Murray & Roberts — H1 FY2016 Earnings Presentation
71 slides from Murray & Roberts's earnings presentation, February 2016
Slide 1: Report to Stakeholders: Six Months to December 2015
REPORT TO STAKEHOLDERS SIX MONTHS TO 31 DECEMBER 2015 ENGINEERED EXCELLENCE
Slide 2: ENGINEERED EXCELLENCE
© Murray & Roberts 2016 | 2 ENGINEERED EXCELLENCE
Slide 3: Agenda
Henry Laas • Key presentation takeaways Slide 5 • Salient features Slide 6 • Safety performance Slide 7 • Great Walk Bridge Slide 8 Summarised • Historical financial results Slide 9 Financial Results and • A New Strategic Future Slides 10 - 11 Strategy • Business model Slide 12 • Project value chain
Slide 4: ENGINEERED EXCELLENCE
© Murray & Roberts 2016 | 4 ENGINEERED EXCELLENCE
Slide 5: Key presentation takeaways
Murray & Roberts is transforming from being predominantly a SA construction company, to an international EPC group focused on the natural resources market sectors Murray & Roberts is largely exposed to the global natural resources sector and is navigating its way through difficult times and challeng
Slide 6: Salient features: six months to December 2015
SIX MONTHS TO 31 DECEMBER 2015 Revenue HEPS (Diluted continuing) Attributable earnings1 Net cash R15,3bn 87 cents R376m R1,0bn R15,9bn (FY15 H1) 79 cents (FY15 H1) R359m (FY15 H1) R0,9bn (FY15 H1) NAV Order book 2 Near orders Pipeline R16 p/share R40,5bn R12bn R558,4bn R14 p/share (FY15 H1) R37,8bn
Slide 7: Together to Zero Harm
TOGETHER TO ZERO HARM Fatalities LTIFR* • Regrettably, two fatalities: 13 1.6 − Emmanuel Mupanda, 12 Murray & Roberts Infrastructure 11 1.28 1.14 − Mike Mwenda, 10 1.2 Murray & Roberts 9 Cementation Zambia 8 • LTIFR of 0.78. 0.82 7 0.79 0.78 0.80 • Developing and 0.8 6 implementing a Major Accident
Slide 8: Grayston, Sandton pedestrian bridge collapse
GRAYSTON, SANDTON • Pedestrian Bridge Temporary Support Structure Collapse: 14 Oct 2015 – 15:25. 2 Deceased and 19 injured. Temporary support structure for proposed pedestrian bridge. Client: Johannesburg Development Agency. Contract: R130 million, 24 months. Section 32 Inquiry by the Department of
Slide 9: Attributable earnings and diluted continuing HEPS
ATTRIBUTABLE EARNINGS AND DILUTED CONTINUING HEPS 79 57 • R43m increase in 148 122 800 399 485 (63) 79 87 200 continuing attributable (73) 44 (6) (195) 28 2 150 earnings for FY2016 H1. 400 117 100 197 (60) 50 0 0 • Historically, 2nd half 326 239 600 331 528 374 162 (50) yielded better results (400)
Slide 10: A leading, diversified international project EPC group by 2020
A LEADING, DIVERSIFIED INTERNATIONAL PROJECT ENGINEERING, PROCUREMENT AND CONSTRUCTION GROUP BY 2020 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
Slide 11: Strategic objectives and priorities
A LEADING, DIVERSIFIED INTERNATIONAL PROJECT ENGINEERING, PROCUREMENT AND CONSTRUCTION GROUP BY 2020 Strategic objectives Strategic priority • Resolve Gautrain and Dubai claims and Gautrain water ingress Grow profitability and cash flows • Enhanced EBT, free cash flow and ROICE performance Focus on
Slide 12: Comprehensive service offering across project value chain
COMPREHENSIVE SERVICE OFFERING ACROSS PROJECT VALUE CHAIN IN SELECTED NATURAL RESOURCES MARKETS Platform Capabilities Geography Project value chain • Detailed engineering • Americas • Procurement • Asia Design and Oil & Gas • Construction • Australia Engineering / • Commissioning and maintenance • E
Slide 13: Improved returns through value chain diversification
