Sasol Ltd (SSL) 2024 Q2 法說會逐字稿

Good morning, and welcome to Sasol Limited's Financial Year 2024 Interim Results Presentation. Thank you for dialing in and listening to our announcement. My name is Tiffany Sydow from investor relations. With me is Fleetwood Grobler, President, and CEO of Sasol and Hanré Rossouw, Chief Financial Officer.

早安，歡迎來到沙索有限公司 2024 財年中期業績發表會。感謝您撥入並收聽我們的公告。我是投資者關係部的蒂芬妮‧賽多 (Tiffany Sydow)。和我在一起的還有 Sasol 總裁兼執行長 Fleetwood Grobler 和財務長 Hanré Rossouw。

Fleetwood will start today's presentation with an overview of the business performance in this period. The financials will be covered in more detail by Hanré. Fleetwood will then conclude with a brief update on our social commitment and sustainability and strategy. We will commence with the Q&A session immediately thereafter, where you will have an opportunity to engage with management and ask a few questions via our webcast or teleconference facility.

弗利特伍德將在今天的演講開始時概述這一時期的業務表現。Hanré 將更詳細地介紹財務數據。最後，弗利特伍德將簡要介紹我們的社會承諾、永續發展和策略。此後我們將立即開始問答環節，您將有機會與管理層互動並透過我們的網路廣播或電話會議設施提出一些問題。

I'd like you to note our forward-looking statement shown on the slide. Please peruse in your own time and note the important information regarding statements that are made in this presentation. Thank you and now handing over to Fleetwood to commence this presentation today.

我希望您注意投影片上顯示的我們的前瞻性聲明。請在您自己的時間仔細閱讀並注意有關本簡報中所做陳述的重要資訊。謝謝您，現在請弗利特伍德開始今天的演講。

Good day, everyone, and welcome to our interim financial results update for the 2024 financial year. The last six months have again seen an incredibly challenging external environment for us to navigate with a high level of macro uncertainty, inflationary pressure, weak economic growth, and specific operating constraints in South Africa.

大家好，歡迎閱讀我們 2024 財年中期財務業績更新。過去六個月，我們再次面臨著極其具有挑戰性的外部環境，需要應對南非的高度宏觀不確定性、通膨壓力、疲軟的經濟成長和特定的營運限制。

These factors have had a material impact on our business, particularly with lower prices and demand across many of our chemical products, but they are not the sole determinant of our performance as an organization. We have worked hard to mitigate the external pressures to the extent that we can through focus on the issues that we can control.

這些因素對我們的業務產生了重大影響，特別是我們許多化學產品的價格和需求下降，但它們並不是我們組織績效的唯一決定因素。我們努力透過專注於我們可以控制的問題來盡可能減輕外部壓力。

As part of this, I'm pleased that we continue to deliver against our Sasol 2.0 improvement program targets, and we [deliver] through the operational improvement in South Africa. Unfortunately, though our efforts were hampered by persistent underperformance of the state owned enterprises involved in Sasol's value chain and in some instances, unplanned safety related production stoppages.

作為其中的一部分，我很高興我們繼續實現 Sasol 2.0 改進計劃目標，並透過南非的營運改善來實現這一目標。不幸的是，儘管我們的努力受到沙索價值鏈中國有企業持續表現不佳以及在某些情況下與安全相關的意外停產的阻礙。

Moving forward, whilst we are well positioned to benefit from a turn in the chemical cycles, at this stage, we need to keep absolutely focused on our priorities to step up cash flow generation to make sure that we maintain the robust balance sheet needed to cope in these extremely uncertain times.

展望未來，雖然我們處於有利地位，可以從化學週期的轉變中受益，但在現階段，我們需要絕對專注於我們的優先事項，以加強現金流的產生，以確保我們維持應對所需的穩健的資產負債表在這個極度不確定的時期。

As with previous results presentations, I will start by reviewing our half year performance across our people, planet and profit pillars. From a safety standpoint, the period has been marred by four tragic fatalities, [Mr. Zolani Dube], [Mr. Dumas Army], [Dumile], [Mr. BC Matlobo], [Mr. Maduna] lost their lives in work-related incidents and we again express our heartfelt condolences to their families, friends, and colleagues.

與之前的業績演示一樣，我將首先回顧我們在員工、地球和利潤支柱方面的半年業績。從安全角度來看，這段時期發生了四起悲慘死亡事件，[先生。佐拉尼·杜貝]，[先生。杜馬斯軍]、[杜米爾]、[杜馬斯先生] BC Matlobo]，[先生。 Maduna] 在工作相關事件中喪生，我們再次向他們的家人、朋友和同事表示衷心哀悼。

Safety is our priority, and we must continue our work towards zero harm. Our recordable case rate of 0.024 for the half year is below the 0.027 of the corresponding period last year. Our dedication to enhancing social welfare in our communities remains steadfast exemplified by our investment of over ZAR280 million in social impact programs. We continue to actively participate in initiatives aimed at uplifting communities, yielding positive and impactful results for the most vulnerable members of society.

安全是我們的首要任務，我們必須繼續努力實現零傷害。半年可記錄病例率為 0.024，低於去年同期的 0.027。我們堅定不移地致力於提高社區的社會福利，我們在社會影響力項目上投資超過 2.8 億南非蘭特就是例證。我們持續積極參與旨在提升社區水平的舉措，為社會最弱勢成員帶來積極和有影響力的成果。

Staying with the theme of people in November last year, we announced the appointment of Simon Baloyi, our EVP for energy operations and technology as my successor with effect from 1 April 2024. I'm also pleased to confirm that headed for June, our SVP Secunda operations will assume Simon's control on our Group Executive Committee on the same date. I share the Board's confidence that the wealth of experience and leadership capabilities that both Simon and Hanré possess will be a considerable asset to Sasol in delivering sustainable performance improvements.

秉承去年 11 月以人為本的主題，我們宣布任命能源營運和技術執行副總裁 Simon Baloyi 為我的繼任者，自 2024 年 4 月 1 日起生效。我還很高興地確認，到 6 月份，我們的 SVP Secunda 將在同一天接管 Simon 對我們集團執行委員會的控制權。我與董事會一樣相信，Simon 和 Hanré 所擁有的豐富經驗和領導能力將成為沙索實現永續績效改善的重要資產。

On our planet pillar, we again recorded excellent progress in our renewable energy procurement program. Over 600 megawatt has now been procured for Secunda operations and a further 69 megawatt for Sasolburg, of which approximately 498 megawatt has reached financial close and some of which is under construction.

在我們的地球支柱上，我們的再生能源採購計畫再次取得了良好進展。目前已為 Secunda 營運採購了超過 600 兆瓦，並為 Sasolburg 採購了 69 兆瓦，其中約 498 兆瓦已完成財務結算，其中一些正在建設中。

In Mozambique, our gas drilling campaign continues to yield positive results with four additional wells coming online during the period under review. On profit, our continued focus on operational improvement is yielding results with productivity improvements realized in mining and higher volumes delivered at Secunda operations.

在莫三比克，我們的天然氣鑽探活動持續取得正面成果，在審查期間新增四口井上線。在利潤方面，我們對營運改善的持續關注正在取得成果，採礦業實現了生產力提高，Secunda 營運的交付量也增加了。

These and other notable areas of delivery helped partially offset the impacts of severe macro headwinds and challenges that we continue to face with South African state-owned entities involved in Sasol's value chain. Despite continued volatility over the period, the Board decided to declare an interim dividend of ZAR2 per share.

這些和其他值得注意的交付領域有助於部分抵消嚴重宏觀逆風的影響以及參與沙索價值鏈的南非國有實體繼續面臨的挑戰。儘管期內波動持續，董事會仍決定宣派每股 2 南非蘭特的中期股息。

Turning to safety, earlier, I acknowledge that we suffered four tragic fatalities over the past six months. Any workplace fatality is a deeply heart wrenching experience for all of us with a profound sense of loss felt not only by the loved ones and friends, but suffered colleagues too. Any loss of life or harm is simply an unacceptable to us. And we are working incredibly hard to realize a zero harm workplace because we want all our people, employees, and contractors alike to return home safely each day. While no further reason is needed to pursue our safety agenda, it is also true that safety incidents often lead to unplanned work stoppages, which impacts our production.

談到安全問題，早些時候，我承認我們在過去六個月中遭受了四起悲慘死亡事件。對我們所有人來說，任何工作場所的死亡事件都是令人心碎的經歷，不僅我們的親人和朋友，而且還有遭受苦難的同事都感受到了深深的失落感。任何生命損失或傷害對我們來說都是不可接受的。我們正在非常努力地實現零傷害工作場所，因為我們希望所有員工、員工和承包商等每天都能安全回家。雖然不需要更多理由來推行我們的安全議程，但安全事故確實經常導致計劃外停工，從而影響我們的生產。

Our commitment to excellence in safety is an embedded priority, and we have bolstered existing safety initiatives through institutionalizing learnings, reinforcing our lifesaving rules and focused leadership, visibility and engagement to help prevent future incidents.

我們對卓越安全的承諾是我們的首要任務，我們透過制度化學習、加強我們的救生規則以及集中的領導力、可見性和參與度來支持現有的安全舉措，以幫助預防未來的事故。

Furthermore, our high-severity injury prevention program remains the backbone for improving our sheer performance as we mature the program, we can see that it is reaping results as we continue to see our fires, explosions and releases or if your severity rate decreases, there were no major issues or incidents during the first half of FY24.

此外，隨著我們的計劃不斷成熟，我們的高嚴重傷害預防計劃仍然是提高我們純粹績效的支柱，隨著我們繼續看到火災、爆炸和洩漏，或者如果您的嚴重程度下降，我們可以看到它正在取得成果。

Through our humanizing safety initiative, we are driving a culture that looks beyond safety statistics. Here, our focus is on showing here through every layer of influence. Instead of only through a compliance-driven approach. We are striving to provide an enduring the safe work environment. This requires a dedicated leader champion safety culture. And as important employees who are fully engaged and comply with all safety rules and procedures, we speak up, report, and stop unsafe work immediately if that is required.

透過我們人性化的安全措施，我們正在推動一種超越安全統計數據的文化。在這裡，我們的重點是透過每一層影響來展示。而不僅僅是透過合規驅動的方法。我們正在努力提供持久安全的工作環境。這需要專門的領導者倡導安全文化。作為全心投入並遵守所有安全規則和程序的重要員工，我們會大聲疾呼、報告並在需要時立即停止不安全的工作。

As I referenced in my opening remarks, Sasol faced a challenging macro backdrop during this period, and many of these factors continue to pose near-term challenges to our business. They include high inflation and weak economic growth. While our chemicals business also faces weak demand and margin pressure, we are taking measures to position chemicals for improved performance when the chemical cycle turns across the organization, strict cost, and capital management measures I've been introduced to improve cash flow generation.

正如我在開場白中提到的，沙索在此期間面臨著充滿挑戰的宏觀背景，其中許多因素繼續對我們的業務構成近期挑戰。其中包括高通膨和疲軟的經濟成長。雖然我們的化學品業務也面臨疲軟的需求和利潤壓力，但我們正在採取措施，在化學品週期跨越整個組織時，定位化學品以提高績效，我已經採取了嚴格的成本和資本管理措施，以改善現金流的產生。

We also continue to embed operational improvements with a relentless focus on safety, improving productivity rates at mining, which will lead to better performance of the South African value chain. I will unpack this in more detail in a later slide.

我們也持續實施營運改進，持續專注於安全，提高採礦生產力，這將提高南非價值鏈的績效。我將在後面的幻燈片中更詳細地解釋這一點。

This takes place against a backdrop of continued volatility and in South Africa, specifically an uncertain regulatory environment and other business challenges such as power supply and infrastructure constraints. The legal and regulatory environment in South Africa includes a range of complexities such as the domestic gas price, environmental compliance, fuel, blending mandates and carbon tax. We continue to navigate these challenges and uncertainties through proactive engagements with all stakeholders.

這是在南非持續波動的背景下發生的，特別是不確定的監管環境以及電力供應和基礎設施限制等其他業務挑戰。南非的法律和監管環境包括一系列複雜的問題，例如國內天然氣價格、環境合規性、燃料、混合指令和碳稅。我們繼續透過與所有利害關係人的積極接觸來應對這些挑戰和不確定性。

This includes ongoing engagement with [Nurser] on gas prices. On October 26, 2023, nurser dismissed our FY23 application and confirmed that Sasol is entitled to submit a clawback application to recover the cost increase that occurred in FY23. At the same time, nurse approved our FY24 application, including the quarterly adjustments.

這包括與 [Nurser] 就天然氣價格進行持續接觸。2023 年 10 月 26 日，護理師駁回了我們的 2023 財年申請，並確認沙索有權提交回撥申請，以收回 2023 財年發生的成本增加。同時，護理師批准了我們 24 財年的申請，包括季度調整。

We also still await the decision from the Minister of forestry, fisheries, and the environment regarding Sasol's application for an alternative emission load basis for sulfur dioxide from Secunda boilers. While all of these matters present challenge and hence uncertainty, it is important to keep them in perspective. We have constructive dialogue on these issues across a range of stakeholders, and we are executing on these plans to increase resilience irrespective of the outcomes.

我們也正在等待林業、漁業和環境部長就 Sasol 申請 Secunda 鍋爐二氧化硫替代排放負荷基礎的決定。儘管所有這些問題都帶來了挑戰和不確定性，但重要的是要正確看待它們。我們與一系列利益相關者就這些問題進行了建設性對話，無論結果如何，我們都正在執行這些計劃以增強抵禦能力。

In terms of operational improvement, although we have got much more to do, we made some real progress despite the challenges. Looking at our energy business, mining productivity for the half year was 6% higher than the corresponding period in FY23, with productivity for the Secunda calories up 5%. Although we have seen an improvement in productivity since the implementation of our Full Potential program, we experienced a challenging second quarter in FY24, where productivity declined by 8% compared to the first quarter, mainly due to safety related incidents as well as other operational challenges.

在營運改善方面，儘管我們還有很多工作要做，但儘管面臨挑戰，我們還是取得了一些實際進展。看看我們的能源業務，半年的採礦生產力比 2023 財年同期高出 6%，其中 Secunda 卡路里的生產力成長了 5%。儘管自實施「全面潛力」計畫以來，我們的生產力有所提高，但我們在2024 財年的第二季度經歷了充滿挑戰的時期，生產力較第一季度下降了8%，這主要是由於安全相關事件以及其他營運挑戰。

In Mozambique, gas production for the reporting period was 10% higher than the prior period, reflecting another strong production performance underpinned by the four wells brought online in our PPA license. Secunda operations production volumes were 8% higher than the prior period, mainly due to the phased shutdown relative to a total shutdown in the prior year and improved operational performance.

在莫三比克，報告期間的天然氣產量比上一期增加了10%，反映出我們在購電協議許可下上線的四口井所支撐的另一個強勁的生產業績。Secunda 業務產量較上一時期增加 8%，主要是由於上一年全面停產的階段性停產以及營運績效的改善。

Coal quality did, however, continue to negatively impact production. ORYX GTL achieved a utilization rate of 79% over the half year, 19% above the prior period. Owing to this performance, the energy business recorded a 1% decline in gross margin with higher sales volumes offset by lower rand oil prices and higher input costs.

然而，煤炭品質確實繼續對生產產生負面影響。ORYX GTL 半年利用率達 79%，較上年同期提升 19%。由於這一業績，能源業務的毛利率下降了 1%，銷量增加被蘭特油價下跌和投入成本上升所抵消。

This stemmed from higher external coal purchases in maintenance expenditure and higher gas feedstock costs due to a [weak] dollar exchange rate. In the chemicals business, I [think] sales volumes for the period were 3% higher than the corresponding period last year, ongoing infrastructure challenges in Africa. While close collaboration with Transnet continues supply chain challenges persist and remains a risk to our business.

這是由於維護支出中外部煤炭採購量增加以及美元匯率疲軟導致天然氣原料成本增加所致。在化學品業務方面，我認為該時期的銷量比去年同期高出 3%，這是由於非洲持續面臨的基礎設施挑戰。儘管與 Transnet 的密切合作仍在繼續，但供應鏈挑戰仍然存在，並且仍然對我們的業務構成風險。

Chemicals, Americas sales volumes were 12% higher compared to the prior half year, mainly due to the higher ethylene and polyethylene sales volumes, albeit at continued low ethane, ethylene margins, while both essential care chemicals and advanced materials were higher. For our Eurasian operations, sales volumes for the first half of FY24 were 4% lower than the same period in FY23 due to continued low market demand that is significantly below historic levels with continued inventory destocking by customers and an overall weak economic environment in both Europe and China.

美洲化學品銷量較上半年增長 12%，主要是由於乙烯和聚乙烯銷量增加，儘管乙烷、乙烯利潤率持續較低，而基本護理化學品和先進材料的銷量均較高。對於我們的歐亞業務，24 財年上半年的銷量比 23 財年同期下降 4%，原因是市場需求持續低迷，遠低於歷史水平，客戶持續去庫存，以及歐洲整體經濟環境疲軟。 。

Production rates at several of our units continue to be managed proactively in response to the lower demand and to avoid inventory build. The combination of these factors saw our chemicals business recorded 10% decrease in gross margin, reflective of continued weak macro environment and margin pressure.

我們持續積極管理多個部門的生產力，以應對需求下降並避免庫存積壓。綜合這些因素，我們的化學品業務的毛利率下降了 10%，反映出持續疲軟的宏觀環境和利潤壓力。

Let me now delve deeper into our South African operations, where our focus planning and effective integration between mining and Secunda operations is ensuring value chain stability.

現在讓我更深入地探討我們在南非的業務，我們的重點規劃以及採礦和 Secunda 業務之間的有效整合正在確保價值鏈的穩定性。

Looking at our delivery over the past six months, safety is, of course, a major concern, and I have already shared details on the rigorous actions we are taking to improve our performance. Our Secunda operations coal stockpile was 1.9 million tons on December 31, '23, which is above the minimum safety threshold and productivity is within guidance.

看看我們過去六個月的交付情況，安全當然是一個主要問題，我已經分享了我們為提高績效而採取的嚴格行動的詳細資訊。截至 2023 年 12 月 31 日，我們的 Secunda 營運煤炭庫存為 190 萬噸，高於最低安全閾值，生產率在指導範圍內。

The external coal purchasing program to supplement our own production continues to assist us to meet Secunda operations, coal demand and quality requirements. This, together with other interventions to unlock coal quality improvements will help us to get to the historic levels of production of around 7.5 million tons per annum.

補充我們自身生產的外部煤炭採購計劃繼續幫助我們滿足 Secunda 營運、煤炭需求和品質要求。這與其他提高煤炭品質的干預措施一起將幫助我們達到每年約 750 萬噸的歷史產量水平。

Our integrated coal quality management center implemented last year has assisted us in managing coal quality variations to the Secunda factory. Phase 2 of our Full Potential program started in quarter one and two of FY24 [Tony] and [Alicia] color is, respectively. We also had a successful Phase shutdown of Secunda operations in September 2023.

