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This integrated report provides a comprehensive review of how Hulamin creates sustainable value. It provides insight into the group’s business model, changes in the external environment and the risks and opportunities that arise therefrom. The report details the strategic response of the group to these material issues and the group’s governance structures which support the delivery of its strategic objectives. The report provides stakeholders with a greater understanding of the reliance of the group’s business model on financial, manufactured, intellectual, human, social and natural capitals. It also sets out the financial and non-financial performance of the group and the impact of the group’s operations on these capitals and provides insight into the prospects and future outlook for the group.

The scope of this report includes Hulamin Limited and its subsidiaries, listed here. The report covers the financial reporting period 1 January 2013 to 31 December 2013.

In compiling this integrated report, the following frameworks have been considered:

  • International Integrated Reporting Framework, December 2013
  • King Report on Corporate Governance (King III)
  • JSE Limited Listings Requirements
  • Companies Act 71 of 2008 (as amended) and the Companies Regulations
  • International Financial Reporting Standards


The Audit Committee provides an oversight role to this integrated report. The committee has reviewed the completeness and accuracy of this report and is satisfied that the report is an accurate reflection of the group’s integrated performance.

Certain elements of this report have been independently assured, which have been detailed below. This assurance forms part of a combined assurance approach adopted by the group.


Materiality has been applied to qualitative and quantitative disclosures and content of this report. An item is considered material if it could influence the decisions of the group and its stakeholders.

There have been no significant changes to the content and scope of this report from prior years. In attempts to enhance the comparability of information, certain comparative figures may have been restated and these have been noted as such. The accounting policy on long-term employee benefits changed during the year, in accordance with the revised accounting standard thereon (IAS 19 Employee Benefits). This detail has been disclosed in the financial statements and prior year figures have been restated accordingly.


The report contains some forward looking information regarding the financial and non-financial performance and position of the group. Hulamin believes this forward looking information to be realistic at the time of the issue of the report. These statements include uncertainties, assumptions and risks about future events and circumstances, which may result in actual results differing from those anticipated. Forward looking information has not been independently reviewed by the external auditors.


Hulamin is committed to building stronger stakeholder relationships, which are enhanced through various communications. Stakeholders are encouraged to provide feedback on this integrated report to Noma.Kanyile@hulamin.co.za, which will enable the group to gauge the accuracy and standard of its integrated reporting.


The board confirms its responsibility to ensure the integrity of this integrated report. The directors have collectively reviewed the content of this report and agree that it addresses all material issues and presents fairly the integrated performance of the group.

The board has accordingly authorised the release of the integrated report for 2013.

Mafika Mkwanazi

20 February 2014

Richard Jacob
Chief  Executive Officer