IMPROVED RETURNS THROUGH VALUE CHAIN DIVERSIFICATION & INCREASE CONTRIBUTION OUTSIDE CLASSIC CONSTRUCTION Typical return and margin range per value chain segment 50 % Classic Development Engineering Operations Services construction 40 % 30 % 15-45% 20 % 0-40% 0-30% 0-30% 10-20% 10 % 0-15% 5-15% 0-5%
Slide 14: Profitability of acquisitions
PROFITABILITY OF ACQUISITIONS Rm Rm 1600 100 93 1 383 80 1200 60 800 614 40% to 50% 0% to 10% 75% to 85% 140% to 150% growth growth 40 growth growth in revenue in EBIT in revenue in EBIT 400 144 20 9 81 0 0 FY14 FY15 FY16 FY15 FY16 Revenue EBIT Revenue EBIT Rm Rm 300 272 30 25 250 25 200 20 150 55%
Slide 15: FY2016 H1 acquisitions: Enercore and Merit
Location: Calgary, Canada Nature of business: Enercore is an engineering services company headquartered in Calgary, Canada, which specialises in the provision of Engineering, Procurement and Construction Management (“EPCM”) services to the Canadian oil and gas sector. Location: Vancouver, Canada Nat
Slide 16: ENGINEERED EXCELLENCE
© Murray & Roberts 2016 | 16 ENGINEERED EXCELLENCE
Slide 17: Statement of financial performance
STATEMENT OF FINANCIAL PERFORMANCE Rm 2015 2014 Variance Revenue 15 316 15 948 (632) EBITDA 870 768 102 EBIT 572 457 115 Net interest expense (50) (44) (6) Taxation (143) (78) (65) Income from equity accounted investments 6 2 4 Discontinued operations* 2 32 (30) Non-controlling interests (11) (10) (
Slide 18: Statement of financial position
STATEMENT OF FINANCIAL POSITION Rm 2015 2014 Variance Total assets 19 560 17 824 1 736 Property, plant and equipment 3 142 3 130 12 Other non-current assets 5 164 4 301 863 Current assets 8 260 7 466 794 Cash and cash equivalents 2 915 2 779 136 Assets classified as held-for-sale 79 148 (69) Total e
Slide 19: Revenue and EBIT by platform
REVENUE AND EBIT Revenue EBIT (Before Corporate Cost) • Internationally-focused 11% 22% platforms (Oil & Gas (4%) and Underground Mining) contributing 43% 67% of revenue and 13% 15% Dec 2014 116% of EBIT (before Corporate costs). 78% • Regionally-focused 22% platforms (Power & Water and Infrastructu
Slide 20: Revenue and EBIT by value chain segment
REVENUE AND EBIT Value chain revenue Value chain EBIT • Construction activity 7% 3% 13% contributes 56% (1%) 32% 8% (FY15: 66%) to revenue and 15% (FY15: 32%) of EBIT. 17% Jun 2015 16% 66% • Growth in Commissioning value segment 21% (FY15: 39% 8%) of revenue and 58% (FY15: 17%) of Value chain revenu
Slide 21: Revenue and EBIT by geography
REVENUE AND EBIT Geographic revenue Geographic EBIT • Oceania (Oil & Gas) and 3% 3% 1% 6% 2% 2% 11% the Americas 8% (2%) (Underground Mining) 38% are the dominant 10% regions, contributing 18% Jun 2015 52% of revenue and 107% of EBIT. • 36% of revenue from 37% 63% South Africa with a negative EBIT G
Slide 22: Oil & Gas: six months to December
SIX MONTHS TO DECEMBER Oil & Gas Underground Mining Power & Water Infrastructure & Building Construction Commissioning Corporate Rm Engineering & Fabrication Global Marine & Brownfields & Other Total 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Revenue 1 612 2 595 - 642 612 1 556 3 48
Slide 23: Underground Mining: six months to December
SIX MONTHS TO DECEMBER Oil & Gas Underground Mining Power & Water Infrastructure & Building Rm Africa Australasia The Americas Total 2015 2014 2015 2014 2015 2014 2015 2014 Revenue 1 729 1 769 570 373 1 899 1 359 4 198 3 501 Operating profit / (loss) 16 (2) 43 10 160 76 219 84 Operating margin (%) 1
Slide 24: Power & Water: six months to December
