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Sasol - Lake Charles Chemicals Complex statement
On 27 August 2020, Hurricane Laura made landfall near Sasol’s Lake Charles Chemicals Complex in Southwest Louisiana.
Sasol activated its inclement weather protocols ahead of the storm at all affected Gulf Coast locations in preparation for Hurricane Laura, with the primary concern being the safety of our workforce, the protection of the environment and the integrity of our facilities. Part of the response was to temporarily shut down facilities at Lake Charles, Louisiana, as well as Greens Bayou and Winnie, Texas.
Sasol is supporting its employees in the impacted areas, assisting with temporary housing, transportation and basic amenities for those affected by the storm.
The storm resulted in widespread electrical blackouts and other damage, preventing Sasol from operating most utility systems. High voltage transmission line corridors into the Lake Charles area are damaged, and the full assessment is still in progress by a local power company. Sasol’s manufacturing facilities in Lake Charles remain shut down.
Operations recovery crews at the Lake Charles site have started the damage assessment process, and early reports indicate no apparent damage to process equipment and no flooding damage experienced as a result of storm surge. The high wind speeds caused damage to the cooling towers at the Lake Charles Chemicals Complex.
Other Sasol manufacturing operations in the United States in Greens Bayou and Winnie, Texas, were not impacted by the storm.
Start-up of the plants will depend on the availability of electricity, industrial gases, other feedstocks and the restoration process. We are engaging with our customers and suppliers regularly regarding the impacts on production.
Sasol has Atlantic Named Wind Storm (ANWS) insurance coverage for units under construction as well as operating units.
Sasol will update the market as more certainty on the situation in Lake Charles is obtained. We do not envisage that the hurricane will have an adverse impact on any potential divestment transaction related to Sasol’s base chemical portfolio in the United States.
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Sasol - annual report on Form 20-F
Sasol's annual report, which includes Sasol’s annual financial statements for the year ended 30 June 2020, was filed on Form 20-F with the United States (US) Securities and Exchange Commission (SEC) on Monday, 24 August 2020.
Post-Effective Amendment Number 1 to Sasol’s Form F-3 shelf registration statement (Form F-3/A) was also filed with the SEC on 24 August 2020. Under the amendment, which became effective upon filing, Sasol has registered an indeterminate number of Sasol ordinary shares with the SEC (including ordinary shares represented by American Depositary Shares). This will help facilitate a rights issue in the second half of the 2021 financial year, which could include holders of Sasol ordinary shares in the US and holders of American Depositary Receipts.
Copies of the Form 20-F and Form F-3/A are available on the SEC’s website at www.sec.gov and on the Sasol website. Copies of the Form 20-F can also be obtained, free of charge, by requesting a copy from Sasol Investor Relations by means of either:
- an e-mail to investor.relations@sasol.com; or
- written correspondence posted to Private Bag X10014, Sandton, South Africa.
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Sasol - publications for the year & AGM notice
Sasol’s integrated report has been published on the Sasol website. It provides cross-references to a number of other reports that are available on the Sasol website at www.sasol.com/investor-centre/financial- reporting/annual-integrated-reporting-set
Sustainability and Climate Change reporting
Sasol’s Sustainability Report and Climate Change Report provide additional information on Sasol’s sustainability and climate change matters. The reports are available on the Sasol website.
Annual Financial Statements
Sasol’s annual financial statements for the year ended 30 June 2020, on which PricewaterhouseCoopers Inc. expressed an unmodified opinion, were published on Monday, 17 August 2020 and do not contain any changes to the information published on the Stock Exchange News Service of the JSE Limited on Monday, 17 August 2020.
Annual general meeting
The annual general meeting (AGM) of shareholders of Sasol will be held entirely by way of electronic communication (in accordance with the provisions of clause 20.1.7 of the Sasol memorandum of incorporation read with section 63(2) of the Companies Act) at 10:00 on Friday, 20 November 2020, to transact the business stated in the notice of AGM.
The notice of AGM, incorporating a summary of the annual financial statements, will be published on the Sasol website and distributed to shareholders on or about Thursday, 22 October 2020.
