Wrap Text
MUR - Murray & Roberts Holdings - Unaudited Interim Results for the six months
ended 31 December 2009
MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1948/029826/06
JSE Share Code: MUR ISIN: ZAE000073441
("Murray & Roberts" or "Group")
Unaudited Interim Results
for the six months ended 31 December 2009
SHORT-TERM CAUTION IN LONG-TERM GROWTH TRAJECTORY
Condensed consolidated income statement
for the six months ended 31 December 2009
Unaudited Unaudited Audited
6 months 6 months Annual
R millions 31.12.09 31.12.08 30.6.09
Revenue 16 024 17 556 33 762
Earnings before interest, exceptional 1 255 1 816 3 674
items, depreciation and amortisation
Depreciation (325) (344) (741)
Amortisation of intangible assets (12) (20) (35)
Earnings before interest and 918 1 452 2 898
exceptional items
Exceptional items (note 3) - (2) 8
Earnings before interest and taxation 918 1 450 2 906
Net interest (expense)/income (94) 2 (37)
Earnings before taxation 824 1 452 2 869
Taxation (166) (336) (612)
Earnings after taxation 658 1 116 2 257
Share of profit from associates 3 - 2
Earnings from continuing operations 661 1 116 2 259
(Loss)/profit from discontinued - (31) 79
operations
Earnings for the period 661 1 085 2 338
Attributable to:
- Owners of the parent 576 902 2 018
- Non-controlling interests 85 183 320
661 1 085 2 338
Earnings per share (cents)
- Diluted 194 301 678
- Basic 196 306 685
Earnings per share from continuing
operations (cents)
- Diluted 194 308 663
- Basic 196 313 670
Total dividend per ordinary share 52 85 218
(cents)*
Operating cash flow per share (cents) (95) 135 470
* 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 ordinary 331 893 331 893 331 893
shares in issue
Less: weighted average number of (7 737) (7 937) (7 815)
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) (28 946) (28 946)
shares held by the Letsema BBBEE
trusts
Weighted average number of shares 294 534 294 334 294 456
used for basic per share calculation
Add: dilutive adjustment for share 2 299 5 049 3 257
options
Weighted average number of shares 296 833 299 383 297 713
used for diluted per share
calculation
Headline earnings per share (cents)
(note 4)
- Diluted 200 302 675
- Basic 202 307 683
Condensed consolidated statement of comprehensive income
for the six months ended 31 December 2009
Unaudited Unaudited Audited
6 months 6 months Annual
R millions 31.12.09 31.12.08 30.6.09
Earnings for the period 661 1 085 2 338
Movement in other reserves (4) (24) 9
Foreign currency translation movements 159 258 (316)
Deferred taxation - - (5)
Total comprehensive income for the 816 1 319 2 026
period
Attributable to:
- Owners of the parent 693 1 070 1 776
- Non-controlling interests 123 249 250
816 1 319 2 026
Condensed consolidated statement of changes in equity
for the six months ended 31 December 2009
Unaudited Unaudited Audited
6 months 6 months Annual
R millions 31.12.09 31.12.08 30.6.09
Opening balance 6 634 5 825 5 825
Total comprehensive income for the 816 1 319 2 026
period
Movement in treasury shares 14 (256) (250)
Recognition of financial instruments (42) - -
on acquisition of business
Purchase/disposal of non-controlling (129) (66) (137)
interests (net)
Total changes in ownership interests (13) - (213)
in subsidiaries
Other movements in non-controlling (27) 9 42
interests
Movement in share-based payment 19 31 38
reserve
Dividend declared and paid (478) (419) (697)
6 794 6 443 6 634
Condensed consolidated statement of financial position
at 31 December 2009
Unaudited Unaudited Audited
6 months 6 months Annual
R millions 31.12.09 31.12.08 30.6.09
ASSETS
Non-current assets 6 243 5 765 6 258
Property, plant and equipment 4 456 4 014 4 280
Investment property 511 475 510
Goodwill 554 490 490
Other intangible assets 59 70 59
Deferred taxation assets 316 184 305
Investment in associate companies 34 6 12
Other investments 168 525 483
Other non-current receivables 145 1 119
