To view the PDF file, sign up for a MySharenet subscription.

MURRAY & ROBERTS HOLDINGS LIMITED - Interim results for the six months ended 31 December 2014

Release Date: 25/02/2015 17:13
Code(s): MUR     PDF:  
Wrap Text
Interim results for the six months ended 31 December 2014

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”) 


INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2014


SALIENT FEATURES

-  Lost time injury frequency rate (“LTIFR”) improved to 0.77 (December 2013: 0.82). Regrettably two fatal incidents 
   (December 2013: 2) were reported.
-  Diluted continuing HEPS increased by 39% to 79 cents (December 2013: 57 cents).
-  Revenue from continuing operations of R15,9 billion (December 2013: R18,8 billion), reflecting a reduction in 
   revenue from the Oil & Gas platform. 
-  NAV of R14 per share (December 2013: R12 per share).
-  Order book of R37,8 billion (December 2013: 44,9 billion). The Oil & Gas platform order book is transitioning to 
   smaller and shorter term contracts and fewer new projects have been secured in the Infrastructure & Building and 
   Energy & Industrial platforms.   
-  Strong growth in the Underground Mining platform order book.
-  Substantial near orders and order book pipeline.
-  A gross annual dividend, relating to the 30 June 2014 financial year, of 50 cents per share was declared on 
   27 August 2014 and paid during the period.  A gross annual dividend for the 2015 financial year will be considered 
   in August 2015.

FINANCIAL HIGHLIGHTS

Revenue1 - R15,9 billion                        HEPS (Diluted continuing) - 79 cents 
R18,8 billion (FY14 H1)                         57 cents (FY14 H1)

Attributable Earnings2 - R359 million           EPS2 (Diluted) - 87 cents
R724 million (FY14 H1)                          175 cents (FY14 H1)

NAV - R14 per share                             Order Book3 - R37,8 billion
R12 per share (FY14 H1)                         R44,9 billion (FY14 H1)

Near Orders - R15,0 billion                     Pipeline - R102,9 billion


ENGINEERED EXCELLENCE – STRATEGY IMPLEMENTATION

Murray & Roberts is an international engineering-led contractor. By 2020 the Group aims to be a leading diversified 
project engineering, procurement and construction group in selected natural resources sectors and supporting 
infrastructure. 

The Group restored financial stability, returned to profitability and resumed the payment of dividends, during the 
last three years of its Recovery & Growth Strategy.

The board of directors of Murray & Roberts (“Board”) and executives have defined the growth market sectors, project 
value chain segments and geographies that in the long-term will present the greatest opportunity for the Group to 
unlock value by applying its core competencies of engineering and construction. These growth markets are specifically 
in the oil and gas, mining, energy and industrial sectors, where the Group aims to increase its engineering, 
commissioning, operations and asset support activities. Africa, South-east Asia and North America offer opportunities 
for growth.

FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2014

The Group recorded revenue of R15,9 billion (December 2013: R18,8 billion) and attributable profit of R359 million 
(December 2013: R724 million). The prior period profit includes a profit on sale of discontinued operations of 
R388 million and R98 million trading profit from discontinued operations. Diluted continuing HEPS increased to 
79 cents (December 2013: 57 cents).

The net cash position was R0,9 billion (December 2013: R2 billion). The decrease is due to the funding of acquisitions 
(R162 million) and utilisation of advances from customers of approximately R1,3 billion.

The Group’s order book reduced to R37,8 billion (December 2013: R44,9 billion) mainly due to the Oil & Gas platform 
order book transitioning to smaller and shorter term contracts and fewer new projects secured in the Infrastructure & 
Building and Energy & Industrial platforms.   

Operational excellence, to optimise project profitability is a Group-wide focus. An update per operating platform is 
presented in this announcement. 
 
GROUP OPERATING PERFORMANCE*

OIL & GAS4,5

                                                                                            Corporate
                                       Construction                     Commissioning       overheads
R millions             Engineering    & Fabrication   Global Marine4    & Brownfields       and Other           Total
December              2014    2013     2014    2013     2014    2013     2014    2013    2014    2013    2014    2013
Revenue              2 595   2 524      642   3 937    1 556   1 085    1 410     898     630   1 122   6 833   9 566
Operating 
profit/(loss)          314     384       28     187       80      14      174      99    (150)   (216)    446     468
Margin (%)              12%     15%       4%      5%       5%      1%      12%     11%    (24%)   (19%)     7%      5%
Segment 
Assets                                                                                                  3 932   3 339
Segment 
Liabilities                                                                                             3 105   4 009
LTIFR 
(Fatalities)                                                                                           0,41(0) 0.24(1)
Order Book           4 876  8 264       39    4 163    1 483  3 028     5 844   4 970       –       –  12 242  20 425 
4   With effect 1 July 2014, Marine is reported under the Oil & Gas platform under Global Marine. 
    In prior periods Marine’s revenue, EBIT, segmental assets and liabilities were included in the Infrastructure & 
    Building platform.
5   The segmental classification was changed compared to the prior year, and as a result the prior year 
    comparatives have been restated.

Financial Performance: 
The global oil and gas sector has entered a period of uncertainty, following a declining oil price at the end of the 
reporting period. However, the completion of the greenfield capital projects is creating opportunities for Clough to 
secure new contracts for commissioning, brownfields and maintenance services on the projects it contributed to 
constructing. Consequently, the order book reflects this transition and comprises smaller volume and shorter term 
contracts. 

Clough has adapted well to the changing business environment and has recorded an acceptable FY15H1 financial result. 
Revenue and operating profit reduced to R6,8 billion (December 2013: R9,6 billion) and R446 million (December 2013: 
R468 million) respectively. The order book decreased to R12,2 billion (December 2013: R20,4 billion). However, the 
operating margin increased to 7% (December 2013: 5%). This margin improvement reflects a shift towards higher margin 
engineering and commissioning projects, a focus on operational excellence and the benefit from on-going cost 
efficiency programmes. The platform has near orders of R1,6 billion and a pipeline (top 10 target projects) of 
R33,6 billion.

