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

10 year financial review

30 June 2009

All monetary amounts are				IFRS restated*		SA GAAP
expressed in millions of Rands	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000
SUMMARISED INCOME STATEMENTS*
Revenue	33 762	26 666	17 815	11 060	10 000	8 424	10 111	9 027	8 535	13 318
Earnings before exceptional
items and interest	2 898	2 281	1 468	754	548	421	633	386	218	294
Exceptional items	8	145	(168)	(82)	11	(16)	(5)	(2)	(3)	(697)
Earnings/(loss) before interest
and taxation	2 906	2 426	1 300	672	559	405	628	384	215	(403)
Net interest (expense)/income**	(37)	29	(16)	(14)	(36)	10	(66)	71	(6)	(64)
Earnings/(loss) before taxation	2 869	2 455	1 284	658	523	415	562	455	209	(467)
Taxation	(612)	(490)	(352)	(170)	(155)	(27)	(76)	(36)	(27)	(39)
Earnings/(loss) after taxation	2 257	1 965	932	488	368	388	486	419	182	(506)
Profit/(loss) from associates	2	9	(107)	1	78	114	97	90	71	–
Minority shareholders' interest	(320)	(349)	(94)	(49)	(30)	(25)	(9)	(4)	(1)	(65)
Profit/(loss) from discontinued operations	79	89	(29)	72	47	–	–	–	–	–
Earnings/(loss) attributable to ordinary
shareholders	2 018	1 714	702	512	463	477	574	505	252	(571)
SUMMARISED BALANCE SHEETS
Non-current assets	5 464	4 835	3 953	3 389	2 547	2 422	2 082	2 007	1 761	1 861
Current assets	17 235	16 118	8 836	6 797	5 475	3 671	4 211	4 504	3 819	3 796
Goodwill	490	488	206	147	48	5	10	15	16	–
Deferred taxation assets	305	208	16	52	34	33	–	–	–	–
Total assets	23 494	21 649	13 011	10 385	8 104	6 131	6 303	6 526	5 596	5 657
Ordinary shareholders' equity	5 581	4 865	3 637	3 086	3 067	2 603	2 485	2 648	1 982	1 717
Minority interest	1 053	960	178	108	97	54	13	9	8	8
Total equity	6 634	5 825	3 815	3 194	3 164	2 657	2 498	2 657	1 990	1 725
Non-current liabilities	1 447	1 290	1 103	1 028	890	734	713	733	700	819
Current liabilities	15 413	14 534	8 093	6 163	4 050	2 740	3 092	3 136	2 906	3 113
Total equity and liabilities	23 494	21 649	13 011	10 385	8 104	6 131	6 303	6 526	5 596	5 657

*	IFRS restated numbers are only for continuing operations whereas SA GAAP numbers are both for continuing and discontinued operations.
**	Includes currency conversion effects on offshore treasury funds in 2002 and 2003.
	On 30 June 2000, the group holding in Unitrans Limited reduced to 43.8% and Unitrans Limited became an equity accounted associate company.
	The Group disposed of its remaining interest in Unitrans Limited effective 31 December 2004.