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AEG
AEG
AEG - Aveng Limited - Voluntary Trading Update
AVENG LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000111829
SHARE CODE: AEG
("The Aveng Group" or "Group")
VOLUNTARY TRADING UPDATE
Shareholders are advised that the Company anticipates headline earning per
share and earnings per share for the financial year ended 30 June 2010 to be
lower than that of the corresponding period ended 30 June 2009 (528,5 cents
and 538,8 cents respectively) by between 5% and 15%.
The Manufacturing and Processing segment of The Aveng Group remained under
significant operating pressure due to lower demand for steel and fabricated
products. The market showed improvement in the second half of the financial
year compared to the first half of the year. The Opencast Mining segment has
continued to improve its contribution to Group earnings in spite of the
impact of a strong currency on its US Dollar denominated contracts. In the
Construction segment, Grinaker-LTA has lifted its contribution with an
improvement in earnings on the back of the completion of large infrastructure
projects and the continued benefits arising from its turnaround and
restructuring project. Earnings in the Australasian and Pacific Rim
Construction operations are down on the prior year and trading conditions
remain tight in these markets. The second half of the year did however
reflect a slight improvement over the performance of the first half of the
year.
As anticipated, income from investments has declined from the comparable
period primarily as a result of the lower interest rate environment.
The financial information on which this statement is based has not been
reviewed or reported on by the Company`s auditors. The results for the year
ending 30 June 2010 are expected to be released on Wednesday, 8 September
2010.
MOOLMANS / AQUARIUS LITIGATION
Shareholders are advised that the damages claim instituted by Aquarius
Platinum (South Africa) (Pty) Limited against Aveng (Africa) Limited and Mr
Brian Wilmot, the managing director of the operating group Moolmans, in the
amount of R963,775,098 has been withdrawn.
Aveng (Africa) Limited`s counterclaims against Aquarius Platinum (South
Africa) (Pty) Limited are set down for trial in August 2010.
Sandton
6 August 2010
Sponsor:
J.P. Morgan Equities Limited
Date: 06/08/2010 13:00:03 Produced by the JSE SENS Department.
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