Sasol Integrated Report 2024 - Book - Page 56
INTRODUCTION
ABOUT SASOL
STRATEGIC OVERVIEW
BUSINESSES
ESG
DATA AND ASSURANCE / ADMINISTRATION
REMUNERATION REPORT
STATEMENT OF FINANCIAL POSITION
PROFIT
At 30 June
Rm
2023
Restated
Rm
163 589
12 351
2 462
14 742
2 536
910
4 030
446
37 193
238 259
40 719
456
36 533
3 532
45 383
126 623
98
364 980
225 472
11 685
3 191
14 804
2 164
784
3 040
453
37 716
299 309
42 205
411
35 905
1 772
53 926
134 219
310
433 838
143 005
4 422
147 427
115 913
15 173
14 396
11 356
446
569
5 205
163 058
3 948
4 750
1 108
44 198
320
50
121
54 495
–
364 980
196 904
4 620
201 524
82 319
14 382
15 531
11 343
465
933
5 294
130 267
43 743
4 319
1 876
48 518
966
2 464
159
102 045
2
433 838
2024
Non-current assets
R238 billion
Current assets
R127 billion
Total assets
R365 billion
Return on invested capital (ROIC)
30
20
10
0
(10)
(20)
(30) (29)
(40)
(40)
(50)
18 21
8
5
6
%
7
(13) (15)
20
21
22
Year
Including AUC
23
24
Excluding AUC
The decline in ROIC for 2024 is mainly a result of
impairment of assets relating to various cash
generating units across the group.
Net debt to EBITDA
24
1,5
Year
23
1,3
1,1
22
1,9
21
5,1
20
0
1
2
3
time
4
5
6
Net debt: EBITDA ratio of increased from 1,3 times to
1,5 times in 2024 due to an increase in net debt and
lower adjusted EBITDA.
Assets
Property, plant and equipment
Right-of-use assets
Goodwill and other intangible assets
Equity accounted investments
Other long-term investments
Post-retirement benefit assets
Long-term receivables and prepaid expenses
Long-term financial assets
Deferred tax assets
Non-current assets
Inventories
Tax receivable
Trade and other receivables
Short-term financial assets
Cash and cash equivalents
Current assets
Assets in disposal groups held for sale
Total assets
Equity and liabilities
Shareholders’ equity
Non-controlling interests
Total equity
Long-term debt
Lease liabilities
Long-term provisions
Post-retirement benefit obligations
Long-term deferred income
Long-term financial liabilities
Deferred tax liabilities
Non-current liabilities
Short-term debt
Short-term provisions
Tax payable
Trade and other payables
Short-term deferred income
Short-term financial liabilities
Bank overdraft
Current liabilities
Liabilities in disposal groups held for sale
Total equity and liabilities
SASOL INTEGRATED REPORT 2024
54
Commentary
Property, plant and equipment
Additions to property, plant and equipment amounted to R30,1 billion and current
year depreciation amounted to R12,9 billion. Asset impairments in 2024 amounted
to R74,9 billion. Refer to Remeasurement items under the Income statement for
detail of the impairments.
Inventories
The year-on-year decrease in inventories mainly relates to lower stock volumes on
hand at June 2024 compared to June 2023 which included the result of effective
management of fuels inventory.
Trade and other receivables
The year-on-year increase in trade and other receivables is mainly due to working
capital initiatives undertaken in the prior year, as well as an increased VAT receivable
due to capital project development costs.
Short-term financial assets
Short-term financial liabilities increased compared to the prior year mainly due to
forward exchange contracts and other derivative financial instruments that were in
the money during the year, as well as an increase in investments in equity and bonds.
Debt
Our total debt was R117,8 billion compared to R125,6 billion at 30 June 2023, with
approximately R112,5 billion (US$6,2 billion) denominated in US dollar. The stronger
closing rand/US dollar exchange rate had a R4 billion (decrease) impact on the debt
balance. At 30 June 2024, gearing was 64,0% (30 June 2023: 44,7%) and Net debt:
EBITDA was 1,5 times (30 June 2023: 1,3 times).
Short-term debt
The current year short-term debt balance consists mainly of accrued interest, while
the prior year balance included the US$1,5 billion bond which was repaid in March 2024
and the convertible bond which was classified as short-term until shareholders’
approval was obtained.
Trade and other payables
Trade and other payables decreased compared to the prior year in line with our working
capital and cashflow management process.
Long-term and short-term financial liabilities
Short-term financial liabilities decreased compared to the prior year mainly due to a
decrease in the embedded derivative related to the convertible bond per the latest
valuation report, as well as foreign exchange differences in the Oxygen supply contract
embedded derivative.
