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1. |
Basis of preparation |
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The condensed consolidated interim financial information of the group for the
half-year ended 30 June 2011 has been prepared in accordance with IAS 34 –
Interim Financial Reporting, under the supervision of the Chief Financial
Officer, Charles Hughes CA(SA), and should be read in conjunction with the
group’s 2010 annual financial statements, which have been prepared in accordance
with International Financial Reporting Standards. The accounting policies and
methods of computation adopted are consistent with those used in the preparation
of the group’s 2010 annual financial statements.
Hulamin has not adopted any new or revised accounting standards in the
current period which have impacted the reported results. |
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Unaudited |
Unaudited |
Audited |
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Half-year |
Half-year |
Year ended |
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30 June |
30 June |
31 December |
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2011 |
2010 |
2010 |
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R’000 |
R’000 |
R’000 |
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2. |
Operating segment analysis |
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The group is organised into two major operating segments namely Hulamin
Rolled Products and Hulamin Extrusions. |
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Revenue |
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Hulamin Rolled Products |
3 007 058 |
2 382 366 |
5 191 705 |
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Hulamin Extrusions |
346 948 |
322 279 |
616 962 |
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Group total |
3 354 006 |
2 704 645 |
5 808 667 |
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Operating profit |
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Hulamin Rolled Products |
124 807 |
103 733 |
226 868 |
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Hulamin Extrusions |
6 909 |
(1 936) |
(8 635) |
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Group total |
131 716 |
101 797 |
218 233 |
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Total assets |
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Hulamin Rolled Products |
7 203 220 |
7 072 257 |
7 069 431 |
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Hulamin Extrusions |
328 007 |
306 963 |
288 341 |
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Group total |
7 531 227 |
7 379 220 |
7 357 772 |
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3. |
Other gains and losses |
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The group is exposed to fluctuations in aluminium prices, interest rates and
exchange rates, and hedges these risks with derivative financial instruments.
Other gains and losses reflect the fair value adjustments arising from these
derivative financial instruments and non-derivative financial instruments
classified as fair value through profit and loss in terms of IAS 39. |
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4. |
Taxation |
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The tax charge/(relief) included within
these interim financial statements is: |
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Normal |
8 998 |
9 361 |
25 801 |
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Deferred |
20 980 |
(3 106) |
4 915 |
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29 978 |
6 255 |
30 716 |
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Normal rate of taxation |
(%) |
28,0 |
28,0 |
28,0 |
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Adjusted for: |
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Other non-allowable items |
(%) |
1,2 |
(8,8) |
1,5 |
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(%) |
29,2 |
19,2 |
29,5 |
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5. |
Earnings per share |
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The weighted average number of shares used in the calculation of basic and
diluted earnings per share are as follows: |
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Number |
Number |
Number |
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of shares |
of shares |
of shares |
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30 June |
30 June |
31 December |
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2011 |
2010 |
2010 |
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Weighted average number of
shares used for basic EPS |
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316 842 024 |
245 185 429 |
281 206 387 |
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Share options |
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3 866 149 |
3 575 815 |
3 498 720 |
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Weighted average number of
shares used for diluted EPS |
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320 708 173 |
248 761 244 |
284 705 107 |
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6. |
Commitments and contingent liabilities
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Capital expenditure contracted for
but not yet incurred |
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61 825 |
151 998 |
90 381 |
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Operating lease commitments |
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7 307 |
11 225 |
9 392 |
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Guarantees and contingent liabilities |
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23 086 |
25 840 |
25 962 |
