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     2020 January: Sasol Ltd. SASOL [SOL], BEE-SASOL [SOLBE1]
     Fri, 31 Jan 2020 Official Announcement [CC] 
    Sasol - trading statement
    Sasol is expected to deliver a satisfactory set of operational results for the six months ended 31 December 2019, with a good volume, cost and working capital performance. The financial results were however impacted by a weak macroeconomic environment. This resulted in lower margins and operating profit.

    Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) are expected to decline by between 22% and 32% from R26.8 billion in the prior half year. This results from a 9% decrease in the rand per barrel price of Brent crude oil, softer global chemical and refining margins and a negative EBITDA contribution from the Lake Charles Chemicals Project (LCCP). As the LCCP units progress through the sequential beneficial operation schedule, the costs associated with the relevant units are expensed while the gross margin contribution follows the planned volume ramp-up profile and inventory build. Earnings are further impacted by approximately R1.7 billion in additional depreciation charges and approximately R2 billion in finance charges for financial half year 2020 as the LCCP units reach beneficial operation.

    Shareholders are accordingly advised that:
    - Earnings per share (EPS) for the financial half year are expected to be between R5.37 and R7.76 per share. This is a decrease of between 68% and 78% from the prior half year EPS of R23.92;
    - Headline earnings per share (HEPS) are expected to be between R4.79 and R7.11 per share. This is a decrease of between 69% and 79% from the prior half year HEPS of R23.25. There were no significant impairments recorded for the half year 2020;
    - Core HEPS (CHEPS) are expected to be between R7.90 and R10.04 per share. This is a decrease of between 53% and 63% from the prior half year CHEPS of R21.45.

    Sasol expects net debt to EBITDA to remain below 3 times and gearing to remain within the previous market guidance of 55% and 65% for financial half year 2020.

    Lake Charles Chemicals Project update
    Sasol provided an update on the impact of the explosion and fire at the low-density polyethylene (LDPE) unit on 24 January 2020. Mainly as a result of the aforementioned incident, Sasol has revised its guidance on the EBITDA contribution from the LCCP for the financial year 2020 to between USD50 million and USD100 million.

    Sasol's financial results for the financial half year ended 31 December 2019 will be announced on Monday, 24 February 2020.
    Click here for original article
     
     Thu, 30 Jan 2020 Official Announcement [RD] 
    Sasol - project achieves beneficial operation
    The ETO unit has reached beneficial operation. It is the fourth of the seven Lake Charles Chemicals Project facilities to come online. The ETO unit has a nameplate capacity of 100 000 tons per annum and completes the ethylene oxide value chain which forms part of the Performance Chemicals product range. The achievement of the ETO unit beneficial operation is well within the previously guided timeline of the third quarter of the financial year.
    Click here for original article
     
     Mon, 27 Jan 2020 Official Announcement [RD] 
    Sasol - secondary listing on A2X
    Sasol announced that its shares have been approved for inclusion in the list of qualifying equity securities to be traded on A2X with effect from 3 February 2020 (the A2X listing date).

    Sasol will retain its primary listing on the Johannesburg Stock Exchange (JSE) and its listing on the New York Stock Exchange, and its issued share capital will be unaffected by the secondary listing on A2X. Sasol ordinary shares (SOL) will be available to be traded on A2X from the A2X listing date.

    A2X is a licensed stock exchange authorised to provide a secondary listing venue for companies and is regulated by the Financial Sector Conduct Authority in terms of the Financial Markets Act 19 of 2012.
    Click here for original article
     
     Fri, 24 Jan 2020 Official Announcement [CC] 
    Sasol - update on LCCP
    At Lake Charles, Sasol maintain their focus on safely improving productivity in the field and bringing the plants into beneficial operation. The project continued with its exceptional safety record with a recordable case rate of 0.10.

    At the end of December 2019, engineering and procurement activities were substantially complete and construction progress was at 98%. Overall project completion was at 99% and capital expenditure amounted to USD12.5 billion.

    An explosion and fire occurred at the low-density polyethylene (LDPE) unit on 13 January 2020. All employees and contractors are safe and accounted for. In line with standard safety protocols as well as the necessary regional requirements, the unit had to be made safe before re-entry of personnel into the affected area could be allowed. The area which is the subject of the explosion, is a high pressure section of the LDPE unit.

