JOHANNESBURG, Aug. 23,
2022 /PRNewswire/ --
Earnings Performance
Sasol delivered a strong set of financial results against the
backdrop of increased volatility resulting from ongoing
geopolitical tensions, extended COVID-19 lockdowns and global
supply chain disruptions. We benefitted from higher energy and
chemicals prices, as well as strong cost and capital discipline
through the delivery of our Sasol 2.0 transformation programme.
This was offset by lower volume performance mainly due to the
operational challenges experienced in the first half of the
financial year. We have seen improved performance on the back of
more stable operations in the second half of the financial year
Earnings before interest and tax (EBIT) of R61,4 billion
increased by more than 100% compared to the prior year, driven by
higher crude oil prices, refining margins and chemical prices. This
also resulted in a strong gross margin improvement compared to the
prior year.
Key
metrics
|
2022
|
2021
|
Change
%
|
EBIT (R
million)
|
61
417
|
16 619
|
>100
|
Adjusted
EBITDA1 (R million)
|
71
843
|
48 420
|
48
|
Headline earnings (R
million)
|
29
735
|
24 503
|
21
|
Basic earnings per
share (Rand)
|
62,34
|
14,57
|
>100
|
Headline earnings per
share (Rand)
|
47,58
|
39,53
|
20
|
Core headline earnings
per share2 (Rand)
|
68,54
|
27,74
|
>100
|
Dividend per share
(Rand)
|
|
|
|
- Interim
(Rand)
|
-
|
-
|
-
|
- Final
(Rand)
|
14,70
|
-
|
-
|
1 Adjusted
EBITDA is calculated by adjusting EBIT for depreciation,
amortisation, share-based payments, remeasurement items, change in
discount rates of environmental provisions, all unrealised
translation gains and losses, and all unrealised gains and losses
on our derivatives and hedging activities. We believe adjusted
EBITDA is a useful measure of the Group's underlying cash flow
performance. However, this is not a defined term under IFRS and may
not be comparable with similarly titled measures reported by other
companies. (Adjusted EBITDA constitutes pro forma financial
information in terms of the JSE Limited Listings Requirements and
should be read in conjunction with the basis of preparation and pro
forma financial information as set out in the full set of audited
summarised financial statements).
|
2 Core
HEPS is calculated by adjusting headline earnings per share with
non-recurring items, earnings losses of significant capital
projects (exceeding R4 billion) which have reached beneficial
operation and are still ramping up, all translation gains and
losses (realised and unrealised), all gains and losses on our
derivatives and hedging activities (realised and unrealised), and
share-based payments on implementation of B-BBEE transactions.
Adjustments in r elation to the
valuation of our derivatives at period end are to remove volatility
from earnings as these instruments are valued using forward curves
and other market factors at the reporting date and could vary from
period to period. We believe core headline earnings are a useful
measure of the Group´s sustainable operating performance. (Core
HEPS constitutes pro forma financial information in terms of the
JSE Limited Listings Requirements and should be read in conjunction
with the basis of preparation and pro forma financial information
as set out in the full set of audited summarised financial
statements.
|
Net asset
value
|
2022
|
2021
|
Change
%
|
Total assets (R
million)
|
419 548
|
360 743
|
16
|
Total liabilities (R
million)
|
226 351
|
208 272
|
9
|
Total equity (R
million)
|
193
197
|
152
471
|
27
|
Turnover
|
|
EBIT/(LBIT)
|
2021
|
2022
|
|
2022
|
2021
|
R
million
|
R
million
|
|
R
million
|
R
million
|
|
|
Energy
business
|
|
|
21 704
|
24
386
|
Mining
|
3 456
|
3 227
|
10 990
|
11
941
|
Gas
|
14
622
|
6 656
|
60 649
|
102
964
|
Fuels
|
27
959
|
(18 170)
|
|
|
Chemicals
business
|
|
|
60 597
|
67
275
|
Africa
|
24
072
|
6 957
|
29 360
|
41
926
|
America
|
981
|
8 116
|
46 038
|
55
419
|
Eurasia
|
7 552
|
4 680
|
26
|
56
|
Corporate
Centre
|
(17 225)
|
5 153
|
229
364
|
303
967
|
Group
performance
|
61
417
|
16 619
|
(27 454)
|
(28 229)
|
Intersegmental
turnover
|
|
201 910
|
275
738
|
External
turnover
|
|
Dividend
A final gross cash dividend of South African
1 470 cents per share (30 June
2021 – nil cents per ordinary share) has been declared for
the year ended 30 June 2022. The cash
dividend is payable on the ordinary shares and the Sasol BEE
ordinary shares. The Board is satisfied that the liquidity and
solvency of the company, as well as capital adequacy remaining
after payment of the dividend, are sufficient to support the
current operations for the ensuing year. The dividend has been
declared out of retained earnings (income reserves). The South
African dividend withholding tax rate is 20%. At the declaration
date, there are 629 367 128 ordinary and 6 331 347 Sasol
BEE ordinary shares in issue. The net dividend amount payable to
shareholders who are not exempt from dividend withholding tax, is 1
176 cents per share, while the
dividend amount payable to shareholders who are exempt from
dividend withholding tax is 1 470
cents per share.
