Murray & Roberts — H1 FY2015 Earnings Presentation
68 slides from Murray & Roberts's earnings presentation, 2015
Slide 1: Report to Stakeholders: Six Months to December 2014
REPORT TO STAKEHOLDERS SIX MONTHS TO 31 DECEMBER 2014 ENGINEERED EXCELLENCE
Slide 2: Picadilly Expansion Project
PICADILLY EXPANSION PROJECT NEW BRUNSWICK, CANADA Twin shaft sinking, EPC project with grouting and shaft liner designs for PotashCorp © Murray & Roberts 2015 | 2 ENGINEERED EXCELLENCE
Slide 3: Presentation agenda
Henry Laas • Key presentation takeaways Slide 4 • Salient features Slide 5 • Safety performance Slide 6 • Historic financial results Slide 7 • Group Family Portrait Slide 8 • A New Strategic Future Slide 9 • Engineered Excellence Slide 10 • Business model Slide 11 Cobus Bester • Statement of financi
Slide 4: Key presentation takeaways
Current low oil price – impacting oil company investment decisions Low infrastructure spending in South Africa Strong near orders (Infrastructure & Building and Underground Mining) and project pipeline (all platforms), considering challenging market conditions Strong growth in the Underground Mining
Slide 5: Salient features: six months to December 2014
SIX MONTHS TO 31 DECEMBER 2014 Revenue1 HEPS (Diluted continuing) Attributable earnings2 Net cash3 R15,9bn 79 cents R359m R0.9bn R18,8bn (FY14 H1) 57 cents (FY14 H1) R724m (FY14 H1) R2.0bn (FY14 H1) NAV Order book4 Near orders Pipeline R14 p/share R37.8bn R15 billion R102,9 billion R12 p/share (FY14
Slide 6: Together to Zero Harm
TOGETHER TO ZERO HARM Fatalities LTIFR* • Regrettably, two 18 4.65 5.00 fatalities 16 4.50 • Record low LTIFR of 4.00 0.77 14 3.05 3.50 12 2.86 2.44 3.00 10 2.07 2.50 8 2.00 6 1.28 1.14 1.50 4 0.80 1.00 0.82 0.77 2 0.50 10 11 16 9 9 12 4 2 4 2 0 0.00 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012
Slide 7: Attributable earnings and diluted continuing HEPS
ATTRIBUTABLE EARNINGS AND DILUTED CONTINUING HEPS • Disposal of non-core 800 399 485 600 200 businesses largely 44 57 148 28 completed and 400 79 100 197 117 (327) (1 020) (612) (73) 79 0 discontinued operations 0 162 will not have a material (109) 326 239 (63) 331 (100) (400) (195) (261) impact on
Slide 8: Family Portrait
FAMILY PORTRAIT A Group of world class companies and brands aligned to the same purpose and vision, and guided by the same set of values with a common owner, Murray & Roberts Holdings Ltd Stop.Think.Act.24/7: Safety first in everything we do Operating Platforms Oil & Gas Underground Mining Energy &
Slide 9: Recovery & Growth to Engineered Excellence
RECOVERY & GROWTH TO ENGINEERED EXCELLENCE Recovery & Growth (FY12 - FY14) Engineered Excellence (From FY15) • Regain market leadership position • Maximise shareholder value • Re-organise & Re-energise Group • Focus on natural resources sectors • Improve liquidity and resume dividend • Diversify bus
Slide 10: Objectives & Goals
OBJECTIVES & GOALS Objectives Goals • Resolve Gautrain and Dubai claims and Gautrain water ingress Maximise shareholder value • Enhanced EBT, free cash flow and ROICE performance • Growth of dividends • Grow oil & gas, mining and energy & industrial market presences Focus on natural resources • Eval
Slide 11: Globally focused on natural resources
GLOBALLY FOCUSED ON NATURAL RESOURCES Platform Capabilities Geography Value chain • Detailed engineering • Australasia • Procurement • Europe Design and Oil & Gas • Construction • United States Engineering / • Commissioning and maintenance • EMEA Technical Consulting • Detailed engineering • America
Slide 12: Kusile Power Station
