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RLO
RLO
Reunert Limited - Reviewed results for the year Ended 30 September 2006
REUNERT LIMITED
Incorporated in the Republic of South Africa
(Reg No 1913/004355/06)
Share code: RLO
ISIN code: ZAE000057428
REVIEWED RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2006
UP 28% HEADLINE EARNINGS PER SHARE
UP 17% REVENUE
UP 24% FINAL DIVIDEND PER SHARE
CONDENSED GROUP INCOME STATEMENT
For the year ended 30 September 2006
2006 2005
R million R million %
Notes (Reviewed)(Restated) change
Revenue 8 236,4 7 012,0 17
Earnings before interest,
tax, depreciation and
amortisation (EBITDA) 1 335,9 967,2 38
Depreciation and
amortisation 63,2 49,9 27
Operating profit 1 1 272,7 917,3 39
Net interest and dividend
income 2 64,9 50,1 30
Profit before abnormal
items 1 337,6 967,4 38
Abnormal items 3 1,6 3,9
Profit before taxation 1 339,2 971,3 38
Taxation 4 500,5 326,5 53
Profit after taxation 838,7 644,8 30
Share of associate
company"s profit 2 95,2 79,2 20
Profit for the year 933,9 724,0 29
Profit for the year
attributable to:
Minority interest 11,1 10,7 4
Equity holders of Reunert
Limited 922,8 713,3 29
933,9 724,0
Basic earnings per share
(cents) 5 527,0 411,4 28
Diluted basic earnings per
share (cents) 5 522,4 406,5 28
Headline earnings per share
(cents) 5 & 6 524,6 408,4 28
Diluted headline earnings
per share (cents) 5 & 6 520,0 403,6 29
Normalised basic earnings
per share (cents) 5 & 6 497,7 397,1 25
Normalised headline
earnings per share (cents) 5 & 6 495,3 394,1 26
Normalised diluted basic
earnings per share (cents) 5 & 6 493,3 392,5 26
Normalised diluted headline
earnings per share (cents) 5 & 6 490,9 389,5 26
Dividend per ordinary share
declared in respect of the
current year (cents) 273,0 222,0 23
Special dividend per share
declared (cents) 200,0
Taxation rate excluding
abnormal items and STC
on the special dividend (%) 34,2 33,8 1
EBITDA as a % of revenue 16,2 13,8 17
CONDENSED GROUP BALANCE SHEET
As at 30 September 2006
2006 2005
R million R million
Notes (Reviewed) (Restated)
Non-current assets
Property, plant and equipment and
Intangible assets 467,3 336,3
Goodwill 326,8 329,0
Investments and loans 7 148,8 116,2
RC&C Finance Company accounts
receivable 985,3 726,0
Deferred taxation 59,1 37,5
1 987,3 1 545,0
Current assets
Inventory and contracts in progress 809,0 560,9
Accounts receivable and derivative
assets 1 462,7 1 004,9
RC&C Finance Company accounts
receivable 418,5 302,2
Non-current assets held for sale 2,6 -
Cash and cash equivalents 969,3 784,4
3 662,1 2 652,4
Total assets 5 649,4 4 197,4
Equity attributable to equity
holders of Reunert Limited
Ordinary 1 680,2 1 561,0
Preference 0,7 0,7
1 680,9 1 561,7
Minority interest 38,2 43,0
Total equity 1 719,1 1 604,7
Non-current liabilities
Long-term borrowings 8 115,0 111,7
Deferred taxation 141,6 81,7
256,6 193,4
Current liabilities
Accounts payable, derivative
liabilities, provisions and
taxation 2 068,1 1 511,6
RC&C Finance Company bank borrowings 9 1 187,9 866,8
Shareholders for dividend 390,7 -
Bank overdrafts and short-term
portion of long-term borrowings 27,0 20,9
3 673,7 2 399,3
Total equity and liabilities 5 649,4 4 197,4
