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Sasol - change of sponsor
Shareholders were advised that Deutsche Securities (SA) (Pty) Ltd. has resigned as the Company’s Sponsor with effect from 30 November 2018. Merrill Lynch South Africa (Pty) Ltd. has been appointed as Sponsor to Sasol with effect from 1 December 2018.
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Sasol - trading statement
Sasol is expected to deliver a solid set of results, underpinned by higher Brent crude oil and product prices, a weaker average rand exchange rate, a satisfactory performance of its global assets and much lower remeasurement items during the six months ending 31 December 2018. Our underlying cash flow performance and earnings are expected to be much stronger than the period ended 31 December 2017 (prior period).
Headline earnings per share (HEPS) for the six months ending 31 December 2018 are expected to increase by between 12% and 29% (approximating R2,12 to R5,12 per share) compared to the prior period HEPS of R17,67. Earnings per share (EPS) for the same period are also expected to increase by between 80% and 100% (approximating R9,03 to R11,29 per share) from the prior period EPS of R11,29.
Earnings before interest, tax, depreciation and amortisation (EBITDA*) are expected to increase by between 10% and 30% largely driven by stronger macroeconomics and core** headline earnings per share (CHEPS) are expected to increase by between 15% and 35% (approximating R2,73 to R6,38 per share) compared to the prior period CHEPS of R18,22. The difference between CHEPS and EBITDA is largely due to depreciation and employee share-based payment expenses.
A detailed production summary and key business performance metrics for the financial half year for all our businesses will be available on our website, www.sasol.com on 24 January 2019 and an announcement will be published on SENS notifying shareholders accordingly. We will at this date include a more detailed analysis on our earnings performance including the impact of the closing rate at 31 December 2018.
Our results for the six months ending 31 December 2018 may be further affected by actual trading results in the remaining period and any further adjustments resulting from our half year-end closure process. This may result in a change in the estimated earnings noted above. This trading statement only deals with the comparison to the prior period. The financial information on which this trading statement is based has not been reviewed and reported on by the Company's external auditors. Sasol will be releasing its audited results for the six months ending 31 December 2018 on Monday, 25 February 2019.
- * EBITDA is calculated by adjusting operating profit for depreciation, amortisation, remeasurement items, share-based payments and unrealised gains and losses on our hedging activities.
- ** Core HEPS are calculated by adjusting headline earnings with once-off items, period close adjustments and depreciation and amortisation of capital projects, exceeding R4 billion which have reached beneficial operation and are still ramping up and share- based payments on implementation of B-BBEE transactions. Period close adjustments in relation to the valuation of our derivatives at period end are to remove volatility from earnings as these instruments are valued using forward curves and other market factors at the reporting date and could vary from period to period. We believe core headline earnings are a useful measure of the group’s sustainable operating performance. However, this is not a defined term under IFRS and may not be comparable with similarly titled measures reported by other companies. The aforementioned adjustments are the responsibility of the directors of Sasol. The adjustments have been prepared for illustrative purposes only and due to their nature, may not fairly present Sasol’s financial position, changes in equity, results of operations or cash flows.
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Sasol - results of AGM
Sasol shareholders are advised that at the annual general meeting held on Friday, 16 November 2018 at the Sandton Convention Centre, 161 Maude Street, Sandton, Johannesburg, all the resolutions were passed.
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Sasol - results of class meeting
Sasol shareholders are advised that at the Separate Class Meeting of SOLBE1 shareholders, held on Friday, 16 November 2018 at the Sandton Convention Centre, 161 Maude Street, Sandton, Johannesburg, all the resolutions were passed.
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Sasol - tax litigation update
As previously reported, the South African Revenue Service ("SARS") issued revised assessments for Sasol Oil (Pty) Ltd. ("Sasol Oil") relating to a dispute around its international crude oil procurement activities for the 2005 to 2014 tax years. The litigation in the Tax Court, relating to the international crude oil procurement activities for the 2005 to 2007 years of assessment, was concluded and judgement was delivered in favour of SARS on 30 June 2017. Sasol Oil made a provision in its 2018 annual financial statements of R1.3 billion, including penalties and interest, which covers the 2005 to 2014 tax years relating to the tax assessment ground to which this litigation is related.
Sasol Oil filed an appeal against the judgment by the Tax Court with the Supreme Court of Appeal. Today the Supreme Court of Appeal decided to uphold the appeal and to set aside the ruling by the Tax Court. The Court effectively confirmed Sasol Oil’s view that the ground for additional taxation of Sasol Oil’s international crude oil procurement activities has not been fulfilled.
On the basis of this judgement, Sasol Oil will reverse the accrual of R1.3 billion.
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Sasol secures exploration permits in Mozambique
According to Business Day, Sasol has been granted two new licenses for gas exploration in Mozambique. Jon Harris, executive vice-president, said that the company is thrilled about the southern Mozambican region as it is next to its gas producing Pande and Temane fields.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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