Operational Performance: 
e2o, a specialist commissioning company acquired by Clough during 2013, is currently the largest commissioning company 
in Australia. Revenue and profit from this business continued to grow strongly during the period under review. e2o is 
executing work across four commissioning projects. 

The Ichthys material offloading facility project was completed in July and work continued on several other marine 
projects. Clough continued its work on every LNG project currently underway in Australia. Both CH-IV (United States of 
America) and Booth Welsh (Scotland), which were acquired during the period under review, performed in line with 
expectations and began to pursue joint project opportunities with Clough and other Murray & Roberts entities.

Prospects: 
Market conditions are challenging as the oil price decline is forcing oil and gas companies to cut capital expenditure 
programmes.  This has resulted in delayed investment decisions, implementation of project cost reduction measures and 
increased competition between service providers in what is currently a soft market.

Gas will continue to be a growth sector globally and the market is expected to improve in the medium term. Clough 
remains well positioned in the LNG and coal seam gas market sectors.  In the coming year, Clough will continue to 
implement its global expansion strategy to diversify earnings regionally and create a global network of specialised 
engineering and operating centres, underpinned by Murray & Roberts’ global presence.  

UNDERGROUND MINING

R millions                                  Africa           Australasia        The Americas                 Total
December                             2014     2013        2014      2013        2014    2013         2014     2013
Revenue                             1 769    1 537         373       363       1 359   1 452        3 501    3 352
Operating (loss)/profit                (2)      (7)         10        33          76      67           84       93
Margin (%)                             (0%)     (0%)         3%        9%          6%      5%           2%       3%
Segment assets                      1 102      959         637       648       1 395   1 390        3 134    2 997
Segment liabilities                   937    1 123         133       165         464     531        1 534    1 819
LTIFR (Fatalities)                 2.01(1)  2.73(1)      0,0(0)   2.12(0)     0,87(0) 0,72(0)      1,73(1)  2.40(1)
Order Book                          8 314    4 372       1 037     1 375       4 496   3 769       13 847    9 516 

Financial Performance: 
Although greenfields capital expenditure in the mining sector remains at low levels, the anticipated growth in the 
underground mining platform is reflected in a stronger order book.

Revenues remained relatively flat at R3,5 billion (December 2013: R3,4 billion) and operating profit decreased to 
R84 million (December 2013: R93 million). The order book strengthened to R13,8 billion (December 2013: R9,5 billion). 
The platform has near orders of R9,4 billion and a pipeline of R30,9 billion.

Operational Performance: 
The platform is showing strong growth potential and has increased its order book in most main geographic areas off a 
relatively low base, considering the recent subdued state of the global commodity cycle. In Murray & Roberts 
Cementation, the Zambian operation continues to perform well. Work has commenced at the multi-billion Rand contract 
mining project at Northam’s Booysendal platinum mine and work at De Beers’ Venetia diamond mine is progressing on the 
two vertical shafts and one decline shaft. Negotiations on the multi-billion Rand Kalagadi Manganese contract are 
continuing. Cementation USA continues to hold a full order book with work on existing projects progressing well. 
Cementation Canada is participating in increased tender activity and has signed a contract with Compass Minerals to 
upgrade the shafts at the Goderich mine at a value in excess of one billion Rand. In Australasia, tender activities 
have increased and RUC Cementation Mining has secured a number of smaller new mine development projects.

Prospects: 
In the medium term, an upturn in the global underground mining sector is expected. Most key commodities are 
represented in the current portfolio of projects, and significant opportunities for organic growth exist when mining 
activity picks up. Markets in Africa, Australia and the Americas are showing signs of growth. Several substantial 
prospects are being pursued in Botswana and Ghana.  
 
ENERGY & INDUSTRIAL

R millions                        Power Programme6         Engineering7                   Total
December                            2014      2013        2014     2013        2014        2013
Revenue                            1 595     1 971         556      318       2 151       2 289 
Operating profit/(loss)               87       106        (108)     (59)        (21)         47 
Margin (%)                             5%        5%        (19%)    (19%)        (1%)         2%
Segment assets                       985     1 185         838      355       1 823       1 540 
Segment liabilities                  788     1 078         370      283       1 158       1 361 
LTIFR (Fatalities)                0.35(0)   0.83(0)      0.0(0)  0.43(0)     0.24(0)     0.73(0) 
Order Book                         4 486     5 623         877      573       5 363       6 196 
6   Power programme contracts and Genrec power programme contracts.
7   Includes Electrical & Control Systems, Resources & Industrial, Water and Power & Energy non-power 
    programme projects and Genrec non-power programme contracts.

Financial Performance: 
Revenues remained stable at R2,2 billion (December 2013: R2,3 billion), whilst an operating loss of R21 million 
(December 2013: R47 million operating profit) was recorded. The decrease in earnings, outside the power programme, 
is primarily due to development costs incurred on long-lead contract opportunities, as well as an increase in the cost 
to complete a project in Namibia. The order book reduced to R5,4 billion (December 2013: R6,2 billion). The platform 
has near orders of R0,4 billion and a pipeline of R9,3 billion. 

Operational Performance: 
The Medupi and Kusile power station projects remain the largest contributors to revenue and profit, with few new 
opportunities coming to market in the period under review. The platform is focused on establishing a position in the 
broader local petrochemical, industrial engineering and renewable energy sectors and is also targeting the industrial 
water sector. Aquamarine Water Treatment was acquired in the period under review and Murray & Roberts Water is 
undertaking engineering work on a new water opportunity in Ghana for a blue chip mining company.

Prospects: 
The power programme continues to offer longer term opportunities for most of the businesses in this platform and 
accessing these opportunities remains a priority. Operations and maintenance opportunities exist in the petrochemical, 
minerals handling and processing sectors and maintenance opportunities in the power sector. The platform is also well 
positioned for opportunities in the renewable power sector. Delays in securing sufficient grid connections has, 
however, deferred a significant solar opportunity by about nine months.  

