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Sasol -- revised trading statement
The company indicated that the EPS and HEPS were expected to decrease by between 40% and 50%. At the time the company cautioned that the results may be further impacted by changes in the oil and product prices, the impact of a much stronger rand on closing financial assets and liabilities as well as any adjustments resulting from our year-end process and that these may result in a change in the estimated earnings. Developments in final month of trading
The negative effect of the stronger R/USD closing exchange rate was less than anticipated on closing balances, the strengthening of the Brent crude oil price and product prices during June 2009 exceeded expectations and higher refining margins as well as greater positive stock effects than forecasted were experienced. In addition, the decline in the Sasol share price during June 2009 resulted in lower share-based payment expenses. All of these positive factors contributed to the current profit expectation being better than expected than at the time of the issuance of the trading statement on 19 June 2009.
Provision in respect of Escravos Gas-to-Liquids (EGTL) interest Management has prudently decided to make a provision in the amount of R1 279 million in respect of the EGTL interest disposed of.
Revised profit outlook for full 2009 financial year
Taking cognisance of the abovementioned factors, the HEPS for the full 2009 financial year are expected to decrease by between 32% and 37%, and EPS are expected to decrease by between 37% and 42% compared to the prior year. Sasol's financial results for the year ended 30 June 2009 will be announced on Monday, 14 September 2009.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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