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Trading statement for the year ending 31 December 2016
Hulamin Limited
(Incorporated in the Republic of South Africa)
(Registration number 1940/013924/06)
Share code: HLM
ISIN: ZAE000096210
("Hulamin" or "the Company")
TRADING STATEMENT FOR THE YEAR ENDING 31 DECEMBER 2016
Hulamin reported basic earnings per share ("EPS") and headline earnings per
share ("HEPS") of 48 cents per share (“cps”) for the six-month interim period
ended 30 June 2016. This was an improvement of 100% and 92% respectively
over the comparative interim period to 30 June 2015, supported by improved
manufacturing performance and a weaker currency.
Production performance and sales have improved further in the third quarter of
2016 on the levels attained in the first half of the year, and selling prices
(conversion margins) and manufacturing costs, on a per unit basis, are in line
with those achieved in the first six months. Sales of can body stock have
increased in the third quarter, following a subdued first half, as has the purchase
of can scrap metal (for re-processing into aluminium can stock).
The improved operating performance in the third quarter has mitigated the
dampening effect of the strengthening of the Rand on Hulamin’s US Dollar-based
conversion margins. This has resulted in a continuation of the earnings
momentum delivered in the first half.
Shareholders are therefore advised that Hulamin’s EPS and HEPS for the year
ending 31 December 2016 are expected to be at least 20%, or at least 10 cps
and 7 cps respectively, higher than the EPS of 51 cps and HEPS of 37 cps
reported for the year ended 31 December 2015.
Given the potential impact of a volatile Rand / US Dollar exchange rate on profits
in the remaining quarter, Hulamin cannot, at this time, forecast with reasonable
certainty its results for the year ending December 2016 within the 20% range
required by the JSE Limited Listings Requirements.
A further trading statement for the year ending December 2016 will be issued
once reasonable certainty exists.
The forecast 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 year ending December 2016 are expected to be released
on SENS on or about 27 February 2017.
Pietermaritzburg
28 October 2016
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 28/10/2016 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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