INFRASTRUCTURE & BUILDING

R millions                     Construction Africa           Marine4          Middle East                 Total
December                             2014    20138     2014     2013        2014     2013        2014     20138
Revenue                             3 064    3 063        –       98         399      434       3 463     3 595
Operating profit/(loss)                55      118        –       (5)         11      (12)         66       101
Margin (%)                              2%       4%       –       (5%)         3%      (3%)         2%        3%
Segment assets                      2 690    3 282        –      611       2 263    1 846       4 953     5 739 
Segment liabilities                 2 215    2 521        –      309       2 076    2 186       4 291     5 016 
LTIFR (Fatalities)                 1.06(1)  0.49(0)     0(0)     0(0)        0(0)     0(0)    0.66(1)    0.29(0) 
Order Book                          4 333    6 550        –      220       2 069    1 855       6 402     8 625 
4   With effect 1 July 2014, Marine is reported under the Oil & Gas platform under Global Marine. 
    In prior periods Marine’s revenue, EBIT, segmental assets and liabilites were included in the 
    Infrastructure & Building platform.
8   Restated for discontinued operations.

Financial Performance:  
The platform remained profitable in a challenging local infrastructure and building market.  

Revenues decreased marginally to R3,5 billion (December 2013: R3,6 billion), while operating profit decreased to 
R66 million (December 2013: R101 million) due to a reduced fair value adjustment on the Bombela Concession. Core 
construction operations delivered a marginal improvement in profitability. The order book decreased to R6,4 billion 
(December 2013: R8,6 billion). The platform has near orders of R3,6 billion (of which R2 billion was awarded 
subsequent to the period under review) and a pipeline of R29,1 billion, including selected opportunities in the Middle 
East.

Operational Performance:  
Murray & Roberts Infrastructure has delivered a stable performance and is active in the South African roads and civils 
market. It has been appointed the civils subcontractor on three wind farms, which have recently achieved financial 
close. 

Concor Opencast Mining has delivered an acceptable operational performance, but is faced with a constrained market 
environment with a scarcity of new prospects. 

The Buildings business operates in a low margin environment. The Matlosana Mall and Dainfern Shopping Centre projects 
have been successfully completed and work is continuing on a further six shopping centres in South Africa and Namibia.

Prospects: 
The South African construction market remains depressed and spending on new infrastructure halved in 2014 compared to 
2013, largely due to reduced Government spending.

Included in the near orders is a residential development east of Pretoria, with a potential project value in excess of 
R1 billion. Several building opportunities in Africa are being developed with a South African blue chip financial 
services firm and renewable energy opportunities are being pursued in Ghana.

DISPOSAL OF NON-CORE ASSETS

                                                          Clough
                                           Steel          Marine                          
                                     Reinforcing        Services      Properties    Construction
R millions              Tolcon9         Products    & Properties              SA      Products10               Total
December           2014    2013     2014    2013    2014    2013    2014    2013    2014    2013      2014      2013
Revenue              76     180        2      63       2       8       –       1      (6)  1 365        74     1 617 
Operating 
profit/(loss)        22      31        7       2      (2)    (29)      –       1      (6)    668        21       673 
Order book            –       –        –       –       –       –       –       –       –     155         –       155 
9   Tolcon was classified as discontinued in the second half of the 2014 financial year, and as a result 
    the prior year comparatives have been restated. 
10  Includes Hall Longmore and UCW.  

HEALTH AND SAFETY 

The Board regrets the death of two employees (December 2013: 2) who sustained fatal injuries while on duty.

For the period under review, the lost time injury frequency rate improved to 0.77 (December 2013: 0.82). This 
demonstrates the Group’s commitment to a safe working environment for all its employees.

UPDATE ON THE GROUP’S MAJOR CLAIMS PROCESSES

In favour of the Group:
Gorgon Pioneer Materials Offloading Facility (“GPMOF”) – The claim process has been closed out and the final payment 
was received in October 2014.

Gautrain Sandton Cavern Claim – This arbitration claim, on its merits, was ruled in favour of the Bombela Civil Joint 
Venture (Murray & Roberts shareholding 45%) in October 2013. The quantum hearing is scheduled for May 2015.

Against the Group:
Gautrain Water Ingress Dispute – In November 2013, in the dispute between Gauteng Province and the Bombela Concession 
Company, the arbitration panel ruled in favour of Gauteng Province. The Company recorded a R300 million provision in 
FY14 for its share of potential construction costs to be incurred by the Bombela Civil Joint Venture. The extent of 
any other potential financial impact, if any, related to the matter is yet to be determined.

In arbitration:
Gautrain Delay & Disruption Claim – The legal process in this multi-billion rand claim is progressing well and the 
arbitration will commence in March 2015. The claim is not expected to be settled sooner than the 2016 calendar year. 
Any award will attract interest dating from 2009 to the date of award.  

Dubai International Airport – The arbitration process for the Dubai International Airport claim is ongoing and the 
claim is expected to be resolved during the 2015 calendar year. 

DIVIDEND

A gross annual dividend, relating to the 30 June 2014 financial year, of 50 cents per share was declared on 27 August 
2014 and paid during the period.  A gross annual dividend for the 2015 financial year will be considered in August 
2015.

CHANGES TO THE BOARD

Mr. Ralph Havenstein was appointed as an independent non-executive director and member of the Health, Safety & 
Environment Committee and Social & Ethics Committee, with effect from 1 August 2014. Mr. Bill Nairn retired from the 
Board with effect from 1 January 2015. The Board is thankful for Mr. Nairn’s contribution to the Company over the last 
five years and wishes him well in his future endeavours. Further appointments to the Board are planned.

PROSPECTS STATEMENT

Market conditions in the sectors within which Murray & Roberts operates, in the short to medium term, present growth 
challenges. The recent unexpected and significant drop in oil and commodity prices, created market uncertainty, which 
in the short to medium term will impact investment decisions of oil & gas and resources companies.

Implementation of the Group’s strategic plan progresses. It is uncertain if the anticipated short term reduction in 
the Oil & Gas platform’s earnings (resulting from the low oil price) will be offset by earnings growth in other 
platforms.

Opportunities to increase the Group’s exposure to the more sustainable engineering and asset support/maintenance 
segments of the project value chain will continue to be pursued. 

The information on which this prospects statement is based has not been reviewed and reported on by the Group’s 
external auditors.


