. Operations The Group’s South African regional construction activities recorded revenues of R2,21 billion
(2004: R2,13 billion) and operating profits of R127 million (2004: R93 million) at a margin of
5,7% (2004: 4,4%). This result includes R37 million in contribution from concession investments
(2004: R35 million) and accommodates a poor performance in the overtraded Western Cape
market.

Integration between Cementation and Murray & Roberts in Southern Africa is well advanced
with empowerment partner AKA Capital introduced from January 2005. The combined business
recorded revenues of R1,85 billion (2004: R400 million for RUC only) and an operating profit of
R69 million (2004: R4 million for RUC only) at a margin of 3,7%. Revenues from mining contracting
in Canada and Australia are R655 million with operating profits of R42 million at a margin of 6,4%.

Middle East construction activities posted revenues of R914 million (2004: R889 million) at an
operating loss of R38 million (2004: R10 million loss including San Stefano). The major contributor
to the loss is Khalifa Sports Hall, with a further R10 million provided against the ADNOC office
project and San Stefano in Egypt. There has been good progress in bringing these and other
problem contracts to commercial finality.

The engineering contracting and services operations experienced a difficult year with a low
order book leading to under-recovery of overheads. Combined operating profits were down to
R26 million (2004: R81 million) on revenues of R603million (2004: R651 million) at a margin
of 4,3% (2004: 12,4%).

The general level of construction investment has remained buoyant in Southern Africa and Middle
East, offering stable market conditions for the supply of construction materials and services. Steel
products and services activities saw revenues increase to R1,64 billion (2004: R1,53 billion) at an
operating profit of R95 million (2004: R84 million). Steel fabrication operations are more dependent
on major project activity, but recorded growth in revenues to R626 million (2004: R428 million) at
an operating profit of R61 million (2004: R29 million).

The infrastructure materials and services businesses continue to underpin this sector with
revenues of R833 million (2004: R737 million) delivering operating profits of R144 million
(2004: R134 million).

The Group’s industrial interests comprising Murray & Roberts Foundries Group, UCW and
Consani (for the half year prior to liquidation) generated lower revenues of R1,02 billion
(2004: R1,26 billion) but improved operating profits to R92 million (2004: R70 million) at a margin
of 9,0% (2004: 5,6%).

Corporate overheads for the year are R115 million (2004: R100 million) and reflect the increased
cost of higher levels of domestic and international leadership to ensure the capacity for growth and
risk management across the Group’s diverse activities.