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MURRAY & ROBERTS HOLDINGS LIMITED - Preliminary report for the year ended 30 June 2013

Release Date: 28/08/2013 17:58
Code(s): MUR
Wrap Text
Preliminary report for the year ended 30 June 2013


MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1948/029826/06
JSE Share Code: MUR 
ADR Code: MURZY
ISIN: ZAE000073441
(Murray & Roberts or Group or Company)

PRELIMINARY REPORT FOR THE YEAR ENDED 30 JUNE 2013 

- REVENUE UP TO R34,6 BILLION 
- HEPS OF 186 CENTS 
- ATTRIBUTABLE EARNINGS UP TO R1,0 BILLION 
- ORDER BOOK OF R46,1 BILLION 
- NET CASH UP TO R4,3 BILLION 

Salient Features 

- Record low lost time injury frequency rate (LTIFR) of 0.82 (FY2012: 1.14),
 but regrettably two fatalities (FY2012: 4) 
- Revenue from continuing operations improved by 9% to R34,6 billion 
(FY2012: R31,7 billion) 
- Attributable earnings improved from a loss of R0,7 billion to a profit of 
R1,0 billion 
- HEPS improved from a loss of 246 cents to a profit of 186 cents 
- Order book of R46,1 billion 
- Net cash position of R4,3 billion 
- Attributable profit of R223 million realised from Cloughs disposal of its 
investment in Forge 
- Strong contribution by Clough in a buoyant oil & gas market 
- Fast-Track Settlement Process with Competition Commission concluded 
- Impact of industrial and labour unrest on the Groups profit 
- Project losses in South African businesses 

From Recovery to Growth 
Murray & Roberts is a group of companies and brands aligned to the same 
purpose and vision, and guided by the same set of values. By 2020, the 
Group aims to be the leading diversified engineering and construction 
group in the global underground mining market and selected emerging 
markets in the natural resources and infrastructure sectors. 

Murray & Roberts has a three year Recovery & Growth strategy. The Group 
ended FY2013 having successfully negotiated its Recovery year in FY2012 
and accomplished significant milestones in the first of its two Growth years.
 In FY2013 the Group returned to profitability, signalling more robust and 
sustainable levels of revenue and profit.

To support long-term growth the Group has focused on its core competencies of 
engineering & construction and identified the energy (oil & gas and power) 
and mining & minerals market sectors as presenting the best medium- to long 
term growth opportunity.

Structurally, the Group began the year with five operating platforms 
which, by the end of the year, had reduced to four platforms, following 
the sale of the Construction Products Africa businesses, which was 
classified as discontinued at year-end. Further detail on this disposal is 
provided in this announcement. Two of the four platforms now represent the 
Groups regional businesses (with an African focus) and the remaining two, 
the international businesses (with a global focus). 

Proposed Acquisition of Clough 
Murray & Roberts announced its intention to acquire all of the outstanding 
ordinary shares in Clough Limited (Clough), in which it is a 61.6% 
shareholder, on 30 July 2013 (Proposed Acquisition). The Group has had a 
long association with Clough since initially acquiring a shareholding in 
2003. Clough is listed on the Australian Stock Exchange and is a leading 
engineering and construction company in the Australasian oil & gas market 
sector and an integral part of the Groups strategy. The Proposed Acquisition 
is strategically compelling and consistent with the Groups long-term growth 
plans.

The Proposed Acquisition holds a number of key benefits for the Group:
-  Secures control of 100% of Cloughs operations, assets, cash flow and 
strategy
-  Increases exposure to market sectors which present medium- to long term 
growth potential
-  Murray & Roberts and Clough to better leverage Cloughs oil & gas 
capabilities and expertise into opportunities in Africa
-  Expected to be immediately profit per share accretive
-  Group net cash position maintained given use of Clough cash to part fund 
acquisition
-  Low execution risk given Murray & Roberts existing understanding of the 
business
-  Creates focused diversified engineering and construction business, 
leveraging capabilities  and competencies across Australasia, Southeast Asia 
and Africa

The Proposed Acquisition, a Category 1 transaction in terms of the JSE 
Limited Listings Requirements, is subject to various conditions precedent 
being met, including approval by both Murray & Roberts and Clough 
shareholders. The Proposed Acquisition should be concluded towards the end 
of the 2013 calendar year. Shareholders are referred to a separate 
Category 1 transaction announcement regarding the Proposed Acquisition 
released on the Stock Exchange News Service (SENS) today and to be 
published in the press on Thursday, 29 August 2013. 

Health and Safety 
The Board deeply regrets the death of two (2) employees (2012:4) who 
sustained fatal injuries while on duty. We are saddened by the occurrence 
of these incidents despite the significant reduction in our injury rates. 
The Board extends its heartfelt condolences to the families, friends and 
colleagues of the deceased. 

Murray & Roberts achieved a record low LTIFR of 0.82 (June 2012: 1.14) for 
the year under review, which is better than our target of 1.0. This 
outcome was made possible by the continuous commitment to safety by all 
Murray & Roberts employees. 

Good progress has been made in implementing the Zero Harm through 
Effective Leadership programme which is aimed at establishing a high 
performance culture that will ensure sustainable improvement in health and 
safety. During the year under review, we also developed an integrated 
employee health and wellness programme which includes initiatives for the 
prevention, early identification and management of all occupational health 
and wellness conditions which may impact on employees health and 
productivity. This programme will be implemented during the FY2014. 

Competition Commission 
The Board regrets and rejects any form of anti-competitive behaviour in 
the Group. 

In June 2013 the Group entered into a settlement agreement with South 
Africas Competition Commission in terms of its Fast-Track Settlement 
Process (FTSP) relating to historical anti-competitive practices in the 
construction industry and was fined R309 million. 

There are five (5) remaining historical incidents of collusive conduct 
(excluded from the concluded FTSP) still to be settled with the 
Competition Commission. The Board is of the view that the potential 
penalties on these transgressions will not be material compared to the 
penalty paid on the conclusion of the FTSP and it remains committed to 
concluding this matter rapidly for the benefit of all stakeholders. The 
Group has provided for a potential penalty in the FY2013 accounts. 

Murray & Roberts is a well-recognised name in South Africa and it has 
played a significant role in developing the countrys infrastructure for 
more than 110 years. The Company has a strong value system and it requires 
ethical business conduct from all its employees. While current management 
were not implicated in any anti-competitive practices, it has taken 
decisive action to ensure that such practices will not be repeated. 

