adjustments
- IAS 16 - Property,
plant and equipment 11.1 4,3 10,5
- IFRS 2 - Share-based
payments* 11.8 (13,0) -
- Deferred tax effect of
all adjustments (8,0) (7,4)
- Impact on minority
interest due to
adjustments - (0,2)
As reported under IFRS 314,4 713,3
Reconciliation of total
Equity
() = reduction of total equity
As previously reported
under SA GAAP
- Equity attributable
to equity holders of
Reunert Limited 1 058,5 1 453,5 983,1
- Minority interest 96,9 42,5 39,7
1 155,4 1 496,0 1 022,8
Adjusted for:
SA GAAP Restatements 2,9 5,8 4,6
- IAS 16 - Property,
plant & equipment
- reverse depreciation
on land 11.1 5,4 5,6 4,9
- IAS 38 - Intangible
assets 11.2 0,5 0,6 0.8
- IAS 17 - Leases 11.3 (1,2) (1,5) (1,5)
- IAS 11 - Construction
contracts 11.4 0,4 1,1 0,4
- IAS 27 - Minorities
in certain BEE
transactions* 11.5 (60,0) - -
- IFRS 3 - Reversal of
negative goodwill* 11.6 5,5 - -
- Powerhouse interest* 11.7 5,7 - -
- Restatement (debtor
recourse provision)* 11.9 46,6 - -
IFRS Adjustments
- IAS 16 - Property,
plant and equipment 11.1 132,0 138,3 127,7
- Deferred tax effect
of all adjustments (36,0) (35,4) (28,0)
As reported under IFRS 1 254,3 1 604,7 1 127,1
* These were adjusted
in the September 2005
annual report, but had
not been adjusted in
the March 2005 report
to shareholders
Adjustments to balance
sheet line items
( ) = credit
Property, plant and
equipment and intangible
assets 140,2 144,5 133,4
Goodwill 73,1 - -
Deferred taxation (36,0) (35,4) (28,0)
Inventory and contracts
in progress 0,6 1,3 (0,8)
Accounts receivable and
derivative assets 11.7 (124,3) - 1,7
Long-term borrowings (0,5) (0,3) (0,5)
Bank overdarfts and
short-term portion of
long-term borrowings (0,5) (0,6) (1,0)
Accounts payable,
derivative liabilities,
provisions and taxation 46,3 (0,8) (0,5)
98,9 108,7 104,3
Restatements and significant changes to the group"s accounting policies in
comparison to March 2005
11.1
IAS 16 - Property, plant and equipment
The useful lives, residual values, capitalisation of subsequent expenditure and
componentisation of property, plant and equipment have been assessed and
resulted in a substantial adjustment to the group"s carrying amount of property,
plant and equipment. The useful lives and residual values of property, plant and
equipment will be reassessed annually.
11.2
IAS 38 - Intangible assets
Intangible assets consisting of computer software and a customer list have been
separated from property, plant and equipment. The depreciation on these
intangible assets is now reflected as amortisation of intangible assets in the
income statement.
11.3
IAS 17 - Leases
Income and expenses under operating leases with fixed escalation clauses are now
recognised on a straight-line basis in line with Circular 7/2005 issued by The
South African Institute of Chartered Accountants. Previously operating lease
income and expenses were recognised on a cash basis. A finance lease has also
been capitalised.
11.4
IAS 11 - Construction contracts
The group"s accounting policy on the recognition of contract revenue and
contract costs in certain operations has been aligned with IAS 11 to recognise
contract revenue and contract costs by reference to the stage of completion of
the contract at the balance sheet date.
11.5
- Minorities in certain BEE transactions
Minority interests in subsidiaries where the minority is a BEE partner and the
full purchase price has not been paid by the BEE partner have been reversed.
11.6
IFRS 3 - Business combinations
Negative goodwill raised in previous years has been reversed to retained
earnings and negative goodwill raised in the period to March 2005 was taken to
profit.
11.7
Powerhouse interest
Interest was earned by Reunert on the R130 million loan to Powerhouse financing
its purchase of 25,1% of ATC. During May 2005 this loan was refinanced by
Nedbank (note 7). In the March 2005 report to shareholders issued last year the
loan to Powerhouse was reflected in accounts receivable. In this report, in
terms of current accounting practices, this R130 million has been reallocated to
be reflected as an investment by Reunert Limited in ATC, and has been eliminated
on consolidation in preparing the group results.
11.8
IFRS 2 - Share-based payments
The group decided to early adopt IFRS 2 in 2005. This represents the expense
relating to share options granted to certain group employees and the expense
relating to an equity instrument which valued the Powerhouse deal (note 7).
11.9
Restatement
The previous year"s interim results included a provision for debtors" recourse
guarantee. This R46,6 million provision was no longer required following the
realisation of RC&C Finance Company"s debtors book in December 2003 and has been
adjusted in the group statement of changes in equity. This amount had
previously been reflected as a provision.
Note 12
Unconsolidated subsidiary
The financial results of Cafca Limited (Cafca), 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.
Note 14
Acquisitions
During the period two small acquisitions of businesses were made at a total cost
of R6,3 million. In the opinion of the directors the disclosure requirements of
IFRS 3 are not warranted in this report to shareholders due to the immateriality
of these acquisitions.
