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Unaudited consolidated results for the six months ended 30 June 2023
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”)
UNAUDITED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023
Hulamin is pleased to announce its interim results for the period ended 30 June 2023. Shareholders are advised
that the Company’s condensed interim financial results for the six months ended 30 June 2023 were published
on SENS on 14 August 2023 (“Full Announcement”).
Results Headlines
• EBIT up 112% to R473 million, despite volumes being down 7% at 95 588 tons.
• Normalised headline earnings per share up 94% to 70 cents.
• Local sales at 47% making up 42 607 tons with can stock at 58% of local sales.
• Total can stock at 49% up 6% from prior period.
• Normalised EBITDA increased by 95% to R425 million.
• R141 million capital expenditure 57% up from prior period*.
Results Overview
Geoff Watson, Hulamin’s Interim Chief Executive Officer, commented:
“Improved trading results experienced in FY 2022 continued into H1 2023. The Group continued to focus on its
simplification strategy and capitalising on attractive market conditions through reprioritised mix with a focus
on CAN products, weaker average exchange rate and stable cost base which contributed positively to half-year
normalised earnings.
Hulamin Extrusions posted a recovery with volumes growing by 10%, largely influenced by recovery of the
automotive sector and growth in renewable energy sector sales which was negatively impacted by lower LME
pricing.
Hulamin expects market conditions to be softer in the second half. There was a two-week strike which will impact
H2 2023 sales but should be viewed in the context of a softer market in H2 2023. The strategy of the business
remains unchanged. The Group expects to benefit from a more stable plant performance, a weaker exchange
rate than H2 2022 and an improved product focus. Debt reduction will remain a priority.”
Financial Headlines
The unaudited financial results for the six months ended 30 June 2023 (“current period” or “2023”), as compared
to the unaudited results for the six months ended 30 June 2022 (“comparative period” or “2022”), are set out
below:
2023 2022
R’000 Percentage R’000
change
Revenue 7 404 298 -7% 7 961 764
Operating profit 473 484 112% 223 167
Basic earnings per share (cents) 95 102% 47
Basic headline earnings per share (cents) 95 102% 47
Basic normalised headline earnings per share (cents) 70 94% 36
(note 1)
*As reported in the consolidated annual financial statements as at 31 December 2022, the Group continued with
their ongoing assessment of financial internal controls in 2022 which included an assessment of the existing
accounting practices and policies. The Group identified an error in its classification of certain items of Strategic
Spares as Inventory instead of Property, Plant and Equipment.
Accordingly, the Group corrected this error by reclassifying the identified items of Strategic Spares from
Inventory (IAS 2) to Property, Plant and Equipment in accordance with IAS 16.
The reclassification was limited to Strategic Spares not expected to be used within a year of being available for
use and as such were reclassified to Property, Plant and Equipment. The reclassification further resulted in
reclassification between categories within the Statement of Cashflows i.e., cash generated from operating
activities to investing activities. The resultant restatement had no impact on the previously reported
Consolidated Statement of Profit or Loss and Other Comprehensive Income.
No dividend was declared in respect of the current period or the comparative period.
Note 1: Normalised headline earnings per share
Normalised headline earnings per share is one of the measurement bases Hulamin uses in assessing financial
performance and is calculated in a consistent manner as detailed in the full announcement, 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) non-trading
expense or income items which, due to their irregular occurrence, are removed in order to more closely present
earnings attributable to the ongoing activities of the Group. For 2023, normalised headline earnings include an
adjustment for metal price lag.
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.
Short form announcement
This short form announcement is the responsibility of the board of directors. It is only a summary of the Full
Announcement and does not contain full or complete details. Any investment decisions by investors and/or
shareholders should be based as a whole on consideration of the Full Announcement which may be downloaded
from: https://senspdf.jse.co.za/documents/2023/jse/isse/HLM/June23Int.pdf or from Hulamin’s investor website
at: http://ir.hulamin.com.
Copies of the full announcement may be requested by contacting the Company Secretary at:
lmanaka@luvivi.co.za
Registered office: Moses Mabhida Road, Pietermaritzburg
Telephone: 033 395 6911
Pietermaritzburg
14 August 2023
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 14-08-2023 07:05:00
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