Financial Year to 30 June 20131 
In the year under review, the Group completed the disposal of the business of 
Union Carriage & Wagon Company and the Steel Business.  On 28 June 2013 the 
Group announced the sale of the remaining manufacturing businesses within the 
Construction Products Africa operating platform, with the exception of Hall 
Longmore, subject only to Competition Commission approval. Accordingly, these 
businesses have been recorded as discontinued operations during the year 
under review. The financial results of the previous corresponding reporting 
period have been restated on the same basis.

In the year under review, the Group generated revenue of R34,6 billion (June 
2012: R31,7 billion) and reported attributable profit of R1,0 billion (June 
2012: R0,7 billion attributable loss). This result includes an attributable 
profit of R223 million on the disposal of Cloughs investment in Forge Group 
Limited (Forge). Diluted profit per share were 245 cents (June 2012: 214 
cents diluted loss per share) and diluted headline profit per share were 
186 cents (June 2012: 246 cents diluted headline loss per share).

At June 2013, the Groups net cash position was R4,3 billion (June 2012: 
R1,2 billion). The net cash proceeds from disposals equalled R2,2 billion. 
All term debt was repaid in the year under review.

The Group is pleased to report an order book of R46,1 billion (June 2012; 
R45,3  billion). 

The Group experienced the financial impact of the industrial and labour 
unrest during the year under review, specifically at the Medupi and Kusile 
project sites and in the mining sector. The state of industrial relations in 
South Africa remains of grave concern. The growing tendency for unprotected 
strikes and unrealistic wage demands impacts on contractors abilities to 
execute work on time, within budget and safely. It also acts as a strong 
disincentive for private investment in infrastructural development.
Update on the Groups Major Claim Processes2 
Uncertified revenue, representing outstanding claims, remained largely 
unchanged at R2,1 billion (June 2012:  R2,0 billion). 

During the year under review the Group continued to pursue its 
entitlements in terms of its major claims. Following the successful 
arbitration ruling on the principle of design change at Gorgon Pioneer 
Materials Offloading Facility (GPMOF) and favourable interim award on 
quantum, the respondent, Boskalis, withdrew its objection against this 
interim award. The quantum will now be determined in arbitration, due to 
commence in the first half of FY2014. It is expected that the legal and 
commercial processes on the Dubai International Airport and the Gautrain 
project will be closed out towards the end of FY2016. 

The Board and management remain committed to the resolution of all 
contractual disputes and the collection of proceeds from claim 
settlements, while recognising that this will continue to be a challenging 
and protracted process. 

Operating Performance** 

Construction Africa and Middle East: 

                Construction                          Middle                 
                      Africa          Marine            East           Total
R millions      2013    2012    2013    2012    2013    2012    2013    2012 
Revenue        5 971   5 848     288     903     575   1 357   6 834   8 108 
Operating 
(loss)/profit    (32)    321      51  (1 184)    (47)   (454)    (28) (1 317)
Margin (%)        -1%      5%     18%   -131%     -8%    -33%      0%    -16% 
Segment 
assets         3 677   3 447     915     658   1 823   1 578   6 415   5 683 
People         7 560   7 393      53     131     106     199   7 719   7 723  
LTIFR 
(Fatalities)   0.9(0)  1.0(0)    0(0)  0.6(0)  0.3(0)  0.5(0)  0.7(0)  0.7(0)
Order book     7 053   7 163     269     178   1 394   1 654   8 716   8 995 

Revenues decreased 16% to R6,8 billion (June 2012: R8,1 billion) with an 
operating loss of R28 million (June 2012: R1 317 million). The order book 
decreased to R 8,7 billion (June 2012: R9,0 billion). 

Commercial conditions in both southern Africa and the Middle East this 
year continued to be demanding. Civil construction work on the Eskom power 
programme was negatively affected by significant and ongoing industrial 
action. 

Notwithstanding some challenging projects, the buildings business secured 
a sizeable order book with a number of awards towards the end of the year. 
The margins remain low, but are market-related. 

The risks associated with this platforms historical over-reliance on 
spend by the South African and United Arab Emirates (UAE) economies is 
being mitigated by a stronger focus on selected countries in sub-Saharan 
Africa. Increased capital expenditure, needed to unlock Africas minerals 
resources is expected to lead to extensive upgrading of infrastructure 
across the continent. 

Our detailed analysis of engineering and construction opportunities from 
the publicised government budget, generally reported to be in the region 
of R800 billion, indicates that much of this consists of funds that have 
either already been committed, funds that have been earmarked for the 
manufacturing sector or projects that are already under construction. 

The platform has right-sized its Middle East business and is focussing on 
closing out commercial issues on completed projects. 

Engineering Africa: 

                     Power Programme6      Engineering7             Total 
R millions              2013     2012     2013     2012     2013     2012 
Revenue                4 008    4 327    1 028      886    5 036    5 213 
Operating 
profit/(loss)            227      237      (90)     (37)     137      200 
Margin (%)                 6%       5%      -9%      -4%       3%       4% 
Segment assets         1 328    1 556      509      546    1 837    2 102 
People                 6 243    6 222      898    2 061    7 141    8 283 
LTIFR 
(Fatalities)           0.7(0)   0.8(0)   0.2(0)   0.2(0)   0.5(0)   0.7(0)
Order book             5 890    6 121      580      647    6 470    6 768 

6 Murray & Roberts Projects power programme contracts and Genrec. 
7 Includes Wade Walker, Concor Engineering, Murray & Roberts Water and 
Murray & Roberts Projects non-power programme projects. 

Revenues decreased 3% to R5,0 billion (June 2012: R5,2 billion), whilst 
operating profit reduced to R137 million (June 2012: R200 million). The 
order book decreased marginally to R6,5 billion (June 2012: R6,8 billion). 
Certain businesses in the platform were reorganised, resulting in a 
well-resourced specialist engineering competence that offers engineering 
and construction solutions in the fields of power & energy, water and 
mining & metals. 

Work on the Eskom power programme returned acceptable financial results 
despite a challenging labour-relations environment. The commercial 
arrangement with Hitachi entered into in FY2011 lessened the negative 
financial impact from these disruptions. 