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
For the year ended 30 September 2006
2006 2005
R million R million
(Reviewed) (Restated)
Share capital and premium 76,9 49,4
Balance at the beginning of the year 49,4 22,7
Issue of shares 27,5 26,7
Share-based payments reserve 40,4 30,8
Balance at the beginning of the year 30,8 -
Share-based payments expense 9,6 30,8
Treasury shares (282,0) (282,0)
Balance at the beginning of the year (282,0) (282,0)
Non-distributable reserves 104,8 67,3
Balance at the beginning of the year 67,3 55,0
Transfer from accumulated profit 39,2 10,0
Translation reserve 0,8 (0,2)
Fair value adjustments (2,5) 2,5
Accumulated profit 1 740,8 1 696,2
Balance at the beginning of the year 1 696,2 1 291,5
Profit for the year 922,8 713,3
Transfer to non-distributable reserves (39,2) (10,0)
Dividends declared (839,0) (298,6)
Equity attributable to equity holders of
Reunert Limited 1 680,9 1 561,7
Minority interest 38,2 43,0
Balance at the beginning of the year 43,0 40,0
Profit for the year 11,1 10,7
Dividends declared (15,9) (9,7)
Net minorities introduced - 2,0
Total equity at end of the year 1 719,1 1 604,7
CONDENSED GROUP CASH FLOW STATEMENT
For the year ended 30 September 2006
2006 2005
R million R million
(Reviewed) (Restated)
EBITDA 1 335,9 967,2
Increase in net working capital (628,4) (601,0)
Increase in RC&C Finance Company accounts
receivable (375,6) (499,7)
Increase in other working capital (252,8) (101,3)
Cash generated from operations 707,5 366,2
Net interest and dividend income
(including associates) 120,9 119,3
Taxation paid (347,4) (364,9)
Dividends paid (including to minorities) (464,2) (308,3)
Other (net) (4,3) 29,3
Net cash flows from operating activities 12,5 (158,4)
Net cash flows from investing activities (185,7) (48,5)
Net cash flows from financing activities 27,0 156,1
Net decrease in cash and cash equivalents (146,2) (50,8)
Net short-term bank borrowings at beginning
of the year (84,0) (33,2)
Net short-term bank borrowings at end of
the year (230,2) (84,0)
Cash and cash equivalents 969,3 784,4
Bank overdrafts (11,6) (1,6)
Cash and cash equivalents (net) 957,7 782,8
RC&C Finance Company bank borrowings (note 9) (1 187,9) (866,8)
Net short-term bank borrowings at end of
the year (230,2) (84,0)
NOTES
2006 2005
R million R million %
(Reviewed) (Restated) change
Note 1
Operating profit
Operating profit is stated after:
- Cost of sales 5 647,9 4 826,6
- Other expenses excluding
depreciation and amortisation 1 325,5 1 233,4
- Other income (72,9) (15,2)
Note 2
Net interest and dividend income
Interest received 92,9 60,8
- From RC&C Finance Company 57,2 30,1
- External 35,7 30,7
Interest paid (34,9) (23,5)
Dividend income other than from
associate company 6,9 12,8
Total 64,9 50,1
Dividend income from associate
company included in share of
associate company"s profit 56,0 69,2
Note 3
Abnormal Items
Surplus on sale of investments 5,0 6,4
Impairment of goodwill (3,4) -
Impairment of plant and equipment - (4,9)
Negative goodwill taken to profit - 2,4
Total before taxation 1,6 3,9
Taxation - 1,4
Total 1,6 5,3
Note 4
Taxation
The tax charge for 2006 includes Seconday Tax on Companies in
respect of the special dividend amounting to R43,7 million
(2005: nil).