SEGMENTAL ANALYSIS
Six months ended 31 March 2006
Year ended
30 Sept
2006 2005 2005
R million R million % R million
% (Restated) % change (Restated)
Revenue
Electrical
Engineering 1 149,1 25 876,8 23 31 1 986,7
Electronics
Office Systems 565,5 12 418,9 11 35 981,3
Consumer products
and services 2 066,1 45 1 845,9 48 12 3 769,0
Telecommunications 708,3 15 563,4 15 26 993,0
Reutech 126,1 3 133,9 3 (6) 300,3
Total Electronics 3 466,0 75 2 962,1 77 17 6 043,6
Total operations 4 615,1 100 3 838,9 100 20 8 030,3
Less: Reunert"s
attributable
portion of
associate company"s
revenue (704,2) (563,4) (993,0)
Revenue as
reported 3 910,9 3 275,5 19 7 037,3
Operating profit
Electrical
Engineering 222,5 36 166,7 35 33 332,7
Electronics
Office Systems 120,1 20 103,3 22 16 257,1
Consumer products
and services 176,5 29 160,8 34 10 324,5
Telecommunications 85,8 14 52,3 11 64 131,9
Reutech 3,8 1 (5,4) (1) 3,7
Total Electronics 386,2 63 311,0 65 24 717,2
Total operations 608,7 100 477,7 100 27 1 049,9
Less: Reunert"s
attributable
portion of
associate company"s
net operating
profit (84,7) (52,7) (132,6)
Operating profit
as reported 524,0 425,0 23 917,3
COMMENT
Reunert"s headline earnings per share grew 29% during the six months ended 31
March 2006. Turnover increased by 19% from R3 275 million a year ago to R3 911
million resulting in operating profits improving by 23% to R524 million.
These results are based on International Financial Reporting Standards (IFRS).
As a consequence of the application of IFRS, in the opinion of the board, the
earnings of the group from an economic perspective have been overstated. As
discussed under the normalised earnings section in this announcement (note 5.2),
the effect of this has been adjusted in calculating normalised earnings. On this
basis, headline earnings per share grow 27%.
The higher level of activity led to net working capital increasing by R187
million. This, together with the increased dividend payment, led to a decline in
the group"s cash resources of R106 million to R676 million.
Review of operations
ELECTRICAL ENGINEERING
The drive in South Africa to improve infrastructure led to turnover increasing
by 31% to R1 149 million. Operating profit increased by 33% to R222 million.
The order book for energy cables is supported by strong demand from local
councils and the platinum mining industry. Capacity is being increased in order
to meet anticipated future demand.
The market for telecommunications cable, both copper and optic fibre, improved
significantly compared to a year ago. In addition to the local market improving,
neighbouring countries are installing much needed bandwidth.
The ongoing drive by government to provide housing for all is underpinning it"s
performance.
In addition, CBI is also reaping the rewards of building an export business over
many years. Exports of breakers for equipment protection, in particular to
Europe, grew significantly.
ELECTRONIC PRODUCTS AND SERVICES
Operating profits improved by 24% from R311 million to R386 million as revenue
rose by 17% to R3 466 million.
Nashua Office Automation and Nashua Mobile performed well as volumes grew
strongly. The related finance company debtor"s book is now in excess of R1,2
billion.
Despite price deflation the consumer electronics business managed to grow both
turnover and profits.
Activities at Siemens Telecommunications were at an all time high due to
expansion of the mobile and fixed line networks, in particular at Vodacom and
Telkom.
The defence business remains subdued but financial results improved
significantly compared to a year ago.
Prospects
Most of the group"s operations are expected to benefit from the current buoyant
market conditions. Therefore Reunert should continue to deliver headline
earnings growth in the second half of the year.
Dividend
Notice is hereby given that interim ordinary share dividend No 160 of 63,0 cents
per share (2005: 52 cents per share) has been declared by the directors for the
half year ended 31 March 2006. In compliance with the requirements of STRATE,
the following dates are applicable:
Last date to trade (cum dividend) Thursday, 15 June 2006
First date of trading (ex dividend) Monday, 19 June 2006
Record date Friday, 23 June 2006
Payment date Monday, 26 June 2006
Shareholders may not dematerialise or rematerialise their share certificates
between Monday, 19 June 2006 and Friday, 23 June 2006, both days inclusive.
ON BEHALF OF THE BOARD
Martin Shaw Gerrit Pretorius
Chairman Chief executive
Sandton, 15 May 2006
REUNERT LIMITED
Incorporated in the Republic of South Africa (Reg No 1913/004355/06)
Share code: RLO ISIN code: ZAE000057428
Directors: MJ Shaw (Chairman)*, G Pretorius (Chief Executive), BP Connellan*, KS
Fuller*, BP Gallagher, SD Jagoe*, KJ Makwetla*, GJ Oosthuizen, KC Morolo*, DJ
Rawlinson, Dr JC van der Horst*
*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 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Sponsor: Rand Merchant Bank (A division of FirstRand Limited)
Secretaries" certification:
Six months ended 31 March 2006
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 2006 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 Secretary
Enquiries: Carina de Klerk +27 11 517 9000 or e-mail invest@reunert.co.za.
Hierdie verslag is ook in Afrikaans verkrygbaar.
For background information on Reunert visit our website at
www.reunert.com
Date: 16/05/2006 08:02:45 AM Produced by the JSE SENS Department
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