JOHANNESBURG, May 22, 2020 /PRNewswire/ -- Sasol refers to the cautionary announcements released on the Stock Exchange News Service on 17 March 2020 and 31 March 2020, outlining a comprehensive response strategy designed to mitigate the impact of COVID-19 and a lower oil price. The strategy includes a cash conservation programme, an accelerated and expanded asset disposal and partnering programme, as well as a potential rights issue of up to US$2 billion, which remains subject to the progress of other initiatives.
Sasol shareholders are advised that implementation of the response strategy is underway, the outcome of which may have a material effect on the price of the Company's securities. Accordingly, shareholders are advised to continue exercising caution when dealing in the Company's securities until full announcements on the asset disposal and partnering programme and the potential rights issue are made.
TRADING STATEMENT FOR THE FINANCIAL YEAR ENDING 30 JUNE 2020
Sasol shareholders are also advised that for the financial year ending 30 June 2020 (FY20) headline earnings per share (HEPS) are expected to decrease by at least 20%, compared to the HEPS of R30,72 reported for the year ended 30 June 2019 (the comparative period). Earnings per share (EPS) are also expected to decrease by at least 20%, compared to EPS of R6,97 reported for the comparative period.
Our FY20 results may be impacted further by adjustments resulting from the year-end closure process, which may result in a change in the estimated EPS and HEPS noted above. A comprehensive trading statement will be published as soon as there is more certainty with respect to the ranges of the decrease in HEPS and EPS.
The financial information on which this trading statement is based has not been reviewed and reported on by the Company's external auditors. Sasol's audited FY20 results will be announced on Monday, 17 August 2020.
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, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return, executing our growth projects (including LCCP), oil and gas reserves, cost reductions, our Continuous Improvement (CI) initiative, our climate change strategy and business performance outlook. Words such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may", "endeavour", "target", "forecast" and "project" and similar expressions are intended to identify such 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 28 October 2019 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 both these factors and other uncertainties and events. 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.
For further information, please contact:
Sasol Investor Relations
Feroza Syed, Chief Investor Relations Officer
Direct telephone: +27 (0) 82 557 7740
SOURCE Sasol Limited