我們去年實施的綜合煤炭品質管理中心幫助我們管理了 Secunda 工廠的煤炭品質變化。我們的「全面潛力」計畫的第二階段分別於 2024 財年第一季和第二季開始 [Tony] 和 [Alicia] 顏色。我們也於 2023 年 9 月成功完成了 Secunda 業務的階段性關閉。

Given the challenges we experienced over the past six months, which impacted productivity at mining and volumes at Secunda, it is understandable to question whether these are once-off in nature or indicate that progress is slowing down?

鑑於我們在過去六個月中經歷的挑戰影響了 Secunda 的採礦生產率和產量，可以理解的是，質疑這些是否是一次性的或表明進展正在放緩？

Let me be clear, that we are seeing improvements in productivity rates since the implementation of our Full Potential Program challenges are to be expected, but it is how we mitigate and adapt to these that will ultimately yield results. We are fully committed to driving interventions to realize sustainable benefits.

讓我明確一點，我們看到生產力有所提高，因為我們的全面潛力計劃的實施所面臨的挑戰是可以預料的，但最終產生成果的是我們如何緩解和適應這些挑戰。我們完全致力於推動幹預措施以實現永續效益。

Additionally, our coal destoning project, which is nearing a final investment decision later in '24, can improve call quality and has the potential to reduce the percentage of rocks in the coal feed to Secunda operations, which will enable improved gasify yield and thus better value chain performance.

此外，我們的煤炭去石項目即將於2024 年晚些時候做出最終投資決定，該項目可以提高通話質量，並有可能減少Secunda 運營煤炭進料中的岩石百分比，這將提高氣化產量，從而獲得更好的效果。

A strong focus on optimization of our cash costs will be critical in the near term to improve our competitiveness. Furthermore, bolstered our operations experience at the executive level through the appointment of leaders with deep operations and technical expertise in the form of both [sides] and [headed] (technical difficulty) and intimate knowledge of our South African value chain will stand us in good state as they drive focused plans to improve our operations.

短期內，專注於現金成本優化對於提高我們的競爭力至關重要。此外，透過任命具有深厚營運和技術專長的領導者（以[雙方]和[領導]（技術難度）形式）來增強我們在執行層面的營運經驗，並且對我們南非價值鏈的深入了解將使我們在競爭中脫穎而出良好的狀態，因為他們推動了改善我們營運的重點計劃。

In summary, in our eyes, the efficiency of our South African operations, particularly in mining, and at Secunda we have had some setbacks during reporting periods. I remain confident three of the progress and that we will continue to deliver and report further progress in this critical engine room of the business.

總之，在我們看來，我們南非業務的效率，特別是採礦業的效率，以及在 Secunda 的效率在報告期內遇到了一些挫折。我對其中三項進展仍然充滿信心，並且我們將繼續交付和報告這一關鍵業務引擎室的進一步進展。

In case, we mitigated against volatile market conditions through active margin management. In the first half of FY24 production rates at several of our units were managed proactively in response to the lower demand and to avoid inventory build. While US sales volumes are ahead of plan and our cost containment measures are unlocking savings.

為了以防萬一，我們透過積極的保證金管理來緩解市場波動的影響。24 財年上半年，我們對多個部門的生產力進行了主動管理，以因應需求下降並避免庫存增加。雖然美國的銷售量超出了計劃，而且我們的成本控制措施正在釋放成本節約。

Turning to the focus areas. In (technical difficulty), we experienced at our ORYX GTL plant in (technical difficulty) during the inspection of Train one reactor coils, we observed quote growth, and which will result in extended scope repair work. This means that both Train one and two will be offline for longer than plant.

轉向重點領域。在（技術困難）中，我們在 ORYX GTL 工廠經歷了（技術困難）在檢查列車一號反應器線圈期間，我們觀察到報價增長，這將導致維修工作範圍擴大。這意味著一號列車和二號列車的離線時間都將超過工廠。

Apologies for this break. The focus is on now the successful completion of the shutdown in the next month. Andre will expand on the performance impact of this maintenance shutdown. In the short term, we will also focus on proactively managing operating rates to meet demand, product optimization to maximize profitability and exercising strict cost and capital management.

對於這次休息表示歉意。現在的重點是下個月能否成功完成停工。安德烈將詳細介紹本次維修停機對性能的影響。短期內，我們還將專注於主動管理開工率以滿足需求、優化產品以實現利潤最大化以及嚴格的成本和資本管理。

To close on this slide, I want to emphasize that the fundamentals of our chemicals business remain strong. It is operationally sound and highly efficient, which is evident in how we are managing the business in a difficult operating climate. We have seen many cycles in the past and the proactive measures we are executing, allow us to conserve cash flow now and make sure that it will be very well positioned to take advantage of recovery in the cycle.

在結束這張投影片時，我想強調我們化學品業務的基本面仍然強勁。它的營運穩健且高效，這一點從我們在困難的營運環境中管理業務的方式中可見一斑。我們過去經歷過許多周期，我們正在執行的積極措施使我們現在能夠保存現金流，並確保它能夠很好地利用周期的復甦。

Turning attention now to Mozambique, I'm pleased to report that our projects are delivering gas to plan. Post LCCP, our PSA project is the largest capital project, and we continue to deliver within schedule and budget with commissioning readiness expected towards the end of calendar year '24.

現在將注意力轉向莫三比克，我很高興地報告，我們的專案正在按計劃交付天然氣。LCCP 後，我們的 PSA 項目是最大的資本項目，我們將繼續按計劃和預算交付，預計在 24 日曆年年底完成調試準備。

Our focus here is to extend the natural gas plateau to FY30 and beyond from an original estimated decline, which was anticipated for 2024, '25. We have already invested over $700 million in plateau extension product projects with benefits of additional gas to sustain the plateau in this decade already realized.

我們的重點是將天然氣平台期從最初估計的下降時間延長到 2020 財年及以後，預計下降時間為 2024 年，'25。我們已經在高原延伸產品項目上投資了超過 7 億美元，在這十年中已經實現了額外天然氣維持高原的好處。

On PSA, the initial gas facility achieved beneficial operation in November 2023. This is a precursor to the integrated gas facility. Commissioning activities are expected to commence in Q4 of this financial year. We have completed approximately 75% of our surface facilities and 80% of the wells are drilled.

PSA 的初始天然氣設施於 2023 年 11 月實現盈利營運。這是綜合天然氣設施的前身。調試活動預計將於本財年第四季開始。我們已完成約 75% 的地面設施，並已鑽探 80% 的油井。

We are exploring all options to allow early gas flow to South Africa. We continued our infill well drilling projects on our PPI license. Development remains on track, progressing within budget and schedule. As mentioned earlier, four new wells have been operationalized in the reporting period.

我們正在探索允許天然氣儘早流入南非的所有選項。我們利用 PPI 許可證繼續進行加密井鑽探專案。開發仍在正軌上，在預算和時間表內取得進展。如前所述，報告期間內有四口新井投入營運。

Our exploration strategy has also resulted in a successful gas discovery in Block PT 5C, which is located in southern Mozambique. This could bolster our reserves and further extend our plateau. Our appraisal plan has been improved which allows us to progress work to determine commercial viability.

我們的勘探策略也在莫三比克南部的PT 5C區塊成功發現了天然氣。這可以增強我們的儲備並進一步延長我們的平台期。我們的評估計劃得到了改進，使我們能夠推進確定商業可行性的工作。

What you are seeing in this picture on the right is a before and after view of the PSI integrated well, gas and LPG processing facility in Mozambique, where significant progress has been achieved in a year. The control room building the utility area, the substations and the equipment rooms have all been completed. Given the operating context and our operational performance, I will highlight a few financial metrics before I hand over to Andrew.

您在右圖中看到的是莫三比克 PSI 綜合油井、天然氣和液化石油氣加工設施的前後視圖，該設施在一年內取得了重大進展。控制室大樓、公用區、變電所、設備房已全部完工。考慮到營運環境和我們的營運績效，在交給安德魯之前，我將重點放在一些財務指標。

Our adjusted EBITDA was 12% lower around ZAR28 billion. Earnings were significantly impacted this half year by noncash adjustments relating to impairments, coupled with translation impacts and financial instruments and derivatives. Our net debt now standing at USD4.6 billion is up around 1% with net debt to EBITDA of 1.6 times. Although we are well within our debt covenants, improving cash flow and increasing balance sheet strength are critical priorities for management.

我們調整後的 EBITDA 下降了 12%，約 280 億南非蘭特。今年半年的獲利受到與減損相關的非現金調整、換算影響以及金融工具和衍生性商品的重大影響。我們的淨債務目前為 46 億美元，成長了約 1%，淨債務與 EBITDA 比率為 1.6 倍。儘管我們完全遵守債務契約，但改善現金流和增強資產負債表實力是管理階層的首要任務。

For this reason, we are driving several interventions to improve cash generated by our operations. Cash generated by operating activities declined by 31% to ZAR15 billion compared to the prior period, in line with the decrease in EBIT and the movement in working capital. Our immediate focus on cash unlock across the business will be prioritized in the coming months through a range of initiatives, including operation efficiencies, optimization of turnover and stringent management of costs.

因此，我們正在採取多項幹預措施，以改善我們營運產生的現金。與上一期相比，經營活動產生的現金下降 31%，至 150 億蘭特，與息稅前利潤的下降和營運資本的變動一致。未來幾個月，我們將透過一系列措施優先關注整個業務的現金解鎖，包括營運效率、優化營業額和嚴格的成本管理。

Lastly, we declared an interim dividend of ZAR2 per share. Looking ahead, our dividend policy is currently under review. Andre will provide more detail in this regard. On that note, I will now hand over to Hanré, he will take us through the detailed financial results for the reporting period.

最後，我們宣派中期股利每股2南非蘭特。展望未來，我們的股利政策目前正在審查中。安德烈將提供這方面的更多細節。在這一點上，我現在將交給 Hanré，他將向我們介紹報告期間的詳細財務表現。

Thank you, Fleetwood, and good morning, ladies, and gentlemen. As Fleetwood already mentioned, whilst we saw some operational improvements, this was not enough to mitigate the external challenges and resulted in a weaker financial performance in this half. I'm confident that enhanced by the initiatives we are already implementing now. Our business will, however, be better placed for the second half.

謝謝弗利特伍德，女士們、先生們早安。正如弗利特伍德已經提到的，雖然我們看到了一些營運改進，但這不足以緩解外部挑戰，並導致今年上半年的財務表現疲軟。我相信我們現在已經實施的措施會增強這一點。然而，下半年我們的業務將會更好。

Let me start with some detail around the macro environment and some of the key metrics we track. Well, prices softened during the first half of the financial year decreasing by 10% to an average of $85 per barrel. This was offset by the rand weakening 8% to an average of ZAR18.69 to the dollar.

讓我先介紹宏觀環境的一些細節以及我們追蹤的一些關鍵指標。嗯，本財年上半年價格走軟，下降了 10%，至每桶平均 85 美元。但蘭特貶值 8%，至蘭特兌美元平均匯率為 18.69 南非蘭特，抵銷了這一影響。

As such, a 3% decrease in the rand oil prices realized compared to the prior period. However, the weaker closing exchange rate negatively impacted the translation of our US-dollar denominated debt. Although we have seen a significant decrease in e-sign and energy input costs in the first half of the financial year, they remain elevated compared to historic levels. As such, chemical margins remained under pressure due to weak market conditions. Polyethylene prices continue to decrease on the back of weaker demand as seen in the 19% decrease compared to the previous periods.

因此，蘭特油價較上一時期下降了 3%。然而，收盤匯率走弱對我們的美元計價債務的換算產生了負面影響。儘管我們看到本財年上半年電子標誌和能源投入成本顯著下降，但與歷史水準相比仍然較高。因此，由於市場狀況疲軟，化學品利潤率仍面臨壓力。由於需求疲軟，聚乙烯價格持續下跌，與前期相比下降了 19%。

Looking ahead, we expect pricing and demand volatility to continue in the short term, given the uncertain global market sentiment and ongoing geopolitical events. Locally, the South African economy continues to face multiple challenges relating to the underperformance of state-owned enterprises, which needs to be factored into our business planning. These headwinds require us to adapt quickly to the prevailing situation and optimize our integrated cash costs and margins across our portfolio.

展望未來，鑑於全球市場情緒的不確定性和持續的地緣政治事件，我們預期價格和需求波動將在短期內持續。從本地來看，南非經濟持續面臨與國有企業表現不佳有關的多重挑戰，需要將其納入我們的業務規劃中。這些不利因素要求我們快速適應當前情勢，優化整個投資組合的綜合現金成本和利潤。

Turning then to the financial results, with operational improvements unable to mitigate external headwinds, we experienced a significant decrease in our cash generation and profitability. Cash fixed cost increased by 5%, mainly due to inflationary increases and the weaker exchange rate. However, excluding inflation, exchange rate and once-off costs, cash fixed costs decreased by approximately 1%, reflecting continued cash fixed cost savings from our Sasol 2.0 program.

然後轉向財務業績，由於營運改善無法緩解外部不利因素，我們的現金產生和獲利能力大幅下降。現金固定成本增加5%，主要由於通膨上升及匯率走軟。然而，排除通貨膨脹、匯率和一次性成本，現金固定成本下降了約 1%，反映出我們的 Sasol 2.0 計畫持續節省了現金固定成本。

Adjusted EBITDA and cash generated by operations decreased by 12% and 31%, respectively. Following the same trend from last year with ongoing cyclical pressures in Global Chemicals Group, EBITDA continues to heavily reliant on the contribution from our South African region. Earnings before interest and tax for the period was negatively impacted by non-cash adjustments, most notably impairments in the fuels segment relating to the Secunda liquid fuels refinery cash-generating unit, as well as two of our chemicals Africa CGUs. This was partly offset by the translation of monetary assets and liabilities and valuation of financial instruments and derivative contracts.

調整後 EBITDA 和營運產生的現金分別下降 12% 和 31%。與去年相同的趨勢以及全球化學品集團持續的周期性壓力，EBITDA 繼續嚴重依賴南非地區的貢獻。本期息稅前利潤受到非現金調整的負面影響，最明顯的是與 Secunda 液體燃料煉油廠現金產生單位相關的燃料部門的減值，以及我們的兩個非洲化學品現金產生單位。這部分被貨幣資產和負債的換算以及金融工具和衍生性商品合約的估值所抵銷。

Core headline earnings of ZAR18.39 per share decreased by 25% compared to the previous period. And interim dividend of ZAR2 per share was declared.

每股核心整體獲利為 18.39 南非蘭特，較上一期下降 25%。並宣派中期股利每股2南非蘭特。

Let me now turn to the business segments. Starting with the energy business, our mining business saw a 39% decline in adjusted EBITDA. This was largely due to lower export coal prices. Higher external coal purchases and higher cash fixed costs, coupled with safety incidents and related operational challenges experienced in the second quarter of our 2024 financial year.

現在讓我談談業務部門。從能源業務開始，我們的採礦業務調整後 EBITDA 下降了 39%。這主要是由於出口煤炭價格下降。外部煤炭採購量增加、現金固定成本增加，再加上 2024 財年第二季出現的安全事故和相關營運挑戰。

Despite these challenges, we achieved a [6.6%] increase in productivity since the prior period. Our productivity guidance remains between 975 to 1,100 tons per continuous miner per shift. However, due to our recent challenging performance, we expect to achieve this in the lower end of this guidance range.

儘管面臨這些挑戰，我們的生產力較上一時期相比仍實現了 [6.6%] 的提高。我們的生產力指引仍保持在每台連採機每班 975 噸至 1,100 噸之間。然而，由於我們最近的表現具有挑戰性，我們預計將在該指導範圍的下限內實現這一目標。

Adjusted EBITDA of our gas business was down by 19%. Our gross margin percentage decreased mainly due to the high cost of gas driven by the weaker rand dollar exchange rate, while our selling prices in South Africa remained flat. This was partially offset by higher external sales in South Africa, and [oil gas] production wasn't big from the additional wells coming online. For this segment, we expect volume guidance to remain between 113billion, 219 billion standard cubic feet for 2024, in line with previous market guidance.

我們的天然氣業務調整後 EBITDA 下降了 19%。我們的毛利率下降主要是由於蘭特美元匯率走弱導致天然氣成本上漲，而我們在南非的銷售價格保持不變。這部分被南非較高的外部銷售所抵消，而且新增上線的油井的[石油天然氣]產量並不大。對於該細分市場，我們預計 2024 年銷售指引將維持在 1,130 億至 2,190 億標準立方英尺之間，與先前的市場指引一致。

In our fuel segment, adjusted EBITDA decreased by 1%. Liquid fuel sales volumes were 1% lower, whilst refining margins increased mainly due to higher production, improved product yields and lower cost of crude. This was negated by higher operational costs. Secunda operations is expected to meet guidance of between 7 million to 7.3 million tons for the year. And our South African liquid fuel sales volumes is expected to range between 51 million to 54 million barrels.

在我們的燃料部門，調整後的 EBITDA 下降了 1%。液體燃料銷售量下降 1%，煉油利潤率增加主要是因為產量增加、產品產量提高和原油成本下降。但這被更高的營運成本所抵消。Secunda 預計今年產量將達到 700 萬噸至 730 萬噸的目標。我們南非的液體燃料銷量預計將在 5,100 萬桶至 5,400 萬桶之間。

As mentioned by Fleetwood earlier, ORYX GTL Trains one and two are off-line. Our second half of 2024 performance will thus be further impacted, and we expect the utilization rate for the year to be between 50% to 60%, slightly below the previous market guidance of 65% to 75%.

正如 Fleetwood 之前提到的，ORYX GTL 列車 1 號和 2 號已離線。我們2024年下半年的業績將因此受到進一步影響，我們預計今年的利用率將在50%至60%之間，略低於先前65%至75%的市場指引。

Turning then to the chemicals business, chemicals, Africa saw a 44% decline in adjusted EBITDA compared to the previous period, mainly due to lower sales prices and a constrained supply chain. This was partially offset by higher sales volumes, which are mainly attributable to the Secunda phase shutdown in 2024 relative to a total shutdown in the previous year.

接下來轉向化學品業務，非洲化學品的調整後 EBITDA 較上一期下降 44%，主要是由於銷售價格較低和供應鏈受限。這被銷售量增加部分抵消，銷售增加主要歸因於 2024 年 Secunda 階段的停產（相對於上一年的全面停產）。

In Chemicals, America, adjusted EBITDA increased by more than 100% compared to the previous period due to higher sales volumes and improvement seen in ethylene and derivatives margins as feedstock and energy costs reduced, cash fixed cost was lower despite inflationary pressures and the weaker rand dollar exchange rate.

在美國化學工業，由於原料和能源成本下降，銷量增加以及乙烯和衍生品利潤率改善，調整後的EBITDA 較上一期增長超過100%，儘管存在通膨壓力和蘭特疲軟，但現金固定成本較低美元匯率。

Strict cost management measures and lower spend on maintenance and repairs in Lake Charles contributed to this decrease, noting, though that maintenance spend was higher in the previous period, partly due to the fire that occurred in our Ziegler alcohols. Chemicals, Eurasia, adjusted EBITDA decreased by 84% compared to the previous period.