The salient dates for holders of ordinary shares and Sasol BEE
ordinary shares are:
For holders of ordinary
shares and Sasol BEE ordinary shares for the year ending 30 June
2022
|
Declaration
date
|
Tuesday, 23 August
2022
|
Last day of trading to
qualify for and participate in the dividend (cum
dividend)
|
Tuesday, 6 September
2022
|
Trading ex dividend
commences
|
Wednesday, 7 September
2022
|
Record date
|
Friday, 9 September
2022
|
Dividend payment date
(electronic and certificated register)
|
Monday, 12 September
2022
|
The salient dates for holders of our American Depository
Receipts1 are:
For holders of American
Depository Receipts for the year ending 30 June 2022
|
Ex dividend on New York
Stock Exchange (NYSE)
|
Thursday, 8 September
2022
|
Record date
|
Friday, 9 September
2022
|
Approximate date for
currency conversion
|
Tuesday, 13 September
2022
|
Approximate dividend
payment date
|
Friday, 23 September
2022
|
1 All dates
approximate as the NYSE sets the record date after receipt of the
dividend declaration.
|
On Monday, 12 September 2022,
dividends due to certificated shareholders on the South African
registry will be electronically transferred to shareholders' bank
accounts, unless a shareholder has specifically requested in
writing for such payment to be made by cheque, in which case that
shareholder shall bear the risk of such payment by cheque.
Shareholders who hold dematerialised shares will have their
accounts held by their CSDP or broker credited on Monday,
12 September 2022. Share certificates
may not be dematerialised or rematerialised between 7 September 2022 and 9
September 2022, both days inclusive.
The Company's tax number is 9520018608.
Short-form statement
This announcement is the responsibility of the directors. The
information in this short-form announcement, including the
financial information on which the outlook is based, has not been
audited and reported on by Sasol Limited's external auditors. The
audited financial results have been audited by the group's
auditors, PwC who expressed an unmodified opinion thereon.
Financial figures in this announcement have been correctly
extracted from the audited financial results. This announcement
does not include the information required pursuant to paragraph
16A(j) of IAS 34 'Interim Financial Reporting'. It is only a
summary of the information contained in the full announcement and
does not contain full or complete details. Any investment decision
should also take into consideration the information contained in
the full announcement, published on SENS on 23 August 2022, via the JSE link. The full
announcement and the 2022 audited financial results, which includes
the auditor's report (including key audit matters), is available on
the Company's website at:
https://www.sasol.com/investor-centre/financial-results.
Sasol Limited's Annual Financial Statements for the year ended
30 June 2022 (the Annual Financial
Statements) have also been published on the Company's website at:
https://www.sasol.com/investor-centre/financial-results.
Copies of the full announcement and the Annual Financial
Statements may also be requested from the Investor Relations
office, investor.relations@sasol.com.
The JSE link is as follows:
https://senspdf.jse.co.za/documents/2022/JSE/ISSE/SOL/FY22Result.pdf
The President and Chief Executive Officer and Chief Financial
Officer will share the results on Tuesday, 23 August 2022 at 09:00 (SA time) followed by a
conference call.
Please connect to the call via the webcast link:
https://www.corpcam.com/Sasol23082022
Or via teleconference:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=3629805&linkSecurityString=7a93dfa35
For further information, please contact:
Sasol
Investor Relations,
Tiffany Sydow, Investor Relations
Officer
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 impact of the novel coronavirus
(COVID-19) pandemic, and measures taken in response, on Sasol's
business, results of operations, markets, employees, financial
condition and liquidity; the effectiveness of any actions taken by
Sasol to address or limit any impact of COVID-19 on its business;
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 South Africa and their effects on prices, our
operating results and profitability; statements regarding future
fluctuations in exchange and interest rates and changes in credit
ratings; total shareholder return; our current or future products
and anticipated customer demand for these products; assumptions
relating to macroeconomics; climate change impacts and our climate
change strategies, our development of sustainability within our
Energy and Chemicals Businesses, our energy efficiency improvement,
carbon and GHG emission reduction targets, our net zero carbon
emissions ambition and future low-carbon initiatives, including
relating to green hydrogen and sustainable aviation fuel; our
estimated carbon tax liability; cyber security; and statements of
assumptions underlying such statements. Words such as "believe",
"anticipate", "expect", "intend", "seek", "will", "plan", "could",
"may", "endeavour", "target", "forecast" and "project" and similar
expressions are intended to identify 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 22 September 2021 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 foregoing
factors and other uncertainties and events, and you should not
place undue reliance on forward-looking statements. 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.
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 ended 30 June. Any reference to a calendar
year is prefaced by the word "calendar".
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SOURCE Sasol Limited