Sasol Limited has announced the appointment of Walt Bruns as its new Chief Financial Officer (CFO), effective from 1 September 2024. Bruns will take over from Hanre Rossouw, who will step down as CFO and executive director on 31 August 2024.
Currently serving as the CFO of Sasol Southern Africa, which encompasses the company’s Energy and Chemicals divisions, Bruns brings extensive experience to his new role. His tenure at Sasol spans 15 years, during which he has held several senior management positions, including over three years as CFO of Sasol’s global chemicals business. Prior to joining Sasol, Bruns worked with Deloitte in South Africa and the United States.
Sasol’s Chairman of the Audit Committee, Trix Kennealy, expressed gratitude for Rossouw’s leadership during challenging times, noting that Bruns’ deep knowledge of Sasol’s operations and his global experience make him well-suited to succeed Rossouw. “The Board welcomes Walt and is looking forward to working with him,” Kennealy said. “His background and experience are well aligned with Sasol’s near- and long-term objectives, and he will play a key role in reshaping our financial success.”
The appointment comes as Sasol faces significant financial difficulties. The company is projected to report a staggering loss for the year ended 30 June 2024 (FY24), exacerbated by challenging market conditions, particularly in the chemicals sector. According to Sasol’s trading statement, the group expects a basic loss per share of between $3.72 and $3.83, reflecting an over 100% drop from the basic earnings per share of $0.76 in FY23.
Sasol’s anticipated financial results for FY24 highlight the extent of the company’s struggle, with impairments totalling approximately $2.98 billion affecting various assets. Key impairments include:
- Chemicals America Ethane Value Chain: $2.54 billion
- Chemicals Africa’s Polyethylene, Chlor-Alkali & Polyvinyl Chloride, and Wax Value Chains: $208 million
- Secunda Liquid Fuels Refinery: $304 million
- Derecognition of Deferred Tax Asset: $795 million
Additionally, unrealised gains of $256 million on the translation of monetary assets and liabilities, and valuation of financial instruments, are expected.
Bruns and the new CEO, Simon Baloyi, will face the formidable task of steering Sasol through these turbulent financial waters, as the company endeavours to stabilise and enhance its financial performance amid a difficult economic environment.
| Metric | FY2023 | FY2024 | % Change |
|---|---|---|---|
| Basic Earnings/Loss Per Share | $0.76 | -$3.72 to -$3.83 | -100%+ |
| Headline Earnings Per Share | $2.92 | $0.65 to $1.19 | -59% to -77% |
| Core Headline Earnings Per Share | $2.47 | $1.91 to $2.32 | -9% to -27% |
