NOTES

1. Basis of preparation      
  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.
         
    Unaudited Unaudited Audited
    Half-year Half-year Year ended
    30 June 30 June 31 December
    2011 2010 2010
    R’000 R’000 R’000
2. Operating segment analysis      
  The group is organised into two major operating segments namely Hulamin Rolled Products and Hulamin Extrusions.      
         
  Revenue      
  Hulamin Rolled Products 3 007 058 2 382 366 5 191 705
  Hulamin Extrusions 346 948 322 279 616 962
  Group total 3 354 006 2 704 645 5 808 667
  Operating profit      
  Hulamin Rolled Products 124 807 103 733 226 868
  Hulamin Extrusions 6 909 (1 936) (8 635)
  Group total 131 716 101 797 218 233
  Total assets      
  Hulamin Rolled Products 7 203 220 7 072 257 7 069 431
  Hulamin Extrusions 328 007 306 963 288 341
  Group total 7 531 227 7 379 220 7 357 772
         
3. Other gains and losses      
  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.
         
4. Taxation      
  The tax charge/(relief) included within these interim financial statements is:      
  Normal 8 998 9 361 25 801
  Deferred 20 980 (3 106) 4 915
    29 978 6 255 30 716
  Normal rate of taxation (%) 28,0 28,0 28,0
  Adjusted for:        
  Other non-allowable items (%) 1,2 (8,8) 1,5
    (%) 29,2 19,2 29,5
         
5. Earnings per share      
  The weighted average number of shares used in the calculation of basic and diluted earnings per share are as follows:
         
      Number Number Number
      of shares of shares of shares
      30 June 30 June 31 December
      2011 2010 2010
  Weighted average number of shares used for basic EPS   316 842 024 245 185 429 281 206 387
  Share options   3 866 149 3 575 815 3 498 720
  Weighted average number of shares used for diluted EPS   320 708 173 248 761 244 284 705 107
           
6. Commitments and contingent liabilities        
  Capital expenditure contracted for but not yet incurred   61 825 151 998 90 381
  Operating lease commitments   7 307 11 225 9 392
  Guarantees and contingent liabilities   23 086 25 840 25 962