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);
    • Diluted continuing HEPS of 27 cents (December 2015: 93 cents);
    • Attributable loss of R60 million (December 2015: R376 million profit);
    • Cash net of debt of R1,1 billion (December 2015: R1,0 billion);
    • Order book for continuing operations of R24,5 billion (December 2015: R35,2 billion);
    • NAV of R14 per share (December 2015: R16 per share); and
    • In line with the approved dividend policy, the board of directors will only consider paying an annual dividend (December 2015: no interim dividend).
  • Settlement of all Gautrain development period disputes.
  • Sale of Southern African Infrastructure & Building businesses and Genrec should be completed within the second half of the current financial year.
  • Record-low lost time injury frequency rate of 0.56 (December 2015: 0.78). Regrettably one fatal incident was suffered.
  • Approval to transfer the Company’s sub-sector listing on the JSE from Heavy Construction to Diversified Industrial received in February 2017.