KUSILE POWER STATION EMALAHLENI, SOUTH AFRICA Power generation – mechanical, electrical and civil construction for Eskom © Murray & Roberts 2015 | 12 ENGINEERED EXCELLENCE
Slide 13: Statement of financial performance
STATEMENT OF FINANCIAL PERFORMANCE TO 31 DECEMBER 2014 Rm 2014 2013¹ Variance Revenue 15 948 18 802 (2 854) EBITDA 768 980 (212) EBIT 457 638 (181) Net interest expense (44) - (44) Taxation (78) (261) 183 Income from equity accounted investments 2 - 2 Discontinued operations 32 486 (454) Non-control
Slide 14: Statement of financial position
STATEMENT OF FINANCIAL POSITION TO 31 DECEMBER 2014 Rm 2014 2013 Variance Total assets 17 824 21 876 (4 052) Property, plant and equipment 3 130 3 177 (47) Other non-current assets 4 301 4 318 (17) Current assets 7 466 7 796 (330) Cash and cash equivalents 2 779 5 887 (3 108) Assets classified as he
Slide 15: Revenue and EBIT
REVENUE AND EBIT Revenue EBIT (Before Corporate Cost) 11% 22% -4% 43% 15% 13% 78% 22% Oil & Gas Underground Mining Energy & Industrial Infrastructure & Building International platforms (Oil & Gas and Underground Mining) contributing 65% of revenue and 93% of EBIT (Before Corporate costs) © Murray &
Slide 16: Oil & Gas six months to December
SIX MONTHS TO DECEMBER Oil Oil & & Gas* Gas Underground Mining Energy & Industrial Infrastructure & Building Construction Commissioning Corporate Rm Engineering & Fabrication Global Marine & Brownfields & Other Total 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 Revenue 2 595 2 524 642
Slide 17: Underground Mining six months to December
SIX MONTHS TO DECEMBER Oil & Gas Underground Mining Energy & Industrial Infrastructure & Building Rm Africa Australasia The Americas Total 2014 2013 2014 2013 2014 2013 2014 2013 Revenue 1 769 1 537 373 363 1 359 1 452 3 501 3 352 Operating profit / (loss) (2) (7) 10 33 76 67 84 93 Operating margin
Slide 18: Energy & Industrial six months to December
SIX MONTHS TO DECEMBER Oil & Gas Underground Mining Energy & Industrial Infrastructure & Building Rm Power programme* Engineering** Total 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 Operating margin (%) 5% 5% -19% -19% -1%
Slide 19: Infrastructure & Building six months to December
SIX MONTHS TO DECEMBER Oil & Gas Underground Mining Energy & Industrial Infrastructure & Building Rm Construction Africa* Marine** Middle East Total 2014 2013¹ 2014 2013 2014 2013 2014 2013¹ Revenue 3 064 3 063 - 98 399 434 3 463 3 595 Operating profit / (loss) 55 118 - (5) 11 (12) 66 101 Operating
Slide 20: Disposal of non-core assets
SIX MONTHS TO DECEMBER Disposal of non-core assets Steel Clough Marine Reinforcing Services & Construction Rm Tolcon* Products Properties Properties SA Products** Total 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
Slide 21: Rapidly Deployable Modular Plants
RAPIDLY DEPLOYABLE MODULAR PLANTS TARKWA, GHANA Installed and commissioned rapidly deployable modular water plants in Ghana for Gold Fields © Murray & Roberts 2015 | 21 ENGINEERED EXCELLENCE
Slide 22: Order book per platform
Underground Energy Infrastructure & Oil & Gas Total Mining & Industrial Building 44.9bn* 40.9bn 37.8bn 20.4bn 16.8bn 12.2bn 13.8bn 9.5bn 9.9bn 6.2bn 6.2bn 8.6bn 8.0bn 5.4bn 6.4bn Dec Jun Dec Dec Jun Dec Dec Jun Dec Dec Jun Dec Dec Jun Dec 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2
Slide 23: Order book, near orders and pipeline
Order Book – R37.8bn Near Orders - R15.0bn Pipeline – R102.9bn 33.6 30.9 29.1 13.8 12.2 9.4 9.3 5.4 6.4 3.6 1.6 0.4 Oil & Gas Underground Mining Energy & Industrial Infrastructure & Building 1. Strong near orders (Infrastructure & Building and Underground Mining) and project pipeline (all platforms)
