HULAMIN LIMITED - Revised trading statement

Revised trading statement

Hulamin Limited
(Incorporated in the Republic of South Africa)
(Registration number 1940/013924/06)
Share code: HLM
ISIN: ZAE000096210
("Hulamin" or "the Company")

REVISED TRADING STATEMENT

On 24 April 2015, shareholders were advised that both earnings per
share (EPS) and headline earnings per share (HEPS) for the six
months ending 30 June 2015 were expected to be more than 20% lower than
that reported for the six months ended 30 June 2014 (“comparative period”).

Manufacturing output in the first quarter fell sharply due to electricity
supply curtailments and quality issues on two product lines. Improved plant
loading and the installation of onsite supplementary generating sets
lessened the impact during the second quarter. However, given the
continuous nature of operations and the impact of a two week planned
maintenance shut, it was not possible to make good the lost output and
production volumes finished 17% lower than those achieved in the
comparative period.

The London Metal Exchange (LME) quoted price for aluminium fell from
USD1 832 per ton at January 2015 to USD1 646 at 30 June 2015. Geographic
premiums, which are added to the LME base metal price, fell sharply in the
second quarter to under USD200 per ton having reached above USD500 per ton
in late 2014.

Hulamin does not speculate in aluminium. However, the lag between the price
at which metal is purchased and subsequently resold gives rise to a gain or
loss. Whilst Hulamin hedges 50% of this net exposure in terms of a long
standing approved hedging strategy, the magnitude of the fall in the
aluminium price resulted in a pre-tax loss of R55m in respect of the
unhedged portion.

The benefit of a weaker Rand, whilst significant, was not sufficient to
counter the impact of the lower volumes and the metal price lag loss.

Consequently, shareholders are advised that Hulamin expects EPS, HEPS and
normalised EPS for the six months ended 30 June 2015 to be within the
ranges shown below:


                      30 June 2015                30 June 2014
                      Expectation (cents) and     Reported (cents)
                      percentage decrease
EPS                   22(46%) - 24(41%)           41
HEPS                  23(44%) - 25(39%)           41
Normalised EPS        24(41%) – 26(37%)           41


The financial information on which this trading statement is based has not
been reviewed and reported on by the Company's external auditors.

Hulamin's results for the six months ended 30 June 2015 are expected to be
released on SENS on or about 27 July 2015.

Pietermaritzburg
7 July 2015

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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