Sasol is a global chemicals and energy company. We harness our knowledge and expertise to integrate sophisticated technologies and processes into world-scale operating facilities. We safely and sustainably source, produce and market a range of high-quality products, creating value for stakeholders.
Sasol comprises three distinct market-focused businesses, namely: Chemicals, Energy and Sasol ecoFT. Our more focused portfolio is underpinned by a transition to a lower-carbon future and our 70-year track record demonstrates we have the capabilities and competencies to deliver sustainable value in these three core businesses.
Advancing chemical and energy solutions that contribute to a thriving planet, society and enterprise.
Sasol's investors consist of both equity investors (those invested in the Sasol ordinary shares or the ADRs) and lenders/debt investors (banks and institutional investors lending to Sasol or investing in its issues of debt instruments such as local bonds, offshore bonds, commercial paper issues, project finance, loans and other credit facilities and convertible instruments).
Supply Chain is the custodian of all external spend for the Sasol Group. It is responsible for managing supply and demand so as to ensure cost-efficiency and maximise return on spend, while at the same time ensuring effective logistics of a range of deliverables.
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Total Stores |
Division |
Store Location |
Address |
Tel No |
1 |
Relabelled |
Salt River |
29 Brickfield Road, Salt River, Cape Town |
(021)4479913 |
2 |
Relabelled |
Bellville |
Shop 4, Corner Voortrekker Rd & Durban RD, Bellville |
(021)9171860 |
3 |
Relabelled |
Kenilworth |
Unit number 3 access park, Chichester road, Kenilworth |
(021)6714778, |
4 |
Relabelled |
Kuilsrivier |
Shop 4 & 5 Access Park, Kuilsrivier |
(021)9031294 061 287 3980 |
5 |
Relabelled |
Mobeni |
Cnr Grimsby & Leicester Rd, Mobeni, Durban |
(031)4620540 W\House (031) 469 9409 |
6 |
Relabelled |
Pier 14 |
21A Pier 14, Shopping Centre, Port Elizabeth |
(041)4841575 083 5176 728 |
7 |
Relabelled |
Marlboro |
13 Sparten Crescent ,Marlboro , Ext 3 Johannesburg |
(011) 262 0460 |
8 |
Relabelled |
Soweto |
Maponya Shop 200 2127 Chris hani Road, klipspruit ext5 Soweto |
(011) 933 1023 |
9 |
Relabelled |
Umlazi |
Shop 155 Umlazi Mega City 50 Griffiths Mxenge Highway Umlazi |
(031) 902 1325 |
10 |
Relabelled |
Epping |
10 Losack avenue , epping industrial |
(021) 534 0401 |
1 |
BCWC |
Kloof |
Lifes on Kloof, 50 Kloof Street, Gardens ,Cape Town, shop G-15 |
(021) 422 1593 078 211 8051 |
2 |
BCWC |
Canal Walk |
Shop 619 Canal Walk , Century BLVD, Century City , Cape Town 7441 |
(021) 551 2891 |
3 |
BCWC |
Monte Casino |
Shop 80B Montecasino, No1 Monticasino Bouelvard Fourways , 2191 Magents |
(011) 465 0438 |
4 |
BCWC |
Menlyn |
Shop UF 42 & 43 cnr atterbury road & lois avenue , menlo park , Pretoria |
(012) 764 9600 |
5 |
BCWC |
Balito |
SHOP 608 LEONORA DRIVE,DOLPHIN COAST,BALLITO,4399 |
032 586 0242 |
6 |
BCWC |
Rosebank |
Shop GF08, The Zone, Rosebank mall, Oxford Street, Johannesburg |
(011)268 1114 |
1 |
Magents |
Canal Walk |
Shop 08 , Century Blvd , Century City 7441 |
(021) 551 2533 JP CELL: 064 686 4026 |
2 |
Magents |
Monte Casino |
Shop 21 Montecasino, No1 Monticasino Bouelvard Fourways , 2191 Magents |
(011) 465 6721 074 669 6310 073 804 4352 079 884 7607 |
3 |
Magents |
Menlyn |
