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JSE: SOL | NYSE: SSL
better together… we deliver
financial results for the year ended 30 June 2012
better together… we deliver 2
forward-looking statements
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, 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 and cost reductions. Words such as “believe”,
“anticipate”, “expect”, “intend”, “seek”, “will”, “plan”, “could”, “may”, “endeavour” 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 are discussed more fully in
our most recent annual report under the Securities Exchange Act of 1934 on Form 20-F filed on
7 October 2011 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.
JSE: SOL | NYSE: SSL
better together… we deliver
introduction
David E Constable chief executive officer
better together… we deliver 4
what you will hear today
key messages
● Record full year earnings
● Delivering on key milestones
● Significantly improved second half operational performance
● Strategic agenda to focus the organisation
● Compelling investment proposition
Synfuels, Secunda ORYX GTL, Qatar
better together… we deliver 5
demand growth underpins the end of cheap
oil prices
creating an opportunity for
arbitrage
● Oil consumption has grown rapidly in India
and China since 1990
● Increased incomes will drive further growth
in demand for oil
● If present trends continue, India and China
demand to increase by ~11mmbbl/d
● Resultant high oil prices and gas
availability supports oil/gas arbitrage in
North America 0
20
40
60
80
United States
Germany China India
Daily
barr
els
of
oil
per
1 0
00 p
eople
Oil consumption
1990 2011
Source: BP energy statistics, Sasol analysis
better together… we deliver 6
making a positive contribution
in the countries in which we operate
● Energy supply and socio-economic development
● An alternative to ensure cost-effective energy security and downstream growth
● In-country investment and use of resources
● Driving significant skills transfer to the local workforce
● Supplier of world-class products
O&S, Lake Charles, Louisiana ORYX GTL, Qatar
better together… we deliver 7
making a positive contribution
in South Africa
● One of the largest corporate taxpayers - contributing R28,2bn in FY12
● FY12 capex spend in South Africa increased by 14% to R18,8bn
● Invested R819m in skills development in South Africa in FY12
● Committed R309,4m to socio-economic development in South Africa in FY12
● Surpassed Mining Charter BEE ownership thresholds set for 2014
● Proud sponsor of the 2012 South African Olympic and Paralympic teams
Brandspruit colliery, Secunda Induction training, Secunda
better together… we deliver 8
delivering on key milestones in 2H12
abroad
● FEED work for Uzbekistan GTL plant progressing according to schedule
● Canada GTL feasibility study completed
● Feasibility studies for a US integrated GTL and chemicals facility as well as a world scale
ethane cracker progressing well and coming to closure
● Successful expansion of Mozambique CPF from 120 mGJ to 183 mGJ
● Developing additional gas-fired electricity generation capacity in Mozambique
Lake Charles, Louisiana Gas pipeline, Mozambique
better together… we deliver 9
delivering on key milestones in 2H12
in South Africa
● The R3,4bn Thubelisha mine shaft was inaugurated at the Twistdraai colliery
● Synfuels growth programme delivers results with:
• the commissioning of two new gasifiers and the 17th reformer
• the gas turbines, 10th Sasol advanced synthol reactor, and 16th oxygen train delivering in
line with expectations
● Sasol New Energy began construction of a 140MW electricity generation plant in Sasolburg
Open cycle gas turbines, Secunda Brandspruit colliery, Secunda
better together… we deliver 10
solid operations
operations highlights
● ORYX GTL plant continues to achieve new production records and is consistently producing
