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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 Company")
TRADING STATEMENT
Shareholders are advised that the Company anticipates that its earnings per
share and headline earnings per share for the full year to 30 June 2011 will be
lower than that of the corresponding period ended 30 June 2010 (480,3 cents and
483,6 respectively) by between 30% and 40%.
These results, which reflect the impact of the difficult trading conditions
prevailing within the South African construction and infrastructure environment,
have been compounded by certain problematic contracts at McConnell Dowell in
Australia, particularly in the first half of the financial year and the effect
of the relatively strong currencies in both South Africa and Australia. The
anticipated reduction in earnings includes provision for the Competition
Commission settlement in respect of two complaints involving Aveng
Manufacturing: Steeledale which amounted to R129 million. As anticipated,
investment income has declined from the comparable period primarily as a result
of decreased cash balances and lower prevailing interest rates
The performance in the second half was positively affected by an improved
contribution from the McConnell Dowell and Trident Steel operations. Aveng has
continued to grow its order book in spite of the difficult market conditions.
The two year order book amounted to R37 billion as at 30 June 2011, being 23%
higher than the 31 December 2010 order book.
On 15 April 2011, certain divisions of Aveng (Africa) Limited submitted
applications relating to the Competition Commission`s fast track settlement
process. The Company is unable to provide any further information until the
Competition Commission has had the opportunity to evaluate the applications and
has completed its investigation. Aveng remains committed to doing business
ethically and will continue to co-operate and engage with the Competition
Commission to finalise the settlement process.
The audited results for the full year ended 30 June 2011 are scheduled for
release on Monday, 5 September 2011. The Company will hold its annual general
meeting on 3 November 2011. The financial information on which this statement is
based has not been reviewed or reported on by the Company`s auditors.
Rivonia
20 July 2011
Sponsor:
JP Morgan Equities Limited
Date: 20/07/2011 07:15:01 Produced by the JSE SENS Department.
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