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AVENG LIMITED - Reviewed interim condensed consolidated financial statements for the six months ended 31 December 2016

Release Date: 20/02/2017 17:15
Code(s): AEG     PDF:  
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Reviewed interim condensed consolidated financial statements for the six months ended 31 December 2016

AVENG GROUP
(Incorporated in the Republic of South Africa)
Company registration number 1944/018119/06
Share codes JSE: AEG ISIN: ZAE 000111829

Reviewed interim condensed consolidated financial statements 
for the six months ended 31 December 2016

Salient features - financial performance 
for the period ended 31 December 2016

Revenue                            
R14,3 billion                      
Decrease of 21% from R18,0 billion at December 2015       
                                               
Operating costs                                      
25% decrease, R250 million sustainable savings       
                                                     
South African government settlement                               
R165 million                                                      
(R21,25 million per annum for 12 years)                           
                                                            
Adjusted net operating earnings     
R151 million                        
Increase from R52 million at December 2015 

Adjusted headline loss                                    
R76 million                       
from R231 million at December 2015

Operating free cash flow           
R226 million outflow               
December 2015: R295 million outflow

Adjusted headline loss per share               
19,2 cents                                     
Improved from 58,0 cents loss at December 2015 

Two year order book maintained at
R27,7 billion       
             
Salient features - segmental analysis
                                                                H1         H1                    June    
                                                              2017       2016       Change       2016    
                                                                Rm         Rm            %         Rm    
South Africa and rest of Africa                                (62)      (111)         (44)      (148)   
Aveng Grinaker-LTA                                             (71)       (19)        >100        (69)   
Aveng Water                                                      9        (83)        >100       (273)   
Aveng Capital Partners                                           -         (9)       >(100)       194    
Australasia and Asia                                           (47)         8        >(100)        14    
Total Construction and Engineering                            (109)      (103)           6       (134)   
Mining                                                          91        198          (54)       276    
Manufacturing and Processing                                    24        (48)       >(100)       (70)   
Aveng Steel                                                    (68)      (147)         (54)      (166)   
Aveng Manufacturing                                             92         99           (7)        96    
Other and Eliminations                                        (170)         5        >(100)        74    
Net operating (loss) / earnings                               (164)        52        >(100)       146    
Special items                                                  315          -        >(100)         -    
Adjusted net operating earnings                                151         52        >(100)       146    
(Loss) / earnings attributable to equity-holders:                                                          
Equity-holders of the parent                                  (392)       230        >(100)      (101)   
Non-controlling interest                                       (37)         2        >(100)        36    
Total (loss) / earnings attributable to equity-holders        (429)       232        >(100)       (65)   
Headline loss                                                 (391)      (231)          69       (299)   
Adjusted headline loss                                         (76)      (231)         (67)      (299)   

Condensed statement of adjusted earnings for the six months ended 31 December 2016
The Group presents adjusted earnings as a more representative and sustainable indicator of the Group’s 
true economic performance. Adjusted earnings excludes non-recurring items that otherwise distort the 
Group’s results and may provide users of this financial information with additional meaningful comparisons 
between current results and results in prior operating periods. Adjusted earnings should be viewed in 
addition to, and not as an alternative to, the reported operating results or any other measure of 
performance prepared in accordance with IFRS. In addition, the presentation of the adjusted earnings 
may not be comparable to similarly titled measures that other companies use.

                                                                        Six months ended 31 December 2016         
                                                                                     Special      Adjusted    
                                                                       Earnings        items      earnings    
                                                                             Rm           Rm            Rm    
Revenue [1.1]                                                            14 296          150        14 446    
Cost of sales                                                           (13 336)           -       (13 336)   
Gross earnings                                                              960          150         1 110    
Other earnings                                                               77            -            77    
Operating expenses                                                       (1 039)           -        (1 039)   
Earnings from equity-accounted investments                                    3            -             3    
Operating earnings                                                            1          150           151    
South African government settlement [1.2]                                  (165)         165             -    
Net operating (loss) / earnings                                            (164)         315           151    
Impairment of property, plant, equipment and intangible assets [1.3]         (5)           -            (5)   
Profit on sale of property, plant and equipment [1.4]                         3            -             3    
(Loss) / earnings before financing transactions                            (166)         315           149    
Finance earnings                                                             98            -            98    
Interest on convertible bonds                                              (117)           -          (117)   
Other finance expenses                                                     (207)           -          (207)   
(Loss) / earnings before taxation                                          (392)         315           (77)   
Taxation                                                                    (37)           -           (37)   
(Loss) / earnings for the period                                           (429)         315          (114)   
Equity-holders of the parent                                               (392)         315           (77)   
Non-controlling interest                                                    (37)           -           (37)   
Adjusted headline loss                                                     (391)         315           (76)   
Results per share (cents)                                                                                     
(Loss) / earnings - basic                                                 (98,8)                     (19,4)   
Headline loss - basic                                                     (98,5)                     (19,2)

Condensed statement of adjusted earnings for the six months ended 31 December 2016   
                                             Six months ended 31 December 2015            Year ended 30 June 2016          
                                                          Special      Adjusted                    Special       Adjusted     
                                            Earnings        items      earnings      Earnings        items       earnings    
                                                  Rm           Rm            Rm            Rm           Rm             Rm    
Revenue1.1                                    17 998            -        17 998        33 755            -         33 755    
Cost of sales                                (16 711)           -       (16 711)      (31 260)           -        (31 260)   
Gross earnings                                 1 287            -         1 287         2 495            -          2 495    
Other earnings                                   214                        214           591            -            591    
Operating expenses                            (1 392)           -        (1 392)       (2 808)           -         (2 808)   
Earnings from equity-accounted 
investments                                      (57)           -           (57)         (132)           -           (132)   
Operating earnings                                52            -            52           146            -            146    
South African government settlement1.2             -            -             -             -            -              -    
Net operating (loss) / earnings                   52            -            52           146            -            146    
Impairment of property, plant, equipment   
and intangible assets1.3                         (23)           -           (23)         (333)         310            (23)   
Profit on sale of property, 
plant and equipment1.4                           577         (577)            -           592         (577)            15    
(Loss) / earnings before 
financing transactions                           606         (577)           29           405         (267)           138    
Finance earnings                                 105            -           105           211                         211    
Interest on convertible bonds                   (111)           -          (111)         (225)                       (225)   
Other finance expenses                          (150)           -          (150)         (327)                       (327)   
(Loss) / earnings before taxation                450         (577)         (127)           64         (267)          (203)   
Taxation                                        (218)         101          (117)         (129)          76            (53)   
(Loss) / earnings for the period                 232         (476)         (244)          (65)        (191)          (256)   
Equity-holders of the parent                     230         (476)         (246)         (101)        (191)          (292)   
Non-controlling interest                           2            -             2            36            -             36    
Adjusted headline loss                          (231)           -          (231)         (299)           -           (299)   
Results per share (cents)                                                                                                    
(Loss) / earnings - basic                       57,8                      (61,8)        (25,4)                      (73,5)   
Headline loss - basic                          (58,0)                     (58,0)        (75,2)                      (75,2)   

1.1 Kenmare Resources' counter claim to be recovered from Professional Indemnity insurance. Refer to note 12. 
1.2 Present value of settlement with South African government. Refer to note 10.
1.3 Impairment of assets due to subdued economic conditions affecting the Steel business, relating to June 2016. 
1.4 Profit on sale of properties relating to Dimopoint properties that were held-for-sale, relating to December 2015
    and June 2016. 

Interim condensed statement of financial position as at 31 December 2016
                                                                31 December      31 December        30 June    
                                                                       2016             2015           2016    
                                                                  (Reviewed)       (Reviewed)      (Audited)   
                                                     Notes               Rm               Rm             Rm    
ASSETS                                                                                                         
Non-current assets                                                                                             
Goodwill arising on consolidation                                       342              342            342    
Intangible assets                                                       320              332            325    
Property, plant and equipment                                         4 513            5 450          4 843    
Equity-accounted investments                                            118              136            100    
Infrastructure investments                                              200              877            177    
Deferred taxation                                                     1 870            1 829          1 858    
Derivative instruments                                                    -               15              -    
Amounts due from contract customers                      8            1 305            1 174          1 417    
                                                                      8 668           10 155          9 062    
Current assets                                                                                                 
Inventories                                                           2 159            2 400          2 211    
Derivative instruments                                                    5              106             20    
Amounts due from contract customers                      8            7 178            9 068          8 047    
Trade and other receivables                                           1 721            2 005          2 058    
Cash and bank balances                                                2 017            3 452          2 450    
                                                                     13 080           17 031         14 786    
Non-current assets held-for-sale                         7            1 101                7          1 484    
TOTAL ASSETS                                                         22 849           27 193         25 332    
EQUITY AND LIABILITIES                                                                                         
Equity                                                                                                         
Share capital and share premium                                       2 009            2 009          2 009    
Other reserves                                                        1 118            2 031          1 821    
Retained earnings                                                     9 297           10 020          9 689    
Equity attributable to equity-holders of parent                      12 424           14 060         13 519    
Non-controlling interest                                                 12               11             37    
Total Equity                                                         12 436           14 071         13 556    
                                                                                                               
Liabilities                                                                                                    
Non-current liabilities                                                                                        
Deferred taxation                                                       242              434            266    
Borrowings and other liabilities                         9            1 851            1 901          1 770    
Employee-related payables                                               329              474            379    
Trade and other payables                                10              126                -              -    
                                                                      2 548            2 809          2 415    
Current liabilities                                                                                            
Amounts due to contract customers                        8            1 338            1 792          1 322    
Borrowings and other liabilities                         9            1 103            1 220          1 214    
Employee-related payables                                               299              548            559    
Derivative instruments                                                   26                -             27    
Trade and other payables                                10            4 854            6 566          5 886    
Taxation payable                                                        116              187            106    
                                                                      7 736           10 313          9 114    
Non-current liabilities held-for-sale                    7              129                -            247    
TOTAL Liabilities                                                    10 413           13 122         11 776    
TOTAL EQUITY AND LIABILITIES                                         22 849           27 193         25 332    
                                                                                                               
Interim condensed statement of comprehensive earnings for the six months ended 31 December 2016
                                                                  Six months   Six months                  
                                                                       ended        ended             Year ended
                                                                 31 December  31 December                30 June
                                                                        2016         2015                   2016
                                                                   (Reviewed)   (Reviewed)  Change     (Audited)
                                                      Notes               Rm           Rm        %            Rm    
Revenue                                                               14 296       17 998      (21)       33 755    
Cost of sales                                                        (13 336)     (16 711)      20       (31 260)   
Gross earnings                                                           960        1 287      (25)        2 495    
Other earnings                                                            77          214      (64)          591    
Operating expenses                                                    (1 039)      (1 392)      25        (2 808)   
Earnings / (loss) from                                                                    
equity-accounted investments                                               3          (57)   >(100)         (132)   
Operating earnings                                                         1           52      (98)          146    
South African government settlement                      10             (165)           -    >(100)            -    
Net operating (loss) / earnings                                         (164)          52    >(100)          146    
Impairment of property, plant, equipment and 
intangible assets                                                         (5)         (23)      78          (333)   
Profit on sale of property, plant and equipment                            3          577      (99)          592    
(Loss) / earnings before financing transactions                         (166)         606    >(100)          405    
Finance earnings                                                          98          105       (7)          211    
Convertible bond interest                                               (117)        (111)      (5)         (225)   
Other finance expenses                                                  (207)        (150)     (38)         (327)   
(Loss) / earnings before taxation                                       (392)         450    >(100)           64    
Taxation                                                 11              (37)        (218)      83          (129)   
(Loss) / earnings for the period                                        (429)         232    >(100)          (65)   
Other comprehensive earnings to be                                                        
reclassified to earnings or loss in subsequent                                            
periods (net of taxation):                                                                
Exchange differences on translating foreign operations                  (709)         985    >(100)          786    
Other comprehensive (loss) / earnings for the                                             
period, net of taxation                                                 (709)         985    >(100)          786    
Total comprehensive (loss) / earnings                                 (1 138)       1 217    >(100)          721    
Total comprehensive (loss) / earnings for                                                 
the period attributable to:                                                               
Equity-holders of the parent                                          (1 102)       1 223    >(100)          676    
Non-controlling interest                                                 (36)          (6)   >(100)           45    
                                                                      (1 138)       1 217    >(100)          721    
(Loss) / earnings for the period attributable to:                                                                       
Equity-holders of the parent                                            (392)         230    >(100)         (101)   
Non-controlling interest                                                 (37)           2    >(100)           36    
                                                                        (429)         232    >(100)          (65)   
Other comprehensive (loss) / earnings for                                                  
the period, net of taxation                                                                
Equity-holders of the parent                                            (710)         993     >100           777    
Non-controlling interest                                                   1           (8)   >(100)            9    
                                                                        (709)         985    >(100)          786    
Results per share (cents)                                                                                             
(Loss) / earnings - basic                                              (98,8)        57,8    >(100)        (25,4)   
(Loss) / earnings - diluted                                            (97,5)        57,2    >(100)        (25,1)   
Headline (loss) - basic                                                (98,5)       (58,0)   >(100)        (75,2)   
Headline (loss) - diluted                                              (97,2)       (57,5)   >(100)        (74,4)   
Number of shares (millions)                                                                                           
In issue                                                               416,7        416,7        -         416,7    
Weighted average                                                       396,8        398,0     (0,3)        397,4    
Diluted weighted average                                               402,1        402,1        -         402,1    
EBITDA for the Group, being operating earnings before interest, tax, depreciation and amortisation is R344 million 
(December 2015: R496 million; June 2016: R969 million).

