|HULAMIN LIMITED - Trading Statement For The Year Ended 31 December 2012||13 Feb 2013|
Trading Statement For The Year Ended 31 December 2012
(Registration number 1940/013924/06)
(Incorporated in the Republic of South Africa)
Share Code: HLM
(“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.
13 February 2013
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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