沙索有限公司2024年12月31日止六個月的財務表現受制於嚴峻的宏觀經濟和運營環境。嚴格的成本控制和高效的資本管理幫助抵消了影響，並改善了與2023年12月31日止六個月（上期）相比的自由現金流生成。 本期收入爲1221億南非蘭特，比上期下降了10%，主要原因是： - 布倫特原油桶均價下降13%，煉油利潤率和燃油價格差異顯著下降； - 由於產量減少和市場需求減弱，銷售量減少5%。 調整後的息稅折舊攤銷前利潤（調整後EBITDA）爲239億南非蘭特，比上期下降了15%，主要由於上述收入減少，而嚴格的成本管理幫助緩解了影響。國際化學的相對貢獻從6%增加到13%。 息稅前利潤（EBIT）爲95億南非蘭特，比上期下降了40%，受到包括以下非現金調整的影響： - 重估項目淨虧損62億南非蘭特，而上期爲淨虧損58億南非蘭特，主要由於繼承達液體燃油煉油廠現金產生單元（CGU）減值50億南非蘭特和薩索堡液體燃油煉油廠CGU減值6億南非蘭特。兩個CGU仍完全減值，導致本期資本化金額被減值。 - 金融工具及衍生合同的翻譯未實現虧損1億南非蘭特，而上期爲未實現收益27億南非蘭特。 基於上述情況，每股基本收益（EPS）下降52%至每股7.22南非蘭特；調整後每股收益（HEPS）下降31%至每股14.13南非蘭特。 由於營運資本的變化，經營活動產生的現金增加了20%至176億南非蘭特。資本支出（不包括資本項目相關應付賬款變動）爲150億南非蘭特，比上期下降了6%。 截至2024年12月31日，我們的總負債爲1169億南非蘭特（62億美元），而截至2024年6月30日爲1177億南非蘭特（65億美元）。本期沙索存入週轉信用額度54億南非蘭特（3億美元）。我們的淨負債（不含租賃）爲818億南非蘭特（43億美元），而截至2024年6月30日爲737億南非蘭特（41億美元），增加的原因是上述負自由現金流。

以上內容來自Benzinga Earnings專欄，原文如下：

Sasol's financial performance for the six months ended 31 December 2024 was impacted by a challenging macroeconomic and operating environment. Stringent cost and efficient capital management helped to off-set the impact and improve free cash flow generation compared to the six months ended 31 December 2023 (the prior period).

Revenue of R122,1 billion is 10% lower than the prior period, mainly as a result of:

• A 13% decline in the average Rand per barrel Brent crude oil price and a significant decline in refining margins and fuel price differentials; and
• A 5% decrease in sales volumes as a result of lower production and lower market demand as detailed in the Production and Sales Metrics published on 23 January 2025.

Adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) of R23,9 billion is 15% lower compared to the prior period mainly as a result of the aforementioned lower revenue with stringent cost management implemented in response helping to mitigate the impact. The relative contribution from International Chemicals increased from 6% to 13%.

Earnings before interest and tax (EBIT) of R9,5 billion is 40% lower than the prior period and impacted by non-cash adjustments including:

• A net loss of R6,2 billion from remeasurement items compared to a net loss of R5,8 billion in the prior period, mainly due to further impairments of the Secunda liquid fuels refinery cash generating unit (CGU) of R5,0 billion and the Sasolburg liquid fuels refinery CGU of R0,6 billion. Both CGUs remain fully impaired, resulting in amounts capitalised during the current period being impaired.
• Unrealised losses of R0,1 billion on the translation of monetary assets and liabilities, and valuation of financial instruments and derivative contracts compared to unrealised gains of R2,7 billion in the prior period.

As a result of the above, basic earnings per share (EPS) decreased by 52% to R7,22 per share and Headline earnings per share (HEPS) decreased by 31% to R14,13 per share compared to the prior period.

Cash generated by operating activities increased by 20% to R17,6 billion compared to the prior period mainly due to changes in working capital. Capital expenditure, excluding movement in capital project related payables, amounted to R15,0 billion, 6% lower than the prior period.

At 31 December 2024, our total debt was R116,9 billion (US$6,2 billion) compared to R117,7 billion (US$6,5 billion) at 30 June 2024. Sasol deposited R5,4 billion (US$0,3 billion) on the Revolving credit facility during the current period. Our net debt (excluding leases) was R81,8 billion (US$4,3 billion) compared to R73,7 billion (US$4,1 billion) at 30 June 2024 with the increase due to the aforementioned negative free cash flow.