Murray & Roberts Projects, which this year accounted for some 70% of 
platform revenue, is currently repositioning itself for growth 
opportunities outside of the current South African power programme which 
completes circa 2017. The platform aims to benefit from the growing African 
oil & gas opportunities. 

Concor Engineering and Wade Walker performed poorly, but are both expected 
to significantly improve their contributions to platform profit in FY2014. 
Concor Engineering is increasingly active in the mining and minerals 
processing sector. 

Construction Global Underground Mining: 

                          Africa       Australasia      The Americas             Total 
R millions         2013     2012     2013     2012     2013     2012     2013     2012 
Revenue           3 203    5 687    1 014      958    3 687    3 214    7 904    9 859 
Operating 
(loss)/profit       (65)     250       85       90      298      265      318      605 
Margin (%)          -2%       4%       8%       9%       8%       8%       4%       6% 
Segment assets    1 195    1 508      661      639    1 609    1 459    3 465    3 606 
People            6 163   16 650      184      469    1 342    1 494    7 689   18 613 
LTIFR 
(Fatalities)      2.5 (1)  2.6(3)   1.0(0)   2.9(0)   1.2(0)   1.7(1)   2.3(1)   2.5(4)
Order book        6 406    3 529    1 094    1 184    2 434    4 095    9 934    8 808 

Revenues decreased 20% to R7,9 billion (June 2012: R9,9 billion), while 
operating profit declined to R318 million (June 2012: R605 million). The 
order book increased to R9,9 billion (June 2012: R8,8 billion). 

The platform experienced trying and fundamental challenges during the 
year under review. 

In its African operations this platform experienced a significant decline in 
financial performance mainly due to the mutually agreed termination of the 
Aquarius contract and through underperformances on some of its projects.

However, as from FY2014, Murray & Roberts Cementation will benefit from 
its participation in De Beers new Venetia diamond mine project. This 
investment by De Beers potentially represents the Groups largest single 
opportunity since the Eskom power build programme. Sub-Saharan Africa 
represents a very material opportunity for the platform as a whole, as 
mining activity in the region gains increasing momentum. The business 
continues to win work with mining majors in the region. 

While the North American and Australian operations returned satisfactory 
financial performance, the immediate outlook for these businesses was 
clouded by deferments of new projects and termination of existing 
projects. After several years of strong growth, Cementation Canada and 
Cementation United States are facing more challenging market conditions. 
With little upturn expected in the Australian market, RUC Cementation is 
expanding its reach into the Asia-Pacific region. 

The pooling of resources within the Global Underground Mining Platform 
represents a sizeable competitive advantage. Within a number of emerging 
markets, the Global Underground Mining Platform is today well placed to win 
and execute work for its clients.

Construction Australasia Oil & Gas and Minerals: 

                                                                 Fabrication,
                                               Commissioning       Corporate
                                                   and Asset       overheads
                 Engineering        Projects         Support       and Other           Total

R millions      2013    2012    2013    2012    2013    2012    2013    2012    2013    2012 
Revenue        4 658   2 833   7 635   4 394   1 102     640   1 405     617  14 800   8 484 
Operating 
profit/
(loss)8          659     394     521     276     101      42     221    (426)  1 502     286 
Margin (%)        14%     14%      7%      6%      9%      7%     16%    -69%     10%      3% 
People         1 371     846   4 286   3 214     536     405     150     320   6 343   4 785  
Segment 
assets                                                                         3 478   3 995 
LTIFR 
(Fatalities)                                                                   0.2(0)  0.1(0)
Order book                                                                    20 593  19 444 

8 Operating profit includes R681 million profit on sale of Forge and 
R821 million relating to trading profit. 

Clough performed exceptionally well this year. Revenue and operating 
profit increased to R14,8 billion (June 2012: R8,5 billion) and 
R1,5 billion (June 2012: R0,3 billion) respectively, aided by a weakening Rand 
exchange rate and profit on disposal of Forge of R681 million. The order 
book increased to R20,6 billion (June 2012: R19,4 billion). 

The restructuring of the business, which commenced during FY2012, was 
successfully completed. The four business divisions  Engineering, Capital 
Projects, Jetties & Near-Shore Marine, and Commissioning & Asset Support  
are all profitable and contributing to Cloughs overall profitability. 

During the year under review, Clough established a joint-venture with 
South Korean manpower and logistics company Coens Energy and launched 
Clough Coens Commissioning and Completions, a business that will provide 
specialised commissioning and completions services to onshore and offshore 
oil & gas facilities. Clough is the major partner at 55%. 

In January 2013 Clough acquired the specialised commissioning, completion 
and hazard area inspections contractor, e2o. Although a small acquisition, 
it strategically positions Clough in the growing LNG plant commissioning 
market. In the short to medium term, commissioning is envisaged to be a 
particularly lucrative field for those possessing the required systems and 
knowhow as several large Australian LNG projects move from the 
construction phase to the operations phase. This is a growth market which 
is expected to largely counter the impact of an expected decline in the 
Australian LNG capital-build programme as from 2017. 

Full details of Cloughs financial results for the full year and its 
prospects have been published on its website  www.clough.com.au. 

Disposal of non-core assets: 

              Crane Hire                      Clough
                Services         Steel        Marine        Proper-    Construc-
                (Johnson   Reinforcing    Services &          ties         tion
                 Arabia)      Products    Properties            SA     Products9          Total 
R millions   2013   2012   2013   2012   2013   2012   2013   2012   2013   2012   2013    2012 
Revenue         -    117    719  1 179     56    384      4     58  3 957  3 738  4 736   5 476 
Operating 
(loss)/profit   -      -    (26)   (42)   (12)   (43)     3     68    387    197    352     180 
Margin (%)      -      0%    -4%    -4%   -21%   -11%    75%   117%    10%     5%     7%      3% 
Order book      -      -      -      -      -      -      -      -    374  1 334    374   1 334 

9 Includes Hall Longmore, Rocla, Much Asphalt, Technicrete, Ocon Brick and 
UCW. 

On 29 January 2013 the Group announced the disposal of Union Carriage & 
Wagon Company to a black-owned consortium. The Group realised fair value 
in the sale price, which exceeded book value. 

The disposal of the Steel Business became unconditional following 
Competition Commission approval. 

