| Wed 9 Sep 2009, 7:05 | | AEG - Aveng Limited - Audited group results for the 12 months ended 30 June 2009 |
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AEG
AEG
AEG - Aveng Limited - Audited group results for the 12 months ended 30 June 2009
AVENG LIMITED
Incorporated in the Republic of South Africa
Registration number 1944/018119/06
Share code: AEG
ISIN code: ZAE000111829
AUDITED GROUP RESULTS FOR THE 12 MONTHS ENDED 30 JUNE 2009
REVENUE UP 14%
OPERATING PROFIT DOWN 13%
HEADLINE EARNINGS DOWN 10%
DIVIDEND MAINTAINED AT 145 CENTS
TWO YEAR ORDER BOOK UP 18%
COMMENTARY
Aveng has delivered a satisfactory performance taking account of the adverse
trading conditions within its Manufacturing and Processing operations. While
both the Construction and Engineering and Opencast Mining segments performed
well, lifting their combined operating profit contribution by 40%, this was
insufficient to offset the 54% decline experienced in the Manufacturing and
Processing segment.
FINANCIAL REVIEW
The Group reported a 14% increase in revenue to R33,8 billion (2008: R29,6
billion). The Construction and Engineering and the Opencast Mining segments
delivered strong revenue growth of 21% and 26%, respectively with improved
operating margins. The Manufacturing and Processing segment however, came under
significant pressure in the second half of the financial year due to sharply
lower volumes and a substantial reduction in the steel price. Consequently, the
Group`s operating profit declined by 13% to R2,1 billion (2008: R2,4 billion)
with an operating margin of 6,3% (2008: 8,2%).
The Group earned net income from investments of R715,3 million (2008: R866,2
million), following a reduction in the Group`s cash position due to the return
of cash to shareholders in the form of a special dividend and the share
repurchase programme, totalling R4,6 billion since March 2008. This contributed
to the marginal decline in the Group`s return on average capital employed to
26,0% from 28,6%.
Headline earnings per share decreased by 11% to 528,5 cents (2008: 591,4 cents)
and earnings per share of 538,8 cents (2008: 594,2 cents) reflected a reduction
of 9%.The actual number of shares in issue decreased by 2,5 million shares to
396,0 million (2008: 398,5 million), being the difference between the shares
issued on conversion of the corporate bond into equity (5,6 million shares) and
the share repurchase scheme (8,1 million shares). The fully diluted number of
shares includes 41,3 million (2008: 35,5 million) Aveng shares to meet the
Group`s obligation to the BEE grouping in Aveng (Africa) and Trident Steel. The
remaining R80 million of the R1,0 billion corporate bond was converted into
equity concurrent with the share repurchase.
Despite the adverse operating environment and the negative effects of steel
price fluctuations during the year, the Group`s cash flow remains strong with
cash retained by operations at R3,0 billion (2008: R3,1 billion).
The Group`s balance sheet remains robust with net cash at June 2009 of R7,4
billion (2008: R8,9 billion) after funding capital expenditure of R2,7 billion
and the net cash outflow of R59,3 million relating to the purchase of the Built
Environs Group (Australia) and Keyplan (Pty) Limited.
INDUSTRY OUTLOOK
The fundamentals for the infrastructure industry, which were positive at the
beginning of the financial year, changed markedly in the first half of the 2009
financial year.
For the first three months of fiscal 2009, the steel industry was still riding
the crest of a wave, with record prices and demand. The impact of the global
economic meltdown led to a 21% reduction in global volumes while internationally
prices came down by as much as 60%, resulting in the industry having to take
significant stock write downs. In addition, the steel markets serviced by Aveng
contracted materially, with some segments down by more than 30%.
While the construction industry has not been as affected as the manufacturing
and processing sector, a key impact of the liquidity crisis has been significant
deferral and cancellation of projects, with Aveng experiencing cancellations of
awarded work amounting to R4,2 billion during the year. Strong infrastructure
investment flows, particularly from the public sector, supported activity levels
but the limited availability of finance as a result of the global credit squeeze
is restricting deal flow in both the public and private construction sectors. In
addition, lack of funding has led to a downturn in industrial and commercial
building, including retail developments. In line with the drop off in commodity
prices, mining demand has slowed materially, particularly in platinum. The total
value of projects that were tendered for but cancelled or deferred before being
awarded amounted to R12 billion.