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

Bedfordview
25 February 2015

* The operating performance information disclosed has been extracted from the Group’s operational 
  reporting systems. The LTIFR information has not been subject to a review by the Group’s auditors. 
  The Corporate & Properties segment is excluded from the operational analysis. Unless otherwise noted, 
  all comparisons are to the Group’s performance as at and for the six month period ended 
  31 December 2013.


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE
for the six months ended 31 December 2014

                                                              Reviewed              Reviewed8                 Audited 
                                                           6 months to            6 months to                  Annual 
                                                           31 December            31 December                 30 June 
R millions                                                        2014                   2013                    2014 
Continuing operations
Revenue                                                         15 948                 18 802                  36 039 
Profit before interest, depreciation and amortisation              768                    980                   2 241 
Depreciation                                                      (291)                  (330)                   (685)
Amortisation of intangible assets                                  (20)                   (12)                    (23)
Profit before interest and taxation (note 2)                       457                    638                   1 533 
Net interest expense                                               (44)                     –                     (58)
Profit before taxation                                             413                    638                   1 475 
Taxation                                                           (78)                  (261)                   (499)
Profit after taxation                                              335                    377                     976 
Income from equity accounted investments                             2                      –                       1 
Profit from continuing operations                                  337                    377                     977 
Profit from discontinued operations (note 3)                        32                    486                     423 
Profit for the period                                              369                    863                   1 400 
Attributable to: 
–  Owners of Murray & Roberts Holdings Limited                     359                    724                   1 261 
–  Non-controlling interests                                        10                    139                     139 
                                                                   369                    863                   1 400 
Profit per share from continuing and 
discontinued operations (cents)
–  Diluted                                                          87                    175                     305 
–  Basic                                                            89                    178                     310 
Profit per share from continuing operations (cents)
–  Diluted                                                          80                     58                     203 
–  Basic                                                            82                     59                     206 
Net asset value per share (Rands)                                   14                     12                      13 
Dividends per share (cents)                                          –                      –                      50 

Supplementary statement of financial performance information
Number of ordinary shares in issue (‘000)                      444 736                444 736                 444 736 
Reconciliation of weighted average number of 
shares in issue (‘000)  
Weighted average number of ordinary shares in issue            444 736                444 736                 444 736 
Less:  Weighted average number of shares held by 
       The Murray & Roberts Trust                                  (30)                (1 959)                   (331)
Less:  Weighted average number of shares held by 
       the Letsema BBBEE trusts                                (31 735)               (31 817)                (31 770)
Less:  Weighted average number of shares held by 
       the subsidiary companies                                 (9 449)                (4 758)                 (6 167)
Weighted average number of shares used for 
basic per share calculation                                    403 522                406 202                 406 468 
Add:   Dilutive adjustment for share options                    10 191                  7 543                   7 592 
Weighted average number of shares used for 
diluted per share calculation                                  413 713                413 745                 414 060 
Headline profit per share from continuing and 
discontinued operations (cents) (note 4)
–  Diluted                                                          85                     86                     217 
–  Basic                                                            88                     88                     221 
Headline profit per share from continuing 
operations (cents) (note 4)
–  Diluted                                                          79                     57                     205 
–  Basic                                                            81                     58                     208 
8  Restated for discontinued operations.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 31 December 2014

                                                              Reviewed               Reviewed                 Audited 
                                                           6 months to            6 months to                  Annual 
                                                           31 December            31 December                 30 June 
R millions                                                        2014                   2013                    2014 
Profit for the period                                              369                    863                   1 400 
Items that may not be reclassified subsequently to 
profit or loss:
Effects of remeasurements on retirement 
benefit obligations                                                  –                      –                      (4)
Other movements                                                      –                      –                       3 
Items that may be reclassified subsequently to 
profit or loss:
Effects of cash flow hedges                                          3                     (3)                     (1)
Taxation related to effects of cash flow hedges                     (1)                     1                       –   
Foreign currency translation movements                              24                    212                     165 
Total comprehensive income for the period                          395                  1 073                   1 563 
Attributable to:
–  Owners of Murray & Roberts Holdings Limited                     385                    867                   1 357 
–  Non-controlling interests                                        10                    206                     206 
                                                                   395                  1 073                   1 563 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 31 December 2014

                                                              Reviewed             Reviewed11                 Audited 
                                                           6 months to            6 months to                  Annual 
                                                           31 December            31 December                 30 June 
R millions                                                        2014                   2013                    2014 
ASSETS
Non-current assets                                               7 431                  7 495                   7 323 
Property, plant and equipment                                    3 130                  3 177                   3 248 
Goodwill (note 9)                                                  632                    490                     486 
Deferred taxation assets                                           420                    663                     427 
Investments in associate companies                                  26                     25                      24 
Amounts due from contract customers (note 5)                     2 194                  2 072                   2 088 
Other non-current assets                                         1 029                  1 068                   1 050 
Current assets                                                  10 245                 13 683                  12 082 
Inventories                                                        274                    218                     326 
Trade and other receivables                                      2 001                  2 216                   1 766 
Amounts due from contract customers (note 5)                     5 191                  5 362                   5 684 
Current taxation assets                                              –                      –                       5 
Cash and cash equivalents                                        2 779                  5 887                   4 301 
Assets classified as held-for-sale                                 148                    698                     406 
TOTAL ASSETS                                                    17 824                 21 876                  19 811 
EQUITY AND LIABILITIES
Total equity                                                     6 036                  5 423                   5 932 
Attributable to owners of Murray & Roberts Holdings Limited      6 014                  5 393                   5 905 
Non-controlling interests                                           22                     30                      27 
Non-current liabilities                                          1 645                  1 829                   1 908 
Long term liabilities12                                            352                    354                     455 
Long term provisions                                               296                    280                     324 
Deferred taxation liabilities                                       47                    220                     142 
Other non-current liabilities                                      950                    975                     987 
Current liabilities                                             10 134                 14 559                  11 872 
Amounts due to contract customers (note 5)                       1 929                  3 254                   2 326 
Accounts and other payables                                      6 640                  7 459                   7 392 
Current taxation liabilities                                        22                    282                      90 
Bank overdrafts12                                                   17                  1 624                      24 
Short term loans12                                               1 526                  1 940                   2 040 
Liabilities directly associated with assets 
classified as held-for-sale                                          9                     65                      99 
TOTAL EQUITY AND LIABILITIES                                    17 824                 21 876                  19 811 
11  Restated due to amended offsetting requirements of IAS 32: Financial Instruments: Presentation. Financial assets 
    and liabilities may only be presented on a net basis when the Group intends to settle on a net basis. In the 
    prior year such intention could not be demonstrated and as a result cash and cash equivalents and bank overdrafts 
    have been restated.
12  Interest bearing borrowings.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 December 2014