SIX MONTHS TO DECEMBER Oil & Gas Underground Mining Power & Water Infrastructure & Building Rm Power programme* Other** Total 2015 2014 2015 2014 2015 2014 Revenue 2 067 1 595 19 556 2 086 2 151 Operating profit / (loss) 103 87 (183) (108) (80) (21) Operating margin (%) 5% 5% (963%) (19%) (4%) (1%)
Slide 25: Infrastructure & Building: six months to December
SIX MONTHS TO DECEMBER Oil & Gas Underground Mining Power & Water Infrastructure & Building Rm Construction Africa Middle East Total 2015 2014 2015 2014 2015 2014 Revenue 2 201 3 064 774 399 2 975 3 463 Operating profit / (loss) 60 55 (45) 11 15 66 Operating margin (%) 3% 2% (6%) 3% 1% 2% Order book
Slide 26: Discontinued operations
SIX MONTHS TO DECEMBER Discontinued Operations Steel Reinforcing Construction Rm Tolcon Products Clough Properties Products* Total 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Revenue 6 76 - 2 - 2 - (6) 6 74 Operating profit / (loss)** 8 22 - 7 - (2) (5) (6) 3 21 Trading profit / (loss) and oth
Slide 27: Corporate & Properties
SIX MONTHS TO DECEMBER Corporate & Properties Rm Total 2015 2014 Operating profit / (loss) 143 (118) Overheads (90) (110) Forex profit / (loss) 233 (8) The increase in operating results by R261m is mainly attributable to: 1. Foreign exchange profits on intercompany loans of R233m. 2. Reduction in co
Slide 28: ENGINEERED EXCELLENCE
© Murray & Roberts 2016 | 28 ENGINEERED EXCELLENCE
Slide 29: Order book per platform
Underground Infrastructure & Oil & Gas Power & Water Total Mining Building 40,5bn 37,8bn 38,3bn 16,8bn 16,3bn 13,8bn 12,2bn 8,4bn 9,1bn 7,7bn 7,4bn 6,0bn 6,4bn 7,1bn 5,4bn Dec Jun Dec Dec Jun Dec Dec Jun Dec Dec Jun Dec Dec Jun Dec 2014 2015 2015 2014 2015 2015 2014 2015 2015 2014 2015 2015 2014 201
Slide 30: Strong pipeline but timing uncertain
STRONG PIPELINE BUT TIMING UNCERTAIN Pipeline Rbn Order Book Near orders Category 1 Category 2 Category 3 Infrastructure & Building 7,4 1,3 13,2 38,7 55,6 Power & Water 7,7 0,3 8,2 39,3 14,1 Underground mining 16,3 9,2 26,3 6,3 22,2 Oil & Gas 9,1 1,6 30,5 27,3 276,7 Total – 31 December 2015 40,5 12,
Slide 31: Geography & time distribution
GEOGRAPHY & TIME DISTRIBUTION Order book Order book Order book Platform % split Rbn Rbn SADC Int. Dec 2015 Jun 2015 FY Time Distribution 2016 4,8 Oil & Gas 100 9,1 8,4 2017 2,5 >2017 1,8 2016 3,9 Underground 64 36 16,3 16,8 2017 5,0 Mining >2017 7,4 2016 2,2 Power & Water 100 7,7 6,0 2017 2,6 >2017
Slide 32: Commodity order book breakdown
COMMODITY ORDER BOOK BREAKDOWN % Total Platform Total Platform The Americas Australasia Africa R13,8bn R16,3bn R4,1bn R1,9bn R10,3bn Dec 2014 Dec 2015 5% 10% 12% 22% 19% 16% 9% Copper 42% 18% 8% Gold 10% 27% Copper-Gold 4% 20% 15% Diamonds 2% Silver 20% 11% 1% 13% Platinum 15% 3% Coal 14% 1% 10% Nic
Slide 33: ENGINEERED EXCELLENCE
© Murray & Roberts 2016 | 33 ENGINEERED EXCELLENCE
Slide 34: Progress with key dates defined
PROGRESS WITH KEY DATES DEFINED Gautrain Rapid Rail Link Dubai International Airport • Sandton Cavern • Dubai Airport City Corporation confirmed that it was the respondent to the claim. - Ruled in BCJV’s favour, quantum award expected on 2 March 2016. • Preliminary hearing was held on 8 December 201
Slide 35: Supports long-term natural resources focus: Oil & Gas
SUPPORTS LONG-TERM NATURAL RESOURCES FOCUS Oil & Gas • The short-term future of the oil and gas market remains uncertain due to the low oil price and prospects will only improve when oil companies start to invest again. • This platform continues to expand its Engineering, Procurement and Constructio
Slide 36: Supports long-term natural resources focus: Power & Water
