REVIEWED FINANCIAL RESULTS AUDITED FINANCIAL RESULTS. For the year ended 30 June 2011

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1 REVIEWED FINANCIAL RESULTS AUDITED FINANCIAL RESULTS For the year ended 30 June 2011

2 Contents page Highlights Louwtjie Nel 3 Sustainable development Health, safety and environmental Transformation Management continuity Operational review Building and civil engineering Roads and earthworks Australia Other operations Louwtjie Nel Paul Foley Kobie Botha Mike Wylie Charles Henwood 8 Financial overview John Abbott 84 Prospects Group order book Project pipeline Conclusion Questions Louwtjie Nel 98 WBHO Overview

3 FY11 HIGHLIGHTS & COMMENT

4 THE YEAR IN PERSPECTIVE

5 COMPETITION COMMISSION

6 FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE AND KEY RATIOS % change AUDITED FY11 Audited FY10 Revenue () 3% Operating profit before non-trading items () 14% Margin 12% 7,4% 8,4% Earnings per share (cents) 24% Headline earnings per share (cents) 20% Dividend per share (cents) 0%

7 SEGMENTAL ANALYSIS REVENUE CONTRIBUTION Other Operations R305m 2% Building & Civil Eng R4,378m 30% Other Operations R587m 4% Building & Civil Eng R5,470m 36% FY2011 R14,767m FY2010 R15,201m Australia R5,973m 40% Roads & Earthworks R4,111m 28% Australia R4,534m 30% Roads & Earthworks R4,610m 30%

8 SEGMENTAL ANALYSIS GEOGRAPHIC SPREAD Africa R1,686m 12% South Africa R7,108m 48% Africa R975m 6% South Africa R9,692m 64% FY2011 R14,767m FY2010 R15,201m Australia R5,973m 40% Australia R4,534m 30%

9 SUSTAINABLE DEVELOPMENT

10 SUSTAINABLE DEVELOPMENT

11 SUSTAINABLE DEVELOPMENT

12 SUSTAINABLE DEVELOPMENT SENIOR MANAGEMENT No. Average years of service Average age Average years of experience Exco Regional managing directors Divisional directors Alternate divisional directors TOTAL

13 OPERATIONAL REVIEW

14 BUILDING AND CIVIL ENGINEERING

15 BUILDING AND CIVIL ENGINEERING PERFORMANCE

16 BUILDING AND CIVIL ENGINEERING PERFORMANCE Revenue contribution % AUDITED FY11 Audited FY10 Revenue 20 4,377 5,470 Operating profit Margin 7,6% 7,9% Operating profit contribution

17 ROADS AND EARTHWORKS

18 ROADS AND EARTHWORKS PERFORMANCE

19 ROADS AND EARTHWORKS PERFORMANCE Revenue contribution % AUDITED FY11 Audited FY10 Revenue 11 4,111 4,610 Operating profit Margin 12,7% 13,7% Operating profit contribution

20 AUSTRALIA

21 AUSTRALIA PERFORMANCE

22 AUSTRALIA PERFORMANCE Revenue contribution % AUDITED FY11 Audited FY10 Revenue 33 5,973 4,534 Operating profit Margin 2,9% 3,6% Operating profit contribution

23 OTHER OPERATIONS

24 OTHER OPERATIONS PERFORMANCE Revenue contribution % AUDITED FY11 Audited FY10 Revenue Operating profit Margin 20,1% 10,6% Operating profit contribution

25 OTHER OPERATIONS CAPITAL AFRICA STEEL Revenue mix AUDITE D FY11 Audited FY10 Revenue Profit before interest 12 (13) Shareholder interest (89) (89) Other interest (15) (15) Loss after tax (78) (76) Impairment of loan - WBHO (66) -

26 FINANCIAL OVERVIEW

27 FINANCIAL OVERVIEW STATEMENT OF FINANCIAL PERFORMANCE AUDITED FY11 Audited FY10 Revenue ()

28 FINANCIAL OVERVIEW STATEMENT OF FINANCIAL PERFORMANCE % change AUDITED FY11 Audited FY10 Revenue () Operating profit before non-trading items ()

29 FINANCIAL OVERVIEW STATEMENT OF FINANCIAL PERFORMANCE % change AUDITED FY11 Audited FY10 Revenue () Operating profit before non-trading items () Fair value adjustments to investments - 3 Impairment of goodwill (36) - Impairment of goodwill in Roadspan P/L arising from the initial 70% acquired Remaining 30% acquired in FY11 Company profitable old loss-making contracts now worked out of results Conservative valuation led to impairment

30 FINANCIAL OVERVIEW STATEMENT OF FINANCIAL PERFORMANCE % change AUDITED FY11 Audited FY10 Revenue () Operating profit before non-trading items () Fair value adjustments to investments - 3 Impairment of goodwill (36) - Impairment of loan to associate (66) - Loan to Capital Africa Steel P/L impaired at interim reporting period No further impairment considered necessary Pipe factory profitable but not yet at full capacity RMS at full capacity - June profits exceeding expectations Overall group profitable at EBITDA Capital structure currently being examined

