Aveng anticipates lower earnings

Tuesday 18th February, 2014
Aveng shareholders are advised that in respect of the unaudited financial results for the six months ended 31 December 2013, the Group anticipates earnings per share (EPS) and headline earnings per share (HEPS) to decline by between 20% and 25% in relation to the comparative period. This translates to EPS of between 78.8 and 84.0 cents per share and HEPS of between 78.4 and 83.6 cents per share.

Net operating earnings were 8% below the comparative period with Aveng Grinaker-LTA generating a materially higher loss and the Mining operating segment's contribution being lower primarily as a result of the reduced order book which was reported on at 30 June 2013. Net financing expenses incurred in the current period were materially higher than the comparative period mainly due to the higher borrowings for the period due to the funding of working capital primarily on the large Queensland Curtis Liquefied Natural Gas project in Australia.

Further information will be made available in the interim results announcement. The above information has not been reviewed or reported on by the Aveng Group\"s auditors. The Group\"s interim results for the six months ended 31 December 2013 will be released on SENS on 25th February 2014 when the Group will be updating the market on its business in a presentation in Johannesburg on the same day, and in Cape Town on 26th February 2014. The presentation will be available for all stakeholders on the Group\"s website, www.aveng.co.za.