Sharenet Sites 
Sharenet Sites
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 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
