for the six months ended 31 december 2009 · thereof, the group will continue with its cautious...
TRANSCRIPT
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INTERIM REPORT TO STAKEHOLDERSFOR THE SIX MONTHS ENDED 31 DECEMBER 2009
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Reframing for the Future
R8,4bn
R0,4bn
R33,8bn
R2,9bn• Revenue ~300%• Operating profit ~600%
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Reframing for the Future
R4,0bn R3,0bn
R40,0bn
R26,3bn
• Order book ~1 200%• Revenue ~500%
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Reframing for the Future
Strong RandEskom delaysGautrain disruptionSteel volatilityWorking capitalPrivate sector
• Industrial & mining activity
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Reframing for the Future
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Reframing for the Future
+10%+10%Order book R44 billion
(9%)(9%)Revenues R16 billion
(37%)(37%)Operating profit R918 million
(34%)(34%)Diluted HEPS 200 cents
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Reframing for the Future
5,0-7,5%5,0-7,5%Operating margin 5,7%
>20,0%>20,0%Return on average equity 20,5%
Operating cash flow (R0,3bn)
Cover 2,8-3,2x
Cover 2,8-3,2x
Interim dividend 52 cents per share
Target
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Reframing for the Future
Onshore
Offshore
Onshore
Offshore
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Reframing for the Future
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Reframing for the Future
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Reframing for the Future
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Reframing for the Future
4,60
2,78
0,05
0,12
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Reframing for the Future
MANAGING OUR IMPACT ON SOCIETY AND THE ENVIRONMENT
International best practiceMore mechanisationFewer peopleMulti taskingReduced riskBetter ergonomics
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Reframing for the Future
Construction
Engineering
Construction Products
Cementation Group
Middle East
Clough
100%
96%
96%
68%
0%
0%
Southern Africa 67%
0%
4%
4%
32%
100%
100%
33% International
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Reframing for the Future
Rm Dec 2009 Jun 2009
Total assets 21 607 23 493
Cash 4 254 4 663
Current 11 110 12 572
Fixed 6 243 6 258
Total equity and liabilities 21 607 23 493
Shareholders equity 6 794 6 634
Interest bearing liabilities – short term 2 758 2 694
– long term 1 411 784
Non-interest bearing liabilities 10 644 13 381
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Reframing for the Future
Rm Dec 2009 Dec 2008
Revenue 16 024 17 556EBITDA 1 255 1 816
Operating profit (EBIT) 918 1 452Net interest (94) 2
Taxation (166) (336)
Discontinued operations & minority interests (82) (216)
Attributable earnings 576 902
EBIT 918
Deferred revenue 285
1 203
Operating margin 7,4%
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Reframing for the Future
Construction
Engineering
Construction Products
Cementation Group
Middle East
Clough
R4,6bn
R1,4bn
R3,3bn
R2,5bn
R1,6bn
R2,6bn
Revenues
R16m
R52m
R267m
R217m
R206m
R207m
Operating Profit
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Reframing for the FutureGreen Point Stadium
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Reframing for the Future
SALIENT POINTSOrder Book R8,5bn (June 2009: R8,6bn)
Capex R170m (2008: R194m)
Gautrain revenue deferment
4,8
246
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Reframing for the FutureMedupi Power Station
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Reframing for the Future
SALIENT POINTSOrder Book R16,8bn (June 2009: R18,5bn)
Capex R119m (2008: R217m)
Medupi revenue deferment
1,5
107
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Reframing for the FutureHall Longmore
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Reframing for the Future
SALIENT POINTSOrder Book R125m (June 2009: R146m)
Capex R144m (2008: R278m)
Steel market volatility
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Reframing for the FutureArcapita Bank, Bahrain
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Reframing for the Future
SALIENT POINTSOrder Book R4,4bn (June 2009: R4,2bn)Strong RandJohnson Arabia under pressure
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Reframing for the FutureUnderground at Kroondal
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Reframing for the Future
SALIENT POINTSOrder Book R5,4bn (June 2009: R5,9bn)
Capex R72m (2008: R146m)
Lower activity in Canada
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Reframing for the FutureNormand Clough
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Reframing for the Future
SALIENT POINTSOrder Book R8,7bn (June 2009: R2,5bn)Capex R26m (2008: R233m)Legacy projects resolved
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Reframing for the FutureGautrain Sandton Cavern
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Reframing for the Future
R1,2bn
R2,7bn R2,8bn
R4,3bn
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Reframing for the Future
R1,2bn
R2,7bn R2,8bn
R4,3bn
OnshoreOnshore
OnshoreOnshore
Onshore OnshoreOffshore
Offshore Offshore
OffshoreOffshore
Offshore
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Reframing for the Future
R1,3bn
R3,7bn
R1,3bn
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Reframing for the Future
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Reframing for the FutureCorporate Social Investment
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Reframing for the Future
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Reframing for the Future
Letsema Khanyisa Black Employee Benefit Trust
R43,5m in dividends for bursaries & houses for employees & their children
Letsema Bokamoso General Staff Trust
R25,0m in dividends to 14,125 employees
Letsema Vulindlela Black Executive Trust
R6,0m in dividends to the benefit of black executives
Murray & Roberts CSIR21,1m in support of maths, science & technology education, early childhood numeracy & literacy and environmental education
Letsema Sizwe Broad-Based Community Trust
R68,5m in dividends to youth development & people with disabilities
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Reframing for the Future
Murray & Roberts Offices ProjectsClough & Cementation Offices
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Reframing for the Future
Dubai International Airport• final account
Gautrain Rapid Rail• delay & disruption
Medupi Mechanicals• change in scope
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Reframing for the Future
“Pending clarity on the resolution of these contract rights and payment
thereof, the Group will continue with its cautious recognition of revenue on
major projects in South Africa. As a consequence, diluted headline earnings
per share for the financial year to 30 June 2010 should be between 30% and
40% lower than the previous financial year to 30 June 2009.”
The financial information on which this prospects statement is based has not been audited or reviewed by the
Group’s auditors
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Reframing for the Future
This presentation is available on http://www.murrob.com
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Reframing for the Future
We may make statements that are not historical facts and relate to analyses and other information based on forecasts of future results and estimates of amounts not yet determinable. These are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “believe”, “anticipate”, “expect”, “intend”, “seek”, “will”, “plan”, “could”, “may”, “endeavour” and “project” and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that predictions, forecasts, projections and other forward-looking statements will not be achieved.
If one or more of these risks materialise, or should underlying assumptions prove incorrect, actual results may be very different from those anticipated. The factors that could cause our actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements are discussed in each year’s annual report. Forward-looking statements apply only as of the date on which they are made, and we do not undertake other than in terms of the Listings Requirements of the JSE Limited, to update or revise any statement, whether as a result of new information, future events or otherwise. All profit forecasts published in this presentation are unaudited. Investors are cautioned not to place undue reliance on any forward-looking statements contained herein.
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Reframing for the FutureThank you