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Sasol anticipating a rise in earnings
In the update from the chief financial officer released on 14 June 2011, Sasol stated that they were confident of achieving an overall solid operational performance and containing cost increases to within inflationary levels for the 2011 financial year. At the time the volatility and uncertainty of global markets, as well as any adjustments arising from our year end closure process, made it difficult to be more precise in the profit outlook statement. Sasol's profitability for the financial year ended 30 June 2011 has improved due to the sustained focus on factors within their control - such as enhancing operational efficiencies, delivering on business improvement plans and strict cost management. In addition, robust global commodity prices have countered the impact of the strong rand. The group remains a strong cash generator and maintains a solid financial position.
Shareholders were accordingly advised that Sasol's headline earnings per share (HEPS) for the year ended 30 June 2011 were expected to increase by between 22% and 32%, and earnings per share (EPS) for the year ended 30 June 2011 are expected to increase by between 18% and 28%, compared to the previous financial year. The results may be further affected by any adjustments resulting from our year- end process. This may result in a change in the estimated earnings. Sasol's financial results for the year ended 30 June 2011 will be announced on Monday, 12 September 2011.
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Sasol -- clarification of recent media reports
Recent media reports emanating from an interview with a managing director of a Sasol subsidiary, Sasol Synfuels, may have created certain impressions which may have been misleading. We will not respond to the reports in their entirety, but wish to provide context to some of the statements made. The reports state that Sasol expects to produce 7.3 million tons of product at Sasol Synfuels for the 2012 financial year. In fact, 7.3 million tons refers to the Sasol Synfuels baseline production capacity. Sasol Synfuels` growth programme will improve volumes from this baseline. Sasol Synfuels has a growth plan in place and we are focusing on implementing this programme, as opposed to developing a new growth plan. Our growth plans remain on track. The strike that is currently underway has had a negligible impact on the growth programme. Production at the plant has already been ramped up and we continue to monitor the situation.
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Sasol to build R1.8 billion power plant
Business Day reported that Sasol plans to build a R1.8 billion gas-engine power plant next to the company's electricity generation facility in Sasolburg. As a result, Sasol will be able to reduce its reliance on Eskom. Sasol believes that the 140MW power project will increase its electricity self-sufficiency to 840MW, or 60% of the group's overall power consumption. Construction of the plat will begin in July 2011 and electricity generation will begin by the end of 2012.
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Sasol -- changes to the board
As announced on 6 May 2011, Mr Pat Davies stepped down as chief executive of the company on 30 June 2011 and Mr David Constable has assumed the role of chief executive and executive director of the Company with effect from 1 July 2011. Accordingly, with effect from 30 June 2011, Mr Davies has retired from the board of directors of Sasol.
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