Reunert Limited · JSE:RLO
Reunert — Investor Day (June 2022)
82 slides from Reunert's investor day presentation, Jun 28, 2022
Slide 1: ICT Investor Day: Welcome
OVERVIEW RENEWABLE OVERVIEW WELCOME: ENERGY ICT ECODAY INVESTOR SYSTEM Alan TerryDickson Alan Lawrenson Dickson Alan Group Dickson Chief Segment Executive Officer Head Group Chief Group Executive Chief Officer Executive Officer
Slide 2: Agenda ICT Investor Day Session 2
! AGENDA ICT INVESTOR DAY| SESSION 2 Item Speaker Time 1 Brand launch video Group CEO 13:00 – 13:05 Nashua HO, Woodmead 2 Welcome back ICT Segment Head 13:05 – 13:10 3 ICT Strategy ICT Segment Head 13:10 -13:40 4 Solutions and Systems Integration Cluster MD: +OneX 13:40 – 14:10 5 Business Communicat
Slide 3: ICT Strategy
OVERVIEW RENEWABLE OVERVIEW WELCOME: ENERGY ICT ECODAY INVESTOR SYSTEM Alan TerryDickson Alan Lawrenson Dickson Alan Group Dickson Chief Segment Executive Officer Head Group Chief Group Executive Chief Officer Executive Officer ICT STRATEGY Graeme Eddey ICT Segment Head
Slide 4: Our Story / About Us: Reunert ICT Corporate Video
" OUR STORY / ABOUT US REUNERT ICT CORPORATE VIDEO 4
Slide 5: Introduction: Graeme Eddey
# ICT SEGMENT | INTRODUCTION GRAEME EDDEY Expertise q 1999 – SIEMENS Southern Africa q 2001 – SIEMENS IT Solutions & Services q 2006 – SIEMENS Telecommunications (later Nashua Communications) q 2012 – CBi-Electric: African Cables q 2019 – SkyWire q 2021 – Reunert ICT q 18 years experience in telecom
Slide 6: Strategic Vision
$ ICT SEGMENT | STRATEGIC VISION Our strategic vision is to solve business’s challenges with innovative, high-tech solutions that unlock value for: ► our clients ► our companies ► our shareholders 6
Slide 7: What We Look Like Today
% ICT SEGMENT | WHAT WE LOOK LIKE TODAY A portfolio of visionary ICT businesses using innovative, high-tech solutions solving business problems today that unlock growth opportunities tomorrow REUNERT ICT Total Workspace Business Solutions & Systems Rental-based finance Solutions Communications Integ
Slide 8: Financial Overview Reunert ICT
& ICT SEGMENT | FINANCIAL OVERVIEW REUNERT ICT Enhanced earnings margins Operating profit margin : 19,2% (2017) to 24,4% (2021) EBITDA margin : 20,1% (2017) to 28,8% (2021) 8
Slide 9: Competitive Advantage
' ICT SEGMENT | COMPETITIVE ADVANTAGE STRONG EXISTING PORTFOLIO q A portfolio of strong visionary technology businesses with leading market shares, broad geographic presence across the region, generating strong cashflows, led by highly experienced and diligent management teams WINNING TOGETHER q Our
Slide 10: Competitive Advantage
() ICT SEGMENT | COMPETITIVE ADVANTAGE PEOPLE FIRST q Placing our people at the heart of our success, we build a culture of collaboration and problem solving within our companies and across them, and in so doing building one of the most powerful reservoirs of human capital in South Africa’s ICT indu
Slide 11: Strategy in Action
(( REUNERT ICT | STRATEGY IN ACTION Diversifying our ICT businesses Moving up the value chain Building and offering greater value-added services and solutions q Diversified our Total Workspace Solutions Cluster from being a primarily print and hardware focused business, to an annuity-based revenue e
Slide 12: Strategy in Action
(! REUNERT ICT | STRATEGY IN ACTION Further diversifying our ICT Segment Augmenting our offerings through entering the higher growth areas of new- aged digital transformation solutions and services q Building out our new-aged Systems Integrator in +OneX, helping companies to excel, through using inn
Slide 13: Solutions and Systems Integration
OVERVIEW RENEWABLE OVERVIEW SOLUTIONS WELCOME: ANDENERGY ICT ECOINTEGRATION SYSTEMS INVESTOR SYSTEM DAY Alan TerryDickson Alan Rob Lawrenson Dickson Godlonton Alan Group Dickson Chief Segment Executive Officer Head Group +One X Chief Group Executive MDChief Officer Executive Officer