    The investigation is underway to determine the cause, extent of the damage, and the scope and timeline of repair. Initial findings indicate the damage is limited to a small portion of the LDPE unit and, importantly, major equipment such as the compressors were unaffected. Parallel commissioning activities on the remainder of the LDPE unit will continue. The technology providers, licensors and other external experts are fully engaged and in addition, we have mobilized and dispatched a team of Sasol technical and operations experts to support the investigation team.

    During the time of the delay in the LDPE unit start-up, the ethylene produced by the cracker and destined for the unit will be sold externally. The projected earnings for the LCCP complex in this financial year will only be impacted by the loss in the margin of ethylene to low-density polyethylene. In addition, the insurance process has been initiated and cover includes construction and commissioning activities. We expect to determine the repair scope and outage duration by the second half of February.

    All previously commissioned units were unaffected and are operating to plan. The Ethoxylates, Ziegler and Guerbet plants are also unaffected and remain within cost and schedule as per our previous guidance.

    Production and sales metrics for the financial half year ended 31 December 2019
    Sasol has published its production and sales metrics for the financial half year ended 31 December 2019 on the Company´s website at www.sasol.com, under the Investor Centre section or via this URL: www.sasol.com/investor-centre/financial- reporting/business-performance-metrics.

    Sasol expects a largely strong operational performance for the financial year ending 30 June 2020, with:
    - The Mining business updating their full year forecasted productivity to 1 170 – 1 200 t/cm/s. This will however result in further external coal purchases of approximately 1,3 – 1,6 million tons during H2 FY20 to supplement the contracted Isibonelo volumes and enable recovery to desired stockpile levels;
    - Gas production volumes from the Petroleum Production Agreement in Mozambique is expected to be 114 – 118 bscf, in line with previous market guidance;
    - Secunda Synfuels Operations full year production is forecasted to be approximately 7,7 – 7,8 million tons, in line with previous market guidance;
    - Natref is targeting production rates of above 600m³/h for the remainder of the year;
    - Energy’s sales volumes are on track to achieve previous market guidance of approximately 57 – 58 mm bbl for FY20;
    - As previously communicated, ORYX GTL expects to achieve a utilisation rate of 55% – 60% for FY20 due to an extended planned shutdown during H2 FY20;
    - In line with previous market guidance, Base Chemicals sales volumes (excluding Polymers US products) are expected to be 1 – 2% higher than the prior year, and the total sales volumes are expected to be 15 – 20% higher than the prior year; and
    - Given the continuing macroeconomic headwinds and the softer outlook on global GDP growth in calendar year 2020, Performance Chemicals expects sales volumes for the full financial year to remain flat to slightly below the prior year’s level (excluding LCCP). Total sales volumes for the business are expected to be 7 - 9% higher than the prior year.
    Click here for original article
     
     Tue, 14 Jan 2020 Official Announcement [CC] 
    Sasol - incident at LCCP
    On Monday 13 January 2020 at 13:15 (US Central Standard Time), Sasol experienced an explosion and fire at its Lake Charles Chemicals Project ("LCCP") low-density polyethylene (LDPE) unit.

    The fire was extinguished and all employees and contractors are safe and accounted for.

    The new LDPE unit had not yet achieved beneficial operation (BO) as planned for in December 2019. The unit was in the final stages of commissioning and startup when the incident occurred. The unit has been shut down and an investigation is underway to determine the cause of the incident, the extent of the damage and resulting impact on the LDPE unit's BO schedule.

    All other Lake Charles units and previously commissioned LCCP units, namely the ethane cracker, ethylene glycol/ethylene oxide and linear low-density polyethylene units, are unaffected and operating to plan. The ethane cracker has achieved nameplate capacity following the successful replacement of the acetylene reactor catalyst in the plant during December 2019.

    The remaining three downstream units under construction to complete the integrated LCCP site, Ziegler alcohols and alumina, alcohol ethoxylates and Guerbet alcohols, are also unaffected and remain within cost and schedule as per our previous guidance.
    Click here for original article
     
     
    < 2020 March 2020 Index 2019 December >
    Closing price data source: JSE Ltd. All other statistics calculated by ProfileData.
       

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