SASOL LIMITED: REVIEWED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
Earnings performance
Revenue of R136,3 billion is lower than the prior period of R149,8 billion, mainly as a result of the lower chemical product prices across all regions. Earnings before interest and tax (EBIT) of R15,9 billion is R8,3 billion (34%) lower than the prior period. The variance to the prior period is mainly due to lower revenue and lower gains on the valuation of financial instruments and derivative contracts, offset by lower chemical feedstock prices in
The current period includes remeasurement items of R5,8 billion mainly due to:
- Impairments of the
Secunda liquid fuels refinery cash generating unit (CGU) of R3,9 billion driven by a further deterioration assumed of the macroeconomic outlook, including Brent crude oil and electricity prices, resulting in the full amount of capital expenditure incurred during the period being impaired; and - Impairments of the Chemicals Africa Chlor-Alkali & PVC and Polyethylene CGUs of R1,2 billion due to lower selling prices associated with reduced market demand.
The prior period included impairments of R6,4 billion mainly due to the
Key metrics |
Half year |
Half year |
Change % |
EBIT (R million) |
15 925 |
24 204 |
(34) |
Headline earnings (R million) |
12 851 |
19 389 |
(34) |
Basic earnings per share (Rand) |
15,19 |
23,23 |
(35) |
Headline earnings per share (Rand) |
20,37 |
30,90 |
(34) |
Interim dividend (Rand per share) |
2,00 |
7,00 |
(71) |
Net asset value |
Half year |
Full year |
Change % |
Total assets (R million) |
427 138 |
433 838 |
(2) |
Total liabilities (R million) |
225 109 |
232 314 |
3 |
Total equity (R million) |
202 029 |
201 524 |
0 |
Turnover |
|
EBIT/(LBIT)1 |
||
Half year |
Half year |
|
Half year |
Half year |
|
Restated |
|
|
|
R million |
R million |
|
R million |
R million |
|
|
Energy business |
|
|
13 960 |
14 219 |
Mining |
955 |
1 918 |
6 411 |
5 551 |
Gas |
2 374 |
3 503 |
61 136 |
61 091 |
Fuels |
9 551 |
5 103 |
|
|
Chemicals business |
|
|
31 935 |
35 621 |
|
3 444 |
8 994 |
20 255 |
23 476 |
America |
(1 869) |
270 |
20 287 |
25 347 |
Eurasia |
(865) |
313 |
- |
- |
Corporate Centre |
2 335 |
4 103 |
153 984 |
165 305 |
Group performance |
15 925 |
24 204 |
(17 699) |
(15 513) |
Intersegmental turnover |
|
|
136 285 |
149 792 |
External turnover |
|
|
|
||||
1 Loss before interest and tax |
Sasol's results contain an adjustment in respect of an error in the
Dividend
The
The salient dates for holders of ordinary shares and Sasol BEE ordinary shares for the six months ended |
|
Declaration date |
Monday, |
Last day for trading to qualify for and participate in the interim dividend (cum dividend) |
Tuesday, |
Trading ex dividend commences |
Wednesday, |
Record date |
Friday, |
Dividend payment date (electronic and certificated register) |
Monday, |
The salient dates for holders of American Depository Receipts for the six months ended |
|
Ex dividend on |
Friday, |
Record date |
Friday, |
Approximate date for currency conversion |
Tuesday, |
Approximate dividend payment date |
Friday, |
|
|
1 All dates approximate as the NYSE sets the record date after receipt of the dividend declaration. |
On Monday,
The Company's income tax number is 9520018608.
Short-form statement
This announcement is the responsibility of the Board and is only a summary of the information in
Important information
Sasol's President and Chief Executive Officer,
Please connect to the call via the webcast link: https://www.corpcam.com/Sasol26022024
or via teleconference call link: https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=9724124&linkSecurityString=1c4fef5a7c
A recording of the presentation will be available on the website thereafter at https://www.sasol.com/index.php/investor-centre/financial-results.
For further information, please contact:
Sasol Investor Relations,
Telephone: +27 (0) 71 673 1929
investor.relations@sasol.com
Disclaimer - Forward-looking statements
Sasol may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, expectations, developments, and business strategies. Examples of such forward-looking statements include, but are not limited to, the capital cost of our projects and the timing of project milestones; our ability to obtain financing to meet the funding requirements of our capital investment programme, as well as to fund our ongoing business activities and to pay dividends; statements regarding our future results of operations and financial condition, and regarding future economic performance including cost containment, cash conservation programmes and business optimisation initiatives; recent and proposed accounting pronouncements and their impact on our future results of operations and financial condition; our business strategy, performance outlook, plans, objectives or goals; statements regarding future competition, volume growth and changes in market share in the industries and markets for our products; our existing or anticipated investments, acquisitions of new businesses or the disposal of existing businesses, including estimates or projection of internal rates of return and future profitability; our estimated oil, gas and coal reserves; the probable future outcome of litigation, legislative, regulatory and fiscal developments, including statements regarding our ability to comply with future laws and regulations; future fluctuations in refining margins and crude oil, natural gas and petroleum and chemical product prices; the demand, pricing and cyclicality of oil, gas and petrochemical product prices; changes in the fuel and gas pricing mechanisms in
Please note: One billion is defined as one thousand million, bbl – barrel, bscf – billion standard cubic feet, mmscf – million standard cubic feet, oil references Brent crude, mmboe – million barrels oil equivalent. All references to years refer to the financial year ending 30 June. Any reference to a calendar year is prefaced by the word "calendar".
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