Murray & Roberts Holdings Limited (MUR) Earnings Call Transcript & Summary

Good day, ladies and gentlemen. Welcome to the Murray & Roberts results for the year ended 30 June in 2022. We had our employee presentation this morning, and I must say it's really wonderful after such a long time apart to actually see people in the room with us again. So thank you very much for your time in being here today. Before we kick off, just a quick note on safety. In the unlikely event of an emergency, an audible alarm will sound. You have 2 evacuation exits off of this floor. The first one is out the door here to my left, turn sharp left again, here where the bathrooms are. There's an emergency exit door there. You depress the box next to the glass and the door will release. You make your way down to the ground floor, out and around the building towards the public parking space across the road from the building, and that is the emergency assembly point. Your second exit off of this floor is once again out these doors to my left, towards the lift lobby. There are a set of stairs on either side of the lifts. Please do not use the lifts. Please go down the stairs all the way down to the ground floor, at the main entrance where you would have entered this morning across the road to the public parking space, where we will do the emergency assembly. We have no drills planned for today, so if there is an alarm, it will be a real emergency, and our HSE staff and our security staff will assist with the exit. As I mentioned, the bathrooms at these doors to my left and left again, they are unisex bathrooms. Also a big welcome to our stakeholders on the webcast as well as on the call. Great to have you with us. [Operator Instructions] And of course, will open for questions to the floor and the call as well. With that, I'd like to ask our Group CEO, Henry Laas, to kick off for us. Thank you, Henry.

Ladies and gentlemen, good afternoon. It is good afternoon now, 5 minutes past 12. Really, really nice to see all of you in this room. It's been 2.5 years. Can you imagine 2.5 years since we had an in-person presentation. We still have many people attending through the webcast and the conference call. So also welcome to all of you. It's really nice to have you in this room. Special word of welcome to the Chairman of the Murray & Roberts Holdings Board, Professor Kana , who is with us today. Welcome, Suresh, and nice to have you with us. And I'm also very pleased to see that we have almost a full room this morning, this afternoon. Okay. I've decided for this year's results presentation to invite some of my colleagues that will co-present with me. So myself and Daniel will deal with the group matters. And then I've asked the CEOs of our 3 business platforms to also present today. So Peter Bennett will present on the Energy Resources and infrastructure platform, Mike De Costa on the mining platform; and Steve Harrison on the Power, Industrial & Water platform. And we did a presentation this morning to our staff, and they were really very pleased with the fact that we had the other CEOs also presenting. And I think they are able to present with more color and myself and Daniel talking about their businesses. Just a very old comment on our strategy. As you know that the strategy that we follow within the group, we call this the new strategic future, and that is the plan that we've adopted to transition Murray & Roberts away from the South African civil construction company to become a multinational engineering and contracting group, and there's 5 aspects or 5 pillars to this plan. The first is to position ourselves as a multinational business, which means that we have to find ourselves in geographic markets where we believe the best growth potential is for our businesses. And secondly, also, we need to position ourselves in the market sectors where we believe we will achieve the best growth. Secondly, from a capability point of view, it was important for us to enhance our capabilities so that we are able to provide a service across the life cycle of a project. Now those 2 aspects of our plan, I think we have delivered on and we have achieved. And for that reason, we have rated our performance as green. That is the positioning part of our plan, where to position ourselves geographically and in which market sectors and to make sure that we have the capability within the group to service the markets that we are targeting. Those 2 parts of the plan is green. The other 3 aspects, I think will always be work in progress. That talks more to our performance. The first element of that is engineered excellence, which is the philosophy that we adopt within the group, and that is to achieve excellence in whatever we do. And it is engineered excellence, which means it doesn't happen by chance. We plan to achieve a certain outcome and then we implement that plan and we make sure that we achieve an outcome of excellence, whether it is the way in which we manage our people in the organization, the way in which we build our projects, in each and every aspect of what we do in the business, we do it with an approach of engineered excellence, a philosophy of engineered excellence. The fourth pillar is to achieve growth through acquisition and organic growth, and, finally, and ultimately, to enhance shareholder value. And as I say, these last 3 pillars, I don't think we will ever get to a point that we can say we can rate them as green. It will always be work in progress. But we have positioned the group geographically and in the market sectors where we believe we have to be, and that part of the plan, I think, is implemented, and there's not much more work to be done in that aspect. Operationally, we are organized into 3 business platforms, Energy, Resources & Infrastructure; Mining; Power, Industrial & Water; 3 separate platforms, each of them are managed by separate CEO and these 3 CEOs will be presenting together with myself and Daniel this morning. But we share a common purpose, we share a common vision and a common set of values within the organization. What we're trying to show on this map is how Murray & Roberts has achieved this multinational footprint that we've been aspiring to achieve for quite some time. We've divided the world map into 3 main regions: North America, EMEA and the APAC region. And you see different color dots that represents the offices that we have. In Johannesburg, there's a black dot for the corporate office, and the green dots represent Energy, Resources & Infrastructure offices, the yellow dots, Mining platform offices; and Power, Industrial & Water is the third platform, the blue dots. So if we can start with the EMEA region first, the corporate office in Johannesburg, where you have the black dot. And then in Johannesburg and Cape Town, you'll see 2 blue dots and that is where we have offices for our Power, Industrial & Water platform. And then up in Africa, we've got 2 mining offices, one in Kitwe in Zambia, the other one in Accra and Ghana. And then up north in at Scotland, we have an office for the Energy, Resources & Infrastructure platform with the Booth Welsh business, which operates out of that office. In North America, the U.S.A. and Canada, several offices from the mining business and several offices for the engineering of Energy Resources and infrastructure business. And then in the APAC region, also several offices for the mining platform and several offices for the Energy Resources and infrastructure platform. So a formidable coverage of the markets that we would like to penetrate, but also the geographic regions that we would like to penetrate. And for that reason, we are very confident and comfortable that this aspect of the strategy we've delivered on, and we don't need to go beyond what we currently have. We can service our markets very well from where we are based. I want to talk about the results a little bit in context, and I'm using the words in context because we need to understand it around what happened during the pandemic and after the pandemic. The first set of information on the top left of this slide refers to revenue. And we're starting in 2019, which is pre-COVID, 2019 is pre-COVID, you can see in 2022, the revenue actually increased significantly from where it was in 2021, up from ZAR 22 billion to