查爾斯湖嚴格的成本管理措施以及較低的維護和維修支出導致了這一下降，並指出，儘管上一時期的維護支出較高，部分原因是我們的齊格勒酒精發生火災。歐亞化工，調整後 EBITDA 較上一期下降 84%。

Margins were largely impacted by continued low market demand and higher pre-war energy prices against the backdrop of challenging macroeconomic environment and weak chemicals demand globally. We maintain our guidance ranges across all the chemical segments with a recovery of demand expected in the second half 2024. Delivery of our Sasol 2.0 transformation program continues to reset our business in a volatile economic landscape with further initiatives currently being confirmed, which we will announce in due course.

在充滿挑戰的宏觀經濟環境和全球化學品需求疲軟的背景下，市場需求持續低迷和戰前能源價格上漲很大程度上影響了利潤率。我們維持所有化學領域的指導範圍，預計需求將在 2024 年下半年復甦。沙索 2.0 轉型計畫的實施將繼續在動盪的經濟狀況下重新調整我們的業務，目前正在確認進一步的舉措，我們將在適當的時候宣布。

Looking at our performance for the first six months of the financial year, we realized ZAR4.1 billion in net sustainable cash fixed cost savings towards a full year target of over ZAR8 billion. We also saw a ZAR3.2 billion gross margin improvement progressing well towards our revised target of more than ZAR7 billion. It should be noted that the benefit trend as some of these initiatives are not linear with the gross margin benefits in particular often stepped up in the second half of the financial year.

看看我們本財年前六個月的業績，我們實現了 41 億蘭特的可持續現金固定成本淨節省，實現了超過 80 億蘭特的全年目標。我們也看到毛利率改善了 32 億南非蘭特，朝著超過 70 億南非蘭特的修訂目標進展順利。應該指出的是，由於其中一些措施與毛利率效益並不呈線性關係，因此效益趨勢特別是在本財政年度下半年通常會增加。

The progress on both cash fixed cost and gross margin are also measured against our increased 2025 targets. These targets were increased in August 2023 as we intensified our business reset and will amount to an additional ZAR4 billion in annual EBITDA enhancements by FY25. We continue to also successfully track on our capital expenditure and working capital targets.

現金固定成本和毛利率的進展也是根據我們提高的 2025 年目標來衡量的。隨著我們加強業務重組，這些目標於 2023 年 8 月提高，到 25 財年，年度 EBITDA 將增加 40 億南非蘭特。我們也繼續成功追蹤我們的資本支出和營運資本目標。

During the remainder of this year, we will continue to mature our pipeline of initiatives. These initiatives include, but are not limited to the optimization of our portfolio, continued improvement of maintenance processes and optimization of third party spend. Given the half year and progress shared today, we are confident that we'll achieve the Sasol 2.0 targets.

在今年剩下的時間裡，我們將繼續完善我們的舉措。這些措施包括但不限於優化我們的產品組合、持續改善維護流程以及優化第三方支出。鑑於這半年的時間和今天分享的進展，我們有信心實現 Sasol 2.0 目標。

We continue with our efforts to apply disciplined capital management in the prudent capital expenditure to maintain, transform and grow our business. I'll maintain and transform capital expenditure for the half year '24 of ZAR16 billion, mainly includes the capital spend on the PSI project, which remains within budget and on schedule. And the Secunda operations phase shutdown, we see increasing capital spend consistent with our compliance road map which includes our environmental and clean fuels two projects. To date, minimal discretionary Cap -- Growth Capital has been incurred with spend mainly towards the Sasolburg green hydrogen pilot project.

我們繼續努力在審慎的資本支出中運用嚴格的資本管理，以維持、轉型和發展我們的業務。我將維持和調整2024年半年的資本支出160億南非蘭特，主要包括PSI項目的資本支出，該支出保持在預算範圍內並按計劃進行。在 Secunda 營運階段關閉後，我們看到資本支出不斷增加，這與我們的合規路線圖一致，其中包括我們的環境和清潔燃料兩個項目。迄今為止，最低可自由支配上限——成長資本已經產生，主要用於薩索爾堡綠氫試點計畫。

The total capital spend of ZAR16 billion tracks within our market guidance of capital forecasted between ZAR33 billion to ZAR34 billion for the financial year. Although this is aligned to our Sasol 2.0 target range, we continue to apply further focus to optimize capital expenditure.

總資本支出為 160 億蘭特，符合我們對本財年資本預測在 330 億蘭特至 340 億蘭特之間的市場指引。儘管這與我們的 Sasol 2.0 目標範圍一致，但我們將繼續進一步關注優化資本支出。

In conclusion, let me walk you through some of our key capital allocation priorities in the near term. Our capital allocation framework is underpinned by two pillars. First, order allocation enables us to prioritize, maintain and transform capital, which ensures that we run sustainable operations and deliver on our 30% greenhouse gas reduction target by 2030. Within the first order allocation, we prioritize debt reduction and under our current policy, the current dividend policy, rather the payment of dividends is linked to core headline earnings per share.

最後，讓我向您介紹我們近期的一些關鍵資本配置優先事項。我們的資本配置架構由兩大支柱支撐。首先，訂單分配使我們能夠優先考慮、維持和轉換資本，從而確保我們可持續營運並實現到 2030 年減少 30% 溫室氣體的目標。在第一級分配中，我們優先考慮減少債務，並且根據我們當前的政策，當前的股息政策，而不是股息的支付與核心每股收益掛鉤。

Second, order allocation focuses on expansionary growth, additional sustainable initiatives and all then additional shareholder returns. This framework remains relative for Sasol during our reset phase of the strategy. There are a few key focus areas which are prioritized to strengthen the balance sheet.

其次，訂單分配著重於擴張性成長、額外的永續舉措以及所有額外的股東回報。在戰略重置階段，該框架對於沙索來說仍然是相對的。有幾個重點領域需要優先強化資產負債表。

Namely, firstly, the step-up of free cash flow generation. We will prioritize initiatives that will increase cash generation by our operations, reduce operational costs and deliver Sasol 2.0 savings, which includes strict working capital management, the delivery of Sasol 2.0 is critical for further cash unlock. Without the success achieved through the Sasol 2.0 program to date, our free cash flow generation would have been in a far more unfavorable position.

即，首先，自由現金流產生的加強。我們將優先考慮能夠增加營運現金產生、降低營運成本並實現 Sasol 2.0 節省的舉措，其中包括嚴格的營運資本管理，Sasol 2.0 的交付對於進一步釋放現金至關重要。如果沒有 Sasol 2.0 計畫迄今為止所取得的成功，我們的自由現金流產生將會處於更加不利的境地。

Secondly, the deleveraging pathway is a critical priority for us. Our liquidity headroom of nearly USD5 billion is still above our target to maintain liquidity in excess of USD1 billion. We have also optimized our debt maturity profile through the successful refinancing of our near term debt maturities, which is important given the current macro volatility and market uncertainty.

其次，去槓桿途徑是我們的首要任務。我們近50億美元的流動性空間仍高於我們保持流動性超過10億美元的目標。我們也透過近期債務到期的成功再融資優化了我們的債務到期狀況，考慮到當前的宏觀波動和市場不確定性，這一點非常重要。

Lastly, prudent capital allocation, intensifying our disciplined approach to capital allocation and further refinement of the emissions reduction road map are key levers for this area. Now regarding our dividend policy, we are conscious of the considerable recent disparity between core headline earnings and cash flow.

最後，審慎的資本配置、強化資本配置的紀律性以及進一步完善減排路線圖是這一領域的關鍵槓桿。現在，關於我們的股利政策，我們意識到核心整體獲利和現金流之間最近存在巨大差異。

To address this disparity, the Board is considering a revised dividend policy to better align shareholder returns with the cash flow generation of the business and we undertake to announce an updated dividend policy at the full year 2024 results. In consideration then of an interim dividend for the period. The ZAR2 per share interim dividend reflects a balanced consideration of our continued confidence in the cash flow generation of the business, whilst recognizing other factors such as the continued external and internal pressures and risks on Sasol.

為了解決這一差異，董事會正在考慮修訂股利政策，以更好地使股東回報與業務現金流產生保持一致，我們承諾在 2024 年全年業績中宣布更新的股利政策。考慮到該期間的中期股息。每股 2 蘭特的中期股息反映了我們對業務現金流產生的持續信心的平衡考慮，同時認識到沙索持續的外部和內部壓力和風險等其他因素。

Thank you for listening and as I hand back to Fleetwood, press, just a quick word of thanks and farewell, John F. Kennedy noted that efforts and courage are not enough without purpose and direction. And Fleetwood here, certainly embodied this. Thank you for your incredible commitment and leadership to Sasol over the last 40 years, especially in bringing stability and purpose when the company most needed it. We wish you well. And back to you to conclude.

感謝您的聆聽，當我向弗利特伍德媒體返回時，我只是簡短地說一聲感謝和告別，約翰·F·肯尼迪指出，沒有目標和方向，努力和勇氣是不夠的。弗利特伍德這裡無疑體現了這一點。感謝您在過去 40 年裡對沙索做出的令人難以置信的承諾和領導，特別是在公司最需要的時候帶來穩定和目標。我們祝你一切順利。然後回到你的結論。

Thank you, Andre. In the last few slides, I will cover the highlights of our societal contributions, progress made on our 2030 greenhouse gas reduction pathway and our key focus areas for the coming months. The value generated by our Secunda facility alongside our Sasolburg site contributes materially to South Africa's economy and society from making everyday products to critical value chains such as agriculture, Chemicals & Mining, while also delivering substantial social economic contribution.

謝謝你，安德烈。在最後幾張投影片中，我將重點介紹我們的社會貢獻、我們在 2030 年溫室氣體減排道路上取得的進展以及我們未來幾個月的重點關注領域。我們的塞康達工廠和薩索爾堡工廠所創造的價值為南非的經濟和社會做出了重大貢獻，從日常產品的製造到農業、化學品和採礦等關鍵價值鏈，同時也帶來了巨大的社會經濟貢獻。

A recent Sasol commissioned study confirmed that our direct, indirect, and induced employment contribution is in the order of 500,000 people. We contribute around 5% to the country's gross domestic product or GDP, and also remain one of the largest corporate taxpayers.

Sasol 最近委託進行的一項研究證實，我們的直接、間接和誘發就業貢獻約為 50 萬人。我們對全國國內生產毛額 (GDP) 的貢獻約為 5%，並且仍然是最大的企業納稅人之一。

During the half year, we invested over a quarter of ZAR1 billion globally in our communities through social impact programs, spanning education, skills and employability, health and infrastructure environment, sports development, local content, and volunteerism. Our focused preferential procurement has grown 17%, achieving ZAR21.5 billion spend with Black owned businesses compared to ZAR18.4 billion the previous period, thereby allowing us to surpass the South African government's target by a good margin.

半年裡，我們透過社會影響力計畫在全球範圍內向社區投資了超過 25 億南非蘭特，涵蓋教育、技能和就業能力、健康和基礎設施環境、體育發展、本地內容和志願服務等領域。我們的重點優惠採購增加了 17%，在黑人企業上的支出達到了 215 億南非蘭特，而上一期為 184 億南非蘭特，從而使我們大幅超過了南非政府的目標。

At Sasol, we pride ourselves in being part finders continuously seeking out novel ways to realize sustainable socio-economic benefits for our communities and broader society. Our diligent efforts ensure that the program we develop and execute continue to deliver meaningful outcomes to mitigate this cause of use, unemployment, improve access to quality education and reduce poverty among other pressing societal needs.

在沙索，我們為自己是零件發現者而感到自豪，並不斷尋找新的方法來為我們的社區和更廣泛的社會實現可持續的社會經濟效益。我們的不懈努力確保我們制定和執行的計劃繼續取得有意義的成果，以減輕這種使用原因、失業、改善獲得優質教育的機會並減少貧困等緊迫的社會需求。

Some examples include Bridge to Work, exclusive development and employability program, which will see over 110 beneficiaries graduating from various technical programs in the next six months. Through this program, we are partnering on projects that could potentially provide biomass feedstock required as part of the pilot to replace coal in the boilers in Sasolburg aligned to our emission reduction road map.

一些例子包括「Bridge to Work」、獨家發展和就業能力計劃，未來六個月內將有超過 110 名受益者從各種技術計劃中畢業。透過該計劃，我們正在合作進行一些項目，這些項目可能會提供所需的生物質原料，作為試點的一部分，以取代薩索爾堡鍋爐中的煤炭，與我們的減排路線圖保持一致。

This includes a pilot for farmers from the [FEP] program being coached and mentored on growing Solaris and employing 200 beneficiaries to harvest and process invasive and alien plans as biomass feedstock. Improving access to quality education remains a core focus area of our social impact program. We invested over ZAR88 million during the half year, supporting some 800 educational institutions across our host communities in South Africa, Mozambique and North America.

這包括為來自 [FEP] 計畫的農民進行試點，接受有關種植 Solaris 的指導和指導，並僱用 200 名受益者來收穫和加工入侵性和外來植物作為生物質原料。改善獲得優質教育的機會仍然是我們社會影響計劃的核心重點領域。半年內，我們投資了超過 8,800 萬南非蘭特，為南非、莫三比克和北美的東道社區約 800 家教育機構提供了支持。

As part of our focus on community health and service infrastructure, we are reducing the impact of load shedding and have already installed solar power at nine clinics in [Mexico] local municipality in the Free State.

作為我們關注社區健康和服務基礎設施的一部分，我們正在減少減載的影響，並已經在自由州[墨西哥]當地市的九家診所安裝了太陽能。

We remain committed to a sustainable energy transition for Sasol and are working hard to refine our roadmaps to 2030 and beyond. We share a mutual interest in South Africa's energy transition to a low-carbon future and acknowledge our responsibility in enabling this transition while remaining a key pillar of the economy. The desire for urgency is understandable, but this sometimes ignores the imperative of balancing all stakeholders' needs, environmental protection, sustaining our socio-economic contributions and remaining profitable.

我們仍然致力於沙索的可持續能源轉型，並正在努力完善我們到 2030 年及以後的路線圖。我們對南非向低碳未來的能源轉型有著共同的利益，並承認我們有責任實現這一轉型，同時仍然是經濟的關鍵支柱。這種緊迫感是可以理解的，但這有時會忽略平衡所有利害關係人的需求、環境保護、維持我們的社會經濟貢獻和維持獲利的必要性。

Our environmental, social and governance focus is premised on striking a balance between people, planet, and profit. Our greenhouse gas reduction journey is progressing well, and we are forging ahead on a number of fronts. The levers to achieve our 2030 target are unchanged. Integration of renewable energy, transitioning away from coal as a feedstock and greater energy efficiency across our operations.

我們的環境、社會和治理重點是在人、地球和利潤之間取得平衡。我們的溫室氣體減量之旅進展順利，我們正在多個領域取得進展。實現 2030 年目標的槓桿沒有改變。整合再生能源，放棄以煤炭為原料，並提高整個營運的能源效率。

In addition, we are also moving ahead with other initiatives and projects for our longer term pathways to get to net zero by 2050. There are a few milestones I wish to highlight. Last year, we announced the conclusion of a significant tranche of our renewable power purchase agreements, representing more than 50% of our commitment of 1,200 megawatt for Secunda. Approximately 498 megawatts of this first tranche has reached financial close with a portion already under construction. Together with our IPP partners, this is a major achievement in light of the recent regulatory changes for renewable energy grid allocation in South Africa,

此外，我們也正在推動其他措施和項目，以實現 2050 年實現淨零排放的長期目標。我想強調幾個里程碑。去年，我們宣布完成了大部分再生能源採購協議，占我們為 Secunda 承諾的 1,200 兆瓦電力的 50% 以上。第一批發電量中約 498 兆瓦已完成財務結算，其中一部分已在建設中。鑑於最近南非可再生能源電網分配的監管變化，與我們的 IPP 合作夥伴一起，這是一項重大成就，

The 69 megawatt mid-single wind farm is far advanced in the construction phase and expected to come online before the end of this financial year, delivering 69 megawatt of renewables to Sasolburg. Our three megawatt Sasolburg solar PV plant is also contributing renewable power to the Sasolburg grid.

69兆瓦的中型單體風電場的建設階段已取得了很大進展，預計將在本財年年底前上線，為薩索爾堡提供69兆瓦的可再生能源。我們的三兆瓦薩索爾堡太陽能光電站也為薩索爾堡電網提供再生能源。

We are exploring options to progress the second tranche of our renewable power to meet our target of 1,200 megawatt by 2030, leveraging lessons learned from execution of the first tranche. In Europe, we continue to leverage the renewable energy at most of our facilities. Our boiler turndown strategy is dependent on the outcome of the A quality compliance Clause 12A appeal relating to our sulfur dioxide emissions in Secunda.

我們正在探索推動第二批再生能源發電的方案，以實現到 2030 年 1,200 兆瓦的目標，並藉鏡第一批執行中的經驗教訓。在歐洲，我們繼續在大多數設施中利用再生能源。我們的鍋爐調低策略取決於與我們在 Secunda 的二氧化硫排放相關的 A 品質合規性第 12A 條上訴的結果。

This decision is with the Minister of forestry, fisheries and the environment and the final decision expected next month. The implementation of the integrated air quality and greenhouse gas reduction road map results in a 30% reduction in sulfur dioxide emissions on a load base, further reductions, in particular matter and nitrogen oxide emissions and significantly more health benefits to the surrounding communities.

這項決定是由林業、漁業和環境部長做出的，最終決定預計下個月做出。綜合空氣品質和溫室氣體減排路線圖的實施使負荷基礎上的二氧化硫排放量減少了30%，進一步減少了特別物質和氮氧化物的排放量，並為周圍社區帶來了顯著的健康效益。

Execution of energy efficiency projects on our various sites are progressing well and we are investing innovative solutions to incorporate lower carbon steam options such as green steam into our facilities. Feedstock transition remains the most controversial lever of the plan as this could potentially result in lower production from the Secunda facility if we are unable to secure additional carbon feedstock to replace the coal step down by 2030.

我們各個工廠的能源效率專案的執行進展順利，我們正在投資創新解決方案，將綠色蒸汽等低碳蒸汽選項納入我們的設施中。原料轉型仍然是該計劃中最具爭議的槓桿，因為如果我們無法在 2030 年之前獲得額外的碳原料來取代煤炭，這可能會導致 Secunda 工廠的產量下降。

In August 2023, we indicated that this could be as low as 6.7 million tons as a worst case without mitigation measures, which triggered an impairment write-down of the Secunda liquid fuels refinery at that time. Let me reiterate. This is not our base case. I will unpack more detail on the next slide. Alternative feedstocks means that we won't continue to use transition gas and gradually progress to sustainable sources of carbon once they become available such as biomass.

