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MUR - Murray & Roberts Holdings - Unaudited Interim Results for the six months
ended 31 December 2008 and dividend declaration
Murray & Roberts Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1948/029826/06)
("Murray & Roberts" or "Group")
Share Code: MUR ISIN code: ZAE000073441
Unaudited Interim Results
for the six months ended 31 December 2008
MURRAY & ROBERTS MAINTAINS PERFORMANCE MOMENTUM
Global economic slowdown may contain short-term growth
Condensed consolidated income statement
for the six months ended 31 December 2008
Unaudited Unaudited Audited
6 months 6 months Annual
R millions 31.12.08 31.12.07 30.6.08
Revenue 17 556 12 188 26 665
Earnings before interest, 1 816 1 187 2 849
exceptional items, depreciation
and amortisation
Depreciation (344) (228) (530)
Amortisation of intangible assets (20) (19) (39)
Earnings before interest and 1 452 940 2 280
exceptional items
Exceptional items (note 3) (2) 104 145
Earnings before interest and 1 450 1 044 2 425
taxation
Net interest income/(expense) 2 (5) 30
Earnings before taxation 1 452 1 039 2 455
Taxation (336) (227) (489)
Earnings after taxation 1 116 812 1 966
Profit from associates - 3 9
Earnings from continuing 1 116 815 1 975
operations
(Loss)/profit from discontinued (31) 37 89
operations (note 2)
Earnings for the period 1 085 852 2 064
Attributable to
Shareholders of the holding 902 699 1 714
company
- Minority shareholders 183 153 350
1 085 852 2 064
Earnings per share (cents)
- Diluted 301 230 565
- Basic 306 235 577
Earnings per share from continuing
operations (cents)
- Diluted 308 223 547
- Basic 313 229 559
Total dividend per ordinary share 85 77 196
(cents)*
Operating cash flow per share 135 471 939
(cents)
*Based on period to which dividend
relates
Supplementary income statement
information
Reconciliation of weighted average
number of shares in issue (000)
Weighted average number of 331 893 331 893 331 893
ordinary shares in issue
Less: Weighted average number of (7 937) (5 448) (5 333)
shares held by The Murray &
Roberts Trust
Less: Weighted average number of (676) (676) (676)
shares held by Murray & Roberts
Limited
Less: Weighted average number of (28 946) (28 953) (28 946)
shares held by the Letsema BBBEE
trusts
Weighted average number of shares 294 334 296 816 296 938
used for basic per share
calculation
Add: Dilutive adjustment for share 5 049 7 545 6 370
options
Weighted average number of shares 299 383 304 361 303 308
used for diluted per share
calculation
Headline earnings per share
(cents) (note 4)
- Diluted 302 216 550
- Basic 307 221 562
Headline earnings per share from
continuing operations (cents)
- Diluted 309 209 532
- Basic 314 214 544
Condensed consolidated segmental analysis
for the six months ended 31 December 2008
Unaudited Unaudited Audited
6 months 6 months Annual
R millions 31.12.08 31.12.07 30.6.08
Revenue
Construction & Engineering 12 972 9 026 19 132
Construction Materials & Services 3 491 2 427 5 838
Fabrication & Manufacture 1 014 676 1 582
Corporate & Properties 79 59 113
Continuing operations 17 556 12 188 26 665
Discontinued operations (note 2) 919 577 1 510
18 475 12 765 28 175
Earnings before interest and
exceptional items (EBIT)
Construction & Engineering 1 059 612 1 335
Construction Materials & Services 416 359 901
Fabrication & Manufacture 67 44 177
Corporate & Properties (90) (75) (133)
Continuing operations 1 452 940 2 280
Discontinued operations (note 2) (25) 65 151
1 427 1 005 2 431
Condensed consolidated balance sheet
at 31 December 2008
Unaudited Unaudited Audited
6 months 6 months Annual
R millions 31.12.08 31.12.07 30.6.08
ASSETS
Non-current assets 5 765 4 847 5 533
Property, plant and equipment 4 014 2 900 3 694
Investment property 475 516 482
Goodwill 491 564 488
Other intangible assets 69 82 90
Investment in associate companies 6 32 13
Other investments 525 558 518
Other non-current receivables 185 195 248
Current assets 15 758 11 434 15 861
Accounts receivable and other 6 825 3 297 4 710
Amounts due from contract customers 4 552 3 719 6 462
