Integrated Report 2015 Building a lasting legacy MENU
 
 
 
 
 
Message from the Board
Mahomed Seedat

Chairman's statement

Rebuilding
shareholder value

Mahomed Seedat
Chairman

Overview

2015 could be described as a perfect storm for Aveng with a combination of ongoing deterioration in our key markets, particularly steel, and internal issues, primarily relating to the completion of a number of projects which have placed substantial pressure on the Group’s operating performance. In addition the Board decided to provide for some claims in Aveng Grinaker-LTA which management believes are commercially valid but are taking a long time to resolve. The result of these factors is that Aveng incurred a headline loss of R578 million for the year to 30 June 2015.


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Executive review

Creating a stable foundation

Aveng has continued to experience challenges in difficult operating conditions, compounded by slow claims resolution and areas of poor operational execution in its South African and Australian markets which have contributed to a worse than anticipated financial performance during the year to 30 June 2015.

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Performance
Construction and
Engineering

— Australasia and Asia

Construction and Engineering
McConnell-Dowell

McConnell Dowell is a major engineering, construction and maintenance contractor experienced in delivering complex projects in the building, infrastructure and resources industry sectors in Australia, New Zealand and Pacific Islands, Asia and the Middle East.

David Robinson, managing director.

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Construction and
Engineering

— South Africa and rest of Africa

Construction and Engineering
AV-Grinaker

Aveng Grinaker-LTA offers multidisciplinary services across the construction and engineering value chain to its clients in South Africa, Namibia, Mozambique, Mauritius and selected markets in the rest of Africa.

Chris Botha, managing director

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Mining
Construction and Engineering
Aveng Mining

Aveng Mining offers services across the mining value chain, from shaft sinking, underground development, contract mining and surface mining, to construction of mine infrastructure.

Stuart White, managing director.

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Manufacturing
and Processing
Construction and Engineering
Aveng Manufacturing

Aveng Manufacturing manufactures and supplies construction products to the construction sector, services and engineered solutions to mining, water, oil and gas and construction clients...

Solly Letsoalo, managing director, Aveng Manufacturing
Hercu Aucamp, managing director, Aveng Steel

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