Murray & Roberts : Full Annual Integrated Report

ANNUAL INTEGRATED REPORT 2022

01

Group overview

06 Purpose-led value creation

10 Delivering our New Strategic Future

16 A strategy for shareholder value creation

1. Engineered Excellence for strategic advantage

1. The base for strong medium-term growth

1. Group leadership

1. Our material issues

CONTENTS

02	48	Chairman's statement
52	Group chief executive's and financial
	director's report
Leadership review
03	60	Energy, Resources & Infrastructure
68	Mining
78	Power, Industrial & Water
Business platform reviews
04	88	Risk management report
	96	Remuneration report

Risk and remuneration reports

SUPPLEMENTARY INFORMATION ONLINE

GROUP SUSTAINABILITY REPORT 2022

About this report		Our ESG risks and opportunities
Purpose-led value creation		Responding to our stakeholders
Statements from the Board		Our material issues
Our sustainability framework
ENVIRONMENTAL REPORT		SOCIAL REPORT
	Overview
Overview
	Responsible project delivery
Climate change
	Safety
Responsible production
	Health and Wellness
Positioned for a sustainable future
	People management
		Leadership
GOVERNANCE REPORT
	Working conditions
Overview		Learning and development
Governance of ethics, and		Diversity, equity and inclusion
environmental and social impacts		Sustainable localisation
Ethical business conduct		Meaningful community support
Data protection

ADDITIONAL INFORMATION

Task Force on Climate-related Financial Disclosures Index

United Nations' Sustainable Development Goals

Glossary

Independent limited assurance report to the directors of Murray & Roberts Limited

ONLINE www.murrob.com/inv-annual-reports.asp

CORPORATE GOVERNANCE INFORMATION

Full governance report, including Board committee reports and record of attendance

King IV application register

FULL ANNUAL FINANCIAL STATEMENTS

Accounting policies

Notes to the annual financial statements

Murray & Roberts Holdings Limited annual financial statements

Notes to the Murray & Roberts Holdings Limited annual financial statements

Annexure 1: Major operating subsidiaries and associate companies

Annexure 2: Interest bearing borrowings Annexure 3: Group segmental report

NOTICE OF ANNUAL GENERAL MEETING

FORM OF PROXY

05

Summarised financial results

1. Responsibilities of directors for annual financial statements
2. Group chief executive and Group financial director responsibility statement on internal financial controls

1. Certification by company secretary
2. Audit committee report

1. Basis of preparation
2. Report of directors

1. Statement of financial position
2. Statement of financial performance
3. Statement of comprehensive income
4. Statement of changes in equity
5. Statement of cash flows
6. Statement of value created

1. Ten-yearfinancial review
2. Ratios and statistics
3. Segmental analysis

01

GROUP OVERVIEW

LEADERSHIP REVIEW

06	138	Analysis of shareholders
139	Shareholders' diary
139	Administration and corporate office
Shareholders'	140	Glossary of terms
information	141	Murray & Roberts international offices
	142	Disclaimer

PG 140 GLOSSARY/Acronyms and terms used in this report

BOOK REFERENCES

ONLINE REFERENCES

REVIEWS PLATFORM	BUSINESS
REPORTS REMUNERATION	AND RISK
RESULTS FINANCIAL	SUMMARISED
INFORMATION	SHAREHOLDERS'

02

MURRAY & ROBERTS Annual Integrated Report 2022

About this

report Our integrated report for the year ended

30 June 2022 (FY2022) is aimed primarily at providers of financial capital, our employees, clients and business partners.

It presents the strategy, governance, performance and prospects of the Group, including our wholly owned business platforms, our joint ventures where we exercise significant influence and our investments. It covers the risks, opportunities and outcomes related to the global contracting environment, and to our relationships with stakeholders, that affect our ability to deliver on our strategy in the short term (denoting the coming reporting period), the medium term (the next three years equating to our rolling business planning cycle) and the longer term (beyond this planning horizon).

The Group is committed to continual improvement in its reporting as stakeholder disclosure expectations change. Specifically, we continue to deepen our ESG measurement and disclosure, in line with the reporting frameworks investors prefer.

The Group sustainability report provides detailed disclosure on ONLINE our governance structures and performance, related to our

material socioeconomic and environmental impacts.

