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Sasol -- appointment of a non-executive director
Sasol announced that it has appointed Mr Moses Mkhize as independent non-executive director with effect from 29 November 2011.
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Sasol -- AGM results
Sasol shareholders are advised that the results of the business conducted at the annual general meeting held on Friday 25 November 2011 in Parktown, Johannesburg, South Africa (including the percentage of total number of shares voted) are as follows:
- The annual financial statements of the company, including the reports of the directors, audit committee and auditors for the financial year ended 30 June 2011 were presented.
- Mr J E Schrempp, Mr C Beggs, Mr M J N Njeke and Ms V N Fakude retired by rotation at the meeting and were re-elected individually for a further term of office in terms of Articles 75(d) and 75(e) of the Company`s Memorandum of Incorporation ("Sasol`s MOI")
- The three directors, Mss T H Nyasulu and K C Ramon and Mr H G Dijkgraaf who retired in terms of Article 75(i) of the Company`s MOI, and were thereafter re- appointed as directors by the board of directors of Sasol ("the Board") in accordance with Article 75(h) were elected individually for a further term of office.
- The director appointed by the Board during the course of the calendar year, Mr D E Constable retired at the annual general meeting, but was elected for a further term of office in terms of Sasol`s MOI
- KPMG Incorporated was automatically re-appointed as auditors of the Company until the conclusion of the next annual general meeting and it was noted that the Mr C H Basson would be the individual registered auditor who will undertake the audit of the Company for the financial year ending 30 June 2012.
- The members of the audit committee, Mr C Beggs, Dr M S V Gantsho, Mr H G Dijkgraaf and Mr M J N Njeke were elected individually for the ensuing financial year in terms of sections 94(4) and 94(5) of the Companies Act, 2008 (the Act), read with Regulation 42 of the Companies Regulations, 2011:
- Special Resolution number 1 approving the revised annual emoluments payable by the Company with effect from 1 July 2011 to non-executive directors of the Company, was approved.
- A non-binding advisory endorsement on the company's remuneration policy for the year ending 30 June 2012 was obtained:
- Special Resolution number 2 to authorise the board to provide loans or other financial assistance to subsidiaries and juristic persons that the company directly or indirectly controls, subject to the provisions of section 45 of the Act and the JSE Limited Listings Requirements (the listings requirements), was approved.
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Sasol expects higher earnings
Profitability in the 2012 financial year to date has been enhanced by improved operational performance in certain businesses, the considerable improvement in oil and commodity prices and a weaker rand compared to the prior comparable period. In addition, Sasol Synfuels' production volume guidance for the 2012 financial year has been revised to a range of between 7.0 million tons and 7.2 million tons to take into account the cumulative effect of three unforeseen incidents that have impacted production for the year to date. The incidents that have impacted Sasol Synfuels' production in the last five months include a three week industrial action in July 2011, a gasifier incident at the Secunda West plant in August 2011 and a recent incident on the coal conveyor system interrupting coal supply to the Secunda East plant. The coal conveyor system is in the process of being repaired. The earnings forecast for the six months ending 31 December 2011 takes cognisance of the revised production guidance for Sasol Synfuels.
Expected earnings for the six months ending 31 December 2011 Sasol's earnings per share and headline earnings per share for the six months ending 31 December 2011 are estimated to increase by at least 45% compared to the prior comparable period. Due to continued volatility, Sasol is unable at this time to give a more precise indication of how much this increase will be, but a more accurate estimate will be given once the half year has closed and we have greater certainty. The expected increase in earnings is mainly due to improved operational performance in certain businesses, a significant improvement in the average crude oil and product prices and a weaker rand/US dollar exchange rate compared to the prior comparable period.
In addition, our results may be impacted by further changes in oil and product prices, volume variances, the impact of closing exchange rates on financial assets and liabilities, as well as any adjustments resulting from our half year-end process. This may result in a change in the estimated earnings.
It was emphasised that this trading statement deals only with the comparison to the first half of the 2011 financial year. The higher earnings base of the second half of the 2011 financial year will strongly influence a comparison of the full 2012 financial year's results with 2011. Guidance will be provided when there is a reasonable degree of certainty in this regard.
CFO letter
On 30 November 2011, Sasol will post an operational review and developments on major capital projects, through an update from the chief financial officer on its website (www.sasol.com). Sasol's financial results for the six months ending 31 December 2011 will be announced on Monday, 12 March 2012.
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Sasol team seeks Methane
Business Report highlighted that Sasol has signed a joint venture agreement with Australian integrated energy company Origin Energy to explore for coal-bed methane in Botswana. The clean gas is a by-product of decomposition of ancient plant matter, trapped in underground coal seams. During the signing in Cape Town, Sasol Petroleum International managing director Ebbie Haan said the company was pursuing a wide a range of natural gases as part of its drive to diversify the feedstock for the country and economic growth in the region.
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