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28.10.2019 09:30
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Sasol Full Year Financial Results to 30 June 2019 and LCCP Update
Tageszeitungen (Symbolbild).
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PR Newswire
JOHANNESBURG, Oct. 28, 2019
JOHANNESBURG, Oct. 28, 2019 /PRNewswire/ --
Financial performance in context
- Headline earnings per share (HEPS) up 12% to R30,72
- Core headline earnings1 per share (CHEPS) up 5% to R38,13
- Earnings Before Interest and Tax (EBIT) down 45% due to higher remeasurement items
- Cash generated by operating activities up 20%
- Normalised cash fixed cost – below our 6% inflation target
Resilient operational performance
- Production:
- Secunda Synfuels Operations achieving annualised run rate of 7,8 mt post the full shutdown
- Natref achieved a production run rate of 637m³/h, highest in last 8 years
- High Density Polyethylene plant has produced at upper end of design capacity
- ORYX GTL utilisation of 81% due to unplanned maintenance shutdowns
- Mining productivity up 3%
- Sales:
- Liquid fuel sales volumes up 2%, resulting from a strong Natref performance
- Base Chemicals sales volumes up 4%, offset by softer commodity chemical prices
- Performance Chemicals sales volumes down 3% impacted by 1st half 2019 external supply constraints and 2nd half 2019 softer macroenvironment in Europe and Asia
Board review concluded - No earnings, financial position or cash flow restatements
Focused balance sheet management
- Gearing elevated at 56,3%
- Net debt: Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) 2,6 times
- Bank Net debt: EBITDA 2,2 – 2,4 times – below USD bank covenant of 3 times
- Final FY19 dividend passed to protect and strengthen our balance sheet
- Working capital of 15% of revenue – benefitting from focused management initiatives
Advancing Lake Charles Chemicals Project (LCCP)
- 98% overall project completion, with Recordable Case Rate (RCR) of 0,11
- Cracker reached beneficial operation in August 2019
- Linear Low Density Polyethylene and Ethylene Oxide/Ethylene Glycol units ramping up to targeted levels
- Cost tracking estimate of US$12,6 – US$12,9 billion
Progressing sustainability
- Safety RCR, improved to 0,26; regrettably three fatalities
- Achieved Level 4 Broad-Based Black Economic Empowerment status
- R19 billion in procurement spend with SA Black-owned businesses
- Developing our Greenhouse Gas emission reduction roadmap
- Sasol Oil tax dispute settled
Earnings performance
Our foundation business delivered resilient results with a mostly strong volume and normalised cash fixed cost performance against the backdrop of a challenging macroeconomic environment. Our business was impacted by market and geopolitical risk, including subdued growth in global gross domestic product (GDP).
Our gross margin percentage decreased 2% compared to the prior year driven by a softer macro environment negatively impacting supply-demand dynamics especially in our chemicals business. We view this as temporary as the market is expected to recover over the short-to-medium term. Our Energy business benefitted from higher crude oil prices and higher diesel differentials. These benefits were partly offset by weaker petrol differentials driven by negative supply-demand fundamentals.
Cash fixed cost, excluding capital growth and the impact of exchange rates, increased by 5,7%, relative to our internal 6% inflation target. Our cost management processes remain robust while we continue to evaluate further opportunities to embed our continuous improvement efforts. The sustained competitiveness of our business remains top of mind.
Adjusted EBITDA2 decreased 9% compared to the prior year due to lower chemical product prices and higher LCCP operating cost. As the LCCP progresses through the sequential beneficial operation schedule, the costs associated with relevant units are expensed while the gross margin contribution follows the ramp-up profile and inventory build. We expect a closer match between margin and costs for the LCCP to be achieved from 2020.
EBIT decreased 45% to R9,7 billion, largely due to significant remeasurement items of R18,6 billion (US$1,3 billion) recorded in the current year resulting from softer chemical prices as well as the higher than anticipated capital spend on the LCCP.
CHEPS increased 5% to R38,13 compared to the prior year. HEPS increased 12% to R30,72 per share compared to the prior year. The increase in core headline earnings continues to reflect our cash flow generating ability from our foundation businesses despite weaker chemicals pricing.
| Key metrics | 2019 | 2018 | Change % |
| EBIT (R million) | 9 697 | 17 747 | (45) |
| Headline earnings (R million) | 18 941 | 16 798 | 13 |
| | |||
| Earnings per share (Rand) | 6,97 | 14,26 | 51 |
| Headline earnings per share (Rand) | 30,72 | 27,44 | 12 |
| Core headline earnings per share (Rand) | 38,13 | 36,38 | 5 |
| | |||
| Dividend per share (Rand) | 5,90 | 12,90 | (54) |
| - Interim (Rand) | 5,90 | 5,00 | 18 |
| - Final (Rand) | - | 7,90 | (100) |
1 Core headline earnings per share (CHEPS) adjusts the standard JSE definition of headline earnings for the impact of translation gains arising on the translation of monetary assets and liabilities to functional currency, market-to-market valuation of hedges, Sasol Khanyisa equity-settled share-based payments recorded in the income statement, LCCP losses during ramp-up and provision for significant tax litigation matters. This constitutes pro forma financial information and should be read in conjunction with the full announcement.
2 Adjusted EBITDA is calculated by adjusting EBIT for depreciation, amortisation, share-based payments, remeasurement items, movement in rehabilitation provisions due to discount rate changes, unrealised translation gains and losses, and unrealised gains and losses on hedging activities. This constitutes pro forma financial information and should be read in conjunction with the full announcement.
| Net asset value | 2019 | 2018 | Change % |
| Total assets (R million) | 469 968 | 439 235 | 7 |
| Total liabilities (R million) | (244 173) | (210 627) | 16 |
| Total equity (R million) | 225 795 | 228 608 | (1) |
| Turnover (R million) | | EBIT (R million) | ||
| 2018 | 2019 | | 2019 | 2018(1) |
| 19 797 | 20 876 | Mining | 4 701 | 5 244 |
| 4 198 | 5 184 | Exploration and Production International | (889) | (3 683) |
| 69 773 | 83 803 | Energy | 16 566 | 14 081 |
| 43 951 | 48 813 | Base Chemicals | (1 431) | 918 |
| 64 887 | 68 296 | Performance Chemicals | (7 040) Werbung Mehr Nachrichten zur Sasol Aktie kostenlos abonnieren
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