Hello Brian, thanks for that, glad to know we still have some rights ...
Anyway, here is a bit of
Melodrama from Hulamin, read it slowly Brian, there are
a few big words there, but it does explain how things work in the real world, when
you are not backstopped by the taxpayer, or you know like the PIC, when you can
drop a few billion in GEPF assets on ABIL and walk away into an even higher paying
job and be billed as
the man
It's a SENS release, so the melodrama comes sans music and drama, but just pretend
for a minute, should not be difficult for a man of your ability, after all your whole career,
is built on it.
Hulamin Limited - Trading Statement
Release Date: 23/04/2015 14:58:00 Code(s): HLM
Trading statement
Hulamin Limited
(Incorporated in the Republic of South Africa)
(Registration number 1940/013924/06)
Share code: HLM
ISIN: ZAE000096210
("Hulamin" or “the Company”)
TRADING STATEMENT
Manufacturing output in the first quarter was severely impacted by
electricity supply curtailments and quality issues on two product
lines.
Hulamin operates a complex serial manufacturing process that runs
on a continuous basis and, as a result, lost production cannot
subsequently be recovered. Product temperatures must be carefully
maintained within certain parameters throughout the manufacturing
process and power shortages impact exponentially on the quantum of
production lost.
When load curtailment is enforced, Eskom currently provides
Hulamin with an instruction to curtail its average power demand to
between 90% (stage 1) or 80% (stage 2) of its baseline demand.
Eskom is unable to provide advance notice of load curtailment and
the frequency of curtailments has increased significantly in the
last thirty days.
Hulamin are installing generating sets which will largely mitigate
the future impact of stage 1 or 2 load shedding. The installation
will take place during a planned maintenance shut in early May.
It is not possible to forecast with any certainty the extent of
electricity curtailment that will take place over the remainder of
the year. However, it is already clear that both earnings per
share (EPS) and headline earnings per share (HEPS) for the six
months ending 30 June 2015 will be more than 20% lower than those
of the previous corresponding reporting period.
A further trading statement will be issued as soon as management
are able to quantify the expected range of earnings for the six
months ending 30 June 2015 with the reasonable certainty required
by the rules of the Johannesburg Stock Exchange.
The forecast financial information on which this trading statement
is based has not been reviewed and reported on by the Company’s
external auditors.
Hulamin's results for the six months ending 30 June 2015 are
expected to be released on SENS on or about 27 July 2015.
Shareholders’ attention is drawn to the Chairmans Statement that
was presented at the AGM, which has been posted on the Hulamin
website.
Pietermaritzburg
24 April 2015
15:00 PM Hulamin's share price drops 15%,
how irritating! must be a coincidence.
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