Masimba's presentation at the 2014 Imara Investor's Conference.

2. 1. What we do
1. Our Shareholders
1. Financial highlights December 2013
1. Outlook to 2014 and 2015
1. Conclusion
In this presentation
Key Dates: AGM and Trading Update: 26 June 2014

3. 3
Rebranding from Murray & Roberts to Masimba

4. Masimba is a leading contracting and industrial group providing
Innovative engineering and infrastructure client solutions.
Masimba was listed on the Zimbabwe Stock Exchange in 1974
Masimba Construction is the dominant player in Civil
engineering and Building construction works, having completed
significant projects in Zimbabwe and the region.
Our manufacturing unit, Proplastics produces and distributes a
wide range of plastic piping systems for different markets,
supplying the local and regional markets. Key markets include
Agriculture, water and sanitation, mining, telecommunications
And building construction
2. Our Business

5. Market Estimate Construction Infrastructure
Materials
Civils and Housing ✔ ✔
Water & Sanitation ✔ ✔
Telecommunications ✔ ✗
Mining ✔ ✔
Power & Energy ✔ ✗
Roads & Transport ✔ ✗
Agriculture ✔ ✔
Our Core competence is Construction and Infrastructure materials

6. 6
Masimba Construction at Work : Roads & Earthworks

7. 7
RoadsMasimba Construction at Work : Roads & Earthworks

8. 8Commissioned 22 Dec 2013
Masimba Construction at Work : Buildings

9. Water : Tokwe Mukosi Dam Tunnels
9
Masimba Construction at Work : Water Infrastructure

10. 10
.
Masimba Construction at Work : Civil Engineering in underground
Mines

11. 11
HousingMasimba Construction at Work : Low Cost Housing

12. 12
.
Proplastics Piping Systems: Major Water pipelines

13. Rank Shareholder % Total
1 Zumbani Capital 46.58
2 Old Mutual Life Assurance Company 13.22
3 Stanbic Nominees 7.10
4 Fed Nominees 5.82
5 Standard Chartered Nominees 2.50
6 Moray Investments Holdings Limited 1.81
7 Turner, Roy 1.39
8 Equivest Nominees 1.32
9 National Social Security Authority 1.15
10 Stanbic Nominees (Private) Limited 0.95
81.84
Total Issued Share shares: 220,493,732
2. Our Shareholders at December 2013

14. 3. Financial Highlights: 18 months to December 2013

15. 18months
31 Dec 2013
Audited
US$
12months
30 Jun 2012
Audited
US$
Revenue 62,314,449 43,961,311
EBITDA 3,941,011 3,126,166
EBITDA/Turnover 6.3% 7.1%
Basic/(loss) Earnings per share
(US cents)
(0.03) 0.23

16. 18 Months 12 months
Dec 2013 June 2012
Turnover 62,314,449 43,018,590
Construction 39,974,312 64% 26,896,765 63%
Manufacturing 22,340,137 36% 16,121,825 37%
Gross profit 10,739,893 6,618,184
Overheads (9,410,002) (6,157,692)
PBIT 972,891 1,822,792
PBT 451,592 1,646,934
(Loss)/PAT (60,412 1,300,417
Ratios
Gross profit % 17.2% 15.4%
Overheads % 15.1% 14.3%
PBIT % 1.6% 4.2%
PBT % 0.7% 3.8%
PAT % (0.1%) 3.0%

17. 63%
37%
June 2012
Contracting Manufacturing
64%
36%
December 2013
Contracting Manufacturing
More pronounced slow down on contracting owing to
effects of slowdown at unfunded projects

18. 3,777
2,170
3,463
9,410
‐
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
July 12‐Dec 12 Jan 13‐Jun 13 July 13‐Dec 13 Total
Group 2013
2,528
3,630
6,158
‐
1,000
2,000
3,000
4,000
5,000
6,000
7,000
July 11‐Dec 11 Jan 12‐Jun 12 Total
Group 2012
Overheads will continue to be sized to the environment
that we face. Target reduction in 2014 is 30%

19. Shows 2013 slow down progressively
17,674
11,365 10,935
39,974
‐
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
26,000
28,000
30,000
32,000
34,000
36,000
38,000
40,000
Jul12‐Dec12 Jan13‐Jun13 Jul13‐Dec13 Total
Contracting 2013
13,558 13,339
26,897
‐
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
26,000
28,000
30,000
32,000
34,000
36,000
38,000
40,000
July11‐Dec11 Jan12‐Jun12 Total
Construction 2012