Cash and cash equivalents 4 381 4 418 4 689
Assets classified as held for sale 1 754 - 256
TOTAL ASSETS 23 277 16 281 21 650
EQUITY AND LIABILITIES
Total equity 6 443 4 602 5 825
Attributable to shareholders of the 5 367 3 931 4 864
holding company
Minority shareholders` interest 1 076 671 961
Non-current liabilities 895 1 376 1 290
Long-term provisions 74 55 102
Obligations under finance 25 71 53
headleases*
Other long-term liabilities* 542 938 751
Other non-current liabilities 254 312 384
Current liabilities 14 985 10 303 14 466
Accounts payable and other 7 375 6 398 9 293
Amounts due to contract customers 5 377 2 330 3 953
Bank overdrafts* 1 416 720 411
Short-term loans* 817 855 809
Liabilities directly associated
with a disposal
group held for sale 954 - 69
TOTAL EQUITY AND LIABILITIES 23 277 16 281 21 650
*Interest-bearing borrowings
Supplementary balance sheet
information (R millions)
Net asset value per share (cents) 1 617 1 185 1 466
Commitments
Capital expenditure
- Spent 1 383 698 1 774
- Authorised but unspent 1 850 1 350 2 779
Operating lease commitments 2 311 367 2 528
Contingent liabilities 246 1 866 176
Financial institution guarantees 12 408 7 751 9 827
Condensed consolidated cash flow statement
for the six months ended 31 December 2008
Unaudited Unaudited Audited
6 months 6 months Annual
R millions 31.12.08 31.12.07 30.6.08
Cash generated by operations before 1 702 1 361 3 221
working capital changes
Cash outflow from headlease and (15) (59) (75)
other property activities
(Increase)/decrease in working (670) 436 445
capital
Cash generated by operations 1 017 1 738 3 591
Interest and taxation paid (569) (176) (475)
Operating cash flow 448 1 562 3 116
Dividends paid to shareholders of (352) (211) (455)
the holding company
Dividends paid to minority (67) (36) (70)
shareholders
Cash flow from operating activities 29 1 315 2 591
Cash flow from investing activities (1 346) (683) (747)
Property, plant and equipment and (1 350) (625) (1 666)
intangible assets (net)
Cash flow from consolidation of - 590 590
Clough Limited
Business disposals/acquisitions 3 (540) 262
(net)
Other investments (net) (4) (116) 30
Other (net) 5 8 37
Cash flow from financing activities (11) 458 (263)
Net movement in borrowings 242 452 (303)
Net movement on issue of shares by 3 - 108
subsidiary
Treasury share (256) 6 (68)
acquisitions/disposals (net)
Net (decrease)/increase in cash and (1 328) 1 090 1 581
cash equivalents
Net cash and cash equivalents at 4 278 2 628 2 628
beginning of period
Effect of foreign exchange rates 15 (20) 69
Net cash and cash equivalents at 2 965 3 698 4 278
end of period
Condensed consolidated statement of changes in equity
for the six months ended 31 December 2008
Unaudited Unaudited Audited
6 months 6 months Annual
R millions 31.12.08 31.12.07 30.6.08
Opening balance 5 825 3 815 3 815
Earnings attributable to 902 699 1 714
shareholders of the holding
company
Movement in treasury shares (256) 6 (68)
Recognition of hedging instrument (24) 5 5
on financial instruments
Earnings attributable to minority 183 153 350
shareholders
Purchase/disposal of minorities (66) 387 325
(net)
Other movements in minority 9 (49) 12
interest
Movement in share-based payment 31 20 48
reserve
Foreign currency translation 258 (223) 149
movement on investments
Dividend declared and paid (419) (211) (525)
6 443 4 602 5 825
Notes:
1. Basis of preparation
This unaudited interim report has been prepared and presented in accordance with
IAS 34: Interim Financial Reporting and Schedule 4 of the Companies Act, No. 61
of 1973 (as amended). The accounting policies used in the preparation of these
results are in accordance with International Financial Reporting Standards
(IFRS) and consistent in all material respects with those used in the annual
financial statements for the year ended 30 June 2008. These condensed financial
statements have been prepared under the historic cost convention, except for the
revaluation of certain investments and investment property.
There are no standards currently in issue but not yet effective which would
result in a change in accounting policy.