2023年8月，我們表示，如果不採取緩解措施，最壞情況下產量可能低至670萬噸，這引發了當時Secunda液體燃料煉油廠的減損減損。讓我重申一下。這不是我們的基本情況。我將在下一張幻燈片中解開更多細節。替代原料意味著我們將不再繼續使用過渡氣體，一旦獲得可持續碳源（例如生物質），我們將逐漸轉向使用永續碳源。

My earlier update on our Mozambique project confirms that we have sufficient gas for the greater part of the decade to be able to maximize production from Secunda in the near term and we'll continue to develop options for further extensions to our gas supply beyond [2030]. The 25% reduction in coal will be achieved through a combination of boiler turndown and gasifier turned down with the majority of the reduction attributed to boiler turndown. This means that the alternative source of carbon required to supplement production is not equivalent to the full 25% coal reduction.

我先前對莫三比克計畫的更新證實，我們在這十年的大部分時間裡都有足夠的天然氣，能夠在短期內最大限度地提高塞康達的產量，我們將繼續開發選項，進一步擴大我們的天然氣供應範圍[2030]。煤炭消耗量將透過鍋爐調低和氣化爐調低相結合的方式實現 25% 的減少，其中大部分減少量歸因於鍋爐調低。這意味著補充生產所需的替代碳源並不相當於煤炭減少 25%。

More broadly, we have recently commenced the study in partnership with a South African council of Geoscience on carbon capture and sequestration to explore viability of this technical solution in South Africa. In line with the need for alternative carbon feedstock sources, we are planning to test biomass as a coal feedstock to go later this calendar year to understand the technical viability and scalability of biomass in our facility. If successful, this opens up a range of opportunities for the integrated value chain, which can be further explored.

更廣泛地說，我們最近與南非地球科學委員會合作開始了有關碳捕獲和封存的研究，以探索該技術解決方案在南非的可行性。根據對替代碳原料來源的需求，我們計劃在今年稍後測試生物質作為煤炭原料，以了解我們工廠中生物質的技術可行性和可擴展性。如果成功，這將為整合價值鏈帶來一系列可以進一步探索的機會。

The journey is complex, and we are committed to prioritizing an affordable and sustainable energy transition for our business. We have also to you consider our commitments to today's energy needs as well as the collective interest in South Africa's just energy transition. We need to strike a reasonable balance on environmental protection, social economic contributions and remaining profitable.

這個過程很複雜，我們致力於優先為我們的業務提供負擔得起且可持續的能源轉型。我們也請您考慮我們對當今能源需求的承諾以及南非公正能源轉型的集體利益。我們需要在環境保護、社會經濟貢獻和維持獲利之間取得合理的平衡。

The recent write down of the Secunda liquid fuels refinery has sparked a fair number of questions and criticism from a broad range of stakeholders, which is premised on a potential low road outcome of a lower production output by 2030 to meet our 30% reduction targets.

最近對 Secunda 液體燃料煉油廠的減記引發了廣泛利益相關者的大量問題和批評，其前提是到 2030 年降低產量以實現我們 30% 的減排目標，這可能會帶來低結果。

I want to spend some time taking you through the key drivers of this low road outcome and why we firmly believe that this is not our reality.

我想花一些時間向您介紹造成這種低迷結果的關鍵驅動因素，以及為什麼我們堅信這不是我們的現實。

Last August, we evaluated our emission reduction road map reference case against the backdrop of no further investment in LNG and other changes in assumptions, which then resulted in a lower production output from Secunda post 2030 in order to meet our 30% greenhouse gas targets.

去年8月，我們在不再進一步投資液化天然氣和其他假設變化的背景下評估了我們的減排路線圖參考案例，這導致2030年後Secunda的產量降低，以實現我們30%的溫室氣體排放目標。

It is important to note that this reference case did not account for some of the medium-term levers we are currently progressing like destoning and assumed no benefit from these levers between now and 2030. We have done extensive modeling to confirm that volume restoration is underpinned by coal quality and the destoning is the enabler. The reality is that we will be implementing a destoning solution to address coal quality together with additional coal supply options to maximize our production rates from Secunda between now and 2030.

值得注意的是，這個參考案例沒有考慮到我們目前正在推進的一些中期槓桿（例如去石），並且假設從現在到 2030 年這些槓桿不會帶來任何好處。我們進行了廣泛的建模，以確認體積恢復是由煤炭品質支撐的，而去石是推動因素。現實情況是，我們將實施去石解決方案來解決煤炭品質問題，並結合其他煤炭供應選項，從現在到 2030 年最大限度地提高 Secunda 的生產率。

With these medium-term levers in place, the potential step down in production is less significant at approximately 7 million tons to achieve a 30% GHG reduction. It goes without saying. Let the Secunda value chain must be profitable and optimized for cost and CapEx commensurate to a production volume output at this level. However, there are several value unlocked levers to be progressed beyond 2030, which could uplift production to higher levels.

有了這些中期槓桿，為了實現 30% 的溫室氣體減排，產量的潛在下降幅度較小，約 700 萬噸。不言而喻。讓 Secunda 價值鏈必須能夠獲利，並針對成本和資本支出進行最佳化，與該水準的產量輸出相稱。然而，到 2030 年之後，還有幾個價值解鎖槓桿需要取得進展，這可能會將產量提升到更高水平。

Sourcing transition, gas and sustainable sources of carbon is a key lever to restore production volumes, but it is not needed to achieve a 30% greenhouse gas reduction. Coal quality remains important, as well as the sourcing of alternative affordable feedstock such as biomass and green hydrogen, more renewables integration, energy efficiency and green steam are all additional levers which can unlock more volume depending on the market demand for fuels in later years.

採購轉型、天然氣和永續碳源是恢復產量的關鍵槓桿，但並不是實現溫室氣體減排 30% 所必需的。煤炭品質仍然很重要，以及採購生物質和綠色氫等替代性負擔得起的原料、更多的可再生能源整合、能源效率和綠色蒸汽都是額外的槓桿，可以根據未來幾年燃料的市場需求釋放更多的產量。

Understandably, our emission reduction road map is not without risk. There are some factors which are outside of Sasol's control, which rely on regulatory processes and decisions and global supply chains to progress. We are partnering and working on mechanisms and alternative plans to mitigate uncertainties as we continue to work to transition towards a stable and sustainable business.

可以理解的是，我們的減排路線圖並非沒有風險。有些因素超出了沙索的控制範圍，這些因素依賴於監管流程和決策以及全球供應鏈的進展。我們正在合作並制定機制和替代計劃，以減輕不確定性，同時繼續努力向穩定和可持續的業務轉型。

In closing, since these are the last set of results, I will present as Chief Executive. I thought it might be useful to share a few brief reflections on the past few years. The initial priority was completing the Lake Charles project and bringing all the units online. While our ramp-up of the remaining specialty units is hampering, is currently hampered by the weak chemical market conditions. I'm confident that this facility will be profitable again when the cycle returns.

最後，由於這是最後一組結果，我將以執行長的身份進行介紹。我認為分享一些對過去幾年的簡短反思可能會有所幫助。首要任務是完成查爾斯湖計畫並使所有設備上線。雖然我們剩餘特種業務的成長受到阻礙，但目前受到化學品市場狀況疲軟的阻礙。我相信，當週期恢復時，該設施將再次獲利。

Since then, macro factors featured very prominently. First, the unique disruption of COVID, then the fallout from the Russian, Ukrainian war for global energy markets and the impact thereon. And all the while in South Africa, the deterioration in some crucial National Infrastructure Services, notably electricity and transport. Of course, these challenges were not uniquely faced by Sasol, though it is fair to say that few businesses were as exposed and impacted as we have been.

此後，宏觀因素的作用就非常突出。首先是新冠疫情造成的獨特破壞，然後是俄羅斯、烏克蘭戰爭對全球能源市場的影響及其影響。而在南非，一些重要的國家基礎設施服務不斷惡化，特別是電力和交通。當然，這些挑戰並非沙索所獨有，但可以公平地說，很少有企業像我們一樣受到如此嚴重的影響和影響。

Clearly, these macro challenges have affected performance as today's figures show that as you reflect on these figures, I would leave you with three thoughts. First, there is no attempting by me, also to pretend that we are simply the victims of challenging macro factors. Clearly, there have been issues with [Intersil's] own control, we should have done better. This would include our safety performance and some of the operational challenges we have faced across the business.

顯然，這些宏觀挑戰已經影響了業績，因為今天的數據表明，當您反思這些數據時，我想給您三個想法。首先，我也沒有試圖假裝我們只是具有挑戰性的宏觀因素的受害者。顯然，[Intersil] 自身的控制存在問題，我們應該做得更好。這將包括我們的安全績效以及我們在整個企業中面臨的一些營運挑戰。

Second, the macro challenges have forced us to improve the overall efficiency of Sasol. Sasol 2.0 still has some way to run. But I'm confident in saying that Sasol is a stronger and more resilient business today than it was in 2019.

其次，宏觀挑戰迫使我們提高沙索的整體效率。Sasol 2.0 仍有一段路要走。但我有信心地說，與 2019 年相比，如今的沙索是一家更強大、更有彈性的企業。

Last, but certainly not least, Sasol has continued to make progress in its goal of transitioning towards a less carbon intensive business model. This is the central strategic challenge we face and our success in meeting this challenge has enormous implications for all of our many stakeholders. Our reset, transform and Reinvent strategy was developed and now in execution. We are doing a huge amount of good work across a number of fronts, and I'm confident that we will see the dividends of this work in the years ahead.

最後但並非最不重要的一點是，沙索在向碳密集度較低的商業模式轉型的目標方面不斷取得進展。這是我們面臨的核心策略挑戰，我們成功應對這項挑戰對我們所有的利害關係人都有巨大的影響。我們的重置、轉型和重塑策略已經制定並正在執行。我們在許多方面都做了大量的出色工作，我相信我們將在未來幾年看到這項工作的紅利。

I introduced a mantra at the start of my term of realism, focus and delivery. This has underpinned all my plans targets and engagements both internally and externally. I have used this to course-correct in the face of challenges and unforeseen events, and I hope that this continues to serve team Sasol long after I depart.

我在任期開始時引入了現實主義、專注和交付的口頭禪。這支撐了我所有的內部和外部計劃目標和活動。面對挑戰和不可預見的事件，我用它來糾正路線，我希望在我離開後很長一段時間裡，它仍能繼續為沙索團隊服務。

In closing, I would like to thank Team Sasol for the privilege. I had to work with you for 40 years. Your hard work, credit and dedication are reflected in our achievements and in navigating all the obstacles that we have encountered. I know that many challenges remain for Sasol, but I'm confident that we have the capabilities, the resilience, and the will to find solutions, and we'll continue to do so under Simon's leadership.

最後，我要感謝沙索團隊給我的榮幸。我已經和你一起工作 40 年了。你們的辛勤工作、信譽和奉獻精神體現在我們的成就和克服我們遇到的所有障礙中。我知道沙索仍然面臨許多挑戰，但我相信我們有能力、有韌性、有意願尋找解決方案，並且我們將在西蒙的領導下繼續這樣做。

This concludes our results presentation for today. Thank you for watching and listening. We will commence with a question and answer session shortly. Thank you.

我們今天的結果介紹到此結束。感謝您的觀看與聆​​聽。我們很快就會開始問答環節。謝謝。

Good morning and welcome to this question and answer session for Sasol's 2024 Interim Results Announcement. With us today in the room are other members of Sasol's Group Executive Committee. In addition to Simon-- in addition to Fleetwood and Hanré who presented earlier this morning.

早安，歡迎參加沙索 2024 年中期業績公告的問答環節。今天與我們一起出席會議的還有沙索集團執行委員會的其他成員。除了西蒙之外，還有今天早上早些時候出席的弗利特伍德和漢雷。

To my left, we have Simon Baloyi, who is the EVP of energy operations and technology, as well as the incoming CEO; Hermann Wenhold, EVP of Mining, SHE and Risk and Procurement. On my right, will your Vuyo Kahla EVP of Strategy, Sustainability, and Integrated Services. And to my far right, Brad Griffith, EVP of the chemicals business. Also participating online, we have Charlotte Mokoena, EVP of HR and Stakeholder Relations as well as Priscillah Mabelane, EVP of the energy business.

我左邊是西蒙‧巴洛伊 (Simon Baloyi)，他是能源營運和技術執行副總裁，也是即將上任的執行長； Hermann Wenhold，採礦、SHE 以及風險和採購執行副總裁。我右邊是您的 Vuyo Kahla 策略、永續發展和綜合服務執行副總裁。我最右邊的是化學品業務執行副總裁 Brad Griffith。同樣在線參與的還有人力資源和利害關係人關係執行副總裁 Charlotte Mokoena 以及能源業務執行副總裁 Priscillah Mabelane。

Your questions can be posted online via our online streaming platform. On the right-hand side of the screen, you should see a dialog box, which allows you to type in your questions. Alternatively, you can also dial into our Chorus call link, where you can voice over your questions once prompted. I will be switching between the two platforms to give everyone a fair chance to ask their questions.

您的問題可以透過我們的線上串流平台在線上發布。在螢幕的右側，您應該會看到一個對話框，您可以在其中輸入問題。或者，您也可以撥入我們的 Chorus 通話鏈接，在出現提示後您可以透過語音說出您的問題。我將在兩個平台之間切換，讓每個人都有公平的機會提出問題。

Thank you. We'll now commence with a few of the online questions which are coming through the platform. The first question or steaming of questions relates to the dividend announcement.

謝謝。我們現在將開始討論透過該平台提出的一些線上問題。第一個問題或一系列問題與股利公告有關。

I'll start with those Hanré if that's okay. We have a question from and -- from [Adam Nkambule] from Allocated Capital. Can you take us through how you reached a dividend of ZAR2 per share? It seems to be out of bounds with the indicated dividend cover in the capital allocation strategy. Similarly, also from [Esack Fanikar] from merchants, why not link the dividend policy to free cash flow rather than earnings?

如果可以的話，我將從 Hanre 開始。我們有來自分配資本的 [Adam Nkambule] 的問題。您能否向我們介紹一下您是如何獲得每股 2 南非蘭特的股息的？這似乎超出了資本配置策略中指示的股息覆蓋範圍。同樣，同樣來自商人的[Esack Fanikar]，為什麼不將股息政策與自由現金流而不是收益聯繫起來呢？

Thanks, Tiffany. So, I think it is important to note that the current dividend policy, as rightly pointed out, links our dividend payment to dividend cover based on core headline earnings per share. And I think the feedback that we have seen, and comment passed by analyst is, of course, that there is a significant disparity between core headline earnings and the underlying cash flow generation of the business.

謝謝，蒂芙尼。因此，我認為重要的是要注意，正如正確指出的那樣，當前的股息政策將我們的股息支付與基於每股核心總體收益的股息覆蓋率聯繫起來。我認為我們看到的反饋以及分析師的評論當然是，核心標題收益與業務的基本現金流產生之間存在顯著差異。

And I think to that extent which links to Esack question as well, why not link the dividend policy then to free cash flow? And I then in the-- what we what have noted is that we are currently reviewing the dividend policy, so we will announce an updated dividend policy at the full year. And I think that will then be very clear on a link and kind of in most probability to cash flow.

我認為在某種程度上這也與艾薩克問題相關，為什麼不將股息政策與自由現金流聯繫起來？然後我注意到，我們目前正在審查股息政策，因此我們將在全年宣布更新的股息政策。我認為這將非常清楚地表明與現金流的聯繫，並且很可能與現金流有關。

And I think we've got to be very specific, which element of cash flow. I think to that extent important that we link this clearly to our capital allocation framework as well, which looks at cash flow before growth and dividends, and then also the ultimate cash flow generation of the business.

我認為我們必須非常具體地確定現金流的哪個要素。我認為，在某種程度上，我們也必須將其與我們的資本配置框架明確聯繫起來，該框架首先考慮成長和股息之前的現金流，然後再考慮企業的最終現金流產生。

So the question then how do we get --2 million to ZAR2 per share interim dividend, given that we are currently reviewing our policy. To that extent if one applies the old policy and if we look at the policy, looking at a 2.5 times to 2.8 times cover full year, we of course, don't do that in the interim. So historically, we've had a cover around 3.5 times and core HIPs, imply around a ZAR5 dividend. I think to that extent, then question why 2?

那麼問題是，鑑於我們目前正在審查我們的政策，我們如何獲得每股 200 萬至 2 南非蘭特的中期股息。從這個意義上說，如果應用舊政策，並且如果我們查看該政策，請查看全年的 2.5 倍至 2.8 倍覆蓋率，我們當然不會在過渡期間這樣做。因此，從歷史上看，我們的覆蓋率約為 3.5 倍，核心 HIP 約為 5 南非蘭特股息。我想到了這個程度，那麼問題來了為什麼是2？

On the other end, if one says that it should be cash-flow linked, given that we didn't generate any cash. We had a negative free cash flow of ZAR6 billion, then we shouldn't pay a dividend. So in consideration then of what is a reasonable interim dividend the Board looked at these two as bookends. And I think effectively to give that signal of confidence in free cash flow generation for the full year, we deemed a ZAR2 per share interim dividend as a vote of confidence in the free cash flow generation then of the business for the full year.

另一方面，如果有人說它應該與現金流掛鉤，因為我們沒有產生任何現金。我們的自由現金流為負 60 億南非蘭特，那麼我們不應該支付股利。因此，在考慮什麼是合理的中期股息時，董事會將這兩者視為帳簿。我認為，為了有效地發出對全年自由現金流產生的信心信號，我們將每股 2 南非蘭特的中期股息視為對全年業務自由現金流產生的信任票。

With the promise then also of kind of paying out at the full year dividend on the back of a revised policy. So, the full detail of that will be shared in due course, but I think in the meantime, we believe that a ZAR2 per share interim dividend is the appropriate level to distribute cash in the interim.

然後還承諾在修訂後的政策的支持下支付全年股息。因此，詳細資訊將在適當的時候公佈，但我認為與此同時，我們認為每股 2 南非蘭特的中期股息是中期分配現金的適當水平。

Thank you. Hanré. A few more questions around dividend and perhaps some more color on the new dividend policy from Faisal Al-Azmeh from Goldman Sachs, as well as [Benny Schroeder] from momentum. Will you expand on the current dividend policy, where are you going? And if you can please provide more details on the new dividend policy and how to think about the link to free cash flow generation.

謝謝。漢雷。關於股息的更多問題，以及高盛(Goldman Sachs) 的費薩爾·阿茲梅(Faisal Al-Azmeh) 以及動量(Momentum) 的[本尼·施羅德(Benny Schroeder)] 對新股息政策的更多看法。您會擴大目前的股利政策嗎？如果可以的話，請提供有關新股息政策以及如何考慮與自由現金流產生的聯繫的更多詳細資訊。

So I think Tiffany, there really links back to the comment I made that we are-- looking to link this specifically then to free cash flow. I think the feedback we've gathered from shareholders, analyst. We'll continue to do that on the roadshow, is to effectively get clarity on what level of free cash flow.

所以我認為蒂芙尼，確實與我發表的評論有聯繫——我們希望將其與自由現金流聯繫起來。我認為我們從股東、分析師那裡收集到的回饋。我們將在路演中繼續這樣做，是為了有效地弄清楚自由現金流的水平。

I think what we've seen in other examples that we've looked at that sometimes it's not clearly communicated to shareholders. So, the intention would be to clearly link it to a specific metric on the free cash flow statement that we can be tracked.

