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MUR
MUR
MUR - Murray & Roberts Holdings Limited - Trading statement and business update
MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1948/029826/06
JSE Share Code: MUR
ISIN: ZAE000073441
("Murray & Roberts" or "Group")
TRADING STATEMENT AND BUSINESS UPDATE
The board of directors of Murray & Roberts ("Board") met on 23 June 2010 to
consider inter alia a likely financial outcome for the current year to 30 June
2010.
The latest available information on the estimated cost to completion of the
Gautrain Project infrastructure works indicates an increase of about R390
million over the position on which the Group halfyear accounts to 31 December
2009 were prepared. This includes an estimate of additional delay mitigation and
the remaining costs required to deliver significant completion of the system on
schedule and the full system shortly thereafter.
The Board recognises the scale of the claims relative to the scope of the
Gautrain Project and it is of the opinion that the level of claims recognised in
the Group accounts at 31 December 2009 was prudent. The Board has resolved to
take the Group`s share of any increased costs as a charge to the income
statement in the current financial year. This is likely to result in diluted
headline earnings per share and diluted earnings per share for the year ending
30 June 2010 being 50% to 55% lower than the previous comparable period. The
Operating Margin will remain within the Group`s strategic range of 5,0% to 7,5%.
Bombela Civils Joint Venture, in which Murray & Roberts has a 45% share, has
invested significant working capital to mitigate the impact of delayed land
handover, higher than anticipated input cost inflation and adverse geological
conditions. The mitigation measures taken by Bombela to date and a Herculean
coordinated effort by all parties and people involved in the Project over the
past few months, allowed Bombela Concession Company ("BCC"), to successfully
commission Gautrain operations on 8 June 2010, 19 days ahead of schedule in time
for the 2010 FIFA World Cup South Africa TM. BCC is 66% South African owned by
Murray & Roberts, empowerment partner SPG and local investors.
The world class Gautrain experience has captivated public attention and the
system has accommodated extraordinary patronage in its first weeks of operation.
The Group Order Book remains stable at about R40 billion with a solid long-term
component in Southern Africa. The Group`s international markets continue to
offer increased levels of opportunity while there is a shortage of new workflow
into the Group`s South African markets.
The financial information on which this trading statement is based has not been
reviewed or reported on by the Group`s auditors and is provided in terms of
paragraph 3.4(b) of the Listings Requirements of the JSE Limited.
Shareholders are reminded that Murray & Roberts will publish its preliminary
results for the financial year to 30 June 2010 on or about Wednesday 25 August
2010.
Bedfordview
23 June 2010
Sponsor:
Deutsche Securities (SA) (Pty) Ltd
Date: 23/06/2010 15:04:02 Produced by the JSE SENS Department.
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