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Sasol -- confirms expected range of EPS
Sasol confirms expected range of earnings per share for the six months ended 31 December 2009 In a trading statement released on 3 December 2009, Sasol advised shareholders that earnings per share ("EPS") and headline earnings per share ("HEPS") of the group for the six months ended 31 December 2009 were expected to decrease by at least 45% compared to the prior comparable period. As previously stated, HEPS for the first half of the 2009 financial year were at a record high. It was reported that the expected decrease in earnings was mainly due to the significant strengthening of the rand against the US dollar and a decrease in average crude oil and product prices compared to the corresponding six months of the previous reporting period.
In addition, the average oil price achieved during the prior year comparable period was positively impacted by the effect of oil hedges which resulted in a net gain of approximately R5 billion. It was also highlighted that the results may be further impacted by the potential change in volume variances and the impact of a stronger rand on closing financial assets and liabilities, as well as any adjustments resulting from the half year-end closure process. Volatile market conditions, at the time, precluded the group from providing a more precise indication of the range of the earnings decline expected.
Following completion of the half-year closure process, Sasol is now able to indicate that the reduction in EPS and HEPS is expected to be between 50% and 55%. It is emphasised that, as per our previous statement, this trading update deals only with the first half of the 2009 financial year comparison. The very low earnings base of the second half of the 2009 financial year will strongly influence a comparison of the full 2010 financial year's results with 2009 and guidance in this regard will be given in due course. The above information has not been reviewed or reported on by the company's external auditors. Sasol's interim results for the six months ended 31 December 2009 will be released on Monday, 8 March 2010.
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