我認為我們在其他例子中看到的情況有時並沒有明確地傳達給股東。因此，目的是將其與我們可以追蹤的自由現金流量表上的特定指標明確連結起來。

To that extent, if I look at our current capital allocation framework, which I've outlined in the presentation, where we talk about first order capital allocation, we look then at free cash flow after sustaining and then maintaining capital. That is a key aspect that includes, of course, tax payments and interest payments.

從這個意義上說，如果我看看我們目前的資本配置框架，我在簡報中概述了該框架，其中我們談論一階資本配置，然後我們會看看維持和維持資本之後的自由現金流。這是一個關鍵方面，當然包括納稅和利息支付。

So that would be, in my mind, an appropriate level to look at then to gain insight into what is the appropriate level of cash to allocate to debt reduction versus payment to dividends, but then also allowing sufficient capital to allocate to a second order capital allocation. And that is where we look at the growth of the business.

因此，在我看來，這是一個適當的水平，以便深入了解分配給債務削減與支付股息的適當現金水平是多少，但同時也允許足夠的資本分配給二級資本分配。這就是我們關注業務成長的地方。

The reinvention of the business, the success tomorrow, but also additional cash returns to shareholders, whether it's buybacks or special dividends as well as organic, other organic and inorganic growth. And I think the intention then is to link it clearly to the capital allocation framework. But as I've noted, we'll share the full details at the full year.

業務的重塑、明天的成功，還有股東的額外現金回報，無論是回購或特別股息，以及有機、其他有機和無機成長。我認為這樣做的目的是將其與資本配置框架明確地連結起來。但正如我所指出的，我們將在全年分享完整的細節。

Thank you, Hanré. I' am going to shift gear to the operational update and Fleetwood, two questions in this regard.

謝謝你，漢雷。我將轉向營運更新和弗利特伍德，這是這方面的兩個問題。

Good day. Kindly elaborate on the expected impact of ORYX1 and ORYX2 being offline for longer than planned that comes from Yasmin Hussain at Laurium. And then also around the theme of the underperforming SOEs there are multiple challenges against the backdrop of it's been 17 years since load shedding started with 2023 being the worst year ever and other SOEs like Transnet performing abysmally. Can you please provide advice on how you factored this into the performance.

再會。Laurium 的 Yasmin Hussain 請詳細說明 ORYX1 和 ORYX2 離線時間超過計劃的預期影響。此外，圍繞著表現不佳的國有企業這一主題，自減負荷開始以來已經17 年了，2023 年是有史以來最糟糕的一年，而Transnet 等其他國有企業的表現也很糟糕，因此面臨著多重挑戰。您能否提供有關如何將其納入績效的建議？

And going forward, this is from Chris Logan from Opportune Investments.

接下來，這是來自 Opportune Investments 的 Chris Logan 的報導。

Yeah. Thank you, Tiffany. And thank you, Yasmin, and Chris. So the guidance we've given with respect to ORYX1 and 2 was in the outlook that Hanré provided and the operating rate that we guided is now between 55% and 65% for the year. We are currently looking at the full scope of the work we have gone into the reactor system.

是的。謝謝你，蒂芙尼。謝謝亞斯明和克里斯。因此，我們對 ORYX1 和 2 給出的指導是 Hanre 提供的展望，我們指導的今年開工率目前在 55% 至 65% 之間。我們目前正在研究反應器系統的全部工作。

We started to repair coils, that is ongoing. We believe that we will fully scope that out in the next weeks. But we believe that the whole program can be concluded in the next months before this this half year ahead of us. So the work is ongoing, but it is factored in the guidance that we've given.

我們開始修復線圈，目前正在進行中。我們相信我們將在接下來的幾週內全面解決這個問題。但我們相信整個計劃可以在這之前的幾個月內完成，比我們提早半年。因此，這項工作仍在進行中，但已納入我們提供的指導中。

So when I look at the load shedding and how we factor that in our performance, we are continuously engaging with Transnet with respect to the rail trajectories between Secunda, Richards Bay, Sasolburg Durban, and we have seen positive engagement there.

因此，當我考慮減載以及我們如何將其納入我們的績效時，我們不斷與Transnet 就Secunda、理查茲灣、薩索爾堡德班之間的鐵路軌跡進行合作，並且我們在那裡看到了積極的參與。

Later today, we will announce the first collaboration between business and Transnet, we would be supporting rolling stock maintenance in the ammonia value chain in Sasolburg Secunda trajectory. And I hope this is testimony of the collaboration that we do bring to the table so that we can really mitigate the impact of rail woes that we've been experiencing over the last year, so that is one data point.

今天晚些時候，我們將宣布企業與 Transnet 之間的首次合作，我們將支援 Sasolburg Secunda 軌道氨價值鏈中的機車車輛維護。我希望這是我們確實進行合作的證明，以便我們能夠真正減輕去年我們經歷的鐵路問題的影響，所以這是一個數據點。

With respect to the load shedding, if you follow closely the business for South Africa, we have been indicating clearly and over the weekend again, it was indicated by business for South Africa that we believe we see the turning point and that we hopefully will get to a stage one or two by the end of this year.

關於減載，如果您密切關注南非的業務，我們一直在周末明確表示，南非的業務表明，我們相信我們看到了轉折點，我們希望能夠在今年年底進入第一或第二階段。

And in the calendar year of 2025 that we will put load shedding behind us. And the main drivers is basically the energy availability factor of the Eskom fleet of power generation, which we see as stabilizing and the plans starting to tick up.

到 2025 年，我們將把減載拋諸腦後。主要驅動因素基本上是 Eskom 發電艦隊的能源可用性因素，我們認為該因素正在趨於穩定，並且計劃開始加快。

But moreover, the most important impact is the new renewable energy that is now connected to the grid and the impact of that will be really making us turn the corner as we also see further connections to the grid in this financial-- and this calendar year. And that's why that statement and outlook has been positioned as I've mentioned.

但此外，最重要的影響是現在連接到電網的新可再生能源，其影響將真正使我們扭轉局面，因為我們在本財年和本日曆年還看到與電網的進一步連接。這就是為什麼該聲明和前景的定位如我所提到的。

Thank you, Fleetwood. I'm going to switch to Chorus Call to check if there are any callers online. Operator, do you have any anybody queued.

謝謝你，弗利特伍德。我要切換到合唱呼叫以檢查是否有任何呼叫者在線上。接線員，有人在排隊嗎？

There are a few questions now. The first question comes from Chris Nicholson of RMB Morgan Stanley. Please go ahead.

現在有幾個問題。第一個問題來自人民幣摩根士丹利的Chris Nicholson。請繼續。

Hi, good morning, Tiffany, Fleet, Hanré, and team. Yeah, I've got a couple of questions about the balance sheet. And I think you've explained the dividend now, but then just the question is as follows. I think the first one is obviously the $1.5 billion bond maturity that you have said you had pre-financed last year. Just looking at this increase in net debt and whether the cash positions are at December it looks unlikely you're going to be able to pay that out of cash.

嗨，早上好，蒂芬妮、弗利特、漢雷和團隊。是的，我有幾個關於資產負債表的問題。我想你現在已經解釋了股息，但問題如下。我認為第一個顯然是您去年所說的預融資的15億美元債券到期。只要看看淨債務的增加以及 12 月的現金部位是否充足，您似乎不太可能用現金來支付這筆費用。

Could you confirm what you're actually physically going to be paying that bond maturity out of. Will you be drawing down on the revolver? So that's the first question.

您能否確認您實際上將以什麼來支付債券到期日的金額？你會用左輪手槍嗎？這是第一個問題。

And second question is around working capital. Clearly, obviously, the working capital has normalized to some degree over this half, and it's obviously built, and that weighed on cash generation. What is the outlook from here over the next six months? Looks like it's at a bit of a more normalized range, but is there anything specific to think about?

第二個問題是關於營運資金的。顯然，很明顯，在這一半的時間裡，營運資本在某種程度上已經正常化，而且顯然已經建立起來，這對現金產生造成了壓力。未來六個月的前景如何？看起來似乎處於更正常化的範圍內，但有什麼具體需要考慮的嗎？

And then the final one is I mean, if I look at Sasol balance sheet, quite clearly, the international businesses are not making any money and the interest payments are all in dollars or predominantly in dollars.

最後一點是，如果我看一下沙索的資產負債表，很明顯，國際業務沒有賺到任何錢，利息支付全部以美元或主要以美元計。

Are there any issues you're experiencing having to expatriate [RANDs] to pay down dollar debt and the and also, I guess, to some extent, maybe to subsidize or take up some of the losses in the international chemicals business. Thank you.

您是否遇到任何問題，必須將[蘭德]移至國外以償還美元債務，而且我想，在某種程度上，也許是為了補貼或承擔國際化學品業務的一些損失。謝謝。

Thank you, Chris.

謝謝你，克里斯。

Thanks, Chris, I guess Fleetwood, I'll grab that one. I think in terms of your first question around liquidity and managing the $1.5 billion bond maturity coming up in March as I've noted in the presentation, we've got over or close to $5 billion of liquidity, kind of predominantly cash and then the RCF.

謝謝，克里斯，我想弗利特伍德，我會抓住那個。我認為，就您關於流動性和管理3 月份即將到期的15 億美元債券的第一個問題而言，正如我在演示中指出的那樣，我們已經擁有超過或接近50 億美元的流動性，主要是現金，然後是RCF。

So we've got about ZAR36 billion facility or cash on hand. So in terms of the ability then to redeem that bond, we can comfortably do that from the RCF. The RCF at the year-end was undrawn. And so we've got comfort to it to effectively then extinguish that bond through a drawdown of the RCF and cash and of course, further cash generation then as well as we expect this in the second half.

因此，我們手頭上有大約 360 億南非蘭特的融資或現金。因此，就贖回該債券的能力而言，我們可以輕鬆地透過 RCF 來贖回該債券。年末的 RCF 尚未提取。因此，我們放心地透過提取 RCF 和現金，當然還有進一步的現金生成，有效地消除這種債券，我們預計下半年會出現這種情況。

I think you touched on an important point on your second question, can the working capital movement? If one looks at our free cash flow generation certainly then lack of free cash flow generation in the second half--in the first half. A big aspect of that has been a significant increase in the working capital that was built up from the low that we saw at the year end.

我認為你在第二個問題上觸及了一個重要的觀點，即營運資金可以流動嗎？如果人們看看我們的自由現金流生成，那麼下半年和上半年都缺乏自由現金流生成。其中一個重要面向是營運資金從年底的低點開始顯著增加。

And the question then rightly kind of-- what is kind of what's a reasonable level of working capital? So we guide to that 15.5% to 16.5% on an average basis throughout the year. But I've got to note that there's of course, seasonality in the way that we can manage working capital. So not only do we look to manage that at a sustainable level throughout the year, but we do see the ability of the business to generate and release cash at the year ends as we're able to manage debtors, creditors, inventory that is more comfortable at the June year end.

那麼問題就在於──什麼是合理的營運資本水準？因此，我們全年的平均成長率為 15.5% 至 16.5%。但我必須指出，我們管理營運資金的方式當然存在季節性。因此，我們不僅希望全年以可持續的水平進行管理，而且我們確實看到企業在年底產生和釋放現金的能力，因為我們能夠管理債務人、債權人、庫存六月底的時候很舒服。

So to the extent that we've seen-- a significant drawdown on cash from working capital, there remains, of course, then the opportunity for the full year to release that is a cash-- a cash release lever that we do see coming through every year.

因此，就我們所看到的程度而言——營運資金中的現金大幅減少，當然，全年仍有機會釋放現金——我們確實看到了現金釋放槓桿的出現通過每一年。

I've got also on perhaps note and I think to add in another aspect of it is that one has to look, we took our cash flow, that there is significant seasonality in our business. We saw a similar step up in net debt kind of last year from the full year to the half year. And so actually very similarly we were about ZAR3.8 billion at the previous full year.

我還注意到，我想補充另一方面，我們必須考慮我們的現金流，我們的業務有明顯的季節性。我們看到去年淨債務從全年到半年出現了類似的成長。事實上，上一全年我們的收入約為 38 億南非蘭特。

Also stepping up to around ZAR4.5 billion to ZAR4.6billion net debt at the previous half years. Our net debt this year, as I've mentioned, is about 1% year-on-year, but it has similarly increased also from a year end level of ZAR3.8 billion.

前半年淨債務也增加至約 45 億蘭特至 46 億蘭特。正如我所提到的，我們今年的淨債務年比約為 1%，但也較年末 38 億南非蘭特的水平同樣有所增加。

In terms of the international business, I think what is, of course, evident is that. The predominant debt currency that we carry is dollar. So that 95% of our of our gross debt is US Dollar denominated. So effectively then means that after that, our interest charge is effectively then in US Dollar.

就國際業務而言，我認為這是顯而易見的。我們持有的主要債務貨幣是美元。因此，我們總債務的 95% 都是以美元計價的。那麼實際上意味著在那之後，我們的利息費用實際上是以美元計算的。

And I've got to note, and I did say that in the presentation that about 95% of our cash generation today, as l up to the last period was from the South African business. But of course, a big part of that is denominated in US Dollar to the extent that we've got significant exports, especially from our chemicals Africa business.

我必須指出，我確實在演講中說過，截至上一期，我們今天約 95% 的現金產生來自南非業務。但當然，其中很大一部分是以美元計價的，因為我們有大量出口，特別是我們的非洲化學品業務。

So we do generate dollars also from our South African assets. And to the extent that there's a mismatch between Rand and dollars, we've got the ability through the Reserve Bank allowances to export and manage our dollar, our rand repatriation and move of dollars to pay those finance charges.

因此，我們確實也從我們的南非資產中產生美元。在蘭特和美元之間存在不匹配的情況下，我們有能力透過儲備銀行的津貼出口和管理我們的美元、蘭特匯回和美元轉移來支付這些財務費用。

So we don't-- we expect any to experience any issues in managing that. A further aspect in terms of just managing that apparent mismatch, then between rand and dollar, of course, is also in our hedging policy where we use cap and collars, just to make sure that we don't get caught out on the extreme moves of the rand dollar exchange rate in managing this apparent discrepancy.

因此，我們預計任何人在管理該問題時都不會遇到任何問題。當然，就管理蘭特和美元之間明顯的不匹配而言，另一個方面也在於我們的對沖政策，我們使用上限和上限，只是為了確保我們不會因極端走勢而陷入困境。在管理這種明顯差異方面的作用。

Thanks, Tiffany. Thanks, Chris.

謝謝，蒂芙尼。謝謝，克里斯。

Thanks for your set of questions, Chris. can we move to the next caller?

謝謝你提出的一系列問題，克里斯。我們可以轉到下一個來電者嗎？

The next question we have comes from Gerhard Engelbrecht of Absa CIB. Please go ahead.

我們的下一個問題來自 Absa CIB 的 Gerhard Engelbrecht。請繼續。

Thank you. Good morning. I've got three topics that I just maybe would like to ask you about. Firstly, on the gas reserves, you're talking about four new wells in the PPA operating. I guess my question is, I'm trying to reconcile this with your reported reserve numbers in your 20-F. Are you going to increase those reserve numbers or is this a faster depletion of the PPA? I'm just trying to understand how four wells is going to affect the longer term in terms of the PPA reserves.

謝謝。早安.我有三個話題想問你。首先，關於天然氣儲量，您談論的是購電協議中正在運作的四口新井。我想我的問題是，我正在嘗試將其與您報告的 20-F 儲備數字進行協調。您打算增加這些儲備數量還是購電協議會更快耗盡？我只是想了解四口井將如何影響 PPA 儲量的長期影響。

Secondly, very quickly, you spoke in the BPM of difficult geological conditions in mining. I wonder if you can just maybe elaborate on that. Is this a long-term feature that we're talking or about is some difficult ground that you're mining through.

其次，您很快在 BPM 中談到了採礦業的困難地質條件。我想知道你是否可以詳細說明一下。這是我們正在談論的長期功能，還是您正在挖掘的一些困難領域。

And then maybe if you can talk a little bit about costs, you talked about a 15% increase in Synfuels cash, fix cost cuts and fuels-- the fuels business, cash fix costs. I presume it would be not too different on the chemical side of Synfuels as well than.

然後也許如果你能談談成本，你談到了 Synfuels 現金增加 15%，修復成本削減和燃料——燃料業務，現金修復成本。我認為合成燃料的化學方面也不會有太大不同。

Maintenance and electricity you mentioned. I'm trying to reconcile that with your Sasol of 2.0 milestones that that you say you achieved. So maybe if you can talk around the cost increases in synfuels. And then also you talk about mining. Talk about increased security costs.

你提到的維護和電力。我正在嘗試將其與您所說的 Sasol 2.0 里程碑進行協調。那麼也許您可以談談合成燃料的成本增加。然後你還談論採礦。談論增加的安全成本。

So maybe if you can just elaborate on that I'm just trying to figure out if a this is a fleeting thing, or is this also going to be an issue in the future?

所以也許你可以詳細說明一下，我只是想弄清楚這是否是一個短暫的事情，或者這是否也會成為未來的問題？

And thank you, Tiffany. I will, Gerhard. Thank you for those questions. I will start off with the wells that you mentioned. And I'm going to ask Priscillah to weigh in also on that. Then the question on mining we'll give a high-level overview. Hermann will help us to provide that. And then the cost question, I will ask Hanré to elaborate on.

謝謝你，蒂芙尼。我會的，格哈德。謝謝你提出這些問題。我將從你提到的井開始。我也會請普里西拉對此發表意見。然後關於挖礦的問題我們將給出一個高層次的概述。赫爾曼將幫助我們實現這一點。然後是成本問題，我會請 Hanré 詳細說明。

No, Gerhard as you know, we have announced the decline of our gas reserve on the PPA field. And part of the if you wish the flow or the improved flow out of that reservoir. We had to do the infill well drilling campaign and remediation. So that means to get the flow again to the potential of the existing PPA reserve. We had to do infill well drilling.

不，格哈德，如你所知，我們已經宣布 PPA 油田的天然氣儲量下降。如果您希望從該水庫流出流量或改善流量，則可以作為其中的一部分。我們必須進行加密井鑽探活動和修復。因此，這意味著要再次發揮現有購電協議儲備的潛力。我們必須進行加密井鑽探。

Now this is a result of three wells we've drilled and one we've remediated that started to flow out of the PPA. reservoir and that restored the volumes that we've seen historically in terms of volume flow output from the PPA fields over the last year. And that's also the reason why we could flow 10% more that was driven by our own internal needs as well as market growth.

現在，這是我們鑽探的三口井和我們修復的一口井開始從PPA流出的結果。水庫的恢復，使我們恢復了去年 PPA 油田體積流量輸出的歷史水準。這也是我們能夠在內部需求和市場成長的推動下增加 10% 的流量的原因。

So with that, I'm going to ask Priscillah to weigh in on further context.

因此，我將請普里西拉（Priscillah）權衡進一步的背景。

Good morning, colleagues. Gerhard, thanks for that question. Just a few comments before I answer specifically. You'll recall that we've articulated that reserves are accounted for on a P90 and also are only limited to Sasol share and not the total volume that includes apartments.

