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1 Annexure – Interim Results Summary. 2 Income Statement R 000 Year-end June H1 2007 Unaudited H2 2006 Unaudited H1 2006 Unaudited as restated Revenue4.

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Presentation on theme: "1 Annexure – Interim Results Summary. 2 Income Statement R 000 Year-end June H1 2007 Unaudited H2 2006 Unaudited H1 2006 Unaudited as restated Revenue4."— Presentation transcript:

1 1 Annexure – Interim Results Summary

2 2 Income Statement R 000 Year-end June H1 2007 Unaudited H2 2006 Unaudited H1 2006 Unaudited as restated Revenue4 004 8242 955 4002 909 321 Operating margin % Operating profit Other income / (costs) – net 3,4% 137 548 4 000 5,3% 155 303 19 978 2,9% 85 496 * (89 475) Profit / (loss) before finance costs and taxation Finance costs 141 548 (12 676) 175 281 (15 979) (3 979) (14 350) Profit / (loss) before taxation Effective tax rate 128 872 28% 159 302 32% (18 329) n/a Profit / (loss) from continuing operations Loss from discontinued operations 92 915 (1 129) 108 759 (20 418) (30 540) (656) Profit / (loss) for the period91 78688 341(31 196) * In terms of revised accounting standards, the R91m discount arising on the issue of shares to external BEE shareholders must be expensed as at the date of transaction. This has resulted in the restatement of prior year results as the BEE transaction was concluded on 29 September 2005.

3 3 Integrates the skills available in the various G5 business units with its own development and operating expertise Characterized by lengthy lead and deal conclusion times Property Development Services (PDS) Infrastructural Developments Infrastructure Development Services (IDS) Infrastructural Developments Results by Division: Infrastructural Developments

4 4 Infrastructural Developments Business established in 2004 Objective: the creation of quality property investment assets Utilization of the Group Five brand Spread of commercial, industrial, retail and residential property developments Flexible strategy to reduce exposure to residential at the top of the market and switch emphasis to the commercial and industrial markets Property Development Services (PDS) (PDS) Infrastructural Developments (IDS)

5 5 Infrastructural Developments H1 2006H1 2007 Revenue by property type Property Development Services (PDS) 7% 50% 40% 3% Industrial Commercial Residential Investments 1% 65% 34% 0% Industrial Commercial Residential Investments (PDS) Infrastructural Developments (IDS) H1 2007 H1 2006

6 6 0 Operating Profit 17% 10 20 30 7 18 6 Infrastructural Developments Revenue 184% 81 46 130 0 50 100 150 H1 2006H2 2006H1 2007H1 2006H2 2006H1 2007 Increased level of commercial revenue vs residential, investment and industrial revenue in prior period Property Development Services (PDS) R million Slight decrease expected due to the no. of projects to be concluded in H2 2007 Full year profitability expected to match prior year (PDS) Infrastructural Developments (IDS)

7 7 Infrastructural Developments Activities: The development of large-scale infrastructure contracts, usually with a construction value > ZAR1bn; often characterized by PPP (public private partnership) concessions Toll road operations and maintenance contracts Higher returns sought through risk-managed participation throughout the project lifecycle of Development, Financing and refinancing, Construction, Operations and maintenance, Rehabilitation and Handover or sale Concession investments and toll road interests consist of: Two long-term (25 & 30 yr) toll road service concessions valued at ZAR60mn Seven short-term, annuity income-type highway operations and maintenance contracts Infrastructure Development Services (IDS) (PDS) Infrastructural Developments (IDS)

8 8 15 Infrastructural Developments Infrastructure Development Services (IDS) RevenueOperating Profit 95 94 98 0 50 100 150 Revenue in line with budget – relates to operation and maintenance equipment supply on toll roads 0.4 2 5 5 10 0 H1 2006H2 2006H1 2007H1 2006H2 2006H1 2007 R million Operating profit margin on toll roads improved to 5,3% from 4,6% in the comparative prior period Decrease due to the continued policy of writing off development cost on targeted large Infrastructure projects Significant effort spent in the period on King Shaka Airport (PDS) Infrastructural Developments (IDS)

9 9 Everite Building Products (Everite) Group Five Pipe Manufacturing Manufacturing Results by Division - Manufacturing

10 10 Manufacture of non-asbestos fibre-cement building materials to the commercial, industrial, retail and residential markets Differentiated as a commodity fibre-cement sheet manufacturer through product quality and ability to serve a fragmented SA market Also manufactures a range of value-added products Residential demand, in particular government-subsidized affordable low cost housing, is significant and the group is investing ZAR50 million to increase capacity by 25% over the next year Also looking at steel frame housing (new in Africa) Manufacturing Everite Building Products Group Five Pipe Manufacturing

11 11 0 Manufacturing Everite Building Products RevenueOperating Profit 6% -1% 50 100 150 200 250 300 100 50 234 217 232 0 31 28 30 75 25 Up from R29,5m to R31,3m Margin up from 12,6% to 13,5% (factory improvements vs minimal price increases) Everite continues to operate at full capacity Project to increase capacity by 25% (commissioned by 30 June 2007) H1 2006H2 2006H1 2007H1 2006H2 2006H1 2007 R million Everite Building Products Group Five Pipe Manufacturing

12 12 Manufacturer of large diameter steel spiralled pipes A 50:50 joint venture with Marine & Civil (private company) Business easy and cheap to start and stop as needed – plant re-opened 18 months ago Vaal River Project contract coming through next year with full affect A very focused business, dependent on large-scale contracts Manufacturing Group Five Pipe Everite Building Products Group Five Pipe Manufacturing