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) 175,1 173,4
Adjusted by the dilutive effect of unexercised share options granted
(millions of shares) 1,5 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) 176,6 175,5
Note 6.1
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 922,8 713,3
Surplus on sale of investments (5,0) (6,4)
(Surplus)/loss on disposal of
property, plant and equipment (2,6) 0,2
Impairment of goodwill 3,4 -
Negative goodwill reflected in
abnormal items - (2,4)
Impairment of plant and equipment - 4,9
Taxation - (1,5)
Headline earnings 918,6 708,1
Note 6.2
Normalised earnings
Normalised earnings are determined by deducting from attributable
earnings the interest in profit that is economically attributable
to BEE partners (note 10): Profit attributable to equity holders of
Reunert Limited 922,8 713,3
Interest in profit that is economically attributable to
BEE partners (51,4) (24,7)
Normalised earnings (basic and
diluted) 871,4 688,6 27
Normalised headline earnings are determined by deducting from
headline earnings the interest in profit that is economically
attributable to BEE partners
(note 10):
Headline earnings 918,6 708,1
Interest in profit that is
economically attributable to
BEE partners (51,4) (24,7)
Normalised headline earnings (basic
and diluted) 867,2 683,4 27
Note 7
Investments and loans
Unlisted associate company - at
cost plus equity-accounted earnings
excluding goodwill 126,0 86,8
Other unlisted investments -
at cost 0,3 0,7
Loans - at cost 22,5 20,9
Listed investments held for sale -
at market value - 7,8
Total carrying values 148,8 116,2
Directors" valuation of unlisted
investments
- Unlisted associate company 520,0 520,0
- Other unlisted investments 0,3 0,7
Note 8
Long-term borrowings
Total long-term borrowing 115,5 130,0
Less: Short-term portion (15,2) (18,6)
100,3 111,4
Loan repaid by BEE partner 14,5 -
Total finance leases 0,4 0,9
Less: Short-term portion (0,2) (0,6)
115,0 111,7
The group entered into an agreement with Powerhouse Utilities (Pty) Limited
(Powerhouse), whereby on 1 December 2004, 25,1% of the shares of ATC (Pty)
Limited (ATC) were sold to Powerhouse at a cost of R130 million. IFRS
requires that this transaction is not accounted for as a sale, since the
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 Limited and, in terms of current accounting practices
for this transaction, is recognised on the balance sheet.
Repayment of the loan by the BEE partner represents a portion of dividends
paid by ATC to Powerhouse, which have been used to repay part 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 9
RC&C Finance Company bank borrowings
RC&C Finance Company has total bank borrowing facilities of R1,2 billion
(2005: R1,2 billion). 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 10
Black economic empowerment (BEE) transactions 2006 2005
R million R million
(Reviewed) (Restated)
As referred to in note 8, 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 current year profit that is
economically attributable to BEE partners 51,4 24,7
- Balance sheet interest that is economically
attributable to BEE partners 106,3 96,0
Note 11
Basis of preparation
The prior year financial statements were prepared in accordance with SA
GAAP. The accounting policies have been applied consistently with the
prior year, except for the fact that the group has adopted International
Financial Reporting Standards (IFRS) in the current year.
The financial statements for the year ended 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
announcement. The group"s opening balance sheet on 1 October 2004 and the
comparative information for 2005 have been restated to comply with IFRS.
The same accounting policies and methods have been followed in the
condensed financial statements.
These condensed financial statements have been prepared in terms of IAS 34
"Interim Financial Reporting" as well as in compliance with IFRS and
International Financial Reporting Interpretations Committee (IFRIC)
Interpretations, the Companies Act of South Africa, Act 61 of 1973, as
amended and the Listings Requirements of the JSE Limited.
The impact of the IFRS adoption and conversion is detailed in note 12 to
this announcement.
Note 12
Reconciliation between SA GAAP and IFRS
30 Sept 1 Oct
2005 2004
Notes R million R million
Reconciliation of profit for the year
() = reduction of profit
As previously reported under SA GAAP 719,7
- Profit attributable to equity
holders of Reunert Limited 709,2
- Profit attributable to minority
interest 10,5
Adjusted for:
SA GAAP restatements 1,2
- IAS 16 - Property, plant &
equipment - reversal of depreciation
on land 12.1 0,7
- IAS 38 - Intangible assets 12.2 (0,2)
- IAS 17 - Leases 12.3 -
- IAS 11 - Construction contracts 12.4 0,7
IFRS adjustments
- IAS 16 - Property, plant and
equipment 12.1 10,5
- Deferred tax effect of all
adjustments (7,4)
As reported under IFRS 724,0
- Profit attributable to equity
holders of Reunert Limited 713,3
- Profit attributable to minority
interest 10,7
Reconciliation of total equity
() = reduction of total equity
As previously reported under SA GAAP 1 496,0 1 022,8
- Equity attributable to equity
holders of Reunert Limited 1 453,5 983,1
- Minority interest 42,5 39,7
Adjusted for:
SA GAAP restatements 5,8 4,6
- IAS 16 - Property, plant and
equipment - reversal of depreciation
on land 12.1 5,6 4,9
- IAS 38 - Intangible assets 12.2 0,6 0,8
- IAS 17 - Leases 12.3 (1,5) (1,5)
- IAS 11 - Construction contracts 12.4 1,1 0,4
IFRS adjustments
- IAS 16 - Property, plant and
equipment 12.1 138,3 127,8
- Deferred tax effect of all
adjustments (35,4) (28,0)
As reported under IFRS 1 604,7 1 127,2
- Equity attributable to equity
holders of Reunert Limited 1 561,7 1 087,2
- Minority interest 43,0 40,0
The effect on basic earnings per share and headline earnings per share is
an increase of 2,5 cents.