Slide 14: Our Story: +OneX Corporate Video
(" https://youtu.be/XXxtGdX6qPA OUR STORY / ABOUT US +OneX CORPORATE VIDEO 14
Slide 15: Introduction: Rob Godlonton
(# ICT SEGMENT | INTRODUCTION ROB GODLONTON Expertise q B Comm Hons in Man Accounting (Uni Stellenbosch) CIMA – UK q Into Technology in 1996 with PeopleSoft – UK q Founded and scaled Global Technologies & sold Infogain q MBO of Cedar Consulting & sold to Version 1 – UK q Dimension Data South Africa
Slide 16: +OneX About Us
($ ICT SEGMENT | SOLUTIONS AND SYSTEMS INTEGRATION +OneX ABOUT US PURPOSE CORE ELEMENTS MISSION VALUE PROPOSITION • Agility of a start-up with the scale of an enterprise • End-to-end business transformation partner • Built on the cloud • People excellence • ‘X’ Factor 16
Slide 17: ICT Market, Competitive Advantage, Competitors
(% ICT SEGMENT | SOLUTIONS AND SYSTEMS INTEGRATION ICT MARKET COMPETITIVE ADVANTAGE COMPETITORS q R50bn services market – R100bn overall q Built on scalable digital & cloud platforms q Dimension Data q Growing 10% – 15% year-on-year q Attracted leading ICT talent to lead the q Altron q Connectivity
Slide 18: +OneX Business Model
(& ICT SEGMENT | SOLUTIONS AND SYSTEMS INTEGRATION +OneX BUSINESS MODEL NEW AGED Lead Subject Matter Acquisitions Experts End-to-end ICT Systems Acquisitions: Integrator Service Offering Executives 1. UC & C 1. Digital Consulting 2. Digital Media 2. Data Services 3. Cloud 3. Managed Services 4. Soft
Slide 19: Go to Market
ICT SEGMENT | SOLUTIONS AND SYSTEMS INTEGRATION Nikki Rob Godlonton Prinsloo CEO Kea Hammond Miguel Karind Ori Digital & Cloud Services Torres Rudie Grant Lapping Digital Media Services Vermaak Paul Serfontein Managed & Security Services &Go to Market Chief People Officer Gert Groenewald Optimisatio
Slide 20: Portfolio Overview
!) ICT SEGMENT | SOLUTIONS AND SYSTEMS INTEGRATION PORTFOLIO OVERVIEW Digital Consulting q +OneX Digital Consulting is our strategy and advisory service empowering our clients to leverage the opportunities enabled through the 4th Industrial Revolution and to respond effectively to the demands of the
Slide 21: +OneX New Client Engagements
!( ICT SEGMENT | SOLUTIONS AND SYSTEMS INTEGRATION +OneX NEW CLIENT ENGAGEMENTS 21
Slide 22: +OneX Clients & Industry Expertise
!! ICT SEGMENT | SOLUTIONS AND SYSTEMS INTEGRATION +OneX CLIENTS & INDUSTRY EXPERTISE q Financial Servicesq Telecoms q Retail q Other Services q Mining & Manu q Selected Public Sector q ABSA q BCX q Corricraft q ADT q AFGRI q CIPC q African Bank q BulkSMS q JD Group q AVBOB q Autoboys q DOL q FNB EC
Slide 23: +OneX Brand Exposure & Recognition
!* ICT SEGMENT | SOLUTIONS AND SYSTEMS INTEGRATION +OneX BRAND EXPOSURE & RECOGNITION q LinkedIn – over 2,000 followers q CIO Exchange q Top SA CIO attend quarterly q ICT Thought leadership – features q IT Web q Brainstorm q Tech Central q +OneX – Experience events q JHB q CT with FNB 23
Slide 24: +OneX Highlights
!" ICT SEGMENT | SOLUTIONS AND SYSTEMS INTEGRATION +OneX HIGHLIGHTS • Created opportunities to improve people’s lives Unbelievable Enterprise Client base q Learnerships – people development q Working with great people & great people joined q Scaled from +- 20 to over 250 people in business • Expande
Slide 25: Business Communications
OVERVIEW RENEWABLE OVERVIEW BUSINESS WELCOME: ENERGY ECODAY COMMUNICATIONS ICT INVESTOR SYSTEM Alan TerryDickson Alan Lawrenson Dickson JanAlan Holtzhausen Group Dickson Chief Segment Executive Officer Head Group ECN MDChief Group Executive Chief Officer Executive Officer
Slide 26: Communications Cluster Corporate Video
!$ OUR STORY / ABOUT US COMMUNICATIONS CLUSTER CORPORATE VIDEO 26
Slide 27: Introduction: Jan Holtzhausen