Interim condensed statement of changes in equity for the six months ended 31 December 2016
                                                                                                                   Equity-        
                                                                                          Total       Foreign      settled     
                                                                                          share      currency       share-     
                                                                                        capital        trans-        based     
                                                                Share        Share          and        lation      payment     
                                                              capital      premium      premium       reserve      reserve     
Six months ended 31 December 2015 (Reviewed)                       Rm           Rm           Rm            Rm           Rm     
Balance at 1 July 2015                                             20        2 003        2 023           757           15     
Earnings for the period                                             -            -            -             -            -     
Other comprehensive earnings for the period (net of taxation)       -            -            -           993            -     
Total comprehensive earnings for the period                         -            -            -           993            -     
Movement in treasury shares                                         -          (23)         (23)            -            -     
Equity-settled share-based payment release                          -            9            9             -           (9)    
Equity-settled share-based payment charge                           -            -            -             -            7     
Bond equity reserve                                                 -            -            -             -            -     
Decrease in equity investment                                                                 -             -            -     
Total contributions and distributions recognised                    -          (14)         (14)            -           (2)    
Balance at 31 December 2015                                        20        1 989        2 009         1 750           13     
Year ended 30 June 2016 (Audited)                                                                                              
Balance at 1 July 2015                                             20        2 003        2 023           757           15     
Loss for the period                                                 -            -            -             -            -     
Other comprehensive loss for the period (net of taxation)           -            -            -           777            -     
Total comprehensive earnings for the period                         -            -            -           777            -     
Movement in treasury shares                                         -          (23)         (23)            -            -     
Equity-settled share-based payment release                          -            9            9             -           (9)    
Equity-settled share-based payment charge                           -            -            -             -           13     
Recognition of deferred tax on convertible bond                     -            -            -             -            -     
Decrease in equity investment                                       -            -            -             -            -     
Dividends paid                                                      -            -            -             -            -     
Total contribution and distributions recognised                     -          (14)         (14)            -            4     
Balance at 30 June 2016                                            20        1 989        2 009         1 534           19     
                                                                                                                               
                                                                                     Total attri-                         
                                                  Conver-                                 butable                         
                                                    tible                              to equity-                         
                                                     bond       Total                     holders          Non-                  
                                                   equity       other      Retained        of the   controlling     Total      
                                                  reserve    reserves      earnings        parent      interest    equity     
Six months ended 31 December 2015 (Reviewed)           Rm          Rm            Rm            Rm            Rm        Rm    
Balance at 1 July 2015                                390       1 162         9 790        12 975            23    12 998    
Earnings for the period                                 -           -           230           230             2       232    
Other comprehensive earnings for the period                                                        
(net of taxation)                                       -         993             -           993            (8)      985    
Total comprehensive earnings for the period             -         993           230         1 223            (6)    1 217    
Movement in treasury shares                             -           -             -           (23)            -       (23)   
Equity-settled share-based payment release              -          (9)            -             -             -         -    
Equity-settled share-based payment charge               -           7             -             7             -         7    
Bond equity reserve                                  (122)       (122)            -          (122)            -      (122)   
Decrease in equity investment                           -           -             -             -            (6)       (6)   
Total contributions and distributions recognised     (122)       (124)            -          (138)           (6)     (144)   
Balance at 31 December 2015                           268       2 031        10 020        14 060            11    14 071    
Year ended 30 June 2016 (Audited)                                                                                            
Balance at 1 July 2015                                390       1 162         9 790        12 975            23    12 998    
Loss for the period                                     -           -          (101)         (101)           36       (65)   
Other comprehensive loss for the period                                                            
(net of taxation)                                       -         777             -           777             9       786    
Total comprehensive earnings for the period             -         777          (101)          676            45       721    
Movement in treasury shares                             -           -             -           (23)            -       (23)   
Equity-settled share-based payment release              -          (9)            -             -             -         -    
Equity-settled share-based payment charge               -          13             -            13             -        13    
Recognition of deferred tax on convertible bond      (122)       (122)            -          (122)            -      (122)   
Decrease in equity investment                           -           -             -             -           (29)      (29)   
Dividends paid                                          -           -             -             -            (2)       (2)   
Total contribution and distributions recognised      (122)       (118)            -          (132)          (31)     (163)   
Balance at 30 June 2016                               268       1 821         9 689        13 519            37    13 556    
                                                                                                                                  
Interim condensed statement of changes in equity continued
for the six months ended 31 December 2016
                                                                                                                   Equity-
                                                                                          Total       Foreign      settled
                                                                                          share      currency       share-
                                                                                        capital        trans-        based
                                                                Share        Share          and        lation      payment 
                                                              capital      premium      premium       reserve      reserve 
Six months ended 31 December 2016 (Reviewed)                       Rm           Rm           Rm            Rm           Rm 
Balance at 1 July 2016                                             20        1 989        2 009         1 534           19
Loss for the period                                                 -            -            -             -            -
Other comprehensive loss for the period (net of taxation)           -            -            -          (710)           -
Total comprehensive earnings for the period                         -            -            -          (710)           -
Equity-settled share-based payment charge                           -            -            -             -            7
Increase in equity investment                                       -            -            -             -            -
Dividends paid                                                      -            -            -             -            -
Total contributions and distributions recognised                    -            -            -             -            7
Balance at 31 December 2016                                        20        1 989        2 009           824           26
                                                                                                                         
                                                                                     Total attri-                            
                                                  Conver-                                 butable                            
                                                    tible                              to equity-                            
                                                     bond       Total                     holders          Non-              
                                                   equity       other      Retained        of the   controlling     Total    
                                                  reserve    reserves      earnings        parent      interest    equity    
Six months ended 31 December 2016 (Reviewed)           Rm          Rm            Rm            Rm            Rm        Rm    
Balance at 1 July 2016                                268       1 821         9 689        13 519            37    13 556    
Loss for the period                                     -           -          (392)         (392)          (37)     (429)   
Other comprehensive loss for the period 
(net of taxation)                                       -        (710)            -          (710)            1      (709)   
Total comprehensive earnings for the period             -        (710)         (392)       (1 102)          (36)   (1 138)   
Equity-settled share-based payment charge               -           7             -             7             -         7    
Increase in equity investment                           -           -             -             -            14        14    
Dividends paid                                          -           -             -             -            (3)       (3)   
Total contributions and distributions recognised        -           7             -             7            11        18    
Balance at 31 December 2016                           268       1 118         9 297        12 424            12    12 436    

Interim condensed statement of cash flows for the six months ended 31 December 2016
                                                                      Six months       Six months         
                                                                           ended            ended      Year ended 
                                                                     31 December      31 December         30 June 
                                                                            2016             2015            2016 
                                                                       (Reviewed)       (Reviewed)       (Audited)
                                                          Notes               Rm               Rm              Rm     
Operating activities                                                                                                 
Cash (utilised) / retained from operations                                  (174)             660             529    
Depreciation                                                                 329              429             793    
Amortisation                                                                  14               15              30    
Non-cash and other movements                                 13             (474)            (194)           (403)   
Cash (utilised) / generated by operations                                   (305)             910             949    
Decrease in inventories                                                       48              162             150    
Decrease in amounts due from contract customers                              981               52             825    
Decrease in trade and other receivables                                      337              424             206    
Increase in derivative instruments                                            14              (82)             46    
Increase / (decrease) in amounts due to contract customers                    16             (770)         (1 240)   
Increase / (decrease) in trade and other payables                           (910)            (338)           (782)   
QCLNG repayment                                                                -           (1 072)         (1 072)   
Decrease in payables other than contract-related                               -             (102)           (102)   
Movement in held-for-sale assets                                             (37)               -               -    
Decrease in employee-related payables                                       (310)             (96)           (254)   
Total changes in working capital                                             139           (1 822)         (2 223)   
Cash utilised by operating activities                                       (166)            (912)         (1 274)   
Finance expenses paid                                                       (264)            (209)           (458)   
Finance earnings received                                                     99              102             214    
Taxation paid                                                               (111)            (233)           (316)   
Cash outflow from operating activities                                      (442)          (1 252)         (1 834)   
Investing activities                                                                                                 
Property, plant and equipment purchased                                                                              
- expansion                                                                  (58)             (75)           (175)   
- replacement                                                               (145)             (89)           (319)   
Proceeds on disposal of property, plant and equipment                        157               45             161    
Proceeds on disposal of items held-for-sale                                  298                -               -    
Acquisition of intangible assets                                                                                     
- expansion                                                                   (9)              (7)            (12)   
- replacement                                                                  -                -              (4)   
Proceeds from property transaction                                             -            1 127           1 127    
Capital expenditure net proceeds on disposal                                 243            1 001             778  
Loans advanced to equity-accounted investments                    
net of dividends received                                                    (31)             (40)            (63)   
Net loans advanced to infrastructure investment companies                      -               (7)            (13)   
Dividend earnings                                                              4                3               7    
Cash inflow from investing activities                                        216              957             709    
Operating free cash outflow                                                 (226)            (295)         (1 125)   
Financing activities with equity-holders                                                                             
Shares repurchased                                                             -              (23)            (23)   
Loans repaid by non-controlling interest                                      15               (6)            (20)   
Dividends paid                                                                (3)               -              (2)   
(Repayment of) / proceeds from borrowings raised                             (76)             606             429    
Net (decrease) / increase in cash and bank                     
balances before foreign exchange movements                                  (290)             282            (741)   
Foreign exchange movements on cash and bank balances                        (143)             314             315    
Cash and bank balances at the beginning of the period                      2 450            2 856           2 856    
Cash related to assets held-for-sale                                           -                -              20    
Total cash and bank balances at the end of the period                      2 017            3 452           2 450    
Borrowings excluding bank overdrafts                                       2 954            3 121           2 984    
Net (debt) / cash position                                                  (937)             331            (534)   


Notes to the interim condensed consolidated financial statements for the six months ended 31 December 2016

1.  CORPORATE INFORMATION                                                                          
    The reviewed interim condensed consolidated financial statements (the “interim results”) of Aveng Limited 
    (the “Company”) and its subsidiaries (the “Group”) for the six months ended 31 December 2016 were authorised 
    for issue in accordance with a resolution of the directors on 17 February 2017.                
    Nature of business                                                               
    Aveng Limited is a limited liability company incorporated and domiciled in the Republic of South Africa whose 
    shares are publicly traded. The Group operates in the construction, engineering and mining environments and as 
    a result the revenue is not seasonal in nature, but is influenced by the nature and execution of the contracts 
    currently in progress.                                                              
    Change in directorate                                                                       
    Mr PK Ward retired as a non-executive director effective from 30 June 2016.                 
    Mr AWB Band retired as a non-executive director effective from 19 August 2016.              

2.  BASIS OF PREPARATION AND ACCOUNTING POLICY                                                  
    The interim results have been prepared on a historical basis except for certain financial instruments that 
    are measured at fair value.                                       

    These interim results are presented in South African Rand (“ZAR”) and all values are rounded to the nearest 
    million (“Rm”) except when otherwise indicated. The interim results are prepared in accordance with IAS 34 
    Interim Financial Statements and the Listings Requirements of the Johannesburg Stock Exchange. The accounting 
    policies adopted are consistent with those of the Group’s audited consolidated financial statements as at 
    30 June 2016. The interim results have been prepared by Clare Giletti CA(SA) under the supervision of 
    Group Finance Director, Adrian Macartney CA(SA).                                               

    The reviewed condensed consolidated interim financial statements for the six-month period ended 31 December 2016, 
    set out in the SENS, have been reviewed by the Company’s external auditor, Ernst & Young Inc., in accordance with 
    International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the 
    Independent Auditors of the Entity. The unmodified review opinion is available on request from the Company 
    Secretary at the Company’s registered office.    

