ANNUAL REPORT 2001 Group Profile and Core Values  Transformation Strategy  Financial Highlights  Segmental Analysis  Chairman's Statement  Chief Executive's Report to Stakeholders  Group Directorate and Executive  Corporate Governance  Risk Management  Share Performance  Financial Performance  Analysis of Shareholders  Annual Financial Statements  Picture Gallery

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Chairman’s Statement
We are pleased to report wide-ranging and substantial progress and improved earnings for the year ended 30 June 2001.

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Financial Highlights
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     Pro forma
 
2001
2000
2000
Group Summary (R millions)

Revenue
8 535
8 733
13 318
EBIT
218
91
294
Attributable earnings/(loss)
252
-571
-571
Total assets
5 675
5 657
5 657
Operating cash flow
558
79
370

Value created
2 159
1 360
2 156
Payroll costs
1 617
1 757
2 357
Total number of employees
16 337
17 806
26 098

Ordinary Share Performance (cents)

Attributable earnings/(loss)
per share
74
-165
-165
Headline earnings per share
76
36
36
Operating cash flow per share
164
23
107
Net asset value per share
597
496
496
Market price per share
630
330
330
 
     Pro forma
 
2001
2000
2000
Financial Statistics

Operating margin (%)
2,6
1,0
2,2
EAT on average ordinary
shareholders’ funds (%)
13,6
(34,8)
(27,7)
Interest cover (times)
34,7
2,1
4,6

Ratios

Debt/equity
0,22
0,33
0,33
Current
1,31
1,22
1,22

Note: 0n 30 June 2000, the group’s holding in Unitrans Limited reduced to 43,8% and Unitrans Limited became an equity accounted associate company. The pro forma column in the above table restates the previously published results as if Unitrans Limited had been equity accounted in the comparative period.

Transformation Strategy

Strategy
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  Murray & Roberts is transforming from a reliance on the mobilisation of Assets and Resources to the leverage of Knowledge and Solutions.
Engineering is our expertise.
Our business is contracting.
Industrial design is our core competence.
Our mission is world class fulfilment.
  We leverage our South African expertise to deliver Major Projects into the high growth markets of developing economies.

We focus on two value chains:
The Extraction, Beneficiation and Industrialisation of Natural Resources
The Construction Economy

 

 
Chief Executive
Chief Executive’s Report to Stakeholders
The Murray & Roberts share price performance during the year under review reflects the improved confidence of investors in our group

A line in the sand
In 2000, we made a commitment to a new future for Murray & Roberts.
Face up to the problems impacting on our credibility 
Implement a disposal strategy for non-core operations 
Fix the problem operations 
Define the brand identity of Murray & Roberts 
Integrate the corporate structure for unity 
Attract young people into the business 
Build around our core competence for growth 
Improve the operating margins 
Deliver growth in headline earnings 

A stake in the future
These are the challenges we are now engaging to ensure sustainable growth and value creation into the future.
Extend the cultural transformation throughout the group
Establish targets that stretch our performance
Embrace risk management within our culture
Enhance our business model for leverage

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