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”)


UNAUDITED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022

Hulamin is pleased to announce its interim results for the period ended 30 June 2022. Shareholders are advised
that the Company’s condensed interim financial results for the six months ended 30 June 2022 were published
on SENS on 29 August 2022 (“Full Announcement”).

Results Headlines

•     Group sales volume increased to 103 300 tons from 102 400 for the six months ended 30 June 2022
•     Revenue increased by 45% to R7.9 billion
•     Operating profit improved by 144% to R223 million
•     Basic earnings per share increased by 42% to 47 cents per share
•     Headline earnings per share increased by 147% to 47 cents per share
•     Normalised headline earnings per share increased by 820% to 36 cents per share

Results Overview

“2022 began with solid demand, firmer prices than in recent years and a weaker Rand/Dollar exchange rate.
Turnover increased by 45% and profits increased by 144% despite the constraints experienced at the Durban port;
the impact on the automotive market due to the KZN floods and the challenges posed on working capital by the
record high LME Aluminium prices experienced in H1 of 2022. Hulamin Rolled Products turnover increased by
47% and Hulamin Extrusions turnover by 13% compared with the comparable period.”

Richard Jacob, Hulamin Chief Executive Officer

Financial Headlines
The unaudited financial results for the six months ended 30 June 2022 (“current period” or “2022”), as compared
to the unaudited results for the six months ended 30 June 2021 (“comparative period” or “2021”), are set out
below:

                                                                                          2022                        2021 Restated*
                                                                              R’000               Percentage              R’000
                                                                                                    change
    Revenue                                                                 7 961 764                 45%                5 498 607
    Operating profit                                                         223 167                 144%                  91 328
    Basic earnings per share (cents)                                            47                    42%                    33
    Basic headline earnings per share (cents)                                   47                   147%                    19
    Basic normalised headline earnings/(loss) per share                         36                   820%                    (5)
    (cents) (note 1)

*As reported in the consolidated annual financial statement as at 31 December 2021, the Group continued with their ongoing assessment
of financial internal controls in 2021 which included an assessment of the existing accounting practices and policies. The outcome was a
reassessment of the accounting practice in respect of the capitalisation of manufacturing costs to inventory in accordance with IAS 2:
Inventories. This resulted in a restatement of amounts previously capitalised to inventory and the resultant impact thereof in the statement
of financial position, the statement of profit or loss and previously reported earnings in 2021 interim results.

No dividend was declared in respect of the current period or the comparative period.
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 2022, normalised headline earnings include an
adjustment for metal price lag and restructuring costs.

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.

Short form announcement
This short form announcement is the responsibility of the board of directors and does not contain full or
complete details. Any investment decisions by investors and/or shareholders should be based as a whole on
consideration       of      the       Full      Announcement         which        may be downloaded from
https://senspdf.jse.co.za/documents/2022/jse/isse/HLM/June22Int.pdf or Hulamin’s investor website
(http://ir.hulamin.com).

Copies of the full announcement may be requested by contacting the Company Secretary at:
Sharon.Ramoetlo@hulamin.co.za.

Registered office: Moses Mabhida Road, Pietermaritzburg; Telephone: 033 395 6911


Pietermaritzburg
29 August 2022

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