Sasol Integrated Report 2023 - Book - Page 25
INTRODUCTION
ABOUT SASOL
STRATEGIC OVERVIEW
PERFORMANCE
CREATING VALUE
GOVERNANCE AND REWARDS
ADMINISTRATION
PRESIDENT AND CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED
sustainably profitable organisation in the medium
term. We are forging ahead with renewed vigour
to reset and lay the groundwork to ensure this.
Despite continued volatility over the period, the
Board declared a final dividend of R10,00 per
share, in line with our dividend policy.
QUESTION:
How do employees perceive Sasol’s culture?
Our most recent employee survey reflected
a participation response rate of 75%,
a 7% improvement from 2019; with overall
employee engagement at 74% favourability,
reflecting an engaged, enabled, and
energised workforce.
Overall, the survey showed several significant
improvements against past survey themes and
focus areas. Notable improvements were
reflected in areas such as living the Values, safety
to speak up, goal clarity and employee optimism
about Sasol’s future and strategy.
QUESTION:
QUESTION:
What benefits does the joint venture (JV)
between Sasol and Topsoe hold and what are
the long-term strategies envisioned for the JV?
How has the Company performed financially?
The aviation sector contributes about
2 – 3% to global greenhouse gas emissions.
Decarbonising air transport through more
sustainable ways to fly is of the utmost
importance and has been called for
worldwide by both the industry and
regulators.
The Topsoe JV will focus on developing, building,
owning, and operating sustainable aviation fuel
(SAF) plants, and marketing SAF. The fuels will
be derived primarily from non-fossil feedstock,
utilising green hydrogen, sustainable sources
of carbon and/or biomass with a specific focus
on Sasol’s Fischer-Tropsch and Topsoe’s related
technologies.
This JV, still under consideration by the relevant
competition authorities, will see us combine our
unique technologies, capabilities and deep
industry experience with Topsoe to lay the
foundation to deliver SAF at scale.
For Sasol, the JV not only furthers our global SAF
aspiration, but is also an important milestone in
advancing our long-term strategy to achieve our
net zero ambition by 2050.
Our financial results for the year are
reflective of various mixed factors.
We continue to face macro challenges
with headwinds on demand and pricing,
particularly in chemicals alongside
persistent inflation with elevated
feedstock and energy costs.
We are also encountering specific challenges
in our operating environment, notably in
South Africa where we have been impacted by
the performance of state-owned enterprises.
However, we have benefitted from an elevated
oil price and a weaker rand/dollar exchange rate,
and we have seen real progress in the mitigating
actions that we have taken in many of the areas
within our control. This is driving better
performance in important areas like the Mining
business, more resilience with the ability to reset
to more aggressive targets on Sasol 2.0 following
recent outperformance, and progress towards the
longer term goals of Future Sasol.
IR
For more detail on our financial performance refer to CFO’s
Statement on page 26
More broadly, the cost and operating challenges
we have faced have required us to re-assess the
steps we need to take to ensure Sasol remains a
The survey also highlighted areas for
improvement including process and system
efficiency, strengthening our Employee Value
Proposition to allow our people to feel a stronger
sense of belonging, recognition, work-life balance
and opportunities to learn and grow. These
learnings have been integrated into our culture
journey plans for the businesses.
By acknowledging both our strengths and areas
for growth, we remain committed to creating
an even more fulfilling work environment for
our employees and building a thriving workplace
culture at Sasol.
The Reset of Sasol will
only be successful with
the efforts of Team Sasol.
Building a thriving workplace
culture with all our people
having a sense of belonging
and opportunities to learn
and collaborate, will enable
shared value creation.
SASOL INTEGRATED REPORT 2023
24
QUESTION:
What are the focus areas for the next year?
My mantra as Chief Executive Officer has
been REALISM, FOCUS, and DELIVERY.
We must be REALISTIC about our challenges
and opportunities, FOCUS on what will
take us forward, and DELIVER against
targets and market promise. Applying
these principles on a foundation of safety,
compliance, operational discipline and
care for our people will enable us to
stabilise our foundation business through
the Reset activities enabling the last two
horizons of the Future Sasol strategy.
This will be done through focusing and
progressing the following focus areas:
Business performance improvement – coal quality
and productivity stability improvement at Sasol
Mining, maintaining volume recovery of our
South African value chain and commercial ramp-up
of the Lake Charles Chemicals Complex.
Ongoing delivery on transformation – Sasol 2.0
Reset targets, customer experience and service
delivery.
Review and align targets and progress on GHG
reduction targets, considering our means and a
just transition roadmap.
The implementation of an integrated air quality
and greenhouse gas (GHG) reduction solution
is an imperative for us. This is dependent on SO2
emissions from the boilers at the steam plants
at our Secunda Operations being regulated on
an alternative load-based emission limit from
1 April 2025 onwards.
Resetting our business through these focus areas
will only be successful with the efforts of Team Sasol.
We have navigated complex situations before and
I have no doubt that through the commitment and
hard work of Sasol’s people, we will do so again.
Fleetwood Grobler
President and Chief Executive Officer
31 August 2023
