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Sasol - trading statement
Sasol is expected to deliver a strong set of results for the six months ended 31 December 2020 (2021 financial half year), underpinned by a strong cash cost, working capital and capital expenditure performance despite the effects of the COVID-19 pandemic, a severe decline in crude oil prices and softer chemical product prices. In addition, our Lake Charles production was impacted by hurricanes experienced in the US Gulf Coast, resulting in lost production of approximately 300kt for the 2021 financial half year.
Shareholders are advised that, for the 2021 financial half year:
- The earnings per share is expected to be between R22.76 and R24.07 compared to the prior half year earnings per share of R6.56 (representing an increase of more than 100%);
- Headline earnings per share (HEPS) is expected to be between R18.59 and R19.78 compared to the prior half year HEPS of R5.94 (representing an increase of more than 100%); and
- Core HEPS (CHEPS) is expected to be between R6.94 and R8.79 compared to the prior half year CHEPS of R9.25.
Sasol´s adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) is expected to decline by between 0% and 10% from R19.8 billion in the prior year, to between R17.9 billion and R19.8 billion. This decline results from a 23% decrease in the rand per barrel price of Brent crude oil coupled with lower sales volumes due to softer demand attributable to COVID-19 lockdowns and the aforementioned hurricanes impacting our gross margins adversely. This was offset by a strong cost performance, supported by delivery towards the USD1 billion integrated crisis response plan commitment.
Notable non-cash adjustments for the 2021 financial half year include:
- Unrealised gains of R5,4 billion on the translation of monetary assets and liabilities due to the 15% strengthening of the closing rand/US dollar exchange rate compared to June 2020;
- Unrealised gains of R4,7 billion on the valuation of financial instruments and derivative contracts; and
- R3.3 billion gain on the realisation of the foreign currency translation reserve (FCTR), mainly on the divestment of 50% interest in the LCCP Base Chemicals Business.
Sasol will release its 2021 financial half year results on Monday, 22 February 2021. Sasol´s President and Chief Executive Officer, Fleetwood Grobler, and Chief Financial Officer, Paul Victor, will present the results.
A conference call will also be hosted via webcast on 22 February 2021 at 15h00 (SA time) with Fleetwood Grobler and Paul Victor to discuss the results and provide an update of the business.
Sasol has published its production and sales performance metrics for the 2021 financial half year, on the Company´s website at www.sasol.com, under the Investor Centre section: www.sasol.com/investor-centre/financial-reporting/business-performance-metrics
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Sasol - completion of divestment
Sasol shareholders are referred to the Company’s Stock Exchange News Service announcement dated 24 November 2020, in relation to the divestment of its 50% interest in the Gemini high-density polyethylene joint ventures to INEOS Gemini HDPE LLC (the “Divestment”).
Sasol is pleased to announce that the Divestment successfully closed on 31 December 2020.
The consideration of USD404 million was satisfied through a combination of cash and release from debt obligations. The relevant debt facilities and security package have now been successfully restructured, releasing Sasol and its subsidiaries from any obligation to provide further security. The cash proceeds from the transaction were received on 31 December 2020, and will be used by Sasol to repay near-term debt obligations.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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