ZAR 30 billion. On the EBIT slide, prior to COVID in 2019, we recorded earnings before interest and tax of ZAR 847 million. And then we had a major impact of COVID in 2020. That was the year when almost all of our projects came to a grinding halt. We were not able to progress any of our work, and there was a material impact. And for that reason, we recorded that loss of ZAR 17 million. But the pandemic started in 2020, and we felt the impact into 2021 into that financial year, more from a point of view of virus and virus infections and our inability to mobilize people on to project sites and our inability to progress the works the way we want it to because of isolation and restriction, how people could engage on project sites. So the earnings before interest and tax in 2021 improved to ZAR 540 million. But in that year, we started to encounter a further impact of the pandemic. And that is when the impact started to filter through into our supply chain. And that impacted us in 2021. It impacted us in 2022, and we still have impact in the new financial year 2023. The supply chain is a problem for us. And also, when we do our procurement and shipping, it does not happen as efficiently as we would expect, and it does impact our progress on your projects. And also currently, we're dealing with this environment where we have escalating inflation. So the earnings before interest and tax at ZAR 705 million, it is not where we wanted it to be. So our margins have been impacted and the margins are down. And if you only compare pre-COVID to last year 2019, ZAR 20 million of revenue delivered, ZAR 847 million of earnings before interest and tax. In 2022, ZAR 30 billion of revenue delivered, only ZAR 705 million of earnings before interest and tax. So you can see that the margin in the business, your operating margin, is below our expected range of 3% to 5% for the reasons that I've mentioned. The bottom left part of the slide is also very important information, showing the order book of the group. Engineering and contracting company without an order book is not a business. It's not like a retail organization where you've got feet walking into your business and buying on a regular basis. Without an order book, you cannot really run an engineering and contracting business. And we believe that the size of the order book and the quality of our order book is proof of the impact that our strategic change in the business has achieved. We are comfortable that our strategy has delivered on supporting the business with a phenomenal order book. But it's not only the order book, it's also near orders, and we'll get to that in a bit more detail later on. Near orders of ZAR 60 billion. I mean, this is just extraordinary. It is a fantastic order book that we have within the group. It is a fantastic set of near orders. But as I've already mentioned, we do sit with a scenario in the reporting period to June 2022 that your margins came under pressure, and we could only report 2%, 4% operating margin compared to our expected range of 3% to 5%. Just at a very high level, the results salient features. Revenue we've spoken about, up from, say, ZAR 20 billion to ZAR 30 billion, continuing earnings before interest and tax. It looks like a good increase from ZAR 540 million to ZAR 705 million. But as I said, we would have left the ZAR 705 million to be a little bit more. And the diluted continuing HEPS improved from ZAR 0.16 a share to ZAR 0.58 a share. That is notwithstanding the supply chain disruption that we have -- that we are still experiencing and the escalating inflation environment that we have to build our projects in -- within the Australian region and the Americas. The growth predominantly came from improvement in our Energy, Resources & Infrastructure platform. Mining revenue was up slightly. Earnings were down slightly. And the Power, Industrial & Water platform reported a reduced loss in the past financial year. Now I know we've been criticized for quite some time, why are we still persisting with this business within the group? And I think we are at a point of breakthrough where this business is ready to return to profitability. The investment, which is happening in South Africa and the accelerated investment in utility scale renewable energy is going to give us the opportunity, which we haven't had for a long period of time in this business. We haven't had an opportunity compared to what is ahead of us now. And we believe that we will return to profitability in financial year 2023. The order book I've spoken about just 1 further observation. In that order book of ZAR 60 billion, ZAR 29.8 billion, or say ZAR 30 billion is scheduled for financial year 2023. And that is the level of revenue that we've achieved in the previous financial year. So we do expect strong revenue growth to continue into financial year 2023. Net debt of ZAR 1.1 billion compared to a net cash position of ZAR 700 million in the 2021 financial year. So the movement in debt is predominantly due to an increase in working capital, and that is required -- which was required to support the growth that we've reported in this year. Earlier on, I said to the people that -- or the staff that we presented to that revenue improved by 50% from ZAR 20 billion to ZAR 30 billion. And then Daniel ran the numbers and he said no it's improved by 36% from ZAR 21.9 billion to ZAR 29.9 billion So I said we're just rounded up to 50%. So revenue was up by 50%. And when you achieve those levels of growth, and we anticipate that growth to continue into the new financial year, it does require increasing levels of working capital, and that is reflected in the net debt position that we closed out on in June 2022. I want to talk to you about a few more slides explaining in a bit more detail the order book. As I said earlier on, this is ultimately a primary requirement for an engineering and contracting group. You must have an order book without that, you don't have work. On the right-hand side, you see the total for the group. It starts off with June 2021, the end of the previous financial year, and then into the reporting period. You can see we maintained it at ZAR 60 billion, an order book of ZAR 60 billion. So if you started the financial year with ZAR 60 billion, and you've closed the financial year with a ZAR 60 billion order book, and your revenue during the year was ZAR 30 billion, it means that during the course of that year you have secured ZAR 30 billion of work to maintain that order book after you've burned ZAR 30 billion of revenue. That is a phenomenal achievement for an organization to be out in the market and to bid and respond to tender inquiries and to end up to ZAR 130 billion of work, new work during a 12-month period, it is quite an achievement. And I think that would not have been possible if it wasn't for the strategy that we've implemented in the group, and the way in which we have positioned ourselves in our target markets to respond to the opportunities that we see in those markets. The Energy, Resources & Infrastructure platform as well as the Mining has sort of each of them maintained their order book during this period. And Power, Industrial & Water, very, very low order book, ZAR 400 million, but when you listen to Steve a little bit later, he will explain to you that we are quite excited about opportunities in [indiscernible] where financial close will be reached at the end of September for the renewable energy in South Africa. And we are well positioned for a significant flow of orders associated with that work. Just another way of looking at the order book. To the left, we have the 3 platforms under the heading platform. And to the right of that, is a split trying to explain what percentage of that order book is in the SADC region and what percentage of that order book is in the international market. So for Energy, Resources & Infrastructure, 100% of that order book is in the international market. For Mining 45% is in the SADC region, 55% international. And Power, Industrial & Water, the small order book that they have, all of it is in the SADC region. So for the group as a whole, 17% SADC region, and 83% is international. The set of information to the right of that column compares the order book June 2021 to June 2022. And we've looked at this detail