Notwithstanding all of these negative issues, the project pipeline in our target
markets remains strong and although the exact timing of the global economic
recovery remains uncertain, the long-term infrastructure investment outlook
remains positive as evidenced by:
- The South African government increased its three year infrastructure
investment budget to R787 billion earlier this year;
- The African infrastructure market is currently estimated at an annual value of
US$22 billion, driven by investments in power, transport and water;
- In Australasia and the Pacific, major transport, utility and social
infrastructure projects are expected to amount to AUS$297 billion over the next
five years; and
- The five to seven year construction pipeline in the Middle Eastern market is
estimated at more than US$272 billion.
The Group`s total project opportunity pipeline based on the projects that are
being targeted, is around R100 billion. Aveng is well positioned to take
advantage of the available work and has invested in major project teams in both
Australia and South Africa to focus on the larger contracts.
STRATEGY
Aveng aims to strengthen its position as a leading infrastructure development
company providing a diverse range of construction, infrastructure and
engineering products, services and solutions to customers, sustainable
profitability to shareholders and a great place to work for employees.
The current business portfolio, consisting of Construction and Engineering,
Manufacturing & Processing and Opencast Mining, will be managed to generate and
extract more value for shareholders. This will be accomplished by focusing on
margin improvement and growth in areas where significant market opportunities
and competitive advantages exist.
Higher return growth generating businesses in the infrastructure value chain
including Power, Environmental Services and Concessions, will be pursued. These
sectors were identified for their long-term growth prospects, as a means to
expand the range of construction and manufacturing sectors served by Aveng.
OPERATIONAL REVIEW
CONSTRUCTION AND ENGINEERING
Comprising Grinaker-LTA, E+PC and McConnell Dowell, this segment showed a 21%
increase in revenue to R22,7 billion. Operating profit grew by 35% to R1,3
billion, reflecting a margin improvement to 5,7% from 5,2% in 2008. The South
African and African Construction and Engineering segment reported a 40%
improvement in operating profit margin to 4,8% (2008: 3,4%).
Grinaker-LTA delivered revenue growth of 12% to R9,8 billion despite lower
spending among its mining clients during the period. Infrastructure projects in
the public sector buoyed activity levels with good performances from the Civil
Engineering, Building and Earthworks Engineering business units. The Mechanical
and Electrical business unit delivered an improved performance but has yet to
reach its full potential. Operating margins continued to climb, as the benefits
of the turnaround gained momentum. Grinaker-LTA is building a number of key
infrastructure projects for 2010 and completed the Nelson Mandela Bay
Multipurpose Stadium in June 2009. Construction of the Soccer City Stadium, near
Soweto, is on track for handover in October 2009.
E+PC, Engineering and Projects Company, showed 98% growth in revenue to R836,8
million and good growth in operating profit. The operations of Keyplan, a water
management solutions company acquired in the previous year, were integrated into
E+PC. The operating group completed three significant contracts which were
delivered in difficult contracting times and in some of the most remote areas of
Africa. E+PC continued to strengthen its technology base and intellectual
property during the year to enhance future project delivery.
McConnell Dowell, which operates in Australasia and the Pacific, continued to
perform well, increasing revenue by 28% to R12,1 billion. The company delivered
excellent operating cash flow and recorded operating profit of R788,8 million,
up 22% in spite of challenging markets, with all business units trading
profitably. Although the industry was affected by project cancellations across
McConnell Dowell`s operating regions, the company won significant new business
during the year. McConnell Dowell has started work on the R8,2 billion Adelaide
Desalination plant. The Dampier to Bunbury Natural Gas Pipeline (DBNGP) Stage 5B
Looping contract in Western Australia is progressing well. Built Environs, in
which McConnell Dowell owns a majority share, was affected by the decline in the
property sector but has a good work load going forward.
OPENCAST MINING
Moolmans achieved strong revenue growth of 26% to R3,0 billion with new
contracts secured in both South Africa and West Africa. Operating profit before
depreciation increased by 59% to R628 million, while operating profit increased
to R314,3 million, an improvement of 66%. The operating margin widened to 10,4%
from 7,9% due to higher turnover and the benefit of a more balanced fleet.
