Aveng Limited - Quarterly Update
AVENG LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1944/018119/06)
Share code: AEG ISIN: ZAE000018081
(`Aveng` or `the Company`)
QUARTERLY UPDATE
Shareholders are advised that trading for the third quarter of the 2005
financial year supports the trading statement published on 18 January 2005.
Aveng reiterates that headline earnings for the full financial year to June 2005
are expected to exceed those of the previous financial year by between 40% and
60%.
Operating conditions remain in line with comments made while presenting the
interim results for the six months ended 31 December 2004:
* The order book in the Construction cluster increased to R7.8bn at the end of
March from R7.2bn in December 2004. Grinaker-LTA is now operating as focused
divisions.
* Demand for our products in Steel & Allied remains positive and in line with
expectations.
* Cement sales continued to increase in the first quarter of 2005, with industry
tonnage up 5.1% on the first quarter of 2004.
* The first draft of the Construction Charter has been completed. Aveng`s
transaction with the TisoGroup led BEE consortium is broadly in line with the
proposed charter requirements.
* Aquarius Platinum (South Africa) (Pty) Limited has agreed to an independent
audit, resulting in the planned arbitration hearing in respect of the Marikana
dispute being postponed. Management is in ongoing consultation with legal
counsel to bring this matter to a positive conclusion.
The financial information on which this statement is based has not been reviewed
or reported on by the company`s auditors.
Additional details are available online in a presentation made to investors on 9
May 2005:
www.aveng.co.za in the Investor Centre.
09 May 2005
C M Bishop
Company Secretary
Aveng Limited
Sponsor
JPMorgan
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
