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Aveng

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Aveng Limited
Company typePublic
(JSE: AEG)
IndustryMining, Construction, Manufacturing, Engineering, Steel
PredecessorAnglovaal Engineering
Founded1880; 144 years ago (1880)
Headquarters
Melrose Arch, Johannesburg
,
South Africa
Area served
Africa, Australasia, Southeast Asia, South America
Key people
Sean Flanagan (CEO)[1]
Adrian Macartney (CFO)
ServicesContract mining, construction, infrastructure development, engineering
Revenue31 Dec 2019: R11.2bn;[2]
30 Jun 2019: R 25.7bn;
30 Jun 2018: R30.6bn[3]
31 Dec 2019: R170 m loss;[2]
30 Jun 2019: R1.7 bn loss
31 Jun 2018: R3.5 bn loss
Total assetsR 15.07 Billion (2018)[3]
Number of employees
5 211 (2022)
SubsidiariesMcConnell Dowell, Moolmans
Websitewww.aveng.co.za

Aveng (formerly Anglovaal Engineering) is an international engineering led contractor focused on infrastructure, resources and contract mining and is listed on the Johannesburg Stock Exchange. Its origins lie in modest construction projects in South Africa, but Aveng now operates in engineering, infrastructure development, construction and contract mining across Australia, New Zealand & Pacific Islands, Singapore, Philippines, Indonesia, Malaysia and South Africa.

It employs some 5 211 people and has an annual turnover in excess of R30 billion.

History

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Strategic review (2017-2019)

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After Aveng reported large losses in September 2017, the company's CEO resigned.[4] During the first half of FY2018, Aveng undertook a "robust strategic review" to fully evaluate their financial structure and operational performance to determine the key requirements for our medium- and long-term sustainability.[citation needed] Aveng announced in 2019 a strategic plan that they would dispose of businesses that did not support the group's long-term strategy.[5] Aveng intended to dispose of the Grinaker-LTA and Trident Steel operating divisions first, followed by the individual manufacturing businesses.[citation needed] Aveng sold its rail business, Aveng Rail formerly known as Lennings Rail, in October 2018. Earlier, Aveng had announced it would also sell its Jet Park and Vanderbijlpark properties.[6] Sean Flanagan was named CEO later in 2019, taking over from interim CEO Eric Diack, who returned to the role of chairperson.[7] Aveng disposed of its Rand Roads business unit in July 2019.[8] It told Reuters in 2019 it was selling non-core assets to focus on mining by 2020.[9]

Divestitures (2020-2023)

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In relation to non-payment on a bridge project, Aveng lodged a claim against Eskom in April 2020.[10] UBS Group AG became a 6.39% shareholder in Aveng in October 2021.[11] In February 2022, while maintaining its placement on the JSE, Aveng narrowed its offshore listings to only bourses in Singapore and Australia. The company at the time described its two remaining core businesses as McConnell Dowell and Moolmans. It stated it still intended to sell Trident Steel.[12] It completed that sale in October 2022.[13] Aveng Trident Steel at the time supplied a wide range of products to the distribution, mining, construction and automotive industries from its steel processing service centers and warehouses, and its manufacturing and fabrication plants.[citation needed]

Aveng completed a debt restructure and rights issue in March 2021.[14] In 2022, Sean Flanagan remained CEO of Aveng.[15] In 2022, Aveng lost arbitration involving penalties for missing construction deadlines regarding The Leonardo building in South Africa, concerning a contract from 2015 to 2019.[16]

Business and divisions

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Core businesses

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Construction and Engineering

  • McConnell Dowell - a major engineering, construction and maintenance contractor, in the building, infrastructure and resources sectors in Australia, New Zealand and Pacific Islands, Southeast Asia and the Middle East.

Mining

  • Moolmans - a South African-based operator in open cut contract mining across Africa.

Major projects

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See also

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References

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  1. ^ "Sean Flanagan Biography - Aveng website". Retrieved 11 March 2023.[permanent dead link‍]
  2. ^ a b Aveng Interim Financial Report 2020, Aveng website, Retrieved 09 March 2020
  3. ^ a b "Aveng Financial Report 2018, Aveng website, Retrieved 17 August 2019" (PDF). Archived from the original (PDF) on 17 August 2019. Retrieved 17 August 2019.
  4. ^ "Aveng CEO resigns as it reports massive loss". Moneyweb. 27 September 2017. Retrieved 11 March 2023.
  5. ^ Ana Reporter, (18 January 2019), Aveng says to sell non-core assets after strategic review, Independent Online Retrieved 17 August 2019
  6. ^ Creamer, Terence. "Aveng to sell rail business to Mathupha Capital for R133m". www.engineeringnews.co.za. Retrieved 11 March 2023.
  7. ^ Webb, Mariaan. "Aveng names Sean Flanagan CEO". www.engineeringnews.co.za. Retrieved 11 March 2023.
  8. ^ Aveng disposes of Rand Roads business unit Engineering News
  9. ^ "Aveng to focus on mining once non-core asset sales completed next year". 30 August 2019.
  10. ^ "Aveng lodges R40m claim against Eskom". 15 April 2020.
  11. ^ "Swiss investment bank UBS bets on hobbled Aveng".
  12. ^ "Aveng narrows offshore listing focus to Australia and Singapore".
  13. ^ "Aveng turnaround: R700m sale of Trident Steel a 'major milestone'". 6 October 2022.
  14. ^ "Aveng concludes successful rights issue and debt restructure". Retrieved 11 March 2023.
  15. ^ "WATCH: Aveng CEO Sean Flanagan on slump in profit".
  16. ^ a b "Aveng to pay penalties for missing the Leonardo deadline".
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