Current assets 14 967 15 758 15 422
Accounts and other receivables 3 335 4 595 2 690
Inventories 2 441 2 230 2 169
Amounts due from contract customers 4 937 4 552 5 900
Cash and cash equivalents 4 254 4 381 4 663
Assets classified as held-for-sale 397 1 754 1 813
TOTAL ASSETS 21 607 23 277 23 493
EQUITY AND LIABILITIES
Total equity 6 794 6 443 6 634
Attributable to owners of the parent 5 856 5 367 5 581
Non-controlling interests 938 1 076 1 053
Non-current liabilities 1 758 895 1 447
Long-term provisions 53 74 78
Obligations under finance headleases* 8 25 14
Other long-term liabilities* 1 403 542 770
Deferred taxation liabilities 182 212 272
Other non-current liabilities 112 42 313
Current liabilities 13 055 14 985 14 370
Accounts and other payables 6 044 7 375 8 075
Amounts due to contract customers 4 253 5 377 3 601
Bank overdrafts* 1 899 1 416 1 787
Short-term loans* 859 817 907
Liabilities directly associated with a - 954 1 042
disposal group held-for-sale
TOTAL EQUITY AND LIABILITIES 21 607 23 277 23 493
* Interest-bearing borrowings
SUPPLEMENTARY STATEMENT OF FINANCIAL
POSITION INFORMATION (R millions)
Net asset value per share (cents) 1 764 1 617 1 682
Commitments
Capital expenditure
- Spent 592 1 383 2 368
- Authorised but unspent 720 1 850 1 529
Operating lease commitments 2 230 2 311 2 328
Contingent liabilities 391 246 261
Financial institution guarantees 9 037 12 408 10 105
Condensed consolidated segmental analysis
for the six months ended 31 December 2009
Unaudited Unaudited Audited
6 months 6 months Annual
R millions 31.12.09 31.12.08 30.6.09
Revenue*
Construction SADC 4 589 4 600 9 303
Engineering SADC 1 397 1 608 3 290
Construction Products SADC 3 255 3 556 6 575
Middle East 1 596 2 152 4 228
Cementation Group 2 470 3 414 5 962
Clough 2 637 2 129 4 185
Corporate and Investments 80 97 219
Continuing operations 16 024 17 556 33 762
Discontinued operations - 919 1 606
16 024 18 475 35 368
Earnings before interest and
exceptional items (EBIT)
Construction SADC 16 223 561
Engineering SADC 52 218 461
Construction Products SADC 267 327 621
Middle East 206 251 536
Cementation Group 217 247 428
Clough 207 222 342
Corporate and Investments (47) (36) (51)
Continuing operations 918 1 452 2 898
Discontinued operations - (25) 87
918 1 427 2 985
* Revenue is disclosed net of inter-segment turnover. Inter-segmental revenue
for the Group is R378 million (2008: R438 million and June 2009: R954 million).
Condensed consolidated cash flow statement
for the six months ended 31 December 2009
Unaudited Unaudited Audited
6 months 6 months Annual
R millions 31.12.09 31.12.08 30.6.09
Cash generated by operations before 863 1 702 3 928
working capital changes
Cash outflow from property activities (12) (15) (25)
Increase in working capital (740) (670) (1 290)
Cash generated by operations 111 1 017 2 613
Interest and taxation paid (427) (569) (1 054)
Operating cash flow (316) 448 1 559
Dividends paid to owners of the parent (396) (352) (625)
Dividends paid to non-controlling (82) (67) (72)
interests
Cash flow from operating activities (794) 29 862
Cash flow from investing activities (52) (1 346) (2 485)
Property, plant and equipment and (552) (1 350) (2 262)
intangible assets (net)
Acquisition of non-controlling (59) - (390)
interests
Business disposals/acquisitions (net) 581 3 -
Other investments (net) (23) (4) 162
Other (net) 1 5 5
Cash flow from financing activities 374 (11) 412
Net movement in borrowings 360 245 663
Treasury share acquisitions/disposals 14 (256) (251)
(net)
Decrease in cash and cash equivalents (472) (1 328) (1 211)
Net cash and cash equivalents at 2 876 4 278 4 278
beginning of period
Effect of foreign exchange rates (49) 15 (191)
Net cash and cash equivalents at end 2 355 2 965 2 876
of period
Notes:
1. Basis of preparation
This interim report has been prepared and presented in accordance with IAS 34:
Interim Financial Reporting and in the manner required by the Companies Act, No.
