MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1948/029826/06
JSE Share Code: MUR
ISIN: ZAE000073441
(“Murray & Roberts” or the “Group”)

UPDATED TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER
2022 AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

Over the past 12 months, the Group’s liquidity came under increasing pressure due to the
impacts of the continuing effects of the pandemic and the conflict in Ukraine, especially on
Clough’s portfolio of large fixed-price contracts. Specific areas of impact include, amongst
others, the disruption in supply chains, delays to project schedules and the associated
deferral of milestone payments and global inflation, which added to an already difficult
commercial environment. The compounding impact on project progress and ultimately
liquidity came to the fore during October 2022.

Shareholders are referred to the SENS announcement of 17 October 2022, regarding the
ongoing disruption to order book delivery, trading statement and cautionary announcement,
as well as the announcement of 5 December 2022, regarding the termination of the
proposed disposal by Murray & Roberts to Webuild of its interest in Clough Limited
(“Clough”), and the subsequent placing of Murray & Roberts Pty Ltd (“MRPL”), the Group’s
Australian holding company, and its subsidiary company Clough, into voluntary
administration.

As a consequence of the voluntary administration, the Group lost control of MRPL and its
subsidiaries, which include RUC Cementation Mining Contractors Pty Ltd (“RUC”). MRPL
and its subsidiaries have thus been deconsolidated from the Group with effect from 5
December 2022. The financial results of these companies, and the impact of the
deconsolidation, are reported under discontinued operations as from the start of the current
financial year, FY2023, as from 1 July 2022. This accounting treatment will be reflected in
the Group’s interim financial results and the net asset value of the deconsolidated
companies is excluded from the Group’s net asset value as at 31 December 2022.

The comparative financial results for the six months to 31 December 2021 have been
restated with MRPL and its subsidiaries, previously reported as continuing operations, now
reported as discontinued operations.

The Group expects to report FY2023 H1 results within the following ranges:
Results from continuing and discontinued operations*

                                                     FY2023 H1             FY2023 H1           FY2022 H1
                                                     Expected              Expected              Actual
                                                       range                 range               result
                                                         %                    cps                 cps
 HEADLINE (LOSS)/EARNINGS
 PER SHARE
 Basic                                                  >100%              (323) – (321)             13
 Diluted                                                >100%              (323) – (321)             13
 (LOSS)/EARNINGS PER SHARE
 Basic                                                  >100%              (628) – (626)             14
 Diluted                                                >100%              (628) – (626)             14

*Inclusive of the loss from the deconsolidation of MRPL, Clough and RUC.



Results from continuing operations

                                          FY2023 H1              FY2023 H1       FY2022 H1       FY2022 H1**
                                          Expected               Expected          Actual         Restated
                                            range                  range           result          result
                                              %                     cps             cps              cps
 HEADLINE
 (LOSS)/EARNINGS PER
 SHARE
 Basic                                       >100%                (33) - (28)        30                (25)
 Diluted                                     >100%                (33) - (28)        29                (25)
 (LOSS)/EARNINGS PER
 SHARE
 Basic                                       >100%               (32) - (27)         31                (24)
 Diluted                                     >100%               (32) - (27)         30                (24)

**Restated for MRPL, Clough and RUC, previously reported as continuing operations, now reported as discontinued
operations.


PROSPECTS STATEMENT

The Group is much smaller following the loss of its investment in MRPL and its subsidiaries,
and is currently navigating a challenging period considering its debt levels. The Group will
continue to evaluate options to de-lever the balance sheet to achieve a sustainable long
term capital structure.

As at 31 December 2022, the Group’s order book was R16,1 billion (FY2022 H1: R18,0
billion excluding discontinued operations), and the project pipeline remains strong. The
Mining platform represents R14,1 billion of the Group’s total order book and the Power,
Water & Industrial (“PIW”) platform represents R2 billion.

The Group remains optimistic about the prospects for its multinational Mining platform, and
the new opportunities for the PIW platform, specifically in the renewable energy and
transmission sectors in South Africa.
PUBLICATION OF INTERIM FINANCIAL RESULTS

Murray & Roberts intends to publish its interim financial results for the six months to 31
December 2022 on SENS on Wednesday, 1 March 2023 before 17:00 (CAT).

WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

As the Group has now provided more certainty regarding the impact of both Clough and
MRPL’s voluntary administration on earnings per share for the financial results for the six
months to 31 December 2022, shareholders no longer need to exercise caution when
trading in their Murray & Roberts shares.

The information contained in this announcement has not been reviewed and reported on by
Murray & Roberts’ external auditors.

Bedfordview

27 February 2023

Sponsor
The Standard Bank of South Africa Limited