    Assessment of significance or materiality of amounts disclosed in these interim results             
    The Group presents amounts in these interim results in accordance with International Financial Reporting Standards 
    (“IFRS”). Only amounts that have a relevant and material impact on the interim results have been separately disclosed. 
    The assessment of significant or material amounts is determined by taking into account the qualitative and quantitative 
    factors attached to each transaction or balance that is assessed.                                                   
                                                                                                          
3.  NEW ACCOUNTING STANDARDS AND INTERPRETATIONS ADOPTED, CHANGES IN ACCOUNTING POLICIES AND OTHER RECLASSIFICATIONS       
    As part of the Group’s financial reporting improvement initiatives, the structure, format and presentation of 
    disclosures in the financial statements were reviewed. This resulted in the reallocation of certain comparative 
    amounts. This initiative is an ongoing programme targeting the most appropriate disclosure and presentation 
    practices to best serve the interests of the Group’s stakeholders based on interaction with them during the period. 

    The resulting reallocations had no impact on the earnings of the Group and as such the reallocations are regarded 
    as not having had a qualitatively significant effect on the information presented.                

    Deferred tax assets relating to historical assessed losses of Aveng (Africa) Proprietary Limited were transferred 
    to Aveng Corporate from the various segments as these losses are managed centrally.                             

    The Africa Construction business included in the Construction and Engineering: South Africa and rest of Africa 
    segment has been reallocated to Other and Eliminations segment.

    Consistent with the disclosure made at 30 June 2016 the net operating earnings related to Dimopoint has 
    been reallocated from the Construction and Engineering: South Africa and the rest of Africa segment to 
    Other and Eliminations segment.

                                                    Balance as        Deferred           Africa           
                                                    previously       tax asset     construction       Restated 
                                                      reported    reallocation     reallocation        balance
                                                            Rm              Rm               Rm             Rm    
    Segmental report as at 31 December 2015                                                                       
    Total assets                                                                                                  
    Construction and Engineering: South Africa                                   
    and rest of Africa                                   5 436          (1 373)            (118)         3 945    
    Construction and Engineering: Australasia                                    
    and Asia                                            11 558               -                -         11 558    
    Mining                                               4 818            (168)               -          4 650    
    Manufacturing and Processing                         6 047            (109)               -          5 938    
    Other and Eliminations                                (666)          1 650              118          1 102    
                                                        27 193               -                -         27 193    
    Total liabilities                                                                                             
    Construction and Engineering: South Africa                                   
    and rest of Africa                                   1 918               -               (9)         1 909    
    Construction and Engineering: Australasia                                    
    and Asia                                             5 426               -                -          5 426    
    Mining                                               1 958               -                -          1 958    
    Manufacturing and Processing                         1 946               -                -          1 946    
    Other and Eliminations                               1 874               -                9          1 883    
                                                        13 122               -                -         13 122 

                                                   Balance as       Net operating earnings/(loss)  
                                                   previously         Dimopoint        Africa         Restated   
                                                     reported        Properties      business          balance  
                                                           Rm                Rm            Rm               Rm   
    Net operating earnings / (loss)                                                 
    Construction and engineering: South Africa                                      
    and rest of Africa                                   (125)              (15)           29             (111)
    Construction and engineering: Australasia                                       
    and Asia                                                8                 -             -                8
    Mining                                                198                 -             -              198
    Manufacturing and Processing                          (48)                -             -              (48)
    Other and Eliminations                                 19                15           (29)               5
                                                           52                 -             -               52

                                                    Balance as        Deferred          Africa            
                                                    previously       tax asset    construction       Restated
                                                      reported    reallocation    reallocation        balance
                                                            Rm              Rm              Rm             Rm    
    Segmental report as at 30 June 2016                                                                          
    Total assets                                                                                                 
    Construction and Engineering: South Africa    
    and rest of Africa                                   3 466               -             (15)         3 451    
    Construction and Engineering: Australasia     
    and Asia                                            10 699               -               -         10 699    
    Mining                                               3 952               -               -          3 952    
    Manufacturing and Processing                         5 470               -               -          5 470    
    Other and Eliminations                               1 745               -              15          1 760    
                                                        25 332               -               -         25 332    
    Total liabilities                                                                                            
    Construction and Engineering: South Africa    
    and rest of Africa                                   2 022               -              22          2 044    
    Construction and Engineering: Australasia     
    and Asia                                             4 410               -               -          4 410    
    Mining                                               1 425               -               -          1 425    
    Manufacturing and Processing                         2 162               -               -          2 162    
    Other and Eliminations                               1 757               -             (22)         1 735    
                                                        11 776               -               -         11 776  

                                                              Balance as                  
                                                              previously       Africa business      Restated   
                                                                reported         Net operating       balance   
                                                                      Rm       earnings/(loss)            Rm   
    Net operating earnings / (loss)                                              
    Construction and engineering: South Africa 
    and rest of Africa                                              (187)                   39          (148)
    Construction and engineering: Australasia and Asia                14                     -            14
    Mining                                                           276                     -           276
    Manufacturing and Processing                                     (70)                    -           (70)
    Other and Eliminations                                           113                   (39)           74
                                                                     146                     -           146

4.  SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES                   
    The preparation of the interim condensed consolidated financial statements requires management to make 
    judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not 
    readily apparent from other sources. The estimates and associated assumptions are based on historical 
    experience and other factors that are considered to be relevant. Actual results may differ from these 
    estimates.                                                                           

    Impairment of cash-generating units                                           
    Where indicators existed the Group assessed the recoverable amount (higher of its fair value less cost 
    to dispose and its value in use) of the relevant cash-generating units. The value in use was used as the 
    Group expects to recover the economic benefits through operational use.                    
    The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model, 
    the expected future cash inflows and the growth rates used for extrapolation and terminal value purposes. 
    The following assumptions were used in the calculation:         
    1. The Group WACC was adjusted to take into account the risk specific to each cash-generating unit; and            
    2. Non-cash settled intercompany balances were excluded from the calculation of the net asset value (“NAV”).      

    Deferred taxation                                      
    Deferred taxation assets are recognised for all unused taxation losses to the extent that it is probable 
    that taxable earnings will be available against which the losses can be utilised. Significant management 
    judgement is required to determine the amount of deferred taxation assets that can be recognised, based 
    upon the likely timing and level of future taxable earnings. If the deferred taxation assets and the 
    deferred taxation liability relate to income taxation in the same jurisdiction, and the law allows net 
    settlement, they have been offset in the statement of financial position.                         

    Revenue recognition                                          
    The Group uses the percentage of completion method in accounting for its construction contracts.             
    Judgements made in the application of the accounting policies for contracting revenue and profit and 
    loss recognition include:                                                                    
    - the determination of stage of completion;                                                
    - estimation of total contract revenue and total contract costs;                           
    - assessment of the amount the client will pay for contract variations; and                
    - estimation of project production rates and programme through to completion.              
    The construction contracts undertaken by the Group may require it to perform extra or change order 
    work, and this can result in negotiations over the extent to which the work is outside the scope of 
    the original contract or the price for the extra work.                                 

    Given the complexity of many of the contracts undertaken by the Group, the knowledge and experience of 
    the Group’s project managers, engineers, and executive management is used in assessing the status of 
    negotiations with the customer, the reliability with which the estimated recoverable amounts can be 
    measured, the financial risks pertained to individual projects and the associated judgements and estimates 
    employed. Cost and revenue estimates and judgements are reviewed and updated monthly, and more frequently as 
    determined by events or circumstances. When it is probable that total contract costs will exceed total 
    contract revenue, the expected loss is recognised immediately as an expense.     

    In addition, many contracts specify the completions schedule requirements and allow liquidated damages 
    to be charged in the event of failure to achieve that schedule on these contracts, this could result 
    in the Group incurring liquidated damages.                         
    Material changes in one or more of these judgements and/or estimates, while not anticipated, would 
    significantly affect the profitability of individual contracts and the Group’s overall results. The impact 
    of a change in judgements and/or estimates has and will be influenced by the size and complexity of 
    individual contracts within the portfolio at any point in time and is often outside the control of the Group.       
                                                                      
5.  SEGMENTAL REPORT                                          
    The Group has determined four reportable segments that are largely organised and managed separately according 
    to the nature of products and services provided.       
    These segments are components of the Group:                                   
    - that engage in business activities from which they earn revenues and incur expenses; and               
    - have operating results that are regularly reviewed by the Group’s chief operating decision-makers 
    to make decisions about resources to be allocated to the segments and in assessment of their performance.       
    The Group’s reportable segments are categorised as follows:                                       

1.  Construction and Engineering                                                                      
1.1 Construction and Engineering: South Africa and rest of Africa                                     
    This reportable segment includes Aveng Grinaker-LTA (including Aveng Water) and Aveng Capital Partners (“ACP”).   
    Revenues from this segment include the supply of expertise in a number of market sectors: power, mining, 
    infrastructure, commercial, retail, industrial, Oil & Gas, real estate and renewable concessions and 
    investments.  
1.2 Construction and Engineering: Australasia and Asia      
    This segment comprises McConnell Dowell and is divided into the following business units: Australia, 
    New Zealand and Pacific, Built Environ, Southeast Asia and Middle East. 
    This segment specialises in the construction and maintenance of tunnels and pipelines, railway infrastructure 
    maintenance and construction, marine and mechanical engineering, industrial building projects, Oil & Gas 
    construction and mining and mineral construction.                              

2.  Mining
    This segment comprises Aveng Moolmans and Aveng Shafts & Underground. 
    Revenue from this segment is derived from mining-related activities.   

3.  Manufacturing and Processing
    This segment comprises Aveng Manufacturing and Aveng Steel.
    The revenues from this segment comprise the supply of products, services and solutions to the mining, 
    construction, Oil & Gas, water, power and rail sectors across the Group’s value chain locally and
    internationally.
    Aveng Manufacturing business units include Aveng Automation and Control Solutions (“ACS”), Aveng 
    Dynamic Fluid (“DFC”), Aveng Duraset, Aveng Infraset and Aveng Rail.
    Aveng Steel business units include: Aveng Steeledale (held-for-sale) and Aveng Trident Steel. 
4.  Other and Eliminations   
    This segment comprises corporate services, Africa construction, corporate held investments, including 
    properties and consolidation eliminations.   

                                                Construction and        
                                                   Engineering:        
    Segment report December 2016         South Africa                                Manufac-           Other          
    (Reviewed)                               and rest   Australasia                turing and             and                
    Rm                                      of Africa      and Asia      Mining    Processing    Eliminations      Total    
    Assets                                                                                                                  
    Goodwill arising on consolidation               -            100           -            10            232        342    
    Intangible assets                               -              -          28           136            156        320    
    Property, plant and equipment                 429            629       2 163           970            322      4 513    
    Equity-accounted investments                  (42)            55           4             -            101        118    
    Infrastructure investments                     58              -           -             -            142        200    
    Deferred taxation                             209            866         127            33            635      1 870    
    Derivative instruments                          -              -           5             -              -          5    
    Amounts due from contract customers           670          6 760         682           161            210      8 483    
    Inventories                                    26             10         246         1 877              -      2 159    
    Trade and other receivables                   215            154         112         1 068            172      1 721    
    Cash and bank balances                        485          1 153         341           594           (556)     2 017    
    Non-current assets held-for-sale              665              -           -           343             93      1 101    
    Total assets                                2 715          9 727       3 708         5 192          1 507     22 849    
    Liabilities                                                                                                             
    Deferred taxation                             133             92         271           104           (358)       242    
    Borrowings and other liabilities                -            961         212             5          1 776      2 954    
    Employee-related payables                     133            288         157            45              5        628    
    Trade and other payables                      859          1 880         436         1 505            300      4 980    
    Derivative instruments                          -              -           -            26              -         26    
    Amounts due to contract customers             443            733         119            25             18      1 338    
    Taxation payable                               97             10          21             2            (14)       116    
    Non-current liabilities held-for-sale           -              -           -           149            (20)       129    
    Total liabilities                           1 665          3 964       1 216         1 861          1 707     10 413    

