Annual Financial Statements for the year ended 30 June 2021 0 - Book - Page 24
SASOL LIMITED GROUP
Directors’ report continued
Dividend payments are an important part in the Group’s capital allocation framework. However, given risk of a prolonged period of
economic uncertainty, the Board believes that it would be prudent to continue with the suspension of dividends. This will allow us to
continue to protect our liquidity in the short-term and focus on reducing leverage in order to create a firm platform to execute our
strategy and drive long term shareholder returns. We expect the balance sheet to regain flexibility following the implementation of our
comprehensive response plan.
Based on the going concern assessment (refer to note 2), the Board is of the view that the company and group have adequate resources
to continue in operation for the foreseeable future and accordingly, the annual financial statements have been prepared on a going
During July 2021, social unrest and widespread protest action flared in certain parts of South Africa impacting the movement of product
from refineries, warehouses and the national ports. The impact of this unrest in South Africa resulted in a delay in shipments impacting
the timing of sales over July and August 2021.
In addition, Transnet, who is a key service provider that manage the South African rail, port and pipeline infrastructure was the target
of a ransomware cyber-attack that compromised all their systems. As a result, the supply chain activities contracted to Transnet were
impacted for the duration of their systems being offline. The cyber-attack on Transnet primarily affected operations at several container
terminals and interrupted cargo movement. These issues have subsequently been resolved.
Change in directorate
Mr S Subramoney was appointed as independent non-executive director and member of the Audit Committee with effect from 1 March
2021 and the Company announced the appointment of Ms GMB Kennealy, an independent non-executive director, as Chairman of
the Audit Committee with effect on 1 September 2021 upon the retirement of Mr C Beggs as independent non-executive director and
Chairman of the Audit Committee on 31 August 2021.
PricewaterhouseCoopers Inc. (PwC) was the external auditor of Sasol Limited and its significant subsidiaries for the financial year ended
30 June 2021.
At the Annual General Meeting of 19 November 2021, shareholders will be requested to re-appoint PwC as auditor of Sasol Limited and
to note that Mr J Potgieter will be the individual responsible for performing the functions of the auditor, following the Audit Committee’s
decision to nominate the firm PwC as its independent auditor for the financial year commencing 1 July 2021.
The company secretary of Sasol Limited is Ms M du Toit. Her business and postal addresses appear on the inside back cover.
Sasol Annual Financial Statements 2021