A N N U A L   R E P O R T   –   2 0 0 3
Content
Highlights Accounting policies
Letter to shareholders Income statements
Board and governance structure Balance sheets
Group overview Cash flow statements
Building and developing people Notes to the cash flow statements
Corporate governance Statement of changes in equity
Value added statement Notes to the annual financial statements
Segmental analysis Principal subsidiaries
Five-year financial review Share ownership analysis
Summary of statistics Shareholders' diary
Definitions Corporate administration and information
Directors' responsibility Notice of annual general meeting
Report of the independent auditors Currency conversion table
Secretaries' certification Proxy form
Statutory information  

STATUTORY INFORMATION
For the year ended 30 September 2003
AUTHORISED AND ISSUED CAPITAL

The authorised capital of the company remained unchanged. During the year 1 350 500 ordinary shares were issued at R5,45 per share, 25 000 at R14,10 per share, 90 000 at R15,80 per share and 125 000 at R15,99 per share. Options exercised in terms of the Reunert 1985 Share Option Scheme accounted for this increase.

DIVIDENDS

An interim ordinary dividend No 154 of 32 cents per share was declared on 7 May 2003 and a final ordinary dividend No 155 of 88 cents per share was declared on 26 November 2003.

A total distribution of 120 cents (2002: 118 cents) per ordinary share was declared relating to the 2003 financial year.

An interim 5,5% cumulative preference dividend No 36 was declared on 4 July 2003 and a final dividend No 37 was declared on 26 November 2003.

SUBSIDIARY COMPANIES

Your directors are of the opinion that the publication of information on all the company’s subsidiaries in this report would entail expense out of proportion to the value to shareholders.

Annexure A to this report, however, sets out the principal subsidiaries of the company.

SPECIAL RESOLUTIONS OF SUBSIDIARIES

During this financial year the following special resolutions were passed by subsidiaries of Reunert Limited: IQ Works (Pty) Limited changed its name to Nashua Connect (Pty) Limited. ATC (Pty) Limited allowed for the creation of A and B shares, with the A shares owning the assets of the copper cabling business and the B shares owning the optical fibre cabling business. A similar resolution was passed in Reutech Engineering Services (Pty) Limited, the owner of all the shares in ATC (Pty) Limited. RC&C Finance Company (Pty) Limited passed a resolution increasing the authorised share capital of the A shares, which would allow Reunert Limited to purchase more share capital in the company and, in so doing, increase the capital structure of RC&C Finance Company (Pty) Limited.

Full details of these resolutions may be viewed at the company’s registered office.

DIRECTORATE

Messrs SD Jagoe, KJ Makwetla, CL Valkin and GJ Oosthuizen retire by rotation at the forthcoming annual general meeting and all except C Valkin offer themselves for re-election. Mr Valkin will retire after the annual general meeting having reached the mandatory retirement age for directors.

INTERESTS OF DIRECTORS

At the reporting date, fully paid ordinary Reunert Limited shares were held directly and indirectly by the directors as indicated in the table below:
Direct beneficial
2003 2002

DE Cooper
BP Connellan
BP Gallagher
SD Jagoe
KJ Makwetla
GJ Oosthuizen
G Pretorius
DJ Rawlinson
MJ Shaw
JC van der Horst
CL Valkin
–
33 914
272 684
–
–
97 400
445 500
308 300
–
–
–
–
33 914
206 084
–
–
30 800
390 500
241 700
–
–
–

1 157 798 902 998

Indirect beneficial
2003 2002

DE Cooper
BP Connellan
BP Gallagher
SD Jagoe
KJ Makwetla
GJ Oosthuizen
G Pretorius
DJ Rawlinson
MJ Shaw
JC van der Horst
CL Valkin
35 688
10 000
–
20 000
–
–
–
20 137
–
–
–
35 688
10 000
–
11 000
–
–
–
20 137
–
–
–

65 825 76 825

These holdings have remained unchanged up to 26 November 2003.

There were no non-beneficial interests in either period.

Executive directors of the company held unexercised options to subscribe for 1 600 200 (2002: 1 355 000) ordinary shares in terms of the Reunert 1985 Share Option Scheme. These options are due to expire as follows:

510 200 on 26 October 2009
250 000 on 1 February 2011
340 000 on 26 September 2011
500 000 on 13 May 2013

The directors have no interest in the contracts entered into during the year. For further information on share options by director, see note 26 to the annual financial statements.

SUBSEQUENT EVENT

In mid-October 2003 Reunert Limited purchased 77 741 400 shares representing a 31,7% interest in CS Computer Services Holdings Limited for R42,8 million.

ATTRIBUTABLE INTEREST

The attributable interest of the company in the profits and losses of its consolidated subsidiaries for the year ended 30 September 2003 is:
2003
(Rm)
2002
(Rm)

In the aggregate net income
In the aggregate net losses
241,1
(29,0)
234,1
(3,5)

212,1 230,6


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