Capital expenditure of R1,6 billion was incurred to equip Moolmans for new
contracts won during the year and to ensure that the plant fleet is balanced in
terms of its age and productivity. The operating group faced some challenges
associated with its rapid growth during the year as well as an exceptionally
rainy summer in South Africa and consequently the performance of the South
African operations was still below expectations, although the results in the
last quarter were much improved.
MANUFACTURING AND PROCESSING
Revenue from this segment, consisting of Trident Steel and Aveng Manufacturing,
contracted by 6% to R8,0 billion from R8,5 billion in 2008, as volumes across
most sectors were impacted by the economic downturn, especially in the steel
sector. The 54% decline in operating profit for the segment to R654 million
(2008: R1,4 billion) is largely due to lower volumes and the negative impact of
steel price reductions.
Aveng Manufacturing maintained its market share with revenue in line with 2008
at R3,2 billion. The operating profit margin was under pressure, predominantly
due to declining steel prices and lower volumes. In tough trading conditions,
Aveng Manufacturing`s strategy of being a low-cost, high-quality producer
positioned it well and costs were further aligned to the current reality.
Steeledale`s profits were sharply lower because of fluctuating steel prices and
decreased volumes in the construction sector. Stocks which were very high early
in the year were reduced materially, and steps were taken to align capacity to
lower levels of demand. Infraset`s landscaping division saw volumes under severe
pressure, however large public sector projects supported volumes in the
infrastructure division. Duraset performed well with its focus on growing market
share and it maintained satisfactory throughput levels, defending its position
despite lower mining sector spend. It continues to focus on new product
development to ensure its long-term sustainability.
Lennings Rail Services produced excellent results as its mechanised track
maintenance and plate-laying construction divisions performed ahead of forecast
in a tough market.
Trident Steel`s revenues declined by almost 11% to R4,8 billion, the result of a
significant decrease in average steel prices and a 29% reduction in volumes with
all market segments being adversely affected. The second half of the financial
year has been very badly impacted, particularly when compared to the
corresponding period last year, during which demand could not be satisfied and
prices were escalating sharply. The decline in demand was compounded by high
stock levels built up in anticipation of sustained growth. Stock levels have
since been aligned to the new lower levels of demand. Towards the end of the
financial year, the steel market started showing month-on-month improvements and
prices have lifted with the first price increases coming through in July 2009.
SAFETY
The Group has an unwavering commitment to make sure that its vision of "Home
Without Harm, Everyone Everyday" becomes a way of life for every employee in
moving towards shaping a world class safety culture. Safety is a core value of
the Aveng Group and in 2009 it has been further entrenched with the
implementation of stronger procedures and the appointment of additional senior
managers to lead the journey towards a world class safety culture. The steps
taken this year include:
- The formation of a Safety committee of the Aveng Limited Board;
- The creation of a dedicated Group Safety Health and Environmental (SHE)
department to drive all safety initiatives;
- A Group SHE manager was appointed at Aveng and is supported at each operation
by a SHE manager; and
- The revised Aveng Safety Framework was completed and is being implemented.
In spite of the heightened focus on safety, regrettably during the year under
review, ten people lost their lives across the Group. Even one fatality is
considered unacceptable and Aveng is dedicating extensive resources to improve
its safety performance and to meet its commitment towards zero fatalities. On a
positive note, the number of disabling injuries has come down by almost 30% to
278, while the DIFR, the disabling injury frequency rate per 200 000 hours,
showed a marked improvement to 0,44 from 0,67 in the previous year. The
reporting of near misses, a leading indicator of future performance, has
increased across the Group, in line with intensive safety training and awareness
campaigns.
COMPETITION MATTERS
The Aveng Group took decisive action following the findings of a Competition
Commission investigation into historical anti-competitive practices at Infraset.
A compliance review, conducted by external legal advisors, has been implemented
throughout Aveng`s operations and is being entrenched with the appointment and
training of compliance officers in all operations. The Aveng Anti-Corruption
Framework, which was developed in 2008, leverages the compliance programme and
sets the parameters for ethical and fair practices throughout the Group,
including training on all competition matters across all operations. The Group
has also maintained a hotline as a precautionary measure to uncover any
unethical or unlawful activities.
The Board of Aveng has emphasised that it will not condone any breaches of the
Group`s Code of Business Conduct and will continue to take all the necessary
steps to ensure that good corporate governance is practised across all
operations.
Aveng will co-operate fully with the Competition Commission in its recently
announced investigations into the construction industry.