2. (Loss)/profit from discontinued operations
Clough Limited (Clough), having undertaken a strategic review of its operations,
has confirmed its intent to concentrate activities within the Oil & Gas market,
resulting in the decision to dispose of its 82% holding in PT Petrosea Tbk and
related entities (Petrosea), which is now almost entirely focused on the
Indonesian coal sector. Clough is confident that as a minimum expectation, the
current carrying value of Petrosea can be realised through this sale process. It
is expected that the disposal of Petrosea will be completed by the end of the
financial year. The balances and results of Petrosea have been recorded in these
financial statements as a discontinued operation. The prior year includes the
disposal of Harvey Roofing Products (Proprietary) Limited.
R millions 31.12.08 31.12.07 30.6.08
Revenue 919 577 1 510
Earnings before interest, 39 102 238
depreciation and amortisation
Depreciation and amortisation (64) (37) (87)
Earnings before interest and (25) 65 151
taxation
Net interest expense (8) (6) (15)
Taxation 2 (22) (49)
Earnings after taxation (31) 37 87
Profit from associate - - 2
(Loss)/profit from discontinued (31) 37 89
operations
3. Exceptional items
R millions 31.12.08 31.12.07 30.6.08
Property fair value adjustment - - 2
Profit on disposal of subsidiary 10 130 214
(Loss)/profit on disposal of land (12) 60 43
and buildings
Impairment of investments and - (86) (111)
goodwill
Other - - (3)
Exceptional (loss)/profit (2) 104 145
4. Reconciliation of headline
earnings
R millions 31.12.08 31.12.07 30.6.08
Earnings attributable to 902 699 1 714
shareholders of the holding company
Revaluation of investment property - - (2)
Profit on disposal of subsidiary (10) (130) (214)
Loss/(profit) on disposal of land 12 (60) (43)
and buildings
Impairment of investments - 76 101
Impairment of goodwill - 10 10
Taxation effect on above adjustments - 5 11
Minority interest on above - 56 92
adjustments
Headline earnings 904 656 1 669
Disclaimer
We may make statements that are not historical facts and relate to analyses and
other information based on forecasts of future results and estimates of amounts
not yet determinable. These are forward-looking statements as defined in the
U.S. Private Securities Litigation Reform Act of 1995. Words such as "believe",
"anticipate", "expect", "intend", "seek", "will", "plan", "could", "may",
"endeavour" and "project" and similar expressions are intended to identify such
forward-looking statements, but are not the exclusive means of identifying such
statements. By their very nature, forward-looking statements involve inherent
risks and uncertainties, both general and specific, and there are risks that
predictions, forecasts, projections and other forward-looking statements will
not be achieved.
If one or more of these risks materialise, or should underlying assumptions
prove incorrect, actual results may be very different from those anticipated.
The factors that could cause our actual results to differ materially from the
plans, objectives, expectations, estimates and intentions expressed in such
forward-looking statements are discussed in each year`s annual report. Forward-
looking statements apply only as of the date on which they are made, and we do
not undertake other than in terms of the Listings Requirements of the JSE
Limited, to update or revise any statement, whether as a result of new
information, future events or otherwise. All profit forecasts published in this
report are unaudited. Investors are cautioned not to place undue reliance on any
forward-looking statements contained herein.
"Our world and markets have entered a period of sudden and unprecedented
uncertainty. This is not the time to trumpet past achievements or predict future
outcomes. Our job is quite simply to focus on what we do best - the job at hand.
Do it diligently and competently, preserve our capital and work to ensure that
we emerge strong and ready into a new world order that lies an uncertain time
ahead."
Group Chief Executive Brian Bruce
Commentary
The first half of the financial year has seen the deepening global economic
crisis bring volatility to the Group`s markets. Hardest hit are those markets
where capital programs are primarily debt financed, including the commercial
sector in the Emirate of Dubai and some aspects of the global commodity
resources sector.
Despite the loss of some order book in the second quarter, the Group has
continued to secure key project awards and has maintained its performance
momentum. In line with expectation, working capital turned negative in the
period to fund growth and major project activities. More recently, some clients
have extended contracted payment terms or engaged strategies to frustrate the
Group`s contracted payment rights.
Performance resilience in the Group saw diluted headline earnings per share
increase 40% to 302 cents for the six months to 31 December 2008 (2007: 216
cents) on revenues up 44% to R17,6 billion (2007: R12,2 billion).
A 54% increase in operating profit to R1,5 billion (2007: R0,9 billion)
delivered an interim operating margin of 8,3% (2007: 7,7%) which remains within
the Group`s short-term range of 7,5% to 10,0%.
