Operational overview



  Nashua Electronics


Nashua Electronics exited the consumer electronics market during the 2010 financial year, while the air conditioning business and PABX systems were transferred to CBI-electric and Nashua Communications respectively. This had a significant impact on Nashua Electronics revenue. Since then, the addition of Kyocera Mita to its product offering has been positive and has led to a return to profitability.

Primary brands, products and services Imports, markets, distributes and retails business system products and solutions under the brands of Kyocera Mita, Panasonic, Pansolutions, Samsung and other leading brands. Focuses mainly on office automation and audio visual products.  
Operational areas Distributes imported products and solutions via a wide network of branches, franchises and specialised dealers throughout sub-Saharan Africa under the trade name Pansolutions. Nashua Electronics is geared as an e-commerce retailer for electronics products.  
Market sectors Corporate, medium and small business enter­prises, as well as specific industry leaders in the broadcast, system integrator and motor industries.  
Current BBBEE level 4  
2012 target 4


  Quince Capital


Quince Capital provides in-house finance solutions to Nashua customers through Nashua group businesses. The major feature for the year was the successful reduction in the Quince asset rentals (QAR) book. In 2011, QAR bad debts amounted to R13,5 million, a marked improvement on R39 million in 2010 and R86,3 million in 2009. The QAR book’s losses have been reduced and the remaining book is performing well. Furthermore, we have reduced our exposures from R170,7 million in 2010 to R76,8 million in 2011, and we anticipate the book to further reduce in 2012 to below R20 million.

This year R700 million of securitisation funding provided by Standard Bank was repaid from excess cash in the Reunert group, resulting in significant yield improvements for Reunert.

In the latter months of the year there was some growth in the Nashua book, resulting in a marginal increase in value to R1,26 billion (2010: R1,23 billion). Average monthly discounting in 2011 stood at R55,4 million (2010: R47,7 million). Future opportunities for Quince include capitalising on new and future Nashua franchise acquisitions and collaborating with Nashua Communications and ECN.

  2010   2009  
Nashua book     R1,26bn     R1,23bn   R1,37bn  
Quince asset rentals     R76,8m     R170,7m   R333,2m  
Average monthly discounting     R55,4m     R47,7m   R52,8m  


Primary brands, products and services Quince Capital, trading as Quince Capital and Nashua Finance, provides asset-based financial solutions to Reunert-associated office automation and upgradeable technology suppliers.  
Operational areas Nashua franchise network, Nashua Communications and Nashua Electronics dealers throughout South Africa.  
Market sectors Total advances exceeded R1,3 billion and are spread over more than 53 000 individual contracts.  
Standards & verifications ISO 9001:2008  

Intellectual property rights Quince Capital®

FinSight credit vetting system  
Current BBBEE level 4  
2012 target 4


  Bertus Korb (36) 
  • Managing director: Quince Capital
  • CA (SA)
  • Appointed to the group in 2009