Murray & Roberts - Interim Results

SALIENT FEATURES

• Compared to the previous reporting period, FY2017 H1 results were negatively impacted by:
  • Decline in earnings from the Oil & Gas platform (R172 million);
  • Cost increase to close out projects and the business in the Middle East (R130 million);
  • Forex movements (R244 million); and
  • Net present value charge of Voluntary Rebuild Programme (“VRP”) with South African Government (R170 million).
• Financial Results:
  • Revenue from continuing operations of R10,7 billion (December 2015: R13,0 billion);



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STRATEGIC INITIATIVES

The Group accomplished three significant strategic initiatives in the first six months of the 2017 financial year:

Voluntary Rebuild Programme agreement with the South African Government – In October 2016 Murray & Roberts, and six other South African engineering and construction companies, reached an agreement with the South African Government, mitigating the companies’ risk to claims for damages from identified public entities, arising primarily from the fast track settlement process launched by the South African Competition Authorities in February 2011. A key outcome of concluding this agreement is an expected improvement in the relationship with South African Government, which is important for pursuing future public sector work.

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financials

• Condensed consolidated statement of financial performance
• Condensed consolidated statement of comprehensive income
• Condensed consolidated statement of financial position
• Condensed consolidated statement of changes in equity
• Condensed consolidated statement of cash flows
• Condensed consolidated segmental analysis
• Segmental assets
• Segmental liabilities
• Notes