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    Gerhard Engelbrecht

    Research Analyst at Absa Group Limited

    Gerhard Engelbrecht's questions to SASOL (SSL) leadership

    Gerhard Engelbrecht's questions to SASOL (SSL) leadership • H2 2025

    Question

    Gerhard Engelbrecht asked about the drivers behind CapEx coming in below guidance, the rationale for the FY26 volume guidance at Synfuels appearing conservative, details on the South African value chain cost reduction program, and the reason for reduced volume disclosures in the International Chemicals business.

    Answer

    President & CEO Simon Baloyi, CFO Walt Bruns, and EVP of Operations and Projects Victor Bester explained that lower CapEx resulted from a rigorous capital excellence program and deferring low-risk items, which are now included in the FY26 budget. The Synfuels volume guidance reflects a slow ramp-up of the new destoning plant. The cost reduction program is a comprehensive effort involving capital excellence, supply chain optimization, and natural attrition, which has strong employee support. For International Chemicals, the company has shifted to providing more meaningful EBITDA and margin guidance to reflect its 'value over volume' strategy.

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    Gerhard Engelbrecht's questions to SASOL (SSL) leadership • Q4 2016

    Question

    Gerhard Engelbrecht of Macquarie Group Limited inquired about the re-profiling of LCCP capital expenditure and its effect on the project schedule, the reasons for the cost escalation at the Gemini project, and whether the LCCP's contingency would be sufficient if similar issues arose. He also asked about the outlook for fatty oil crude prices.

    Answer

    CFO Paul Victor explained that the LCCP CapEx shift optimizes the spending profile without impacting the project's completion timeline. He and CEO Stephen Cornell attributed the Gemini overrun to adverse weather and craft productivity, but emphasized that structural differences at LCCP, such as a higher degree of modularization, provide confidence in its existing contingency. Mr. Victor also noted that the majority of Sasol's products are not directly tied to market prices for natural oil crudes.

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    Gerhard Engelbrecht's questions to SASOL (SSL) leadership • FY 2015

    Question

    Gerhard Engelbrecht of Macquarie Group asked about the timeline for realizing full benefits from the EPU5 and C3 stabilization projects and questioned the long-term strategy or "end game" for the company's Canadian shale gas assets.

    Answer

    EVP Southern African Operations Bernard Klingenberg clarified that the full-year benefits from EPU5 and C3 stabilization have not yet been realized and are expected in FY2016. An unidentified company representative added that a strategy for the Canadian assets will be presented to the board in Q1 2016, and the company remains "cautiously optimistic" about their value.

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