in some of the previous slides, basically maintaining the order book at the levels we had at the end of the previous year and then for the group at ZAR 60 billion. And to the right, we have a time distribution of the order book. And what you try to do there is to take the June 2022 order book, for example, for the ERI platform and to break that down over time. So of that ZAR 37.2 billion, we are planning or ZAR 18.6 billion is scheduled for implementation in financial year 2023. And we've done the same for Mining, and we've done the same for the PIW platform. And then we've totaled it at the bottom for financial year '23, '24 and beyond '24. And there, you can see that we have ZAR 29.8 billion of revenue secured for financial year 2023 at the beginning of this year. And for that reason, we can say with a reasonable degree of confidence that revenue for financial year 2023 should be circa ZAR 40 billion. So if you just look at the trajectory over the past couple of years, in 2021, it was just over ZAR 20 billion. In 2022, it was ZAR 30 billion. In 2024, we're looking at ZAR 40 billion -- 2023, we're looking at ZAR 40 billion of revenue. So that is the growth path that the group is on at this stage. And as I mentioned earlier on, it is -- when you grow a business at this pace, it does consume working capital, and we have proactively put measures or plans in place to deal with that, and Daniel will expand on it a bit later. Up to now, we've spoken about orders and near orders. And just want to differentiate between all the different terminologies that we use when we describe our pipeline. The order book is all contracts that we have signed with clients to do project work for them. So we are in the process of executing the work that is in our order book. In near orders, near orders we classify for work with -- and that's part of our pipeline -- under that yellow heading pipeline, orders is the first category there. With a near order, we are a preferred bidder and the work might even be awarded to us, but we haven't signed a contract yet because there might still be conditions outstanding, conditions that must be met. So near orders, we say it should find its way into the order book, subject to those conditions being achieved. And you'll see in the Energy, Resources & Infrastructure platform, there is ZAR 43 billion of near orders, and Peter will talk to the conditionality around that ZAR 43 billion as and when that will find its way into the order book. Category 1 is what we define for project tenders that we are working on, or tenders that have been submitted, which are under adjudication. So that is indicative of the next wave of projects that will move into the order book. So it is the projects out in the market that's the furthest progress at this stage and the closest to being awarded. So that's category 1. Category 2 is feasibility studies or budget estimates. So it's further out in time. It is not as far progressed that the market is asking for tenders so that they can award tenders for execution. It is still in the planning phase. That is category 2. And category 3, are projects that we are aware of that we have identified that we can compete in and that we are -- that we will be targeting as soon as those projects come to market. So we've got knowledge of those projects, but it is not as if we've been asked to provide a budget estimate or to provide a tender. So that is, in time, further out. And as an organization, it is very important for us that our operating platform maintain visibility of what the opportunities are in their respective markets, and that they engage the markets and position themselves so that we can keep on running ZAR 30 billion, at least ZAR 30 billion of work every year if we want to maintain this order book at current levels and with the revenue growing, we might even have to secure more than ZAR 30 billion a year. So it is so important to remain focused on your market and understanding the opportunities in the market and to respond to them at the appropriate time. We can never do a presentation on our results without talking about health and safety. You will see later on in the presentation some of the project slides that will be shared with you. We built projects in environments where people can get hurt and where people can get killed. So it is so important for us to make sure that we are focused on ensuring the safety, health and well-being of our employees. On the left-hand side of the slide, you'll see the line diagram with the 0.58. That is our lost time injury frequency rate for the group at the end of the previous financial year, 0.58. And that is an improvement on what we had last year. Last year, it was 0.9. So a significant improvement. That is an expression of lost time injuries per million man hours worked. To the right, the bar graph, that shows you the fatalities that we've had in the group over time. And as you can see, in financial year 2022, we had no fatal incidents within the group. And I am so proud of our businesses and the platform leadership and the work that they are doing to deliver these projects in environments, as I said earlier on, where people can get hurt and where people can get killed, and to do it with this outcome as far as safety is concerned. When we break that 0.58, which is the group's figure, if we break it down in the various platforms, and we benchmark ourselves against our competitors, our peers, this is a world-class performance. This is a world-class performance, and it's something that we're very pleased about. Just a comment about ESG. ESG is becoming a more and more important topic under discussion and we know what the pressures are worldwide in this space. And we decided in the previous financial year to make use of the services of a company called CEN-ESG. They are based in London, and they are specialists in rating companies on the ESG performance. For financial year 2021, we had a score of 31.5. That is a complete measurement of the entire ESG portfolio, and that compared to the 30.2 score, which they've given to the industrial sector businesses that they have issued ratings on. In 2022, that result improved for the group to 39.4, and the industrial sector, it is 38.2. So there was an improvement across the board, but we are still very pleased with our performance and the feedback from CEN-ESG was that this was a good performance because they're really the best, best-in-class, they get a score of something like 50 -- just above 50. So the 39.4% we're very pleased about. But there's one thing I would like to point out. In our business, we recognize the responsibility that we have being part of a larger society as far as the environmental responsibility is concerned. But we are not a polluter. We don't have fixed facilities, factories, chemical plants, power stations. We don't have that. So our environmental footprint and our carbon footprint is very, very small. The biggest contribution that we can bring in this ESG space is to support our client base, which have a much greater environmental footprint than what we have, how do we assist them, how do we assist them to improve on their footprint. So that is our focus. I think we are -- there's not much more we can do to improve our score as far as environmental is concerned. And as I say, because we are not -- we are a service provider as a company. We don't own lots of fixed facilities, which brings a lot of pollution about. And on social and governance, we really had a good -- we had a good score. I think that's 2 areas within the group that we are really doing very well. in. On the social side, I think we're doing well. And our safety performance also reports under the social responsibility. And from a governance perspective, I also think we are doing pretty well. And with that said, we're getting to the next chapter of this presentation. And here, we will move into some segmental analysis. We will receive presentations from our 3 business platforms CEOs. After that, Daniel will share with you more about the Bombela Concession Company, and then into discontinued operations before we will move into the consolidated financials for the group. So I would like to hand over to Peter Bennett now, who is the CEO of the Energy, Resources & Infrastructure platform. Thank you, Peter.

