SASOL Integrated Report 2025_Final_28 August 2025 - Flipbook - Page 52
INTRODUCTION
ABOUT SASOL
STRATEGIC OVERVIEW
PORTFOLIOS
ESG
DATA AND ASSURANCE / ADMINISTRATION
REMUNERATION REPORT
CHIEF FINANCIAL OFFICER’S STATEMENT continued
Financial performance for the year
combination of lower feedstock replacement,
compliance spend and discretionary sustenance
spend including focused cost saving initiatives.
Capital was also lower than market guidance,
supported by deliberate and proactive initiatives to
optimise spend, without compromising asset safety
and reliability.
Improved cash generation in a challenging
environment
Our free cash flow increased by 75% to R12,6 billion,
supported by lower costs and capital expenditure
and the successful resolution of our legal dispute
with Transnet. This was achieved despite continued
pressure from weaker commodity prices and refining
margins.
275
75
Rbn
200
45
50
60
40
45
150
30
100
20
50
0
10
Jun 23
Turnover
Jun 24
Gross margin %
Jun 25
Public
0
2,03 (3,06)
1,84 (2,60)
6,67 (5,18)
28,12 (27,75)
8,20 (8,21)
Pension and
provident funds
Unit trusts
Mutual funds
18,05 (20,53)
Free cash flow (Rand billion)*
25
5
4
3,9
4,1
3,7
Jun 25
20
2
10
1
5
0
19,4
15
3
Jun 24
Government of South Africa
American Depositary
Receipt holders
Sovereign wealth funds
Insurance companies
7,79 (8,56)
51,8
Jun 23
Other
Europe
Beneficial ownership by fund type
66,3
15
*
South Africa
North America
Net debt excluding leases (Rand billion )
30
0
Non-public
ˇ Number of shares in issue
Rbn
47
69,04 (67,41)
81,19 (82,13)
60,0
Rbn
44
60
%
250
Adjusted EBITDA (Rand billion )
18,36 (19,88)
ˇ
12,6
Rbn
Turnover (Rand billion) and gross margin (%)
3,10 (3,74)
9,50 (8,97)
643 043 757
Additional impairments were recorded on Mozambique
and Italy Care Chemicals CGUs, offset by the reversal of
impairment for the China Care Chemicals CGU.
Our first-order Maintain capital spend was R25
billion, 16% lower than the prior year due to a
Beneficial ownership per geographic region (%)
18,81 (17,87)
Total impairments of R20,7 billion were significantly
lower than the R74,9 billion in the prior year, with
R13 billion related to the Secunda and Sasolburg
liquid fuel refinery cash generating units (CGU),
which remain fully impaired. The recoverable amount
improved through management actions but was
negatively impacted by lower forecast
macroeconomic price assumptions. Additional
management initiatives need to be progressed
before their benefits can be incorporated in the
impairment calculations.
Cost containment remains a key achievement. Cash
fixed costs increased by only 1% to R69,9 billion, well
below inflation of approximately 3%. Excluding
inflation and exchange rates, cost savings of
R1,2 billion was realised, largely from a combination
of lower labour, maintenance, professional services
costs and changes in exchange rate.
249
Sasol ordinary shares (%)
Net trading working capital as a percentage of
turnover (NWC%) on a 12-month rolling average
basis was 16,8%, above our target of 15,5% to 16,5%,
mainly from the lower rolling turnover and increase
in inventory to manage supply variability during the
year. NWC% at 30 June 2025 was 15,4%.
In addition, refining margins dropped sharply to
US$5,8/bbl from US$18,1/bbl while, petrol and diesel
differentials were also 35% and 36% lower
respectively. On a positive note, the Chemicals
basket price rose 5% to US$1 303/ton despite
continued downturn in the chemical global market
and reflective of management efforts to improve
placement in higher margin channels.
290
Founded in South Africa, Sasol is listed on the Johannesburg Stock Exchange (JSE) and on the New York
Stock Exchange for purposes of our American Depositary Receipt program.
In the Southern Africa business, an oil breakeven
price of US$59/bbl was achieved. Additionally, in our
International Chemicals business, we delivered more
than US$120 million (> 40%) EBITDA uplift,
demonstrating early results from the reset
initiatives.
Adjusted EBITDA declined by 14% to R51,8 billion,
primarily due to a 15% lower Rand oil price with
Brent crude oil averaging US$74,6/bbl (versus
US$84,7/bbl in FY24) and the US$: Rand exchange
rate averaging R18,17/US$ versus R18,71/US$ in FY24.
300
Shareholding
0
Jun 23
Jun 24
Jun 25
7,2
Jun 23
Jun 24
Jun 25
Free cash flow is defined as cash available from operating activities less first order capital and related capital accruals. The Free cash flow calculation has been updated, in line with the revised capital
allocation framework, to include selective growth and transform capital as part of first order capital, previously included under second order capital. Prior years have been reclassified accordingly.
SASOL INTEGRATED REPORT 2025
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