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Interim Results Announcement for the six months ended 31 December 2022
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 or the Company)
INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
Earnings performance
Sasol delivered a mixed set of results for the first six months of 2023, supported by oil and refining
tailwinds offset by lower volumes and higher feedstock costs. The impact from the global weaker
economic growth, disrupted supply chains, depressed chemical prices and the resultant higher
input costs impacted the Chemicals business negatively. Performance of our South African value
chain was muted given the scheduled total East factory shutdown at Secunda and operational
variability experienced, mainly due to lower productivity and coal quality in our Mining operations,
contributing to lower volumes for the six months. The safety of our people and stability of our
operations is a key priority. We continue to focus our efforts on improving business performance to
maximise profitability for the full year.
Earnings before interest and tax (EBIT) of R24,2 billion remained in line with the prior period,
mainly due to a strong pricing environment which was offset by lower volumes and increasing
input cost pressures, with declining demand for chemicals globally. Earnings benefitted from gains
of R5,1 billion on the valuation of financial instruments and derivative contracts offset by
remeasurement items of R6,4 billion.
Remeasurement items include impairments of our Secunda liquid fuels refinery cash generating
unit (CGU) (R8,1 billion), South African Wax CGU (R0,9 billion) and China Essential Care
Chemicals CGU (R0,9 billion) and a reversal of impairment of our Tetramerization CGU (R3,6
billion) in the United States of America, as well as a profit on partial disposal of an interest in the
Area A5-A offshore exploration license in Mozambique (R266 million) and the realisation of foreign
currency translation reserves following the liquidation of subsidiaries (R251 million).
Half year Half year
Key metrics Change %
31 Dec 2022 31 Dec 2021
EBIT (R million) 24 204 24 309 (0,4)
Adjusted EBITDA1 (R million) 31 995 31 803 0,6
Headline earnings (R million) 19 389 9 499 >100
Basic earnings per share (Rand) 23,23 23,98 (3,1)
Headline earnings per share (Rand) 30,90 15,21 >100
Core headline earnings per share2 (Rand) 24,55 22,52 9,0
Interim dividend (Rand per share) 7,00 - 100
1 Adjusted EBITDA is calculated by adjusting EBIT for depreciation, amortisation, share-based payments,
remeasurement items, change in discount rates of environmental provisions, all unrealised translation gains and
losses, and all unrealised gains and losses on our derivatives and hedging activities. We believe adjusted EBITDA
is a useful measure of the Group’s underlying cash flow performance. However, this is not a defined term under
IFRS and may not be comparable with similarly titled measures reported by other companies. (Adjusted EBITDA
constitutes pro forma financial information in terms of the JSE Limited Listings Requirements and should be read in
conjunction with the basis of preparation and pro forma financial information as set out in the reviewed interim
financial results.)
2 Core headline earnings per share is calculated by adjusting headline earnings per share 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
derivatives and hedging activities (realised and unrealised), and share-based payments on implementation of B-
BBEE transactions. Adjustments in relation to the valuation of our derivatives at period end are to remove volatility
from earnings as these instruments are valued using forward curves and other market factors at the reporting date
and could vary from period to period. We believe core headline earnings is a useful measure of the Group´s
sustainable operating performance. (Core HEPS constitutes pro forma financial information in terms of the JSE
Limited Listings Requirements and should be read in conjunction with the basis of preparation and pro forma
financial information as set out in the reviewed interim financial results.)
