HULAMIN LIMITED - Trading Statement For The Year Ended 31 December 2012 13 Feb 2013
HLM 201302130040A

Trading Statement For The Year Ended 31 December 2012

 

HULAMIN LIMITED

(Registration number 1940/013924/06)

(Incorporated in the Republic of South Africa)

Share Code: HLM

ISIN: ZAE000096210

(“Hulamin” or “the company”)

 

TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2012

 

Earnings are expected to be between R130 million (41 cents per

share) and R135 million (43 cents per share), between 63% and 69%

higher than the R80 million (25 cents per share) achieved in 2011.

 

Headline earnings are expected to be between R180 million (56

cents per share) and R185 million (58 cents per share), between

125% and 131% higher than the R80 million (25 cents per share)

achieved in 2011.

 

In the second half of 2012 the company successfully returned to

the improved operational performance achieved prior to the

disruption in quarter two that arose from the failure of a motor

on the Camps Drift hot line. The resulting insurance claim has

partially offset the loss arising from this incident.

 

The conversion of the Hulamin Pension Fund to a defined

contribution basis has been successfully completed and resulted in

an allocation to the company which has increased earnings in 2012

by R118 million.

 

The Camps Drift hot mill output has exceeded forecasts in recent

years, resulting in the Edendale hot mill being mothballed and

consequently this asset has been impaired. In addition, poor

market conditions have led to an impairment of the extrusion

assets. These impairments have reduced earnings by R51m.

 

The above information has not been reviewed and reported on by the

company’s external auditors.

 

Hulamin’s full results for the year ended 31 December 2012 are

expected to be released on SENS on or about 25 February 2013.

 

 

Pietermaritzburg

13 February 2013

 

 

Sponsor

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

 

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