Aveng Chairman`S Statement - AGM Friday 28 October
Aveng Chairman`S Statement - AGM Friday 28 October 2005
Aveng Limited
(REGISTRATION NUMBER: 1944/018119/06)
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
SHARE CODE JSE: AEG
ISIN: ZAE000018081
AVENG CHAIRMAN`S STATEMENT - AGM FRIDAY 28 OCTOBER 2005
Our cement, steel and manufacturing businesses are maintaining the strong
performance trend established during past years. Results from these operating
groups for the first quarter of the 2006 financial year are slightly ahead of
expectations.
Demand for Aveng"s construction services has strengthened since year end.
Grinaker-LTA Limited"s order book grew by 10% to R7,6 billion during the quarter
ended September 2005 with McConnell Dowell recording a 27% increase to AU$460
million over the same period.
We continue to be encouraged by Government"s strong emphasis on infrastructure
development in our country. We reiterate Aveng"s commitment to using our
considerable resources to assist wherever possible in giving effect to this bold
programme.
Following the recent release of the Draft Construction Sector Broad-based Black
Economic Empowerment Charter, Aveng has evaluated its position. I am pleased to
report to shareholders that as a result of the 2004 empowerment transaction with
the broadly-based consortium led by TisoGroup and our other internal empowerment
initiatives; we are well placed to comply with the requirements of the proposed
charter in the medium term.
The short term outlook for the group is in line with statements made in 2005
Annual Report. The strategy for 2006 remains focused on delivering on Aveng"s
three corporate objectives:
Growth in headline earnings per share of CPIX + 10%
Return on average equity of CPIX + 10%
Net debt to equity ratio of 35%
Sandton
Sponsor:
J.P.Morgan Equities Limited
Date: 28/10/2005 12:00:03 PM Produced by the JSE SENS Department
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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
