HULAMIN LIMITED - Trading statement for the year ended 31 December 2022

Trading statement for the year ended 31 December 2022

HULAMIN LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1940/013924/06
JSE Code: HLM
ISIN: ZAE000096210
(“Hulamin” the “Group” or the “Company”)

TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, Hulamin advises that there is a
reasonable degree of certainty that the financial results for the year ended 31 December 2022 will differ
by at least 20% when compared with the published financial results for the year ended 31 December
2021 as follows:

                              31 December 2022              Change from 2021 actual to              31 December 2021
                                      Expected                     2022 expected range                        Actual

Earnings per share             91 cents to 105                Decreased by between 53%           192 cents per share
                                         cents               (101 cents per share) and
                                                              45% (87 cents per share)

Headline earnings              93 cents to 107                Decreased by between 49%           182 cents per share
per share                                cents            (89 cents per share) and 41%
                                                                  (75 cents per share)

Normalised                     98 cents to 113                 Improved by between 20%            82 cents per share
headline earnings                        cents            (16 cents per share) and 38%
per share1                                                        (31 cents per share)

1 Normalised headline earnings per share is calculated in a consistent manner as per the latest annual financial statements, by
dividing normalised headline earnings by the weighted average number of ordinary shares in issue during the year.

Normalised headline earnings is defined as headline earnings excluding (i) metal price lag and (ii) material non-trading expense
or income items which, due to their irregular occurrence, are adjusted for in order to better present earnings attributable to
the ongoing activities of the Group. The presentation of normalised headline earnings is not an IFRS requirement and may not
be directly comparable with the same or similar measures disclosed by other companies.

The following should be noted:
    • Raising of a deferred tax asset positively impacted 2021 earnings by R115m (37 cents per share).
    • The key difference between headline earnings and normalised headline earnings per share is
      Metal Price Lag (timing difference between purchase and selling price of metal) which was
      R426m (138 cents per share) in 2021.

Group results will be released on 6 March 2023.

The financial information contained in this trading statement is the responsibility of the directors and
has not been reviewed nor reported on by the Company’s external auditors.


Pietermaritzburg
27 February 2022

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 27-02-2023 07:05:00
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