On 28 June 2013 the Group announced the successful conclusion of the 
disposal of the balance of its Construction Products Africa operating 
platform (excluding Hall Longmore), comprising the Groups manufacturing 
businesses. The group of businesses included Much Asphalt, Rocla, 
Technicrete and Ocon Brick. The total cash consideration in respect of the 
transaction was approximately R1,3 billion before transaction costs. This 
transaction is subject to Competition Commission approval. Negotiations 
with potential buyers for the sale of the remaining Hall Longmore business 
are ongoing and shareholders will be advised in due course of the outcome 
thereof. 

Dividend 
The Board has resolved not to declare a dividend for the full year, in order 
to preserve cash to fund its strategy and growth plans.

Board Of Directors 
During the year under review, Mr. Tony Routledge, Dr. Namane Magau and 
Dr. Sibusiso Sibisi retired from the Board. Subsequent to year-end, 
Ms.Thenjiwe Chikane resigned from the Board. Dr. Orrie Fenn resigned from the 
Board, due to his appointment as platform executive for the Construction 
Global Underground Mining platform. Our sincere appreciation is extended to 
all of these directors for their valued contribution. 

Effective 1 March 2013, Adv. Mahlape Sello succeeded Mr. Roy Andersen as 
non-executive chairman, following his planned retirement, as announced in 
August 2012. The Board thanks Mr. Andersen for his valued counsel.  

Ms. Ntombi Langa-Royds joined the Board in June 2013 as a non-executive 
director, chairman of the Social & Ethics Committee and member of the 
Remuneration and Human Resources Committee.

Appreciation 
We would like to thank our stakeholders for their ongoing support, in a 
year in which distressing legacy issues have taken their toll on the 
Groups reputation. We look forward to restoring trust and earning the 
support of all our stakeholders, as we continue to bring the lessons of 
the past to bear on ensuring a brighter future for the Group. 

Prospects Statement 
The Board is pleased with the significant improvement in the Groups 
financial results and expects the Groups positive earnings trend to 
continue in the medium- to long term, driven mainly by its international 
operations. 

The information on which this prospects statement is based has not been 
reviewed or reported on by the Groups external auditors. 

On behalf of the directors 

Mahlape Sello              Henry Laas                 Cobus Bester 
Chairman of the Board      Group Chief Executive      Group Financial Director 

Bedfordview 
28 August 2013 

1  The financial results of the previous corresponding reporting period 
have been restated to reflect discontinued operations. The order book 
includes R0,4 billion (FY2013) and R1,3 billion (FY2012) in the 
discontinued Construction Products Africa businesses. The order book includes 
R0,4 billion in the disposed Construction Products Africa businesses.

2  The Groups uncertified revenue previously recognised on challenging 
projects is considerably lower than the estimated value of its claims. 
These claims have been taken to book in compliance with IAS11 
(Construction Contracts) following annual engagement with independent 
legal, commercial and claims consultants. 

** The operating performance information disclosed has been extracted from 
the Groups operational reporting systems. The LTIFR information has not 
been subject to a review by the Groups auditors. The Corporate & 
Properties segment is excluded from the operational analysis. Unless 
otherwise noted, all comparisons are to the Groups performance as at and 
for the year ended 30 June 2012. 

SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE 
for the year ended 30 June 2013 
                                                 Audited            Audited1 
                                                  Annual              Annual 
                                                 30 June             30 June 
R millions                                          2013                2012 
                                                                             
Continuing operations                                                        
Revenue                                           34 575              31 668 
Profit before interest, 
depreciation and amortisation                      2 446                 243 
Depreciation                                        (707)               (576)
Amortisation of intangible assets                    (33)                (25)
Profit/(loss) before interest and 
taxation (note 2)                                  1 706                (358)
Net interest expense                                (115)               (248)
Profit/(loss) before taxation                      1 591                (606)
Taxation                                            (545)               (221)
Profit/(loss) after taxation                       1 046                (827)
Income from equity accounted 
investments                                          165                 143 
Profit/(loss) from continuing 
operations                                         1 211                (684)
Profit from discontinued operations 
(note 3)                                             259                  92 
Profit/(loss) for the year                         1 470                (592)
Attributable to:                                                             
 Owners of Murray & Roberts 
Holdings Limited                                   1 004                (736)
 Non-controlling interests                          466                 144 
                                                   1 470                (592)
Profit/(loss) per share from 
continuing and discontinued 
operations (cents)                                                           
 Diluted                                            245                (214)
 Basic                                              247                (214)
Profit/(loss) per share from 
continuing operations (cents)                                                
 Diluted                                            183                (246)
 Basic                                              185                (247)
Net asset value per share (Rands)                     16                  13 

SUPPLEMENTARY STATEMENT OF 
FINANCIAL PERFORMANCE INFORMATION                 
                                                                             
Number of ordinary shares in issue 
(000)                                           444 736             444 736  
Reconciliation of weighted average 
number of shares in issue (000)                                             
Weighted average number of ordinary 
shares in issue                                  444 736             382 712 
Less: Weighted average number of 
shares held by The Murray & Roberts 
Trust                                             (3 189)             (6 338)
Less: Weighted average number of 
shares held by the Letsema BBBEE 
trusts                                           (31 863)            (32 115)
Less: Weighted average number of 
shares held by subsidiary companies               (2 809)               (736)
Weighted average number of shares 
used for basic per share 
calculation                                      406 875             343 523 
Add: Dilutive adjustment for share 
options                                            3 813                 699 
Weighted average number of shares 
used for diluted per share 
calculation                                      410 688             344 222 
1 Restated for discontinued operations.                                  
Headline profit/(loss) per share 
from continuing and discontinued 
operations (cents) (note 4)                                                  
 Diluted                                            186                (246)
 Basic                                              188                (246)
Headline profit/(loss) per share 
from continuing operations (cents) 
(note 4)                                                                     
 Diluted                                            132                (261)
 Basic                                              134                (262)

SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
for the year ended 30 June 2013 
                                                 Audited             Audited 
                                                  Annual              Annual 
                                                 30 June             30 June 
R millions                                          2013                2012 
                                                                             
Items that may be reclassified 
subsequently to profit or loss:                                              
Profit/(loss) for the year                         1 470                (592)
Effects of cash flow hedges                           14                  20 
Taxation related to effects of cash 
flow hedges                                           (4)                 (4)
Effects of available-for-sale 
financial assets                                       -                  (1)
Foreign currency translation 
movements                                            190                 617 
Total comprehensive income for the 
year                                               1 670                  40 
                                                                             
