Aveng switches reporting currency to Australian dollar, expects increase in interim earnings
JSE-listed construction group Aveng has elected to change its reporting currency from the rand to the Australian dollar, effective from the six months ended December 31, 2023.
With Aveng having evolved into a business with two operating subsidiaries, McConnell Dowell and Moolmans, and with 91% of its revenue generated outside of South Africa, the Australian dollar has become the predominant transactional currency for the group.
The functional currencies of the group’s underlying businesses remain unchanged, but the effects of foreign exchange exposures in this regard will be presented in Australian dollars from now on.
To assist investors in understanding the change, Aveng has restated its results for the six months ended December 31, 2022, as well as its results for the year ended June 30, 2023, for more accurate comparisons with later results.
Meanwhile, Aveng expects to report a 45% increase in revenue for the six-month period ended December 31, 2023, owing to improved operating earnings from its two subsidiaries.
The company expects earnings from continuing operations to improve by between 110% and 120% year-on-year, while headline earnings will likely improve by between 72.7% and. 81.1% year-on-year.
In rand terms and excluding Trident Steel, which Aveng sold in the second half of the 2023 financial year, Aveng expects to report a decline of about 76% in earnings to between R7.7-million and R11.2-million, or to between A$650 000 and A$950 000.
In turn, the company expects a headline earnings rise of about 72% to between R132-million and R139-million, or to between A$11.2-million and A$11.7-million.
Aveng will publish its interim results on or about February 20.
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