CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE

for the six months ended 31 December 2017

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R millions  Reviewed
6 months to
31 December
2017 		      Reviewed3
6 months to 
31 December 
2016 		    Audited 
Annual 
30 June 
2017 		   
Continuing operations                   
Revenue  11 809     10 653     21 397    
– Continuing operations excluding Middle East  11 462     10 214     20 789    
– Middle East  347     439     608    
Profit before interest, depreciation and amortisation  589     498     963    
Depreciation  (218)    (224)    (431)   
Amortisation of intangible assets  (22)    (22)    (45)   
Profit before interest and taxation (note 2) 349     252     487    
– Continuing operations excluding Middle East  416     425     1 055    
– Middle East  (67)    (173)    (568)   
Net interest expense  (17)    (27)    (42)   
Profit before taxation  332     225     445    
Taxation  (126)    (112)    (161)   
Profit after taxation  206     113     284    
Income from equity accounted investments  15     5     7    
Profit from continuing operations  221     118     291    
Loss from discontinued operations (note 3) (114)    (178)    (253)   
Profit/(loss) for the period  107     (60)    38    
Attributable to:                   
– Owners of Murray & Roberts Holdings Limited  110     (60)    48    
– Non-controlling interests  (3)    –     (10)   
   107     (60)    38    
Earnings per share from continuing and discontinued operations (cents)                  
– Diluted  27     (15)    12    
– Basic  28     (15)    12    
Earnings per share from continuing operations (cents)                  
– Diluted  55     29     74    
– Basic  56     30     76    
Supplementary information                  
Net asset value per share (Rands) 14     14     15    
Dividends per share (cents) –     –     45    
Number of ordinary shares in issue (’000) 444 736     444 736     444 736    
Reconciliation of weighted average number of shares in issue (’000)                  
Weighted average number of ordinary shares in issue  444 736     444 736     444 736    
Less: Weighted average number of shares held by The Murray & Roberts Trust  (10)    (30)    (30)   
Less: Weighted average number of shares held by the Letsema BBBEE trusts  (31 696)    (31 697)    (31 697)   
Less: Weighted average number of shares held by the subsidiary companies  (15 988)    (15 912)    (15 373)   
Weighted average number of shares used for basic per share calculation  397 042     397 097     397 636    
Add: Dilutive adjustment  7 026     19 615     8 013    
Weighted average number of shares used for diluted per share calculation  404 068     416 712     405 649    
Earnings per share from continuing operations (cents)                  
– Diluted  55     29     74    
– Adjusted diluted earnings per share excluding Middle East  72     71     214    
– Diluted earnings per share contributed by Middle East  (17)    (42)    (140)   
– Basic  56     30     76    
– Adjusted basic earnings per share excluding Middle East  74     75     218    
– Basic earnings per share contributed by Middle East  (18)    (45)    (142)   
Headline earnings per share from continuing and discontinued operations (cents) (note 4)                  
– Diluted  28     (4)    26    
– Basic  28     (4)    27    
Headline earnings per share from continuing operations (cents) (note 4)                  
– Diluted  55     27     72    
– Adjusted diluted headline earnings per share excluding Middle East  72     69     212    
– Diluted headline earnings per share contributed by Middle East  (17)    (42)    (140)   
– Basic  56     28     74    
– Adjusted basic headine earnings per share excluding Middle East  74     73     216    
– Basic headline earnings per share contributed by Middle East  (18)    (45)    (142)   
3 A 38% investment in Forum SA Trading 284 (Pty) Ltd (Property development) was not included in the sale of the Southern African Infrastructure and Building businesses and has therefore been reclassified from discontinued operations in the prior period and included as continuing operations for all periods presented.