                                                Construction and                                                        
                                                   Engineering:                                                                    
    Segment report December 2015         South Africa                                Manufac-           Other                    
    (Reviewed)                               and rest   Australasia                turing and             and              
    Rm                                      of Africa      and Asia      Mining    Processing    Eliminations      Total
    Assets                                                                                                                  
    Goodwill arising on consolidation               -           100           -            10             232        342    
    Intangible assets                               1             -          15           145             171        332    
    Property, plant and equipment                 465           865       2 326         1 324             470      5 450    
    Equity-accounted investments                  109            58           4             -             (35)       136    
    Infrastructure investments                    712            86           -             -              79        877    
    Deferred taxation                             397           735         126          (249)            820      1 829    
    Derivative instruments                         15            18           -            49              39        121    
    Amounts due from contract customers         1 442         7 649       1 208           537            (594)    10 242    
    Inventories                                    13             7         243         2 137               -      2 400    
    Trade and other receivables                   304           200         235         1 096             170      2 005    
    Cash and bank balances                        487         1 840         493           889            (257)     3 452    
    Non-current assets held-for-sale                -             -           -             -               7          7    
    Total assets                                3 945        11 558       4 650         5 938           1 102     27 193    
    Liabilities                                                                                                             
    Deferred taxation                             258           105         200           (86)            (43)       434    
    Borrowings and other liabilities                -           939         486             6           1 690      3 121    
    Employee-related payables                     161           497         233            84              47      1 022    
    Trade and other payables                      966         2 951         738         1 795             116      6 566    
    Amounts due to contract customers             496           980         194           122               -      1 792    
    Taxation payable                               28           (46)        107            25              73        187    
    Total liabilities                           1 909         5 426       1 958         1 946           1 883     13 122    
                                        
                                                Construction and                                                        
                                                   Engineering:                                                                    
    Segment report June 2016             South Africa                                Manufac-           Other                    
    (Audited)                                and rest   Australasia                turing and             and              
    Rm                                      of Africa      and Asia      Mining    Processing    Eliminations      Total   
    Assets                                                                                       
    Goodwill arising on consolidation               -           100           -            10             232        342    
    Intangible assets                               -             -          20           142             163        325    
    Property, plant and equipment                 433           805       2 294           976             335      4 843    
    Equity-accounted investments                   75            56           4             -             (35)       100    
    Infrastructure investments                     49             -           -             -             128        177    
    Deferred taxation                              79           940         129           (74)            784      1 858    
    Derivative instruments                          -             -          19             1               -         20    
    Amounts due from contract customers         1 169         7 167         675           223             230      9 464    
    Inventories                                     9            10         244         1 949              (1)     2 211    
    Trade and other receivables                   243            96         115         1 405             199      2 058    
    Cash and bank balances                        534         1 441         452           424            (401)     2 450    
    Non-current assets held-for-sale              860            84           -           414             126      1 484    
    Total assets                                3 451        10 699       3 952         5 470           1 760     25 332    
    Liabilities                                                                                                             
    Deferred taxation                             149           104         257             5            (249)       266    
    Borrowings and other liabilities                -           905         340             7           1 732      2 984    
    Employee-related payables                     200           372         217            95              54        938    
    Trade and other payables                    1 240         2 209         528         1 720             189      5 886    
    Amounts due to contract customers             435           753          70            47              17      1 322    
    Derivative instruments                          -             -           -            27               -         27    
    Taxation payable                               20            67          13            (2)              8        106    
    Non-current assets held-for-sale                -             -           -           263             (16)       247    
    Total liabilities                           2 044         4 410       1 425         2 162           1 735     11 776    
    
                                                Construction and                                                        
                                                   Engineering:                           
    Six months ended December            South Africa                                Manufac-           Other                    
    2016 (Reviewed)                          and rest   Australasia                turing and             and              
    Rm                                      of Africa      and Asia      Mining    Processing    Eliminations      Total   
    Gross revenue                               3 270         4 912       2 001         4 300            (187)    14 296    
    Cost of sales                              (3 133)       (4 580)     (1 802)       (4 022)            201    (13 336)   
    Gross earnings                                137           332         199           278              14        960    
    Other earnings                                 21             4         (13)           53              12         77    
    Operating expenses                           (220)         (386)        (95)         (307)            (31)    (1 039)   
    Earnings from                                                                                 
    equity-accounted investments                    -             3           -             -               -          3    
    Operating (loss) / earnings                   (62)          (47)         91            24              (5)         1    
    South African government                                                                      
    settlement                                      -             -           -             -            (165)      (165)   
    Net adjusted operating                                                                        
    (loss) / earnings                             (62)          (47)         91            24            (170)      (164)   
    Impairment of property, plant                                                              
    and equipment and intangible assets             -             -           -             -              (5)        (5)   
    Profit on sale of property,                                                                   
    plant and equipment                             -             -           -             -               3          3    
    (Loss) / earnings before                                                                      
    financing transactions                        (62)          (47)         91            24            (172)      (166)   
    Net finance earnings / (expenses)               6           (88)         (8)          (23)           (113)      (226)   
    (Loss) / earnings before taxation             (56)         (135)         83             1            (285)      (392)   
    Taxation                                      (18)           18         (48)           (1)             12        (37)   
    (Loss) / earnings for the period              (74)         (117)         35             -            (273)      (429)   
    Capital expenditure                            38            76          38            55               5        212    
    Depreciation                                  (34)         (112)       (127)          (50)             (6)      (329)   
    Amortisation                                    -             -           -            (7)             (7)       (14)   
    (Loss) / earnings before                                                                      
    interest, taxation, depreciation                                                              
    and amortisation (EBITDA)                     (28)           65         218            81               8        344    
    
                                                Construction and                                                        
                                                   Engineering:                                                                    
    Six months ended December            South Africa                                Manufac-           Other                    
    2015 (Reviewed)                          and rest   Australasia                turing and             and              
    Rm                                      of Africa      and Asia      Mining    Processing    Eliminations      Total  
    Gross revenue                               3 857         7 048       2 968         4 396            (271)    17 998    
    Cost of sales                              (3 656)       (6 543)     (2 658)       (4 182)            328    (16 711)   
    Gross earnings                                201           505         310           214              57      1 287    
    Other earnings                                 23            36          17            96              42        214    
    Operating expenses                           (312)         (498)       (129)         (358)            (95)    (1 392)   
    Earnings from                                                     
    equity-accounted investments                  (23)          (35)          -             -               1        (57)   
    Net operating (loss) / earnings              (111)            8         198           (48)              5         52    
    Impairment of property, plant,                                 
    equipment and intangible assets                 -             -         (23)            -               -        (23)   
    Impairment of goodwill arising                                    
    on consolidation                                -             -           -             -               -          -    
    Gain on property transaction                    -             -           -             7             570        577    
    (Loss) / earnings before                                          
    financing transactions                       (111)            8         175           (41)            575        606    
    Net finance earnings / (expenses)              19           (29)         (6)           (7)           (133)      (156)   
    (Loss) / earnings before taxation             (92)          (21)        169           (48)            442        450    
    Taxation                                       89           (21)        (81)           30            (235)      (218)   
    (Loss) / earnings for the period               (3)          (42)         88           (18)            207        232    
    Capital expenditure                            19            41          26            69              16        171    
    Depreciation                                  (38)         (112)       (207)          (67)             (5)      (429)   
    Amortisation                                    -             -           -            (6)             (9)       (15)   
    Earnings before interest, taxation,                               
    depreciation and amortisation (EBITDA)        (73)          120         405            25              19        496    

                                                Construction and                                                        
                                                   Engineering:                           
    Year ended June 2016                 South Africa                                Manufac-           Other                
    (Audited)                                and rest   Australasia                turing and             and              
    Rm                                      of Africa      and Asia      Mining    Processing    Eliminations      Total  
    Gross revenue                               7 344        12 828       5 026         8 794            (237)    33 755    
    Cost of sales                              (7 117)      (11 737)     (4 586)       (8 289)            469    (31 260)   
    Gross earnings                                227         1 091         440           505             232      2 495    
    Other earnings                                315            18          72           130              56        591    
    Operating expenses                           (632)       (1 022)       (235)         (705)           (214)    (2 808)   
    Earnings from                                        
    equity-accounted investments                  (58)          (73)         (1)            -               -       (132)   
    Net operating (loss) / earnings              (148)           14         276           (70)             74        146    
    Impairment / loss with                               
    derecognition of property, plant,                    
    equipment and intangible assets                 -             -         (38)         (295)              -       (333)   
    Profit on sale of property,                          
    plant and equipment                             -             -           -            22             570        592    
    (Loss) / earnings before                             
    financing transactions                       (148)           14         238          (343)            644        405    
    Net finance earnings / (expenses)              35          (109)        (10)          (21)           (236)      (341)   
    (Loss) / earnings before taxation            (113)          (95)        228          (364)            408         64    
    Taxation                                      (90)            3        (123)          120             (39)      (129)   
    (Loss) / earnings for the period             (203)          (92)        105          (244)            369        (65)   
    Capital expenditure                            42           150         151           139              28        510    
    Depreciation                                  (75)         (248)       (336)         (123)            (11)      (793)   
    Amortisation                                   (1)            -           -           (13)            (16)       (30)   
    Earnings before interest,                            
    taxation, depreciation and                           
    amortisation (EBITDA)                         (72)          262         612            66             101        969    
    
    The Group operates in five principal geographical areas:                       
                            Six months      Six months           Year      Six months      Six months           Year    
                                 ended           ended          ended           ended           ended          ended    
                              December        December           June        December        December           June    
                                  2016            2015           2016            2016            2015           2016    
                             (Reviewed)      (Reviewed)      (Audited)      (Reviewed)      (Reviewed)      (Audited)   
                                    Rm              Rm             Rm               %               %              %    
    Revenue                                                                                                             
    South Africa                 8 483           9 609         18 511            59,4            53,4           54,8    
    Rest of Africa 
    including Mauritius            741           1 046          1 743             5,2             5,8            5,2    
    Australia                    2 178           3 311          5 794            15,2            18,4           17,2    
    New Zealand                  1 590           1 555          3 514            11,1             8,6           10,4    
    Southeast Asia               1 157           2 191          3 542             8,1            12,2           10,5    
    Middle East and 
    other regions                  147             286            651             1,0             1,6            1,9    
                                14 296          17 998         33 755          100,00          100,00         100,00    
    Segment assets                                                                                        
    South Africa                11 432          13 358         12 850            50,1            49,1           50,8    
    Rest of Africa                                                                                          
    including Mauritius          1 235           2 210          1 416             5,4             8,1            5,6    
    Australia                    7 087           8 234          7 933            31,0            30,3           31,3    
    New Zealand                  1 084             872          1 050             4,7             3,2            4,1    
    Southeast Asia               1 778           2 230          1 752             7,8             8,2            6,9    
    Middle East and                                                                                         
    other regions                  233             289            331             1,0             1,1            1,3    
                                22 849          27 193         25 332          100,00          100,00         100,00    

6.  HEADLINE EARNINGS                                                                                                                                                
                                                                                                                                       
                                                        Six months ended           Six months ended                Year ended                  
                                                        31 December 2016           31 December 2015               30 June 2016                  
                                                            (Reviewed)                 (Reviewed)                   (Audited)                  
                                                     Gross of      Net of      Gross of       Net of       Gross of       Net of     
                                                     taxation    taxation      taxation      taxation      taxation      taxation    
                                                           Rm          Rm            Rm            Rm            Rm            Rm    
    Determination of headline earnings:                                                                                              
    (Loss) / earnings for the period 
    attributable to equity-holders of parent                         (392)                        230                        (101)   
    Impairment of property, plant and equipment             4           3            23            17           333           302    
    Impairment of intangible assets                         1           1             -             -             -             -    
    Profit on sale of property, plant and equipment        (4)         (3)         (585)         (478)         (610)         (500)   
    Headline loss                                                    (391)                       (231)                       (299)   
    
7.  NON-CURRENT ASSETS HELD-FOR-SALE                                                
    Aveng Capital Partners: The sale of the N3TC investment was concluded during the period while various approvals remained 
    outstanding in terms of the sale of Gouda, Sishen and Imvelo investments.    

    GoldlinQ: The GoldlinQ investment was sold for AUD8 million during the period.

    Aveng Steeledale: Certain conditions precedent had not been met at 31 December 2016.

