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Sasol provides additional historical disclosure
On 1 July 2014, Sasol introduced a value chain-based operating model for the group, replacing Sasol’s previous operating model, which was based on business units organised by product lines. This resulted in a change of its segmental reporting for the 2015 financial year. In order to assist its investors, analysts and other stakeholders to better understand the new segmental reporting structure, Sasol published revised historical segmental reporting for its 2013, 2014 and half-year 2014 financial periods on 21 November 2014. This included other non-financial information, such as Business Performance Metrics for these periods.
Following the publication of this information in November last year, Sasol has been engaging with various stakeholders regarding its new operating model and the revised segmental disclosure. Based on feedback received during these interactions, Sasol has decided to provide some additional historical performance metrics for its Performance Chemicals segment. These additional metrics will also be provided in future quarterly releases of the Business Performance Metrics.
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Sasol - Competition Appeal Court decision
As reported in June 2014, Sasol Chemical Industries Ltd. (now Sasol South Africa (Pty) Ltd.) (“Sasol”) decided to appeal against the decision of the Competition Tribunal (“the Tribunal”) in respect of Sasol’s pricing of propylene and polypropylene. The Tribunal’s decision, which followed a hearing that was concluded in October 2013, found against Sasol in relation to its pricing of both products, for the period January 2004 to December 2007.
The Competition Appeal Court heard the matter in December 2014 and in its ruling, released on 17 June 2015, concludes that the decision of the Tribunal is set aside and that Sasol’s appeal is upheld. Sasol welcomes the Competition Appeal Court’s decision, whereby the complaint of excessive pricing is dismissed.
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Sasol - President and CEO transition
Sasol announced that its President and CEO, David Constable, has decided not to extend his contract of employment with the Company, which expires on 31 May 2016, for a further term beyond 30 June 2016, being the end of the Company’s next financial year.
With the board’s support, Mr Constable initiated an extensive business performance enhancement programme, and drove the Company’s growth ambitions in Southern Africa and North America. To support Sasol’s mega-projects, the board has agreed that a special advisory services agreement be entered into with Mr Constable for the 2017 financial year.
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