Slide 24: Geography & time distribution
GEOGRAPHY & TIME DISTRIBUTION Order book Order book Order book Platform % split Rbn Rbn SADC Int. Dec 2014 Jun 2014 FY Time Distribution 2015 5.1 Oil & Gas 100 12.2 16.8 2016 5.9 >2017 1.2 2015 5.6 Underground 60 40 13.8 9.9 2016 3.9 Mining >2017 4.3 2015 2.1 Energy & 100 5.4 6.2 2016 1.8 Industrial
Slide 25: PNG LNG Project Marine Jetty
PNG LNG PROJECT MARINE JETTY NORTHWEST PORT MORESBY, PAPUA NEW GUINEA Design and construct a LNG and condensate offloading jetty for Chiyoda JGC Joint Venture © Murray & Roberts 2015 | 25 ENGINEERED EXCELLENCE
Slide 26: Achievements and milestones
ACHIEVEMENTS AND MILESTONES ► Clough delivered robust H1 result with higher EBIT margins against a background of turbulent market conditions and the finalisation of the Australian LNG investment boom ► Ichthys Jetty Module offloading facility successfully delivered ► Gorgon commissioning scope secur
Slide 27: Short term turbulence but longer term opportunity
SHORT TERM TURBULENCE BUT LONGER TERM OPPORTUNITY Market Crude Prices • Population and income 120 growth remain the key drivers to increasing energy demand with focus on non OCED countries 100 • Oil & Gas will continue to be a growth sector 80 globally in medium to long term • Short term impact from
Slide 28: Market turbulence impacts
MARKET TURBULENCE IMPACTS ► Current projects − No cancellation of projects on which Clough is working − Clients shifting focus from investment in additional capacity to improving productivity and reducing cost ► New work − Projects being deferred/delayed as developers take a more conservative view o
Slide 29: Opportunities remain
OPPORTUNITIES REMAIN ► Transition to Brownfields − A step change in installed capacity will result in increased demand for production operations support services and small to medium capital works projects from 2016 onwards. − Estimated annual expenditure on brownfield maintenance support for LNG pla
Slide 30: Jeffreys Bay Wind Farm
JEFFREYS BAY WIND FARM JEFFREYS BAY, SOUTH ARICA Civil and Electrical Works for 60 no 2.3MW Wind Turbines for Mainstream Renewable Power © Murray & Roberts 2015 | 30 ENGINEERED EXCELLENCE
Slide 31: Project risk
PROJECT RISK Existing Preventative Controls Existing Mitigative Controls • MRL sub-committee on Project Management • Identification, reporting and escalation of distressed formed to address the development of core projects commercial and project management skills • Review and rectification of distre
Slide 32: Major claims update
GPMOF Gautrain Rapid Rail Link Dubai International Airport • Claim process closed out • Sandton Cavern • Arbitration process continuing • Final payment received in - BCJV Favour, quantum Oct 14 hearing in May 15 • Commercial Closeout • Delay & Disruption expected calendar 2015 - Interim arbitration
Slide 33: Platform medium term prospects
PLATFORM MEDIUM TERM PROSPECTS • Current weak oil price – reduced levels of capital expenditure • Growing Australasian LNG commissioning, operations & maintenance market currently representing 50% of platform order book Oil & Gas • Clough has largest share of Australian commissioning market • New ge
Slide 34: Murray & Roberts summary
• 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 • Murray & Roberts differentiator – Natural resources mar
Slide 35: Forward-looking statements disclaimer
This presentation 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 a
Slide 36: Report to Stakeholders