                                                                                                                 December      December    
                                                                                                                     2016          2015    
                                                                                                                (Reviewed)    (Reviewed)   
                                                                                                                       Rm            Rm    
    Non-current assets held-for-sale                                                                                1 101             7    
    Non-current liabilities held-for-sale                                                                            (129)            -    
                                                                                                                      972             7    
                                                                               Aveng                            
    Movement during the period                            Properties      Steeledale        ACP      GoldlinQ       Other                                                         
    Opening balance                                              125             398        860            84          17           559    
    Capitalised costs:                                                                                                                     
    Environmental provision relating to property                   -               -          -             -           -            15    
    Transferred from / (to):                                                                                                               
    Property, plant and equipment                                  -               -          -             -           -            45    
    Movement in:
    Loans to group companies                                       -             (26)         -             -           -             -    
    Inventory                                                      -             (36)         -             -           -             -    
    Amounts due from contract customers                            -              (3)         -             -           -             -    
    Trade and other receivables                                    -             (42)         -             -           -             -    
    Elimination of loans to group companies                        -              26          -             -           -             -    
    Foreign currency translation                                   -               -          -            (4)          -             -    
    Sold                                                          (6)              -       (195)          (80)        (17)         (612)   
    Total non-current assets held-for-sale                       119             317        665             -           -             7    
    Opening balance                                                -            (247)         -             -           -                  
    Movement in:
    Loans from group companies                                     -              15          -             -           -             -    
    Trade and other payables                                       -             118          -             -           -             -    
    Elimination of loans from group companies                      -             (15)         -             -           -             -    
    Total non-current liabilities held-for-sale                    -            (129)         -             -           -             -    
    Net non-current assets held-for-sale                         119             188        665             -           -             7    

                                                                                                                        June    
                                                                                                                        2016    
                                                                                                                    (Audited)   
                                                                                                                          Rm    
    Non-current assets held-for-sale                                                                                   1 484    
    Non-current liabilities held-for-sale                                                                               (247)   
                                                                                                                       1 237    
                                                                                 Aveng           
    Movement during the period                              Properties      Steeledale      ACP      GoldlinQ          Other                                      
    Opening balance                                                559               -        -             -              -    
    Capitalised costs:                                                                                                          
    Environmental provision relating to property                    15               -        -             -              -    
    Transferred from / (to):                                                                                                    
    Property, plant and equipment                                  163              35        -             -              -    
    Equity-accounted investments                                     -               -        -             -             17    
    Infrastructure investments                                       -               -      860            84              -    
    Loans to group companies                                         -              32        -             -              -    
    Inventory                                                        -             169        -             -              -    
    Amounts due from contract customers                              -               5        -             -              -    
    Trade and other receivables                                      -             165        -             -              -    
    Cash and cash equivalents                                        -              20        -             -              -    
    Taxation receivable                                              -               4        -             -              -    
    Elimination of loans to group companies                          -             (32)       -             -              -    
    Sold                                                          (612)              -        -             -              -    
    Total non-current assets held-for-sale                         125             398      860            84             17    
    Loans from group companies                                       -             (16)       -             -              -    
    Trade and other payables                                         -            (247)       -             -              -    
    Elimination of loans from group companies                        -              16        -             -              -    
    Total non-current liabilities held-for-sale                      -            (247)       -             -              -    
    Net non-current assets held-for-sale                           125             151      860            84             17    

8.  AMOUNTS DUE FROM / (TO) CONTRACT CUSTOMERS
                                                                                                                            
                                                                             December        December           June    
                                                                                 2016            2015           2016    
                                                                            (Reviewed)      (Reviewed)      (Audited)   
                                                                                   Rm              Rm             Rm    
    Uncertified claims and variations (underclaims)1**/***                      6 283           6 547          6 584    
    Contract contingencies**                                                     (286)           (343)          (390)   
    Progress billings received (including overclaims)2                         (1 127)         (1 342)        (1 014)   
    Uncertified claims and variations less progress billings received           4 870           4 862          5 180    
    Contract receivables3                                                       2 386           3 807          3 146    
    Provision for contract receivables                                             (2)              *             (2)   
    Retention receivables4                                                        102             231            126    
                                                                                7 356           8 900          8 450    
    Amounts received in advance5                                                 (211)           (450)          (308)   
    Net amounts due from contract customers                                     7 145           8 450          8 142    
    Disclosed on the statement of financial position as follows:                                                        
    Uncertified claims and variations**                                         6 283           6 547          6 584    
    Contract contingencies                                                       (286)           (343)          (390)   
    Contract and retention receivables                                          2 488           4 038          3 272    
    Provision for contract receivables                                             (2)              *             (2)   
    Amounts due from contract customers                                         8 483          10 242          9 464    
    Progress billings received                                                 (1 127)         (1 342)        (1 014)   
    Amounts received in advance                                                  (211)           (450)          (308)   
    Amounts due to contract customers                                          (1 338)         (1 792)        (1 322)   
    Net amounts due from contract customers                                     7 145           8 450          8 142    
    1 Includes revenue not yet certified - recognised based on percentage of completion / measurement and agreed 
      variations, less provisions and deferred contract costs.
    2 Progress billings are amounts billed for work performed above revenue recognised.
    3 Amounts invoiced still due from customers.
    4 Retentions are amounts invoiced but not paid until the conditions specified in the contract are fulfilled or 
      until defects have been rectified.                                                     
    5 Advances are amounts received from the customer before the related work is performed.
    *   Amounts less than R1 million.
    **  Provisions have been netted off against uncertified claims and variations
    *** Includes an amount of AUD14,5 million relating to bank guarantees called by Perth Airport 
        during the period.
    
    Amounts due from contract customers included R4,1 billion (December 2015: R4,6 billion; June 2016: R4,7 billion) which 
    are subject to protracted legal proceedings.

                                                                                 Provision      
                             Uncertified       Contract                                for           
                              claims and        contin-         Contract          contract       Retention                     
                            variations**      gencies**      receivables       receivables     receivables       Total                           
                                      Rm             Rm               Rm                Rm              Rm          Rm                           
    December                                                                                                              
    2016                                                                                                                  
    (Reviewed)                                                                                                            
    Non-current assets             1 305              -                -                -                -       1 305    
    Current assets                 4 978           (286)           2 386               (2)             102       7 178    
                                   6 283           (286)           2 386               (2)             102       8 483    
    December                                                                                                              
    2015                                                                                                                  
    (Reviewed)                                                                                                            
    Non-current assets             1 174              -                -                -                -       1 174    
    Current assets                 5 373           (343)           3 807                *              231       9 068    
                                   6 547           (343)           3 807                *              231      10 242    
    June                                                                                                                  
    2016                                                                                                                  
    (Audited)                                                                                                             
    Non-current assets             1 417              -                -                -                -       1 417    
    Current assets                 5 167           (390)           3 146               (2)             126       8 047    
                                   6 584           (390)           3 146               (2)             126       9 464
    *  Amounts less than R1 million.
    ** Provisions have been netted off against uncertified claims and variations.

9.  BORROWINGS AND OTHER LIABILITIES
                                                 December        December           June    
                                                     2016            2015           2016    
                                                (Reviewed)      (Reviewed)      (Audited)   
                                                       Rm              Rm             Rm    
9.1 Borrowings held at amortised cost                                                       
    Interest-bearing borrowings comprise:                                                   
    Payment profile                                                                         
    - within one year                               1 103           1 220          1 214    
    - between two and five years                    1 851           1 901          1 770    
                                                    2 954           3 121          2 984    
    Interest rate structure                                                                 
    Fixed and variable (interest rates)                                                     
    Fixed - long term                               1 642           1 730          1 635    
    Fixed - short term                                259             254            285    
    Variable - long term                              210             171            136    
    Variable - short term                             843             966            928    
                                                    2 954           3 121          2 984    
                                 
                                                                                                 December        December           June    
                                                                                                (Reviewed)      (Reviewed)      (Audited)   
                                                                      Rate of                        2016            2015           2015    
    Description                     Terms                             interest                         Rm              Rm             Rm    
    Convertible bond of             Interest coupon is payable        Coupon rate of 7,25%          1 776           1 690          1 731
    R2 billion                      bi-annually until July 2019
                                 
    Finance sale and lease          Monthly instalment ending         Fixed interest rate              28              97             34    
    back amounting to               in June 2018                      of 5,15% to 6,08%
    AUD2,8 million*              
                                 
    Hire purchase agreement*        Monthly instalment ending         Fixed interest rate               7               -             11    
    amounting to AUD1 million       in May 2018                       of 1,35% to 1,60%
                                 
    Hire purchase agreement*        Monthly instalment ending         Fixed interest of 5,90%          35               -             51    
    amounting to AUD3,5 million     in May 2018 

    Short-term facility of          Repayable in April 2017           Bank bill swap rate              99             111            110    
    AUD10 million****                                                 plus 0,70% 

    Short-term facility of          Repayable in April 2017           Bank bill swap rate             594             669            658    
    AUD60 million***                                                  plus 2,20%

    Hire purchase agreement*        Monthly instalment ending         Fixed interest rate             177               -              -    
    amounting to AUD18 million      in October 2020                   of 4,5%

    Hire purchase agreement*        Monthly instalment                Fixed interest rate              21              60             42    
    amounting to AUD2 million       ending in August 2017             of 6,81% 

    Hire purchase agreement*        Quarterly instalments ending      Fixed rate ranging 4,58%         67             233            138    
    denominated in USD              in June 2017                      to 4,65%

    Hire purchase agreement*        Monthly instalment ending in      South African prime less         30              60             46    
    denominated in ZAR              December 2017                     2,00%

    Hire purchase agreement*        Monthly instalment ending in      South African prime less         74             126            101    
    denominated in ZAR              November 2019                     1,70% 

    Hire purchase agreement*        Monthly instalment ending in      Fixed interest rate of           36              59             49    
    denominated in ZAR              May 2018                          9,70%

    Finance lease facilities*       Monthly instalment ending in      South African prime               8              13             11    
    denominated in ZAR              June 2018

    Interest-bearing borrowings                                                                     2 952           3 118          2 982    
    
    Interest outstanding on                                                                             2               3              2    
    interest-bearing borrowings**  

    Total interest-bearing                                                                          2 954           3 121          2 984 
    borrowings
    *    These borrowings and other liabilities are finance leases and are included in the analysis of the payable finance 
         lease liability.
    **   Interest outstanding in the current period relates to finance leases.
    ***  Backed by a bank guarantee
    **** Secured by cash collateral in South Africa.

                                                             December        December           June    
                                                                 2016            2015           2016    
                                                            (Reviewed)      (Reviewed)      (Audited)   
                                                                   Rm              Rm             Rm    
    Finance lease liabilities are payable as follows:                                                   
    Minimum lease payments due                                                                          
    - within one year                                             284             397            321    
    - in two to five years                                        236             300            194    
    Less: future finance charges                                  (33)            (46)           (30)   
    Present value of minimum lease payments                       487             651            485    
    
    The Australasia and Asia operating segment entered into an asset-based finance arrangement in the current year.

    A new arrangement amounting to AUD18 million has been secured by plant and equipment with a net carrying amount of 
    AUD6 million.
    
    The arrangement amounting to AUD2,8 million has been secured by plant and equipment with a net carrying amount of  
    AUD2,2 million.

    The arrangement amounting to AUD2 million has been secured by assets with a net carrying amount of AUD3,4 million.

    The arrangement amounting to AUD3,5 million has been secured by assets with a net carrying amount of AUD2,1 million.

    The Mining operating segment entered into various asset-based finance lease arrangements to purchase operating 
    equipment denominated both in USD and ZAR. These arrangements are secured by the assets for which the funding was 
    provided and are repayable in monthly and quarterly instalments with the final repayment to be made in November 2019.
    Equipment with a net carrying amount of R513 million has been pledged as security for the facility.

    The Mining and Manufacturing and Processing operating segments entered into various vehicle lease arrangements. 
    Equipment with the net carrying amount of R2 million has been pledged as security.

10. TRADE AND OTHER PAYABLES                                                              
                                               December        December           June    
                                                   2016            2015           2016    
                                              (Reviewed)      (Reviewed)      (Audited)   
                                                     Rm              Rm             Rm    
    Current                                                                               
    Trade payables                                2 036           2 686          2 787    
    Subcontractors                                  407             462            338    
    Accrued expenses                              1 758           2 734          2 197    
    South African government settlement              37               -              -    
    Income received in advance                      105             111            110    
    Promissory notes                                511             573            454    
                                                  4 854           6 566          5 886    
    Non-current                                                                           
    South African government settlement             126               -              -
    
    Trade and other payables comprise amounts owing to suppliers for goods and services supplied in the normal course of
    business. 

    Promissory notes issued by the Group bear interest between a range of 9,32% and 10,06% per annum. Terms vary in 
    accordance with contracts of supply and service but are generally settled on 30 to 90 day terms.

    Included in income received in advance is an advance payment received relating to the Perth Airport contract of 
    AUD10 million (R99 million).

    South African government settlement                                                   
    Following an extensive period of negotiation, the South African government and the participating construction companies 
    have concluded the settlement agreement which addresses outstanding legacy issues and commits to a plan which will ensure 
    the repositioning of the South African construction sector. All parties to the settlement agreement acknowledge the need 
    to foster a better relationship between the government and the construction industry going forward.  

