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MUR
MUR
MUR - Murray & Roberts Holdings Limited - Trading statement
MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1948/029826/06
JSE Share Code: MUR
ISIN Code: ZAE000073441
("Murray & Roberts" or "the Group")
TRADING STATEMENT
Shareholders are advised that 49% held associate Clough Limited will be
consolidated into the Group`s accounts with effect from 1 July 2007. In
preparation, Clough has reviewed its earnings expectation for the full year
to 30 June 2007 and whereas its core earnings are expected to be ahead of
its half-year prospects statement, the company has informed the Australian
Stock Exchange (ASX) that it will raise a provision of "circa AUD110
million" for final resolution of legacy problems and projects, all of which
arose prior to Murray & Roberts acquiring any interest in Clough.
Excluding the impact of the Clough provision from the IFRS determination of
headline earnings per share ("HEPS"), an increase of 90% to 100% is
forecast in the year to 30 June 2007 over the 184 cents per share recorded
for the period to 30 June 2006, which excluded the Group`s BBBEE
transaction expenses ("adjusted HEPS").
HEPS for the year to 30 June 2007 is expected to increase between 70% and
80% over adjusted HEPS for the period to 30 June 2006. Including the
impact of the Clough provision and other non-operating items, earnings per
share ("EPS") is expected to increase between 50% and 60% over the 165
cents per share recorded for the full-year to 30 June 2006.
Murray & Roberts has agreed to conditionally support a recapitalisation of
the Clough balance sheet and the procurement of new strategic assets,
taking into account the potential for realisation of value from non-core
assets and the future conversion of various loans and convertible notes to
equity.
Details of the Clough ASX announcement are available on www.clough.com.au
Order Book
The Group is pleased to announce that its project order book at 31 March
2007 increased to R17,5 billion from R15,0 billion at 31 December 2006 and
R10,0 billion at 30 June 2006. There is evidence of ongoing significant
opportunity in all the Group`s market sectors.
The Clough order book at 31 March 2007 stood at AUD735 million (R4,5
billion), increasing the Group`s total order book to R22,0 billion.
This update has not been reviewed or reported on by the Group`s auditors
and is provided in terms of section 3.4(b) of the JSE Listings
Requirements.
Shareholders are reminded that Murray & Roberts will publish its detailed
preliminary results for the financial year ended 30 June 2007 on Wednesday
29 August 2007.
Johannesburg
12 July 2007
Sponsor:
Merrill Lynch South Africa (Pty) Ltd
Date: 12/07/2007 08:29:01 Produced by the JSE SENS Department.
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