SOL: Sasol Limited - Production and Sales Metrics for the Financial Year Ended 30 June 2020; COVID-19 Update and Lake Charles Chemicals Project (LCCP) Status
Sasol announced its production and sales metrics for the year ended 30 June 2020, revealing a total of 774 COVID-19 infections among employees, with 561 active cases. Despite these infections, operations remain largely unaffected. The Lake Charles Chemicals Project (LCCP) is nearing completion at 99%, with a total capital expenditure of US$12.7 billion. The Low Density Polyethylene (LDPE) plant, damaged in a fire, is expected to come online by the end of October 2020. A detailed trading statement is expected on or before 31 July 2020.
- LCCP project completion is at 99%, indicating effective project progress.
- Total capital expenditure for LCCP stands at US$12.7 billion, reflecting substantial investment.
- 774 COVID-19 infections reported, with ongoing monitoring for potential operational impacts.
- The LDPE plant's completion is delayed past September 2020, pushing the beneficial operation date to October 2020.
JOHANNESBURG, July 23, 2020 /PRNewswire/ -- Sasol has published its production and sales performance metrics including a hedging update for the year ended 30 June 2020, on the Company´s website at www.sasol.com, under the Investor Centre section or via this URL: https://www.sasol.com/investor-centre/financial-reporting/business-performance-metrics
Sasol is still in the process of completing its year-end processes and plans to issue an updated Trading Statement on or before 31 July 2020.
COVID-19 UPDATE
As of 22 July 2020, Sasol's total number of COVID-19 infections since the beginning of the pandemic is 774, with the majority of cases recorded in South Africa. There are 561 active cases and two COVID-19 related deaths which occurred in South Africa. The infected employees are receiving our full support. The increase in Sasol's infection rates is in line with the trend in South Africa. Up to now, there has been no material impact to our operations. The continuous increase in COVID-19 infections within Sasol could potentially impact our operations in the near-term. While we have implemented all regulatory requirements and have the necessary controls in place, we will continue to actively monitor and mitigate the impact.
LCCP STATUS
The last remaining LCCP unit to come online is the Low Density Polyethylene (LDPE) plant, which was damaged during a fire in January 2020. Repair work to the unit is ongoing and the unit is expected to achieve beneficial operation (BO) before the end of October 2020. Some challenges were experienced in the completion of the restoration process, resulting in a slight delay to the previous market guidance of a BO date before September 2020.
Overall project completion was at
For further information, please contact:
Sasol Investor Relations,
Feroza Syed, Chief Investor Relations Officer
Direct telephone: +27 (0) 82 557 7740
investor.relations@sasol.com
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 on Sasol's business, results of operations, financial condition and liquidity and statements regarding the effectiveness of any actions taken by Sasol to address or limit any impact of COVID-19 on its business; statements regarding exchange rate fluctuations, changing crude oil prices , volume growth, increases in market share, total shareholder return, executing our growth projects (including LCCP), oil and gas reserves, cost reductions, 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.
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FAQ
What are Sasol's production metrics for the year ended June 30, 2020?
How many COVID-19 cases has Sasol reported?
What is the status of the Lake Charles Chemicals Project (LCCP)?
When will Sasol issue its next trading statement?