    Aveng anticipates that having concluded the settlement agreement, it will precipitate the unlocking of significant public 
    sector funded, major infrastructure project opportunities as part of the process of rebuilding trust and confidence, thereby 
    enabling Aveng Grinaker-LTA, with its new proposed shareholders, Kutana Construction, to collaboratively contribute to the 
    infrastructure development needs of South Africa and the region as a whole.  

    A provision has been made for the annual payment of R21,25 million over 12 years. This provision was discounted to a value 
    of R165 million. The first payment was made during the period.

11. TAXATION
    Taxation expense
                                           December        December           June    
                                               2016            2015           2016    
                                          (Reviewed)      (Reviewed)      (Audited)   
                                                 Rm              Rm             Rm    
    Current taxation expense                    132             326            328    
    Deferred taxation charge                    (95)           (108)          (199)   
                                                 37             218            129
 
    South African income taxation is calculated at 28% (December 2015: 28%; June 2016: 28%) of the taxable income for the year. 
    Taxation in other jurisdictions is calculated at rates prevailing in the relevant jurisdictions. 

    The Group effective tax rate for the period ended 31 December 2016 is negative 9.4% (December 2015: 48.4%; June 2016: 
    negative 201%).

    The drivers affecting the tax rate include:
    - Deferred tax assets to the amount of R100 million (December 2015: R141 million; June 2016: R92,6 million) not 
      recognised.
    - The effect of the settlement with the South African government amounting to R165 million (December 2015: Rnil; 
      June 2016: Rnil) which is a non-deductible expense.
    - Effect of the disposal of Aveng Capital Partners investments which resulted in capital gains tax of R41 million 
      (December 2015: Rnil; June 2016: Rnil).

    Deferred taxation asset
    The Group’s results include a number of legal statutory entities within a number of taxation jurisdictions. The 
    recoverability of the deferred taxation assets was assessed in respect of each individual legal entity.

    Deferred taxation assets are recognised to the extent that the realisation of the related tax benefit through future taxable
    profits is probable.

    Specific focus was placed on Aveng (Africa) Proprietary Limited. The Group continues to make good progress in positioning 
    Aveng for future profitability. Transactions that have been included in management’s estimate of future taxable profits 
    include the sale of investments held by Aveng Capital Partners as well as restructuring actions which include the sale of 
    Aveng Steeledale and the proposed Aveng Grinaker-LTA empowerment transaction. Management has committed to further restructuring 
    opportunities to achieve future profitability targets within the Group. Furthermore, profit improvement programmes have been 
    initiated which are expected to reduce costs and further enhance profitability.

12. CONTINGENT LIABILITIES AND ASSETS
                                                                       December        December           June    
                                                                           2016            2015           2016    
                                                                      (Reviewed)      (Reviewed)      (Audited)   
                                                                             Rm              Rm             Rm    
    Contingent liabilities at the reporting date, not otherwise    
    provided for in the condensed consolidated financial           
    statements, arise from performance bonds and guarantees        
    issued in:                                                     
    South Africa and rest of Africa                                                                               
    Guarantees and bonds (ZARm)                                           3 204           3 716          3 615    
    Parent company guarantees (ZARm)                                        505             964            516    
                                                                          3 709           4 680          4 131    
    Australasia                                                                                                   
    Guarantees and bonds (AUDm)                                             363             498            409    
    Parent company guarantees (AUDm)                                        469             409            521    
                                                                            832             907            930    
    Contract performance guarantees issued by the parent company on behalf of its group companies are disclosed 
    based on the probability of draw down.

    Claims and legal disputes in the ordinary course of business
    
    The Group is, from time to time, involved in various claims and legal proceedings arising in the ordinary course 
    of business. The Board does not currently believe that adverse decisions in any pending proceedings or claims against 
    the Group will have a material adverse effect on the financial condition or future operations of the Group based on 
    all the available information. Provision is made for all liabilities which are expected to materialise and contingent 
    liabilities are disclosed when the outflows are possible.

    Contingent assets
    During December 2016 a counter claim against the Group was awarded to Kenmare Resources to the value of R150 million. 
    Professional Indemnity insurance was in place during the time of the related project. The Group has lodged a claim against 
    the insurance to recover this amount.

13. NON-CASH AND OTHER MOVEMENTS
    Earnings from disposal of property, plant and equipment                         (77)       (13)      (648)   
    Impairment of goodwill, property, plant, equipment and intangible assets          5         23        333    
    Gain on property transaction before transaction costs                             -       (582)         -    
    Fair value adjustments                                                          (23)       (12)      (306)   
    Movements in foreign currency translation                                      (386)       383        205    
    Movement in equity-settled share-based payment reserve                            7          7         13    
                                                                                   (474)      (194)      (403)   

14. FAIR VALUE OF ASSETS AND LIABILITIES
    The Group measures the following financial instruments at fair value:  
    - Infrastructure investments; and                                      
    - Forward exchange contracts.                                          
    
    The infrastructure investments comprises the following:                
    - Firefly Investments 238 Proprietary Limited (“Firefly”); and         
    - Dimopoint Proprietary Limited (“Dimopoint”).

    The methodology, valuation parameters and assumptions for all other infrastructure investments have remained unchanged
    since 30 June 2016. For more detail refer to the 30 June 2016 consolidated financial statements available on the Group’s 
    website.
    
    The Group has reassessed the fair value of these infrastructure investments as at 31 December 2016 and except for 
    Dimopoint and Firefly, where a R14 million and R9 million fair value adjustment was calculated respectively.
    
    Fair value hierarchy
    The table below shows the Group’s fair value hierarchy and carrying amounts assets and liabilities:
                                                                               Valuation     Valuation       Valuation    
                                                                            reference to      based on        based on    
                                                                              observable    observable    unobservable    
                                                      Carrying       Fair         prices        inputs          inputs    
                                                       amounts      value        Level 1       Level 2         Level 3    
                                                            Rm         Rm             Rm            Rm              Rm    
    31 December 2016 (Reviewed)                                                                           
    Assets and liabilities recognised at fair value                                                                       
    Assets                                                                                                                
    Infrastructure investments                             200        200              -             -             200    
    Infrastructure investments (held-for-sale)             665        665              -             -             665    
    Forward exchange contracts (FECs)                        5          5              -             5               -    
    Liabilities                                                                                                           
    FECs                                                    26         26              -            26               -    
    31 December 2015 (Reviewed)                                                                                           
    Assets and liabilities recognised at fair value                                                                       
    Assets                                                                                                                
    Infrastructure investments                             877        877              -             -             877    
    FECs                                                    15         15              -            15               -    

                                                                                   Valuation       Valuation         Valuation    
                                                                                reference to        based on          based on    
                                                                                  observable      observable      unobservable    
                                                         Carrying       Fair          prices          inputs            inputs    
                                                          amounts      value         Level 1         Level 2           Level 3    
                                                               Rm         Rm              Rm              Rm                Rm    
    30 June 2016 (Audited)                                                                                                        
    Assets and liabilities recognised at fair value                                                                               
    Assets                                                                                                                        
    Infrastructure investments                                177        177               -               -               177    
    Infrastructure investments (held-for-sale)                944        944               -               -               944    
    Forward exchange contracts (FECs)                          20         20               -              20                 -    
    Liabilities                                                                                                                   
    FECs                                                       27         27               -              27                 -    
    
    The Group uses Level 2 valuation techniques to measure foreign exchange contract and Level 3 valuation techniques to 
    measure infrastructure investments. Valuation techniques used are appropriate in the circumstances and for which sufficient 
    data was available to measure fair value, maximising the use of relevant observable inputs and minimising the use of 
    unobservable inputs.

    There were no transfers between the different levels during the six-month period.

    Sensitivity analysis: Financial assets valuations, using observable and unobservable inputs
    The following table shows the sensitivity of significant unobservable inputs used in measuring the fair value of 
    infrastructure investments:
                                                                 Reasonably
                                                                   possible
                                                                 changes to
                                                 Significant    significant     Potential effect recorded
                                                unobservable   unobservable    directly in profit and loss
                                                       input         inputs      Increase      Decrease    
                                                           %              %            Rm            Rm    
    Infrastructure investments                                                                                     
    Risk-adjusted discount rate:                                                                            
    - Firefly Investments 238 Proprietary Limited       14,5            0,5            (2)            2    
    - Dimopoint Proprietary Limited                     15,0            0,5           (11)           11    

    The estimated fair value would increase / (decrease) if:
    - the risk-adjusted discount rate was lower / (higher)
    - the internal rate of return was lower / (higher)

15. EVENTS AFTER THE REPORTING PERIOD AND PENDING TRANSACTIONS
    The directors are not aware of any other significant matter or circumstance arising after the reporting period up to 
    the date of this report except as stated below:
    
    Aveng Grinaker-LTA empowerment transaction
    During the first half of the financial year, the Group concluded a binding agreement with Kutana Construction Proprietary
    Limited (“Kutana Construction”) in which a 51% beneficial interest would be sold to Kutana Construction, subject to 
    certain conditions being met. Subsequent to the initial transaction announcement, Aveng Africa Proprietary Limited’s interest
    in the Aveng Water business has been included in the proposed transaction. With the inclusion of Aveng Water, the net asset 
    value attributable to the Aveng Grinaker-LTA business was R71 million and the net loss after tax was R343 million for the 
    year ended 30 June 2016. It is anticipated that the circular pertaining to this transaction (which will include the impact 
    of the Water business) will be posted to shareholders on 24 February 2017 with a general meeting of shareholders scheduled 
    for 29 March 2017.    
    
    Aveng Capital Partners’ transaction: receipt of proceeds from the sale of infrastructure investments
    On 12 December 2016, Aveng successfully disposed of Steelmetals, N3TC Equity interest for a purchase price of R195 million, 
    which was settled in cash on 12 December 2016. On 6 February 2017, the conditions precedent were fulfilled in respect of 
    the Blue Falcon Equity Interest and the Windfall Equity interest. The funds from these disposals were received by Aveng on 
    13 February 2017.

    Aveng Steeledale disposal
    As previously announced the Group concluded a binding agreement with Kutana Steel Proprietary Limited ("Kutana Steel”) 
    whereby Kutana Steel will effectively acquire a 70% interest in the Steeledale business, for approximately R252 million. 
    The Group confirms that all conditions precedent to the transaction have been met and the transaction is now effective. 
    The parties remain confident in, and committed to, the future success of the Steeledale business. 

    Aveng Trident Steel
    Further to the renewal of the cautionary announcement on 9 January 2017 regarding Aveng Trident Steel, the Group is still 
    in discussions with prospective buyers, and has not yet reached a stage where an announcement can be made on either the naming
    of prospective buyers, transaction value nor structure. The market will be kept informed once there are material developments 
    to report.

    QCLNG claims settlement update
    The arbitration process has been finalised and an award outcome is expected during the course of the current financial year.


COMMENTARY

Overview
Salient features
- Strong safety performance
- Revenue declined in line with projections by 21% to R14,3 billion (2015: R18,0 billion)
- Fixed overhead expenses reduced by 25% compared to 31 December 2015
- Adjusted net operating earnings improved to R151 million (2015: R52 million) with an improved gross margin
- Adjusted headline loss of R76 million (2015: headline loss of R231 million)
- Adjusted earnings excludes R165 million Settlement Agreement with the South African government, and 
  R150 million Kenmore counter claim 
- Aveng Grinaker-LTA improved performance with positive cash generation
- McConnell Dowell performance below expectations 
- Order book maintained, strong growth in Aveng Mining 
- Aveng Capital Partners and Aveng Steeledale transactions reached financial closure

Improving results
Aveng reported an adjusted headline loss of R76 million or 19,2 cents loss per share for the six months 
ended 31 December 2016, compared to a headline loss of R231 million or 58,0 cents loss per share for the 
comparative period.

In line with expectations, Group revenue declined by 21% to R14,3 billion (2015: R18,0 billion), due to a weak
macro-economic climate and the completion of some large projects, with McConnell Dowell being most significantly 
impacted. Adjusted net operating earnings increased to R151 million from R52 million in 2015, driven primarily 
by a marked improvement in Aveng Grinaker-LTA, Aveng Trident Steel and a 25% reduction in Group overheads. 
This improved performance was partially offset by the under-performance at McConnell Dowell and the impact of 
the downturn in the mining sector in the prior year.

Safety
Safety remains a core value for Aveng and is integral to the way in which its operating groups conduct their business.
Aveng prioritises the well-being of its people, clients and the communities in which it operates. The Group remains
fully committed to delivering on its safety vision of "Home without Harm, Everyone, Everyday”.

