JOHANNESBURG, Nov. 25, 2019 /PRNewswire/ -- The Company hereby
advises that for the half year ending 31
December 2019:
- Headline earnings per share (HEPS) are expected to decrease by
at least 20%, or R4,65, compared to the HEPS of R23,25 reported for
the period ended 31 December 2018;
and
- Earnings per share (EPS) are expected to decrease by at least
20%, or R4,78, compared to EPS of R23,92 reported for the period
ended 31 December 2018.
A more detailed trading statement will be published as soon as
more certainty has been attained with respect to the range of the
decrease in HEPS and EPS.
Our results for the six months ending 31
December 2019 may be further affected by adjustments
resulting from our half year-end closure process. This may result
in a change in the estimated earnings noted above. This trading
statement only deals with the comparison to the prior period.
The financial information on which this trading statement is
based has not been reviewed and reported on by the Company's
external auditors. Sasol's results for the financial half year
ending 31 December 2019 will be announced on Monday,
24 February 2020.
The Company has taken a number of actions consistent with its
ongoing commitment to balance sheet flexibility, access to
liquidity, and maintaining an optimal funding mix. This includes
putting in place incremental liquidity through a US$1 billion syndicated loan facility with Bank
of America, Citi, Mizuho and MUFG of up to 18 months and two
bilateral facilities with a combined quantum of US$250 million, and a tenor of two years. These
facilities enhance the Company's US$ liquidity position during the
peak gearing phase as the Lake Charles Chemicals Project ramps up.
These incremental facilities should not affect Sasol's net debt
position.
In these new facilities, consistent with the Company's existing
revolving credit facility and US$ Term Loan facility, the covenant
has been set at 3,0x net debt: earnings before interest, taxation,
depreciation and amortisation (EBITDA). However, across all of
these facilities, the lenders have agreed that for the financial
reporting periods ending December
2019 and June 2020 the
covenant will be increased to 3.5x.
Sasol remains committed to its investment grade credit rating.
Sasol is currently rated
BBB-/A-3 and Baa3/P-3 by S&P and Moody's respectively.
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, statements regarding exchange rate
fluctuations, volume growth, increases in market share, total
shareholder return, executing our growth projects (including LCCP),
oil and gas reserves, cost reductions, our Continuous Improvement
(CI) initiative, our climate change strategy and business
performance outlook. Words such as "believe", "anticipate",
"expect", "intend", "seek", "will", "plan", "could", "may",
"endeavour", "target", "forecast" and "project" and similar
expressions are intended to identify such forward-looking
statements, but are not the exclusive means of identifying such
statements. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and there are risks that the predictions, forecasts,
projections and other forward-looking statements will not be
achieved. If one or more of these risks materialise, or should
underlying assumptions prove incorrect, our actual results may
differ materially from those anticipated. You should understand
that a number of important factors could cause actual results to
differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking
statements. These factors and others are discussed more fully in
our most recent annual report on Form 20-F filed on or about
28 October 2019 and in other filings
with the United States Securities and Exchange Commission. The list
of factors discussed therein is not exhaustive; when relying on
forward-looking statements to make investment decisions, you should
carefully consider both these factors and other uncertainties and
events. Forward-looking statements apply only as of the date on
which they are made, and we do not undertake any obligation to
update or revise any of them, whether as a result of new
information, future events or otherwise.
For further information, please contact:
Sasol Investor Relations
Feroza Syed, Chief Investor
Relations Officer
Direct telephone: +27 (0)10-344-7778
investor.relations@sasol.com
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SOURCE Sasol Limited