Thank you, Henry. Good afternoon, everybody. And again, it's great as Henry says to see everybody here in the room again for what feels like a very long time. So I'll start at touching on a couple of the key projects that we have been executing in the portfolio at the moment. And the first one here is our largest project that we have underway in North America at the moment. So this is a Project Traveler. Our client is Next Wave Energy Partners. And around USD 650 million project value at the moment. The project is due to complete within the current financial year. So it's coming to a close. This -- the photograph you see here on site is actually a little bit dated. Things have moved on quite a bit then. This is one of the projects that Henry has talked about earlier that's been through fairly extensive impact as it relates to the pandemic and all of the other knock-on effects that have impacted our industry in the last few years. Snowy Hydro project. This is the largest project we have within the APAC region. This is a AUD 5.4 billion project. We're a 35% joint venture partner here with Webuild from Italy. And the project has also endured everything from bush fires through pandemic to get to where it is today. But what I'm pleased to report is that as of today, the project has all 3 of its tunnel boring machines in operation. The precast segment factory is operating at full capacity, building all the elements to line the tunnels. And also, we're about to start work on the excavation of the main underground powerhouse. So really, the field execution phase of this project is in full swing at the moment. A lot of the preparatory works and support works associated with building the construction camps or the surface facilities, all of those elements are all now behind us. The project, as I said, has been impacted through its history to date. Despite what you might read in the press, we're not in dispute with the client here. What we do have is a pretty collaborative approach to talk at how do we mitigate those impacts, both in terms of time and cost as we look to the next few years of project execution. So we're working very collaboratively with that client, but the project is really starting to perform quite well now, and we're very pleased with where it's at. Project EnergyConnect. This is a large project that we have also in the East Coast of Australia. So it's Australia's first high-voltage power transmission project in about 30 years. It's running -- partly 3.3 KV, partly 5 KV, high-voltage transmission lines from Central New South Wales to the South Australian border. As you can see from this photograph, this is very early stages in terms of its field activities right now. This is just a laydown yard that's being prepared for some of the construction materials and so and so. So early stages in the field, but the project is has now got its full release and moving ahead at full steam. So if you look at the -- in terms of the numbers that are represented here and further the geographic breakdown that Henry reported across the group, we also categorize the Energy, Resource & Infrastructure platform along these same lines. So North America, EMEA and then APAC. So what you'll see in the North American business, and particularly as we contrast with the prior year, revenues are up, but what you see is that operating profit is down. The other thing that you'll see is that order book is a little bit up on where it was this time last year. But effectively for a business that burned $6 billion of revenue this year, the order book being only at $6 billion tells you what we talked about at the last report, which is the fact that this market was grossly impacted by the oil price and other events that's meant that we just haven't brought enough new work into the business to sustain these revenue volumes going forward. The reduced operating profit is impacted from a number of elements. There's been some unforecast, unrecoverable or unrecovered impacts from COVID that we've taken into account in our margin recognition. And certainly that ongoing impact has been something we've worked through the financials to date. It's also had a lot of the integration costs. We acquired the JJ White business there in Philadelphia. And so that business is now fully integrated into the group. And obviously, we've recognized the cost of that integration in the year as well. The EMEA region, this is our Booth Welsh business, relatively small in comparison to the other parts of the business. The business is in good shape over there. Their order book of 378 is quite a strong position to be. And this is a small services business. They do a lot of book and burn, so fairly short duration contracts and lots of them. So to have an order book of this size at this point in the year is quite a strong sign for that business. So we're quite pleased with where they're at. They're just relatively small in the overall scheme of the platform. The APAC business is, I guess, historically, the oldest part of the platform and certainly the most active. You'll see this year had quite a strong revenue performance of just under ZAR 10.5 billion and a strong recovery in terms of operating profits, back to 4%. We'll obviously look to continue that trajectory. It does also have a very strong order book of just under ZAR 31 billion there at the moment, and we'll talk on the next slide a little bit about the near orders that Henry mentioned earlier. But the APAC region is benefiting right now from a series of great projects that we have that are now really starting in their key delivery phase, which is when the larger revenue volumes are there. And as Henry talked to, the diversification that we undertook within the platform over the last few years is now starting to bear fruit as those -- as diverse markets have got projects in the field and starting to generate meaningful revenue. So we're very, very pleased with where that's at. A couple of projects mentioned there, the Waitsia gas project, which is in Western Australia. I was up on that project site about 2 weeks ago. It's now starting to receive all of its major equipment. So again, all of the impact and the delays and so on that have been -- that the supply chain has been inflicted with in the past couple of years are now behind us. We're starting to receive all of that equipment material on site. So that project has got a great pathway through to completion now. Transport, we spoke about. Lombrum is a project we're doing up in Papua New Guinea for the Department of Defense. Power Station in Tallawara, which is Australia's first hydrogen capable power plant. So that project is moving ahead quite well. And again, we're starting to receive all of the major materials and equipment on that site now and through the coming 6 weeks. And Snowy, we talked about earlier. So the earnings that we talked about in contrasting with 2021, those ones were impacted by some poor performing projects that we had in the portfolio at that point in time. Pleased to say that at this point, we don't have any loss-making projects in the portfolio. So we're quite pleased with the operations going on there in the business. We look to the trend over the last 3 years, going from 2020 through to where we are today. You can see the trend in revenue and EBIT is in the right direction, and we're anticipating continuing that growth. We're looking to -- and we've got the order book to do that. So that's been very, very pleasing. The order book that we talked about in terms of the near orders, a little bit north of ZAR 40 billion. The bulk of that is represented by 2 large projects that we actually both have signed contracts for at the moment. So the first one is the Perdaman [indiscernible] urea project in Western Australia. So that project is one that we have got a signed contract for. We've been working with that client for the past 3 years to get to this point. There's 2 thresholds that's still yet to be -- need to be met for that project to convert from a near order into the order book. And that is he needs to complete his financial close, which is anticipating within the coming 2 months. And then, obviously, our obligation alongside that is then to provide the bonding to support the performance guarantees that we have as a contractor in a joint venture with , [indiscernible] our partner. The second project that makes up the other half of that ZAR 40 billion is the inland rail project. So this is a large freight rail project going from Toowoomba in Queensland, all the way down to Melbourne and Victoria, has been broken up into a number of sections. We have a relatively short section, but the most complex, a lot of tunnels, bridges and so on. That project, we have been awarded that project. They haven't made full notice to proceed at this point because they're looking for -- they've got to resubmit some of their environmental permits that required some changes from the initial submission. So we are working for that client at the moment under a limited notice to proceed, executing some of that work. They need to seek their final environmental approvals, and they're planning that for February of 2024, that sort of time frame. So that one, we have a little bit more time in front of us before that one comes into the order book, but it's a great position to be in. And obviously, there's a number of other projects in our pipeline that also take the form of either near orders or Category 1 orders. So we're very, very happy with our pipeline and our positioning. But as Henry mentioned earlier, the growth of the business is -- does have a challenge that comes with it, and that is the working capital requirements and indeed the bonding capacity. And so that's one of the -- both of those things really are helping us focus very clearly on the business and the sort of work that we pursue in this space. And so getting a better balance in terms of some of the -- we've got a lot of lump sum work in the portfolio. We're looking to add more reimbursable or unit rate type work with a bit lower risk profile and lower bonding and working capital requirements. So really helping us focus in terms of how we balance our risk in the portfolio and something that we're really quite pleased to be challenged with given that it's in response to a strong growth in the business. And with that, I'll turn it over to Mike to take you through the Mining platform.

