IN THIS SECTION

10 year financial review
Ratios and statistics
Responsibilities of the directors for annual financial statements
Independent auditor’s report
Report of directors
Consolidated statement of financial position
Consolidated statement of financial performance
Consolidated statement of comprehensive income
Consolidated statement of changes in equity
Consolidated statement of cash flows
Accounting policies
Notes to the consolidated financial statements
Murray & Roberts Holdings Limited Financial Statements
	Statement of financial position
	Statement of financial performance
	Statement of comprehensive income
	Statement of changes in equity
	Statement of cash flows
	Notes
Annexure 1 – Major operating subsidiaries and associate companies
Annexure 2 – Interest bearing borrowings
Annexure 3 – Group segmental report

Annexure 1 - Major operating subsidiaries and associate companies

	(All companies shown are registered in South Africa except where indicated otherwise)
	(a) Direct

	Issued
	share	Interest in issued
	capital	share capital		Cost of investment		Loan account
	amount	2010	2009	2010	2009	2010	2009
	in Rand	%	%	Rm	Rm	Rm	Rm
Murray & Roberts Investments Limited	68 000	100	100	0,4	0,4	1 389,7	1 358,1

(b) Indirect

		Issued share
		capital (in Rand	Proportion of		Proportion of voting
		except where	ownership interest		power held
		indicated	2010	2009	2010	2009
		otherwise	%	%	%	%
Murray & Roberts Limited		59	100	100	100	100
Construction SADC
Murray & Roberts Construction (Proprietary) Limited		100	100	100	100	100

Murray & Roberts (Namibia) Limited
(incorporated in Namibia)	NAD	80 000	100	100	100	100
Murray & Roberts (Botswana) Limited
(incorporated in Botswana)	BWP	2	100	100	100	100
Concor (Proprietary) Limited		6 673 797	100	100	100	100
Murray & Roberts Contractors (Zambia) Limited
(incorporated in Zambia)	ZMK	22 000 000	100	100	100	100
Engineering SADC
Murray & Roberts Engineering Solutions (Proprietary)
Limited (merged with Murray & Roberts Projects
(Proprietary) Limited)		2	100	100	100	100
Murray & Roberts Projects (Proprietary) Limited
(formerly Murray & Roberts MEI (Proprietary) Limited)		1	100	100	100	100
Wade Walker (Proprietary) Limited		101	100	100	100	100
Genrec Engineering (Proprietary) Limited		200	100	100	100	100
Murray & Roberts Marine (Proprietary) Limited		2	100	100	100	100
Energy Fabrication (Proprietary) Limited		100	100	100	100	100
Construction Products SADC
BRC Arabia (FZC) Limited	AED	2 000 000	49	49	50	50
Murray & Roberts Steel (Proprietary) Limited		100	100	100	100	100
Hall Longmore (Proprietary) Limited		100	100	100	100	100
Much Asphalt (Proprietary) Limited		100	100	100	100	100
Rocla (Proprietary) Limited		250 000	100	100	100	100
Oconbrick Manufacturing (Proprietary) Limited
(merged with Murray & Roberts Building Products
(Proprietary) Limited)		1 000	100	100	100	100
Murray & Roberts Building Products (Proprietary) Limited
(formerly Concor Technicrete (Proprietary) Limited)		100	100	100	100	100
Cementation Group
Cementation Canada Inc (incorporated in Canada)	CAD	2 700 010	100	100	100	100
Murray & Roberts Cementation (Proprietary) Limited		1 750 000	100	80	100	80
RUC Cementation Mining Contractors (Proprietary) Limited	AUD	808 754	100	100	100	100
Middle East
Murray & Roberts Contractors (Middle East) LLC
(incorporated in Dubai)	AED	2 000 000	49	49	100	100
Murray & Roberts International Limited
(incorporated in British Virgin Islands)	USD	5 000 000	100	100	100	100
Murray & Roberts Abu Dhabi LLC
(incorporated in Abu Dhabi)	AED	2 000 000	49	49	100	100
Johnson Arabia LLC (incorporated in Dubai)	AED	300 000	49	49	50	50
Clough
Clough Limited (incorporated in Australia)	AUD	229 728 000	62	59	62	59
Corporate and Investments
Interbuild Insurance Limited
(incorporated in British Virgin Islands)	USD	170 000	100	100	100	100
Murray & Roberts (Malaysia) Sdn. Bhd.
(incorporated in Malaysia)	MYR	250 000	100	100	100	100
P.T. Murray & Roberts Indonesia
(incorporated in Indonesia)	USD	250 000	100	100	100	100
Tolcon-Lehumo (Proprietary) Limited		100	74	74	74	74
Union Carriage and Wagon Company
(Proprietary) Limited		8 160 000	100	100	100	100
The UCW Partnership			70	70	70	70
Murray & Roberts Concessions (Proprietary) Limited		100	100	100	100	100
Toll Road Concessionaires (Proprietary) Limited		12 000	100	100	100	100
Murray & Roberts Properties Services
(Proprietary) Limited		2	100	100	100	100
Associate companies
Forge Group Limited	AUD	42 836 560	31,3	–	31,3	–