Enhanced Investments - Financial Portal

Trading statement for the year ended 31 December 2022

Published: 2023-02-27 08:06:04 ET

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”)

TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022


In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, Hulamin advises that there is a
reasonable degree of certainty that the financial results for the year ended 31 December 2022 will differ
by at least 20% when compared with the published financial results for the year ended 31 December
2021 as follows:

                                31 December 2022              Change from 2021 actual to              31 December 2021
                                         Expected                    2022 expected range                          Actual
    Earnings per share             91 cents to 105            Decreased by between 53%                192 cents per share
                                             cents               (101 cents per share) and
                                                                  45% (87 cents per share)
    Headline earnings                93 cents to 107          Decreased by between 49%                182 cents per share
    per share                                  cents         (89 cents per share) and 41%
                                                                       (75 cents per share)
    Normalised                       98 cents to 113           Improved by between 20%                  82 cents per share
    headline earnings                          cents         (16 cents per share) and 38%
    per share1                                                         (31 cents per share)
1Normalised headline earnings per share is calculated in a consistent manner as per the latest annual financial statements, 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) material non-trading expense
or income items which, due to their irregular occurrence, are adjusted for in order to better present earnings attributable to
the ongoing activities of the Group. The presentation of normalised headline earnings is not an IFRS requirement and may not
be directly comparable with the same or similar measures disclosed by other companies.

The following should be noted:
    • Raising of a deferred tax asset positively impacted 2021 earnings by R115m (37 cents per share).
    • The key difference between headline earnings and normalised headline earnings per share is
        Metal Price Lag (timing difference between purchase and selling price of metal) which was
        R426m (138 cents per share) in 2021.

Group results will be released on 6 March 2023.

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.


Pietermaritzburg
27 February 2022
Sponsor




Questco Corporate Advisory Proprietary Limited

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

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Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.