Good afternoon, everybody. So like Peter, I was just kick off and take you through a couple of the projects that we're busy within the mining platform. Just to give you an idea of the sort of projects that we are delivering and the scale of some of the work that we do. So I'll start off with the Venetia project, which is here in South Africa, in Northern Limpopo. And the client is De Beers, Anglo American. It's a massive project, basically transitioning Venetia from an open pit mine to an underground operation. We've been busy on this project for close to 10 years now, and there's still quite a bit of runway ahead of us. So we've basically sunk 2 vertical shafts down to about 1,000 meters depth, the production shaft and the service shaft. We have just recently commissioned the production shaft to transport men and material, and we're now busy doing the construction work to then enable us to commission the production shaft to hoist ore as well. And we're busy with quite a significant development program off the bottom of those shafts to establish the long-term mine infrastructure at the bottom of the mine. The other part of the project is a decline access where we are developing access via a decline to the ore body, also a very significant development project. So this past year, we basically had our best year at Venetia. It was a reasonably good year. And we continue to work -- our teams continue to work to improve performance and continue to deliver good returns from that project. The second one I'd like to highlight is the work that we're doing at Oyu Tolgoi. So the client there is Rio Tinto, and this project is in the Gobi desert in Mongolia. Here, we are sinking 2 ventilation shafts, pretty big ventilation shafts. We've been quite challenged on this project. COVID really, really disrupted this particular project. Essentially, we ended up putting the project on care and maintenance for more than a year. Fortunately, we were able to restart about 6 months ago. And with that restart, we engaged the client to restate the commercial terms of the contract. So we're in much better commercial terms now. And the project is pretty well derisked from our perspective. So both shafts are sinking, going reasonably well, and the crews are busy ramping up the production output and going through a process to improve [ cycle ] optimization. Then we have the project at the Jansen mine for BHP. That's in Saskatchewan in Canada. A very, very big potash project that BHP is developing in this area. So 2 vertical shafts have been sunk, not by ourselves, by another contractor. And we recently were awarded the work to do the final equipping and basically getting all the infrastructure set up to bring these 2 shafts into production. So a very big project for us, too. We've been busy there for about 4 months, establishing sites and basically getting the work going. So far, very -- progress is pretty good. And I'm sure that project will deliver very well for us. Okay. So getting to the numbers. I think, as Henry pointed out, the Mining platform is really structured into 3 subsidiary regional operating companies, 1 in Africa based in Johannesburg, 1 in the Americas based in Salt Lake City in Utah and 1 in Australasia based in Perth. So for our African business, you can see the revenue -- there was a slight improvement in revenue for the year. And that's just really driven by this good performance at Venetia. Venetia really outperformed from the previous year, and that contributed to the increased revenue that didn't translate to earnings completely. And that's really because the prior year earnings was influenced by a couple of one-offs. Those one-offs being the positive impacts from the project closures during that period. You'll note that the order book decreased by about ZAR 2 billion. And that was really driven by early termination of 2 projects. Those projects were terminated by mutual consent. But it did mean that ZAR 2 billion came out of the order book. The fact that those projects were terminated also impacted on operating profit to some extent because they were higher-margin projects. In Australasia, a significant increase in revenue and in earnings. So a fantastic performance from that business. We've seen some significant growth in that business over the last 2 to 3 years. And the prospects for further growth are really great. So we're really excited about that business in that region of the world and the opportunities that, that region holds for us. We believe we're very well positioned there to capitalize on the growth in investment in that area of the world. As far as the Americas is concerned, we saw a good recovery in order book. So the Americas were really impacted by COVID. And that impact manifested really -- the real impact from COVID in that part of the world was that there was significant deferment in investment decisions. Mining operators just delayed decisions in terms of any kind of investment. Work didn't come to market and the order book deteriorated. As you can see there, the order book has recovered again through 2021, and we've been able to hold it steady in 2022. But that hasn't -- the recovery in order book hasn't yet completely flowed through to revenue. And as a result, the overheads that we're carrying in that business, we need to carry a fairly big overhead to continue tendering and continue winning work and growing the order book. So the overhead that we're carrying in that business is fairly big. And the revenue hasn't recovered to the extent to offset those overheads. But it is recovering, and we anticipate that, that recovery will continue and that we will now start seeing a recovery in earnings going into future, too. So as I've pointed out, the Mining platform and the math that Henry showed earlier, you can see the Mining platform has quite an extensive global footprint. But we've come to the realization that these 3 regional businesses have served us pretty well and they've performed really well. But we believe there's more value that we can leverage out of these businesses if we create more of a global overarching structure over them and create more of a global presence. So we're busy with quite a significant transformation program within the mining platform at the moment. That program is incurring additional costs. It's kind of out of the ordinary costs. So that is heading to our overhead as a platform. And that, in this past financial year, has eroded the margin a bit as well. Okay. So I think if we can start in the bottom left-hand corner, so you can see that we've been able to maintain the order book pretty much through FY '21 to FY 2022, bearing in mind that we removed ZAR 2 billion from the African order book due to those projects that were terminated. Notwithstanding that, we've been able to maintain our order book. So I think that's a really solid performance. In addition to this, we have about ZAR 14 billion worth of new orders. And we anticipate that around half of that will convert in the next 3 months or so. It's really 3 projects, 2 major development projects in the U.S. that we're expecting to come to book and quite a significant shaft thinking project in Australia that is fairly close to being awarded to. So between those 3 projects, they should add about ZAR 7 billion to our order book over the next, say, 3 to 4 months. So with that order book being fairly strong and stable, that has started to flow through to revenue. You can see the revenue numbers increasing from '21 to '22, and that hasn't quite flowed through to the EBIT yet, but we are forecasting for that to now start happening. Just a quick look at the order book. So just to give you a sense of our sort of commodity spread in the order book. As you can see there, the order book is really focused on what we call future-facing metals, these metals of the future that are required to decarbonize the world. So between the future-facing metals, gold and diamonds, that's basically our order book. And that puts us in a really good position because it indicates that it's sustainable. These metals should perform or these commodities should perform well over the medium term. So we think that our order book is really solid and sustainable. And to support that as well, a lot of these projects are with really blue-chip major companies, not too many juniors in there. So I think a very strong solid order book puts us in a good position for the future. So with that, I think that's the end of mining, and I'll hand over to Steve.

