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Trading Statement for the Six Months Ended 31 December 2024
Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
Sasol Ordinary Share codes: JSE: SOL NYSE: SSL
Sasol Ordinary ISIN codes: ZAE000006896 US8038663006
Sasol BEE Ordinary Share code: JSE: SOLBE1
Sasol BEE Ordinary ISIN code: ZAE000151817
(Sasol, the Company, Equity issuer)
Sasol Financing Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1998/019838/06)
Company code: SFIE
LEI: 378900A5BC68CC18C276
(Sasol Financing, Debt issuer)
TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
In terms of paragraph 3.4(b)(i) of the Listing Requirements of the JSE Limited (JSE), a
company listed on the JSE is required to publish a Trading statement as soon as it is
satisfied that a reasonable degree of certainty exists that the financial results for the
next period to be reported on, will differ by at least 20% from the financial result for the
previous corresponding period.
Accordingly, stakeholders are advised that, for the six months ended 31 December
2025:
- Adjusted earnings before interest, tax, depreciation and amortisation (adjusted
EBITDA*) is expected to be between R22 billion and R25 billion compared to the
prior half year adjusted EBITDA of R28 billion, representing a decrease of between
11% and 22%;
- Earnings per share (EPS) are expected to be between R6,00 and R8,00 compared
to the prior half year EPS of R15,19 (representing a decrease of between 47% and
61%); and
- Headline earnings per share (HEPS) are expected to be between R13,00 and
R15,00 compared to the prior half year HEPS of R20,37 (representing a decrease of
between 26% and 36%); and
The decrease in earnings in the period is primarily due to:
- A 13% decline in the average Rand per barrel of Brent Crude Oil price and a
significant decline in refining margins and fuel price differentials;
- A 5% decrease in sales volumes associated with lower production and/or lower
market demand as detailed in the Production and Sales Metrics published on 23
January 2025, which can be found on our website: https://www.sasol.com/sasol-
sens/production-and-sales-metrics-six-months-ended-31-december-2024;
- Notable non-cash adjustments (before taxation) including:
o A net loss of R6,2 billion from remeasurement items compared to a net loss of
R5,8 billion in the prior half year, mainly due to the Secunda and Sasolburg
liquid fuels refinery cash generating units remaining fully impaired. The full
amount of costs capitalised during the current period of R5,6 billion are
impaired;
o Unrealised losses of R0,1 billion on the translation of monetary assets and
liabilities, and valuation of financial instruments and derivative contracts
compared to unrealised gains of R2,7 billion in the prior half year.
These negative financial impacts were partially offset by an increase in average
chemicals basket prices, stringent cost management and efficient capital expenditure.
The financial information underpinning this trading statement has not been reviewed
and reported on by the Company's external auditors.
Sasol remains focused on improving the performance of the business and will present
its 2025 interim financial results, including more detail on improvement plans, on
Monday, 24 February 2025 at 09h00 (SA time). This will be followed by a market call,
hosted by President and Chief Executive Officer, Simon Baloyi, and Chief Financial
Officer, Walt Bruns, to address questions.
Please connect to the call via the webcast link:
https://www.corpcam.com/Sasol24022025 or via teleconference call link:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNum
ber=8853546&linkSecurityString=26eaaf0156
* 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.
Adjusted EBITDA is not a defined term under International Financial Reporting
Standards 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.
5 February 2025
Johannesburg
Sponsor: Merrill Lynch South Africa Proprietary Limited t/a BofA Securities
Debt Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Disclaimer - Forward-looking statements
Sasol may, in this document, make certain statements that are not historical facts and
relate to analyses and other information which are based on forecasts of future results
and estimates of amounts not yet determinable. These statements may also relate to
our future prospects, expectations, developments, and business strategies. Examples of
such forward-looking statements include, but are not limited to, the capital cost of our
projects and the timing of project milestones; our ability to obtain financing to meet the
funding requirements of our capital investment programme, as well as to fund our
ongoing business activities and to pay dividends; statements regarding our future
results of operations and financial condition, and regarding future economic
performance including cost containment, cash conservation programmes and business
optimisation initiatives; recent and proposed accounting pronouncements and their
impact on our future results of operations and financial condition; our business strategy,
performance outlook, plans, objectives or goals; statements regarding future
competition, volume growth and changes in market share in the industries and markets
for our products; our existing or anticipated investments, acquisitions of new businesses
or the disposal of existing businesses, including estimates or projection of internal rates
of return and future profitability; our estimated oil, gas and coal reserves; the probable
future outcome of litigation, legislative, regulatory and fiscal developments, including
statements regarding our ability to comply with future laws and regulations; future
fluctuations in refining margins and crude oil, natural gas and petroleum and chemical
product prices; the demand, pricing and cyclicality of oil, gas and petrochemical product
prices; changes in the fuel and gas pricing mechanisms in South Africa and their effects
on prices, our operating results and profitability; statements regarding future fluctuations
in exchange and interest rates and changes in credit ratings; total shareholder return;
our current or future products and anticipated customer demand for these products;
assumptions relating to macroeconomics; climate change impacts and our climate
change strategies, our development of sustainability within our businesses, our energy
efficiency improvement, carbon and greenhouse gas emission reduction targets, our net
zero carbon emissions ambition and future low-carbon initiatives, including relating to
green hydrogen and sustainable aviation fuel; our estimated carbon tax liability; cyber
security; and statements of assumptions underlying such statements. Words such as
"believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may",
"endeavour", "target", "forecast" and "project" and similar expressions are intended to
identify forward-looking statements but are not the exclusive means of identifying such
statements. By their very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and there are risks that the predictions,
forecasts, projections, and other forward-looking statements will not be achieved. If one
or more of these risks materialise, or should underlying assumptions prove incorrect,
our actual results may differ materially from those anticipated. You should understand
that a number of important factors could cause actual results to differ materially from the
plans, objectives, expectations, estimates and intentions expressed in such forward-
looking statements. These factors and others are discussed more fully in our most
recent annual report on Form 20-F filed on 6 September 2024 and in other filings with
the United States Securities and Exchange Commission. The list of factors discussed
therein is not exhaustive; when relying on forward-looking statements to make
investment decisions, you should carefully consider foregoing factors and other
uncertainties and events, and you should not place undue reliance on forward-looking
statements. Forward-looking statements apply only as of the date on which they are
made, and we do not undertake any obligation to update or revise any of them, whether
as a result of new information, future events or otherwise.
Date: 05-02-2025 07:05:00
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