Our commitment to sustainable earnings growth and value creation is non-negotiable

IN THIS SECTION

	10 year financial review
	Ratios and statistics
	Responsibilities of the directors for annual financial statements
	Report of the independent auditor
	Report of directors
	Consolidated balance sheet
	Consolidated income statement
	Consolidated statement of changes in equity
	Consolidated cash flow statement
	Statement of value created
	Accounting policies
	Notes to the consolidated financial statements
	Murray & Roberts Holdings Limited financial statements
	Balance sheet
	Income statement
	Statement of changes in equity
	Cash Flow statement
	Notes to the Murray & Roberts Holdings Limited financial statements
	Annexure 1 – Major operating subsidiaries and associate companies
	Annexure 2 – Interest bearing borrowings
	Annexure 3 – Group segmental report

Annexure 3 – Group segmental report

All monetary amounts are expressed

in millions of Rands

The Group’s primary format for reporting segmental information is determined in accordance with the nature of business and its

secondary format is determined with reference to the geographical location of the operations.

Segmental revenue and expenses

All segment revenue and expenses are directly attributable to the segments. Segment revenue and expenses are allocated to the

geographic segments based on the location of the operating activty.

Segmental assets

All operating assets used by a segment, principally property, plant and equipment, investments, inventories, contracts-in-progress

and receivables, net of allowances. Cash balances are excluded. Segment assets are allocated to the geographic segments based

on where the assets are located.

Segmental liabilities

All operating liabilities of a segment, principally accounts payable, subcontractor liabilities and external interest bearing borrowings.

Primary reporting – business segments

For management purposes, the Group is organised on a world wide basis into four main business segments. These segments are

the basis on which the Group reported its primary segment information. The composition of these segments is set out in Annexure 1.

		Construction
	Construction	materials	Fabrication	Corporate
2009	& engineering	& services	& manufacture	& properties	Group
Revenue – external	25 138	6 325	2 153	146	33 762
Earnings before exceptional items and interest	2 175	711	180	(168)	2 898
Exceptional items	–	(12)	–	20	8
Earnings before interest and taxation	2 175	699	180	(148)	2 906
Net interest income/(expense)	220	(138)	(67)	(52)	(37)
Earnings before taxation	2 395	561	113	(200)	2 869
Taxation	(459)	(99)	(35)	(19)	(612)
Earnings after taxation	1 936	462	78	(219)	2 257
Share of profit of associate	1	1	–	–	2
Profit from discontinued operations	79	–	–	–	79
Minority shareholdersí interest	(236)	(95)	11	–	(320)
Earnings attributable to ordinary shareholders	1 780	368	89	(219)	2 018

2008
Revenue – external	19 132	5 838	1 583	113	26 666
Earnings before exceptional items and interest	1 335	901	177	(132)	2 281
Exceptional items	202	33	–	(90)	145
Earnings before interest and taxation	1 537	934	177	(222)	2 426
Net interest income/(expense)	116	(53)	(9)	(25)	29
Earnings before taxation	1 653	881	168	(247)	2 455
Taxation	(269)	(195)	(43)	17	(490)
Earnings after taxation	1 384	686	125	(230)	1 965
Share of profit of associate	7	2	–	–	9
Profit from discontinued operations	65	24	–	–	89
Minority shareholders' interest	(230)	(103)	(16)	–	(349)
Earnings attributable to ordinary shareholders	1 226	609	109	(230)	1 714

			Construction
		Construction	materials	Fabrication	Corporate
2009	Notes	& engineering	& services	& manufacture	& properties*	Group
Balance sheet
Segmental assets	1	12 005	3 120	2 222	1 179	18 526
Segmental liabilities	2	9 819	2 114	2 066	652	14 651
Investment in associate company		18	14	–	–	32
Loans to associate companies		–	–	–	20	20
Non-current assets held-for-sale		1 813	–	–	–	1 813
Non-current liabilities held-for-sale		1 042	–	–	–	1 042

Other information
Capital expenditure of property, plant and
equipment		1 417	455	366	98	2 336
Capital expenditure of other intangible
assets		24	5	2	1	32
Depreciation		588	108	36	9	741
Amortisation of other intangible assets		29	2	1	3	35
Impairment of property, plant and
equipment		25	–	6	–	31
Impairment of receivables		45	47	1	–	93
Number of employees		28 610	6 755	3 476	140	38 981

* Corporate segmental assets include the inter-segment eliminations of group loans and receivables.

			Construction
		Construction	materials	Fabrication	Corporate
2008	Notes	& engineering	& services	& manufacture	& properties*	Group
Balance sheet
Segmental assets	1	10 645	3 481	1 229	1 398	16 753
Segmental liabilities	2	10 300	2 360	1 266	861	14 787
Investment in associate company		22	9	–	–	31
Loans to associate companies		18	–	–	–	18
Assets classified as held-for-sale		97	148	–	10	255
Liabilities classified as held-for-sale		–	69	–	–	69

Other information
Capital expenditure of property,
plant and equipment		1 297	225	233	13	1 768
Capital expenditure of other intangible assets		10	1	1	4	16
Depreciation		416	84	29	1	530
Amortisation of other intangible assets		31	6	–	2	39
Impairment of property, plant and equipment		–	3	6	–	9
Impairment of receivables		36	43	–	–	79
Number of employees		36 210	7 242	2 071	131	45 654

		2009	2008
Notes
1.	RECONCILIATION OF SEGMENTAL ASSETS
	Total assets	23 494	21 649
	Bank balances and cash	(4 663)	(4 688)
	Deferred taxation assets	(305)	(208)
	Segmental assets	18 526	16 753
2.	RECONCILIATION OF SEGMENTAL LIABILITIES
	Current liabilities	14 371	14 465
	Bank overdrafts	(1 787)	(411)
	Current taxation liabilities	(150)	(420)
	Non-current liabilities	1 447	1 290
	Deferred taxation liabilities	(272)	(206)
	Liabilities directly associated with a disposal group held-for-sale	1 042	69
	Segmental liabilities	14 651	14 787

Secondary reporting format – geographical segments
The group operates in the following geographic areas of the world.