above its design capacity of 32 400bpd
● Enhanced production performance at Arya Sasol Polymer Company
● Sasol Synfuels delivered production for the year of 7,2 mt
• 2H12 production run-rate of 7,6 mt – best in five years
● Safety improvement plans deliver positive results
Synfuels, Secunda ORYX GTL, Qatar
better together… we deliver 11
delivering superior shareholder returns
record earnings
● Significant improvement in second half production
● Cash fixed costs in line with inflation
● Operating profit up 23% to R36,8bn
● Headline earnings per share up 25% to R42,28
● Total dividend up 35% to R17,50 per share
● Cash generated by operations up 24% to R47,9bn
Synfuels, Secunda O&S, Germany
JSE: SOL | NYSE: SSL
better together… we deliver
financial and
operational
performance
Christine Ramon chief financial officer
better together… we deliver 13
Prices reflect international commodities or baskets of commodities and are not necessarily Sasol specific
Sources: RSA Department of Energy, ICIS-LOR, Reuters, Platts, World Scale Association, McCloskey, International Energy Agency
favourable macro environment despite softer
chemicals markets U
S$
/to
n
Softening chemical prices
Polymers basket
Solvents basket
US
$1
= Z
AR
Weakening currency
0
5
10
0
100
200
$/m
mb
tu (
ga
s p
rice)
US
$/b
bl
Higher fuel and oil, lower US gas prices
Brent
Product price
Henry Hub
$1 308
$1 420
$1 284
$1 362
FY11 FY12
$96
$131
$112
FY11 FY12 FY11 FY12
R7,01
R7,78
$4,15 $3,05
$108
Commodity prices
Rand/unit
Average
FY12
% ∆ vs
FY11
Brent/bbl 875 ▲ 30
Fuel products/bbl 1 021 ▲ 34
Polymers/ton 9 982 ▲ 9
Solvents/ton 10 563 ▲ 6
Export coal/ton 822 ▲ 9
better together… we deliver 14
2012 2011 % ∆
SA Energy 29,0 19,9 ▲ 45
International Energy (0,1) 1,6 ▼103
Chemicals 6,5 8,7 ▼ 25
Other 1,4 (0,3)
Operating profit (Rbn) 36,8 29,9 ▲ 23
Operating margin (%) 21,7 21,0 ▲ 1
Earnings per share (R) 39,10 32,97 ▲ 19
Dividend per share (R) 17,50 13,00 ▲ 35
Cash generated by
operations (Rbn) 47,9 38,6 ▲ 24
SA energy drives growth in group profitability
● Significant improvements in production
performance in 2H12
● Operating profit negatively impacted by
once-off charges of R2,1bn (FY11: R1,1bn)
● Robust performance from SA Energy
● International energy impacted by Canada
non-cash costs
● Chemicals negatively impacted by lower
demand and margin squeeze
79%
17%
4%
Operating profit split
SA Energy Intl Energy Chemicals Other
better together… we deliver 15
Costs
and volumes
Macro
environment
20 476 0%
(5%) (5%) (5%) (4%)
∆ (20)% 16 282
(5%)
4%
∆ 23% 36 758
0
10 000
20 000
30 000
40 000
1H12 Exchange rate¹
Crude oil and prices
Once-offs² Period-end adjust- ments³
Depre- ciation
Costs and other
Sales volumes
2H12 FY12
Rm
Operating profit
1. Includes losses on forward exchange contracts (R-1,1bn) and Arya market rate adjustment (-R0,4bn)
2. Includes Canada impairment (-R1,0bn) and other remeasurement items
3. Includes adjustments for provision for rehabilitation (-R0,7bn), stock movements (-R0,1bn), share-base payment expenses (R0,8bn) and period-end incentive
provisions (-R1,1bn)
4. Includes incremental depreciation for Canada (-R0,5bn)
5. Includes growth and study costs (-R0,4bn) and 2H vs 1H timing difference on labour cost increases (-R0,3bn)
once-off charges and period-end adjustments
significantly impact 2H12 operating profit
Chemicals
profits down by
50% in 2H12
⁴ ⁵
better together… we deliver 16
31 678 1% (2%) 32 280 (2%) (8%) (1%)
∆ (12%) 35 568
0
10 000
20 000
30 000
40 000
50 000
2011 Once-offs¹ Growth and study costs
Period-on- period
normalised
Exchange rate
Inflation Maintenance and other
2012
Rm
Cash fixed costs
1. Includes prior year competition related fines and current year O&S Witten plant disposal (cash fixed costs)
cash fixed costs contained to inflation