ICT SEGMENT | BUSINESS COMMUNICATIONS JAN HOLTZHAUSEN Expertise q 1992 – Joined Reunert: Panasonic Consumer Company q 1998 – 2004 Panasonic Business Systems q 2004 – 2009 Panasonic SA q 2009 – 2015 Nashua Communications (Siemens Enterprise Communications) q 2015 – current ECN q 25 years’ executive l
Slide 28: Business Communications About Us
ICT SEGMENT | BUSINESS COMMUNICATIONS ABOUT US q ECN and Skywire are strong and well recognized brands in the communications market with proven track record of growth after being acquired by Reunert − ECN: founded in 2005 and acquired by Reunert in 2011 − Skywire: founded in 2004 and acquired by Reu
Slide 29: Competitive Advantage
ICT SEGMENT | BUSINESS COMMUNICATIONS COMPETITIVE ADVANTAGE q Trusted partner and with strong brand loyalty − Over 350 resellers and channel partners − Trusted preferred wholesaler in the channel market for more than 15 years − In excess of 30,000 end business clients − Over 8,000 business internet
Slide 30: RSA Fixed Voice and Business Connectivity Services Market
ICT SEGMENT | BUSINESS COMMUNICATIONS RSA FIXED VOICE AND BUSINESS CONNECTIVITY SERVICES MARKET Total RSA Fixed Voice market (2021) R6,5 billion Total RSA Fixed Internet and Data market (2021) R23,5 billion FIXED VOICE MARKET BUSINESS CONNECTIVITY R’000 SERVICES MARKET IP Voice Segment projected to
Slide 31: Reunert
REUNERT
Slide 32: Portfolio Offering
ICT SEGMENT | BUSINESS COMMUNICATIONS PORTFOLIO OFFERING Strong portfolio of “Annuity Based Revenue” offerings q Full suite voice offerings − Full portfolio of VOIP and telephony solutions including PBX, cloud hosted and Virtual PABX (VBX) solutions − Call recording and archiving q Connectivity, dat
Slide 33: Value Proposition
ICT SEGMENT | BUSINESS COMMUNICATIONS VALUE PROPOSITION q Strong annuity revenues with average 24-month contract term q Low-cost base & mostly variable q Business model allows agility - quick response to market changes q Placing our people at the heart of our success and creating a culture of collab
Slide 34: Business Communications Growth
ICT SEGMENT | BUSINESS COMMUNICATIONS BUSINESS COMMUNICATIONS GROWTH Significant growth in end clients and complementary services NUMBER OF END CLIENTS (+14,8%) NUMBER OF BUSINESS BIA CLIENTS (+51,6%) 30 000 10 000 25 000 7 500 20 000 5 000 15 000 2018 2019 2020 2021 2022 2 500 Total End Clients 201
Slide 35: Total Workspace Solutions
OVERVIEW TOTAL RENEWABLE OVERVIEW WELCOME: WORKSPACE ENERGY ICT SOLUTIONS ECODAY INVESTOR SYSTEM Alan TerryDickson Alan Lawrenson Dickson Alan Group Dickson Chief Segment Executive Officer Head Group Chief Group Executive Chief Officer Executive Officer Barry Venter Nashua
Slide 36: Introduction: Barry Venter
TOTAL WORKSPACE PROVIDER| INTRODUCTION BARRY VENTER q Over 25 years experience in telecommunications and ICT industries q Over 9 years Executive Leadership experience q Passion for bringing people and technology together 36
Slide 37: A Proud Track Record of Growth
TOTAL WORKSPACE PROVIDER A PROUD TRACK RECORD OF GROWTH q Nashua enjoys a rich heritage built over 49 years, deeply entrenched in the South African business landscape − trusted, credible player within the office automation industry − evolving into an ICT solutions business over the past 7 years q Na
Slide 38: Timeline: Proud Service History
PROUD SERVICE HISTORY TIMELINE Office Automation Supplier to ICT Enablement Partner q Wholly-owned South African company q 49 years of trading experience with a 39-year partnership history with Ricoh q Continued history of reinvention as market moves 38
Slide 39: Strategic Intent
TOTAL WORKSPACE PROVIDER STRATEGIC INTENT To offer a range of solutions and services that facilitate and enable our clients’ businesses 39
Slide 40: Total Workspace Provider