REPORT TO STAKEHOLDERS SIX MONTHS TO 31 DECEMBER 2014 This presentation is available on www.murrob.com ENGINEERED EXCELLENCE
Slide 37: Appendix
REPORT TO STAKEHOLDERS SIX MONTHS TO 31 DECEMBER 2014 APPENDIX ENGINEERED EXCELLENCE
Slide 38: Statement of financial performance
STATEMENT OF FINANCIAL PERFORMANCE Rm 2014 2013¹ Variance Revenue 15 948 18 802 (2 854) EBITDA 768 980 (212) EBIT 457 638 (181) Net interest expense (44) - (44) Taxation (78) (261) 183 Income from equity accounted investments 2 - 2 Discontinued operations 32 486 (454) Non-controlling interests (10)
Slide 39: Statement of financial performance: revenue
STATEMENT OF FINANCIAL PERFORMANCE Rm 2014 2013¹ Variance Revenue 15 948 18 802 (2 854) Revenue EBITDAdecreased by 15%: 768 980 (212) 1. Decrease mainly from Clough due to slow down in LNG capital projects boom (-R2,8bn) EBIT 457 638 (181) Net interest expense (44) - (44) Taxation (78) (261) 183 Inc
Slide 40: Statement of financial performance: EBITDA
STATEMENT OF FINANCIAL PERFORMANCE Rm 2014 2013¹ Variance Revenue 15 948 18 802 (2 854) EBITDA 768 980 (212) EBITDA EBIT is reflected before: 457 638 (181) 1. Depreciation of R291m (2013: R330m) Net interest expense (44) - (44) 2. Amortisation of intangible assets of R20m (2013: R12m) Taxation (78)
Slide 41: Statement of financial performance: EBIT
STATEMENT OF FINANCIAL PERFORMANCE Rm 2014 2013¹ Variance Revenue 15 948 18 802 (2 854) EBITDA 768 980 (212) EBIT 457 638 (181) The decrease Net in EBIT from the prior year is mainly attributable to: interest expense (44) - (44) 1. Decrease in Construction Africa due to smaller fair value adjustment
Slide 42: Statement of financial performance: net interest
STATEMENT OF FINANCIAL PERFORMANCE Rm 2014 2013¹ Variance Revenue 15 948 18 802 (2 854) EBITDA 768 980 (212) EBIT 457 638 (181) Net interest expense (44) - (44) Decrease Taxationin net interest expense attributable to: (78) (261) 183 1. Clough minority transaction in December 2013 which was funded f
Slide 43: Statement of financial performance: tax
STATEMENT OF FINANCIAL PERFORMANCE Rm 2014 2013¹ Variance Revenue 15 948 18 802 (2 854) EBITDA 768 980 (212) EBIT 457 638 (181) Net interest expense (44) - (44) Taxation (78) (261) 183 The effective Income fromtax rate accounted equity of 18.9% (2013: 40.9%) is attributable to: investments 2 - 2 1.
Slide 44: Statement of financial performance: equity income
STATEMENT OF FINANCIAL PERFORMANCE Rm 2014 2013¹ Variance Revenue 15 948 18 802 (2 854) EBITDA 768 980 (212) EBIT 457 638 (181) Net interest expense (44) - (44) Taxation (78) (261) 183 Income from equity accounted investments 2 - 2 Increase in equity Discontinued income attributable to: operations 3
Slide 45: Statement of financial performance: discontinued operations
STATEMENT OF FINANCIAL PERFORMANCE Rm 2014 2013¹ Variance Revenue 15 948 18 802 (2 854) EBITDA 768 980 (212) EBIT 457 638 (181) Net interest expense (44) - (44) Taxation (78) (261) 183 Income from equity accounted investments 2 - 2 Discontinued operations* 32 486 (454) Profit on disposal of business
Slide 46: Statement of financial performance: non-controlling interests
STATEMENT OF FINANCIAL PERFORMANCE Rm 2014 2013¹ Variance Revenue 15 948 18 802 (2 854) EBITDA 768 980 (212) EBIT 457 638 (181) Net interest expense (44) - (44) Taxation (78) (261) 183 Income from equity accounted investments 2 - 2 Discontinued operations 32 486 (454) Non-controlling interests (10)
Slide 47: Statement of financial performance: attributable profit