Thank you, Mike. Good afternoon, everybody. Maybe we just start with this stunning photograph. Thanks to Lisa and our photograph for this. This is a beautiful African sunrise over 75-megawatt PV plant that OptiPower did all the electrical balance of plant transmission and HV work on in the Northwest. That was around 4 project that we concluded at the back end of last year, but it's always good to see a beautiful photograph like that and look at the good work that we do. Again, just going through some of our key projects. This is -- we are currently working directly for Eskom of Medupi, where we're doing maintenance work on their mills. So it's obviously a very important project for us. We have to maintain those mills so that the mills can pulverize the coal, put the coal into the burners and fire the boilers. So that's a 3-year contract that we've got there. We're about 18 months into it, and it's the second time it's been renewed. So we're hoping it will be renewed again and we're hoping it will lead to further maintenance work direct to Eskom. This is the Golomoti PV Solar Farm. Again, this is an OptiPower project. This is a 20-megawatt project that was -- we completed this in March this year. It was a private developer, JCM Power, a Canadian developer out of Canada. They did this work for the Malawi Eskom company. Again, if you look in the foreground, you can see the -- that's the battery storage. It's quite interesting. It's a 20-megawatt PV, and it's got a 5-megawatt BESS. So we did all the integration engineering around the BESS. And then you can see the substation that the HV engineering and construction work, and then going out into a transmission line and then tying into the Eskom network in Malawi. So as I say, we finished that private developer, we finished that in March this year. This is our Organica Wastewater plant, and I was laughing earlier in the presentation we gave to some of our staff. Peter always kind of teases me a little bit with regard to this. He always says, "Steve, you've always got pictures of this Organica plant and you're milking it a little bit." I'm not embarrassed to milk it all. These are -- we're very proud of this plant. This plant went through extensive testing over 2 years in eThekwini. And we found a home for it at the V&A Waterfront, which is really front and center in Cape Town. So that is in commissioning right now. We've got a 10-year -- it's still our asset. We own that asset. We've got a 10-year contract with the V&A to mine sewage water and produce gray water that they're going to use for irrigating and toilet flushing to offset the input of potable water. I think the significance of the Organica technology is we all know the challenges that's happened in the wastewater treatment sector in South Africa. We're looking at applying this technology to a PPP, which we believe is going to be floated towards the end of the year from eThekwini municipality. So we think that this will give us a differentiator. So we're going to be working hard on putting up PPP together when the RFP comes out, and we hope we can win that. So that's the significance of the Organica technology for us. Really low footprint and really low operating costs, which will be fantastic when you build it into a complete operating model on a rand per cube basis. If we look at the numbers, a little bit disappointing from my perspective. We've had a marginal improvement on the loss from 2021 to 2022 overall. But again, if we look at the sectors that we operate in, we have power and industrial. We have water, which is pretty self-explanatory, and then solar transmission and distribution. So the power and industrial sector, it's basically the Murray & Roberts projects -- business that runs through that sector. ZAR 756 million revenue last year, down to ZAR 325 million. Why was that? We completed all the construction works at Kusile in this financial year. We completed all the outage works at Kusile in this financial year. So the power program is over for us. We're off-site at Kusile, and we also completed the Sappi project as well. So revenue down because of those issues. If you look at water, very, very low revenue. That ZAR 18 million is basically the relocation costs, the Organica plant that we moved down to the V&A, as I mentioned. Pretty low overhead to support that business. But again, it's posted a loss, less loss than 2021. But we still have hopes for that business. I think we all know the issues associated with the water and water infrastructure. So we're hanging in there with that business. As I said, it's a pretty low overhead, so it doesn't cost us too much to run the business. Currently, they've got an MBR plant under adjudication with the city of Cape Town. So that adjudication process is on the go now. And as I said, there's a PPP that's going to be floated towards the end of the year, which we're certainly going to respond to. There was a reduction in waters order book. That came about as we took the Athlone C project out of our order book. We could not conclude that project commercially with our client and a lot of that related to escalation in costs that we were seeing 2 years down the line, from when we were initially awarded the contract to when we were going to sign the contract. So we couldn't conclude that, and that unfortunately came out of the order book. Solar transmission and distribution. This is -- the 2 businesses that sit in this sector is our OptiPower business. And it's our Wade Walker Solar business, which is a C&I PV solar company. So if I talk about OptiPower, if I look at the results first, the results are disappointing. I think there's a direct correlation between the revenue we were expecting to burn and the profits we were expecting to make on that. And it was very much linked Round 5 renewables. The original time lines to close Round 5 at half year, we were under the impression that they were going to close in about February. They didn't close in February. They're not moved to, I think, April. And currently, we believe that several of the Round 5 projects are going to close in September. We currently have commenced early works on 3 wind farms and a main transmission substation. And that talks directly to our yearly orders. That's about ZAR 1.9 billion. So I've got really high hopes for that business. We acquired it 3 years ago. It has the ability to do electrical balance of plant, HV works to support the renewables. And it's also a stand-alone transmission and distribution business. We've done -- we're doing 2 transmission projects, 1 for Eskom and 1 for a private client in Botswana during the course of this year, and those projects are going pretty well. The Eskom transmission network needs to be strengthened. We all know that, to be able to evacuate the volumes of renewable power that they're talking about. If that needs to be done, and that really gives that business an opportunity to grow its order book in the transmission space as well. So a bit of a disappointing results for this year, but we've got high hopes and expectations of that business during the course of this year. And I firmly believe that will return us to profitability and then growth in the years subsequent to that. In the other column, I mean, that's basically relates to unallocated overhead costs and continued legal costs. We're closing out some legal matters. We're in processes now, where we're pursuing our entitlement in that regard. So I think this year will probably be a big year in that regard to close a lot of that out and there might be a little bit of carryover into the following year. We also -- we had -- with the renewables program, we were holding on to key project staff based on the time lines that we were expecting from renewables. That didn't come along, but we kept those key staff anyway. And another cost that we were incurring there was idle plant and equipment again because the projects didn't come along. So that kind of explains the result for the year. As I say, for me, disappointing, but I'm expecting a return to profit during the course of this year. Just in terms of -- our revenue over the last 3 years has decreased, as I explained. Our EBIT, as I explained, we've had a marginal improvement in EBIT, but still a loss, which, as I say, is disappointing. Our order book is incredibly low. But as I mentioned, we are very, very close to signing 3 wind farms and an MTS, and that will bring about ZAR 1.9 billion, ZAR 2 billion into our order book, and we're expecting that imminently. So I believe there's a huge opportunity for us in the renewable space. Round 5 is going to close. We're responding to private sector clients on a weekly basis. The private sector now with the raising in the cap is really gaining momentum. So I'm looking forward to a good year in that regard. I'm going to hand over to Daniel. He'll take you through the numbers because I can't.