An operating cash inflow of R1,0 billion (2007: R1,7 billion) kept cash in hand
constant at about R4,4 billion. As some of the cash is restricted in various
joint ventures, short-term overdrafts were increased to fund revenue growth,
which explains net interest income of just R2,3 million (2007: R5,0 million
expense) when compared against interest income of R34,1 million in the second
half of the previous year.
Attention is drawn to the formal dividend announcement contained herein. The
directors have decided that for the foreseeable future, dividends will be
calculated on Group earnings excluding Clough, plus what dividend is received
from Clough. The interim ordinary dividend is set at 85 cents per share (2007:
77 cents per share) which is an increase of 10% at a dividend cover of 3,5 times
diluted headline earnings per share.
Construction & Engineering revenue increased 44% to R13,0 billion (2007: R9,0
billion) with EBIT up 73% to R1,1 billion (2007: R612 million), including a
positive fair value adjustment on concession investments comparable to the prior
half-year.
Construction Materials & Services show a 44% revenue increase to R3,5 billion
(2007: R2,4 billion) with EBIT up 16% to R416 million (2007: R359 million).
Fabrication & Manufacture revenue increased 50% to R1,0 billion (2007: R676
million) with EBIT at R67 million (2007: R44 million).
Corporate costs for the half-year are R90 million (2007: R75 million) including
a non-cash charge of R28 million relating to share-based expenses accounted for
in terms of IFRS 2 (2007: R20 million) and income of R32 million (2007: R26
million) on property assets held at Corporate.
Supported by zero tax rated earnings in Middle East and the tax loss shield at
Clough Limited ("Clough"), the effective tax rate increased marginally to 23%
(2007: 22%) on a 48% increase in the tax charge to R336 million (2007: R227
million).
Shareholder funds increased to R5,4 billion at 31 December 2008 compared with
R4,9 billion at 30 June 2008, which represents a net asset value (NAV) up 10% at
1617 cents per share.
Order Book and Market Conditions
The project order book increased to R60 billion (June 2008: R55 billion) in the
period under review and was stable against the R61 billion recorded at 30
September 2008.
The second quarter of the first half-year was characterised by increased
uncertainty in all the Group`s markets as the global economic crisis forced
clients to review capital programs and in some instances, cancel or suspend
committed contracts or withdraw pending contracts from the market.
New orders and increased contract values of about R28 billion since 30 June 2008
offset about R13 billion of the previous period order book delivered in the
period and about R10 billion worth of contracts that have been cancelled or
suspended due to the impact on some clients of the global economic downturn, of
which about R2 billion occurred subsequent to 31 December 2008.
Construction Middle East accounts for R16,8 billion of order book (up 45%) with
Construction SADC at R10,4 billion (down 17%), Engineering at R19,7 billion (up
27%), Mining Contracting at R5,6 billion (down 3%) and Clough at R7,5 billion
(down 21%). About R10,0 billion of the order book extends beyond June 2011 (up
75%).
The regional composition of total order book is SADC 53% (56%), Middle East 28%
(22%), Australasia 13% (18%) and Rest of World 6% (4%). The amounts in brackets
are comparative levels to 30 June 2008.
The Group is of the view that order book volatility may be largely in the past,
although there is increased evidence that tender prices are softening on the
expectation of a tighter future market and lower input prices.
South and Southern Africa
South Africa may escape the full impact of global economic meltdown, but the
country`s economy will not be unaffected. The Group remains of the view that the
South African construction cycle is in long-term upward trend, which is
supported by a renewed commitment to public investment in infrastructure, likely
to be funded by increased government debt. While it is certain that GDP growth
will slow, indications are that Gross Fixed Capital Formation (GFCF), in
particular Construction Spend, will see nominal growth of between 10% and 15%,
assuming inflation at the top end of the Reserve Bank range and interest rates
maintained at relatively high levels.
Efficiency of implementation will be of national importance and Murray & Roberts
will offer its considerable experience and systems capability to ensure that it
secures and implements its fair share of domestic and regional opportunity.
Private sector clients have been less resilient to liquidity constraints, with a
combination of high interest rates, spiralling costs and falling demand bringing
many projects to a standstill. The developer of Houghton Golf Estate defaulted
on contracted payments due to Murray & Roberts, forcing the Group to take
protective action by cancelling the contract and exercising its lien over the
property. This secures working capital related to unpaid certificates.
