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AVENG LIMITED - Reviewed interim condensed consolidated financial statements for the six months ended 31 December 2020

2021/02/23 07:05:00

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                    Reviewed interim condensed consolidated financial statements for the six months ended 31 December 2020

AVENG LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000111829
SHARE CODE: AEG
('Aveng' or 'the Group')

Short-form SENS Announcement

Reviewed interim condensed consolidated financial statements for the six months ended 31 December
2020

SALIENT FEATURES

     -    Group revenue increased to R12,9 billion (December 2019: R11,2 billion) with core revenue
          increasing by 53% driven by improved performance at McConnell Dowell
     -    Increase in operating earnings to R280 million (December 2019: R14 million) with McConnell
          Dowell, Moolmans, Trident Steel and Manufacturing all profitable
     -    R314 million improvement in headline earnings to R109 million (0,6 cents per share) from a
          headline loss of R205 million (1,1 cents per share)
     -    Earnings per share improved to 2,3 cents per share from a loss of 0,9 cents per share in the
          comparative period
     -    R1,3 billion improvement in operating free cash flow to R1,4 billion (December 2019: R174
          million)
     -    R1 billion improvement in net cash position to R579 million, excluding lease liabilities (June
          2020: R552 net debt position)
     -    Increase in work in hand to R27,7 billion from R26,8 billion
     -    McConnell Dowell – added AUD1 billion to work-in-hand
     -    Net asset value per share increased to 10,8 cents per share from 9,5 cents per share in the
          comparative period

About Aveng Limited

Aveng is an international infrastructure, resources and contract mining group operating in selected
markets and capitalising on the expertise and experience within McConnell Dowell and Moolmans.
The short-form announcement is the responsibility of the directors and is only a summary of information
in the full announcement which is available on the company’s website (www.aveng.co.za).
This announcement does not contain full or complete details and any investment decisions by investors
and/or shareholders should be based on consideration of the published SENS available on:
https://senspdf.jse.co.za/documents/2021/JSE/ISSE/AEG/HY21Result.pdf


Review opinion
The interim results for the six month period ended 31 December 2020, have been reviewed by the
Company's external auditors 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 ('ISRE 2410'). The unmodified review opinion is available on request from the Company
Secretary at the Company's registered office.

The full announcement is available for inspection at the registered office and/or the sponsor’s office, at no
charge during office hours.



23 February 2021
Sponsors
UBS South Africa Proprietary Limited

Executive Directors
SJ Flanagan (Group Chief Executive Officer) | AH Macartney (Group Finance Director)

Non-Executive Directors
PA Hourquebie (Independent Non-executive Chair) | MA Hermanus (Lead Independent Non-executive) |
MJ Kilbride (Independent Non-executive) | B Modise (Independent Non-executive)

Registered office
3rd Floor, 10 The High Street, Melrose Arch, 2076

Date: 23-02-2021 07:05:00
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