The all injury frequency rate ("AIFR”) for the period was 3,1. This indicator includes all types of injuries and is
calculated using 200,000 man-hours as the baseline for its frequency rate. Total man-hours have decreased over this 
period thus impacting on the frequency rates. Aveng continues to see a year-on-year improvement in terms of total 
injuries, with a 4,7% decrease in the number of injuries when compared to the six months ended 31 December 2015. 

The Aveng Board and executive leadership remain concerned with the current levels of unsafe behaviours demonstrated 
by road users in terms of road traffic safety, especially given that the Group works on various public road projects
across its operations. For this reason, the Group has extended its reporting to include "monitored incidents", to 
ensure that the fatal risks associated with circumstances outside the control of Aveng, such as on public roads, 
are duly recognised and properly understood. Efforts to address such risks include increasing safety controls on road 
closures, enhancing employee vigilance during work activities inside a road closure or in close proximity to public 
vehicles, and monitoring employee driver behaviour. Regrettably, two lives were lost in a single monitored road 
traffic accident that was caused by a third party. Aveng extends its sincere condolences to the families and 
colleagues who have suffered such a painful loss. The Group will continue with its commitment and efforts to 
avert such tragedies.

Strategic initiative update
We are pleased to report the following progress on our previously communicated strategic initiatives.

Aveng Grinaker-LTA
During the first half of the year the Group entered into a binding agreement with in which a 51% beneficial interest
would be sold to Kutana Construction Proprietary Limited ("Kutana Construction"). Subsequent to the initial 
transaction announcement, Aveng’s interest in the Aveng Water business has been included in the transaction. 
This transaction is subject to shareholder approval and other conditions precedent.

Aveng Capital Partners: proceeds from sale of infrastructure investments 
On 12 December 2016, Aveng successfully disposed of Steelmetals’ N3TC equity interest for a purchase price of 
R195 million. On 6 February 2017, the conditions precedent were fulfilled in respect of the Blue Falcon equity 
interest and the Windfall equity interest. R600 million from these disposals was received on 13 February 2017. 

Aveng Steeledale
As previously announced the Group concluded a binding agreement whereby Kutana Steel Proprietary Limited 
("Kutana Steel") will effectively acquire a 70% interest in the Steeledale business, for approximately R252 million. 
Steeledale Proprietary Limited has procured a funding facility, which will allow the payment to Aveng of the 
minimum upfront cash of R50 million. The Group confirms that all conditions precedent to the transaction 
have been met and the transaction is now effective. The parties remain confident in and committed to, the future
success of the Steeledale business.

Aveng Trident Steel
Further to the renewal of the cautionary announcement on 9 January 2017 regarding Aveng Trident Steel, the Group 
is still in discussions with prospective buyers and has not yet reached a stage where an announcement can be 
made on either the transaction value or the naming of prospective buyers, nor the structure. The market will be 
kept informed once there are material developments to report.

QCLNG claim update
The hearings pertaining to the arbitration process were completed and the process is in its final stages 
prior to an award being made. This is expected during the course of the current financial year.

Cash generation
While McConnell Dowell has made good progress in finalising various large projects and under-performing contracts, 
its financial performance remains sub-optimal. McConnell Dowell’s operating free cash flow was impacted primarily 
by the unwinding of working capital as large projects were completed as well as the utilisation of cash to settle 
a bank guarantee on Perth Airport Project.

The South Africa and rest of Africa operations were cash generative during the first half of the year. 

The cost base reduction across the business, to align with current market conditions, continues to deliver results.

Market review
The local infrastructure market remains subdued, mirroring the marginal economic growth being experienced in 
South Africa. The local building environment remained relatively strong in 2016 with a recent increase in the 
number of building plans passed primarily led by industrial development. There are limited large civil 
engineering and mechanical and electrical projects coming to market. Current public infrastructure spend is 
focussed on the transportation, energy and water segments.

The transport sector in Australia remains buoyant, led by significant road and rail infrastructure investment
programmes in Victoria and New South Wales. The resources sector continues to be slow, although there are 
signs of recovery with improved commodity prices and several major developments in planning stages. The 
Australian building sector remains active and offers good opportunities for the Built Environs business. 

The market in New Zealand remains strong, with several major opportunities in water and transport. 

Southeast Asia remains buoyant, with investment in Oil & Gas, water and transport infrastructure across 
the region, providing good opportunities in the key disciplines of marine, tunnels and pipelines. 
Competition remains strong in all of these markets.

The mining industry in South Africa and globally is cautiously optimistic with mining companies looking 
to increase output and make new investments in assets. The current rally in commodity prices provides 
opportunities for the Aveng Mining operating group.

The manufacturing environment continues to be impacted by weakness and low activity in Aveng Manufacturing’s
traditional markets. Demand in the mining, rail and construction sectors remains below historical volumes. 
The recent drought across South Africa has negatively impacted water valve volumes. Large projects in the 
Oil & Gas and rail sectors continue to be delayed. As a result, Aveng Manufacturing has focused on smaller 
projects and value added services, as well as continuous diversification into non-traditional markets.

South African steel demand remained flat compared to the comparative period. Recent price increase 
announcements by the local mills assisted in improving the viability of the local market and should 
benefit the Aveng Steel operating group during the second half of the year.

Financial performance
Statement of comprehensive earnings
Revenue decreased by 21% to R14,3 billion (2015: R18,0 billion). Revenue reduced in all segments in line with
management’s forecasts and prevailing difficult market conditions, but was partially offset by some growth 
in activity levels in Aveng Grinaker-LTA Building and Coastal business units and Aveng Trident Steel. 
The full impact of contract cancellations on Aveng Mining’s revenue was apparent in the current period. 

The adjusted gross margin for the Group improved to 7,7% compared to 7,2% in the comparative period with more
contracts meeting their tendered margins as a result of improved operational performance and selective 
tendering processes. 

Adjusted net operating earnings improved to R151 million, from R52 million in 2015, as a result of:
- continued improved underlying operational performance from Aveng Grinaker-LTA;
- realisation of savings in overhead expenses throughout the Group which resulted in a 25% reduction in 
  operating costs compared to December 2015;
- an improved financial performance from Aveng Steel, although still loss making;

though partially offset by:
- a lower than expected award on the Mokolo Crocodile Water Augmentation project;
- separation costs relating to Aveng Mining’s contract with Wesizwe’s Bakubung mine; and
- under-performance in McConnell Dowell.

Adjusted earnings excludes the following non-recurring exceptional items:
- a present value charge of R165 million (R255 million payable over 12 years) for the expense pertaining to the
  settlement agreement concluded on 11 October 2016 with the South African government; and
- Aveng previously reflected a debt of R206 million from Kenmare Resources pertaining to work performed in 2011/12.
  During December 2016, the arbitration tribunal issued their partial ruling, with Aveng being awarded their debt 
  of R206 million in full, together with interest. The costs award remains outstanding and is anticipated before 
  year end. The tribunal awarded a counter claim in favour of Kenmare to the amount of R150 million. This amount 
  together with associated legal costs is the subject of an insurance claim. In making this award, the tribunal 
  saw no impediment for coverage under the applicable policies. Despite the findings of the tribunal and 
  management’s view that it is probable that Aveng will recover an amount in excess of the R150 million awarded, 
  the Group’s accounting policies do not permit the recognition of insurance claims and hence a charge of 
  R150 million has been recognised. 

Net finance charges of R226 million increased by 45% (2015: R156 million) in relation to the comparative period 
as a result of the utilisation of facilities remaining high for the first half. 

The adjusted headline loss improved to R76 million from a R231 million loss in the comparative period. 

The adjusted basic loss per share decreased to 19,4 cents loss per share (2015: 61,8 cents earnings per share) 
after adjusting the profit on sale of property of R577 million in the comparative period and adjusted headline 
loss per share improved to 19,2 cents loss per share compared to 58,0 cents loss in the comparative period. 

Basic loss per share decreased to 98,8 cents loss per share (2015: 57,8 cents earnings per share) and headline 
loss per share declined to 98,5 cents loss per share (2015: 58,0 cents loss per share).

Statement of financial position
The Group incurred capital expenditure of R212 million (December 2015: R171 million): applying R145 million 
(December 2015: R89 million) to replace and R67 million (2015: R82 million) to expand property, plant and 
equipment. The majority of the amount was spent as follows:
- R76 million at McConnell Dowell, relating to specific projects in Australia and Southeast Asia;
- R43 million at Aveng Manufacturing to increase capacity and optimise efficiencies of its factories; and
- R38 million at Aveng Mining.

Equity-accounted investments increased by 18% to R118 million (June 2016: R100 million) due to an additional
investment made in a Mauritian associate.

Amounts due from contract customers (non-current and current) decreased by 10% to R8,5 billion (June 2016: 
R9,5 billion). This balance remained flat after removing the impact of movement in the Australian dollar.

Trade and other receivables of R1,7 billion decreased by 16% (June 2016: R2,1 billion) as a result of 
reduced activity levels throughout the Group and improved collections at Aveng Steel. 

Trade and other payables decreased by 15% to R5,0 billion (June 2016: R5,9 billion). The decrease was 
mainly attributable to major projects coming to an end in McConnell Dowell and Aveng Grinaker-LTA.

Operating free cash flow for the period amounted to an outflow of R226 million and included: 
- significant cash outflow, albeit less than the prior period, for McConnell Dowell associated with the 
  completion of large projects and the settlement of a bank guarantee on Perth Airport of R150 million; 
- strong cash generation in Aveng Steel;
- R298 million from the sale of infrastructure investments; 
- net capital expenditure of R55 million;
- net finance charges of R226 million; 
- cash outflow on the problematic water contract provided for in June 2016; and
- a cash outflow at Aveng Manufacturing of R50 million due to capital expenditure and late payments 
  received from debtors. 

Cash and bank balances decreased to R2,0 billion (June 2016: R2,4 billion) resulting in a net debt position 
of R937 million compared, to R534 million net debt at 30 June 2016. 

Operating review
Construction & Engineering: South Africa and rest of Africa
This operating segment comprises Aveng Grinaker-LTA (including Aveng Water) and Aveng Capital Partners.

Revenue decreased by 15% to R3,3 billion (2015: R3,9 billion) primarily due to lower work volumes in the 
Civil Engineering and Mechanical & Electrical business units and the discontinuation of the Aveng 
Engineering business.

Net operating loss decreased to R62 million (2015: R111 million loss) as evidence of the turnaround of 
Aveng Grinaker-LTA. This result includes the adverse effect of the Mokolo Crocodile Water Augmentation 
project claim, which resulted in earnings being reduced by R92 million. The Group is not in agreement 
with this award and is considering filing a notification of dissatisfaction which may move this 
dispute into arbitration. The underlying performance shows a marked improvement from the comparative
period excluding the effect of the claim.

Civil Engineering
Revenue decreased by 57% to R516 million (December 2015: R1,2 billion) reflecting lower activity in the civil
infrastructure market. The business made an operating loss of R118 million compared to an operating profit of 
R33 million in 2015, mainly as a result of the Mokolo Crocodile Water Augmentation project claim.

Under-recovery of overheads negatively impacted margins. Construction of the Majuba Rail contract is complete 
with rehabilitation works underway. Final account negotiations are ongoing on the Majuba Rail contract, which 
is a complex contract with significant increases in contract values above their tendered amounts.

Mechanical and Electrical
Revenue decreased by 19% to R675 million (December 2015: R835 million) as a result of reduced work
on some of the major power projects. The operating margin benefited from the lower overhead cost 
structure as the business focused its efforts on the shut down and maintenance markets. A substantial 
turnaround contributed to an operating profit of R22 million (2015: R70 million loss). 

Buildings and Coastal 
Revenue increased by 20% to R1,8 billion (December 2015: R1,5 billion) with the net operating earnings 
reflecting a decrease to R20 million from R64 million due to a once-off gain in the comparative period. 
The improvement in revenue is due to the inclusion in the order book of a number of major high-rise buildings 
in Sandton coupled with the successful completion of the Sasol Head Office. Progress continued on the 
Dr Pixley Ka Isaka Seme Memorial Hospital in KwaZulu-Natal and extensions to the Cape Town International 
Convention Centre.

Aveng Water 
Revenue decreased by 7% to R140 million (December 2015: R149 million) due to the completion of construction 
works and the move to the operations phase for several projects. Operating profit improved as costs on the 
completion of various plants were managed as anticipated. The focus of the Aveng Water business is now on 
leveraging the significant advantage in acid mine drainage, water treatment processes and operational 
maintenance. The South African mining and municipal water sectors offer attractive opportunities for growth. 

Aveng Capital Partners
Aveng Capital Partners is responsible for managing the Group’s investments in South African toll roads, 
real estate and renewable energy concessions and investments.