MENLYN MALL , SHOP G190 CNR ATTERBURY ROAD & LOIS AVENUE,MENLO PARK,PRETORIA |
(012) 348 4725 073 8677 468 - Sieya , kiley , OUPA, Micheal |
4 |
Magents |
Balito |
SHOP 608 LEONORA DRIVE,DOLPHIN COAST,BALLITO,4399 |
061 521 7446 032 586 1467 |
1 |
WSA |
Menlyn |
MENLYN MALL ,LF41A CNR ATTERBURY ROAD & LOIS AVENUE,MENLO PARK,PRETORIA |
Vicky - 078 816 1921 land line - 012 348 4766 |
6 |
BCWC |
Rosebank |
Shop GF08, The Zone, Rosebank mall, Oxford Street, Johannesburg |
(011)268 1114 |
1 |
Magents |
Canal Walk |
Shop 08 , Century Blvd , Century City 7441 |
(021) 551 2533 JP CELL: 064 686 4026 |
2 |
Magents |
Monte Casino |
Shop 21 Montecasino, No1 Monticasino Bouelvard Fourways , 2191 Magents |
(011) 465 6721 074 669 6310 073 804 4352 079 884 7607 |
3 |
Magents |
Menlyn |
MENLYN MALL , SHOP G190 CNR ATTERBURY ROAD & LOIS AVENUE,MENLO PARK,PRETORIA |
(012) 348 4725 073 8677 468 - Sieya , kiley , OUPA, Micheal |
4 |
Magents |
Balito |
SHOP 608 LEONORA DRIVE,DOLPHIN COAST,BALLITO,4399 |
061 521 7446 032 586 1467 |
1 |
WSA |
Menlyn |
MENLYN MALL ,LF41A CNR ATTERBURY ROAD & LOIS AVENUE,MENLO PARK,PRETORIA |
Vicky - 078 816 1921 land line - 012 348 4766 |
Earnings before interest and tax (EBIT) was R24,3 billion, an increase of 12% compared to the prior period. This performance was underpinned by a strong macroeconomic environment with higher crude oil prices, refining margins and chemicals prices coupled with increased demand, negated by lower production volumes due to operational challenges at our Secunda Operations (SO).
Earnings were impacted mainly by the following non-cash adjustments:
Key metrics |
Half year 31 Dec 2021 |
Half year 31 Dec 2020 |
Change % |
EBIT (R million) |
24 309 |
21 650 |
12 |
Adjusted EBITDA1 (R million) |
31 803 |
18 608 |
71 |
Headline earnings (R million) |
9 499 |
11 858 |
(20) |
Basic earnings per share (Rand) |
23,98 |
23,41 |
2 |
Headline earnings per share (Rand) |
15,21 |
19,16 |
(21) |
Core headline earnings per share2 (Rand) |
22,52 |
7,86 |
>100 |
Dividend per share (Rand) |
|
|
|
- Interim (Rand) |
- |
- |
- |
- Final (Rand) |
- |
- |
- |
Turnover |
|
EBIT/(LBIT) |
||
Half year |
Half year |
|
Half year |
Half year |
31 Dec 20 |
31 Dec 21 |
|
31 Dec 21 |
31 Dec 20 |
R million |
R million |
|
R million |
R million |
|
|
Energy business |
|
|
10 807 |
11 872 |
Mining |
2 026 |
1 732 |
6 280 |
5 683 |
Gas |
7 619 |
4 155 |
27 151 |
41 439 |
Fuels |
5 730 |
1 457 |
|
|
Chemicals business |
|
|
28 312 |
30 819 |
Africa |
10 567 |
5 283 |
12 070 |
18 133 |
America |
1 396 |
(837) |
21 205 |
26 087 |
Eurasia |
2 346 |
1 538 |
6 |
32 |
Corporate Centre |
(5 375) |
8 322 |
105 831 |
134 065 |
Group performance |
24 309 |
21 650 |
(13 863) |
(14 154) |
Intersegmental turnover |
|
|
91 968 |
119 911 |
External turnover |
|
Net asset value |
Half year 31 Dec 2021 |
Full year 30 Jun 2021 |
Change % |
Total assets (R million) |
394 156 |
360 743 |
9 |
Total liabilities (R million) |
221 583 |
208 272 |
(6) |
Total equity (R million) |
172 573 |
152 471 |
13 |
Balance sheet management
Cash generated by operating activities increased by 73% to R20,3 billion compared to the prior period. Actual capital expenditure amounted to R10,4 billion compared to R7,5 billion during the prior period. The higher capital expenditure is due largely to the absence of a phased shutdown at SO in the prior period and increased sustenance capital expenditure in the current period.