                                                                                     Attribu-
                                                                                     table to
                                                                                       owners 
                                                                                           of
                                                                                     Murray &        Non-
                                                                                      Roberts    control-
                                                      Stated      Other   Retained   Holdings        ling
R millions                                           capital   reserves   earnings    Limited   interests      Total 
Balance at 30 June 2013 (Audited)                      2 714        764      3 563      7 041       1 657      8 698 
Total comprehensive income for the period                  –        143        724        867         206      1 073 
Treasury shares acquired (net)                           (27)         –          –        (27)          –        (27)
Recognition of share-based payment                         –         29          –         29           –         29 
Issue of shares to non-controlling interests               –          –          –          –           6          6 
Disposal of businesses                                     –         (1)         –         (1)        (24)       (25)
Transfer to non-controlling interests                      –         (3)         –         (3)          3          –   
Acquisition of existing non-controlling interests          –          –     (2 510)    (2 510)     (1 424)    (3 934)
Dividend paid as part of non-controlling 
interests acquisition                                      –          –          –          –        (394)      (394)
Dividends declared and paid13                              –          –         (3)        (3)          –         (3)
Balance at 31 December 2013 (Reviewed)                 2 687        932      1 774      5 393          30      5 423 
Total comprehensive income for the period                  –        (47)       537        490           –        490 
Treasury shares disposed (net)                             6          –          –          6           –          6 
Transfer to retained earnings                              –        (56)        56          –           –          –   
Reallocation of reserves and share-based payment14         –        508       (555)       (47)          –        (47)
Recognition of share-based payment                         –         72          –         72           –         72 
Dividends declared and paid13                              –          –         (9)        (9)         (3)       (12)
Balance at 30 June 2014 (Audited)                      2 693      1 409      1 803      5 905          27      5 932 
Total comprehensive income for the period                  –         26        359        385          10        395 
Treasury shares acquired (net)                           (89)         –          –        (89)          –        (89)
Recognition of share-based payment                         –         21          –         21           –         21 
Dividends declared and paid13                              –          –         (1)        (1)        (15)       (16)
Dividends declared to shareholders                         –          –       (207)      (207)          –       (207)
Balance at 31 December 2014 (Reviewed)                 2 604      1 456      1 954      6 014          22      6 036
13  Dividends relate to distributions made by entities that hold treasury shares.
14  Relates to the acquisition of the non-controlling interests in Clough, effective on 11 December 2013.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 31 December 2014

                                                              Reviewed             Reviewed11                 Audited 
                                                           6 months to            6 months to                  Annual 
                                                           31 December            31 December                 30 June 
R millions                                                        2014                   2013                    2014 
Cash (utilised)/generated by operations                           (199)                 1 661                   1 776 
Interest received                                                   40                    118                     169 
Interest paid                                                      (83)                  (102)                   (220)
Taxation paid                                                     (214)                  (593)                   (794)
Operating cash flow                                               (456)                 1 084                     931 
Dividends paid to owners of Murray & Roberts 
Holdings Limited                                                  (208)                    (3)                    (12)
Dividends paid to non-controlling interests                        (15)                    (1)                     (3)
Cash flow from operating activities                               (679)                 1 080                     916 
Acquisition of businesses (note 8)                                (162)                     –                       – 
Dividends received from associate companies                          –                      –                      11 
Purchase of intangible assets other than goodwill                  (96)                   (22)                    (82)
Purchase of property, plant and equipment by 
discontinued operations                                              –                    (23)                    (24)
Purchase of property, plant and equipment                         (209)                  (488)                   (961)
–  Replacements                                                    (51)                  (141)                   (290)
–  Additions                                                      (158)                  (347)                   (671)
Proceeds on disposal of property, plant and equipment               25                     86                     152 
Proceeds on disposal of businesses (note 8)                        116                  1 150                   1 345 
Proceeds on disposal of assets held-for-sale                        46                     17                      58 
Cash related to disposal of businesses                             (31)                   (30)                    (16)
Cash related to acquisition of businesses                           18                      –                       – 
Cash related to assets held-for-sale                                (1)                    21                      28 
Proceeds from realisation of investment                             63                    126                     146 
Other (net)                                                          –                      2                      (3)
Cash flow from investing activities                               (231)                   839                     654 
Net (decrease)/increase in borrowings                             (631)                 1 138                   1 284 
Treasury shares purchased (net)                                    (89)                   (27)                    (21)
Proceeds on share issue to non-controlling interests                 –                      6                       6 
Acquisition of Clough non-controlling interests                      –                 (4 395)                 (4 395)
Cash flow from financing activities                               (720)                (3 278)                 (3 126)
Net decrease in cash and cash equivalents                       (1 630)                (1 359)                 (1 556)
Net cash and cash equivalents at beginning of period             4 277                  5 386                   5 386 
Effect of foreign exchange rates                                   115                    236                     447 
Net cash and cash equivalents at end of period                   2 762                  4 263                   4 277 
Net cash and cash equivalents comprises of: 
Cash and cash equivalents                                        2 779                  5 887                   4 301 
Bank overdrafts                                                    (17)                (1 624)                    (24)
Net cash and cash equivalents at end of period                   2 762                  4 263                   4 277

CONDENSED CONSOLIDATED SEGMENTAL ANALYSIS
for the six months ended 31 December 2014