The Board of Directors of Sasol (the Board) has determined, in accordance with section 59 of the Companies Act, No 71. of 2008 (the Act), that the record date by when persons must be recorded as shareholders in the securities register of the Company in order to be entitled to receive the notice of AGM, is Friday, 16 October 2020. The record date in order to be recorded in the securities register as a shareholder to be able to attend, participate in and vote at the AGM is Friday, 13 November 2020. The last date to trade in order to be able to be recorded in the securities register as a shareholder on the aforementioned record date is Tuesday, 10 November 2020
Copies of Sasol’s integrated report, sustainability report, climate change report and the annual financial statements
Copies of the integrated report, sustainability report, climate change report and the annual financial statements of the Company can be obtained, without charge, by downloading a copy from the Company’s website, www.sasol.com or by requesting a copy from Sasol Investor Relations by means of either:
- an e-mail to investor.relations@sasol.com; or
- written correspondence posted to Private Bag X10014, Sandton, South Africa.
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Sasol - trading statement
Sasol will announce group financial results for the year ended 30 June 2020 (2020 financial year) that were impacted by the COVID-19 pandemic and a severe decline in crude oil and chemical product prices. The impact of the weak macro-economic environment was partly mitigated by a strong cash cost, working capital and capital expenditure performance.
Shareholders are advised that, for the 2020 financial year:
- The loss per share is expected to be between R146,75 and R148,15 compared to the prior year earnings per share of R6,97 (representing a decline of more than 100%);
- Headline loss per share is expected to be between R8,72 and R14,86 compared to the prior year headline earnings per share (HEPS) of R30,72 (representing a decline of more than 100%); and
- Core HEPS (CHEPS**) is expected to be between R11,02 and R18,56 compared to the prior year CHEPS of R37,65.
Sasol’s adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA*) is expected to decline by between 17% and 37% from R47,6 billion in the prior year, to between R30,0 billion and R39,5 billion. This results from a 18% decrease in the rand per barrel price of Brent crude oil coupled with much softer global chemical and refining margins impacting our gross margins adversely, especially during the second half of the 2020 financial year. The cash fixed cost performance for the second half of the year improved markedly, partly offsetting the impact of lower gross margins.
The loss per share was as a result of the decrease in the adjusted EBITDA as well as notable non-cash adjustments to earnings. The largest contributor relates to impairments of a number of cash generating units following the decline in the long-term macro-economic outlook, and the fair value impact following the commencement of partnering discussions for our Base Chemicals assets in the United States. Aggregate pre-tax impairment charges of approximately R112 billion have been recognised in the 2020 financial year.
The impairments and fair value adjustments have impacted the reporting segments as follows:
- Energy R12,5 billion across the portfolio;
- Base Chemicals R71,3 billion, primarily in the United States; and
- Performance Chemicals R27,7 billion, primarily relating to its share of ethylene producing assets in the United States.
Other non-cash adjustments include:
- Unrealised losses of R7,4 billion on the translation of monetary assets and liabilities due to the 23% weakening of the closing rand/US dollar exchange rate; and
- Unrealised losses of R4,8 billion on the valuation of financial instruments and derivative contracts.
- Depreciation of R3,9bn attributable to those Lake Charles Chemicals Project (LCCP) units that reached beneficial operation.
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 release its Annual Financial Results on Monday, 17 August 2020, for the year ended 30 June 2020. Given the prevalence of the COVID-19 pandemic, and the associated restrictions placed on public gatherings, Sasol has decided to pre-record its results presentation. Sasol’s President and Chief Executive Officer, Fleetwood Grobler, and Chief Financial Officer, Paul Victor, will present the results. The pre-recorded presentation will be available on 17 August 2020 on the following link: https://www.corpcam.com/Sasol17082020.
A conference call will also be hosted via webcast at 15h00 (SA) with Fleetwood Grobler and Paul Victor to discuss the results and provide an update of the business. Please confirm your participation by registering online: https://www.corpcam.com/Sasol17August2020
- Adjusted EBITDA is calculated by adjusting operating profit for depreciation, amortisation, share-based payments, remeasurement items, change in discount rates of our rehabilitation provisions, all unrealised translation gains and losses, and all unrealised gains and losses on our derivatives and hedging activities.
- * Core HEPS is calculated by adjusting headline earnings with non-recurring items, earnings losses of significant capital projects (exceeding R4 billion) which have reached beneficial operation and are still ramping up, all translation gains and losses (realised and unrealised), all gains and losses on our derivatives and hedging activities (realised and unrealised), and share-based payments on implementation of BBBEE transactions. 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.
Adjusted EBITDA and Core HEPS are not defined terms 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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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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