Five Year Review organisation. A programme of disposals is established and acquisitions include Booker Tate and JCI Capital Projects. The first performance rewards of Rebuilding Murray & Roberts are delivered with a return to profitability exceeding performance targets and operating margins boosted by more than 100%. Growth in shareholder value reflects the market’s improved confidence in the Group, its leadership team and new strategy. Our non-negotiable commitment to sustainable earnings growth and value creation is established. 2001/2002 Murray & Roberts celebrates 100 years as a leading South African business. Unitary Murray & Roberts takes greater effect, underpinning consolidation of the corporate office and directing the way forward based on common values and the application of a universal business model in the management of risk. A series of corporate-driven interventions is introduced to unlock inherent potential in the Group, including a review of the corporate office and operations, development of an enterprise-wide strategy for group procurement and logistics, an audit of group-wide enterprise systems, infrastructure and skills capacity, a targeted plan for leadership mentoring and a review of remuneration practice across the Group. A new brand identity is adopted consistent with the strategic changes underway. In the two years since the introduction of Rebuilding Murray & Roberts, shareholder value has grown by R2 billion, underpinned by an increase 1999/2000 Murray & Roberts records its worst year ever. Market capitalisation drops to a low of R650 million, down 94% from its high of R10 billion just four years previously. Problems from its investment in wheels business AWI and other non-core operations drain cash and energy from the Group. Brian Bruce is appointed chief executive elect following an extensive international search. He presents Rebuilding Murray & Roberts as the blueprint for a fundamental turnaround and transformation of the Group over the next five years. The Group records its worst ever financial results, with impairments and provisions totaling more than R700 million, almost two-thirds of market capitalisation. 2000/2001 Roger Rees is appointed group financial director. Early actions include the creation of a task team to resolve the headlease challenge and closure of AWI Canada. Keith Smith is appointed group executive director. He formulates a plan to build new capacity and value in non-contracting operations. Sean Flanagan is appointed an executive director and other executive appointments herald a thorough strategic review that identifies impediments to future development. A rationalisation process improves operational efficiency and corporate effectiveness and starts to break down barriers within the