Attributable to:                                                             
 Owners of Murray & Roberts 
Holdings Limited                                   1 116                (298)
 Non-controlling interests                          554                 338 
                                                   1 670                  40 

SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
at 30 June 2013 
                                                 Audited             Audited 
                                                  Annual              Annual 
                                                 30 June             30 June 
R millions                                          2013                2012 
                                                                             
ASSETS                                                                       
Non-current assets                                 7 162               8 394 
Property, plant and equipment                      3 055               3 600 
Goodwill                                             488                 437 
Deferred taxation assets                             657                 634 
Investments in associate companies                    34                 885 
Amounts due from contract customers 
(note 5)                                           2 003               2 060 
Other non-current assets                             925                 778 
Current assets                                    15 591              13 143 
Inventories                                          349                 731 
Trade and other receivables                        2 022               2 127 
Amounts due from contract customers 
(note 5)                                           6 876               6 806 
Current taxation assets                               60                  91 
Cash and cash equivalents                          6 284               3 388 
Assets classified as held-for-sale                 1 779                 905 
TOTAL ASSETS                                      24 532              22 442 
EQUITY AND LIABILITIES                                                       
Total equity                                       8 698               7 102 
Attributable to owners of Murray & 
Roberts Holdings Limited                           7 041               5 887 
Non-controlling interests                          1 657               1 215 
Non-current liabilities                            1 958               1 596 
Long term liabilities2                               534                 494 
Long term provisions                                 239                 165 
Deferred taxation liabilities                        151                 211 
Other non-current liabilities                      1 034                 726 
Current liabilities                               13 210              13 495 
Amounts due to contract customers 
(note 5)                                           3 406               3 019 
Accounts and other payables                        7 830               8 609 
Current taxation liabilities                         545                 175 
Bank overdrafts2                                     898                  39 
Short term loans2                                    531               1 653 
Liabilities directly associated 
with assets classified as 
held-for-sale                                        666                 249 
TOTAL EQUITY AND LIABILITIES                      24 532              22 442 
2 Interest-bearing borrowings.                                           

SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
for the year ended 30 June 2013 
                                                  Attributable                       
                                                            to                       
                                                        owners                       
                                                            of                       
                                                        Murray        Non-            
                                                     & Roberts    control-            
                      Stated      Other   Retained    Holdings       ling            
R millions            capital   reserves   earnings    Limited  interests      Total  
Balance at 30 
June 2011 
(Audited)                 757        189      3 275      4 221      1 100      5 321 
Total 
comprehensive 
income/(loss) for 
the year                    -        438       (736)      (298)       338         40 
Rights issue to 
owners of Murray 
& Roberts 
Holdings Limited  
(net of 
transaction 
costs)                  1 910          -          -      1 910          -      1 910 
Treasury shares 
acquired (net)             43          -          -         43          -         43 

(Disposal)/purchase 
of 
non-controlling 
interests (net)             -          -        (12)       (12)      (152)      (164)
Net movement in 
non-controlling 
interests loans             -          -          -          -        (21)       (21)
Disposal of 
business                    -         (1)         -         (1)         -         (1)
Issue of shares 
to 
non-controlling 
interests                   -          -          -          -         23         23 
Recognition of 
share-based 
payment                     -         33          -         33          -         33 
Transfer to 
retained earnings           -        (32)        32          -          -          - 
Transfer to 
non-controlling 
interests                   -         (2)         -         (2)         2          - 
Dividends 
declared and 
paid3                       -          -         (7)        (7)       (75)       (82)
Balance at 30 
June 2012 
(Audited)               2 710        625      2 552      5 887      1 215      7 102 
Total 
comprehensive 
income for the 
year                        -        112      1 004      1 116        554      1 670 
Treasury shares 
acquired (net)              4          -          -          4          -          4 
Repayment of 
non-controlling 
interest 
shareholding                -          -          -          -         (2)        (2)
Net movement in 
non-controlling 
interests loans             -          -          -          -        (39)       (39)
Issue of shares 
to 
non-controlling 
interests                   -          -          -          -          5          5 
Recognition of 
share-based 
payment                     -         48          -         48          -         48 
Transfer to 
retained earnings           -        (16)        16          -          -          - 
Transfer to 
non-controlling 
interests                   -         (5)         -         (5)         5          - 
Dividends 
declared and 
paid3                       -          -         (9)        (9)       (81)       (90)
Balance at 30 
June 2013 
(Audited)               2 714        764      3 563      7 041      1 657      8 698 

3 Dividends relate to distributions made by entities that hold treasury shares. 

SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS 
for the year ended 30 June 2013 
                                                 Audited             Audited 
                                                  Annual              Annual 
                                                 30 June             30 June 
R millions                                          2013                2012 
Cash generated from/(utilised in) 
operations                                         2 049              (1 580)
Interest received                                    143                 107 
Interest paid                                       (265)               (388)
Taxation paid                                       (271)               (429)
Operating cash flow                                1 656              (2 290)
Dividends paid to owners of 
Murray & Roberts Holdings Limited                     (9)                 (7)
Dividends paid to non-controlling 
interests                                            (81)                (75)
Cash flow from operating activities                1 566              (2 372)
Acquisition of businesses (note 7)                   (84)                (15)
Acquisition of share capital in 
start up company                                       -                 (10)
Acquisition of non-controlling 
interests                                              -                 (48)
Dividends received from associate 
companies                                             71                  46 
Acquisition of associates                              -                (133)
Increase in investments                                -                 (67)
Purchase of other investments by 
discontinued operations                                -                 (40)
Purchase of investment property                        -                 (20)
Purchase of intangible assets other 
than goodwill                                        (21)                (17)
Purchase of property, plant and 
equipment by discontinued 
operations                                           (42)                (34)
Purchase of property, plant and 
equipment                                         (1 089)               (959)
 Replacements                                      (321)               (569)
 Additions                                         (768)               (390)
Proceeds on disposal of property, 
plant and equipment                                  129                 164 
Proceeds on disposal of businesses 
(note 7)                                             403                 822 
Proceeds on disposal of assets 
held-for-sale                                        134                 127 
Advance payment in respect of 
property disposals                                    45                   - 
Proceeds on disposal of investments 
in associates (note 7)                             1 784                  15 
Repayment of investment in 
associate loan                                         4                   - 
Cash related to 
acquisition/disposal of businesses                   (74)               (271)
Cash related to assets held-for-sale                 (23)                258 
Proceeds from realisation of 
investment and loan repayments                       132                 165 
Other (net)                                            3                   2 
Cash flow from investing activities                1 372                 (15)
Net (decrease)/increase in 
borrowings                                        (1 189)                342 
Treasury share disposals (net)                         4                  43 
Proceeds on share issue to 
non-controlling interests                              5                  23 
Repayment of non-controlling 
interest shareholding                                 (2)                  - 
Proceeds from rights issue to 
owners of Murray & Roberts Holdings 
Limited (net of transaction costs)                     -               1 910 
Cash flow from financing activities               (1 182)              2 318 
Net increase/(decrease) in cash and 
cash equivalents                                   1 756                 (69)
Net cash and cash equivalents at 
beginning of year                                  3 349               3 054 
Effect of foreign exchange rates                     281                 364 
Net cash and cash equivalents at 
end of year                                        5 386               3 349 
Net cash and cash equivalents 
comprises of:                                                                
Cash and cash equivalents                          6 284               3 388 
Bank overdrafts                                     (898)                (39)
Net cash and cash equivalents at 
end of year                                        5 386               3 349 