61 of 1973 (as amended). The condensed financial statements have been prepared
under the historic cost convention, except for the revaluation of certain
investments and investment property.
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 audited annual
financial statements for the year ended 30 June 2009, except for the following:
IAS 23 (Amendment), Borrowing Costs (effective for accounting periods beginning
on or after 1 January 2009): Borrowing costs that are directly attributable to
the acquisition, construction or production of a qualifying asset in terms of
IAS 23 form part of the cost of the asset and should be capitalised. In prior
financial periods borrowing costs were expensed when incurred. This change in
accounting policy has no impact on prior financial periods as the amendment is
applied prospectively.
This interim report has not been reviewed or audited by the Group`s auditors and
should be read in conjunction with the annual financial statements for the year
ended 30 June 2009.
2. Acquisition
On 17 August 2009, Clough Limited (Clough) announced that it had acquired 70% of
the share capital of Ocean Flow International LLC (Ocean Flow), a subsea
engineering and construction management company specialising in deepwater
facilities, headquartered in Houston, USA. Consideration of US$9,1 million was
paid at the date of acquisition and a further amount of US$0,3 million payable
at 31 December 2009 based on a price adjustment mechanism. Ocean Flow has
contributed revenue of R38 million and attributable profit of R6 million to
Clough.
R millions 31.12.09
Net asset value acquired 22
Non-controlling interests* (4)
Fair value of net assets acquired 18
Goodwill 56
Purchase consideration 74
Goodwill is attributable to Ocean Flow`s position and profitability in the
subsea engineering and construction management market, skilled workforce,
expertise and synergies expected to arise from the acquisition and is accounted
for on a provisional basis.
* Non-controlling interests are measured at the proportionate share of their net
identifiable assets.
3. Exceptional items
R millions 31.12.09 31.12.08 30.6.09
Profit on disposal of subsidiary - 10 20
Loss on disposal of land and - (12) (12)
buildings
Exceptional (loss)/profit - (2) 8
4. Reconciliation of headline
earnings
R millions 31.12.09 31.12.08 30.6.09
Earnings attributable to owners of 576 902 2 018
the parent
Profit on disposal of subsidiary - (10) -
Profit on disposal of investments - - (20)
Impairment of property, plant and 13 - -
equipment
Loss on disposal of property, plant 5 12 12
and equipment
Headline earnings 594 904 2 010
COMMENTARY
Murray & Roberts has over recent years, taken full advantage of positive
conditions in the global construction economy. Strategic investments in new
business acquisition, capital expansion and major project procurement have
created a comprehensive performance platform for access to and engagement of
developing market trends.
In the five years between 2004 and 2009, revenue has grown by about 300% and
operating profit by almost 600%. However, the global economic crisis has taken
its toll on the Group, last year on its order book and this year on working
capital as well as the financial performance of some operations.
The Group is well diversified between domestic and international markets, but
with an order book that is heavily weighted to domestic major long-term public
sector projects. Shareholders have been informed that performance in the current
financial year is being impacted by a number of factors outside the control of
the Group, including:
- reduced industrial and mining activity;
- limited private sector commercial investment;
- delays to the Eskom power program;
- delay and disruption to the Gautrain Project;
- trading conditions in the steel reinforcing sector;
- ongoing strength of the SA Rand; and
- costs of financing increased working capital.
The directors have considered the potential impact of the above on the
performance and prospects of the Group and have decided that to increase the
level of uncertified revenues will increase the future risk profile of the
balance sheet. It has therefore been decided to defer some revenue entitlement
in the period under review.
As a consequence, revenue for the six months to 31 December 2009 is reduced to
R16,0 billion (2008: R17,6 billion) following the deferment of revenue
recognition in the early stages of the Medupi Boiler House Project and on the
Gautrain Project.