20. Progression shows some level of buoyancy
8,864
6,059
7,417
22,340
‐
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
Jul12‐Dec12 Jan13‐Jun13 Jul13‐Dec13 Total
Manufacturing 2013
8,462
7,660
16,122
‐
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
July11‐Dec11 Jan12‐Jun12 Total
Manufacturing 2012

21. As at 31
December 2013
As at 30
June 2012
US$ US$
ASSETS
Non-current assets 17,369,798 18,973,622
Current assets 17,604,434 17,310,160
Bank balances and cash 2,476,137 1,986,789
Total assets 37,450,369 38,270,571
EQUITY & LIABILITIES
Capital and reserves 20,594,178 19,269,855
Interest bearing borrowings 3,649,999 3,112,186
Other liabilities 13,206,192 15,888,530
Total equity and liabilities 37,450,369 38,270,571

22.  Strong balance sheet
 Comfortable level of borrowings
 Some period end cash utilized to pay off
maturing loans $600,000
 Other liabilities
 growth shows risk sharing with subcontractors
on slow paying projects
 Government exposure $5.7m
 Ongoing efforts to recover

23. 18months
Dec 2013
US$
12 months
Jun 2012
US$
Cash generated by continuing operations 986,285 3,973,397
Interest paid (521,299) (175,858)
Income tax paid (316,402) (224,067)
Dividend received 520 7,724
Investing activities (171,687) (4,224,521)
Financing activities 511,932 1,512,186
Net increase in cash and cash
equivalents 489,348 868,861

24.  Business units were cash positive at
operating level
 Minimum capex $1.344 m in a difficult
environment
 Property disposals proceeds: $850 k
 Driven more by poor returns than cash flow
management
 Paid loans on time and accessed new funds
at low rates.

25. 4. Outlook to 2014 and 2015

26. 26
Construction 2013 versus 2014 Order Book
‐
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
45,000,000
50,000,000
Turnover 2013
Order Book 2014

27. 27
Key Issues
 Low Investor Confidence
 Inadequate funding
 public sector projects
 Private sector = confidence stress
 Diminishing funded projects of scale
 Sub optimization of resources
 Economic decline has adversely affected our
subcontractors and many suppliers

28. 28
Proplastics Volumes: estimated to grow by 20%
‐
100
200
300
400
500
600
700
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
18 months to 31 December 2011
18 months to 31 December 2013

29. 29
Proplastics : Key Issues

30. 30
Platform Prospects: Construction
• Masimba strategic positioning on Mining infrastructure is strong
and will continue to strengthen this on the back of imminent key
government policy reviews
• Capacity: strong local and regional partnerships to exploit the huge
infrastructure opportunities: Energy, Transport, Water
(and also PPP)
• Yes the local market is highly fragmented and competitive and yet
our key objective is to be the contractor of choice. Masimba is the
benchmark in the market.
• Buildings: Commercial. Retail and low cost housing

31. 31
Platform Prospects : Proplastics
Our target is to grow the volumes and efficiencies at Proplastics and at
the same time ensuring new products arising from continued innovation
rises to 15%
Irrigation business has shown steady recovery in the last three years and
this year’s good Agriculture season will will spur expansion in this sector
The commissioning of the new HDPE plant in August 2014 will buttress
Proplastics strong positioning in Agriculture and mining markets in
Zimbabwe and the region
We have seen evidence of the acceleration on improving urban water
supply in 2014 and mainly funded by NGO’s and public sector partners
In Proplastics wee see a world class and formidable regional piping
systems business in two years. We have worked hard in the region and
are determined to see a fair share of these markets

32. 32
Platform Prospects : Proplastics
The commissioning of the new HDPE plant will buttress Proplastics
strong positioning in Agriculture and mining markets in Zimbabwe and
the region
In Proplastics wee see a world class and formidable regional piping
systems business in two years. We have worked hard in the region and
are determined to get a fair share of these markets

33. We will expand into other key infrastructure materials business in 2014
33
Platform Prospects : New Frontiers
The residential property development will be rolled out in 2014 on the
back of our land bank . Designs and regulatory issues have been
completed. $2 million

34. 34
We expect major policy changes to happen in 2014 and significant
infrastructure projects covering mining , roads, energy and water to
kick off in 2015. Growth at Proplastics in 2014 will be buoyed by
local and regional urban water supply and supported by exports to the
region. Construction will is 2014 focusing on 3 C’s

35. www.masimbagroup.com