AVENG LIMITED - Audited consolidated financial sta30 Nov 2020
Audited consolidated financial statements for the year ended 30 June 2020

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

Short-form SENS Announcement

Audited consolidated financial statements for the year ended 30 June 2020


        - Group revenue of R20,9 billion (June 2019: R25,7 billion) following planned non-core asset
          disposals and the impact of COVID-19
        - Net operating loss of R532 million (June 2019: R1 119 million loss) representing a 52% decrease
          in losses driven by
                - Credible Group results recorded in the first half of the year were curtailed by the impact of
                  COVID-19 in the second half
                - Moolmans turnaround from a loss of R372 million loss in the prior year to a R38 million
        - Group work-in-hand of R26,8 billion
                - 82% international, 18% South Africa
                - McConnell Dowell – 60% growth in work-in-hand
        - Both McConnell Dowell and Moolmans were profitable and cash generative
        - R247 million non-core asset sales proceeds received
        - Headline loss improved to R950 million (4,9 cents per share) from R1 545 million (9,7 cents per
        - Loss per share improved to 5,8 cents per share from a loss of 10,5 cents per share
        - Net asset value per share decreased to 9,5 cents per share from 12,7 cents per share

    Post balance sheet restructuring and recapitalisation

        - Introduction of a minimum of R300 million of new capital by way of a rights offer at 1.5cps, fully
          underwritten by Aveng’s largest shareholder
        - Settlement of R400 million of debt by way of issue of shares for cash at 5cps
        - An increase of stated capital of R700 million
        - A reduction in South African Lender debt and overdraft facility from R2,1 billion to R1,1 billion
        - Early settlement of debt at a discount in cash of R210 million
        - A net increase in liquidity of approximately R90 million
        - A gain on settlement of debt of R450 million
        - An extension to the Group’s South African Lender debt maturity profile to December 2023
        - A significant saving in ongoing interest expense
        - The transaction is subject to various conditions, including shareholder approval

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:

Audit opinion

The annual financial statements were audited by Ernst & Young Inc., who expressed an unqualified audit
opinion thereon. The full audit opinion, including any key audit matters, will be available on the Group’s
website when Aveng Limited full annual financial statements are released on 30 November 2020.

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

30 November 2020

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: 30-11-2020 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.