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22.02.2021 08:10
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Sasol delivered a good set of results for the six months ended 31 December 2020
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PR Newswire
JOHANNESBURG, Feb. 22, 2021
JOHANNESBURG, Feb. 22, 2021 /PRNewswire/ -- Sasol delivered a good set of results for the six months ended 31 December 2020. Our earnings increased by more than 100% to R15,3 billion from R4,5 billion in the prior period.
Despite a 23% decrease in the rand/barrel oil price, our adjusted EBITDA decreased by only 6%. This achievement is as a result of a strong cash cost, working capital and capital expenditure performance in response to the challenging environment.
Our earnings were positively impacted by the following non-cash adjustments:
- Gains of R4,6 billion on the translation of monetary assets and liabilities due to a 15% strengthening of the closing rand/US dollar exchange rate compared to June 2020;
- Gains of R5,0 billion on the valuation of financial instruments and derivative contracts; and
- R3,3 billion gain on the realisation of the foreign currency translation reserve (FCTR), mainly on the divestment of 50% interest in the US LCCP Base Chemicals business.
| Key metrics | Half year | Half year | Change % |
| EBIT (R million) | 21 650 | 9 853 | >100 |
| Adjusted EBITDA1(R million) | 18 608 | 19 839 | (6) |
| Headline earnings (R million) | 11 858 | 3 670 | >100 |
| Basic earnings per share (Rand) | 23,41 | 6,56 | >100 |
| Headline earnings per share (Rand) | 19,16 | 5,94 | >100 |
| Core headline earnings per share2(Rand) | 7,86 | 9,25 | (15) |
| Dividend per share (Rand) | | | |
| - Interim (Rand) | - | - | - |
| - Final (Rand) | - | - | - |
| | | | |
|
1. Adjusted EBITDA is calculated by adjusting EBIT for depreciation and amortisation, share-based payments, remeasurement items, movement in environmental provisions due to discount rate changes, all unrealised translation gains and losses and all unrealised gains and losses on our derivatives and hedging activities. The comparative periods have been restated to include all unrealised translation gains and losses and all unrealised gains and losses on derivative 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 full set of reviewed interim financial results). 2. Core headline earnings per share (Core HEPS) is calculated by adjusting headline earnings per share with once-off items such as the translation impact of closing exchange rate, all realised and unrealised derivatives and hedging gains/losses, the implementation of the Khanyisa B-BBEE transaction and losses attributable to the LCCP while still in ramp-up phase. The comparative period has been restated to include all unrealised translation gains and losses and all realised and unrealised gains and losses on derivative and hedging activities. (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 full set of reviewed interim financial results.)
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Our key metrics were as follows:
- Working capital ratio of 14,9% compared to 14,6% for the prior period. Investment in working capital was R27,3 billion;
- Capital expenditure of R7,5 billion;
- Normalised cash fixed reduced by 10% (R3,2 billion) compared to the prior period;
- Profit before interest and tax (EBIT) of R21,7 billion compared to R9,9 billion in the prior period;
- Adjusted EBITDA declined by 6% from R19,8 billion in the prior period to R18,6 billion;
- Basic earnings per share (EPS) increased to R23,41 per share compared to R6,56 in prior period; and
- Headline earnings per share (HEPS) increased by more than 100% to R19,16 per share compared to the prior period.
| Turnover (R million) | | EBIT (R million) | ||
| Half year | Half year | | Half year | Half year |
| 10 348 | 10 807 | Mining | 1 732 | 1 374 |
| 2 635 | 1 988 | Exploration and Production International | 897 | 1 023 |
| 41 206 | 30 178 | Energy | 5 098 | 6 743 |
| 24 642 | 27 409 | Base Chemicals | 3 624 | (1 488) |
| 32 933 | 33 750 | Performance Chemicals | 1 754 | 1 294 |
| – | 6 | Group Functions | 8 545 | 907 |
| 111 764 | 104 138 | Group performance | 21 650 | 9 853 |
| (12 594) | (12 170) | Intersegmental turnover | | |
| 99 170 | 91 968 | External turnover Werbung Mehr Nachrichten zur Sasol Aktie kostenlos abonnieren
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