despite a challenging environment
Cash
fixed costs increase 9%
excl. study, growth, once-off
and currency effects
better together… we deliver 17
Operating profit (Rm) 2012 2011 % ∆
Mining 2 287 1 063 ▲ 115
Gas 2 985 2 578 ▲ 16
Synfuels 22 095 15 188 ▲ 45
Oil 1 592 1 180 ▲ 35
Other (2) (62)
Total cluster 28 957 19 947 ▲ 45
SA energy:
underpins group profit and cash generation
● Mining benefited from higher sales volumes and
prices to Synfuels. BEE ownership now > 40%
● Gas improved volumes and sales prices
● Synfuels improved production volumes and
prices, reduced by higher cash fixed costs
• 2H12 production run-rate best in 5 years
● Oil benefited from higher product prices and
margins despite lower sales volumes
16th oxygen train, Secunda Thubelisha mine shaft, Secunda
better together… we deliver 18
international energy:
GTL flagship ORYX drives growth in SSI's profits
● Strong ORYX performance. Margin expansion
and production up 9%
• continues to achieve new production records
● Increased Mozambique production reduced by
impairment of Block 16/19 and Australian dry
wells
● Canada affected by impairment, due to low gas
prices, and high depreciation
• upstream operations cash positive
Operating profit (Rm) 2012 2011 % ∆
SSI 1 881 1 205 ▲ 56
ORYX 2 856 1 937 ▲ 47
Funding growth (975) (732) ▼ 33
SPI (1 936) 382
Mozambique and Gabon 1 055 1 064 ▼ 1
Canada upstream (2 226) (78)
Exploration and growth (765) (604) ▼ 27
Total cluster (55) 1 587 ▼103
Total cluster ex Canada 2 171 1 665 ▲ 30
ORYX GTL, Qatar Gas drilling rig, Mozambique
better together… we deliver 19
chemicals:
margins optimised despite challenging market conditions
● Polymers in line with industry trends
• SA business under severe pressure
• Arya achieved average utilisation rate of 84%
● Solvents delivered flat production, offset by
lower sales volumes and margins
● O&S sustained robust performance, excluding
impact of once-offs
• production matched to weaker demand and
to optimise margins
Operating profit (Rm) 2012 2011 % ∆
Polymers 716 1 579 ▼ 55
Solvents 1 403 1 655 ▼ 15
O&S 3 193 4 161 ▼ 23
Other 1 188 1 317 ▼ 10
Total cluster 6 500 8 712 ▼ 25
Infrachem lab, South Africa Wax expansion, Sasolburg EPU5, Sasolburg
better together… we deliver 20
1. Estimate
growth strategy gaining momentum
29,2
32,0 34,0
0
10
20
30
40
2012 2013e¹ 2014e¹
Rb
n
Estimated capital investments
Sustenance Growth
16,1
20,7
29,2
0
10
20
30
40
2010 2011 2012
Rb
n
Increased capital investments to fuel growth
SA Energy Int Energy Chemicals Other
better together… we deliver 21
1. Cash generated by operations after payment of taxes
strong cash flows fund capital investments
and dividends
0
10
20
30
40
50
Sources Uses Sources Uses
Rb
n
Sources and uses of cash
Cash gen. by ops after tax¹ Asset disposals
Dividends Acquisitions and investments
Capex
2011
2012
0
10
20
30
0
10
20
30
2008 2009 2010 2011 2012
%
%
Delivering ROIC ahead of WACC
ROIC WACC IRR target
better together… we deliver 22
1. Source: Bloomberg 30 June 2007 to 30 June 2012, assuming dividends are reinvested in securities
2. JSE Resource 10 index
record dividend boosts superior
shareholder returns
-15%
-5%
32%
-2%
11%
53%
-30% 0% 30% 60%
JSE Resources²
MSCI World Energy
Sasol
Leading TSR over the last 5 years¹
ZAR USD
0
2
4
6
0
10
20
30
2009 2010 2011 2012
%
ZA
R
Record final dividend
Interim Final Dividend yield (year-end)
better together… we deliver 23
FY13 profit outlook: strong management focus
in a challenging environment
● Production
• Synfuels FY13 target of 7,2 mt to 7,4 mt
• maintain ORYX GTL at 80-90% utilisation rate
• Arya utilisation above 80%
• Canada volumes to grow steadily once gas prices trigger further
economic development
● Normalised cash fixed costs contained within South African PPI inflation
● Maintain solid chemicals operating margins
● Expect continued pressure on Polymers South Africa operating margins
