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MURRAY & ROBERTS HOLDINGS LIMITED - Trading Statement for the six-month period to 31 December 2016

Release Date: 15/02/2017 11:00
Code(s): MUR     PDF:  
 
Wrap Text
Trading Statement for the six-month period to 31 December 2016

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 the “Company” or “Group”)

TRADING STATEMENT FOR THE SIX-MONTH PERIOD TO 31 DECEMBER 2016

Stakeholders are referred to the Business Update and Trading Statement published on
the Stock Exchange News Service of the JSE Limited (“SENS”) on 3 November 2016 and
7 December 2016 respectively, quoting an expected decline in operational earnings for
FY2017 when compared to FY2016, mainly due to persistent low commodity and energy
prices, with a major impact expected in the Oil & Gas platform.

Accordingly, shareholders of the Company are advised that Murray & Roberts expects the
following:

Results from continuing operations:

                                                 Headline Earnings
                                                                      Earnings per share
Diluted                                              per share
                                                                      continuing (cents)
                                                 continuing (cents)
Actual - half year to 31 December 2015                   87                   90
- IFRS adjustment*                                        6                    1
Restated - half year to 31 December 2015                 93                   91

Expected range - half year to 31 December 2016   Cents       %        Cents          %
- low                                             23       -75%        24          -74%
- high                                            33       -65%        34          -63%

                                                 Headline Earnings
                                                                      Earnings per share
Basic:                                               per share
                                                                      continuing (cents)
                                                 continuing (cents)
Actual - half year to 31 December 2015                   90                   94
- IFRS adjustment*                                        6                    1
Restated - half year to 31 December 2015                 96                   95

Expected range - half year to 31 December 2016   Cents       %        Cents          %
- low                                             24       -75%        25          -74%
- high                                            34       -65%        35          -63%

*IFRS adjustment: discontinued operations.


Results from continuing and discontinued operations:

                                                 Headline earnings
                                                     per share         Earnings per share
Diluted:                                           continuing &           continuing &
                                                   discontinued       discontinued (cents)
                                                      (cents)
Actual - half year to 31 December 2015                  86                    91

Expected range - half year to 31 December 2016   Cents        %       Cents          %
- low                                             -9       -110%       -19         -121%
- high                                             1        -99%        -9         -110%

                                                 Headline earnings
                                                     per share         Earnings per share
Basic:                                             continuing &           continuing &
                                                   discontinued       discontinued (cents)
                                                      (cents)
Actual - half year to 31 December 2015                  89                    94

Expected range - half year to 31 December 2016   Cents        %       Cents          %
- low                                             -8       -109%       -20         -121%
- high                                             2        -98%       -10         -111%

Relative to the first half of the previous financial year, the six months to 31 December
2016 were negatively impacted by:

   1. For continuing operations:
         a. A material decline in the earnings from the Oil & Gas platform;
         b. Provision of additional costs to close out projects and the business in the
             Middle East; and
         c. No material forex gains.

   2. For discontinued operations:
         a. A net present value charge of R170 million, associated with the voluntary
             rebuild programme agreement entered into by all listed construction
             companies and the South African Government, as announced on SENS on
             13 October 2016.

The additional cost provided against the business in the Middle East is not expected to be
repeated in the second half of the year, whilst the accounting for the voluntary rebuild
programme agreement was a once-off cost incurred.

The natural resource market sectors are cyclical and the Group will trade through this
difficult period. The Group’s companies are respected for their capabilities and services
and the Group is well positioned for the expected upturn in the commodity cycle, in the
medium to long term.

Shareholders are advised that the financial information on which this trading statement is
based has not been reviewed and reported on by the Group’s external auditors.
DATE OF INTERIM FINANCIAL RESULTS & PRESENTATIONS

Murray & Roberts intends to publish its interim results for the six months to 31 December
2016 on Wednesday, 22 February 2017 before 17:00 on SENS and will be hosting an
investor presentation in Johannesburg on Thursday, 23 February 2017 at 12:00 (CAT).
Further to this presentation, the Company will provide the following stakeholder services
on Thursday, 23 February 2016 at 12:00 (CAT):

   1. Presentation Live Call Access

       Interested stakeholders can contact Ed Jardim, Group Investor and Media
       Executive, for the link to pre-register for the call. Pre-registration is quick,
       convenient and gives stakeholders immediate access to the call.

       Live call pre-registration and playback details can be requested from
       ed.jardim@murrob.com.

   2. Presentation Live Webcast

       A live webcast will also be available on www.murrob.com, on the ‘Interim Results’
       link on the home page.


Bedfordview
15 February 2017

Sponsor: Deutsche Securities (SA) Proprietary Limited

Date: 15/02/2017 11:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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