DIVIDEND
The Board has declared a dividend of 145 cents per share which is in line with
the ordinary dividend declared last year. Notwithstanding the decline in
earnings, the Board is satisfied that, taking into account the Groups` lack of
gearing and cash generation capability, there is no need to cut the dividend.
The Board remains committed to the dividend cover policy of four times headline
earnings.
BOARD OF DIRECTORS
The Aveng Group appointed Simon Scott as the Financial Director with effect from
1 August 2009. Dennis Gammie remains as Executive Director responsible for
business development and strategic projects.
PROSPECTS
The Group anticipates that public works programmes in the markets it serves will
be sustainable, but could be affected by delays. Private sector demand should
start to increase on the back of improving commodity prices combined with a more
positive outlook in the emerging markets of China and India, as well as the
anticipated availability of bank funding as markets return to stability.
The Aveng Group will continue to focus on increasing overall margins through
ongoing continuous improvement and optimising its internal value chain to offer
complete solutions to clients.
The Group`s confirmed two-year Construction and Engineering order book has
increased to R30,4 billion (2008: R25,8 billion), an increase of 18%, showing
that, despite the tight environment, the Group maintained its ability to secure
new projects. Grinaker-LTA has a two year order book of R10,1 billion, McConnell
Dowell has two year work on hand of R13,1 billion and Moolmans has secured two
year orders amounting to R6,4 billion.
Trading conditions for the Manufacturing and Processing segment are expected to
be more stable with steel prices expected to be less volatile as evidenced by a
cumulative increase of some 10% in July and August 2009 with a further price
increase expected in October 2009. In addition the stock levels are now balanced
with current demand levels. Demand for the products served by these businesses
is still muted but should improve as infrastructural spending recovers.
With its strong balance sheet and positive cash balances, the Group is well
positioned both defensively and for growth.
DECLARATION OF DIVIDEND 2009
Dividend No 11 of 145 cents per share in respect of the financial year ended 30
June 2009 (2008 : Ordinary 145 cents per share and Special 145 cents per share)
has been declared payable to shareholders recorded in the share register at
close of business on Friday 16 October 2009.
The salient dates are:
Last date to trade shares cum dividend Friday, 9 October 2009
Shares trade ex dividend on Monday, 12 October 2009
Record date to receive dividend Friday, 16 October 2009
Payment date Monday, 19 October 2009
No dematerialisation or rematerialisation of shares may take place for the
period from 12 October 2009 to 16 October 2009, both days inclusive.
On Monday, 19 October 2009, the dividend will be electronically transferred to
the bank accounts of all certificated shareholders unless this has not been
requested by, or is not available to them. If electronic funds transfer is not
applicable, cheques dated 19 October 2009 will be posted on or about that date.
Transfers will be made to the dematerialised shareholder accounts at their CSDP
or broker on 19 October 2009.
By order of the Board
AWB Band WR Jardine SJ Scott
(Chairman) (Chief Executive) (Financial Director)
9 September 2009
CONSOLIDATED BALANCE SHEET
at 30 June 2009 2009 2008
Rm Rm
ASSETS
Non-current assets
Property, plant and equipment 5 062 3 513
Goodwill and other intangibles 1 093 823
Investments 119 108
Deferred tax 612 680
6 886 5 124
Current assets
Inventories 1 598 2 047
Trade and other receivables 6 321 5 346
Cash and cash equivalents 7 910 9 491
15 829 16 884
TOTAL ASSETS 22 715 22 008
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` funds 10 865 10 516
Minority interests 21 13
Total shareholders` funds 10 886 10 529
Non-current liabilities
Interest-bearing borrowings 118 243
Deferred tax 240 324
358 567
Current liabilities
Trade and other payables 10 768 9 772
Interest-bearing borrowings 361 360
Taxation payable 342 780