                                                              Reviewed              Reviewed8                 Audited 
                                                           6 months to            6 months to                  Annual 
                                                           31 December            31 December                 30 June 
R millions                                                        2014                   2013                    2014 
Revenue15
Infrastructure & Building4,8                                     3 463                  3 595                   7 176 
Energy & Industrial                                              2 151                  2 289                   4 755 
Underground Mining                                               3 501                  3 352                   6 628 
Oil & Gas4                                                       6 833                  9 566                  17 480 
Continuing operations                                           15 948                 18 802                  36 039 
Discontinued operations                                             74                  1 617                   2 025 
Revenue                                                         16 022                 20 419                  38 064 
Continuing operations
Profit before interest and taxation16
Infrastructure & Building4,8                                        66                    101                     196 
Energy & Industrial                                                (21)                    47                     144 
Underground Mining                                                  84                     93                     258 
Oil & Gas4                                                         446                    468                   1 026 
Corporate & Properties                                            (118)                   (71)                    (91)
Profit before interest and taxation                                457                    638                   1 533 
Net interest expense                                               (44)                     –                     (58)
Profit before taxation                                             413                    638                   1 475 
Discontinued operations
Profit before interest and taxation16                               21                    673                     580 
Net interest income                                                  1                     16                       7 
Profit before taxation                                              22                    689                     587 
4   With effect 1 July 2014, Marine is reported under the Oil & Gas platform under Global Marine. In prior periods 
    Marine’s revenue, EBIT, segmental assets and liabilities were included in the Infrastructure & Building platform.
8   Restated for discontinued operations.
15  Revenue is disclosed net of inter-segmental revenue. Inter-segmental revenue for the Group is R60 million 
    (2013: R33 million and June 2014: R69 million).
16  The chief operating decision maker utilises profit/(loss) before interest and taxation in the assessment of a 
    segment’s performance.

SEGMENTAL ASSETS 
at 31 December 2014

                                                              Reviewed             Reviewed11                 Audited 
                                                           6 months to            6 months to                  Annual 
                                                           31 December            31 December                 30 June 
R millions                                                        2014                   2013                    2014 
Infrastructure & Building4                                       4 953                  5 739                   5 605 
Energy & Industrial                                              1 823                  1 540                   1 701 
Construction Products Africa                                        48                    869                     249 
Underground Mining                                               3 134                  2 997                   3 111 
Oil & Gas4                                                       3 932                  3 339                   3 710 
Corporate & Properties                                             735                    842                     702 
                                                                14 625                 15 326                  15 078 
Reconciliation of segmental assets
Total assets                                                    17 824                 21 876                  19 811 
Deferred taxation assets                                          (420)                  (663)                   (427)
Current taxation assets                                              –                      –                      (5)
Cash and cash equivalents                                       (2 779)                (5 887)                 (4 301)
                                                                14 625                 15 326                  15 078 

SEGMENTAL LIABILITIES 
at 31 December 2014

                                                              Reviewed             Reviewed11                 Audited 
                                                           6 months to            6 months to                  Annual 
                                                           31 December            31 December                 30 June 
R millions                                                        2014                   2013                    2014 
Infrastructure & Building4                                       4 291                  5 016                   4 728 
Energy & Industrial                                              1 158                  1 361                   1 438 
Construction Products Africa                                        24                    247                      82 
Underground Mining                                               1 534                  1 819                   1 751 
Oil & Gas4                                                       3 105                  4 009                   3 649 
Corporate & Properties                                           1 590                  1 875                   1 975 
                                                                11 702                 14 327                  13 623 
Reconciliation of segmental liabilities
Total liabilities                                               11 788                 16 453                  13 879 
Deferred taxation liabilities                                      (47)                  (220)                   (142)
Current taxation liabilities                                       (22)                  (282)                    (90)
Bank overdrafts                                                    (17)                (1 624)                    (24)
                                                                11 702                 14 327                  13 623 

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 condensed consolidated interim financial statements are prepared in accordance with International Financial 
Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the 
Accounting Practices Committee and Financial Pronouncements as issued by Financial Reporting Standards Council and the 
requirements of the Companies Act, No.71 of 2008. The accounting policies applied in the preparation of these interim 
financial statements are in terms of International Financial Reporting Standards and are consistent, with the 
exception of the adoption of amendments to IFRS 2: Share-based Payment, IFRS 3: Business Combinations, IFRS 8: 
Operating Segments, IFRS 13: Fair Value Measurement, IAS 16: Property, Plant and Equipment, IAS 19: Employee Benefits, 
IAS 24: Related Party Disclosures, IAS 32: Financial Instruments: Presentation, IAS 36: Impairment of Assets, IAS 38: 
Intangible Assets and IAS 40: Investment Property, with those applied in the previous consolidated annual financial 
statements. These statements were compiled under the supervision of Mr AJ Bester CA(SA), the Group Financial 
Director. 

The review has been conducted in accordance with International Standards on Review Engagements 2410, Review of Interim 
Financial Information Performed by the Independent Auditor, Deloitte & Touche and their unmodified review report is 
available for inspection at the Company’s registered office. Any reference to future financial performance included in 
this announcement has not been reviewed or reported on by the Group’s external auditors.

The information presented in the notes below represent audited results for 30 June 2014 and reviewed results for 
31 December 2014 and 31 December 2013.


2. Profit before interest and taxation 
                                                           31 December           31 December8                 30 June 
R millions                                                        2014                   2013                    2014 
Items by nature 
Cost of sales                                                  (14 430)               (17 108)                (32 383)
Distribution and marketing expenses                                 (2)                    (3)                    (16)
Administration expenses                                         (1 316)                (1 350)                 (2 678)
Other operating income                                             257                    297                     571 
                                                               (15 491)               (18 164)                (34 506)
8  Restated for discontinued operations.

3. Profit from discontinued operations
The Group disposed of the majority of it’s Tolcon business, effective on 1 September 2014, for a gross consideration 
of R186 million (cash receivable of R136 million net of working capital, other adjustments and transaction costs). Of 
the total consideration, R116 million was received on the effective date, R5 million was received in November 2014 and 
the remaining R15 million is receivable 24 months after the closing date. Earlier payment of the deferred 
consideration is dependant on certain contractual conditions.

The sale excludes the investments in the Bombela Concession and Bombela Operating Companies and also Entilini 
Concessions and its operating companies – the Group’s Concessions businesses are not part of Tolcon.
The Group is close to reaching an agreement for the disposal of the remaining Tolcon businesses (comprising of Cape 
Point Partnership and Entilini operations).

