Sasol Integrated Report 2023 - Book - Page 53
INTRODUCTION
ABOUT SASOL
STRATEGIC OVERVIEW
PERFORMANCE SUMMARY // PROFIT
CREATING VALUE
PERFORMANCE
GOVERNANCE AND REWARDS
ADMINISTRATION
Statement of cash flows for the year ended 30 June
PROFIT
2023
Rm
Cash generated by operating activities
R64,6 billion
Proceeds from long-term debt
R95,0 billion
Repayment of long-term debt
R91,6 billion
Cash available from operating activities
23
49,6
0
41,2
Year
22
34,5
21
30,6
20
43,4
19
0
15
30
Rand billion
45
60
Cash available from operating activities increased from R41,2bn
in 2022 to R49,6bn in 2023 due to a reduction in working
capital. The current year reduction in working capital is due to
focused management intervention to conserve cash, as well as
lower trade receivables as a result of lower sales volumes in the
month June 2023 compared to prior year and lower prices.
Cash receipts from customers
Cash paid to suppliers and employees
Cash generated by operating activities
Dividends received from equity accounted
investments
Finance income received
Finance costs paid
Tax paid
Cash available from operating activities
Dividends paid
Dividends paid to non-controlling
shareholders in subsidiaries
2022
Restated
Rm
Commentary
2021
Rm
298 698
(234 061)
263 332
(207 194)
194 712
(149 598)
64 637
3 765
56 138
3 043
45 114
37
2 242
(7 083)
(13 952)
986
(5 478)
(13 531)
837
(6 173)
(5 280)
49 609
(13 754)
(433)
41 158
(49)
(859)
34 535
(46)
(446)
35 422
40 250
34 043
Additions to non-current assets
(30 247)
(23 269)
(18 214)
additions to property, plant and
equipment
additions to other intangible assets
increase/(decrease) in capital project
related payables
Cash movements in equity accounted
investments
Proceeds on disposals and scrappings
Movement in assets held for sale
Acquisition of interest in equity accounted
investments
Purchase of investments
Proceeds from sale of investments
Decrease in long-term receivables
(30 726)
(22 593)
(15 945)
(128)
607
(120)
(556)
(3)
(2 266)
(95)
(67)
Cash (used in)/received from investing
activities
Proceeds from long-term debt
Repayment of long-term debt
Payment of lease liabilities
Repayment of debt held for sale
Proceeds from short-term debt
Repayment of short-term debt
Cash retained from operating activities
Cash generated by/(used in) financing
activities
Translation effects on cash and cash
equivalents
3
Cash generated by operating activities
Cash generated by operating activities increased by 15% to R64,6 billion
compared to the prior year due to a decrease in working capital,
partially offset by lower cash flow from operations mainly as a result
of increased costs.
Dividends paid
A final gross dividend of R14,70 per share was declared for the year
ended 30 June 2022 and was paid in September 2022.
Additions to non-current assets
The higher capital expenditure is largely due to the scheduled total
Synfuels East factory shutdown, and ramp-up of activities in
Mozambique as well as compliance programmes (Environmental
Compliance Project and Clean Fuels).
Proceeds on disposals and scrappings
2023 includes proceeds from the disposal of 15,5% of our interest in
the Area A5-A offshore exploration licence in Mozambique, while 2022
included proceeds received from the disposal of our investment in
Republic of Mozambique Pipeline Investment Company (Pty) Ltd
(ROMPCO), divestment of our full shareholding in Central Térmica de
Ressano Garcia S.A (CTRG), our interest in Canadian shale gas assets
and our European wax business based in Germany.
8 484
(549)
(56)
43 214
(427)
3
(243)
156
1 393
(95)
26
449
(124)
168
476
(28 234)
(15 077)
25 093
95 035
(91 564)
(2 269)
–
1 787
(1 801)
88
(12 086)
(2 264)
(704)
28
(15)
26 057
(61 454)
(2 180)
(980)
9
(19 717)
Sasol launched and priced an offering of US$750 million guaranteed
senior unsecured convertible bonds due in 2027 and issued R2,1 billion
in the local debt market under the domestic medium term note (DMTN)
programme during the reporting period. The inaugural paper to the
value of R2,2 billion under the previous DMTN programme was repaid
in August 2022 and the US$1 billion bond was repaid in November 2022.
In April 2023 Sasol Financing International Limited and Sasol Financing
USA LLC obtained a revolving credit facility (RCF) of US$1 987 million
and a term loan of US$982 million respectively. The previous RCF and
term loan were repaid. In May 2023, Sasol launched and priced a
US$1 billion (R18,8 billion) bond, with a fixed interest rate of 8,75%,
due in 2029.
(14 953)
(58 265)
Cash and cash equivalents
799
3
–
1 188
2 424
1 759
(2 916)
Increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at the beginning
of year
Reclassification to disposal groups held for
sale and other long-term investments
10 800
11 979
(2 045)
42 967
30 988
–
3
Cash and cash equivalents at the end of
the year
53 767
42 967
SASOL INTEGRATED REPORT 2023
52
34 094
(1 061)
30 988
Proceeds from and repayment of long-term debt
Our net cash on hand position increased from R43 billion as at
30 June 2022 to R54 billion mainly attributable to cash generated
from operations and loans raised. This was partially negated by capital
expenditure, loans repaid and dividends declared and paid.