Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
Sasol Ordinary Share code:
JSE: SOL
NYSE: SSL
Sasol Ordinary ISIN codes:
ZAE000006896 US8038663006
Sasol BEE Ordinary Share code:
JSE: SOLBE1
Sasol BEE Ordinary ISIN code: ZAE000151817
(“Sasol” or “the Company”)
TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
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 Grobler, and Chief Financial Officer, Paul Victor, will present
the results. The pre-recorded presentation will be available on 21 February 2022 on the following link:
https://www.corpcam.com/Sasol21022022. Fleetwood Grobler and Paul Victor will host a conference
call via webcast on 21 February 2022 at 15h00 (SA time) to discuss the results and provide an update
of the business. Please confirm your participation by registering online:
https://www.corpcam.com/Sasol21022022Q.
* 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