Half year Full year
Net asset value Change %
31 Dec 2022 30 Jun 2022
Total assets (R million) 422 002 419 548 0,6
Total liabilities (R million) 219 866 226 351 2,9
Total equity (R million) 202 136 193 197 4,6
Turnover EBIT/(LBIT)1
Half year Half year Half year Half year
31 Dec 2021 31 Dec 2022 31 Dec 2022 31 Dec 2021
R million R million R million R million
Energy business
11 872 14 219 Mining 1 918 2 026
5 683 5 551 Gas 3 503 7 619
41 439 63 049 Fuels 5 103 5 730
Chemicals business
30 819 35 621 Africa 8 994 10 567
18 133 23 476 America 270 1 396
26 087 25 347 Eurasia 313 2 346
32 - Corporate Centre 4 103 (5 375)
134 065 167 263 Group performance 24 204 24 309
(14 154) (15 513) Intersegmental turnover
119 911 151 750 External turnover
1 Loss before interest and tax
Dividend
The Sasol Limited board of directors (Board) declared an interim gross cash dividend of South
African 700 cents per share (31 December 2021 – nil cents per ordinary share) for the six months
ended 31 December 2022. The cash dividend is payable on the ordinary shares and the Sasol
BEE ordinary shares. The Board is satisfied that the Company is liquid and solvent, and that
capital remaining after payment of the interim dividend, is sufficient to support the current
operations for the coming year. The interim dividend has been declared out of retained earnings
(income reserves). The South African dividend withholding tax rate is 20%. At the declaration
date, there are 634 336 265 ordinary and 6 331 347 Sasol BEE ordinary shares in issue. The net
interim dividend amount payable to shareholders who are not exempt from the dividend
withholding tax, is 560 cents per share, while the dividend amount payable to shareholders who
are exempt from dividend withholding tax is 700 cents per share.
The salient dates for holders of ordinary shares and Sasol BEE ordinary shares for the six months
ended 31 December 2022 are:
Declaration date Tuesday, 21 February 2023
Last day for trading to qualify for and participate in the interim Tuesday, 7 March 2023
dividend (cum dividend)
Trading ex-dividend commences Wednesday, 8 March 2023
Record date Friday, 10 March 2023
Dividend payment date (electronic and certificated register) Monday, 13 March 2023
The salient dates for holders of American Depository Receipts for the six months ended
31 December 2022 are:1
Ex dividend on New York Stock Exchange (NYSE) Thursday, 9 March 2023
Record date Friday, 10 March 2023
Approximate date for currency conversion Tuesday, 14 March 2023
Approximate dividend payment date Friday, 24 March 2023
1 All dates approximate as the NYSE sets the record date after receipt of the dividend declaration.
On Monday, 13 March 2023, dividends due to certificated shareholders on the South African
registry will be electronically transferred to shareholders’ bank accounts. Shareholders who hold
shares in dematerialised form will have their accounts held by their Central Securities Depository
Participant or broker credited on Monday, 13 March 2023. Share certificates may not be
dematerialised or rematerialised between 8 March 2023 and 10 March 2023, both days inclusive.
The Company’s tax number is 9520018608.
Short-form statement
This announcement is the responsibility of the directors. The information in this short-form
announcement, including the financial information on which the outlook is based, has not been
reviewed and reported on by Sasol Limited’s external auditors. Financial figures in this
announcement have been correctly extracted from the reviewed interim financial results. This
announcement does not include the information required pursuant to paragraph 16A(j) of IAS 34
‘Interim Financial Reporting’. It is only a summary of the information contained in the full
announcement and does not contain full or complete details. Any investment decision should also
take into consideration the information contained in the full announcement, published on SENS on
21 February 2023, via the JSE link.
The full announcement and the reviewed interim financial results will be available on the
Company's website at: https://www.sasol.com/investor-centre/financial-results
Sasol’s President and Chief Executive Officer, Fleetwood Grobler, and Chief Financial Officer,
Hanré Rossouw, will present the results at 09h00 (SA time) on 21 February 2023, followed by a
market call to address questions.
Please connect to the call via the webcast link:
https://78449.themediaframe.com/links/sasol230221.html
or via teleconference call link:
https://services.choruscall.za.com/DiamondPassRegistration/register?con…
357 the effectiveness of any actions taken by Sasol to
address or limit any impact of COVID-19 on its business; 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 Energy and Chemicals Businesses, our
energy efficiency improvement, carbon and GHG 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 31 August 2022 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.
Please note: One billion is defined as one thousand million, bbl – barrel, bscf – billion standard
cubic feet, mmscf – million standard cubic feet, oil references brent crude, mmboe – million barrels
oil equivalent. All references to years refer to the financial year ended 30 June. Any reference to a
calendar year is prefaced by the word "calendar".
Date: 21-02-2023 07:05:00
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