12.1 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.
12.2 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.
12.3 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 (SAICA).
Previously operating lease income and expenses were recognised on a cash
basis. A finance lease has also been capitalised.
12.4 IAS 11 - Construction contracts
The group"s accounting policy on the recognition of contract revenue and
contract costs have 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.
Note 13
Restatement
The group has previously recorded discount to customers as an expense. The
group now accounts for discount to customers as part of revenue in terms of
Circular 9/2006 issued by SAICA. The prior year revenue and other expenses
have been restated to reflect the change. The adjustment has no impact on
profit or the balance sheet.
2005
Effect on the income statement: R million
Reduction in revenue 25,3
Decrease in other expenses (25,3)
Note 14
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 15
Acquisitions
In March 2006, various assets of Dynatrack were purchased for R4,3 million
and combined into the business of Acuo. Also in March 2006, the assets and
liabilities of Black Dot IT company were purchased for R2,1 million
(including R0,1 million cash) and combined into the business of Nashua
Mobile. In the opinion of the directors the disclosure requirements of IFRS
3 are not warranted in this announcement to shareholders due to the
immateriality of these acquisitions.
SUPPLEMENTARY INFORMATION
For the year ended 30 September 2006
2006 2005
R million (unless otherwise stated) (Reviewed) (Restated)
Net asset value per share (cents) 953 896
Net asset value per share (cents)-tangible 761 702
Current ratio excluding interest-bearing
current liabilities (:1) 1,8 1,8
Net number of ordinary shares in issue
(million) 176,3 174,4
Number of ordinary shares in issue (million) 195,3 193,4
Less: Held by subsidiary (million) (19,0) (19,0)
Capital expenditure 194,3 59,7
- expansion 134,1 22,6
- replacement 60,2 37,1
Capital commitments 108,2 68,9
- contracted 56,2 42,6
- authorised not yet contracted 52,0 26,3
Commitments in respect of operating leases 84,0 50,0
Contingent liabilities 3,7 5,6
CONDENSED SEGMENTAL ANALYSIS
For the year ended 30 September 2006
2006 2005
R million R million %
(Reviewed) % (Restated) % change
Revenue
Electrical Engineering 2 573,7 27 1 986,7 25 30
Electronics
Office Systems 1 234,8 13 981,3 12 26
Consumer products and
services 4 109,0 43 3 743,7 47 10
Telecommunications 1 285,7 14 993,0 12 29
Reutech 317,3 3 300,3 4 6
Total Electronics 6 946,8 73 6 018,3 75 15
Total operations 9 520,5 100 8 005,0 100 19
Less: Reunert"s
attributable portion of
associate company"s
revenue (1 284,1) (993,0)
Revenue as reported 8 236,4 7 012,0 17
Operating profit
Electrical Engineering 552,1 39 332,7 32 66
Electronics
Office Systems 314,1 22 257,1 24 22
Consumer products and
services 374,5 27 324,5 31 15
Telecommunications 142,9 10 131,9 13 8
Reutech 30,4 2 3,7 - 722
Total Electronics 861,9 61 717,2 68 20
Total operations 1 414,0 100 1 049,9 100 35
Less: Reunert"s
attributable portion of
associate company"s net
operating profit (141,3) (132,6)
Operating profit as
reported 1 272,7 917,3 39
COMMENT
The past year has been a good one for Reunert. The continued strong
domestic economy saw revenue increase by 17% to R8,2 billion while
operating profit grew by 39% to R1,3 billion. Gross margins remained
reasonably constant and the higher percentage growth in profit compared to
turnover was achieved by containing the increase in overheads to under 8%.
For the past few years cash flow has been consistently strong, leading to
the decision to declare a special dividend of R 2,00 per ordinary share in
August 2006.