SUPPORTS LONG-TERM NATURAL RESOURCES FOCUS Power & Water • Medupi & Kusile to provide baseload work for the next 4/5 years, although declining year-on-year. • Platform selected as the preferred EPC and Operations & Maintenance contractor on the ‘George Biomass’ project with Murray & Roberts Concessi
Slide 37: Vision: leading international diversified EPC group by 2020
By 2020 we aim to be a leading international diversified project engineering, procurement and construction group in selected natural resources and supporting infrastructure sectors. © Murray & Roberts 2016 | 37 ENGINEERED EXCELLENCE
Slide 38: Forward-looking statements
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 39: Report to Stakeholders
REPORT TO STAKEHOLDERS SIX MONTHS TO 31 DECEMBER 2015 ENGINEERED EXCELLENCE
Slide 40: Appendix
REPORT TO STAKEHOLDERS SIX MONTHS TO 31 DECEMBER 2015 APPENDIX ENGINEERED EXCELLENCE
Slide 41: Statement of financial performance
STATEMENT OF FINANCIAL PERFORMANCE Rm 2015 2014 Variance Revenue 15 316 15 948 (632) EBITDA 870 768 102 EBIT 572 457 115 Net interest expense (50) (44) (6) Taxation (143) (78) (65) Income from equity accounted investments 6 2 4 Discontinued operations* 2 32 (30) Non-controlling interests (11) (10) (
Slide 42: Statement of financial performance: revenue
STATEMENT OF FINANCIAL PERFORMANCE Rm 2015 2014 Variance Revenue 15 316 15 948 (632) Revenue EBITDAdecreased by 4%: 870 768 102 1. Decrease relates mainly to lower commodity prices impacting the Oil & Gas market & order book pressure in the EBIT 572 457 115 buildings division of Infrastructure & Bui
Slide 43: Statement of financial performance: EBITDA
STATEMENT OF FINANCIAL PERFORMANCE Rm 2015 2014 Variance Revenue 15 316 15 948 (632) EBITDA 870 768 102 EBITDA EBIT is reflected before: 572 457 115 1. Lower depreciation at R271m (2014: 291m), due to lower capital spend in Oil & Gas and Infrastructure & Building. Net interest expense (50) (44) (6)
Slide 44: Statement of financial performance: EBIT
STATEMENT OF FINANCIAL PERFORMANCE Rm 2015 2014 Variance Revenue 15 316 15 948 (632) EBITDA 870 768 102 EBIT 572 457 115 The increase Net interest in EBIT from the prior year is mainly attributable to: expense (50) (44) (6) 1. Foreign exchange profits on intercompany loans (R233m) in Corporate. Taxa
Slide 45: Statement of financial performance: net interest
STATEMENT OF FINANCIAL PERFORMANCE Rm 2015 2014 Variance Revenue 15 316 15 948 (632) EBITDA 870 768 102 EBIT 572 457 115 Net interest expense (50) (44) (6) Increase in net interest expense attributable to: Taxation (143) (78) (65) 1. Marginal increase in net interest paid due to lower cash balances
Slide 46: Statement of financial performance: taxation
STATEMENT OF FINANCIAL PERFORMANCE Rm 2015 2014 Variance Revenue 15 316 15 948 (632) EBITDA 870 768 102 EBIT 572 457 115 Net interest expense (50) (44) (6) Taxation (143) (78) (65) The increase Income frominequity the effective accountedtaxinvestments rate to 27.4% (2014: 18.9%) is attributable6 to:
Slide 47: Statement of financial performance: equity accounted income
STATEMENT OF FINANCIAL PERFORMANCE Rm 2015 2014 Variance Revenue 15 316 15 948 (632) EBITDA 870 768 102 EBIT 572 457 115 Net interest expense (50) (44) (6) Taxation (143) (78) (65) Income from equity accounted investments 6 2 4 Increase in income Discontinued from equity accounted investments attrib
Slide 48: Statement of financial performance: discontinued operations
STATEMENT OF FINANCIAL PERFORMANCE Rm 2015 2014 Variance Revenue 15 316 15 948 (632) EBITDA 870 768 102 EBIT 572 457 115 Net interest expense (50) (44) (6) Taxation (143) (78) (65) Income from equity accounted investments 6 2 4 Discontinued operations* 2 32 (30) Trading and other profits (3) 22 (25)