早安，同事們。格哈德，謝謝你提出這個問題。在我具體回答之前，先簡單說幾句評論。您可能還記得，我們​​已經明確表示儲備金計入 P90，並且僅限於 Sasol 份額，而不是包括公寓在內的總數。

So when you look at our reserves at the end of the financial year on the P90, the three worlds were already accounted for because they considered the fact that most of the conditions were already met at a P90 level. If you then look at the year ahead as at the financial year and FY '2024, we expect that we will probably be revising our reserves higher, and the increase in the reserves will be expected to come from the PSA.

因此，當你在財政年度結束時查看我們在 P90 上的儲備時，這三個世界已經被考慮在內，因為他們考慮到大多數條件已經在 P90 水平上得到滿足的事實。如果您展望未來一年的財政年度和 2024 財年，我們預計我們可能會更高地修改我們的準備金，並且準備金的增加預計將來自 PSA。

During the year under articulating that, there are certain conditions that are still outstanding with regard to the PSA, and part of that is to ensure that we have the commercial contract signed between us and Mozambique. That is now in the process of being finalized, and that will be followed by ability to flow the volumes to South Africa. With that commercialization in place, we should see the reserves going up.

在闡明的這一年中，有關PSA的某些條件仍然懸而未決，其中一部分是為了確保我們與莫三比克之間簽署商業合約。目前正在最後確定階段，隨後將能夠將這些貨物運往南非。隨著商業化的到位，我們應該會看到儲備增加。

Again, to reaffirm, we report on the plateau based on the P50, which then implies that what you see in that, there's a huge discrepancy that you can't reconcile and such. So in a nutshell, we should focus more on the resources because reserves are more stringent in terms of the SEC rules, as you've highlighted, and I hope that answers your question.

再次重申，我們根據 P50 報告平台期，這意味著您在其中看到的內容存在無法調和的巨大差異等。簡而言之，我們應該更專注於資源，因為正如您所強調的那樣，根據美國證券交易委員會的規則，準備金更加嚴格，我希望這能回答您的問題。

Thank you, Priscillah. We moved into Hermann on the mining question.

謝謝你，普麗西拉。我們因採礦問題搬進了赫爾曼。

Good morning, colleagues. Thank you for the question. From a mining perspective, our challenge is that due to a limitation of available pit room, we're finding it very difficult to currently mine at balance in our reserves between good reserves, reserves of medium quality, and then very difficult reserves to mine due to many lava intrusions into those reserves.

早安，同事們。感謝你的提問。從採礦的角度來看，我們面臨的挑戰是，由於可用礦坑空間的限制，我們發現目前很難在良好儲量、中等質量儲量以及非常難以開採的儲量之間平衡開採。

So what we need to do is we need to open up additional areas that are better quality coal. We are busy with the accelerated plan. That entails blasting through some of these lava rock walls. It also entails establishing additional ventilation shafts so that you can get that balance between good reserves, reserves of medium quality and poor quality at a much more acceptable level than what we have currently.

因此，我們需要做的是開闢更多產優質煤炭的地區。我們正忙於加速計劃。這需要爆破其中一些熔岩牆。它還需要建立額外的通風井，以便您可以在比我們目前更可接受的水平上實現良好儲備、中等品質儲備和劣質儲備之間的平衡。

At this point in time, some months we mine with only 10% to 15% of our sections actually in good quality of coal, and we need to address that. We're busy with that program to address that. That entails improved drilling so that we've got better information of the geology underground so that we can have less surprises, and it also is including an increase of the skills and of our teams actually mining stonework.

目前，有幾個月我們開採的部分實際上只有 10% 到 15% 的煤炭品質良好，我們需要解決這個問題。我們正忙於制定該計劃來解決這個問題。這需要改進鑽探，以便我們獲得更好的地下地質信息，從而減少意外情況，還包括提高我們團隊實際開採石料的技能和水平。

The teams that do the drilling and the blasting to open up the areas, and we're also accelerating the establishment of our ventilation shafts so that when you have these reserve areas open that you actually have ventilation to conclude or to continue with that mining.

進行鑽孔和爆破以打開這些區域的團隊，我們也在加快通風井的建立，以便當您打開這些保留區域時，您實際上可以通風來結束或繼續採礦。

It's not a short-term solution in the next three to six months. It's a solution that we're working hard on, and the benefits you will only see in the period 12 to 24 months from now. Maybe just from a cost perspective, some of the costs that we've seen are a specific increase at mining related to security costs. We do experience from time to time a community unrest, not specifically aimed at Sasol or Sasol mining.

這不是未來三到六個月的短期解決方案。這是我們正在努力開發的解決方案，您只有在 12 到 24 個月內才能看到好處。也許僅僅從成本的角度來看，我們看到的一些成本是與安全成本相關的挖礦的具體增加。我們確實時常經歷社區騷亂，並非專門針對沙索或沙索採礦業。

But we are targeted from a Sasol mining perspective to act as a facilitator between the parties, and then to get our attention, many of our infrastructure is targeted, and we have appointed additional security to help us to look after that, and we have also, from time to time--we have security teams underground to address challenges that we experience with cable theft.

但從Sasol 挖礦的角度來看，我們的目標是充當各方之間的協調者，然後為了引起我們的注意，我們的許多基礎設施都成為目標，我們已經任命了額外的安全人員來幫助我們照顧這一點，我們還有時，我們會在地下設立安全團隊來解決我們遇到的電纜竊盜問題。

Thanks, Jay. I think let me pick up also just the question around the broader cash fix cost, also referencing the cash fix cost increase in the fuels business, so Carat mentioned a 15% increase in our fuels cash fixed cost. I think important to note that in terms of our integrated value chain, there's an allocation of cash fixed costs between fuels and chemicals Africa, so a big part of the 15% increase has just been to the extent that we produced more fuels volumes relative to chemicals volumes, that there was a reallocation of cash fix costs there.

謝謝，傑伊。我想讓我也談談更廣泛的現金固定成本的問題，也參考燃料業務中現金固定成本的增加，因此凱絡提到我們的燃料現金固定成本增加了 15%。我認為值得注意的是，就我們的綜合價值鏈而言，非洲的燃料和化學品之間存在現金固定成本的分配，因此15% 成長的很大一部分是我們生產的燃料量相對於非洲的產量增加了。

So that's so a big aspect of that came through just then-- and of course, that will vary according to the slate mix in those segments. I think those aspects have been above inflationary increases in aspects such as energy and other aspects that relates to maintenance, and I think perhaps just more broadly then, the Sasol 2.0 recon that we do, so as you track the performance of Sasol 2.0 not only in the segments, we do the same, but also on the group as a whole.

所以這是當時發生的一個重要面向——當然，這會根據這些細分市場的板岩組合而有所不同。我認為這些方面已經超過了能源和其他與維護相關的方面的通膨增長，我認為也許更廣泛的是，我們所做的 Sasol 2.0 偵察，因此當您跟踪 Sasol 2.0 的性能時，不僅在細分市場上，我們也這樣做，而且在整個集團上也這樣做。

And I think to that extent, and I mentioned that in the presentation, although we've recognized a 5% increase in cash fixed costs year on year, just the absolute numbers in the income statement, if one splits out, and we've of course seen an increase--a significant depreciation in the rand, which on top of high inflation in the non-rand environment, we've seen then a translation impact.

我認為在這個程度上，我在演示中提到，雖然我們已經認識到現金固定成本同比增長了 5%，但如果分拆的話，只是損益表中的絕對數字，我們已經當然，我們看到了增長——蘭特大幅貶值，除了非蘭特環境中的高通膨之外，我們還看到了轉換影響。

If we split out that, we split out inflation and once-off aspects, we've actually reduced cash fixed costs by 1%, and I think if we go into the individual components, there are kind of proof points to that, for example, in our headcount, we've reduced headcount by about 500 period on period-- aspects such as third-party spend, kind of there, we also can show examples.

如果我們把這一點分開，我們把通貨膨脹和一次性方面分開，我們實際上已經將現金固定成本減少了 1%，我認為如果我們進入各個組成部分，就會有一些證據表明這一點，例如，在我們的員工人數中，我們在同一時期減少了大約500 名員工——在第三方支出等方面，我們也可以展示一些例子。

To make sure that it's not just slides and promises, but that it comes through in the cash fixed cost, and so in the P&L, and in the cash flow statement. I think importantly, to the extent that the question is-- can we do more, we have seen sort of the pressure in our business at the back end of last year, so we have increased our cash fixed cost savings targets by a further ZAR2billion, so you would see the ZAR4.1 billion run rate that we've generated-- kind of savings we've generated for the half year.

確保它不僅僅是幻燈片和承諾，而是體現在現金固定成本中，因此體現在損益表和現金流量表中。我認為重要的是，就問題而言，我們能否做得更多，去年年底我們已經看到了業務的壓力，因此我們將現金固定成本節約目標進一步提高了 20 億南非蘭特，所以您會看到我們產生的41 億南非蘭特的運行率——這相當於我們半年的節省。

So that's another, but another, so ZAR4.2 billion is a half year, ZAR4.1 billion rather-- [ZAR8.2 billion], if you analyze that, that is above the ZAR7billion that we've shown at the full year, so we've generated another ZAR1billion of cash fixed costs savings. And we will continue that focus and announce further initiatives and successes as we deliver those, thanks, Gerhard.

所以這是另一個，但是另一個，所以 42 億蘭特是半年，41 億蘭特是 - [82 億蘭特]，如果你分析一下，那就高於我們在全年顯示的 70 億蘭特，因此我們又節省了10 億南非蘭特的現金固定成本。我們將繼續關注這一重點，並在實現這些目標時宣布進一步的舉措和成功，謝謝格哈德。

Thanks for your questions, Gerhard, moving back to the online questions, I know there are a few more callers queued on Chorus call, I'll get to you in a few minutes, a theme of questions from Irina Schulenburg from Old Mutual Investment Group, tagging on to cash flow and cash optimization, one half free cash flow is an absorption of ZAR6.5 billion.

感謝您的提問，Gerhard，回到線上問題，我知道還有一些來電者在 Chorus 通話中排隊，我會在幾分鐘內回复您，這是來自 Old Mutual Investment Group 的 Irina Schulenburg 的問題主題，加上現金流和現金優化，自由現金流的一半相當於65 億蘭特。

Can you comment on what levers exist for half two to generate cash or step up cash flow, you also speak of optimization of the portfolio, is this the cash and cost management, or does it include a wider review of ops, which may be deemed non-core, and is this all part of the group's agenda to pay down debt?

您能否評論一下半二點存在哪些槓桿來產生現金或增加現金流，您還談到了投資組合的優化，這是現金和成本管理，還是包括對營運進行更廣泛的審查，這可能被視為非核心，這都是該集團償還債務議程的一部分嗎？

I think that's a similar theme of questions, Hanré, so perhaps we can address that.

我認為這是一個類似的問題主題，Hanré，所以也許我們可以解決這個問題。

Thanks, thanks, Irina, for that question, so I think important to note in terms of the first half versus second half that-- as I said, that there is some seasonality, so to the extent that we have at the phase shut down in the first half in Secunda.

謝謝，謝謝，伊琳娜，提出這個問題，所以我認為重要的是要注意上半場與下半場的情況——正如我所說，存在一些季節性，所以就我們在關閉階段而言上半場在塞昆達。

We do typically see a stronger second half, and I think both Fleetwood and I have signaled that we've got confidence in the ability of Team Sasol to really take on that task again, to generate stronger cash flow in the second half, so I think in terms of operational performance itself,-- it typically sees a better second half.

我們通常會看到下半場表現更強勁，我認為弗利特伍德和我都已表示，我們對沙索團隊再次真正承擔這項任務的能力充滿信心，在下半場產生更強勁的現金流，所以我從營運績效本身來看，下半年通常會更好。

The other aspect, as you note, is that working capital, and I think to Chris's question earlier, kind of the ZAR6.5 billion negative cash flow that we've seen in the first half, ZAR7.7 billion of that has been absorption of cash from working capital.

正如您所指出的，另一個方面是營運資金，我認為對於克里斯之前的問題，我們在上半年看到了 65 億蘭特的負現金流，其中 77 億蘭特已被吸收來自營運資金的現金。

So if we exclude that, certainly still a reasonable--or some generation of cash flow, I certainly wouldn't claim we'd be happy with just around a ZAR2 million or ZAR3 billion free cash flow generation from the business. There are also other aspects that is seasonal, so to the extent that we typically see higher cash payments of a tax in the first half.

因此，如果我們排除這一點，當然仍然是合理的——或者一定程度的現金流，我當然不會聲稱我們會對業務產生的大約 200 萬或 30 億南非蘭特的自由現金流感到滿意。還有其他方面是季節性的，因此我們通常會在上半年看到較高的現金支付稅款。

So that to an extent, the expectation is in the second half, that we'll see lower payment of cash tax as well, so there are some factors. But I think more importantly is just kind of the step up that we are pushing in terms of just operational performance.

因此，在某種程度上，預期在下半年，我們也會看到現金稅的支付量降低，所以有一些因素。但我認為更重要的是我們在營運績效上所推動的進步。

And as Fleetwood said, there are certainly areas that we are not happy with in the performance of the first half, and you've got the commitment from Team Sasol really to really pull this together for the second half.

正如弗利特伍德所說，我們對上半場的表現肯定有一些不滿意的地方，沙索爾團隊確實承諾在下半場將其整合在一起。

Thanks, Hanré. Another theme of questions coming around are portfolio optimization.

謝謝，漢雷。另一個問題的主題是投資組合最佳化。

I did miss that also from Irina. I did ask about portfolio optimization, so I didn't purposefully dodge that. I did note other aspects that we are looking towards in terms of kind of further ways that we can manage cost. I think optimization of the portfolio. Of course, to the extent that there is a benefit in cost or cash release, that is a part benefit that we could see from the optimization of the portfolio.

我也確實想念伊琳娜的這一點。我確實問過投資組合優化的問題，所以我沒有刻意迴避。我確實注意到了我們正在尋求的其他方面，即我們可以管理成本的進一步方法。我認為優化投資組合。當然，就成本或現金釋放的好處而言，這是我們可以從投資組合優化中看到的部分好處。

But we do, in terms of our capital allocation framework and the rigor that we've got in our process to evaluate the whole of the portfolio-- we do go through continuous asset reviews of underperforming assets. So to the extent that that will unlock value-- that's the primary driver of value and risk, that is the way that we look at our portfolio and specific assets.

但就我們的資本配置框架和評估整個投資組合過程的嚴格性而言，我們確實對錶現不佳的資產進行了持續的資產審查。因此，在某種程度上，這將釋放價值——這是價值和風險的主要驅動因素，這就是我們看待投資組合和特定資產的方式。

Does that still fit within the portfolio? Is it worth more if we sell it? Can we maintain it? Do we drive further cash optimization if we decide to keep it in the portfolio? So those are all aspects that come into it. There's certainly no need to sell assets to generate cash.

這仍然適合我們的投資組合嗎？如果我們賣掉它，它會更值錢嗎？我們能維護它嗎？如果我們決定將其保留在投資組合中，我們是否會進一步推動現金優化？這些都是涉及的所有面向。當然沒有必要出售資產來產生現金。

I think where there's the ability, for example, of selling an asset and it releases cash, that could be a way to address it as well, but that would not be the primary goal in terms of an asset portfolio. It is more to optimize the cash generation of assets to realize value.

我認為，例如，如果有能力出售資產並釋放現金，這也可能是解決問題的一種方法，但這並不是資產投資組合的主要目標。更多的是優化資產的現金生成，實現價值。

Thank you, Hanré. I think you've covered quite a few questions on asset sales and the possibility of further deleveraging through asset sales, both from Peter Kromberg at Merger Market, Ray Craig, as well as Sasha Kockan from Bank of America. So thanks for that. I'm going to shift gear a little bit back to operations.

謝謝你，漢雷。我認為您已經討論了很多關於資產出售以及透過資產出售進一步去槓桿化的可能性的問題，這些問題均來自併購市場的 Peter Kromberg、Ray Craig 以及美國銀行的 Sasha Kockan。所以謝謝你。我將稍微調整一下態度，回到營運上。

There have been a few questions around the cold destoning project and when this is expected to receive or achieve FID. That comes from [Thabo Malloy] from the fund. Also questioning if there are other measures aimed at improving cold quality and if so, how far along in development are they?

關於冷去石項目以及預計何時獲得或實現最終投資決策存在一些問題。這來自該基金的 [Thabo Malloy]。也詢問是否有其他旨在提高冷品質的措施，如果有，進展到什麼程度了？

I think, again, from Sasha Kockan from Bank of America, update on the FID CapEx for de-stoning as well. Fleetwood, if I could direct those to you.

我想，美國銀行的 Sasha Kockan 也會更新 FID 去石資本支出的狀況。弗利特伍德，如果我能把這些轉給你的話。

Yeah, thank you. Thank you for those questions, Thabo, and Sasha. So the de-stoning project is maturing through each stage gate decision process. We have indicated that we will focus on a final investment decision in Q4 of this calendar year. So that's towards the end of 2024.

是的，謝謝。謝謝你們提出這些問題，Thabo 和 Sasha。因此，透過每個階段的決策過程，去石計畫正在走向成熟。我們已表示，我們將在今年第四季重點做出最終投資決定。那是在 2024 年底。

The critical path here is our licenses in terms of environmental procedures, et cetera. And that's why, you know, that is driving the schedule. Back at the rounds, we are developing the project at the best balance between schedule and cost. And we believe that we will only be in a position, to also indicate to you what the capex for that is once we take the FID decision, as is customary when Sasol will invest in large projects.

這裡的關鍵路徑是我們在環境程式等方面的授權。這就是為什麼，你知道，這正在推動時間表。回到各個回合，我們正在以進度和成本之間的最佳平衡來開發專案。我們相信，只有在做出最終投資決定後，我們才能向您表明資本支出是多少，這是沙索投資大型專案時的慣例。

We will then make that, you know, CapEx magnitude available. With respect to the other items that we are focusing on in terms of how do we address cold quality. We are-- and I've indicated this integrated center of coal management in terms of blending that we have established in Secunda operations and mining in a close collaboration.

然後我們將提供資本支出規模。至於我們關注的其他項目，即我們如何解決冷品質問題。我已經指出了我們在 Secunda 運營和採礦中密切合作建立的混合煤炭管理綜合中心。

So that we, in time, get the right blending stream from the purchased and the five collieries that bring the coal into the facility. And that remains a keyway of addressing-- coal quality and the right mix of coal into Secunda operations.

這樣我們就能及時從購買的五個煤礦中獲得正確的混合流，將煤炭輸送到設施中。這仍然是解決問題的關鍵——煤炭品質和 Secunda 運營中煤炭的正確組合。

Thank you, Fleetwood, for that. I'm going to switch to a question on the regulatory challenges from David Fraser at Peregrine. His question is-- is it not time to have an honest conversation with the Cabinet of South Africa to articulate the full economic and social implication of full compliance with the current climate change trajectory. So that all parties can either accept and sign off on these implications or look to revise the policy to potentially mitigate some of those impacts?