STATEMENT OF FINANCIAL PERFORMANCE Rm 2014 2013¹ Variance Revenue 15 948 18 802 (2 854) EBITDA 768 980 (212) EBIT 457 638 (181) Net interest expense (44) - (44) Taxation (78) (261) 183 Income from equity accounted investments 2 - 2 Discontinued operations 32 486 (454) Non-controlling interests (10)
Slide 48: Statement of financial position
STATEMENT OF FINANCIAL POSITION Rm 2014 2013 Variance Total assets 17 824 21 876 (4 052) Property, plant and equipment 3 130 3 177 (47) Other non-current assets 4 301 4 318 (17) Current assets 7 466 7 796 (330) Cash and cash equivalents 2 779 5 887 (3 108) Assets classified as held-for-sale 148 698
Slide 49: Statement of financial position: total assets
STATEMENT OF FINANCIAL POSITION Rm 2014 2013 Variance Total assets 17 824 21 876 (4 052) Property, plant and equipment 3 130 3 177 (47) Level of non-current Other property, plant and equipment maintained: assets 4 301 4 318 (17) 1. Current Capex assets of R209m is lower than prior year (R488m) mainl
Slide 50: Statement of financial position: non-current assets
STATEMENT OF FINANCIAL POSITION Rm 2014 2013 Variance Total assets 17 824 21 876 (4 052) Property, plant and equipment 3 130 3 177 (47) Other non-current assets 4 301 4 318 (17) Decrease Current in non-current assets attributable to: assets 7 466 7 796 (330) 1. Cash Reclassification of Construction
Slide 51: Statement of financial position: cash
STATEMENT OF FINANCIAL POSITION Rm 2014 2013 Variance Total assets 17 824 21 876 (4 052) Property, plant and equipment 3 130 3 177 (47) Other non-current assets 4 301 4 318 (17) Current assets 7 466 7 796 (330) Cash and cash equivalents 2 779 5 887* (3 108) Decrease in cash and Assets classified cas
Slide 52: Statement of financial position: held-for-sale
STATEMENT OF FINANCIAL POSITION Rm 2014 2013 Variance Total assets 17 824 21 876 (4 052) Property, plant and equipment 3 130 3 177 (47) Other non-current assets 4 301 4 318 (17) Current assets 7 466 7 796 (330) Cash and cash equivalents 2 779 5 887 (3 108) Assets classified as held-for-sale 148 698
Slide 53: Statement of financial position: equity
STATEMENT OF FINANCIAL POSITION Rm 2014 2013 Variance Total assets 17 824 21 876 (4 052) Property, plant and equipment 3 130 3 177 (47) Other non-current assets 4 301 4 318 (17) Current assets 7 466 7 796 (330) Cash and cash equivalents 2 779 5 887 (3 108) Assets classified as held-for-sale 148 698
Slide 54: Statement of financial position: debt
STATEMENT OF FINANCIAL POSITION Rm 2014 2013 Variance Total assets 17 824 21 876 (4 052) Property, plant and equipment 3 130 3 177 (47) Other non-current assets 4 301 4 318 (17) Current assets 7 466 7 796 (330) Cash and cash equivalents 2 779 5 887 (3 108) Assets classified as held-for-sale 148 698
Slide 55: Net cash reconciliation
NET CASH RECONCILIATION Rm 3 000 116 7 18 643 2 500 63 44 444 2 000 162 1 782 96 480 1 500 209 1 000 884 500 0 30 June EBITDA Dividends Disposal Disposal of Other Cash Working Acquisition Acquisition Interest, Capex 31 2014 cash received of Steel Tolcon cash related capital of of tax & December item
Slide 56: Net cash reconciliation: disposal of Tolcon
NET CASH RECONCILIATION Rm 3 000 116 7 18 643 2 500 63 44 444 2 000 162 1 782 96 480 1 500 209 1 000 884 500 0 30 June EBITDA Dividends Disposal Disposal Other Cash Working Acquisition Acquisition Interest, Capex 31 2014 cash received of Steel of Tolcon cash related capital of of tax & December item
Slide 57: Net cash reconciliation: other cash movements
NET CASH RECONCILIATION Rm 3 000 116 7 18 643 2 500 63 44 444 2 000 162 1 782 96 480 1 500 209 1 000 884 500 0 30 June EBITDA Dividends Disposal Disposal of Other Cash Working Acquisition Acquisition Interest, Capex 31 2014 cash received of Steel Tolcon cash related capital of of tax & December item
