沙索有限公司报告2024年12月31日止六个月收入下降10%,调整后每股收益下降31%

财报速递
24 Feb
沙索有限公司2024年12月31日止六个月的财务表现受制于严峻的宏观经济和运营环境。严格的成本控制和高效的资本管理帮助抵消了影响,并改善了与2023年12月31日止六个月(上期)相比的自由现金流生成。 本期收入为1221亿南非兰特,比上期下降了10%,主要原因是: - 布伦特原油桶均价下降13%,炼油利润率和燃油价格差异显著下降; - 由于产量减少和市场需求减弱,销售量减少5%。 调整后的息税折旧摊销前利润(调整后EBITDA)为239亿南非兰特,比上期下降了15%,主要由于上述收入减少,而严格的成本管理帮助缓解了影响。国际化学的相对贡献从6%增加到13%。 息税前利润(EBIT)为95亿南非兰特,比上期下降了40%,受到包括以下非现金调整的影响: - 重估项目净亏损62亿南非兰特,而上期为净亏损58亿南非兰特,主要由于继承达液体燃油炼油厂现金产生单元(CGU)减值50亿南非兰特和萨索堡液体燃油炼油厂CGU减值6亿南非兰特。两个CGU仍完全减值,导致本期资本化金额被减值。 - 金融工具及衍生合同的翻译未实现亏损1亿南非兰特,而上期为未实现收益27亿南非兰特。 基于上述情况,每股基本收益(EPS)下降52%至每股7.22南非兰特;调整后每股收益(HEPS)下降31%至每股14.13南非兰特。 由于营运资本的变化,经营活动产生的现金增加了20%至176亿南非兰特。资本支出(不包括资本项目相关应付账款变动)为150亿南非兰特,比上期下降了6%。 截至2024年12月31日,我们的总负债为1169亿南非兰特(62亿美元),而截至2024年6月30日为1177亿南非兰特(65亿美元)。本期沙索存入周转信用额度54亿南非兰特(3亿美元)。我们的净负债(不含租赁)为818亿南非兰特(43亿美元),而截至2024年6月30日为737亿南非兰特(41亿美元),增加的原因是上述负自由现金流。

以上内容来自Benzinga Earnings专栏,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.

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