Although still reasonably buoyant, the construction materials and services
market in South Africa is experiencing flat demand and increased pricing
pressure. Input costs to the Group`s materials operations have not yet abated.
Extreme volatility in the global steel sector coupled with significant stock
holdings at peak cost, has forced a global shortage of product other than at
historically embedded prices.
Middle East
Countries of the Gulf Cooperative Council (GCC) have been severely impacted by
the lower oil price and energy demand brought on by global economic recession.
Cash flows have dwindled and many major capital programs in the region have
either been suspended or have been restructured over more extended periods.
Working capital has always been a feature of the regional construction industry
and there are reported to be significant payments outstanding to contractors,
placing the industry and its supply chain at considerable risk. The Group has
proactively engaged its clients and reached firm agreement on its cancelled
contracts such that cash in hand is utilised to fund outstanding payments and
demobilisation costs.
Murray & Roberts has played a key role over the past 15 years implementing some
significant projects across the region, but in light of current liquidity
concerns, has focused its activities in the Emirate of Abu Dhabi and selected
public sector projects in the Emirate of Dubai.
Global Mining & Minerals
Global resources groups responded proactively and rapidly to the pending
economic downturn and many engaged an early process of capital program
evaluation. Debt financed projects in North America and South Africa were the
first to suffer which in many instances, led to cancellation or suspension. The
greatest risk in Australia remains potential liquidation of mid-tier mining
clients.
Lower commodity prices in general have challenged the viability of some
projects, although there are signs that some stability is returning in certain
sectors as stockpiles reduce and demand dynamics stabilise.
Nickel in Canada and Australia and platinum in South Africa are the key areas of
current weakness. The three Group companies focused on this market sector are
pursuing new opportunities in different geographies to compensate for the
slowdown in traditional markets.
Clough Limited
The Group increased its shareholding in Clough to 59% with outstanding
conversion rights of about 4% exercisable by November 2009. The average carry
cost per share is AUD 47 cents compared to the current ruling market price of
about AUD 31 cents.
Clough has further stabilised its core performance in the period under review
and despite a challenging market, has delivered ahead of expectation. A
settlement framework has been largely finalised on the legacy G1/GS15 project in
India and all obligations should be fulfilled by the parties before year-end.
The oil & gas market is reasonably stable, and future demand expectation for LNG
has kept a number of Australasian projects in play. Clough is confident it has
established the scale and potential to play a key role in these projects in the
future.
The Clough and Group financial accounts for this reporting period and prospects
for the full year have been prepared on the basis that Clough`s 82% shareholding
in Indonesian listed contract mining subsidiary PT Petrosea will be sold in the
second half-year. This will leave Clough strategically focused on the upstream
oil & gas market, principally in Australia, the Rest of Asia and the America`s.
Industry Competitiveness
Murray & Roberts has continued its engagement undertaking to the South African
competition authorities and has initiated extensive internal audits, forensic
investigation where appropriate and training interventions across the Group to
ensure compliance.
The recent announcement by the Competition Commission concerning collusive
activity in the precast concrete market is evidence of the commitment by
management and the Board to eliminate this unacceptable practice. Where evidence
exists of past such behaviour by individual operations executives that might
place the Group at possible risk, appropriate action has and will be taken to
protect shareholder value.
Human Capital
Following a record fatality-free four months, the Group regrets to report four
fatalities in its South African operations during November 2008. A further five
fatalities have occurred since work commenced again in early January 2009.
The Group has a comprehensive Health Safety and Environmental Policy which
includes that each such incident is independently investigated to ascertain
cause and consequence. On the surface, the majority of these incidents seem to
be pure accident, but the underlying cause of the generally poor safety record
in South Africa relative to the Group`s international experience, requires
further study and engagement.
It is regrettable but inevitable that economic slowdown will result in job loss.
The Group has been able to reassign about 950 employees impacted by the
cancellation and suspension of contracts to date. A total of 3900 employees have
been retrenched since October 2008 of which 400 are in Canada, 75 in Middle
East, 40 in Australia and 3385 in South Africa. About 1250 new jobs have also
been created in South Africa.
The Group`s formalised leadership development program remains extremely active
and more recently, a comprehensive wellness program accessible to all employees,
has been initiated across the Group`s South African operations.
Board of Directors
There have been a number of changes in the constitution of the Board of
Directors. Messrs Boetie van Zyl and Martin Shaw reached the mandatory
retirement age for directors and retired at the annual general meeting in
October 2008.