SUMMARISED CONSOLIDATED SEGMENTAL ANALYSIS 
for the year ended 30 June 2013 
                                                 Audited            Audited1 
                                                  Annual              Annual 
                                                 30 June             30 June 
R millions                                          2013                2012 
Revenue4                                                                     
Construction Africa and Middle East                6 834               8 108 
Engineering Africa                                 5 036               5 213 
Construction Global Underground 
Mining                                             7 904               9 859 
Construction Australasia Oil & Gas 
and Minerals                                      14 800               8 484 
Corporate & Properties                                 1                   4 
Continuing operations                             34 575              31 668 
Discontinued operations                            4 736               5 476 
                                                  39 311              37 144 
Continuing operations                                                        
Profit/(loss) before interest and 
taxation5                                                                    
Construction Africa and Middle East                  (28)             (1 317)
Engineering Africa                                   137                 200 
Construction Global Underground 
Mining                                               318                 605 
Construction Australasia Oil & Gas 
and Minerals                                       1 502                 286 
Corporate & Properties                              (223)               (132)
Profit/(loss) before interest and 
taxation                                           1 706                (358)
Net interest expense                                (115)               (248)
Profit/(loss) before taxation                      1 591                (606)
Discontinued operations                                                      
Profit before interest and taxation5                 352                 180 
Net interest expense                                  (7)                (32)
Profit before taxation                               345                 148  
4 Revenue is disclosed net of inter-segmental revenue. Inter-segmental 
revenue for the Group is R169 million (2012: R257 million).5 The chief 
operating decision maker utilises profit/(loss) before interest and 
taxation in the assessment of a segments performance.                   

SEGMENTAL ASSETS 
at 30 June 2013 
                                                 Audited             Audited 
                                                  Annual              Annual 
                                                 30 June             30 June 
R millions                                          2013                2012 
Construction Africa and Middle East                6 415               5 683 
Engineering Africa                                 1 837               2 102 
Construction Products Africa                       2 102               2 755 
Construction Global Underground 
Mining                                             3 465               3 606 
Construction Australasia Oil & Gas 
and Minerals                                       3 478               3 995 
Corporate & Properties                               234                 188 
                                                  17 531              18 329 
Reconciliation of segmental assets                                           
Total assets                                      24 532              22 442 
Deferred taxation assets                            (657)               (634)
Current taxation assets                              (60)                (91)
Cash and cash equivalents                         (6 284)             (3 388)
                                                  17 531              18 329 

NOTES 

1. Basis of preparation
The Group operates in the construction, engineering and mining environment 
and as a result the revenue is not seasonal in nature but is influenced by 
the nature of the contracts that are currently in progress. Refer to 
commentary for a more detailed report on the performance of the different 
operating platforms within the Group.  

The preliminary summarised consolidated annual financial statements for the 
year ended 30 June 2013 have been prepared in compliance with the Listings 
Requirements of the JSE Limited, the framework concepts and the measurement 
and recognition requirements of International Financial Reporting Standards 
(IFRS), the requirements of the International Accounting Standards (IAS) 
34, Interim Financial Reporting, SAICA Financial Reporting Guidelines as 
issued by the Accounting Practices Committee and Financial Pronouncements as 
issued by the Financial Reporting Standards Council and the Companies Act, 
No. 71 of 2008. These statements were compiled under the supervision of 
Mr AJ Bester (CA) SA, Group financial director and have been audited in terms 
of Section 29(1) of the Act.

The accounting policies used in the preparation of these results are in 
accordance with IFRS and are consistent in all material respects with those 
used in the audited annual financial statements for the year ended 
30 June 2012. The following new and revised Standards and Interpretations 
have been adopted in the current year; IAS 1: Presentation of Financial 
Statements, IAS 12: Income Taxes and certain improvements to IFRSs 2012.

External auditors, Deloitte & Touche, have issued their opinion on the 
Groups annual financial statements for the year ended 30 June 2013. The 
audit was conducted in accordance with International Standards on Auditing. 
The auditor responsible for the audit is AJ Zoghby. They have issued an 
unmodified audit opinion on the consolidated annual financial statements and 
preliminary summarised consolidated financial statements. These preliminary 
summarised consolidated financial statements have been derived and are 
consistent in all material respects with the Groups annual financial 
statements. A copy of their audit report is available for inspection at the 
companys registered office. Any reference to future financial performance 
included in this announcement has not been audited and reported on by the 
Groups external auditors. 

2. Profit/(loss) before interest and taxation 
Profit/(loss) before interest and taxation includes the following 
significant items:                                                       
                                                 30 June             30 June 
R millions                                          2013                2012 
Profit on sale of associate, 
Forge Group Limited                                  681                   - 
Medupi Civils Joint Venture 
contract losses                                     (185)                  - 
GPMOF contract losses                                  -              (1 189)
Middle East contract losses                            -                (387)
                                                     496              (1 576)
Items by nature1                                                             
Cost of sales                                    (31 558)            (30 628)
Distribution and marketing expenses                  (19)                (14)
Administration expenses                           (2 801)             (2 259)
Other operating income                             1 509                 875 
                                                 (32 869)            (32 026)

3. Profit from discontinued operations
The Group continues to dispose of its investment properties with proceeds of 
R89 million received in the current financial year. The remaining properties 
are expected to be disposed of within the next 12 months. The non-core 
operations relating to the Steel Business and Union Carriage and Wagon 
Proprietary Limited were disposed of in the last quarter of the financial 
year. Refer to note 7 for further details.