Slide 49: Statement of financial performance: non-controlling interests
STATEMENT OF FINANCIAL PERFORMANCE Rm 2015 2014 Variance Revenue 15 316 15 948 (632) EBITDA 870 768 102 EBIT 572 457 115 Net interest expense (50) (44) (6) Taxation (143) (78) (65) Income from equity accounted investments 6 2 4 Discontinued operations* 2 32 (30) Non-controlling interests (11) (10) (
Slide 50: Statement of financial performance: attributable profit
STATEMENT OF FINANCIAL PERFORMANCE Rm 2015 2014 Variance Revenue 15 316 15 948 (632) EBITDA 870 768 102 EBIT 572 457 115 Net interest expense (50) (44) (6) Taxation (143) (78) (65) Income from equity accounted investments 6 2 4 Discontinued operations* 2 32 (30) Non-controlling interests (11) (10) (
Slide 51: Statement of financial position
STATEMENT OF FINANCIAL POSITION Rm 2015 2014 Variance Total assets 19 560 17 824 1 736 Property, plant and equipment 3 142 3 130 12 Other non-current assets 5 164 4 301 863 Current assets 8 260 7 466 794 Cash and cash equivalents 2 915 2 779 136 Assets classified as held-for-sale 79 148 (69) Total e
Slide 52: Statement of financial position: PPE
STATEMENT OF FINANCIAL POSITION Rm 2015 2014 Variance Total assets 19 560 17 824 1 736 Property, plant and equipment 3 142 3 130 12 Increase in property,assets Other non-current plant and equipment due to: 5 075 4 301 774 1. Current Increase is mainly due to foreign exchange upward adjustments on tr
Slide 53: Statement of financial position: non-current assets
STATEMENT OF FINANCIAL POSITION Rm 2015 2014 Variance Total assets 19 560 17 824 1 736 Property, plant and equipment 3 142 3 130 12 Other non-current assets 5 164 4 301 863 The increase Current in non-current assets is primarily attributable to: assets 8 104 7 466 674 1. Cash Foreign andexchange upw
Slide 54: Statement of financial position: held for sale
STATEMENT OF FINANCIAL POSITION Rm 2015 2014 Variance Total assets 19 560 17 824 1 736 Property, plant and equipment 3 142 3 130 12 Other non-current assets 5 164 4 301 863 Current assets 8 260 7 466 794 Cash and cash equivalents 2 915 2 779 136 Assets classified as held-for-sale 79 148 (69) Decreas
Slide 55: Statement of financial position: equity
STATEMENT OF FINANCIAL POSITION Rm 2015 2014 Variance Total assets 19 560 17 824 1 736 Property, plant and equipment 3 142 3 130 12 Other non-current assets 5 164 4 301 863 Current assets 8 260 7 466 794 Cash and cash equivalents 2 915 2 779 136 Assets classified as held-for-sale 79 148 (69) Total e
Slide 56: Statement of financial position: debt
STATEMENT OF FINANCIAL POSITION Rm 2015 2014 Variance Total assets 19 560 17 824 1 736 Property, plant and equipment 3 142 3 130 12 Other non-current assets 5 164 4 301 863 Current assets 8 260 7 466 794 Cash and cash equivalents 2 915 2 779 136 Assets classified as held-for-sale 79 148 (69) Total e
Slide 57: Net cash reconciliation: dividends received
NET CASH RECONCILIATION Rm 2 500 78 103 495 74 13 2 000 445 22 410 1 500 1 413 190 21 988 1 000 500 0 30 June EBITDA Dividends Proceeds Disposal Other Working Acquisition Interest, Capex Acquisition 31 2015 cash received on sale of of Tolcon movements capital of tax & of December items fixed busines
Slide 58: Net cash reconciliation: other movements
NET CASH RECONCILIATION Rm 2 500 78 103 495 74 13 2 000 445 22 410 1 500 1 413 190 21 988 1 000 500 0 30 June EBITDA Dividends Proceeds Disposal Other Working Acquisition Interest, Capex Acquisition 31 2015 cash received on sale of of Tolcon movements capital of tax & of December items fixed busines
