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Business Update
Wilson Bayly Holmes – Ovcon Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1982/011014/06)
Share code: WBO ISIN: ZAE000009932
(“WBHO” or “the Company” or “the Group”)
Business Update
The board believes it is appropriate to advise shareholders of the following developments
Order Book
The Group’s order book increased to R23,5 billion compared to R22,8 billion as at December 2012.
The percentage order book split by segment is illustrated below
April 2013 December 2012
Building and Civil 31% 31%
Roads and Earthworks 18% 21%
Australia 51% 48%
100% 100%
The Group has been able to consistently secure new projects in all segments of the business other
than in the West African Region. The volatility of iron ore and gold commodity prices has slowed
development of mines in the region. WBHO is the preferred contractor for certain civil packages on
the Mayoko Iron Ore Project in the Republic of Congo. The formal award of the first package has
been received with a commencement date of the 6 June 2013. The award of the remaining
packages should alleviate the work procurement pressures in West Africa.
Operational and Segmental Update
Building and Civil Engineering
The building divisions in all regions’ margins remain under pressure but are performing well in the
current environment. The civil division has been affected by the slowdown in mining related
infrastructure but has been successful in securing work in Zambia and Botswana.
Roads and Earthworks
The division has generally performed well in all the African regions it operates in. Payments for the
Free State roads projects are being received in terms of the agreement with the Free State Provincial
Government.
Australia
The Probuild business has been negatively impacted by 3 projects which are behind program
resulting in excessive costs to complete, however, the balance of the business, in a very competitive
environment, has performed adequately. The positive outcome of possible claims relating to these
projects will not be resolved in the financial year ended 30 June 2013.
WBHO Civil’s execution of projects has improved but the business is affected by the slowdown in
mining related infrastructure activities in Australia.
Capital Africa Steel
Subject to Competition Commission approval Capital Africa Steel has bought back 10% of its shares
from Carlmac. If approved by the Competition Commission WBHO shareholding will go above 50%
resulting in the Capital Africa Steel business being consolidated by WBHO.
Competition Commission
WBHO has not yet reached agreement with the Competition Commission with respect to its Fast
Track Settlement investigations into historical anti-competitive practices in the construction
industry. WBHO is not able to confirm the accuracy of the administrative penalty provision
accounted for in the prior year.
By order of the board
Johannesburg
07 June 2013
Sponsor:
Investec Bank Limited
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