Operating profit for the period is R918 million at a margin of 5,7% including a
revenue deferment of R285 million in the period. Underlying operating profit
(before revenue deferment) is down 17% to R1,2 billion (2008: R1,5 billion) at a
margin of 7,4%.
The Group and its partners in Bombela have committed to deliver Phase 1 of the
Gautrain Project in time for 2010 FIFA World Cup. To enable this, Gauteng
Province has agreed to modify the specification and Bombela will fund the
additional costs. The Group`s share of revenue required to cover this additional
cost has been deferred and is included in the overall delay and disruption claim
to be resolved in terms of the Gautrain Concession Agreement.
This year, the strength of the SA Rand against the US Dollar and other
currencies translates a strong performance in the Group`s international
operations into a lower level of SA Rand based performance compared to the
previous comparable period.
About R2,0 billion of the Group`s working capital at 31 December 2009 was in
domestic public sector projects of which about R350 million was overdue debt.
About R1,2 billion of cash is restricted in various joint ventures. Short-term
overdrafts were increased to fund increased working capital in the domestic
market.
This has contributed to an operating cash outflow of R316 million (2008: R448
million inflow) in the period to 31 December 2009 which reduced net cash to R2,4
billion (2008: R3,0 billion). However, net debt in South Africa of R1,8 billion
is at relatively high interest rates and is inadequately offset by cash held
offshore of R1,9 billion at relatively low interest rates. The consequence is an
increase in net finance costs for the period to R94 million (2008: R2 million
income).
Diluted headline earnings per share are 34% lower at 200 cents (2008: 302
cents).
DIVIDEND
Attention is drawn to the formal dividend announcement contained herein. The
directors are confident of the future prospects for the Group and in terms of
the published Dividend Policy, have declared an interim dividend of 52 cents per
share (2008: 85 cents per share). There is no interim dividend declaration from
Clough.
ORDER BOOK AND PERFORMANCE
The Group Order Book increased by 10% to R44 billion at 31 December 2009 from a
consistent level of about R40 billion between 31 March 2009 to 30 September
2009. This is down 27% from the R60 billion recorded at 31 December 2008, as a
consequence of the global economic crisis.
Construction SADC increased revenue to R4,8 billion (2008: R4,6 billion) with
EBIT up to R246 million (2008: R223 million), excluding a R230 million revenue
deferment in respect of Gautrain. Order Book is constant across all companies at
a total of R8,5 billion (June 2009: R8,6 billion).
Engineering SADC revenues declined to R1,4 billion (2008: R1,6 billion) with a
decline in EBIT to R52 million (2008: R218 million). This is primarily the
consequence of a cancelled contract in Wade Walker, no profit recognition on the
delayed power projects and at UCW where the company has a long overdue contract
debt of about R200 million. Order Book is R16,8 billion (June 2009: R18,5
billion) which includes reductions at Wade Walker and Marine.
Construction Products SADC revenues declined to R3,3 billion (2008: R3,6
billion) with a decline in EBIT to R267 million (2008: R327 million). This is
largely attributable to the reinforcing steel business which recorded a decline
in revenues of R0,8 billion and a decline of R132 million in EBIT.
Middle East revenues have been impacted by loss of Order Book and at R1,6
billion (2008: R2,2 billion) have also been impacted by a 10% currency
translation decline. While contracting EBIT improved, regional EBIT of R206
million (2008: R251 million) reflects an R84 million decline in crane services.
Order Book at R4,4 billion (June 2009: R4,2 billion) is mainly in Abu Dhabi
contracts.
Cementation Group was impacted by order book and near order loss during the
global economic crisis. The SA Rand has remained strong against the US Dollar
and has strengthened by about 14% over the previous comparable period. Revenues
declined to R2,5 billion (2008: R3,4 billion) with EBIT at R217 million (2008:
R247 million). Canada revenues declined R720 million and EBIT by R45 million.
Order Book is down marginally to R5,4 billion (June 2009: R5,9 billion) with
Africa down R0,9 billion.
Clough increased revenues to R2,6 billion (2008: R2,1 billion) with EBIT reduced
at R207 million (2008: R222 million). All legacy projects were finally settled
in the period. Order Book has grown strongly by R6,2 billion to R8,7 billion
(June 2009: R2,5 billion).
