2. Shareholders’ presentation March 2002
Carl Grim : Managing Director
Dennis Gammie : Financial Director

3. Earnings per share cents December 2001 2000 % Change Actual Diluted
32,7
27,6 19
Diluted headline
40,7
35,4 13
Assume debentures converted December 2000
26,8 22
40,1
34,6 16

4. Ratios Return on equity 14,2 14,6 Return on capital employed 17,9 19,4
December 2001 %
December
2000
Return on equity
14,2
14,6
Return on capital employed
17,9
19,4
Operating income margin
4,1
3,2
Tax rate
28,2
29,4

5. Capital expenditure Rm December 2001 2000 Replacement 100 87 Expansion66
218
Total additions
166
305
Depreciation
(175)
(132)
Disposals
(20)
(21)
Net increase/(decrease)
(29)
152

6. Borrowings Interest bearing debt 1 514 1 571 Cash (361) (431) NetRm
December 2001
December
2000
Interest bearing debt
1 514
1 571
Cash
(361)
(431)
Net
1 153
1 140
Floating
Fixed
32%
68%
100%

7. Working capital Debtors 2 160 1 727 (433) 163 (270) Stock 1 104 920Rm
December
2001
June
Change
Translation
Net change
Debtors
2 160
1 727
(433)
163
(270)
Stock
1 104
920
(184)
132
(52)
Creditors
(2 441)
(2 248)
193
(170)
(23)
823
399
(424)
125
(299)

8. Ratios Debtors days 66,5 53,1 Stock days 40,2 37,4 Creditors days 88,8
December 2001
December 2000
Debtors days
66,5
53,1
Stock days
40,2
37,4
Creditors days
88,8
83,6
Asset turnover (times)
3,0
2,8
June
61,1
38,8
94,8
2,8

9. Working capital relative to revenue%
December 2001
December 2000
June
Debtors 18 14 17
Stock 9 9 9
Creditors 21 20 22

10. Strategy

11. The Aveng Group Aveng Steel Alpha & (Cement) Construction Allied 46%
100%
63%
100%
100%
100%
Infrastructure
&
Mining Products
McConnell
Dowell
Trident
Steel
Grinaker-LTA
Amalgamated
Steele

12. Turnover including Alpha [ 46% ]
Turnover - six months to December 2001
Cement
Steel
&
Allied 7%
24%
69%
Construction
Turnover including Alpha [ 46% ]

13. Segmental analysis Turnover Construction 74 75 Steel & Allied 26 25%
December
2001
December 2000
Turnover
Construction 74 75
Steel & Allied 26 25
Operating income 67 65 33 35

14. Operating margin % December 2001 December 2000 Construction 3,7 2,8
Steel & Allied
5,3
4,4
Aveng
4,1
3,2

15. Geographic spread - turnover
Africa/Middle East
29%
South Africa
(CMA)
53%
18%
Australia/SE Asia

16. Asset turn (annualised)
December 2001
December 2000
South Africa (CMA)
2,26
2,62
Africa/Middle East
1,6
1,41
Australia/SE Asia
2,42

17. Grinaker-LTA - full integration
C Grim
:Chairman
P F Crowley
:Managing Director
H D K Jones
:Deputy Managing Director
W Wassermeier
:2nd Deputy Managing Director
(w.e.f. 1 July 2002)
Underground
Mining &
Process
Engineering
Mechanical
&
Electrical
Engineering
Property
Development
&
Concessions
Civils &
Earthworks
Opencast
Mining
Building
NB : Head office relocates to Jet Park

18. Grinaker-LTA - strategic positioning
Geographic market
Building a presence in selected countries and sectors in two areas of the developing world:-
Africa /Middle East
Australia/S E Asia
Products/Services
Building the globally competitive
capability necessary to serve selected clients in three construction niche markets:-
Energy
Mining
Heavy infrastructure

19. Grinaker-LTA strategy
Product-Service
Carefully
defined
client
base
Carefully
defined
skills
base
Positioning
Resultant
developing-world
geographical
spread

20. Recent contracts won Project name Value Village Green Casino, Durban
R300 million
Sasol Pipeline
R1,7 billion (JV)
Agostinho University, Angola
R200 million (JV)
Durban Harbour
R270 million (JV)
UAC Flats, Nigeria
R90 million (JV)
Dubai Hotel
R760 million (JV)
Pietersburg Smelter
R75 million
Tasmania Pipeline
R240 million
Marikana Mine
R1.5 billion
Phoenix Mine
R750 million

21. Two year order book
R (billions)
December
2000
June
2001
December
2001

22. South Africa passenger car exports
Steel & Allied
South Africa passenger car exports

23. Aveng product – market positioning
“Construction in the developing
world supported locally by steel
and cement”

24. Strategic objectives 1. Financial stability
Achieved by nurturing the profit and cash generating capacity of the southern African construction, steel and cement businesses
2. Sustainable growth
Achieved by building a globally competitive construction capability in a few specialised niche markets of the developing world

25. Vision “To build a … globally competitive construction-related group
Emphasis for the
next 6 – 12 months
“To build a …
globally competitive
construction-related group
focused principally on the developing world”

26. Global competitiveness
VISION, STRATEGY
& BUSINESS PLANS
RISK MANAGEMENT
& GOVERNANCE
GLOBAL
COMPETITIVENESS
Systematic, ongoing &
multiple-level review
Clarifying purpose
& direction
Guiding the way
“we do things around here”
CORPORATE
VALUES

27. Corporate values CORPORATE VALUES INTEGRITY “Walking the talk”
DELIVERY
“Making it happen”
CAUTIOUS
ENTREPRENEURSHIP
“Getting out there
& making money”
QUALITY
“Holding the catch”
CORPORATE
VALUES

28. Achievements Growth Revenue up 20% Order book up to R8,7 billion
Hard currency revenue 47%
Quality
Acquisitions bedding down
Debt/equity ratio 49%
Operating margin 4,1%

29. Challenges Replicate first half financial performance
Working capital management/debt reduction
Alternative forms of financing/bonding
Globally competitive operations
Prepare for future growth/acquisitions

30. Moreland Millennium Bridge