This business will continue to co-manage the maintenance of the N1 until contract completion in 2018 and 
the handback of the roadway in accordance with the contractual undertakings. Development of new medium-term 
project pipeline opportunities is underway.

Construction & Engineering: Australasia and Asia
This operating segment comprises four business units - Australia, New Zealand and Pacific, Southeast Asia 
and Built Environs. The Middle East business remains a joint venture operated in partnership with Dutco. 

Revenue in the first half decreased by 36% to AUD465 million (2015: AUD 726 million), reflecting the reduced 
scale  of the business in all regions and the low contribution of new work secured late in the previous 
financial year. This resulted in an under-recovery of overheads. The costs associated with tendering and 
ongoing legal fees placed additional burden on profitability. Net operating earnings decreased to a loss 
of AUD4,4 million (2015: profit of AUD1,4 million). While certain projects have performed well, these were 
offset by under-performance on other projects. Legacy contracts are largely complete and the focus is on 
commercial finalisation of these projects. Initiatives to improve the underlying operational performance 
are being rolled out as part of the reset strategy. 

Australia
The performance of the Australian business in the first half was heavily impacted by commercial issues on
largely completed historic projects and a lack of new work. Revenue declined by 42% to AUD178 million 
(2015: AUD306 million). The Webb Dock, O’Bahn and AMRUN projects have produced good results, albeit that 
these were eroded by high tendering and legal costs.

Southeast Asia
Revenue decreased by 51% to AUD110 million (2015: AUD226 million). Southeast Asia’s operating results were 
impacted by the reduced revenue which reflects the competitive market conditions coupled with the impact of 
the start-up phase of new work recently won. The prospects for this business remain good.

New Zealand and Pacific
Revenue remained flat compared to the comparative period at AUD156 million (2015: AUD160 million). 
The Waterview tunnel and Stronger Christchurch Infrastructure Rebuild Team (SCIRT) alliance contracts, 
together with significant improvement in the Kiribati project underpinned the solid performance in 
New Zealand. 

Built Environs
The Built Environs business has experienced a significant turnaround compared with the same period last year. 
All projects performed to tendered margin and there is a good pipeline of opportunities for the future 
including the recent win of the West Franklin Apartments in Australia. 

Aveng Mining
This operating segment comprises the merged businesses of Aveng Moolmans and Aveng Shafts & Underground.

The segment reported a decrease in revenue to R2,0 billion (December 2015: R3,0 billion). Net operating earnings
decreased by 54% to R91 million (December 2015: R198 million). The gross margin remained at 10% against the 
comparative period as a result of good contract productivities and operational efficiency initiatives. The 
pressures  experienced by clients due to the downturn in the commodity cycle is, however, evident in the current 
period’s results. 

The Burkina Faso contract was negatively impacted by equipment under-performance. A detailed rectification plan was
implemented to remedy the situation. This contract is expected to recover from April 2017. 

The Chuquicamata contract is complete, albeit including additional costs in the final closure processes. The quality 
of the execution has been well received by the client and Aveng Mining has demonstrated their ability in undertaking 
this project in a new territory. 

The Bakubung platinum mine separation agreement was signed with Wesizwe on 20 September 2016 and accounted for in 
the current period’s results. The operation is being handed over to the client and the reduced scope is expected 
to be completed by the last quarter of this financial year. The finalisation of this agreement removes significant 
risk from the business.

Pleasingly the recent improvement in commodity prices has resulted in clients increasing volumes. To this end the
Gamsberg contract was awarded in November 2016 with the start-up planned for April 2017, and the new contract in 
Botswana by Boeti Mining (a wholly owned subsidiary of Lucara Diamond Corp) at its Karowe diamond mine. Mobilisation 
activities are currently under way. The percentage of idle fleet has decreased and will decrease further in the 
second half of the year. Aveng Mining continues to work closely with clients to assist in reducing overall mining 
costs and to mobilise quickly as the opportunities arise.

Aveng Mining was awarded a new contract in Botswana by Boteti Mining (a wholly owned subsidiary of Lucara Diamonds) 
at its Karowe diamond mine. Mobilisation activities are currently under way.

Manufacturing and Processing
This operating segment comprises Aveng Manufacturing and Aveng Steel.

Revenue decreased marginally to R4,3 billion (2015: R4,4 billion). Net operating earnings improved significantly to 
a profit of R24 million (2015: R48 million loss). 

Aveng Manufacturing
This operating group consists of Aveng Automation & Control Solutions (ACS), Aveng Dynamic Fluid Control (DFC), 
Aveng Duraset, Aveng Infraset and Aveng Rail.

Revenue decreased by 19% to R1,3 billion (2015: R1,6 billion). Net operating earnings decreased by 8% to R92 million
(2015: R99 million), reflecting the impact from the slowdown in the rail, mining and Oil & Gas sectors in South Africa.
Profit has increased substantially from the immediately preceding six months where break-even was achieved. 

Aveng ACS: revenue decreased by 12% to R209 million (2015: R237 million) due to lower project activity in their
traditional Oil & Gas market. 

Aveng DFC: revenue decreased by 4% to R237 million (2015: R246 million) following low demand in the local water
market, as well as difficulty in securing volumes from the Russian and European markets. This was offset by growth 
in the Americas, particularly South America. 

Aveng Duraset: revenue decreased by 12% to R232 million (2015: R263 million) driven by lower volume demand from the
local mining sector, as well as lower export orders.

Aveng Infraset: revenue decreased by 17% to R388 million (2015: R464 million) due to a reduction in rail 
maintenance activity and the subsequent lower sleeper sales in the SADC market. New rail construction 
projects continue to be delayed. Construction products enjoyed solid demand locally and are performing as 
expected with additional investment in capacity to be added in 2017.

Aveng Rail: revenue decreased by 42% to R256 million (2015: R437 million) mainly due to reduced rail maintenance
activity as well as the substantial completion of the Majuba rail construction project. 

Aveng Steel
This operating group consists of Aveng Trident Steel and Aveng Steeledale (of which 70% was sold to Kutana Steel).

Revenue increased by 8% compared to the comparable period. Volumes stabilised and higher selling prices were 
achieved, however this was not enough to compensate for the current market structure. Exchange rate volatility 
has also had a negative impact on the business earnings. Aveng Steel contributed positively to the Group’s 
liquidity through improved working capital management. EBITDA improved to a R52 million loss compared to a 
R142 million loss for December 2015.

Consolidation of the Aveng Trident Steel facilities is underway and will further improve the cost structure of the
business without impacting on revenue.

Two-year order book
The Group’s two-year order book amounted to R27,7 billion at 31 December 2016, decreasing by 1% from the R28,1 billion
reported at 30 June 2016. This includes a 2% decrease in Australian Dollar term in McConnell Dowells’ book; translating 
into 11% decline in Rand terms, primarily as a result of the strengthening of the Rand against the Australian Dollar. 
The Aveng Mining order book increased by  R1,1 billion in line with increased activity in the commodities sector. 
Aveng Grinaker-LTA’s order book increased marginally. Securing quality work at targeted margins remains a priority.

The geographic split of the order book at 31 December 2016 was 53% Australasia and Asia (June 2016: 59%), 41% 
South Africa (June 2016: 37%) and 6% other (June 2016: 4%).

New projects awarded in the period include the Provincial Gas Transmission Pipeline Project for PTT in Thailand,
Christchurch Southern Motorway Stage 2 in New Zealand, Dryandra Road and West Franklin Apartments in Australia for 
McConnell Dowell, Gamsberg and Khutala in South Africa and the Karowe Mine in Botswana, for Aveng Mining and 
Leonardo Towers Phase II for Aveng Grinaker-LTA.

Strategy overview
The first phase of the Group’s strategy being the "Recovery and Stabilisation" phase is largely completed. 
During this phase, attention was given to the closure and or turnaround of under-performing businesses, 
sustainable reduction in fixed costs throughout the Group and the improvement of the balance sheet, notably 
through divestments and improved operational performance. In addition focus was also given to the reduction of 
commercial claims and litigation risk together with the completion of a number of large projects. 
Lastly, the implementation of the strategic transactions was a key priority.

In the second phase of "Positioning for Growth", Aveng is focusing on areas which were not fully completed in Phase 1,
mainly the operational performance recovery and balance sheet health of McConnell Dowell, as well as project execution
within Aveng Grinaker-LTA. Aveng needs to further improve the Groups’ balance sheet and move the businesses from a 
return to profitability, to achieving industry comparable earnings and returns. Going forward Aveng will selectively 
start to invest in capacity through modernisation.

The third phase of our current strategy will be to Realise growth and sustain profitability by targeting the
achievement of industry leadership positions in all our businesses by focusing on the following strategic pillars: 
delivery, client focus, innovation and sustainability. Aveng aims to expand its footprint into selected regions. 

Outlook and prospects 
Challenging economic conditions are expected to continue in the short term. There are attractive mining opportunities
being investigated as a result of a more optimistic outlook emerging on commodity prices. We expect the benefits of the
various business optimisation initiatives to continue to contribute to performance in the second half of the financial
year as the business positions itself for profitable growth within the second phase of our strategy. 

The claims resolution process on QCLNG is expected to be concluded during the course of the current financial year and
Gold Coast in the 2018 calendar year. In addition, we are involved in other significant commercial close outs and
negotiations which add uncertainty. Winning work at acceptable margins, improving operational performance and the
recovery of claims remain a priority for McConnell Dowell. 

The Group will look to grow the Aveng Grinaker-LTA order book with the finalisation of the transformation
transaction, which is aligned to the strategy of Aveng to further develop and transform the South African
construction industry and will ultimately result in value enhancement for shareholders.

The divestment of Aveng Trident Steel remains an objective, however the achievement of acceptable value under current
market conditions is likely to be challenging.

Appointment of new sponsor/change in sponsor
Shareholders are advised that the Company has appointed UBS South Africa Proprietary Limited as sponsor to the
Company, replacing JP Morgan Equities South Africa Proprietary Limited, with effect from 10 February 2017.

Disclaimer
The financial information on which any outlook statements are based has not been reviewed or reported on by the
external auditors. These forward looking statements are based on management’s current belief and expectations and are 
subject to uncertainty and changes in circumstances. The forward looking statements involve risks that may affect 
the Group’s operations, markets, products, services and prices.

By order of the Board

MI Seedat            HJ Verster
Chairman             Chief Executive Officer

Date of release: 20 February 2017


DIRECTORS 
MI Seedat*# (Chairman), EK Diack*#, HJ Verster (Chief Executive Officer), PJ Erasmus*#, SJ Flanagan*#, 
MA Hermanus*#, PA Hourquebie*#, MJ Kilbride*#, AH Macartney (Group CFO), JJA Mashaba (Group Executive Director), 
TM Mokgosi-Mwantembe*, KW Mzondeki*# (*non-executive) (#independent)

COMPANY SECRETARY 
Michelle Nana

BUSINESS ADDRESS AND REGISTERED OFFICE 
Aveng Park 1 Jurgens Street, Jet Park Boksburg, 1459 South Africa 
Telephone +27 (0) 11 779 2800
PO Box 6062, Rivonia, Johannesburg Gauteng, 2128, South Africa

AUDITORS 
Ernst & Young Inc. Registration number: 2005/002308/21 102 Rivonia Road Sandton, Johannesburg, 2194 
Private Bag X14 Northlands, 2116 South Africa Telephone +27 (0) 11 772 3000 Telefax +27 (0) 11 772 4000

PRINCIPAL BANKERS 
Absa Bank Limited 
Australia and New Zealand Banking Group Limited 
Barclays Bank plc 
Commonwealth Bank of Australia Limited 
FirstRand Bank Limited 
HSBC Bank plc 
Investec Bank Limited 
Nedbank Limited The Standard Bank of South Africa Limited 
United Overseas Bank Limited

CORPORATE LEGAL ADVISERS 
Baker McKenzie 
Norton Rose Fulbright 
Webber Wentzel

SPONSOR 
UBS South Africa Proprietary Limited  
Registration number: 1995/011140/07
64 Wierda Road East Wierda Valley, Sandton 2196 
P.O. Box 652863 Benmore, 2010 South Africa 
Telephone +27 (0) 11 322 7000 Facsimile +27 (0) 11 322 7380

REGISTRARS 
Computershare 
Investor Services Proprietary Limited Registration number: 2004/003647/07 
Rosebank Towers, 15 Biermann Avenue Rosebank 2196, South Africa PO Box 61051 Marshalltown, 2107 South Africa 
Telephone +27 (0) 11 370 5000 Telefax +27 (0) 11 688 5200

WEBSITE 
www.aveng.co.za

Date: 20/02/2017 05:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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