謝謝你，弗利特伍德。我將轉向 Peregrine 的 David Fraser 提出的有關監管挑戰的問題。他的問題是——現在是否不是與南非內閣進行誠實對話的時候，以闡明完全遵守當前氣候變遷軌蹟的全面經濟和社會影響。這樣一來，所有各方都可以接受並簽署這些影響，或尋求修改政策以減輕其中一些影響？

I'll start off, and I'm going to ask Simon also to weigh in on our collaboration and engagement. So suffice to say, and I've mentioned it very clearly in my presentation today, that we are engaging with all stakeholders. That is part and parcel of this landscape in terms of the issues we need to progress and to provide context and understanding of the issues in much more detail to what the implications are of doing nothing, doing something, or maybe doing the right thing for the South African economy, as you alluded to.

首先，我將請西蒙對我們的合作和參與發表意見。我可以在今天的演講中非常明確地提到，我們正在與所有利害關係人接觸。就我們需要解決的問題而言，這是這一格局的重要組成部分，並更詳細地提供對這些問題的背景和理解，以了解什麼都不做、做某事或可能為社會做正確的事情的意思。

So all of these factors will continue to play out, but maybe, Simon, you've got other additional impact perspectives?

因此，所有這些因素都將繼續發揮作用，但西蒙，也許您還有其他額外的影響觀點？

Thank you, David. I mean, that's a very valid question. We see the South African government as a partner, as our country also has, I mean, 80%of its energy as cold as we stand. We both have to embark on this, what we call a just transition. So I wholeheartedly agree with you that we will continue with the discussions so that we can both have an outcome that will ensure that we can transition both Sasol and the South African economy, I mean, not just to mention. So thank you for that, and we'll continue with those engagements.

謝謝你，大衛。我的意思是，這是一個非常有效的問題。我們將南非政府視為合作夥伴，因為我們國家也有 80% 的能源與我們一樣冷。我們雙方都必須著手進行這項工作，即我們所說的公正過渡。因此，我完全同意您的觀點，我們將繼續進行討論，以便我們雙方都能取得成果，確保我們能夠實現薩索爾和南非經濟的轉型，我的意思是，不僅僅是提及。謝謝你們，我們將繼續這些活動。

Thank you for that, Simon. I'm going to switch back to Chorus Call. There are two more questions queued. Over to you, operator.

謝謝你，西蒙。我要切換回合唱呼叫。還有兩個問題正在排隊。交給你了，接線生。

We have a question from Adrian Hammond of SBG. Please go ahead, sir.

我們有來自 SBG 的 Adrian Hammond 的問題。請繼續，先生。

Good morning, everyone. Yes, I have three questions. Firstly, it's pleasing to note that you have upped the post '2030 windfills production to 7 million tons from 6.7 tons. This obviously hinges on the de-stoning, and when that FID comes through, will you reverse the impairments you have done so far? If you can just give us some color on that and how you think about that.

大家，早安。是的，我有三個問題。首先，令人高興的是，你們已將 2030 年後的風填土產量從 6.7 噸提高到 700 萬噸。這顯然取決於去石情況，當 FID 通過時，您會扭轉迄今為止所做的損害嗎？如果您能給我們一些關於這一點的資訊以及您對此的看法。

And then secondly, I assume also the profile also hinges on the carbon tax you've assumed. And that is, of course, still somewhat up in the air if you could just remind us what you've assumed and how you're progressing potential discussions with governments on that front.

其次，我認為情況也取決於你假設的碳稅。當然，如果您能提醒我們您的假設以及您如何在這方面與政府進行潛在的討論，那麼這仍然有些懸而未決。

And then lastly, just want to understand your gas plateau. It's also pleasing to note there that you've extended the potential plateau to 2030 and beyond. Could you reconcile that with your ability to continue supplying your customers, which you've earmarked to end in 2026? Thank you.

最後，只是想了解您的氣體平台。令人高興的是，您已將潛在的穩定期延長至 2030 年及以後。您能否將這一點與您繼續為客戶提供服務的能力（您已指定在 2026 年結束）相協調？謝謝。

Thanks, Adrian.

謝謝，阿德里安。

I think the two questions with respect to the impairment and the tax, I'm going to ask Hanré to weigh in on that. And then the one on the gas extension, Priscillah, if you can take that one.

我認為關於減損和稅收的兩個問題，我將請漢雷對此進行權衡。然後是加油站的那個，普里西拉，如果你能接受的話。

Thanks, Adrian. So effectively, I think, glad you noticed the update of just the indication that we've given that the 6.7 million tons beyond 2030 for n Synfuels is, of course, just the outcome of the blunt instrument of impairment, and that the focus for us is to get back to a reasonable production of 7 million tons.

謝謝，阿德里安。因此，我認為，很高興您注意到我們給出的 2030 年後 670 萬噸合成燃料的最新指示，當然，這只是生硬的減值工具的結果，並且重點是我們的目標是恢復到700萬噸的合理產量。

Effectively, as we've outlined in the presentation, kind of de-stoning is a key aspect of that, as well as coal quality. Otherwise, just to enhance our coal and other feedstock into n Synfuels. So it's not just those levers, but as well as other aspects such as cost control, optimization of capital structure that will inform just the economics of that business, not only to 2030 and beyond.

實際上，正如我們在演示中概述的那樣，去石類型以及煤炭品質是其中的關鍵方面。否則，只是為了將我們的煤炭和其他原料增強為合成燃料。因此，不僅是這些槓桿，還有成本控制、資本結構優化等其他方面，都將影響該企業的經濟狀況，而不僅僅是到 2030 年及以後。

So to the extent that those are then an IFRS, IAS 36 allows us to only include these enhancements in the assessment of an impairment, kind of yes to the extent that when these are in implementation, Adrian, kind of yes-- they'll factor into the impairment calculation. But of course, this is also impacted by aspects such as carbon tax, kind of market rates, exchange rates, random oil price, so all those kinds of will factor into it.

因此，就 IFRS 而言，IAS 36 允許我們僅將這些增強功能納入減損評估中，在某種程度上是的，當這些實施時，Adrian，是的 - 他們會計入減損計算。但當然，這也受到碳稅、市場匯率、匯率、隨機油價等方面的影響，因此所有這些因素都會影響其中。

So I can't categorically say kind of when we implement and successfully implement these projects, they address the impairment, but certainly to the extent that they will benefit, it gives us confidence that we could kind of reverse the impairment.

因此，我不能明確地說，當我們實施並成功實施這些項目時，它們解決了損害，但肯定在他們受益的程度上，這讓我們有信心我們可以扭轉損害。

Just in terms of carbon tax, then, we've not seen any change in our assumptions, given that there's not been any updates from government around carbon tax, other than the commitment then for allowances to stay in place until 2030.

就碳稅而言，我們的假設沒有任何變化，因為政府沒有就碳稅做出任何更新，除了當時承諾配額將維持到 2030 年。

So to the extent that we've got clarity on kind of allowances remaining in place for hard-to-abate industries, we welcome that and we factor that into our model. But, of course, as we get further clarity on the level of allowances, that will then also impact the assessment of not only the impairment, but the viability of our business going forward.

因此，如果我們已經明確了對難以減少的行業所保留的補貼類型，我們對此表示歡迎，並將其納入我們的模型中。但是，當然，隨著我們進一步明確津貼水平，這不僅會影響對減損的評估，還會影響我們未來業務生存能力的評估。

Priscillah, can you come through on the gas, please?

普里西拉，你能加油嗎？

Thank you. Just in terms of gas, when Whitefield and Highland, when we first started, is that currently our plateau remains at FY '28. We are confident with some of the initiatives, including the [PT5C] discovery that we'll be able to extend the gas to FY '30.

謝謝。就天然氣而言，當我們剛開始時懷特菲爾德和高地，目前我們的平台仍處於 28 財年。我們對一些措施充滿信心，包括 [PT5C] 的發現，即我們將能夠將天然氣供應延長至 30 財年。

That's going to take some time as we continue with the required investments to be able to justify and validate some of the underlying assumptions. Having said that, in our FY '28 to 2030 that we're feeling confident with, we've also assumed that we will be exiting the gas. The gas market, including the MRG, as part of the assumptions.

這將需要一些時間，因為我們將繼續進行所需的投資，以便能夠證明和驗證一些基本假設。話雖如此，我們對 28 財年至 2030 財年充滿信心，但我們也假設我們將退出天然氣。天然氣市場，包括 MRG，作為假設的一部分。

What I want to highlight, as well, is that we've been very clear and we've engaged with customers before that when we went out to the market to source gas and we came back with the LNG, which was not affordable for our operations, we engaged with customers and highlighted the need for them to commit the commercial contracting to enable an off-take.

我還想強調的是，我們的態度非常明確，之前我們曾與客戶進行過接觸，當時我們去市場採購天然氣，然後帶著液化天然氣回來，而液化天然氣對我們來說是負擔不起的。中，我們與客戶進行了接觸，並強調他們需要簽訂商業合約以實現承購。

And at this stage, we're encouraged by the process that they're in. The Department of Trade and Industry is actually undertaking to be able to ensure that security of supply for the country is actually provided for.

在這個階段，我們對他們所處的過程感到鼓舞。貿易和工業部實際上正在承諾能夠確保國家的供應安全得到實際保障。

At Sasol, together with the IDC, we are providing support. We are also engaging with customers. But at the same time, we are looking at different supply options to extend that plan for customers, but also for our future needs for the country with new customers that might require that gas.

在 Sasol，我們與 IDC 一起提供支援。我們也與客戶互動。但同時，我們正在尋找不同的供應方案，以擴展客戶的計劃，同時也滿足我們對可能需要這種天然氣的新客戶的國家的未來需求。

Our encouragement to the customers is to ensure that they do their own economic modeling and then they confirm, as well, the viability of their businesses with that future gas aspiration and so that we can accelerate the security of that LNG. It is in the best interest of the country and that of Sasol that we find an amicable and a balanced security of supply for all in terms of all the options.

我們對客戶的鼓勵是確保他們建立自己的經濟模型，然後他們也確認其業務在未來天然氣需求方面的可行性，以便我們可以加快液化天然氣的安全性。我們在所有選擇方面為所有人找到友好且平衡的供應保障，這符合國家和沙索的最佳利益。

But as we stand today, the opportunities in Mozambique are very limited and will be forecast more from ensuring that we can preserve Sasol's operations, as well, in the process.

但就我們今天的情況而言，莫三比克的機會非常有限，並且透過確保我們能夠在過程中保留沙索的業務來預測更多機會。

Thank you, Priscillah. A similar question received from [Tshepo Mongoai] from SABC News in terms of the rationale to just discontinue supply of natural gas, so thank you for addressing that. A few more questions on the operational front, one from (inaudible) at Nedbank.

謝謝你，普麗西拉。SABC 新聞的 [Tshepo Mongoai] 也收到了類似的問題，詢問停止天然氣供應的理由，所以感謝您解決這個問題。還有一些關於營運方面的問題，其中一個來自萊利銀行（聽不清楚）。

Your business is currently facing challenges from all fronts. How does management prioritize what to focus on to steady the ship? And also, where would you say you see the easy way to win over the next six to 12 months?

您的企業目前面臨來自各方面的挑戰。管理階層如何決定優先重點以穩定船舶？另外，您認為在未來 6 到 12 個月內您認為獲勝的簡單方法在哪裡？

Similarly, a question from Chris Logan at Opportune Investment. The maintenance program that you mention to assist Transnet, does this mean Sasol will be burdened with a new category of costs, and if so, can you please provide some color on the quantum of the cost in assisting Transnet?

同樣，來自 Opportune Investment 的 Chris Logan 的一個問題。您提到的協助 Transnet 的維護計劃，這是否意味著 Sasol 將承擔新的成本類別，如果是這樣，您能否提供一些關於協助 Transnet 的成本量的資訊？

Thank you, Tiffany, and thank you for those questions.

謝謝你，蒂芙尼，也謝謝你提出這些問題。

I'm going to ask Simon to weigh in on the first one, and then with respect to the Transnet question. And the rolling stock maintenance, I'm going to ask Brad to reflect on that.

我將請西蒙對第一個問題發表意見，然後再談談 Transnet 問題。至於機車車輛的維護，我將請布拉德反思這一點。

Thank you, Fleetwood. Thank you, Tshepo. For the next six months, I mean, of course, the first priority has to be business performance focused on-- I mean, our operational stability across all fronts, our performance in the sales and marketing to optimize on the gross margin, and most importantly, to make sure that you can manage the cost, because we have to make sure that we re-baseline the cost.

謝謝你，弗利特伍德。謝謝你，策波。當然，在接下來的六個月裡，首要任務必須是業務績效——我的意思是，我們在各個方面的營運穩定性，我們在銷售和行銷方面的績效，以優化毛利率，以及最重要的重要的是，要確保您可以管理成本，因為我們必須確保重新設定成本基準。

So that's going to be key in all aspects of our business to contain and make sure the business will continue to generate free cash flow. So the second half, like Hanré already alluded to, we've got most of the maintenance programs behind us, so we will focus on cash generation as well.

因此，這將是我們業務各個方面的關鍵，以遏制並確保業務將繼續產生自由現金流。因此，下半年，就像漢雷已經提到的那樣，我們已經完成了大部分維護計劃，因此我們也將專注於現金產生。

Thanks Chris for the question on the agreement with Transnet. We'll make more details of that clear during the course of this week. But maintenance costs have always been covered in our contract rates, and this new agreement that Fleetwood shared that is an emerging partnership allows us to have clear views of those costs and also for Sasol to participate in the maintenance of the rolling stock. We're very excited about it.

感謝 Chris 提出與 Transnet 協議的問題。我們將在本週內澄清更多細節。但維護成本一直包含在我們的合約費率中，弗利特伍德分享的這項新協議是一項新興的合作夥伴關係，使我們能夠清楚地了解這些成本，並使沙索能夠參與機車車輛的維護。我們對此感到非常興奮。

Thank you, Brad. Thanks for those questions, Adrian. Moving on to the next caller, queued on chorus call.

謝謝你，布拉德。謝謝你提出這些問題，阿德里安。轉到下一個呼叫者，在合唱呼叫中排隊。

The next question we have comes from Alex Comor of JPMorgan. Please go ahead.

我們的下一個問題來自摩根大通的亞歷克斯·科莫爾。請繼續。

Hello. Can you hear me?

你好。你聽得到我嗎？

Yes, we can hear you. Go ahead, Alex.

是的，我們能聽到你的聲音。繼續吧，亞歷克斯。

Yes. So just a couple of questions from me and since the year started, we have this situation in the Red Sea, which has pushed up from your chemical prices in Europe and gas prices have come down. So just if we could look at where you are kind of run rate in terms of profitability in Europe, maybe give an indication on that?

是的。我只想問幾個問題，自今年年初以來，紅海就出現了這種情況，歐洲化學品價格上漲，而天然氣價格下降。那麼，如果我們可以看看您在歐洲的獲利能力方面的運行率，也許可以對此做出指示？

And then secondly, also, similar in the US, obviously, the US gas price and ethane prices fallen there. So just wondering what that's done on a month-on-month basis, if you could give me some indication of where that'd be helpful.

其次，美國的情況也類似，顯然美國的天然氣價格和乙烷價格都下跌了。所以只是想知道每個月都做了什麼，如果你能給我一些指示，告訴我這會有什麼幫助。

And then also look at the slide 24 with a tail down from 7.5 or the recoverd 7.5 and then down to 7 or 6.7 or whatever. Have got a great big question mark there after 2030. And that question mark, aspirationally seems to so on volumes going up.

然後再看投影片 24，其尾部從 7.5 或恢復的 7.5 下降，然後下降到 7 或 6.7 或其他。2030 年之後，我們要打一個大大的問號。這個問號似乎與銷售量的上升有關。

And yeah, to meet your 2050 target for net zero, that would obviously imply a fairly significant level of decarbonization progress-- which is likely to cause, you know, a large amount of CapEx to be required, particularly and that that CapEx spend is going to have to be put in in the not too distant future. So given you've just delinked your dividend payment from earnings and put it on to cash flow.

是的，為了實現 2050 年淨零排放目標，這顯然意味著脫碳進展達到相當顯著的水平——這可能會導致需要大量資本支出，特別是資本支出必須在不久的將來投入使用。因此，鑑於您剛剛將股息支付與收益脫鉤，並將其計入現金流量。

I mean, do you think you'll be paying any dividend at all on your post 2030, given the aspirations on the on the decarbonization and the likely cost of that is it's going put on the-- on your cash flows.

我的意思是，考慮到脫碳的願望，以及可能的成本是你的現金流，你認為你會在 2030 年之後支付任何股息嗎？

Thank you, Alex.

謝謝你，亞歷克斯。

Thank you, Alex. I'm going to ask Brad, to weigh in on the on the current changes we see in Europe and in the US in terms of just directionally where we see feedstock is developing towards. And then post 2030. I'm going to ask Hanré and Simon to weigh in on those questions in, please.

謝謝你，亞歷克斯。我要請布拉德（Brad）對我們在歐洲和美國看到的當前變化進行權衡，從我們所看到的原料發展方向來看。然後是2030年後。我將請漢雷和西蒙對這些問題發表意見。

Thanks, Alex, for your question. You're right in Europe with the disruptions in the Red Sea, we have seen some material prices stabilizing or firming up. I think the big issue that we've seen in Europe that we've commented on is the weak demand.

謝謝亞歷克斯的提問。在歐洲，紅海受到干擾，我們看到一些材料價格穩定或堅挺。我認為我們在歐洲看到並評論過的最大問題是需求疲軟。

We've seen some slight improvements as we go into this first calendar quarter. I think many of our customers are waiting to see how March turns out before they really start to see or say whether they see the recovery continuing on this basis or whether it's going to be later in the year.

當我們進入第一個日曆季度時，我們看到了一些細微的改進。我認為我們的許多客戶都在等待三月的結果，然後才能真正開始觀察或說他們是否認為復甦會在此基礎上繼續，或者是否會在今年晚些時候發生。

But you're right, energy prices have moderated quite a bit and so that's allowing us to at least stabilize our margins. And as we've as we've guided, we continue to work to manage our operating rates during this time of demand, recovering.

但你是對的，能源價格已經大幅回落，因此這至少使我們能夠穩定我們的利潤。正如我們所指導的那樣，我們將繼續努力在需求復甦期間管理我們的開工率。

The US, we still see low energy prices, so that is allowing us to have competitive costs. And again, we still see the US consumer resilient. So we still see a lot of improvement in demand. I think as we go through the year towards the elections, I think it will be important to see how the narratives evolve and whether that changes any movements on interest rates and what that does for overall demand.

在美國，我們仍然看到較低的能源價格，因此這使我們能夠擁有具有競爭力的成本。再次，我們仍然看到美國消費者俱有彈性。所以我們仍然看到需求有很大的改善。我認為，當我們進入今年的選舉時，我認為重要的是要看看敘述如何演變，以及這是否會改變利率的變化以及這對整體需求的影響。

But we do guide a second half-- that we do believe we're going to see the fruits of that recovery starting to come through. It's not going to be rapid, but we expect that we'll see it quarter-over-quarter starting to improve, and we stick with our volume guidance.

