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JOHANNESBURG, Feb. 8, 2022 /PRNewswire/ — Sasol is expected to deliver a mixed set of results for the six months ended 31 December 2021 (2022 financial half year). Improved Brent crude oil price, refining margins and chemical prices resulted in a notable gross margin improvement from the prior half year, combined with strong cost and capital expenditure performance. These benefits were partly offset by operational challenges in our South African value chains which resulted in lower production, as reported in our Business Performance Metrics SENS announcement on 25 January 2022.
Sasol´s adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA**) for the six months ended 31 December 2021 is expected to increase by between 66% and 76% from R18,6 billion in the prior half year, to between R30,9 billion and R32,7 billion. This is due to a strong recovery in Brent crude oil and chemical prices, partly offset by lower sales volumes for chemicals and energy.
Shareholders are advised that, for the 2022 financial half year:
- Earnings per share (EPS) are expected to be between R22,81 and R25,15 compared to the prior half year earnings per share of R23,41 (representing a change of between (3%) and 7%);
- Headline earnings per share (HEPS) are expected to be between R14,25 and R16,17 compared to the prior half year headline earnings per share of R19,16 (representing a decrease by between 16% and 26%); and
- Core HEPS (CHEPS*) are expected to be between R22,13 and R22,91 compared to the prior half year CHEPS of R7,86.
- Notable non-cash adjustments (before taxation) for the six months ended 31 December 2021 include:
- Unrealised losses of R4,9 billion on the translation of monetary assets and liabilities and valuation of financial instruments and derivative contracts;
- Remeasurement items net gain of R5,8 billion, mainly due to a gain of R4,9 billion on the realisation of the foreign currency translation reserve (FCTR) on the divestment of Sasol Canada’s shale gas assets and a R1,4 billion reversal of impairment on the Chemicals Work Up & Heavy Alcohols value chain due to a higher price outlook on the back of a sustained increase in demand for alcohols into the personal hygiene market during and post the COVID-19 pandemic.
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 2022 interim financial results on Monday, 21 February 2022. Sasol’s President and Chief Executive Officer, Fleetwood Groblerand Chief Financial Officer,
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