Value definition and materiality

Framed by our Purpose and our Vision (see PG 06), our New Strategic Future strategy defines the primary drivers of shareholder value for the Group, which guard both our resilience through market cycles and our relevance over the longer term in a dynamic global context:

• Achieving diversification of earnings potential and risk exposure across regions and market sectors with robust, long-termdemand fundamentals - to secure sustainable growth;
• Deepening our differentiation as a contractor, employer and strategic partner, with increasing emphasis on ESG and digital solutions - to ensure sustainable competitiveness;
• Enhancing our relevance to our stakeholders, as a purpose-led,profitable, ethical and responsible multinational corporation aligned to the global advancement of sustainable human development;
• Ensuring the inculcation of the Group's governance system and culture (guided by our Values and operationalised by our philosophy of Engineered Excellence) - to guard stakeholder trust.

Within this value construct, Murray & Roberts defines material issues as factors that substantively affect our ability to sustain our strategic, operational and financial performance. These factors and the way we respond to them are likely to influence a stakeholder's assessment of the Group's ability to enhance enterprise value over time.

Our material issues details the process followed to determine our

PG 30 material issues and sets out our priorities at Group and platform levels in relation to these value drivers and outcomes.

Integrated thinking

The Board committee structure has significant overlap in membership, and together with the Group's organisational, integrated assurance and sustainability frameworks, promote operational visibility and integrated decision- making through clearly defined policy, approval and assurance processes. The Group's governance frameworks align to King IV1 requirements and oversight processes are regularly reviewed and adapted in line with changes in the Group's opportunity and risk profile. Continual improvement in the Group's standards, systems, best practices and reporting, in response to the operating environment and the needs of stakeholders, as well as performance outcomes, embed accountability for integrated thinking at every level of the Group.

PG 06 Purpose-led value creation

ONLINE Governance report

Process disclosures

The integrity of the integrated and sustainability reports is supported by a mature and effective process:

• The reporting team, with support from specialist external reporting partners, is led by the Group investor and media executive, who has unfettered access to the Group chairman, Group executive and platform leadership during the process of report preparation.
• A paper setting out the reporting approach and areas of improvement, based on developments in reporting frameworks and the disclosure expectations of stakeholders, is presented to the Murray & Roberts Limited and Holdings Limited Boards at the outset of report planning, giving the directors the opportunity to guide the process.
• The information in the integrated report is drawn from various sources; predominantly the Group and platform business plans for the following three-year planning horizon, interviews with the Group chairman, chief executive and financial director, as well as the Group's register of top risks and material governance-related information.
• The platform CEOs are responsible for drafting the platform reviews, that set out the Group's expectations in line with the requirements of integrated and sustainability reporting.
• The material issues entail independent analysis of Group and platform business plans and stakeholder insights, the output of which is considered by a specifically convened forum comprising the Group chief executive, financial director, commercial director and the investor relations executive. The material issues are tested against interviews with Group leadership, including the chairman for Board insight, and the executives responsible for risk and health, safety and environment, and leadership and succession.
• The Group chief executive and financial director review all integrated report content during the drafting process, and the non-executive directors are given the opportunity to review and comment on the drafts, before formal approval by the Group audit committee, whose responsibility is delegated to it by
  the Board.

ONLINE Auditor's report

ONLINE Assurance statement

ONLINE Independent limited assurance report to the directors of Murray & Roberts Limited

1. King IV copyright: Copyright and trademarks are owned by the Institute of Directors in Southern Africa NPC and all of its rights are reserved.

Reporting frameworks

The information included in this integrated report is provided in accordance with IFRS, the South African Companies Act, 71 of 2008 (as amended), the JSE Listings Requirements and King IV. The Board is of the view that the integrated report applies the principles and content elements of the International Integrated Reporting Framework (2021) in all material respects; however, they are applied in a way that is meaningful to the Group, and consistent with how we communicate with and account to our stakeholders. Our sustainability report has been prepared in accordance with the GRI Sustainability Reporting Standards at a core application level and the Task Force on Climate-related Financial Disclosures.

PG 125 Summarised financial results

ONLINE King IV application register

ONLINE GRI Standards content index

Board responsibility statement

The Group audit committee is responsible for overseeing the preparation and presentation of the integrated report and ensuring its integrity. The committee believes that the integrated report addresses all the material issues that have a bearing on the Group's ability to create value over the short, medium and long term. The committee recommended it for Board approval, which was obtained on 31 August 2022.

FEEDBACK	The integrated report is
intended to provide the basis
for meaningful engagement with
our stakeholders. We welcome
your feedback which can be
directed to Ed Jardim, Group

investor and media executive at [e-mail].

	Important information on
PG 142
forward-looking statements

03

OVERVIEW	GROUP
REVIEW	LEADERSHIP
REVIEWS PLATFORM	BUSINESS
REPORTS REMUNERATION	AND RISK
RESULTS FINANCIAL	SUMMARISED
INFORMATION	SHAREHOLDERS'