31 FINANCIAL OVERVIEW STATEMENT OF FINANCIAL PERFORMANCE % change AUDITED FY11 Audited FY10 Revenue () Operating profit before non-trading items () Fair value adjustments to investments - 3 Impairment of goodwill (36) - Impairment of loan to associate (66) - Profit /loss on disposal of investment 58 (6) Disposal of non-controlling interest in Bakwena Platinum Concession Company Proceeds of R86m Cost plus fair value adj amounted to R28m

32 FINANCIAL OVERVIEW STATEMENT OF FINANCIAL PERFORMANCE % change AUDITED FY11 Audited FY10 Revenue () Operating profit before non-trading items () Fair value adjustments to investments - 3 Impairment of goodwill (36) - Impairment of loan to associate (66) - Profit /loss on disposal of investment 58 (6) Share based payment expense (32) (9) R13m relates to Akani WBHO share scheme R19m relates to Edwin Construction P/L cash settled scheme anticipated cash settlement to be recognised as an expense

33 FINANCIAL OVERVIEW STATEMENT OF FINANCIAL PERFORMANCE % change AUDITED FY11 Audited FY10 Revenue () Operating profit before non-trading items () Fair value adjustments to investments - 3 Impairment of goodwill (36) - Impairment of loan to associate (66) - Profit /loss on disposal of investment 58 (6) Share based payment expense (32) (9) Operating profit Net investment income Share profits and losses in associates (51) (30) Profit before tax

34 FINANCIAL OVERVIEW STATEMENT OF FINANCIAL PERFORMANCE % change AUDITED FY11 Audited FY10 Revenue () Operating profit before non-trading items () Fair value adjustments to investments - 3 Impairment of goodwill (36) - Impairment of loan to associate (66) - Profit /loss on disposal of investment 58 (6) Share based payment expense (32) (9) Operating profit Net investment income Share profits and losses in associates (51) (30) Profit before tax Taxation (380) (467) Profit for the year

35 FINANCIAL OVERVIEW CASH FLOW AND RELATED RATIOS % change AUDITED FY11 Audited FY10 Cash generated from operations 68% Operating profit adjusted for non-cash items R1 233 Working capital changes (R 888)

36 FINANCIAL OVERVIEW CASH FLOW AND RELATED RATIOS % change AUDITED FY11 Audited FY10 Cash generated from operations 68% Cash on hand 26% Dividend cover (times) 23% 4,1 5,3 Acquisitions 22%

37 FINANCIAL OVERVIEW ACQUISITIONS % South Africa Renniks Construction P/L 60 Non-controlling interests Roadspan P/L Insitu Pipelines P/L 30 30

38 FINANCIAL OVERVIEW ACQUISITIONS % Australia Monaco Hickey P/L 60 Contexx P/L 50 CARR Civil Contracting P/L 51 Non-controlling interests Probuild CECK P/L 5 15

39 FINANCIAL OVERVIEW CAPEX APPROVED FY11 SPEND FY10 APPROVED FY10 Replacement Additions Special projects TOTAL

40 PROSPECTS

41 PROSPECTS ORDER BOOK ORDER BOOK SUMMARY Total Awards after 30 June Total /14 Building and civil engineering Roads and earthworks Australia Other Operations Less: utilised (2407) (2407) TOTAL FY % FY11 Revenue 137% - 110% 85% 25% TOTAL FY

42 PROSPECTS EPC CAPABILITIES

43 PROSPECTS EPC CAPABILITIES

44 PROSPECTS MARKET OVERVIEW

45 PROSPECTS PROJECT PIPELINE BUILDING Private Casinos Retail Hospitals Office developments Other Public Education Hospitals (Excl PPPs) PPPs TOTAL

46 PROSPECTS PROJECT PIPELINE CIVIL ENGINEERING South Africa Mining infrastructure ESKOM 460 Private Power Water Works Rest of Africa Mining infrastructure Ports 440 Power TOTAL 8 494

47 PROSPECTS PROJECT PIPELINE ROADS AND EARTHWORKS South Africa Roads SANRAL / Provincial / Toll Mining infrastructure Water storage / treatment / reticulation ESKOM Rest of Africa Mining Ports / Industrial / Water TOTAL

48 PROSPECTS PROJECT PIPELINE AUSTRALIA Retail Residential Commercial Healthcare Education Government Civil (QLD) 300 CECK (WA) 450 CARR (WA) TOTAL

49 PROSPECTS PROJECT PIPELINE PROJECT PIPELINE SUMMARY Building and civil engineering Roads and Earthworks Australia TOTAL

50 CONCLUSION

51 DISCLAIMER

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