Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
Sasol Ordinary Share codes: JSE: SOL
NYSE: SSL
Sasol Ordinary ISIN codes: ZAE000006896 US8038663006
Sasol BEE Ordinary Share code: JSE: SOLBE1
Sasol BEE Ordinary ISIN code: ZAE000151817
("Sasol" or "the Company")
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2021
Earnings performance
Sasol delivered a strong set of results for the year ended 30 June 2021. Earnings before interest
and tax (EBIT) of R16,6 billion increased by more than 100% compared to the prior year. This
performance was underpinned by a strong cost, working capital and capital expenditure
performance, despite the continued impacts of the COVID-19 pandemic and adverse weather
events. A notable gross margin recovery was recorded in the second half of the financial year,
supported by the combined impact of higher Brent crude oil and chemicals prices, offset by a
stronger rand/US dollar exchange rate.
Earnings were mainly impacted by the following non-cash adjustments the net of which
amounted to R15,4 billion:
•
Net impairments of R28,7 billion mainly due to adjustments to our long-term exchange
rate outlook and higher cost to procure gas over the longer term;
•
Net profit on disposal of businesses of R2,2 billion, including the Air Separation Units;
•
R3,4 billion gain on the realisation of the foreign currency translation reserve (FCTR),
mainly on the divestment of a 50% interest in the LCCP Base Chemicals business;
•
Gains of R5,5 billion on the translation of monetary assets and liabilities due to a 18%
strengthening of the closing rand/US dollar exchange rate compared to June 2020; and
•
Gains of R2,3 billion on the valuation of financial instruments and derivative contracts.
Sasol’s results contain a prior year adjustment related to the South African integrated value
chain impairment assessment, impacting impairments recognised since the 2017 financial year.
The Company has revised its previously reported results and related disclosures. The
comparative balances differ from those previously reported. The Company evaluated the effect
of the prior period adjustments, both quantitatively and qualitatively, and concluded that the
correction neither had a material impact on, nor require amendment of, any of the Company’s
previously issued or filed financial statements taken as a whole.
Key metrics
2021
2020
Change %
Restated
EBIT/(LBIT) (R million)
16 619
(111 926)
>100
Adjusted EBITDA
1
(R million)
48 420
34 976
38
Headline earnings/(loss) (R million)
24 503
(7 106)
>100
Basic earnings/(loss) per share (Rand)
14,57
(148,49)
>100
Headline earnings/(loss) per share (Rand)
39,53
(11,50)
>100
Core headline earnings per share
2
(Rand)
27,74
15,08
84
Dividend per share (Rand)
- Interim (Rand)
-
-
-
- Final (Rand)
-
-
-