The Board took the decision to dispose of the Groups Construction Products 
Africa operating platform, as its operations are considered to be non-core to 
the Group. The Construction Products Africa operating platform comprises of 
the following entities: Hall Longmore, Rocla, Much Asphalt, Ocon Brick and 
Technicrete.

The disposal of the majority of the Construction Products Africa operations 
was concluded on 28 June 2013. The businesses and underlying assets of Much 
Asphalt were disposed of to a consortium comprising of Capitalworks and 
certain senior management and executives of Much Asphalt, while the Rocla, 
Ocon Brick and Technicrete entities were disposed of to a consortium 
comprising of Capitalworks, RMB Ventures and certain senior management and 
executives of Rocla, Ocon Brick and Technicrete. The disposal remains subject 
to Competition Commission approval and is envisaged to take place in the 
first quarter of the 2014 financial year. The total proceeds on the 
transaction is R1 325 million before transaction costs. R1 150 million will 
be received on the effective date, R75 million is receivable 12 months after 
the effective date and the remaining R100 million is receivable 24 months 
after the effective date. Negotiations with potential buyers for the sale of 
the Hall Longmore business are ongoing and shareholders will be advised in 
due course of the outcome thereof.

3.1 Profit from discontinued operations   
                                                 30 June            30 June1
R millions                                          2013                2012 
Revenue                                            4 736               5 476 
Profit before interest, 
depreciation and amortisation                        412                 268 
Depreciation and amortisation                        (60)                (88)
Profit before interest and taxation 
(note 3.2)                                           352                 180 
Net interest expense                                  (7)                (32)
Profit before taxation                               345                 148 
Taxation                                             (86)                (57)
Profit after taxation                                259                  91 
Income from equity accounted 
investments                                            -                   1 
Profit from discontinued operations                  259                  92 
Attributable to:                                                             
 Owners of Murray & Roberts 
Holdings Limited                                     251                 112
 Non-controlling interests                            8                 (20) 
                                                     259                  92 

3.2 Profit before interest and taxation  
Profit before interest and taxation includes the following significant items: 
Profit on disposal of businesses                     139                   - 
Other impairments                                    (54)                (25)
                                                      85                 (25)

3.3 Cash flows from discontinued operations include the following:       
Cash flow from operating activities                   43                (139)
Cash flow from investing activities                  382               1 089 
Cash flow from financing activities                 (192)               (483)
Net increase in cash and cash 
equivalents                                          233                 467 

4. Reconciliation of headline profit/(loss)   
                                                 30 June            30 June1
R millions                                          2013                2012 
Profit/(loss) attributable to 
owners of Murray & Roberts Holdings 
Limited                                            1 004                (736)
Investment property fair value 
adjustments                                            -                 (32)
Profit on disposal of businesses 
(net)                                               (139)                (47)
Profit on disposal of associates 
(net)                                               (681)                (13)
Loss/(profit) on disposal of 
property, plant and equipment (net)                   13                 (44)
Impairment of assets*                                 32                  24 
Fair value adjustments and 
loss/(profit) on disposal of assets 
held-for-sale                                         72                 (29)
Reversal of impairment of associate                  (13)                  - 
Fair value recognised on associate                   (10)                  - 
Other (net)                                            -                  (4)
Non-controlling interests effects 
on adjustments                                       141                  21 
Taxation effects on adjustments                      346                  14 
Headline profit/(loss)                               765                (846)
Adjustments for discontinued 
operations:                                                                  
Profit from discontinued operations                 (259)                (92)
Non-controlling interests                              8                 (20)
Investment property fair value 
adjustments                                            -                  20 
Profit on disposal of businesses 
(net)                                                139                  47 
Profit on disposal of associates 
(net)                                                  -                   3 
Loss on disposal of property, plant 
and equipment (net)                                   (1)                 (1)
Impairment of assets*                                  -                 (25)
Fair value adjustments and 
(loss)/profit on disposal of assets 
held-for-sale                                        (72)                 29 
Non-controlling interests effects 
on adjustments                                        (1)                (18)
Taxation effects on adjustments                      (35)                  3 
Headline profit/(loss) from 
continuing operations                                544                (900)
* The impairment relates to an assessment performed of the fair value 
less costs to sell in comparison to the carrying value of property, 
plant and equipment of various operations. 

5.  Contracts-in-progress and contract receivables
                                                 30 June             30 June
R millions                                          2013                2012 
Contracts-in-progress 
(cost incurred plus 
recognised profits, 
less recognised losses)                            3 067               2 849
Uncertified claims and 
variations less payments 
received on account 
(recognised in terms of 
IAS 11: Construction Contracts)                    2 062               1 951
Uncertified claims and variations                  2 062               2 001
Less: Payments received on account                     -                 (50)
Amounts receivable on contracts 
(net of impairment provisions)                     3 301               3 642
Retentions receivable 
(net of impairment provisions)                       449                 424
                                                   8 879               8 866
Amounts received in excess 
of work completed                                 (3 406)             (3 019)
                                                   5 473               5 847
Disclosed as:
Amounts due from contract 
customers  non-current                            2 003               2 060
Amounts due from contract 
customers  current                                6 876               6 806
Amounts due to contract 
customers  current                               (3 406)             (3 019)
                                                   5 473               5 847
The non-current amounts are considered by management to be recoverable.

6. Contingent liabilities                                          
Contingent liabilities are related to disputes, claims and legal proceedings 
in the ordinary course of business. The Group does not account for any potential 
contingent liabilities where a back to back arrangement exists with clients or 
subcontractors, and there is a legal right to offset.