Financial and
operational
● Oil price to remain volatile
• geopolitical factors should be supportive of higher oil prices
● Chemicals outlook softening
● Euro zone uncertainty
● Rand remains biggest external factor impacting profitability
• weaker ZAR will improve profitability
Macro
JSE: SOL | NYSE: SSL
better together… we deliver
a compelling
investment
proposition
David E Constable chief executive officer
better together… we deliver 25
Operations
Excellence
Gro
up
im
pe
rati
ve
s
Definition of victory
Capital
Excellence
Business
Excellence
Values-driven
Organisation
Sustainable growth
Accelerate GTL,
focused CTL growth
Grow related upstream
business
Grow technological lead
Grow chemicals based on
feedstock, market and/or
technology advantage
Develop and grow new
energy
Foundation
Develop and empower
high-performing, values-
driven people
Continuously improve
and grow existing asset
base
Deliver on the
South African
transformation agenda
Grow
shareholder
value
sustainably
strategic agenda to focus the organisation
better together… we deliver 26
top priorities for FY13
● Recordable case rate target of 0,32
● Zero harm Improve safety performance
● Operations stability, reliability and maintainability
● Cost optimisation Enhance operational performance
● Focused strategy to deliver sustainable growth
● Finalise decisions on key projects Accelerate sustainable growth
● Towards a “one team, One Sasol” approach
● Increase focus on performance management Drive a high performance culture
● Working better together to deliver results Strengthen stakeholder relationships
better together… we deliver 27
project pipeline offers significant opportunity
Grow upstream
business
Accelerate GTL,
focused CTL
Grow chemicals based
on technology, market
or feedstock advantage
New Energy
Improve and grow
existing asset base
Feasibility
● Canada shale gas
● Potential acquisition of gas assets
● Coal Bed Methane, Botswana
● Canada GTL
● US GTL
● Integrated US chemicals
● Ethane Cracker
FEED/EPC
● Uzbekistan GTL
● Escravos GTL
● Tetramerisation
● FT wax expansion
● Sasolburg electricity generation
● Secunda growth
● Mine replacement
● Ethylene purification
● Mozambique gas pipeline
● C₃ stabilisation
● Mozambique blocks A, M-10, Sofala, Inhassoro
● Australia
● Durban, South Africa offshore
● Mozambique electricity generation
better together… we deliver 28
gas market dynamics support US strategy
growth strategy focused on North
America
● Shale gas boom presents unique
opportunity
● Gas production to increase ~40% by 2030
● Expect ~60% increase in associated
liquids production
● Sasol able to benefit from both
developments
• GTL benefits from increased gas
volumes at discount to equivalent oil
price
• chemicals benefits from availability
of advantaged ethane feedstock
0
20
40
60
80
100
2000 2005 2010 2015 2020 2025 2030
bcf/d
US gas production¹
0
1000
2000
3000
4000
2000 2005 2010 2015 2020 2025 2030
kb
bl/d US natural gas liquid production¹
Ethane Propane Butane Natural Gasoline
1. Lower 48 states of the United States (excluding Alaska and Hawaii)
better together… we deliver 29
compelling investment proposition
● ORYX GTL flagship
● Highly cash generative
assets
● Continuously improving
existing businesses
● Proven alternative
energy experience in
South Africa and abroad
Su
sta
ina
ble
va
lue
cre
ati
on
Solid
foundation business
● Growing demand for
energy security and
energy independence
● Ability to monetise
hydrocarbon resources
● Strong project pipeline
including US GTL and
ethane cracker
● Capitalise on low
feedstock prices
Attractive
growth strategy
● Solid balance sheet
underpins growth
● Progressive dividend
policy
● Leading long-term
share price
performance
Leading
shareholder returns
JSE: SOL | NYSE: SSL
better together… we deliver
questions
and answers