Slide 59: Net cash reconciliation: working capital
NET CASH RECONCILIATION Rm 2 500 78 103 495 74 13 2 000 445 22 410 1 500 1 413 190 21 988 1 000 500 0 30 June EBITDA Dividends Proceeds Disposal Other Working Acquisition Interest, Capex Acquisition 31 2015 cash received on sale of of Tolcon movements capital of tax & of December items fixed busines
Slide 60: Net cash reconciliation: interest, tax and dividends
NET CASH RECONCILIATION Rm 2 500 78 103 495 74 13 2 000 445 22 410 1 500 1 413 190 21 988 1 000 500 0 30 June EBITDA Dividends Proceeds Disposal Other Working Acquisition Interest, Capex Acquisition 31 2015 cash received on sale of of Tolcon movements capital of tax & of December items fixed busines
Slide 61: Net cash reconciliation: capex
NET CASH RECONCILIATION Rm 2 500 78 103 495 74 13 2 000 445 22 410 1 500 1 413 190 21 988 1 000 500 0 30 June EBITDA Dividends Proceeds Disposal Other Working Acquisition Interest, Capex Acquisition 31 2015 cash received on sale of of Tolcon movements capital of tax & of December items fixed busines
Slide 62: 1902 to present
1902 TO PRESENT 1902 1920s 1951 1970s 1990s 2011 – 2014 2015 John Murray Douglas Murray, Roberts Murray & Roberts Murray & Roberts A 3-year Recovery A New Strategic arrives in South John Murray’s Construction starts diversifying commits to its & Growth strategy Future. The Group’s Africa and togethe
Slide 63: Keith Spence, independent non-executive director
KEITH SPENCE INDEPENDENT NON-EXECUTIVE DIRECTOR BSc (Geophysics)(Hons) © Murray & Roberts 2016 | 63 ENGINEERED EXCELLENCE
Slide 64: Experienced management team
EXPERIENCED MANAGEMENT TEAM HENRY LAAS COBUS BESTER BEng (Mining) MBA BCom (Acc) Hons CA(SA) 32 years in sector 27 years in sector GROUP CHIEF EXECUTIVE GROUP FINANCIAL DIRECTOR Henry joined in 2001 and was Cobus joined in 2006 and appointed to the Board and appointed to the Board as as Group chief
Slide 65: Platform global footprint
Infrastructure & Building Power & Water Underground Mining Oil & Gas © Murray & Roberts 2016 | 65 ENGINEERED EXCELLENCE
Slide 66: Infrastructure & Building and Power & Water
INFRASTRUCTURE & BUILDING AND POWER & WATER • International diversification approach: Geographic positioning – permanent presence (offices) in regions with major opportunity in selected market segments Dubai Major clients – follow major clients on project- Accra by-project basis into other regions •
Slide 67: Underground Mining
UNDERGROUND MINING • International diversification approach: Geographic positioning – permanent presence (offices) in regions with Vancouver North Bay major opportunity in Quebec selected market Salt Lake segments City Hong Kong Major clients – follow major clients on project- by-project basis into
Slide 68: Oil & Gas
OIL & GAS • International diversification approach: Geographic positioning – permanent presence (offices) in regions with Calgary Glasgow major opportunity in selected market South Korea segments Houston Major clients – follow major clients on project- by-project basis into other regions PNG • Globa
Slide 69: 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 70: Douglas Roberts Centre, Johannesburg
DOUGLAS ROBERTS CENTRE JOHANNESBURG, SOUTH AFRICA © Murray & Roberts 2016 | 70 ENGINEERED EXCELLENCE
Slide 71: Report to Stakeholders
REPORT TO STAKEHOLDERS SIX MONTHS TO 31 DECEMBER 2015 ENGINEERED EXCELLENCE
Murray & Roberts Holdings — H1 FY2016 Earnings Presentation on 6ix