13 13 0 10 20 30 40 50 0 Manufacturing Group Five Pipe RevenueOperating Profit A very focused business, dependent on large-scale contracts Full effect of VRESAP contract coming through 530 % 251% 10 20 15 5 1 2 7 14 29 8 H1 2006H2 2006H1 2007H1 2006H2 2006H1 2007 R million Everite Building Products Group Five Pipe Manufacturing

14 14 Quarry Cats (acquisition effective February 2007) Sky Sands (anticipated effective date: June 2007 Building Materials Results by Division – Building Materials

15 15 Building and HousingConstruction Civil Engineering (Including Roads & Earthworks) Engineering Projects Construction Results by Division - Construction

16 16 Total Construction H1 2006H1 2007 Revenue by business 53% 36% 11% 61% 28% 11% Building and Housing Civil Engineering Engineering Projects Building and Housing Civil Engineering Engineering Projects H1 2007 H1 2006

17 17 H1 2006H1 2007 Total Construction Operating profit by business 50% 32% 18% 70% 22% 8% Building and Housing Civil Engineering Engineering Projects Building and Housing Civil Engineering Engineering Projects H1 2007 H1 2006

18 18 Total Construction RevenueOperating Profit 102 % 46 102 93 0 25 50 75 100 125 1000 2000 3000 4000 0 2 527 2 549 3 516 39% H1 2006H2 2006H1 2007H1 2006H2 2006H1 2007 R million Performance Total Construction

19 19 Participates in various segments of the construction sector, including: Public and private sector mass housing contracts High-rise residential apartments Commercial offices Retail shopping centers Industrial premises Educational and healthcare facilities Hotel and leisure facilities Construction Building and Housing Construction Civil Engineering Engineering Projects

20 20 Construction Revenue Building and Housing F2007*H1 2007F2006H1 2006 35% 62% 3% Residential Commercial / Retail Industrial 26% 71% 3% 26% 71% 3% 27% 69% 4% * As indicated by December 2006 secured order book (last published data) Building and HousingConstruction Civil Engineering Engineering Projects

21 21 0 500 1000 1500 2000 2500 Construction R million Operating Profit R million 45 % H1 2006H2 2006H1 2007H1 2006H2 2006H1 2007 Performance Building and Housing 32 49 0 20 40 60 80 0 4% 8% 12% 16% Margin 47 Revenue 23% 1 525 1 264 1 869 Influenced by substantial completion of East Africa contracts Revenue increased by 23% to R1.9bn 2% 3% 4% Building and HousingConstruction Civil Engineering Engineering Projects

22 22 Undertakes civil, roads and earthworks infrastructure contracts for public, mining and industrial contracts in Africa and the Middle East Projects include: Mining, power station and industrial structures Airports and port and marine facilities Bridges and interchanges Dams, canals and pipelines Rail projects Fluid distribution and storage Metallurgical and flotation plants Milling plants, material handling, silos and storage Roads and highways Township infrastructure Construction Civil Engineering (including Roads and Earthworks and Dubai businesses) Building and HousingConstruction Civil Engineering Engineering Projects

23 23 Construction Revenue Civil Engineering F2007*H1 2007F2006H1 2006 40% 60% Public Private48% 52% 48% 52% 29% 71% * As indicated by December 2006 secured order book (last published data) Building and HousingConstruction Civil Engineering Engineering Projects

24 24 0 500 1000 1500 2000 0 10 20 30 40 50 60 Construction R million Operating Profit R million 186 % H1 2006H2 2006H1 2007H1 2006H2 2006H1 2007 Performance Civil Engineering 0 4% 8% 12% 16% Margin Revenue 77% Increase due to improved market local and African environment Dubai contribution was less than expected (contract changed by customer) – fully secured for full year 718 945 1 271 10 30 41 1% 4% 2% Building and HousingConstruction Civil Engineering Engineering Projects

25 25 Undertakes higher margin, multi-disciplinary plant construction, primarily for the private sector in the mining, power, oil and gas and heavy industrial arenas. Includes: Structural, mechanical and piping supply and erection High and low voltage electrical and control systems Engineering, Procurement and Construction of turnkey plants through alliancing Industrial and petrochemical plant maintenance, shutdowns and turnarounds Track record, market positioning and skills provide competitive advantage as a project delivery partner to foreign technology companies Preferred contractor for General Electric in power in Africa Strong footprint of project delivery throughout sub-Saharan Africa – particularly in Central and West Africa Construction Engineering Projects Building and HousingConstruction Civil Engineering Engineering Projects

26 26 Construction Revenue Engineering Projects F2007*H1 2007F2006H1 2006 89% 11% Oil, Gas & Power Mining & Industrial 87% 13% 68% 32% 70% 30% * As indicated by December 2006 secured order book (last published data) Building and HousingConstruction Civil Engineering Engineering Projects

27 27 0 10 20 0 200 400 600 Construction R million Operating Profit R million 377 % H1 2006H2 2006H1 2007H1 2006H2 2006H1 2007 Performance Engineering Projects 0 4% 8% 12% 16% Margin 32% Operating profits and margins improved as the business shrugged off the effects of two poor performing contracts that were completed in F2006 Revenue 284 340 376 15 5 4 17 11 3% 1% 5% Building and HousingConstruction Civil Engineering Engineering Projects


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