Our domestic market leadership is enhanced through the acquisition of new business capacity in the construction economy and our preferred bidder status on both the Gautrain Rapid Rail Link and the PBMR Nuclear Power Programme. Commercial fixed investment has improved in Middle East and new project awards such as Dubai International Airport offer Murray & Roberts a platform for sustainable expansion following two years of market realignment. Finally, a major benefit of Rebuilding Murray & Roberts has materialised in the form of an empowerment strategy that will see broad-based community and staff participation in the equity of the Group into the future, combined with value-based empowerment partnerships in the Group’s various operating markets. Executive summary I am pleased to report our financial and performance results for the year to 30 June 2005, providing stakeholders with insight into how Rebuilding Murray & Roberts has established a new platform for the future development of the Group. This final year of Rebuilding Murray & Roberts has been characterised by further change and transformation as all the preparation throughout the five year process has been crystallised into a new performance platform for the future. While operating profits increased by 29% to R543 million off a 27% increase in revenues to R10,7 billion, a significant increase in taxation and reduced contribution from associates resulted in diluted headline earnings per share of 140 cents compared with 155 cents in the previous reporting period. We included a pro forma summary income statement and balance sheet in last year’s annual report highlighting the potential impact of the acquisition of 100% of Cementation and a 30% stake in Clough and disposal of our 45% shareholding in Unitrans. Had we adjusted for the normalisation of taxation, benchmark headline earnings per share would have reduced from 143 cents to 123 cents. This implies growth of 14% in the year. This final year of Rebuilding Murray & Roberts has seen a fundamental reshaping of our Group in line with our strategic engagement of the global construction economy. The acquisition of Cementation and a strategic partnership with Clough has established a global engineering and contracting platform serving selected natural resource markets in Southern Africa, Middle East, Southeast Asia and North America. Disposal of the Group’s 45% shareholding in non-core investment Unitrans created the opportunity for acquisition of 100% of the Cementation business in South Africa and Canada and a control shareholding over time in Clough Limited in Australia. Both companies operate within our strategic focus and are expected to deliver attributable earnings from the 2007 financial year at least in line with what could have been expected had the Group remained invested in Unitrans. The prospects statement included in the 2004 annual report was written at a time of significant corporate activity. Acquisition of the Cementation mining contracting assets in South Africa and Canada had been effected from 1 July 2004. Disposal of our 45% shareholding in Unitrans was in play and we had entered an agreement to acquire a strategic shareholding in Clough, an Australian oil & gas contractor. Resolution of a number of problem contracts meant that approximately R750 million of revenues in the year would offer no contribution. It is therefore pleasing that we have performed ahead of the prospects update included in the 2004 annual report and the half-year report for the period to 31 December 2004. We have maintained our operating margin at 5,1% (2004: 5,0%). This incorporates the substantial break-even order book carried through from the prior year and unbudgeted project losses, mainly in Middle East. The Group remains committed to a sustainable operating margin of between 5,0% and 7,5% which reflects both the opportunity and risk profile of our target market. Our year-end net cash position improved to R1,74 billion from R1,0 billion at 30 June 2004. This includes capital expenditure of R303 million and a net acquisition inflow of R350 million. We experienced a peak in working capital demand during the year, fuelled primarily by delayed funding of losses booked in previous years and some intra-year stock build-up primarily in the steel business sector. R339 million in interest-bearing long-term liabilities relates primarily to a loan facility arranged to fund a portion of the Group’s shares in Clough.