Corporate & Investment net costs for the half-year are R47 million (2008: R36
million) which includes a Properties and Concessions income of R78 million
(2008: R86 million) and a non-cash charge of R15 million relating to share-based
expenses accounted for in terms of IFRS 2 (2008: R28 million).
Supported by zero tax rated earnings in Middle East and the tax loss shield at
Clough, the effective tax rate decreased to 20% (2008: 23%) on a decrease in the
tax charge to R166 million (2008: R336 million).
Shareholder funds increased to R5,9 billion (R5,6 billion at 30 June 2009) which
represents a net asset value (NAV) of 1 764 cents per share.
MARKET CONDITIONS
The South African construction economy has slowed over the period under review
with much of the construction for the 2010 FIFA World Cup reaching conclusion.
There is ongoing activity in the road and transportation construction and power
sectors but even here, there have been delays with current contracts, in new
contract awards and with certification of payments.
There is currently very little private sector contribution into the construction
economy.
The South African government has reiterated its commitment to the long-term
renewal and growth of the nation`s infrastructure. This is of such importance to
the future socio-economic development of the country and region that to fund the
program, Treasury will increase national debt to 40% of Gross Domestic Product
(GDP) and has committed to increase levels of Public Private Partnership in the
economy.
It is the Group`s view that to attract significant new private sector investment
back into the South African market, tangible evidence is required that the
infrastructure backlog is being replaced and enhanced with an infrastructure
surplus.
With the exception of Dubai and Bahrain, Middle East construction markets have
rebounded sharply in recent months. The Group has a solid order book and
prospects in Abu Dhabi and has secured its first contract in the significant
Saudi Arabia market. There are major changes in the nature of contracting in the
region, with Design Build increasingly the preference for major projects.
Despite the increased risk profile, this is positive for Murray & Roberts which
has pioneered the closer integration of these two contracting elements in recent
years.
Global mining resources markets are showing signs of a strong recovery on the
back of increased demand for natural resources, particularly from China,
although South Africa opportunity is expected to remain muted in the short to
medium term.
The Order Book improvement in Clough is evidence of the increased levels of
activity in the natural resources sector, particularly oil & gas. The world is
in severe energy deficit and to rectify this status over time will require both
energy conservation and new investment in traditional and renewable energy
resources and infrastructure. This in turn drives demand for metal & mineral
natural resources and of course, engineering and construction services.
OPERATIONS
Murray & Roberts has continued its engagement undertaking to the South African
competition authorities and has progressed its program of internal audit and
forensic investigation as appropriate, including numerous training interventions
across the Group to ensure compliance.
Following a period of seven months without incident, the Group regrets to report
four fatalities in its South African operations (December 2008: 4 fatalities)
for the period. Two fatalities were fall-from-height on construction sites and
two were underground incidents in the mining sector.
The total number of employees in the Group has remained stable in the six months
since June 2009. There has been a small net increase in South Africa offset by
a net decrease in Australia, Canada and Middle East.
CLAIMS AND LITIGATION
The Board has in the past recognised uncertified revenues in respect of two
major projects viz. Dubai Airport and Gautrain.
Supported by the work of independent experts and advisors, a cumulative total of
R1,25 billion of uncertified revenue had been recognised in the audited
financial statements to 30 June 2009.
This revenue represents cautious recognition of what the Group, its various
partners and advisors are confident should be secured as a minimum through
pursuit of established rights under the respective contracts. To achieve this,
focused teams comprising Group and partner executives supported by professional
advisors and strong corporate involvement have been established to engage each
of the specific recovery processes.
The Group prefers to resolve disputes through direct personal mediation. But
this is not always possible and for public sector contracts in particular, it is
likely that dispute resolution will proceed through arbitration or litigation.
BOARD OF DIRECTORS AND MANAGEMENT
Messrs Malose Chaba, Trevor Fowler and Dr Orrie Fenn were appointed to the Board
of Murray & Roberts as executive directors in September, October and November of
2009 respectively. Mr Sean Flanagan resigned as a director with effect from 31
December 2009 and thereafter from the Group.
