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AEG
AEG
AEG - Aveng Limited - Trading statement
AVENG LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000111829
SHARE CODE: AEG
("Aveng" or "the Group")
TRADING STATEMENT
In accordance with paragraph 3.4(b) of the JSE Listings Requirements,
shareholders are advised that the Company anticipates headline earnings per
share and earnings per share for the six months to 31 December 2009 to be lower
than that of the corresponding interim period ended 31 December 2008 (244.5
cents) by between 30% and 35%.
The Manufacturing and Processing segments of the Group remain under significant
operating pressure due to reduced steel prices and lower demand for steel and
fabricated products as some of the major infrastructure projects reach
completion. In addition, in the comparable period ended December 2008, steel
prices had not yet been fully impacted by the global economic downturn. The
demand for cementitious products also remains depressed. The aggregate
performance of these business segments for the six months to December 2009 does
however show an improvement on the second half of the prior financial year.
Opencast mining has improved its contribution to Group earnings in spite of the
impact of a strong currency.
The Group`s Construction Operations have lifted their contribution with a much
improved operating performance from the South African business units. Margins
within the Group`s Australian based construction operations have reduced
marginally when compared to the comparable performance for the half year to
December 2008 as trading conditions have tightened in its markets.
As anticipated, income from investments has declined from the comparable period
in 2008 following the reduction in interest rates and the reduction in cash on
hand as a result of capital expenditure and the Company`s share buyback
programme and special dividend in the latter part of the comparable period.
The order book for the Group`s construction business currently stands at R32,7
billion, which is a marginal increase on the R31,9 billion reported in September
2009.
The interim financial statements to December 2009 are scheduled to be released
on Wednesday 17 March 2010. The financial information on which this statement is
based has not been reviewed or reported on by the Company`s auditors.
SANDTON
22 February 2010
Sponsor:
J.P. Morgan Equities Limited
Date: 22/02/2010 13:00:02 Produced by the JSE SENS Department.
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