HULAMIN LIMITED - Business Performance Review and Trading Statement

Business Performance Review and Trading Statement

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")

BUSINESS PERFORMANCE REVIEW AND TRADING STATEMENT

PERFORMANCE REVIEW

The 2024 financial year began on a promising note, with market conditions improving notably,
particularly in the Company's export segments. Whilst demand improved, operational challenges and
the fire at the can end finishing line limited the business's ability to fully seize opportunities. This resulted
in Rolled Products volumes being only 2% up year on year at 172kts.

The impact of the fire resulted in a weaker sales mix in the second half of the year, as available capacity
was directed towards lower margin products. The finishing line was repaired within three months and
the insurance claim was finalized within the reporting period.

The Company's Extrusions division underperformed against expectation, which has resulted in a
strategic review of the division.

The net effect of the above-mentioned factors is therefore expected to result in lower earnings overall
year on year.

TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, listed companies are required to
publish a trading statement as soon as they become reasonably certain that the financial results for the
period to be reported will differ by more than 20% from the financial results reported in the prior
comparative period.

Accordingly, shareholders are advised that Hulamin expects to report the following for the year ended
31 December 2024;

                                      2024                           2023                    % Variance
 Earnings per share            Between 76 cents and                 88 cents             A decrease between
 ("EPS")                            84 cents                                                 5% and 14%
 Headline Earnings per         Between 60 cents and                 88 cents             A decrease between
 share ("HEPS")                     67 cents                                                24% and 32%
 Normalised HEPS               Between 40 cents and                 77 cents             A decrease between
 (Note 1)                           44 cents                                                43% and 48%

The total HEPS and EPS was mainly impacted by one-off adjustment to earnings arising from:
    • Net gains from asset replacement insurance proceeds in relation to the fire at the can end
        finishing line amounting to R48.7 million
    • Bargain purchase gains of R17.5 million arising from acquisition of remaining interest in Isizinda
        Aluminium (Pty) Ltd resulting in the entity being 100% held.

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 2024, normalised
headline earnings include an adjustment for metal price lag and restructuring costs.

The financial information contained in this trading statement is the responsibility of the directors and
has not been reviewed nor reported on by the Company´s external auditors.

Hulamin's audited consolidated annual financial statements for the year ended 31 December 2024 will
be published on 17 March 2025.


Pietermaritzburg
12 March 2025

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 12-03-2025 03:31:00
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