11 471 10 912
TOTAL EQUITY AND LIABILITIES 22 715 22 008
CONSOLIDATED INCOME STATEMENT
for the year ended 30 June 2009 2009 2008 %
Rm Rm change
Revenue 33 772 29 622 14
Operating profit before 3 032 3 077
depreciation and amortisation
Depreciation 936 653
Amortisation of intangibles 17
Operating profit before non- 2 079 2 424
trading items
Non-trading items 49 11
Operating profit 2 128 2 435 (13)
Share of profits and losses from 67 19
associates and joint ventures
Income from investments 757 946
Operating income 2 952 3 400
Finance cost 42 80
Profit before taxation 2 910 3 320
Taxation 809 1 011
Profit for the period 2 101 2 309
Attributable to
Equity holders of Aveng Limited 2 091 2 301
Minority interests 10 8
Profit for the period 2 101 2 309
Determination of headline earnings
Profit attributable to equity 2 091 2 301
holders of Aveng
Net adjustment for non-trading (40) (11)
items
Headline earnings 2 051 2 290 (10)
EARNINGS PER SHARE (cents)
Earnings 538,8 594,2 (9)
Headline earnings 528,5 591,4 (11)
Diluted earnings 487,0 538,3 (10)
Diluted headline earnings 477,6 535,7 (11)
DIVIDEND PER SHARE 145,0 145,0
DIVIDEND PER SHARE - SPECIAL - 145,0
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2009 2009 2008
Rm Rm
Cash retained from operating activities
Cash retained from operations 2 128 2 435
Depreciation and amortisation 952 653
Non-cash items (78) (19)
Cash generated by operations 3 002 3 069
Income from investments 757 946
Decrease in working capital 204 1 619
Cash generated by operating activities 3 963 5 634
Interest paid (42) (80)
Taxation paid (1 286) (584)
Cash available from operating activities 2 635 4 970
Dividend paid (1 138) (331)
1 497 4 639
Investing activities
Property, plant and equipment purchased - (1 695) (924)
expansion
- replacement (1 019) (865)
Investments in associate companies 83 84
Proceeds on disposal of property, plant and 199 293
equipment
Purchase of subsidiaries (59)
(2 491) (1 412)
Financing activities
Long-term borrowings repaid (67) (67)
Shares repurchased (415) (3 611)
(482) (3 678)
Net decrease in cash and cash equivalents (1 476) (451)
Cash and cash equivalents at beginning of year 9 207 9 479
Foreign currency translation reserve movement (130) 179
Cash and cash equivalents at beginning of year 9 077 9 658
Cash and cash equivalents at end of year 7 601 9 207
OTHER GROUP INFORMATION
2009 2008
Rm Rm
Non-trading items
Net surplus on disposal of properties, plant (24) (1)
and equipment
Net surplus on disposal of investments (25) (10)
(49) (11)
Number of shares (millions)
In issue 396 398
Weighted average 388 387
Diluted weighted average 429 428
Goodwill and other intangibles
At beginning of year 823 780
Acquired in business combination 322
Amortisation of intangibles (17)
Foreign exchange movements (35) 43
Total goodwill and other intangibles 1 093 823
SEGMENTAL INFORMATION
for the year ended 30 June 2009 2009 2008
Rm % Rm %
Business segmentation
Revenue
Construction and Engineering - South 10 601 31 9 259 31
Africa and Africa
Construction and Engineering - 12 081 36 9 458 32
Australasia and Pacific
Opencast Mining 3 016 9 2 397 8
Manufacturing and Processing 8 009 24 8 503 29
Administration 65 5
33 772 100 29 622 100
Operating Profit
Construction and Engineering - South 511 5 318 3
Africa and Africa
Construction and Engineering - 789 7 646 7
Australasia and Pacific
Opencast Mining 314 10 190 8
Manufacturing and Processing 654 8 1 409 17
Administration (140) (128)
2 128 6 2 435 8
Assets
Construction and Engineering - South 3 390 24 3 829 33
Africa and Africa
Construction and Engineering - 3 301 23 2 325 20
Australasia and Pacific
Opencast Mining 2 925 21 2 086 18
Manufacturing and Processing 4 372 31 4 407 38
Administration 86 1 (918) (9)
14 074 100 11 729 100
Liabilities
Construction and Engineering - South 4 281 40 4 034 41
Africa and Africa
Construction and Engineering - 3 660 34 2 414 25
Australasia and Pacific
Opencast Mining 858 8 955 10
Manufacturing and Processing 1 333 12 2 127 22
Administration 636 6 242 2
10 768 100 9 772 100
Capital expenditure
Construction and Engineering - South 352 13 260 14
Africa and Africa
Construction and Engineering - 506 18 495 28
