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Integrated Annual Report 2017



This integrated annual report provides a concise review of how the group (“Hulamin”) creates sustainable value. It provides insight into Hulamin’s business model, changes in the external environment and the risks and opportunities that arise therefrom.


The scope of this report includes Hulamin Limited and its subsidiaries, listed here. The report covers the financial reporting period 1 January 2017 to 31 December 2017.

Our Audience

Hulamin’s long-term providers of capital are the primary audience of Hulamin’s integrated report. However, Hulamin’s value creation activities benefit and impact a wide range of stakeholders whose interests are specifically covered in this report in line with our shared value creation principle.

The report provides all stakeholders with a greater understanding of the reliance of Hulamin’s business model on the relevant capitals. It also sets out the financial and non-financial performance of Hulamin and the impact of Hulamin’s operations on the relevant capitals and provides insight into the prospects and future outlook of Hulamin.

Our Approach to materiality

This report provides information that we believe is of material interest to current and prospective investors, and to any other stakeholders who wishes to make an informed assessment of Hulamin’s ability to generate value over the short, medium and long term.

The material matters included in this report were identified through a structured process involving senior executives and the group Risk and SHE Committee through which they review Hulamin’s business model and operating context, and the interaction thereof with our capitals.

Rather than provide a short list of material issues, we have sought to ensure that all information in this report relates to matters that have a material bearing on value creation. Understanding our business (here), our business model (here) and how Hulamin adds value to aluminium (here) lends an appreciation to stakeholders understanding of how our external environment (here) impacted performance delivery against our key objectives during the current financial year (here) and how the external environment as well as stakeholder needs (here) have shaped our key strategic objectives (here). Making an informed assessment of our ability to respond appropriately to the external environment and stakeholder requirements requires an appreciation of our strategy and the leadership team contained within the corporate governance section of this report.


The Audit Committee provides an oversight role to this integrated annual 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. 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.


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


The report contains some forward-looking information regarding the financial and non-financial performance and position of Hulamin. 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.


The Board acknowledges its responsibility for ensuring the integrity of the integrated annual report and to the best of its knowledge and belief the integrated annual report for 2017 addresses all material issues and presents fairly the integrated performance of Hulamin and its impacts. The report has been prepared in line with best practice and the Board confirms that it has approved the release of the 2017 integrated annual report.


Hulamin is committed to building stronger stakeholder relationships, which are enhanced through various communications. Stakeholders are encouraged to provide feedback on this integrated annual report and the type of information you would like to see in future reports to Ayanda.Mngadi@hulamin.co.za, which will enable the group to gauge the accuracy and standard of its integrated reporting.

Mafika Mkwanazi


Richard Jacob
Chief Executive Officer