TOTAL WORKSPACE PROVIDER Nashua has an important role to play in society, by ‘humanising’ tech, and playing a supportive business partner role, to help organisations navigate their way through the new ‘smart’ world 40
Slide 41: Total Workspace Provider Business Model
TOTAL WORKSPACE PROVIDER BUSINESS MODEL q Fully franchised go-to-market model, segmented by geographical trading areas q All 42 franchises are governed by an operating model, as defined and committed to in the franchise agreement q All OEM/supplier commercial agreements are held by Nashua (Pty) Ltd,
Slide 42: Competitive Advantages
TOTAL WORKSPACE PROVIDER COMPETITIVE ADVANTAGES 1. Iconic, reputable brand − Entrusted with technology since we installed our first copy machine in 1973 2. A big business made up of many small businesses − The franchises are not branches, they’re SME businesses. This adds credibility and trust when
Slide 43: Competitive Advantage: Geographic Location
COMPETITIVE ADVANTAGE GEOGRAPHIC LOCATION STRENGTH IN NUMBERS NUMBER OF NUMBER OF PROVINCE FRANCHISES PROVINCE FRANCHISES Western Cape 6 Mpumalanga 4 Gauteng 6 Eastern Cape 3 KZN 6 Northern Cape 2 Free State 5 Limpopo 1 North West 5 Neighbouring countries 4 TOTAL 42 HERE FOR YOU Franchises 42 Worksh
Slide 44: Solid MFP Market Share Position
TOTAL WORKSPACE PROVIDER SOLID MFP MARKET SHARE POSITION Print remains a growing market in South Africa 44
Slide 45: Market Opportunity
TOTAL WORKSPACE PROVIDER MARKET OPPORTUNITY q Computer hardware market projected to grow by 58% from R24,7 billion in 2020 to R39,0 billion in 2025 q Software market projected to grow by 78% from R23,1 billion in 2020 to R41,1 billion in 2025 q IT service market projected to grow by 85% from R45,2 b
Slide 46: Strategy into Action
TOTAL WORKSPACE PROVIDER STRATEGY INTO ACTION q Nashua has significantly grown its share of client wallet where a client has 2 or more Nashua lines of business q Complementary product sales to clients improved from c.R200m in FY17 to c.R479m in FY21, Revenue representing a 25% Value Model Creation C
Slide 47: Nashua Corporate Video
OUR STORY / ABOUT US NASHUA CORPORATE VIDEO 47
Slide 48: Connecting Hearts and Minds
CONNECTING HEARTS AND MINDS VALUES BASED CULTURE q A consistent culture within the Nashua family q A culture of learning that’s both fun and educational, through encouragement activities q Ways to deliver success for ourselves and our clients. q Awareness and pride of all lines of business q Valuabl
Slide 49: Service Through Personal Relationships
SERVICE THROUGH PERSONAL RELATIONSHIPS EMPLOYER OF CHOICE Top Employers Institute The programme involves four stages: survey, validation, results, and certification Steer & Shape Overarching strategies from an employer’s perspective Attract, Develop & Engage Employee journey Unite Initiatives that b
Slide 50: Leadership Capability
LEADERSHIP CAPABILITY WEALTH OF SKILLS AND BUSINESS EXPERIENCE 1. Powerful Leadership Formula: Diversified teams across race, gender, age and a balance of years of internal and external business experience 2. ICT and office automation skillsets: with a combination of length and depth of experience w
Slide 51: Continuing the Legacy: The Nashua Academy
CONTINUING THE LEGACY THE NASHUA ACADEMY q The purpose is to build capability and develop current high potential Nashua staff q Build a strong talent pipeline, retaining key talent and transferring skills and knowledge within the Nashua franchise channel q Instrumental in assisting Nashua to achieve
Slide 52: Our Continued Passion for People
OUR CONTINUED PASSION FOR PEOPLE NPO Developing Tomorrow’s Leaders Our investment pillars are structured along a child’s developmental path to provide everything from basic infant needs through to becoming self-sufficient adults 52
Slide 53: SuperSport Schools Project