Australasia and Pacific
Opencast Mining 1 579 58 783 44
Manufacturing and Processing 249 9 231 13
Administration 54 2 20 1
2 740 100 1 789 100
Depreciation
Construction and Engineering - South 114 12 80 12
Africa and Africa
Construction and Engineering - 389 41 246 38
Australasia and Pacific
Opencast Mining 314 34 206 31
Manufacturing and Processing 109 12 96 15
Administration 9 1 25 4
935 100 653 100
Geographical segmentation
Revenue
Republic of South Africa 18 342 54 16 748 57
Rest of Africa and Mauritius 3 331 10 3 397 11
Australasia and Pacific 10 021 30 7 677 26
South East Asia 2 060 6 1 782 6
Middle East and Other 18 18
33 772 100 29 622 100
Assets
Republic of South Africa 8 905 63 7 549 64
Rest of Africa and Mauritius 1 867 13 1 855 16
Australasia and Pacific 2 195 16 1 854 16
South East Asia 945 7 471 4
Middle East and Other 162 1
14 074 100 11 729 100
Capital expenditure
Republic of South Africa 1 451 53 745 42
Rest of Africa and Mauritius 784 29 550 31
Australasia and Pacific 478 17 404 22
South East Asia 27 1 90 5
Middle East and Other
2 740 100 1 789 100
NOTES
ACCOUNTING POLICIES
These results have been compiled in accordance with IAS 34 (Interim financial
reporting). The presentation of these results also conforms to the Listing
Requirements of the JSE Limited and Schedule 4 of the South African Companies
Act. The accounting policies used in the preparation of the results are
consistent in all material respects with the prior year.
The results have been audited by Ernst & Young Inc. and the unqualified audit
opinion is available on request from the company secretary at the company`s
registered office.
The Group`s annual report will be available by the end of September 2009.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2009
Attributable to equity holders of the parent
Non-distributable reserves
Equity Foreign Other non-
portion currency distributable
Share Share of
compound
capital premium instrument translation reserves
Rm Rm Rm Rm Rm
Balance at 20 930 140 (257) 32
1 July 2007
Profit for the
year
Dividends paid
Foreign currency 334
translation
Corporate bond 129 (129)
equity transfer
Corporate bond 3 832
conversion
Movement in 5
treasury shares
Share repurchase (3)
programme
Transfers 11
Balance at 20 1 896 11 77 43
1 July 2008
Profit for the
year
Dividends paid
Foreign currency (264)
translation
Corporate bond * 74
conversion
Corporate bond 11 (11)
equity transfer
Movement in * *
treasury shares
Share repurchase *
programme
Transfers 18
Balance at 20 1 981 - (187) 61
30 June 2009
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
for the year ended 30 June 2009
Attributable to equity holders of the parent
Non-distributable reserves
Retained Minority Total
income Total interest equity
Rm Rm Rm Rm
Balance at 10 118 10 983 6 10 989
1 July 2007
Profit for the 2 301 2 301 8 2 309
year
Dividends paid (331) (331) (331)
Foreign currency 334 (1) 333
translation
Corporate bond
equity transfer
Corporate bond 835 835
conversion
Movement in 5 5
treasury shares
Share repurchase (3 608) (3 611) (3 611)
programme
Transfers (11)
Balance at 8 469 10 516 13 10 529
1 July 2008
Profit for the 2 091 2 091 11 2 102
year
Dividends paid (1 138) (1 138) (1 138)
Foreign currency (264) (2) (266)
translation
Corporate bond 74 74
conversion
Corporate bond
equity transfer
Movement in * *
treasury shares
Share repurchase (414) (414) (414)
programme
Transfers (18)
Balance at 8 990 10 865 22 10 887
30 June 2009
*Amounts are less than R1 million.
DIRECTORS
AWB Band* (Chairman), WR Jardine (Chief Executive Officer),
SJ Scott (Financial Director), DR Gammie, JJA Mashaba, DG Robinson
(Australian),RL Hogben*, VZ Mntambo*, MJD Ruck*, NL Sowazi*,
PK Ward* (*non-executive)
COMPANY SECRETARY
GJ Baxter
REGISTERED OFFICE
204 Rivonia Road, Morningside, Sandton, 2057
REGISTRARS
Computershare Investor Services (Pty) Limited
(Registration number 2004/003647/07)
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Telephone (011) 379 5000
Telefax (011) 688 7717
www.aveng.co.za
Sponsor:
J.P. Morgan Equities Limited
Date: 09/09/2009 07:05:03 Produced by the JSE SENS Department.
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