|
-
report for the
year ended 30 June 2000
HIGHLIGHTS
|
INCOME STATEMENT
Rm
|
2000
|
1999
|
|
Turnover
|
5 683,9
|
5 126,0
|
|
Costs of sales
|
4 682,4
|
4 224,1
|
|
|
|
|
Gross profit
|
1 001,5
|
901,9
|
|
Selling and administrative expenses
|
670,3
|
604,8
|
|
|
|
|
Operating income
|
331,2
|
297,1
|
|
Income from investments
|
101,9
|
138,1
|
|
Income from associates
|
12,5
|
13,8
|
|
|
|
|
Income before interest paid
|
445,6
|
449,0
|
|
Interest paid
|
42,6
|
78,7
|
|
|
|
|
Income before exceptional items
|
403,0
|
370,3
|
|
Exceptional items
|
(21,4)
|
(77,4)
|
|
|
|
|
Income before taxation
|
381,6
|
292,9
|
|
Taxation
|
100,8
|
48,2
|
|
Income after taxation
|
280,8
|
244,7
|
|
Minority interests
|
17,1
|
34,0
|
|
|
|
|
Earnings
|
263,7
|
210,7
|
|
Adjustment for exceptional items, net
of attributable taxation credit and minority interests
|
13,9
|
59,6
|
|
|
|
|
Headline earnings
|
277,6
|
270,3
|
|
|
| |
|
|
|
Earnings per share (cents)
|
|
|
|
Headline earnings
|
79,3
|
80,2
|
|
Fully diluted headline earnings
|
73,0
|
74,0
|
|
Earnings
|
75,4
|
62,3
|
|
Fully diluted earnings
|
69,4
|
58,2
|
|
BALANCE SHEET
Rm
|
2000
|
1999
|
|
ASSETS
|
|
|
|
Non-current assets
|
|
|
|
Property, plant and equipment
|
898,2
|
903,0
|
|
Investments
|
193,4
|
142,5
|
|
|
| |
1 091,6
|
1 045,5
|
|
CURRENT ASSETS
|
|
|
|
Inventories and contracts in progress
|
1 065,0
|
997,8
|
|
Trade, receivables and prepayments
|
761,4
|
692,9
|
|
Cash and cash equivalents
|
762,0
|
701,0
|
|
|
| |
2 588,4
|
2 391,7
|
|
TOTAL ASSETS
|
3 680,0
|
3 437,2
|
|
|
| |
|
|
|
EQUITY AND LIABILITIES
|
|
|
|
CAPITAL AND RESERVES
|
|
|
|
Total shareholders’ funds
|
1 787,5
|
1 645,9
|
|
Minority interests
|
111,6
|
251,1
|
NON-CURRENT
LIABILITIES
|
|
|
|
Interest bearing borrowings
|
83,0
|
96,7
|
|
Deferred taxation
|
134,3
|
149,5
|
|
|
| |
217,3
|
246,2
|
|
Current liabilities
|
|
|
|
Trade, other payables and provisions
|
1 288,4
|
1 074,2
|
|
Short term borrowings
|
222,6
|
210,1
|
|
Taxation
|
52,6
|
9,7
|
|
|
| |
1 563,6
|
1 294,0
|
|
TOTAL EQUITY AND LIABILITIES
|
3 680,0
|
3 437,2
|
|
|
|
|
CASH FLOW STATEMENT
Rm
|
2000
|
1999
|
|
Cash retained from operating
activities
|
497,4
|
267,1
|
|
Investing activities
|
(247,1)
|
(395,8)
|
|
Financing activities
|
(65,9)
|
(64,0)
|
|
Net increase/(decrease) in cash and
cash equivalents
|
184,4
|
(192,7)
|
|
Cash and cash equivalents at the
beginning of year
|
407,6
|
683,6
|
|
|
|
|
Cash and cash equivalents at end of
year
|
592,0
|
490,9
|
|
|
|
|
|
Note:
The comparatives for
the group for the previous year have been prepared by aggregating
the information of the four operating entities – Alpha, Bearing
Man, Grinaker and Tristel.
|
|
Segmental analysis
Rm
|
2000
|
1999
|
| |
|
|
|
REVENUE
|
|
|
|
Construction
|
3 253,7
|
2 830,8
|
|
Construction materials
|
1 869,7
|
1 799,3
|
|
Bearings
|
560,5
|
495,9
|
|
|
|
|
TOTAL
|
5 683,9
|
5 126,0
|
|
|
| |
|
|
|
HEADLINE EARNINGS
|
|
|
|
Construction
|
63,6
|
32,9
|
|
Construction materials
|
197,0
|
224,7
|
|
Bearings
|
17,3
|
12,7
|
|
|
|
|
TOTAL
|
277,6
|
270,3
|
|
|
|
Please note:
Aveng Limited is
a South African based construction group. It was listed in July 1999
as a group focused on construction-related activities. It is aiming
to be a globally competitive construction-related company focused
principally on the developing world.
Its major businesses
are
- Alpha Limited – South Africa’s
second largest cement manufacturer. Aveng holds 46% of Alpha and
the Swiss group Holderbank, the world’s largest cement
manufacturer, holds 54%.
- Grinaker-LTA Limited – South
Africa’s second largest construction company involved in three
main areas: Grinaker-LTA Construction and Development; McConnell
Dowell which is listed on the Australian and New Zealand stock
exchanges and in which Aveng holds 64%, and Grinaker-LTA
Engineering and Mining Services. Aveng holds 100% of
Grinaker-LTA.
- Trident Steel (Pty) Limited –
South Africa’s second largest steel merchant. Aveng holds 100%
of Trident.
Aveng’s objectives
are to
- Achieve a PE rating in the top
three of the BCE sector
- Long-term real ROE of 10%
- 25% of earnings offshore by 2003
|
|