Sasol Ltd (SSL) 2025 Q2 法說會逐字稿

Good morning and welcome to Sasol Limited's Interim results presentation for financial Year '25. Thank you for dialing in and listening to our announcement. My name is Tiffany Sydow from Investor Relations. With me is Simon Baloyi, President and CEO of Sasol, and Walt Bruns, Chief Financial Officer.

早安，歡迎參加 Sasol Limited 25 財年中期業績報告。感謝您撥入電話收聽我們的公告。我叫蒂芬妮‧賽多 (Tiffany Sydow)，來自投資者關係部。和我一起的是 Sasol 總裁兼執行長 Simon Baloyi 和財務長 Walt Bruns。

Simon will open today's presentation with the business performance update. Walt will then provide a detailed overview of the financials followed by Simon's closing remarks. We will then have a Q&A session immediately after the presentation through the webcast and teleconference facilities.

西蒙將在今天的演講中介紹業務績效更新。然後，沃爾特將提供詳細的財務狀況概述，隨後西蒙將致閉幕詞。演示結束後，我們將立即透過網路廣播和電話會議設施進行問答環節。

Before we get into the main agenda, I'd like to ask that you please take note of our forward-looking statement shown on the slide. Please preview this in your own time. Thank you. And now handing over to Simon to commence his presentation.

在我們進入主要議程之前，請您注意投影片上顯示的前瞻性聲明。請自行花時間預覽。謝謝。現在請西蒙開始他的演講。

Good day everyone, and welcome. It has now been nearly a year since I started my career as President and CEO of Sasol. From the outset, I understood that addressing the challenges facing Sasol will be more like running a marathon rather than a sprint.

大家好，歡迎光臨。我開始擔任薩索爾總裁兼執行長已經快一年了。從一開始，我就明白，應對薩索爾面臨的挑戰更像是跑馬拉松，而不是短跑。

I'm pleased to share that we are making good progress in this marathon. While we continue to encounter challenges, our understanding of the obstacles we face has deepened. We now have a clear path on the way forward. We have already taken and we'll continue taking decisive actions to restore the health of our business.

我很高興地告訴大家，我們在這場馬拉鬆比賽中取得了良好的進展。雖然我們繼續面臨挑戰，但我們對所面臨的障礙的理解也更加深刻。現在，我們的前進道路已經清晰起來。我們已經採取並將繼續採取果斷行動來恢復業務健康。

As a marathon runner myself, I know that staying on course requires resilience, focus and discipline. In today's presentation, I will provide an overview of our journey, the progress we have made and the opportunities and the risks that still remain. Following this, Walt will delve in our financial performance in greater detail.

身為一名馬拉松運動員，我知道堅持跑下去需要毅力、專注和紀律。在今天的演講中，我將概述我們的歷程、我們所取得的進展以及仍然存在的機會和風險。接下來，沃爾特將更詳細地探討我們的財務表現。

Our journey is guided by our strategic ambition strengthening our foundation, growth and transformation. We are committed to unlocking full value and building a more sustainable future Sasol. Our short-term focus remains enhancing delivery from our foundation businesses to maximize free cash flow generation. For financial year '25, we have defined five key priorities to guide us on our journey.

我們的旅程以我們的策略抱負為指導，加強我們的基礎、成長和轉型。我們致力於釋放全部價值並建立更永續的未來 Sasol。我們的短期重點仍然是加強基礎業務的交付，以最大限度地產生自由現金流。對於 25 財年，我們確定了五個關鍵優先事項來指導我們的發展。

These five priorities are first and foremost, all our employees and service providers must go home safely each day. I am grateful we have not had any fatalities since August 2024. As a management team, we are reinforcing personnel and leadership accountability. Secondly, in international chemicals, our research journey has commenced.

這五項優先事項是首要的，我們所有的員工和服務提供者每天都必須安全回家。我很慶幸自 2024 年 8 月以來沒有發生任何死亡事件。作為管理團隊，我們正在加強人員和領導階層的責任。其次，在國際化學品領域，我們的研究之旅已經開始。

This will improve profitability and reposition the business as globally competitive. Thirdly, key decision to restore South African value chain have been taken with this turning as a critical enabler to unlocking performance in the near term.