                                                 30 June             30 June 
R millions                                          2013                2012 
Operating lease commitments                        1 805               2 058 
Contingent liabilities                             1 470               1 445 
Financial institution guarantees                  10 491              10 285 

On 19 June 2013 Murray & Roberts agreed to settle with the Competition 
Commission and conclude the investigation into historical anti-competitive 
behaviour. A penalty of R309 million in full and final settlement of all 
matters being investigated as part of the Competition Commissions 
Fast-Track Settlement Process has been accrued for in the Groups annual 
financial statements. The Competition Tribunal approved the penalty on 
22 July 2013. The payment of the penalty will be made in three equal 
instalments, with the first payable one month after approval by the 
Competition Tribunal, the second payment 12 months thereafter and the 
third payment 24 months after the first payment. 

There are five remaining historical incidents of collusive conduct 
(excluded from the concluded Fast-Track Settlement Process) that still 
need to be settled with the Competition Commission. The Board is of the 
view that the potential penalties on these transgressions will not be 
material compared to the penalty paid on the conclusion of the Fast-Track 
Settlement Process and it remains committed to concluding this matter 
rapidly for the benefit of all stakeholders. The Group has provided for a 
potential penalty in the financial year 2013 accounts. 

7. Business acquisitions/disposals 
Clough Limited (Clough) acquired e2o (Proprietary) Limited, a leading 
provider of specialised commissioning, completion and hazardous area 
inspection services to the energy and resources sectors on 31 January 2013 
for a consideration of R84 million.

The Group disposed of the following non-core assets during the current 
financial year: 
  Disposal of the business, assets and liabilities of Cape Town Iron 
and Steel Works (CISCO) on 1 July 2012 with proceeds of R80 million. 
  Disposal of 100% shareholding in Murray & Roberts Retail Asset 
Management Proprietary Limited on 1 April 2013 with proceeds of R115 million 
and R120 million outstanding as a vendor loan. 
  Disposal of the business, assets and liabilities of RSC Botswana, a 
branch of Murray & Roberts Botswana Limited on 31 May 2013 with proceeds 
of R6 million. 
  Disposal of the business, assets and liabilities of Union Carriage 
and Wagon (UCW) on 13 June 2013 for gross proceeds of R300 million, of 
which R215 million (R202 million net of transaction costs) was received 
prior to year end and R85 million as a vendor loan received subsequent to 
year end. 

The Group also disposed of its 36% shareholding in Forge Group Limited on 
26 March 2013 for proceeds of R1 784 million, resulting in a profit on 
sale of R681 million. 

8. Dividend 
The Board has resolved not to declare a dividend. 

9. Related party transactions 
There have been no significant changes to the nature of related party 
transactions since 30 June 2012. 

10. Events after reporting date 
The Group announced on 30 July 2013 its intention, with the support of 
Clough's independent directors, to acquire the remaining 38.4% non-
controlling interest in Clough for a price of AUD1,46 per share (Proposed 
Acquisition). The Group has successfully completed its confirmatory due 
diligence and is pleased to announce that Murray & Roberts and Clough have 
entered into a binding Scheme Implementation Agreement (SIA) on 28 August 
2013 to give effect to the Proposed Acquisition. The SIA outlines the process 
and terms under which Murray & Roberts will make an offer to acquire the 
remaining 38.4% of shares outstanding in Clough by way of a Scheme of 
Arrangement (Scheme) under the Australian Corporations Act 2001 (Cth). The 
independent directors of Clough unanimously recommended that Clough 
shareholders vote in favour of the Scheme, in the absence of a superior 
proposal, and subject to an independent expert expressing an opinion that the 
Scheme is in the best interests of the Clough shareholders, excluding Murray 
& Roberts and its associate companies. The transaction will be funded through 
a combination of existing cash on Cloughs statement of financial position 
and modest acquisition financing. The Proposed Acquisition is still subject 
to, amongst others, Cloughs non-controlling interest approval as well as 
separate approval by the Group's shareholders.

The directors are not aware of any other matter or circumstance arising since 
the end of the financial year, not otherwise dealt with in the Groups annual 
financial statements, which significantly affects the financial position at 
30 June 2013 or the results of its operations or cash flows for the year then 
ended.

Registered office:  
Douglas Roberts Centre, 22 Skeen Boulevard 
Bedfordview, 2007 
PO Box 1000, Bedfordview, 2008 

Registrar: 
Link Market Services South Africa Proprietary Limited 
13th Floor, Rennie House, 19 Ameshoff Street Braamfontein 2001 
PO Box 4844, Johannesburg, 2000 

Sponsor: 
Deutsche Securities (SA) (Proprietary) Limited 

Secretary: 
E Joubert 

Directors: 
M Sello* (Chairman) 
HJ Laas (Managing and Chief Executive)  
DD Barber* 
AJ Bester 
NB Langa-Royds*  
JM McMahon1* 
WA Nairn* 
RT Vice* 

1British *Non-executive 

website: www.murrob.com  mobisite: http://murrob.mobi e-mail: clientservice.com 

MURRAY & ROBERTS VALUES ARE THE ULTIMATE GUIDE OF OUR INTENT AND ACTIONS. 
THEY ALIGN AND UNITE ALL OUR PEOPLE ACROSS OUR DIVERSE OPERATING PLATFORMS. 

OUR VALUES: 
CARE 
INTEGRITY 
RESPECT 
ACCOUNTABILITY 
COMMITMENT 

Disclaimer 
This announcement includes certain various forward-looking statements 
within the meaning of Section 27A of the US Securities Act 10 1933 and 
Section 21 E of the Securities Exchange Act of 1934 that reflect the 
current views or expectations of the Board with respect to future events 
and financial and operational performance. All statements other than 
statements of historical fact are, or may be deemed to be, forward-looking 
statements, including, without limitation, those concerning: the Groups 
strategy; the economic outlook for the industry; use of the proceeds of 
the rights offer; and the Groups liquidity and capital resources and 
expenditure. These forward-looking statements speak only as of the date of 
this announcement and are not based on historical facts, but rather 
reflect the Groups current expectations concerning future results and 
events and generally may be identified by the use of forward-looking words 
or phrases such as believe, expect, anticipate, intend, should, 
planned, may, potential or similar words and phrases. The Group 
undertakes no obligation to update publicly or release any revisions to 
these forward looking statements to reflect events or circumstances after 
the date of this announcement or to reflect the occurrence of any 
unexpected events. Neither the content of the Groups website or Cloughs 
website, nor any website accessible by hyperlinks on the Groups website 
is incorporated in, or forms part of, this announcement. 

Date: 28/08/2013 05:58:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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