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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")
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2022
Earnings performance
Sasol delivered a strong set of financial results against the backdrop of increased volatility
resulting from ongoing geopolitical tensions, extended COVID-19 lockdowns and global supply
chain disruptions. We benefitted from higher energy and chemicals prices, as well as strong
cost and capital discipline through the delivery of our Sasol 2.0 transformation programme. This
was offset by lower volume performance mainly due to the operational challenges experienced
in the first half of the financial year. We have seen improved performance on the back of more
stable operations in the second half of the financial year
Earnings before interest and tax (EBIT) of R61,4 billion increased by more than 100% compared
to the prior year, driven by higher crude oil prices, refining margins and chemical prices. This
also resulted in a strong gross margin improvement compared to the prior year.
Key metrics 2022 2021 Change %
EBIT (R million) 61 417 16 619 >100
Adjusted EBITDA1 (R million) 71 843 48 420 48
Headline earnings (R million) 29 735 24 503 21
Basic earnings per share (Rand) 62,34 14,57 >100
Headline earnings per share (Rand) 47,58 39,53 20
Core headline earnings per share2 (Rand) 68,54 27,74 >100
Dividend per share (Rand)
- Interim (Rand) - - -
- Final (Rand) 14,70 - -
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 full set of audited summarised financial statements).
2 Core HEPS 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 are 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 full set of audited summarised financial statements.
Net asset value 2022 2021 Change %
Total assets (R million) 419 548 360 743 16
Total liabilities (R million) 226 351 208 272 9
Total equity (R million) 193 197 152 471 27
Turnover EBIT/(LBIT)
2021 2022 2022 2021
R million R million R million R million
Energy business
21 704 24 386 Mining 3 456 3 227
10 990 11 941 Gas 14 622 6 656
60 649 102 964 Fuels 27 959 (18 170)
Chemicals business
60 597 67 275 Africa 24 072 6 957
29 360 41 926 America 981 8 116
46 038 55 419 Eurasia 7 552 4 680
26 56 Corporate Centre (17 225) 5 153
229 364 303 967 Group performance 61 417 16 619
(27 454) (28 229) Intersegmental turnover
201 910 275 738 External turnover
Dividend
A final gross cash dividend of South African 1 470 cents per share (30 June 2021 – nil cents per
ordinary share) has been declared for the year ended 30 June 2022. The cash dividend is
payable on the ordinary shares and the Sasol BEE ordinary shares. The Board is satisfied that
the liquidity and solvency of the company, as well as capital adequacy remaining after payment
of the dividend, are sufficient to support the current operations for the ensuing year. The
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 629 367 128 ordinary
and 6 331 347 Sasol BEE ordinary shares in issue. The net dividend amount payable to
shareholders who are not exempt from dividend withholding tax, is 1 176 cents per share, while
the dividend amount payable to shareholders who are exempt from dividend withholding tax is
1 470 cents per share.
The salient dates for holders of ordinary shares and Sasol BEE ordinary shares are:
For holders of ordinary shares and Sasol BEE ordinary shares for the year ending 30 June 2022
Declaration date Tuesday, 23 August 2022
Last day of trading to qualify for and participate in the Tuesday, 6 September 2022
dividend (cum dividend)
Trading ex dividend commences Wednesday, 7 September 2022
Record date Friday, 9 September 2022
Dividend payment date (electronic and certificated register) Monday, 12 September 2022
The salient dates for holders of our American Depository Receipts1 are:
For holders of American Depository Receipts for the year ending 30 June 2022
Ex dividend on New York Stock Exchange (NYSE) Thursday, 8 September 2022
Record date Friday, 9 September 2022
Approximate date for currency conversion Tuesday, 13 September 2022
Approximate dividend payment date Friday, 23 September 2022
1 All dates approximate as the NYSE sets the record date after receipt of the dividend declaration.
On Monday, 12 September 2022, dividends due to certificated shareholders on the South
African registry will be electronically transferred to shareholders’ bank accounts, unless a
shareholder has specifically requested in writing for such payment to be made by cheque, in
which case that shareholder shall bear the risk of such payment by cheque. Shareholders who
hold dematerialised shares will have their accounts held by their CSDP or broker credited on
Monday, 12 September 2022. Share certificates may not be dematerialised or rematerialised
between 7 September 2022 and 9 September 2022, 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
audited and reported on by Sasol Limited’s external auditors. The audited financial results have
been audited by the group’s auditors, PwC who expressed an unmodified opinion thereon.
Financial figures in this announcement have been correctly extracted from the audited 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 23 August 2022, via the JSE link. The full announcement and the 2022
audited financial results, which includes the auditor’s report (including key audit matters), is
available on the Company's website at: https://www.sasol.com/investor-centre/financial-
results.
Sasol Limited’s Annual Financial Statements for the year ended 30 June 2022 (the Annual
Financial Statements) have also been published on the Company’s website at :
https://www.sasol.com/investor-centre/financial-results.
Copies of the full announcement and the Annual Financial Statements may also be requested
from the Investor Relations office, investor.relations@sasol.com.
The JSE link is as follows:
https://senspdf.jse.co.za/documents/2022/JSE/ISSE/SOL/FY22Result.pdf
The President and Chief Executive Officer and Chief Financial Officer will share the results on
Tuesday, 23 August 2022 at 09:00 (SA time) followed by a conference call.
Please connect to the call via the webcast link: https://www.corpcam.com/Sasol23082022
Or via teleconference:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=362
9805&linkSecurityString=7a93dfa35
23 August 2022
Sponsor: Merrill Lynch South Africa (Pty) Limited t/a BofA Securities
Disclaimer - Forward-looking statements
Sasol may, in this document, make certain statements that are not historical facts and relate to
analyses and other information which are based on forecasts of future results and estimates of
amounts not yet determinable. These statements may also relate to our future prospects,
expectations, developments, and business strategies. Examples of such forward-looking
statements include, but are not limited to, the impact of the novel coronavirus (COVID-19)
pandemic, and measures taken in response, on Sasol’s business, results of operations,
markets, employees, financial condition and liquidity; 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 22 September 2021 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".