3.1 Profit from discontinued operations

                                                           31 December           31 December8                 30 June 
R millions                                                        2014                   2013                    2014 
Revenue                                                             74                  1 617                   2 025 
Profit before interest, depreciation and amortisation               21                    679                     588 
Depreciation and amortisation                                        –                     (6)                     (8)
Profit before interest and taxation (note 3.2)                      21                    673                     580 
Net interest income                                                  1                     16                       7 
Profit before taxation                                              22                    689                     587 
Taxation credit/(expense)                                            9                   (203)                   (165)
Profit after taxation                                               31                    486                     422 
Income from equity accounted investments                             1                      –                       1 
Profit from discontinued operations                                 32                    486                     423 
Attributable to:
–  Owners of Murray & Roberts Holdings Limited                      28                    485                     422 
–  Non-controlling interests relating to discontinued 
   operations                                                        4                      1                       1 
                                                                    32                    486                     423

3.2 Profit before interest and taxation
                                                           31 December            31 December                 30 June 
R millions                                                        2014                   2013                    2014 
Profit before interest and taxation includes 
the following significant items:
Profit on disposal of businesses                                    11                    553                     539 
Other impairments                                                    –                    (20)                    (34)
                                                                    11                    533                     505 

3.3 Cash flows from discontinued operations include the following:
                                                           31 December           31 December8                 30 June 
R millions                                                        2014                   2013                    2014 
Cash flow from operating activities                                 98                     17                    (201)
Cash flow from investing activities                                129                  1 130                   1 348 
Cash flow from financing activities                                 30                      –                      21 
Net increase in cash and cash equivalents                          257                  1 147                   1 168

4. Reconciliation of headline earnings
                                                           31 December           31 December8                 30 June 
R millions                                                        2014                   2013                    2014 
Profit attributable to owners of Murray & Roberts 
Holdings Limited                                                   359                    724                   1 261 
Profit on disposal of businesses (net)                             (11)                  (553)                   (539)
Profit on disposal of property, plant and equipment (net)           (6)                    (9)                    (10)
Loss on sale of intangible assets                                    –                      –                       3 
Impairment of assets (net)                                           –                      8                      20 
Fair value adjustments and (profit)/loss on 
disposal of assets held-for-sale (net)                              (1)                    34                      73 
Realisation of foreign currency translation reserve                  –                      –                     (41)
Other                                                                –                      –                       1 
Non-controlling interests effects on adjustments                     7                     (4)                     (3)
Taxation effects on adjustments                                      5                    156                     135 
Headline profit                                                    353                    356                     900 
Adjustments for discontinued operations:
Profit from discontinued operations                                (32)                  (486)                   (423)
Non-controlling interests                                            4                      –                       1 
Profit on disposal of businesses (net)                              11                    553                     539 
Fair value adjustments and profit/(loss) on 
disposal of assets held-for-sale (net)                               1                    (34)                    (73)
Realisation of foreign currency translation reserve                  –                      –                      41 
Non-controlling interests effects on adjustments                    (7)                     1                       1 
Taxation effects on adjustments                                     (3)                  (156)                   (139)
Headline profit from continuing operations                         327                    234                     847

5. Contracts-in-progress and contract receivables
                                                           31 December            31 December                 30 June 
R millions                                                        2014                   2013                    2014 
Contracts-in-progress (cost incurred plus 
recognised profits, less recognised losses)                      2 165                  2 854                   2 691 
Uncertified claims and variations (recognised in 
terms of IAS 11: Construction Contracts)                         2 040                  1 782                   1 550 
Amounts receivable on contracts (net of 
impairment provisions)                                           2 852                  2 482                   3 286 
Retentions receivable (net of impairment provisions)               328                    316                     245 
                                                                 7 385                  7 434                   7 772 
Amounts received in excess of work completed                    (1 929)                (3 254)                 (2 326)
                                                                 5 456                  4 180                   5 446 
Disclosed as: 
Amounts due from contract customers – non-current17              2 194                  2 072                   2 088 
Amounts due from contract customers – current                    5 191                  5 362                   5 684 
Amounts due to contract customers – current                     (1 929)                (3 254)                 (2 326)
                                                                 5 456                  4 180                   5 446 
17  The non-current amounts are considered by management to be recoverable.

6. Financial instruments
The Group’s financial instruments consist mainly of deposits with banks, local money market instruments, short term 
investments, derivatives, accounts receivable and payable and interest bearing borrowings.

                                                           31 December            31 December                 30 June 
R millions                                                        2014                   2013                    2014 
Categories of financial instruments
Financial assets
Financial assets designated as fair value through 
profit or loss (level 3)                                           696                    616                     669 
Loans and receivables                                            7 752                 10 898                   9 607 
Available-for-sale financial assets carried at 
fair value (level 1)                                                 1                      1                       1 
Derivative financial instruments (level 2)18                         –                      1                       – 
Financial liabilities
Loans and payables                                               9 204                 12 087                  10 413 
Derivative financial instruments (level 2)18                         –                      3                       4 

6.1 Financial assets designated as fair value through profit or loss
                                                           31 December            31 December                 30 June 
R millions                                                        2014                   2013                    2014 
Investment in infrastructure service 
concession (level 3)19
At the beginning of the year                                       669                    581                     581 
Realisation of investment                                          (63)                  (115)                   (146)
Fair value adjustment recognised in the 
statement of financial performance                                  90                    150                     234 
                                                                   696                    616                     669 
18  The derivative financial instruments’ value has been determined by using forward looking market rates, obtained 
    from the relevant financial institutions, until the realisation date of the relevant instruments.
19  The fair value of the Bombela Concession Company Proprietary Limited is calculated using discounted cash flow 
    models and a market discount rate of 19,5%. The discount rate remains unchanged from the prior year. The
    discounted cash flow models are based on forecast patronage, operating costs, inflation and other economical 
    fundamentals, taking into consideration the operating conditions.