Mr David Barber was appointed to the Board in June 2008 and as Chairman of the
Audit Committee. Mr Alan Knott-Craig was appointed to the Board in November 2008
and as Chairman of the Health Safety and Environment Committee.
Mr Royden Vice succeeded Mr van Zyl as Chairman of the Remuneration and Human
Resources Committee, and Dr Sibusiso Sibisi in turn succeeded Mr Vice as
Chairman of the Risk Management Committee.
Mr Keith Smith resigned as a director at the annual general meeting to
concentrate on his executive responsibility for the Group`s Southern Africa
construction operations.
Prospects and Trading Statement
Murray & Roberts is the leading South African construction and engineering group
and its global presence and reputation has enabled access to significant market
opportunity and the leadership, partners, resources and skills needed to meet
more stringent delivery expectations in a difficult market.
Notwithstanding the current global economic slowdown, the primary challenge
still facing the Engineering & Construction Industry worldwide is the
availability of sufficient experienced leadership and skilled human resource to
deliver the major projects and investment programs currently underway and
planned for the years ahead.
Order book development and capital preservation have become the Group`s primary
drivers for the foreseeable future, requiring a curtailment of capital
expenditure, reduction of working capital, elimination of surplus and
inefficient costs and increased levels of productivity.
The balance sheet impact on both Clough and the Group following disposal of
PT Petrosea will be positive, although earnings in the second half-year will
reduce.
With PT Petrosea classified as a discontinued operation in the accounts and
making the comparative prior-year adjustment, diluted headline earnings per
share for the year ending 30 June 2009 is still expected to increase in the
range 30% to 40% as previously notified to shareholders.
Compared to previous guidance, the projected loss of PT Petrosea earnings in the
second half-year contributes to a growth in diluted headline earnings per share
for the year to 30 June 2009 of between 25% and 35% while diluted earnings per
share is expected to grow between 20% and 30%.
This financial information on which this trading statement is based has not been
reviewed or audited by the Group`s auditors.
Roy Andersen Brian Bruce Roger Rees
Chairman of the Board Group Chief Executive Group Financial
Director
Bedfordview
25 February 2009
Notice to Shareholders
Declaration of interim ordinary dividend (No. 114)
Notice is hereby given that an interim ordinary cash dividend No. 114 of 85
cents per share (2008: 77 cents per share) in respect of the financial year
ending 30 June 2009 has been declared payable to shareholders recorded in the
register at the close of business on Thursday 9 April 2009.
The salient dates for the interim ordinary cash dividend are as follows:
Last day to trade cum the dividend Thursday 2 April 2009
Trading ex dividend commences Friday 3 April 2009
Record date Thursday 9 April 2009
Payment date Tuesday 14 April 2009
Share certificates may not be dematerialised or re-materialised between Friday 3
April 2009 and Thursday 9 April 2009, both days inclusive.
On Tuesday 14 April 2009 the interim dividend will be electronically transferred
to the bank accounts of all certificated shareholders where this facility is
available. Where electronic fund transfer is not available or desired, cheques
dated 14 April 2009 will be posted on that date.
Shareholders who hold dematerialised shares will have their accounts at their
CSDP or broker credited on Tuesday 14 April 2009.
By order of the Board
Y Karodia
Group Secretary
Bedfordview
25 February 2009
Registered office: Registrar:
Douglas Roberts Centre, Link Market Services South Africa
(Pty) Limited
22 Skeen Boulevard, 11 Diagonal Street,
Bedfordview 2007 Johannesburg 2001
PO Box 1000 PO Box 4844
Bedfordview 2008 Johannesburg 2000
website: www.murrob.com
e-mail: clientservice@murrob.com
mobi site: http://murrob.mobi
Our commitment to sustainable earnings growth and value creation is non-
negotiable.
Murray & Roberts Holdings Limited Registration No. 1948/029826/06
Directors:
RC Andersen* (Chairman) BC Bruce (Managing & Group Chief Executive) DD Barber*
SJ Flanagan ADVC Knott-Craig* NM Magau* JM McMahon* IN Mkhize* RW Rees1
AA Routledge* SP Sibisi* RT Vice*
Secretary:
Y Karodia
1British *Non-executive
Bedfordview
25 February 2009
Sponsor:
Deutsche Securities (SA) (Pty) Ltd
Date: 25/02/2009 15:00:58 Supplied by www.sharenet.co.za
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