SUPERSPORT SCHOOLS PROJECT SUPERSPORT SCHOOLS CORPORATE VIDEO Through our partnership with the SuperSportSchools initiative, Nashua aims to showcase various school sports, putting the spotlight on girls and boys’ teams, allowing them to shine, be discovered and recognised 53
Slide 54: Rental-Based Finance
OVERVIEW RENTAL-BASED RENEWABLE OVERVIEW RENTAL-BASE FINANCE ENERGY ECO SYSTEM Alan Terry Alan Dickson Brett Thornton-Dibb Lawrenson Dickson Alan Group Dickson Chief Segment Executive Officer Head Quince Group MD Chief Executive Officer Group Chief Executive Officer
Slide 55: Introduction: Brett Thornton-Dibb
ICT SEGMENT | RENTAL BASED FINANCE BRETT THORNTON-DIBB Expertise q CA (SA), B.Com Honours, B.Com q 20 years Investment banking experience, 3 years in London q 2003 – 2005 Finance Director of Deutsche Bank Equity Business q 2005 – 2016 Head of Equity Finance - Deutsche Bank South Africa q 2016 – 2018
Slide 56: Rental Based Finance About Us
ICT SEGMENT | RENTAL BASED FINANCE ABOUT US q Providing ICT segment the ability to q Our people, our asset q Best in industry turnaround time discount annuity income to support the q Credit decisions within 3 to 4 hours q Making our people act with integrity and sales channel and product distributio
Slide 57: Our Competitive Advantage
ICT SEGMENT | RENTAL BASED FINANCE OUR COMPETITIVE ADVANTAGE 57
Slide 58: Our Go To Market
ICT SEGMENT | RENTAL BASED FINANCE OUR GO TO MARKET 58
Slide 59: Key Take Aways
#' RENTAL BASED FINANCE Key take aways q Quince’s PanSolutions – independent review of control environment conducted and enhanced controls implemented q Quince key positioning and importance in the ICT Segment as a business enabler q Quince lessons learned and model review refocus on franchise healt
Slide 60: Quince Assets in Relation to the ECL Provision
ICT SEGMENT | RENTAL BASED FINANCE QUINCE ASSETS IN RELATION TO THE ECL PROVISION 3 500 000 Quince Book R'000 3 000 000 2 500 000 2 000 000 1 500 000 1 000 000 500 000 0.56% 0.61% 0.75% 0.67% 0.70% 1.39% 7.65% 5.69% 5.21% - ECL % Total (5 00 000) 60
Slide 61: Book Performance
ICT SEGMENT | RENTAL BASED FINANCE BOOK PEROFRMANCE CREDIT LOSSSES (BPS) 90 80 70 60 50 40 30 20 10 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 HY22 CUSTOMER CONCENTRATION (% OF BOOK) APPROVAL RATIO (%) 75 74 74 74 30% 74 73 73 24% 73 25% 19% 72 20% 71 71 70 70 70 15% 12% 70 69 10% 69 68 5% 67 0%
Slide 62: Quince Funding Opportunity
ICT SEGMENT | RENTAL BASED FINANCE QUINCE FUNDING OPPORTUNITY Current funding a blend of Reunert cash and bank funding q R1,92 billion Reunert q Capital R602m (24% of total assets) q Currently Quince is not funding externally and is working with Reunert Group Treasury to optimize the Group’s cash po
Slide 63: Reunert Group Considerations
OVERVIEW RENEWABLE OVERVIEWGROUP WELCOME: ENERGY ECODAY CONSIDERATIONS ICT INVESTOR SYSTEM Alan TerryDickson Alan Lawrenson Dickson Alan Nick Thomson Dickson Group Group Chief Segment Chief Executive Officer Head Executive Officer Group Group Chief Chief Financial Executive OfficerOfficer
Slide 64: Management Experience: Nick Thomson
MANAGEMENT EXPERIENCE NICK THOMSON Expertise q CA (SA) q Group CFO since 2015 q Group CFO at Afrox 2012 - 2015 q CFO at Transnet Freight Rail: 2005 - 2011 q Partner at Ernst and Young: 1987 - 2005 q 35 years executive management experience 64
Slide 65: Reunert Group Considerations
REUNERT GROUP CONSIDERATIONS q Funding q Make-up of earnings going forward q Valuation q Disclosures 65
Slide 66: Funding
FUNDING
Slide 67: Sources of Funding
SOURCES OF FUNDING q Quince as a source of funding − Bank loans − Equity partner with external funding raised over time q Bank loans against Reunert’s residual assets q Equity raise 67
Slide 68: Quince as a Source of Funding
