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Sasol change in director responsibilities
To better align Sasol's organisation structure with its strategy and to take advantage of the many exciting growth opportunities, Sasol announced the following organisational changes to its group executive committee, effective 1 July 2010:
- Nolitha Fakude, currently an executive director of Sasol Ltd, will assume additional responsibility for information management, supply chain, shared services, operations excellence, functional excellence and safety, health and the environment with effect from 1 July 2010. This is in addition to her current responsibility for human resources, corporate affairs and government relations.
- Lean Strauss will assume responsibility for new business development and technology, responsible for delivering on Sasol's growth aspirations across the group; and
- Andre de Ruyter will assume responsibility for all the group's existing operating businesses with the exception of Sasol mining.
The Sasol Ltd board also announced that chief executive, Pat Davies, will stay on in his current position for approximately a year beyond his normal retirement date, in order to ensure that succession is implemented smoothly. The Sasol Ltd board has already initiated a comprehensive local and international recruitment program for a successor and both internal and external candidates will be considered.
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Sasol business update
Sasol announced that operating profit has further improved in the third quarter of this financial year. Higher realised product prices and improved production volumes have contributed to healthy cash generation supporting the strength of our balance sheet. The board of directors' (the board) approval of a progressive dividend policy demonstrates our confidence in the value that Sasol consistently delivers. The focus remains on improving total shareholder return and a progressive dividend policy is complementary to the group's approach to delivering value for shareholders over time. Growth plans remain on track. Recent technology developments in the cost-effective extraction of shale gas, and resulting lower global gas prices, present a significant opportunity for the expansion of Gas-to-liquids (GTL) value proposition. Sasol is well positioned to deliver solid financial and operational results for the full financial year.
Product prices continue to rise
Despite the recent volatility experienced in currency and commodity markets, third quarter average dated Brent prices of USD77/bbl at an average exchange rate of R7.50/US$1 supported a 3% increase in domestic fuel prices compared with the first half of this financial year. Chemical product margins also improved significantly with international polymer and solvent commodity prices increasing between 12% and 14%, respectively, in dollar terms from first half levels. The group's near-term expectation is that crude prices should bottom out at around the USD70/bbl range. The continued restraint in production from OPEC and improving global economic fundamentals should support future prices in a range of approximately USD75- USD85/bbl. The greatest risk to Sasol's oil price forecast remains a protracted global recession. Whilst all indications are that the global economy is showing signs of improvement, macroeconomic concerns in some European countries highlight the fragility of this economic recovery.
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Sasol to build plant in Germany
Business Day highlighted that Sasol, the world's largest fuel from coal producer, announced that it will construct a new plant in Germany. The group said it would construct a purified tri-ethyl aluminium production unit at its Sasol Olefins and Surfactants plant in Brunsbuttel. The group said the unit would enable Sasol to further benefit from its existing strong position in the production and captive supply of tri-ethyl aluminium. The new plant will also use a small portion of available Ziegler plant resources, opening the way for the group to develop additional capacity as the market demands.
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Sasol - announces progressive dividend policy
At the onset of the global economic crisis, Sasol made the decision to conserve cash and strengthen its balance sheet. Following a substantial drop in earnings in the 2009 financial year and a bleak, uncertain economic outlook, the group decided to reduce the 2009 dividend in line with the reduction in earnings. Taking into consideration overall improved market and economic conditions, the strength of its balance sheet and current capital investment plans, the group has decided to resume an approach consistent with its long-term track record of dividend growth as a key component of adding shareholder value. As a result the board of directors ("the Board") has decided to adopt a progressive dividend policy, as stated below:
It is Sasol's intention to maintain and/or grow dividends over time in line with the group's anticipated sustainable growth in earnings, barring significant economic variables such as fluctuations in the oil price and exchange rates. When deciding on dividends, the board will also take into consideration several factors including the prevailing circumstances of the company, future investment plans, financial performance and the trading and macro economic environments. Sasol Chief Executive Pat Davies highlighted the group's focus on total shareholder return and its progressive dividend policy as complementary to Sasol's approach to building value for shareholders over time.
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