Our net debt to EBITDA ratio at 31 December 2021, based on the revolving credit facility (RCF) and US dollar term loan covenant definition, was 1,3 times, significantly below the threshold level of 3 times. Sasol is committed to continue with its efforts to reduce leverage and absolute debt levels.
At 31 December 2021, our total debt was R109,2 billion compared to R102,9 billion at 30 June 2021. During this reporting period we repaid a portion of the RCF, however the weakened closing Rand/US Dollar exchange rate had a translation effect of R11,7 billion on our debt.
Gearing has reduced to 59,1% at 31 December 2021 from 61,5% at 30 June 2021. This is mainly due to stronger cash earnings generation, offset by the weaker closing exchange rate.
As at 31 December 2021, our liquidity headroom was R91 billion (US$5,7 billion), well above our outlook to maintain liquidity in excess of US$1 billion. We will repay the outstanding debt on the Commercial Paper (R2,2 billion) and a US$1 billion bond (R16 billion) in August 2022 and November 2022 respectively.
In line with our financial risk management framework, we continue to make good progress with hedging our foreign currency, crude oil and ethane exposure. We have been successful in hedging our total exposure for 2022 and we are making good progress with hedging our 2023 exposure, which increases the certainty of future cash flows and mitigates downside risk to enable our Future Sasol strategy. For further details of our open hedge positions we refer you to our Analyst Book (www.sasol.com).
Dividend
The restoration of dividends is a key priority, however, in the context of the high level of macroeconomic uncertainty the Board believes it is prudent not to declare an interim dividend at this stage. This is in line with the capital allocation framework and dividend triggers which were communicated at our Capital Markets Day in September 2021.
Director changes
Mr Z M Mkhize and Mr P J Robertson retired as non-executive directors of Sasol Limited at the end of the annual general meeting held on 19 November 2021.
Management changes: Appointment of Executive Vice Presidents for Mining and Energy Operations
The board also approved the appointment of Mr Riaan Rademan as Executive Vice President (EVP) for Mining and as a member of the Group Executive Committee, effective 9 March 2022. Riaan’s mandate is to lead mining through its current challenges and position the business over the coming months for enhanced and sustainable productivity, prioritising safety in our operations.
Riaan re-joins Sasol from Foskor (Pty) Ltd where he has been the President and Chief Executive Officer since 1 July 2019 and led a successful business turnaround programme. He previously had a 36-year career with Sasol up to 30 September 2017. During his tenure with the company he held executive accountability for several key businesses and functions, including mining and exploration and production, shared services, information management, procurement, and supply chain.
In addition, our EVP Energy Operations, Mr Bernard Klingenberg nears retirement later this year and a suitable internal successor was identified. Mr Simon Baloyi will be appointed as the EVP Energy Operations, effective 1 April 2022. He holds masters degrees in chemical engineering and engineering management, and has more than 20 years’ experience across the Sasol South African value chains.
Mr Grobler, Sasol’s President and CEO said: “I am confident that these executive changes will strengthen the business and support our drive to further embed safety and operational discipline across the portfolio. I would also like to thank Mr Bernard Klingenberg for his contribution and leadership during his 36 year tenure at Sasol and we will pay tribute to him nearer to his retirement.”
Maintaining our focus on safety and sustainable value creation
Safety and health
Environmental
At our Capital Markets Day in September 2021 we announced our plans to deliver on Future Sasol. These included that we would not invest in any new coal reserves in the future, using gas as a transition feedstock, which has an inherent but significantly lower greenhouse gas (GHG) footprint than coal, integrating renewables into our operations to reduce our electricity emissions, building new sustainable businesses leveraging our advantaged Fischer-Tropsch (FT) technology through our new Sasol ecoFT business, developing tailored solutions for our Chemicals customers by helping them address sustainability challenges and providing specialty solutions and playing a leading role in the development of the green hydrogen economy in Southern Africa.
We are pleased to report the following progress against some of our targets:
Social
The full suite of interim results reports are available here: https://www.sasol.com/investor-centre/financial-reporting/financial-reports-2022.