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 < Prev Next > © Copyright - Reunert - 2003