Mr Keith Smith has been appointed to oversee the domestic projects portfolio
while Mr Trevor Fowler and Dr Orrie Fenn hold executive responsibility for the
remainder of the Group`s SADC operations. Mr Malose Chaba has been appointed
Group Head of Assurance in terms of the King Report on Governance for South
Africa 2009 (King III).
PROSPECTS AND TRADING STATEMENT
Murray & Roberts has a global presence and reputation that enables access to
significant opportunity and the leadership, partners, resources and skills
needed to meet the challenging delivery expectations of an ever developing
market. A recent business opportunity review indicates strong recovery in global
natural resources markets supporting the Cementation Group, Clough and Middle
East.
The Group`s significant Order Book in South Africa includes a number of long-
term major projects that will deliver better value in future years. Generally,
market conditions are muted and characterised by increased levels of
competition.
This is evident from the Group`s Opportunity Management System which recorded a
first half-year conversion of one-in-three tenders into contracts at 40% of
tendered value. This is an improvement on the previous six month period and is
back in line with the Group`s risk-based project procurement strategy. The
Project Pipeline at 31 December 2009 was R76 billion, with R14 billion of new
orders from R40 billion of tenders submitted, enhanced by R67 billion of new
opportunities into the system.
The Group is well advanced with the disposal of non-core assets including most
of its Properties and Concession assets by way of separate transactions with a
combined value of almost R1,0 billion, and has plans for further disposals
during the year ahead. This will relieve domestic debt and open the opportunity
for the acquisition of new core assets to enhance the Group`s strategic business
model.
Clough announced on 24 February 2010 that it will acquire a significant stake in
Australian mechanical and electrical contractor Forge Limited (Forge), which is
based in Perth and listed on the Australian Stock Exchange. This transaction
remains subject to approval by shareholders of Forge (refer www.clough.com.au
for more information).
A key objective for the period ahead is to pursue the resolution of contract and
cash entitlements on three major projects:
- Dubai International Airport - final account;
- Gautrain Rapid Rail - delay and disruption claims; and
- Medupi and Kusile Mechanicals - change in scope variations.
Pending clarity on the resolution of these contract rights and payment thereof,
the Group will continue with its cautious recognition of revenue on major
projects in South Africa. As a consequence, diluted headline earnings per share
and diluted earnings per share for the financial year to 30 June 2010 should be
between 30% and 40% lower than the previous financial year to 30 June 2009.
The 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
24 February 2010
NOTICE TO SHAREHOLDERS
Declaration of interim ordinary dividend (No. 116)
Notice is hereby given that an interim ordinary cash dividend No. 116 of 52
cents per share (2009: 85 cents per share) in respect of the financial year
ending 30 June 2010 has been declared payable to shareholders recorded in the
register at the close of business on Friday, 16 April 2010.
The salient dates for the interim ordinary cash dividend are as follows:
Last day to trade cum the dividend Friday, 9 April 2010
Trading ex dividend commences Monday, 12 April 2010
Record date Friday, 16 April 2010
Payment date Monday, 19 April 2010
Share certificates may not be dematerialised or re-materialised between Monday,
12 April 2010 and Friday, 16 April 2010, both days inclusive.
On Monday, 19 April 2010 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 19 April 2010 will be posted on that date.
Shareholders who hold dematerialised shares will have their accounts at their
CSDP or broker credited on Monday, 19 April 2010.
By order of the Board
Y Karodia
Group Secretary
Bedfordview
24 February 2010
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
Murray & Roberts Holdings Limited
Registration No. 1948/029826/06
Directors:
RC Andersen* (Chairman) BC Bruce (Managing & Group Chief Executive)
DD Barber* MP Chaba O Fenn1 TG Fowler ADVC Knott-Craig*
NM Magau* JM McMahon1* IN Mkhize* RW Rees1
AA Routledge* M Sello* SP Sibisi* RT Vice*
1British *Non-executive
Secretary:
Y Karodia
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 commitment to sustainable earnings growth and value creation is non-
negotiable.
e-mail: clientservice@murrob.com
website:www.murrob.com
.mobi site: http://murrob.mobi
Bedfordview
24 February 2010
Sponsor
Deutsche Securities (SA) (Pty) Limited
Date: 24/02/2010 15:39:02 Supplied by www.sharenet.co.za
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