但我們確實對下半年進行了指導——我們確實相信我們將看到復甦的成果開始顯現。它不會很快，但我們預計我們會看到它逐季度開始改善，並且我們堅持我們的銷售指導。

Thanks, so Alex, just to get your question around the 2030-- your R&D emissions road map to 2030, I think that's just a reminder that 2030 is a commitment for us in terms of the 30% reduction to 2030. But beyond 2030, 2050, we're still talking about a net zero ambition. And I think we've got to be clear that kind of the path beyond 2030 is uncertain.

謝謝，亞歷克斯，只是為了回答你關於2030 年的問題——你到2030 年的研發排放路線圖，我認為這只是提醒我們，2030 年是我們的一個承諾，即到2030 年減少30% 。但在 2030 年、2050 年後，我們仍在談論淨零排放的野心。我認為我們必須清楚，2030 年後的道路是不確定的。

We don't know what the sector economics would be of those various levers. And we've listed on those share a number of aspects that we will consider towards that journey. And to the extent that we've got a clear capital allocation framework that will look at the kind of the benefits, the techno economic kind of benefits of each of these levers we will advance and then pull them at the appropriate time and all in all times then kind of manage our 2030 capital allocation as we've done now up to 2030.

我們不知道這些不同槓桿的產業經濟效益如何。我們列出了我們在這趟旅程中將考慮的一些共同點。在某種程度上，我們已經有了一個明確的資本配置框架，該框架將著眼於每種槓桿的收益類型、技術經濟收益類型，我們將推進它們，然後在適當的時間拉動它們，總而言之那時我們會像我們現在在2030 年之前所做的那樣管理我們2030 年的資本配置。

That we will look at what is the returns to our shareholders in kind of pulling these levers. So for example, if it's biomass, do we get a green premium in kind of more expensive biomass to the business. If it's carbon capture, what is the cost of carbon capture relative to the production cost and the penalties in terms of carbon tax.

我們將看看拉動這些槓桿會為我們的股東帶來什麼回報。例如，如果是生物質，我們是否會為企業獲得更昂貴的生物質的綠色溢價。如果是碳捕獲，碳捕獲的成本相對於生產成本是多少，以及碳稅的處罰是多少。

So all of those levers will be considered through a disciplined approach to capital allocation to value. And as I've outlined, we expect that the dividend then would form part of that capital allocation, first order capital allocation, transform the business first, pay the base dividend, and then in the second order, considering further cash returns to shareholders.

因此，所有這些槓桿都將透過嚴格的資本價值配置方法來考慮。正如我所概述的，我們預期股息將成為資本配置的一部分，首先進行資本配置，首先進行業務轉型，支付基本股息，然後再考慮向股東提供進一步的現金回報。

And kind of maybe Simon, you can just comment on some of these levers that we are investing some money in in advancing the consideration of these levers as well?

也許西蒙，你可以評論一下我們正在投資一些槓桿來推進對這些槓桿的考慮嗎？

Yeah, thank you, Alex. So first to say that post 2030, we will not chase volumes at all cost. What we will first do is that we will first re-baseline our business to make sure that when you're running around 7 million tons, it's very profitable. We will have to baseline the cost across the entire business. We will do that-- And that should allow us to generate cash.

是的，謝謝你，亞歷克斯。所以首先要說的是，2030 年後，我們不會不惜一切代價追逐銷量。我們首先要做的是重新調整我們的業務基線，以確保當你的產量在 700 萬噸左右時，它是非常有利可圖的。我們必須確定整個業務的成本基準。我們會這樣做——這應該能讓我們產生現金。

And that cash, we still have to follow our capital allocation framework. The key to growing volumes will be the introduction of sustainable feedstocks in whatever form into our business, whether it be electrons or biomass or whatever. We're busy with those studies, and we will engage you when the time comes.

而這些現金，我們仍然必須遵循我們的資本配置架構。產量成長的關鍵是將任何形式的永續原料引入我們的業務，無論是電子或生物質或其他。我們正忙於這些研究，到時候我們會與您合作。

I think where we are, our mindset is not to try and decarbonize the calendar at all costs. But what we do believe is that the facilities that we have gives us a massive advantage to build something from, and that will continue engaging with you.

我認為我們的心態不是不惜一切代價嘗試使日曆脫碳。但我們確實相信，我們擁有的設施為我們提供了巨大的優勢來建造一些東西，並且這將繼續與您互動。

Thank you, Simon. Moving back to financials, a couple of questions on our debt trajectory. I'm going to direct them to you, Hanré, from Munira Kharva at X-Chequer Fund Management. Can we get an update of the maturing debt, and what is the plan for refinancing? Also, on the debt theme, do you have any plans to transition more Rand denominated debt in the structure, from Anna Kuchina at T. Rowe Price.

謝謝你，西蒙。回到財務問題，關於我們債務軌跡的幾個問題。我將把他們轉給您，Hanré，來自 X-Chequer 基金管理公司的 Munira Kharva。我們能否了解到期債務的最新情況以及再融資計劃是什麼？另外，關於債務主題，您是否有計劃在結構中過渡更多以蘭特計價的債務，來自 T. Rowe Price 的 Anna Kuchina。

And then I think just a little bit of color around the major reasons for the discrepancy between core headline earnings and free cash flow generation. What are the primary reasons for this? Is the company highly capital-intensive relative to the amount it depreciates on the income statement? And that comes from Thabo Maloy at the fund.

然後我想稍微解釋一下核心標題收益和自由現金流產生之間差異的主要原因。造成這種情況的主要原因是什麼？相對於損益表中的折舊金額，該公司是否屬於高度資本密集型企業？這來自基金會的塔博·馬洛伊。

Thanks, Tiffany. Let me deal with the debt questions first. I think effectively, and we've touched upon that earlier in the refinancing question, the only debt maturity that we've got in the near term is [USD1.5 billion] --US dollar-denominated bond, and to the extent that I've highlighted the comfort that we've got in our existing liquidity to refinance that, we will address that.

謝謝，蒂芙尼。讓我先解決債務問題。我認為，實際上，我們在再融資問題的早些時候已經談過，我們近期唯一到期的債務是[15億美元]——以美元計價的債券，並且在某種程度上我已經強調了我們對現有流動性進行再融資的信心，我們將解決這個問題。

Kind of longer term, we will continuously look then to ensure that we've got the right balance between short-term and long-term kind of debt in our balance sheet, but also then to the question around the Rand denominated debt structure.

從長遠來看，我們將持續關注，以確保我們的資產負債表中的短期和長期債務之間保持適當的平衡，同時也將關注以蘭特計價的債務結構問題。

I think it's reasonably obvious that a more balance between debt that is US dollar denominated and Rand denominated is needed. At the moment, as I've highlighted earlier, about 95% of our debt is dollar-denominated, where 95% of our EBITDA is generated from South Africa. So to the extent that we are slowly, and as we see debt maturities coming up, we've got the ability to then move dollar-denominated debt to Rand denominated debt.

我認為很明顯，美元計價的債務和蘭特計價的債務之間需要更加平衡。目前，正如我之前強調的，我們約 95% 的債務是以美元計價的，其中 95% 的 EBITDA 來自南非。因此，就我們進展緩慢而言，當我們看到債務到期日即將到來時，我們就有能力將美元計價的債務轉變為蘭特計價的債務。

We, of course, also have our domestic medium-term note program that we've issued rand debt. So to the extent that we find the appropriate optimization of the funding of capital through tapping the rand kind of debt pool as well, we will certainly do that.

當然，我們也有發行蘭特債務的國內中期票據計畫。因此，如果我們透過利用蘭特債務池來找到資本融資的適當優化，我們肯定會這樣做。

But perhaps just to note that historically, we've not seen kind of the depth of the bond market in South Africa deep enough to fund the extent of our balance sheet. So we will always balance. The cost of the refinancing and the risk related to kind of dollar versus rand in the refinancing of that debt structure.

但也許只是要注意，從歷史上看，我們還沒有看到南非債券市場的深度足以為我們的資產負債表規模提供資金。所以我們會一直保持平衡。再融資成本以及該債務結構再融資中與美元兌蘭特相關的風險。

In terms of core headline earnings and in free cash regeneration, the big gap there, of course-- is depreciation relative to sustaining capital. So we've seen that in terms of our annualized, if you look at our depreciation charge, around ZAR16 billion. And I've shared our sustaining capital guidance of ZAR33 billion to ZAR34 billion.

就核心整體收益和自由現金再生而言，其中的巨大差距當然是相對於維持資本的折舊。因此，如果您查看我們的折舊費用，我們發現，就年化而言，約為 160 億南非蘭特。我還分享了我們 330 億蘭特至 340 億蘭特的持續資本指引。

So there's a significant gap then that effectively the earnings kind of does not take into account the full extent of the cash that we are spending at the moment to maintain and sustain our business. Noting that there is an element, of course, of our PSA capital that's in there and, of course, also some of our environmental capital that is kind of pushing that sustaining capital higher. Kind of then the normalized rate that we expect.

因此，存在著很大的差距，實際上，收益並沒有考慮到我們目前為維持和維持業務而花費的全部現金。值得注意的是，當然，我們的 PSA 資本中有一個要素，當然還有我們的一些環境資本，這在某種程度上推高了維持資本。有點像我們預期的標準化利率。

Thanks, Tiffany.

謝謝，蒂芙尼。

Thank you, Hanré. There is a question on safety. Fleetwood, can you perhaps elaborate on the safety challenges you experienced in Q2 leading to the 8% drop in mining productivity? What have you seen in Q3 so far and how do you expect this to pan out in the second half from Jandre Pieterse from Visio Fund Management?

謝謝你，漢雷。有一個關於安全的問題。Fleetwood，您能否詳細說明您在第二季度經歷的導致採礦生產力下降 8% 的安全挑戰？Visio 基金管理公司的 Jandre Pieterse 表示，到目前為止，您在第三季看到了什麼？

Yeah. Thank you so much, Jandre. So as I've mentioned, we have had impacts in the months of November, December, mostly safety related in the incidents that we experienced in the mining environment and that did set us back and I'm going to ask Hermann also to weigh in on some of those challenges and also what we've seen now in Q3 so far in terms of the focus that we brought to bear.

是的。非常感謝你，詹德雷。正如我所提到的，我們在 11 月和 12 月產生了影響，主要是與我們在採礦環境中經歷的事件中的安全相關，這確實讓我們倒退了，我也會請赫爾曼參與進來其中一些挑戰以及我們在第三季迄今所看到的重點。

Thank you, Fleetwood. Thank you, Jandre. We had two tragic fatalities at Sasol Mining in Q2, the one in October and the other one in December. The one was equipment related and the other one was related to a sidewall failure, so geology related.

謝謝你，弗利特伍德。謝謝你，詹德雷。第二季度，沙索礦業公司發生了兩起悲慘死亡事故，一起發生在 10 月，另一起發生在 12 月。一個與​​設備有關，另一個與側壁故障有關，因此與地質有關。

What happens when we have a fatality when we experience such a tragic incident, we actually stop our operations and in many times you stop the operations of all sections that mine in that specific area. Or if you find that it's a cultural element that contributed to the tragic fatality, you will stop an entire colliery to retrain and re-engage with your people.

當我們遇到這樣的悲慘事件時，當我們發生死亡時，我們實際上停止了我們的作業，而且很多時候，我們停止了在該特定區域採礦的所有部分的作業。或者，如果您發現這是造成悲劇性死亡的文化因素，您將停止整個煤礦，以重新培訓並重新與您的員工接觸。

So the consequence of that is that once you experience a fatality, you have a significant impact on your production, which is okay because something is wrong, and we need to fix it. What we also do is from a caring perspective, we make sure that we look after the families, but we then have a memorial with the family with that entire colliery, which also brings about-- which all our employees are allowed to then attend, and that also has an impact on productivity.

因此，這樣做的後果是，一旦發生死亡事故，就會對生產產生重大影響，這沒關係，因為出了問題，我們需要修復它。我們所做的也是從關懷的角度出發，我們確保照顧家人，然後我們與整個煤礦的家人一起舉行紀念活動，這也帶來了——我們所有的員工都可以參加，這也會影響生產力。

What we also see from time to time is that you have incidents that has potential serious implications, although it didn't lead to injury or harm, but you will then also stop a colliery or a section. And we also-- which we welcome, have regular engagements and inspections from the [DMRE] that we see as a third and a fourth party auditing entity that helps us with a total objective view.

我們不時也看到，發生了具有潛在嚴重影響的事件，儘管它沒有導致傷害或傷害，但你也會停止煤礦或部分。我們也歡迎 [DMRE] 定期參與和檢查，我們將其視為第三方和第四方審計實體，幫助我們獲得全面客觀的觀點。

And they also from time to time decide that they see things that they're not comfortable with. We engage with them, we stop the sections, and we then go back to the DMRE before we start up these sections to give them an indication of what we've done.

他們有時也會發現自己所看到的東西令他們感到不舒服。我們與他們互動，停止這些部分，然後在啟動這些部分之前返回 DMRE，向他們表明我們所做的事情。

For the third quarter, so far, we are seeing an improvement in our productivity from the low levels that we experienced in quarter two. And for February, we are seeing a return to the levels that we've seen in quarter one of this financial year.

到目前為止，第三季我們的生產力比第二季的低水準有所改善。對於二月份，我們看到回到了本財年第一季的水平。

Thank you very much for that, color Hermann. I think I'm going to take one last question online, and then there is one more caller queued on the Corus call system. The last online question comes (inaudible) from Nedbank Private Wealth. We've seen-- peers lower some of the ESG targets in recent months. Is management open to the idea of scaling back some of the ESG targets with 2030 fast approaching?

非常感謝你，彩色赫爾曼。我想我要在線上回答最後一個問題，然後 Corus 呼叫系統上又多了一個呼叫者。最後一個線上問題來自萊利銀行私人財富（聽不清楚）。我們看到同行近幾個月降低了一些 ESG 目標。隨著 2030 年的臨近，管理階層是否願意縮減部分 ESG 目標？

Fleetwood, I'll direct that one to you.

弗利特伍德，我會把那個轉給你。

Thank you. Thank you for that question. I've a number of times emphasized that our targets are quite clearly published, and it comprises areas, that we're working hard on to achieve. And it is also a balance between people, planets, and profit. And that is an assessment that will be taking place continuously going forward.

謝謝。謝謝你提出這個問題。我多次強調，我們的目標已經非常明確地公佈，其中包括我們正在努力實現的領域。這也是人類、星球和利潤之間的平衡。這是一項未來將持續進行的評估。

And so if there is an area that we need to assess having regard to those factors, we will do that. If we can execute and those factors remains in balance, we will do that. So I think at this point in time, the plans are to assess and to make sure that with the targets and with our means, that remains in balance.

因此，如果我們需要考慮這些因素來評估某個領域，我們就會這樣做。如果我們能夠執行並且這些因素保持平衡，我們就會這樣做。因此，我認為目前的計劃是評估並確保目標和我們的手段保持平衡。

Thank you very much. Corus call, could we please have the last question?

非常感謝。Corus 致電，我們可以問最後一個問題嗎？

The last question comes from Shashank Langa of Bank of America. Please go ahead.

最後一個問題來自美國銀行的Shashank Langa。請繼續。

Yes, thank you very much for the questions, taking the questions out. Just one quick follow up on my side with regards to the dividend. Hanré, I'm just wondering how should we look at dividends for the second half of this year? I mean, it seems like the first half you based it both on what core HEPs would be and the fact that free cash flows were negative.

是的，非常感謝您的提問，把問題拿出來。我這邊只是對股息進行快速跟進。Hanré，我只是想知道我們應該如何看待今年下半年的股利？我的意思是，上半部你似乎既基於核心 HEP 的內容，又基於自由現金流為負的事實。

So just wondering if we should use a similar mechanism while forecasting our dividends for the second half. That's the first part of the question. The second part is just, you know, when you spoke about your previous dividend policy, you gave us a net debt to EBITDA target of less than 1.5 times. Will that still be there? Will that still be there when you link your dividend policy to free cash flows?

因此，我想知道我們在預測下半年的股息時是否應該使用類似的機制。這是問題的第一部分。第二部分是，你知道，當你談到先前的股利政策時，​​你給我們的淨債務與 EBITDA 目標的比不到 1.5 倍。那還會在那裡嗎？當您將股息政策與自由現金流聯繫起來時，這種情況還會存在嗎？

Thank you.

謝謝。

Thanks, Sashank. I'm going to unfortunately keep you in suspense. I don't want to kind of run ahead of the board in terms of our assessment. I think to the extent, though-- that I've noted that free cash flow would be and is considered to be a reasonable element to guide our performance, guide the debt, the dividend payout.

謝謝，薩尚克。不幸的是，我會讓你保持懸念。我不想在我們的評估方面領先董事會。不過，我認為在某種程度上，我已經注意到，自由現金流將是並且被認為是指導我們業績、指導債務和股息支付的合理因素。

So expectation for a full year dividend, then it should be based on our ability and our generation of free cash flow. So I think to the extent that I've committed that we will share this at the full year, kind of what percentage and at what level we allocate that, I think that unfortunately we'll have to wait and see.

所以對於全年股息的期望，那麼它應該基於我們的能力和我們產生的自由現金流。因此，我認為，就我所承諾的，我們將在全年分享這一點，以及我們分配的百分比和水平而言，我認為不幸的是，我們將不得不拭目以待。

But I think likewise you make an important point that to the extent that the existing dividend policy talks about a comfortable net debt to EBITDA level of around kind of we've wanted less than ZAR3 billion but we're aiming for ZAR1.5 billion or lower and that we want an absolute debt terms. We want net debt to be below ZAR5billion to pay a dividend.

但我認為同樣，你也提出了一個重要的觀點，即現有股息政策談到了舒適的淨債務與 EBITDA 的水平，我們希望低於 30 億蘭特，但我們的目標是 15 億蘭特或更低，我們想要一個絕對的債務條件。我們希望淨債務低於 50 億蘭特以支付股息。

Those are also aspects that we will reconsider in terms of clearly then articulating an updated dividend policy. So at the moment, unfortunately, the only thing I can say is watch the space and we'll provide a detailed update at the full year.

這些也是我們將重新考慮的方面，然後明確闡明更新的股利政策。因此，不幸的是，目前我唯一能說的是觀察空間，我們將在全年提供詳細的更新。

Thanks, Sashank.

謝謝，薩尚克。

Thank you for your question, Sashank. With that, I'm going to wrap up the session. Unfortunately. We are out of time. Thank you once again for your participation in this interim results Q&A session. I do see a few more questions coming through. I will follow up with you after the session via email or call.

謝謝你的提問，薩尚克。至此，我將結束本次會議。很遺憾。我們沒時間了。再次感謝您參與本次中期業績問答環節。我確實看到了更多問題。會議結束後我將透過電子郵件或電話與您聯繫。

Thank you very much. We wish you a safe and wonderful day.

非常感謝。我們祝福您有個安全美好的一天。