AVENG LIMITED - AEG : Reviewed interim condensed c24 Feb 2020
AEG : Reviewed interim condensed consolidated financial statements for the period ended 31 December 2019: https://senspdf.jse.co.za/documents/2020/jse/isse/aeg/HY20Result.pdf
Reviewed interim condensed consolidated financial statements for the period ended 31 December 2019

(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000111829
("Aveng" or "the Group")

                                      Short-form SENS Announcement

       Reviewed interim condensed consolidated financial statements for the period ended
                                    31 December 2019


        - Group revenue of R11,2 billion (December 2018: R13,4 billion) as the Group proceeded with
          planned non-core asset disposals
        - Net operating profit of R14 million (December 2018: R484 million loss) driven by core business
                - Moolmans returned to profitability and cash positive
                - McConnell Dowell maintained profitable trend, cash positive and grew order book
        - Core order book of R17,9 billion
                - 72% international, 28% South Africa
        - R222 million non-core asset sales proceeds received
        - R200 million debt repaid
        - Sustained focus on cost reduction
        - Headline loss improved to R205 million (1,1 cents per share) from a restated loss of R703 million
          (5,5 cents per share)
        - Loss per share improved to 0,9 cents per share from a loss of 7,2 cents per share
        - Net asset value per share decreased to 12,3 cents per share from 12,7 cents per share

About Aveng Limited

Aveng's primary geographic markets are South Africa and the rest of sub-Saharan Africa, Australia, New Zealand
and Southeast Asia. As the Group transitions to an international infrastructure, resources and mining business, its
main market sectors will be contract mining in South Africa and the rest of sub-Saharan Africa, and construction in
Australia, New Zealand and Southeast Asia.

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:

Review opinion

The interim results for the six month period ended 31 December 2019, 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.
24 February 2020

UBS South Africa Proprietary Limited

Executive Directors
EK Diack (Executive Chairman) | SJ Flanagan (Group Chief Executive Officer) | AH Macartney (Group Finance

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

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

Date: 24-02-2020 05:09:00
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