Sasol Delays Release of Financial Results Again
2019-09-09    []
Petrochemicals company Sasol on Friday announced that it had again decided to delay the announcement of its 2019 financial results to October.
The company had initially been due to release its results for the year ended June 30, on August 19, but, only days before, postponed it to September 19, sending its shares down nearly 16%.
Following the announcement of another delay on Friday morning, Sasol’s share price declined by 4.2% compared with Thursday’s close.
The second delay, Sasol explained, was to allow for the completion of the assessment of possible internal control weaknesses identified during the previously-announced independent review.
Additionally, the company has resolved to commission additional work under the independent review and to stipulate for an in-depth investigation into certain aspects contemplated under the original scope.
This will allow a complete and thorough investigation, it said, which will enable the effective conclusion of the audit of the company’s 2019 financial results.
The work includes an assessment of whether any identified control weakness and root cause of the changes in the cost and schedule of the Lake Charles chemicals project (LCCP) were present in the previous financial year and/or in the technology function of the Sasol group.
Sasol in May announced that the capital cost of the LCCP had increased to between $12.6-billion and $12.9-billion, from the previous estimates of between $11.6-billion and $11.8-billion. At the time, it attributed the increase in the capital cost to a $530-million adjustment as a result of oversights by the project team in its February 2019 estimate, as well as a $470-million adjustment due to additional events and remaining work.

News service Bloomberg last month reported that, as a result of the cost overruns at the LCCP, some fund managers have suggested that Sasol co-CEO Stephen Cornell step down.



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