7. Contingent liabilities 
Contingent liabilities relate 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. 
                                                           31 December            31 December                 30 June 
R millions                                                        2014                   2013                    2014 
Operating lease commitments                                      1 571                  1 880                   1 799 
Contingent liabilities                                           1 610                  1 833                   1 508 
Financial institution guarantees                                 8 196                 10 549                   9 805 
In November 2013 an arbitration award was made in favour of the Gauteng Province, in the water ingress dispute between 
the Gauteng Province and the Bombela Civil Joint Venture (of which Murray & Roberts has a 45% shareholding).

The Tribunal ruled that in certain parts of the tunnel the non-compliance with specification could be settled through 
financial compensation and in other parts of the tunnel additional works by the Bombela Civil Joint Venture would be 
required to meet the specification. A panel of technical experts and design consultants were appointed to perform a 
technical evaluation of the potential remedial work that may be required.  Based on their reports and on an assessment 
of designs for potential remedial work, the Group recorded a R300 million provision during the second half of the 2014 
financial year, for its share of potential costs to be incurred. The amount of any other potential financial 
compensation, if any, related to the matter cannot be determined. 

8. Business disposals/acquisitions
The Group disposed of the majority of it’s Tolcon business effective on 1 September 2014 for a gross consideration of 
R186 million (R136 million net of working capital, other adjustments and transaction costs). Refer to note 3 for 
additional information.

Murray & Roberts completed the acquisition of 100% of the shares of CH-IV International (“CH-IV”) on 6 August 2014, a 
boutique engineering company based in the United States of America for a consideration of R57 million. The fair value 
of the net assets acquired at the date of acquisition was R35 million. The goodwill of R22 million is attributable 
mainly to the expertise of the CH-IV workforce and accessibility to the contracts in the United States of America 
engineering market. None of the goodwill is expected to be deductible for tax purposes.

Murray & Roberts completed the acquisition of 100% of the shares of Booth Welsh (“Booth Welsh”) on 5 September 2014, a 
privately owned engineering services company based in Ayrshire, Scotland for a consideration of R79 million.  The fair 
value of the net liabilities acquired at the date of acquisition was R17 million. The goodwill of R96 million is 
attributable mainly to the expertise of the Booth Welsh workforce and accessibility to the contracts in the European 
engineering market. None of the goodwill is expected to be deductible for tax purposes.

Murray & Roberts completed the acquisition of the assets, liabilities and business of Aquamarine Water Treatment 
(“Aquamarine”) on 1 October 2014, a company that designs, manufactures and installs water treatment solutions, and 
offers a complete customised solution, including support for and maintenance of its installations for a consideration 
of R28 million. Of the total consideration, R26 million was paid on the effective date, R1 million is payable during 
October 2015 and the remaining R1 million is payable during October 2016. The fair value of the net liabilities 
acquired at the date of acquisition was R1 million. The goodwill of R29 million is attributable mainly to the 
expertise of Aquamarine’s key management personnel and the synergies expected to be achieved from integrating the 
company into the Group’s water business. None of the goodwill is expected to be deductible for tax purposes.

R millions                                                              CH-IV        Booth Welsh        Aquamarine   
The carrying value and fair value of net 
assets acquired at the date of acquisition:
Property, plant and equipment                                               –                  4                 –   
Other intangible assets                                                     4                 11                 –   
Amounts due from contract customers                                         –                  8                 3   
Contract receivables                                                       11                 63                 –   
Trade and other receivables                                                 1                 26                 1   
Cash and cash equivalents                                                  14                  4                 –   
Deferred taxation liabilities                                              12                  2                 –   
Trade and other payables                                                   (5)               (33)               (5)  
Current taxation liability                                                  –                 (4)                –   
Borrowings                                                                  –                (94)                –   
Subcontractor liabilities                                                  (2)                (4)                –   
Fair value of net assets acquired                                          35                (17)               (1)  
Goodwill                                                                   22                 96                29   
Consideration paid                                                         57                 79                28   
Consideration paid in cash and cash equivalents                            57                 79                26   
Deferred consideration                                                      –                  –                 2   
Less: Cash and cash equivalent balances acquired                          (14)                (4)                –   
                                                                           43                 75                28   
Impact of acquisitions on the results of the Group:
The profit for the period includes an amount of R5 million (CH-IV: R3 million, Booth Welsh: R1 million and Aquamarine: 
R1 million) that relates to the businesses acquired during the year. The revenue includes R148 million (CH-IV: 
R38 million, Booth Welsh: R95 million and Aquamarine: R15 million) in respect of the businesses acquired during the 
year. 

The effect on revenue of the Group from continuing operations would have been R230 million (CH-IV: R44 million, Booth 
Welsh: R166 million and Aquamarine: R20 million) if the businesses had been acquired on 1 July 2014, and the profit 
for the period from continuing operations would have been R11 million (CH-IV: R4 million, Booth Welsh: R5 million and 
Aquamarine: R2 million).

9. Goodwill
                                                           31 December            31 December                 30 June 
R millions                                                        2014                   2013                    2014 
At the beginning of the year                                       486                    488                     488 
Additions through business combinations                            147                      –                       – 
Transfers to assets classified as held-for-sale                      –                      –                      (7)
Foreign exchange movements                                          (1)                     2                       5 
                                                                   632                    490                     486 
The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be 
impaired. As at 31 December 2014 there were no impairment indicators.

10. Dividend
A gross annual dividend, relating to the 30 June 2014 financial year, of 50 cents per share was declared on 27 August 
2014 and paid during the period.

The Board has resolved not to declare an interim dividend.

11. Related party transactions
There have been no significant changes to the nature of related party transactions since 30 June 2014.

12. Events after reporting date 
The directors are not aware of any matter or circumstance arising after the period ended 31 December 2014, not 
otherwise dealt with in the Group’s interim results, which significantly affects the financial position at 31 December 
2014 or the results of its operations or cash flows for the period then ended.


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”)

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

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

Secretary:  L Kok    

1British   *Independent non-executive

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

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 Group’s strategy; the economic outlook for the industry; and the Group’s 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 Group’s 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 Group’s website, nor any website accessible by hyperlinks on the Group’s website is incorporated in, or 
forms part of, this announcement.



Date: 25/02/2015 05:13:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story