Review of operations
ELECTRICAL ENGINEERING
The consolidation of the three businesses under one brand, CBI-electric,
was completed during the year and officially launched in June. Revenue rose
30% to R2,6 billion with operating profit growing by 66% to R552 million.
The order book for energy cables remains strong, supported by the
increasing spend on infrastructure. Capital expenditure has expanded
capacity and improved operating efficiency.
A significant sales increase in telecommunications cables was recorded in
the year, which led to a strong profit recovery. Agreement has been reached
with Aberdare, subject to Competition Commission approval, to acquire the
assets of Aberdare"s telecommunications cable businesses in exchange for a
50% share in a new company which will be a joint venture between ATC and
Aberdare. The additional capacity acquired will enable the company to meet
anticipated strong demand for both copper and fibre optic
telecommunications cables in Africa.
The low-voltage business performed well and continues to make progress in
export markets, particularly in Europe.
ELECTRONIC PRODUCTS AND SERVICES
Overall, operating profit grew by 20% to R862 million on the back of a 15%
increase in turnover to R6,9 billion.
Nashua Office Automation and Nashua Mobile both achieved real sales growth
and improved profitability.
In the face of continuing price deflation and fierce competition the
consumer electronics business achieved modest sales and profit growth.
Siemens Telecommunications reported strong sales growth during the year.
Siemens worldwide recently announced that they will be merging its
telecommunications business with Nokia on 1 January 2007. This will present
opportunities and challenges for the business going forward.
The defence businesses reported improved profitability from a low base and
both their existing order books and prospects are better than a year ago. A
process was initiated during 2006, which could result in some or all of the
businesses being sold.
SUBSEQUENT EVENTS
In a deal valued at R1,1 billion, Reunert agreed, subject to shareholders"
approval, to sell about 10% of Reunert in a BEE transaction. 30% of the 10%
will be acquired by a women"s group made up of Peotona"s founding members.
The remaining 70% of the 10% will be acquired by a broad-based education
trust. Reunert will have achieved a BEE shareholding of approximately 10%
which includes a staff scheme to be introduced. Full details are provided
in a transaction announcement which is being released simultaneously with
this publication. Reunert is pleased with this transaction, which confirms
its commitment to transformation, and is confident that the transaction
will be value-enhancing.
Reunert recently announced the establishment of a joint venture finance
company with PSG, subject to the fulfilment of certain suspensive
conditions. Reunert is contributing its stake in RC&C Finance for 49,9% of
the new company, while the PSG Group will own 39,9% and other minority
shareholders 10,2%. In aggregate they will contribute R375 million in cash.
Reunert is confident that, with new partners, the company will develop to
become a force in asset financing.
Prospects
Generally, the business climate is expected to be favourable and most of
the group"s businesses are likely to continue producing real growth in
earnings. The consumer business may experience slower demand in a higher
interest rate environment.
Overall, the group should achieve real earnings growth before the one-off
charge arising from the BEE transaction.
Reviewed results
The above results have been reviewed by the group auditors, Deloitte &
Touche, and a copy of their unmodified report is available for inspection
at the company"s registered office.
Dividend
Notice is hereby given that final dividend No 161 of 210 cents per share
(2005: 170 cents per share) has been declared by the directors for the year
ended 30 September 2006. In compliance with the requirements of STRATE, the
following dates are applicable:
Last date to trade (cum dividend) Friday, 12 January 2007
First date of trading (ex dividend) Monday, 15 January 2007
Record date Friday, 19 January 2007
Payment date Monday, 22 January 2007
Shareholders may not dematerialise or rematerialise their share
certificates between Monday, 15 January 2007 and Friday, 19 January 2007,
both days inclusive.
ON BEHALF OF THE BOARD
Martin Shaw Gerrit Pretorius
Chairman Chief Executive
Sandton, 20 November 2006
REUNERT LIMITED
Incorporated in the Republic of South Africa
(Registration number 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*, KC Morolo*, GJ Oosthuizen,
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:
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 year ended 30 September 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 Secretaries
Enquiries:
Carina de Klerk +27 11 517 9000 or e-mail invest@reunert.co.za.
Hierdie verslag is ook in Afrikaans beskikbaar.
For background information on Reunert visit
our website at www.reunert.com
Date: 20/11/2006 03:31:10 PM Produced by the JSE SENS Department
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