Steve, so I think different to the other platforms, financed, I have got fancy projects, I can show pictures or spend off my time explaining those. What I do have is the car train. So the car train, you're all familiar with. Hopefully, all of you took car train in to work to help us improve the investment. But it is a well-known asset within the [ same ] environment. So in the current year, we had a fair value adjustment of ZAR 193 million. So if I just take a few steps back, pre-pandemic, the car train ridership per day was 55,000 people a day. During COVID, that went down to 0. After COVID, that's sort of picking up to 20,000, and we're now sitting at between 24,000 and 26,000 passengers a day. So yes, we've adjusted the cost base. But the value of the car train we have lost a lot of money. And what we did in the current year is we've reset the passenger numbers. What are the cost savings? What assumptions do we need to make until the end of the concession in 2026? And we had a fair value adjustment coming out of that of ZAR 193 million, which we booked in the current year. Now a comment that we make at the bottom is we say that because the group has got significant growth exposure in both the ERI platform, the mining platform, some of the other platforms, what working capital do we need to actually empower those businesses to expand way beyond 2026? And the one asset we've got is to potentially sell the car train and generate the cash and invest in those businesses, to make sure they've got the working capital to execute a strategic growth process in the future. So it's not a definite -- the Board doesn't make a definite decision. If we get a really good offer, we will obviously consider it. If we get a really bad offer, we obviously won't consider selling the car train. This one I actually complained about. So this is the Mafraq Hospital in the Middle East. We lost a lot of money in there. And I'll show another picture where we actually made money and I couldn't really find them. So I had to put this picture on. So that's the Mafraq Hospital. So the results in the Middle East for us was a loss of ZAR 62 million, comprised of 2 elements: One, operating costs; and the second, obviously, legal fees that we incurred and the legal fees, we have to incur. It's one of those items that there's hundreds and hundreds and hundreds of million claims brought against you. If you spend 0 and those claims go against you, you are in deepwater. If you spend the money, and we've been quite successful in some of the cases, you can actually prevent the claims coming against you. So we have got no obligation or no alternative not to spend the money in the Middle East. On the other, we sold a company called Genrec, and that Genrec company had some return liabilities. One of the liabilities was to correct some welding areas on some of the boilers. That process should be completed by December. And we expect that whole line in terms of discontinued operations to reduce significantly in the next financial year. Okay. This one I do want to talk to you. So that picture is not a meteorite hitting Planet Earth and leaving big hole in it. So it's a mine that we're doing for Diavik. It was underground mine. And in 2005, we were engaged, actually went underground. And it's a mine, a diamond mine, but you can only access heavy equipment during winter times. So it's one of those mines that you've got to get the timing right. Yes, you can get some lighter equipment in. But if you really want to access every equipment to that mine, you've got to do it in the winter months. So a very difficult operation. First time I looked at it, I had to ask 4x what that was, but they did explain it to me. So we've went through segmental reporting discontinued operations. So what does that mean from a group income statement point of view? So we can see the increase in revenue of ZAR 8 billion, ZAR 6 billion comes from the ERI platform, ZAR 2 billion comes from the mining platform. So very good performance. And as Henry said, I ran the math twice this morning, after the first time he questioned me. The increase in revenue is 36%, but the increase in earnings is 30%. So a good increase in earnings. Taxation, we've got a lower taxation rate of 51%. And again, that's purely based on a low earnings basis. Once that basis go to ZAR 1 billion, ZAR 1.3 billion, it normalizes at 35%. Now why 35%? You're always going to have the 28% plus withholding tax when you do business in foreign entities and you have to repatriate money. So if we go down discontinued operations, we talked about good results and attributable earnings in the current year of ZAR 135 million now. Excuse me, I have to go back to this slide. So in the Middle East, when we do sell the entities in the Middle East, there will be a release of what we call a foreign currency translation reserve, and it's got to be removed from the FCTR reserve through the income statement into the distributable reserve. So what does it mean from a company point of view? It's a 0 cash transaction for the company. In shareholders' equity, you've got different buckets of reserves, and it's merely moving from an accounting point of view from 1 bucket to another bucket, without any impact on the NAV of the company, cash impact in the company. It's an accounting entry. If you ask me why, I don't know why. But the accounting standard says that you've got to do it. So you've got to do it. So I just wanted to flag that in the next financial year, probably when we do sell the Middle East that, that entry will go through the income statement. It will look -- it will make the bottom line look worse. But overall, the company is the company and the value is the value. So I just wanted to flag that because I did forget that. And I just wanted to see that picture again. If I go to the balance sheet, I'm not going to go through line for line. If we compare '21 to '22, we can see an increase in property, plant and equipment of ZAR 850 million. The bulk of that increase sits in the ERI platform. So what happened in the ERI platform? And we will see it when the cash outflows is they've received advanced payments. They've now utilized the advance payments to go by the tunable machines and a lot of other equipment to actually invest in the project to make the project go and some working capital to actually advance to work on that project. So it was not unexpected. At the previous December results, we said that we could expect deterioration in cash. And the reason for that was the ERI platform, not only in Snowy, but also at Project Traveler, where the utilized money is received in advance to go and invest into the project to start generating profit and to get the project going. So you can see that flowing through to the cash and cash equivalent line, and we can see a decrease of ZAR 1.4 million . And again, a large element of that relates to the PPE coming through. If I take assets classified in held for sale, it increased by ZAR 179 million. So approximately ZAR 90 million of that came from when we terminated the B2Gold project in Namibia, consensual termination for various reasons, and those assets are now held for sale, and we are in the process of selling those assets off and we have sold a few. We've got a few interest advisers in some of the other ones, but that does explain why your assets are for sale increases more than your liabilities are for sale because the residual is an increase in exchange rates, where your asset and liability in is worth more in rands after the increase in the rate. And then in terms of interest-bearing debt, long-term interest-bearing debt, the mining platform also had an investment in property, plants and equipment. That investment, you don't see directly because it was offset again some of the depreciation within the entities. But definitely, the Canadian mining business have gone through a very tough time. They're now starting to secure work and have secured work right at the end of the financial year. And they're now starting to invest, and we'll see an [ upfront ] working capital in that business as well, and they've got facilities but they will get through them. You see it is [ stressing ] me along. So second last slide, and I've explained this quite a number of times. So I want to explain the debt, and I want to start from the bottom up. So we've got IFRS 16 debt of ZAR 525 million. Previously, that debt was operating leases and you expense that as you go month by month by month. The new accounting standard says you've got to bring in the full liability and assets onto the books. Again, if you ask me why, I don't know why. But they said you've got to do that. Secondly, you've got self-servicing debt, and that's where you buy equipment for projects and you don't have to earn profit on that project to recur up or to recoup or to repay that asset. That asset goes into a revenue line and the client actually pays for that asset. The only debt that we track and that we monitor is corporate debt. So corporate debt at the moment, you'd recall in March '19, we acquired the TNT acquisition. There's still ZAR 172 million left. Those are to be repaid in quarterly repayments and they are being repaid. And then you've got overdraft and sundry loans and I'll get to some of the details a bit later on. If you compare the debt to the total equity, which is the last dark yellow line. So total equity obviously went up from 7 1 -- from ZAR 4.985 million to ZAR 5.713 million. So your gearing percentage drops down slightly. And as it grew, we said that for corporate debt, we would be comfortable with the figure between 30% and 45%. And now 30% and 45% [indiscernible]. But if you look at the order book and the way the company is going and where they're going, it does make sense from our