QUINCE AS A SOURCE OF FUNDING Current Quince structure Quince Group Rm Equity 531 2 546 q Quince currently debt free Loan ex Reunert 2 015 - q Reunert’s ROE on capital invested in Quince ≈ 8% 2 546 2 546 q Reunert’s return greater than cash deposit rate Rental book 2 494 2 494 q Quince has strong co
Slide 69: Quince as a Source of Funding: Bank Loans
QUINCE AS A SOURCE OF FUNDING | BANK LOANS Bank loans – 60% non-recourse borrowing (at say JIBAR + 3%) Rm Quince Implications q Debt will be used to fund Reunert’s strategy Equity 531 q Debt taken on in Quince will be consolidated at Reunert level Loan ex Reunert 487 q External debt at R1,5 billion
Slide 70: Quince as a Source of Funding: JV Equity Partner
QUINCE AS A SOURCE OF FUNDING | JV EQUITY PARTNER Implications q R266 million is 50% of current Quince equity of R531 million Group q Reunert loan reduced from R2 015 million to R250 million Rm From To Over time over agreed period 100% 50% at 50% Day 1 (Debt:Equity 40:60) q Equity and shareholder lo
Slide 71: Quince as a Source of Funding: JV Equity Partner
QUINCE AS A SOURCE OF FUNDING | JV EQUITY PARTNER Rm Quince Implications Equity 531 q Interest received on Reunert shareholder loan will be accounted for as interest received External debt 1 515 and will not form part of ICT Segment operating profit Shareholders' loan 500 q Interest received on Reun
Slide 72: Funding Capacity Available
FUNDING CAPACITY AVAILABLE Rm Quince consolidated q A substantial portion of the funding will be into Bank loan against residual Reunert assets 1 500 − Lumika / TFS for BOOs Quince direct funding 1 500 − ICT segment to complete the portfolio of a modern ICT service provider Total external funding av
Slide 73: Make Up of Earnings
MAKE UP OF EARNINGS
Slide 74: Make-up of Earnings Going Forward
MAKE-UP OF EARNINGS GOING FORWARD q Lumika is a joint venture − Its earnings are equity accounted − The Group’s share of its earnings will form part of profit for the year, EPS and HEPS, but not profit after tax − Nor will its revenue be included in Group revenue − If BOOs funded by shareholders’ lo
Slide 75: Make-up of Earnings Going Forward Continued
MAKE-UP OF EARNINGS GOING FORWARD CONTINUED Simple example of an ICT acquisition Seller's profitability Buyer's profitablity Rm Rm EBITDA Target's EBITDA 50 EBITDA 50 is a key number to consider in Depreciation (5) Depreciation and amortisation (22) evaluating both Profit before tax 45 Profit before
Slide 76: Valuation
VALUATION
Slide 77: Valuation Metrics
VALUATION METRICS q Due to the changing mix from which the Group’s earnings will be derived; it is unlikely that there will be a simple single metric that can be used to value the Group’s earnings q The different segmental risks reflect in a different cost of capital for each segment q The relative
Slide 78: Disclosures
‘Disclosures DISCLOSURES
Slide 79: Disclosures
DISCLOSURES q As the strategy is executed, we will be enhancing our disclosures to assist investors in evaluating both performance and valuations q Will not be made in the AFS as this is likely to amount to selective disclosure and increase the audit complexity q Will be made in the results presenta
Slide 80: Conclusion
CONCLUSION
Slide 81: Concluding Remarks
CONCLUDING REMARKS q Very exciting programme which will evolve Reunert’s earnings q Will result in a restructure of the manner in which the Group’s rental book is held / financed − improving Reunert’s metric − providing capital to fund the strategy q More than sufficient capital available to deliver
Slide 82: Q&A and Key Upcoming Dates
ICT SEGMENT | Q&A Q&A Key upcoming dates > Please type your questions on the webcast portal > Financial year end 30 September 2022 > Kindly email Karen Smith at karens@reunert.co.za > Full-year results 25 November 2022 should you wish to have a one-on-one call with the > JP Morgan Conference 6 – 8 D