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AEG
AEG
AEG - Aveng Limited - Voluntary Trading Update: 31 January 2011
AVENG LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000111829
SHARE CODE: AEG
("Aveng" or "the Group" or "The Company")
VOLUNTARY TRADING UPDATE
Shareholders are advised that the Company anticipates that headline earning per
share (HEPS) and earnings per share (EPS) for the six months to 31 December 2010
will be between 15% and 20% lower than that of the corresponding six month
period ended 31 December 2009.
Notwithstanding tighter margins in the South African Construction segment,
earnings by Grinaker-LTA are only expected to be marginally down on the
corresponding period last year. Whilst Grinaker-LTA is experiencing some payment
delays on a few domestic contracts, the Group`s revenue recognition policy is
conservative.
Earnings by subsidiary company, McConnell Dowell Corporation (MacDow) which
operates in the Australasia and the Pacific Rim Construction segment are lower
than the corresponding six month period as a result of the strength of the
Australian dollar and some problematic contracts.
The recent floods experienced in the Queensland and Victoria regions of
Australia have had an impact on several projects across the sectors served by
MacDow. While costs will be mitigated wherever possible, MacDow cannot yet
accurately estimate the full impact. Delays on contracts are however expected
to restrict revenue recognition and therefore adversely affect the performance
of MacDow for the second half of the financial year. It is pleasing to report
that the Group has not had any employees injured in the flood.
The Manufacturing and Processing segment has remained under significant
operating pressure due to a difficult trading environment and lower steel prices
which has contributed to the Group`s anticipated decline in earnings.
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. Earnings for the period include the proceeds from the
Aquarius settlement agreement of R87m as advised in the company`s announcement
of 19 August 2010.
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 six month period
ending 31 December 2010 will be released on Monday, 14 March 2011.
Sandton
31 January 2011
Sponsor
J.P. Morgan Equities Limited
Date: 31/01/2011 17:13:02 Produced by the JSE SENS Department.
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