point of view. Now my last slide and forgive me for running over 2 minutes, but I have to explain this to you. So the group is sitting on a very high order book, [ 59.7 ] or [ 0.8 billion ] in terms of order book. The group is sitting at the highest it's been in terms of new order. So obviously, to fund that is going to require something within the group. Now the bulk of these projects are tendered on a cash-positive basis, which means that we say that the client is going to pay us in excess of us having to pay a supplier, XYZ, and barring nothing other happening, we will be comfortable to be cash-neutral. Now as we all know, life kicks in and things happen on the project. You may have a supply delay, and the supply delay doesn't mature, payment to the supplier, you may have a commercial dispute, you may have another pandemic, not COVID, but I don't know what you want to call the new pandemic. So life happens. So what we, as a group, has said is proactively, we want to take steps to implement how do we manage working capital for a growth in the company and in the group as to where we're going and how we're going to address that. So in the first block, I'll explain these initiatives, and we've pulled some of the levers a long time ago. The debt structure in South Africa currently is an [ overdraft ] facility of ZAR 1.675 billion overnight facility. So what we've done is we've increased that facility to ZAR 2 billion, and we said we take a term debt, which means it's not payable tomorrow, and we have put that into an 18-month bucket. And we've retained a ZAR 650 billion revolving overnight facility in place. And the banks are comfortable. We signed term sheets, and we should be signing long forms and financial documents in the next 2, 3 weeks on those items. So quite comfortable that's going to happen. Clough's currently is in discussion with 2 financial facilities. And they're well advanced with both facilities. NDAs have been signed. Credit committees have looked at it. They've got term sheet on the table. And Clough is an entity with an enormous order book. Can you believe it, have got 0 working capital facility. So it's ludicrous for Clough to not have anything in place. The investment in Bombela Concession Company. A while ago, we started the process to say, "Can we solve investment in Bombela concession company?" The answer was, "Let's explore, let's see what value we can obtain. And if it makes sense, we will dispose of it." So we are still going through a process, but we are not at a point as yet where the Board has said, yes, we're going to sell it. This is a value. This is a buyer. So we're exploring it, but it is going to be a short process to try and close that, should the Board take the decision to actually sell the asset. And the last one is the sale of shares. So we've got some trusts, which get the wording right because they changed over the past 5 days. The financial holding companies of the trust's own shares, and they utilize the dividends coming in from these trust to fund -- sorry, from these shares to fund the operating activities in the trust. Now there's nothing prohibiting the trust to tomorrow go to market and sell those shares on the open market. And we believe that can generate circa ZAR 300 million, depending on where the share price falls and how many of you go back on the car train. It depends on how much we can generate from that. But that's an easy lever for us to pull and that can happen very quickly. So to sell those shares, yes, it's circa 26 million shares. Yes, we've got ways we can do it, and we can do it pretty quickly. Investment in Bombela, the process has started. If we get fair value and the Board decides to sell, we can do that. Clough is already work in progress. We can put that in place. And in terms of debt facilities in [indiscernible], we're far advanced in the process. So with that upbeat picture, I will give over to Henry to do takeaways.

Thank you, Daniel. We've got 1 slide to go, presentation takeaways. I must say I enjoyed listening to you guys presenting on your platforms. That's -- it's quite nice getting it from the people that's in the business and running those parts of the business. Again, they can explain it with more color than we can. Yes. So what are the takeaways from this presentation? I think the first point that we need to acknowledge is the order book that we have within the group. And I said earlier on in the presentation that an engineering and contracting company without an order book, you don't have a business unless you have an order book. And I think that has also support that the strategic direction that we embarked on was the correct one for the group to do. The second point is the revenue that we reported for the year under review, there was strong growth in earnings also strong growth. But as I said. We have disappointed a little bit when it comes to the margin. Our operating margin was down compared to where we wanted to be. The net debt, ZAR 1.1 billion, it is quite a swing from the ZAR 700 million cash we had at the end of June 2021. But as we've explained, it was absorbed in working capital to fund the growth that we have in the group. And Daniel gave you some more detail around the proactive options that we are considering to make sure that we can continue to provide the necessary support for the growth that we anticipate in the business. The ERI and mining platforms, both of them, I think, are on solid ground. They've got good markets that they're operating in. They've got good runway, in terms of the order book and the pipeline that they have ahead of themselves. And for the PIW platform, with the investment that's happening in this utility scale, renewable energy projects and the role that we potentially can play there, I think Steve has an opportunity to bring this business to a profit position in 2023, and we didn't have those opportunities in prior years. And from a group point of view, we've got a nice runway ahead of us. Revenue in '21 was ZAR 30 billion or ZAR 20 billion; in 2022, it was ZAR 30 billion; in 2023, it's going to be ZAR 40 billion. So we've got a nice growth trajectory for the group. Our platform CEOs and their teams have to work very, very hard to make sure that we return back to these operating margins that we need within the group of between 3% and 5%, and that we generate strong cash through our project delivery. But as I said earlier on, we are still in the current financial year, this 2023 financial year, experiencing impact of supply chain disruption, but that is getting less and less. So we've got our target on 2024 to see the strong margins returning. Ladies and gentlemen, that brings us to the end of the presentation. We're into the Q&A session now, which I will ask Ed to facilitate. And I want to suggest, we do we start off with questions in the room or on the webcast.

I think it's -- let's start with questions in the room, perhaps.

Thank you.

If I can just ask you hold on to that with me. Thank you, Henry. So for any questions in the room, before we go to the webcast, just going to ask you if you have a question, let me come to you with the microphone. So our stakeholders on the call can hear the questions as well. Any questions for Henry or any of our platform CEOs? Marc, thank you.

It's Marc Ter-Mors of SBG Securities. Can you comment on uncertified revenues as well? I appreciate that the profits look profitable, the projects look profitable. So there was a ZAR 1.6 billion increase in uncertified revenues? What does management view of the timing of those resolving those uncertified revenues?

Yes. Yes. As we -- well, first of all, what is uncertified revenue? So when you build a project, there's always, on a project, things that happen. So you may have a variation on the project. Let's say, you tended to build a project that has got 3 elements of something. Another client wants you to have 4 elements of that. That is the variation. The variation to the scope. Until you get to a point that, that variation is signed off by the client, it is a claim. So you've got a claim against the client for additional income because of the scope change. So that's a variation. It's a claim. Another part of uncertified revenue, which is also a claim, is when you experience disruption. If we experience a disruption on the project for reasons beyond our control, for which we can obtain additional compensation, we also submit a claim. So a claim has got 2 elements to it. It's got either an element of variation or scope change; or it's got an element of disruption or other impact, which you require additional compensation for. So you recognize that compensation or part of that compensation as uncertified revenue until the time arrives that the client has signed off on it, and then it comes through as revenue. The uncertified revenue that we account for in the group is, I can assure you, one of the elements, which the auditors focuses on with a lot of attention, to make sure that there is sufficient merit to substantiate the uncertified revenue and from a quantum perspective, that the quantum is also correct. So we're very pleased that through this current audit period, there weren't any real material discrepancies between our uncertified revenue numbers and that the auditors have signed off on. So there is an increase in uncertified revenue and this uncertified revenue will be resolved. I've spoke to Peter between the morning session and this meeting now. And he just returned from Canada, and we will be in a position, I would think, within the next 3 weeks to probably have, between those 2 projects there, about USD 40 million. So that's how quickly it can change. So there's about USD 40 million, which will be signed off within the next -- is it 2-week period or 3 weeks?