Slide 58: Net cash reconciliation: working capital
NET CASH RECONCILIATION Rm 3 000 116 7 18 643 2 500 63 44 444 2 000 162 1 782 96 480 1 500 209 1 000 884 500 0 30 June EBITDA Dividends Disposal Disposal of Other Cash Working Acquisition Acquisition Interest, Capex 31 2014 cash received of Steel Tolcon cash related capital of of tax & December item
Slide 59: Net cash reconciliation: acquisitions
NET CASH RECONCILIATION Rm 3 000 116 7 18 643 2 500 63 44 444 2 000 162 1 782 96 480 1 500 209 1 000 884 500 0 30 June EBITDA Dividends Disposal Disposal of Other Cash Working Acquisition Acquisition Interest, Capex 31 2014 cash received of Steel Tolcon cash related capital of of tax & December item
Slide 60: Net cash reconciliation: interest, tax and dividends
NET CASH RECONCILIATION Rm 3 000 116 7 18 643 2 500 63 44 444 2 000 162 1 782 96 480 1 500 209 1 000 884 500 0 30 June EBITDA Dividends Disposal Disposal of Other Cash Working Acquisition Acquisition Interest, Capex 31 2014 cash received of Steel Tolcon cash related capital of of tax & December item
Slide 61: Net cash reconciliation: capex
NET CASH RECONCILIATION Rm 3 000 116 7 18 643 2 500 63 44 444 2 000 162 1 782 96 480 1 500 209 1 000 884 500 0 30 June EBITDA Dividends Disposal Disposal of Other Cash Working Acquisition Acquisition Interest, Capex 31 2014 cash received of Steel Tolcon cash related capital of of tax & December item
Slide 62: Commodity order book breakdown
COMMODITY ORDER BOOK BREAKDOWN % Total Platform Total Platform The Americas Australasia Africa R9,5bn R13,8bn R4,5bn R1,0bn R8,3bn Dec 2013 Dec 2014 6% 23% 24% 22% 42% 43% 10% Copper 21% 4% Gold 33% Copper-Gold 11% 20% Diamonds 10% 3% Silver 14% 16% Platinum 49% 22% Coal 12% 36% Nickel & Copper 6% 2
Slide 63: 1902 to present
1902 TO PRESENT 1902 1920s 1951 1970s 1990s 2011 – James Stewart Douglas Murray, Roberts Murray & Roberts Murray & Roberts A three year Recovery arrives in South John Murray’s Construction starts diversifying commits to its & Growth strategy is Africa and son, meets Holdings lists on its fields of i
Slide 64: Presence and projects on five continents
• Presence & projects on five continents • Five African offices Glasgow • Globally employing North Bay more than 21 000 Salt Lake people City Houston Dubai Accra PNG Kitwe Gaborone Maputo Kalgoorlie Brisbane Windhoek Johannesburg Santiago Cape Town Perth Corporate Office Oil & Gas Underground Mining
Slide 65: Strategy on track: Africa
STRATEGY ON TRACK • Unique risks and opportunities TUNISIA • Office opened in ALGERIA LIBYA EGYPT WESTERN − Accra, Ghana SAHARA − Kitwe, Zambia MAURITANIA CAPE VERDE MALI NIGER − Maputo, Mozambique SENEGAL CHAD ERITREA THE GAMBIA SUDAN BURKINA GUINEA-BISSAU GUINEA FASO BENIN DJUBOUTI • Energy & Indu
Slide 66: Sponsored Level 1 ADR programme
Murray & Roberts has a sponsored Level 1 ADR programme (Since 2009): Bloomberg ticker: MURZY CUSIP: 626805204 Ratio: 1 ADR: 1 Ordinary Share Exchange Traded: Over-the-counter (OTC) market Depositary bank: Deutsche Bank Trust Company Americas Depositary bank contact: Jane Taylor ADR broker helpline:
Slide 67: Douglas Roberts Centre
DOUGLAS ROBERTS CENTRE JOHANNESBURG, SOUTH AFRICA © Murray & Roberts 2015 | 67 ENGINEERED EXCELLENCE
Slide 68: Report to Stakeholders
REPORT TO STAKEHOLDERS SIX MONTHS TO 31 DECEMBER 2014 This presentation is available on www.murrob.com ENGINEERED EXCELLENCE
Murray & Roberts Holdings — H1 FY2015 Earnings Presentation on 6ix