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Sasol may appoint new chief executive
Market rumour is that the appointment of a new chief executive at Sasol is eminent and could probably happen in the next two weeks. Analysts presume that either Trevor Monday or Pat Davies, executive directors of Sasol, may be next in line. Ralph Havenstein, former director of Sasol, may also be in the running.
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Sasol expects HEPS to increase by 60%
Sasol`s interim results for the half year ended 31 December 2004 will be released on 7 March 2005. While the benefit of higher oil prices was more than offset by the impact of adverse currency effects, the performance of the chemicals portfolio was substantially better due to improved margins and heightened focus on core businesses. Shareholders are accordingly advised that on a comparable basis earnings per share for the six-month period ended 31 December 2004, are expected to be approximately 45% higher than those of the previous corresponding reporting period. Headline earnings per share are expected to be approximately 60% higher. Should prevailing exchange rates, oil prices and chemical margins continue, the earnings per share in the second half of the financial year should be more-or-less equal to those of the first half. The above information has not been reviewed and reported on by the company`s auditors.
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Sasol loses R1bn in hedging contract
In 2004 Sasol agreed to hedge 45 000 barrels a day (30%) of its synthetic fuel production at an average price of approximately USD33.00 a barrel. The decision has cost the group an estimated R1bn in earnings losses. Johann van Rheede, spokesperson for Sasol, said, `At the time we took the hedge out, Merrill Lynch`s forecast, and that of most of the investment banks and consultants who study the market of the oil price average for the financial year, was less than the hedged price.`
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Sasol beefs up safety measures
Commenting on the recent episode of accidents at Sasol, the group announced on 9 February 05 that it increased safety measures and is aiming to decreased its incident rate to 0.5 incidents per 200 000 working hours.
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