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Annual Financial Statements for the year ended 31 December 2024 and Notice of Annual General Meeting
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")
AUDITED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 - SHORT-FORM ANNOUNCEMENT
AVAILABILITY OF INTEGRATED ANNUAL REPORT AND NOTICE OF ANNUAL GENERAL MEETING
Hulamin is pleased to announce its full year results for the year ended 31 December 2024. Shareholders are
advised that the Company's consolidated audited annual financial statements for the year ended 31 December
2024 ("2024 AFS") and its Integrated Annual Report for the year ended 31 December 2024, including a notice of
annual general meeting ("AGM"), a Form of Proxy and a summary of the 2024 AFS, were published on the
websites of the JSE Limited and the Group today, 17 March 2025.
Results Headlines
• Demand recovery constrained by operational challenges resulting in Rolled Products volumes being only
2% up year on year at 173 167 tons
• Improved mix: local sales at 55% coupled with record can body and plate volumes
• Coil Coating Line 2 fire impacted 8 000t of higher margin export Can End & Tab
• Normalised EBITDA down by 12% to R544 million.
• Successful completion of Phase 1 & 2 of market driven strategic capital spend related to the wide Can
Body investment. Final phase to be completed in 2025.
• Capital expenditure at R569m driven by growth in strategic capital investments
Results Overview
The 2024 financial year began with promise as market conditions showed significant improvement, particularly in
the Company's export segments. Demand recovery brought renewed opportunities although pricing pressures in
certain streams, such as export can stock and standards, persisted. Locally, demand remained robust, with strong
momentum for Can Body.
While operational challenges and the fire at the Can End finishing line limited some opportunities created by this
demand recovery in the second half of the year, Hulamin demonstrated resilient performance. Despite these
challenges, the focus remained on executing against the Company's committed five-year strategy, with successful
completion of phase 1 & 2 of market driven wide Can Body investment.
With significant strides made in the execution of Hulamin's strategic goals, the focus for 2025 remains on
commercial wide Can Body production by end of quarter 4, continued growth in core market segments, scrap
utilisation and group investments simplification. Reducing the Company's working capital net debt remains a
priority.
Financial Headlines
The audited financial results for the year ended 31 December 2024 ("current period" or "2024"), as compared
to the audited results for the year ended 31 December 2023 ("comparative period" or "2023"), are set out
below:
2024 2023
R'000 Percentage R'000
change
Revenue 13 635 089 (1)% 13 795 628
Operating profit 540 381 2% 532 019
Normalised operating profit 378 923 (22)% 485 676
Basic earnings per share (cents) 80 (9)% 88
Basic headline earnings per share (cents) 64 (28)% 88
Basic normalised headline profit per share (cents) 42 (45)% 77
(note 1)
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 its financial
performance and is calculated in a consistent manner as detailed in the 2024 AFS, 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 other non-trading items.
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
Unqualified audit opinion
The 2024 AFS were prepared under the supervision of the Chief Financial Officer, Ms P Nirghin CA (SA). Ernst
& Young Inc. have issued an unmodified opinion on the 2024 AFS. The 2024 AFS and the auditor's report thereon
may be viewed on the Company's website http://ir.hulamin.com. The auditor's report does not necessarily
report on all the information contained in this announcement. Shareholders are therefore advised that in order
to obtain a full understanding of the nature of the auditor's engagement, they should obtain a copy of the
auditor's report together with the accompanying financial information.
Notice of AGM
Notice is hereby given that the 85th AGM of shareholders will be held by way of a hybrid meeting on Thursday,
22 May 2025 at 15:00. Shareholders are invited to attend the meeting in person at Anew Hotel, 1 Hilton Avenue,
Pietermaritzburg or online via a remote interactive electronic platform, Microsoft Teams.
The following dates apply to the AGM:
Record date to determine which shareholders are entitled to receive Friday, 7 March 2025
the notice of AGM
Date of posting of the notice of AGM Monday, 17 March 2025
Last day to trade in order to be eligible to attend and vote at the AGM Tuesday, 13 May 2025
Record date to determine which shareholders are entitled to attend Friday, 16 May 2025
and vote at the AGM
Forms of proxy to be lodged at Transfer Secretaries by 15:00 on Tuesday, 20 May 2025
AGM of the Company to be held at 15:00 on Thursday, 22 May 2025
Results of the AGM to be announced on SENS on or before Friday, 23 May 2025
Notes:
1. Forms of proxy may be submitted at any time before the commencement of the AGM (or any adjournment of the AGM)
or presented to the chairman of the AGM before the appointed proxy exercises any of the relevant shareholder's rights
at the AGM (or any adjournment of the AGM).
2. If the AGM is adjourned or postponed, forms of proxy submitted for the initial AGM will remain valid in respect of any
adjournment or postponement of the AGM.
Shareholders or their duly authorised proxies who wish to participate in the AGM, must register to do so by
lodging a completed Electronic Participation Application Form (form included in the AGM notice) by Tuesday, 20
May 2025 at 15:00.
Short form announcement
This short form announcement is the responsibility of the board of directors and does not contain full or
complete details. It is only a summary of the information contained in the 2024 AFS which are available as
follows:
on the Company's website at: http://ir.hulamin.com, and
on the JSE website at: https://senspdf.jse.co.za/documents/2025/jse/isse/HLM/Dec24.pdf.
Any investment decisions by investors and/or shareholders should be based on consideration of the 2024 AFS
as a whole.
Copies of the Integrated Annual Report and the 2024 AFS may be requested by contacting the Company
Secretary at: Secreterial@hulamin.co.za.
Registered office: Moses Mabhida Road, Pietermaritzburg; Telephone: 033 395 6911
Pietermaritzburg
17 March 2025
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 17-03-2025 07:05:00
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