這將提高盈利能力並重新定位業務，使其具有全球競爭力。第三，我們做出了恢復南非價值鏈的關鍵決定，而這項轉變是短期內釋放績效的關鍵推動因素。

Fourthly, we remain committed to a balanced and measured approach in transforming our business, ensuring ongoing value creation across all stakeholder groups. Our emission reduction roadmap or ERR is the blueprint to achieve that.

第四，我們將繼續致力於以平衡、謹慎的方式轉變我們的業務，確保為所有利害關係人群體持續創造價值。我們的減排路線圖或 ERR 是實現這一目標的藍圖。

We are refining our roadmap to ensure air quality compliance, reduction in carbon intensity and value enhancement for all our stakeholders. Finally, free cash flow generation is critical for strengthening our balance sheet as well as funding our growth and transformation in the future. These priorities underpin our ambition to strengthen the foundation business, which will support shareholder returns.

我們正在完善我們的路線圖，以確保符合空氣品質標準、降低碳強度並為所有利害關係人提升價值。最後，自由現金流的產生對於加強我們的資產負債表以及為我們未來的成長和轉型提供資金至關重要。這些優先事項鞏固了我們加強基礎業務的雄心，這將支持股東回報。

We remain committed to providing a more strategic and long-term business outlook at our Capital Markets Day or CMD, and I'll share more on this agenda later. I'll now spend some time unpacking our performance in the first half of the financial year. Turning now to safety.

我們仍然致力於在資本市場日或 CMD 上提供更具策略性和長期性的業務展望，稍後我將分享更多有關此議程的資訊。我現在將花一些時間來分析我們本財政年度上半年的表現。現在轉向安全。

As I mentioned earlier, we have remained fatality-free since I last spoke to you in August 2024, which is a positive step. However, our safety performance still has room for improvement, and we remain committed to ensuring a safer workplace for everyone.

正如我之前提到的，自從 2024 年 8 月我上次與您交談以來，我們一直沒有發生過人員死亡事件，這是一個積極的進步。然而，我們的安全表現仍有改進空間，我們仍然致力於確保每個人都有更安全的工作場所。

Our safety incidents were elevated for the first half of the financial year, largely due to the Secunda shutdown, where we have approximately 40,000 people on site, engaged in various maintenance activities. No major fires, explosions and releases have been reported during the first half. Unfortunately, we had a fire at our Natref refinery in early January.

本財年上半年，我們的安全事故增加，主要是因為塞昆達核電廠停工，現場約有 4 萬名員工從事各種維修活動。上半年沒有發生重大火災、爆炸和洩漏事件的通報。不幸的是，一月初，我們的 Natref 煉油廠發生了火災。

We are proactively reviewing our workplace safety systems and practices to drive a reduction in process safety incidents. Our chief fundamentals, which I outlined in August 2024, remain unchanged with a forecast on the following, one, driving a safety culture change through leader-led initiatives, emphasizing frontline engagement and accountability; two, fostering a stronger collaboration with our service providers to ensure safety standards are consistently applied and maintained throughout our operations.

我們正在積極審查我們的工作場所安全系統和實踐，以減少製程安全事故。我在 2024 年 8 月概述的我們的主要基本原則保持不變，並預測如下：第一，透過領導主導的舉措推動安全文化變革，強調一線參與和問責；第二，與我們的服務提供者建立更強有力的合作，以確保在整個運營過程中始終如一地應用和維護安全標準。

Three, we have successfully enhanced our integrated system to streamline processes, improve visibility and strengthen risk management through centralization and standardization; and lastly, we are embedding industry best practices within our high severity incident prevention program.

第三，我們成功地增強了我們的綜合系統，透過集中化和標準化來簡化流程、提高可見性並加強風險管理；最後，我們將行業最佳實踐融入我們的高嚴重性事件預防計劃中。

Our aim is to ensure safety is prioritized, integrated into everyday practices and at the forefront of everything we do. This approach will ensure that everyone goes home safely each day. I will now touch on a few salient aspects of our financial performance.

我們的目標是確保安全優先，融入日常實踐並處於我們所做的一切工作的首位。這種方法將確保每個人每天都能安全回家。現在我將談談我們財務表現的幾個突出方面。

We have experienced macroeconomic headwinds, which included lower oil prices, lower refining margins and lower for longer chemicals market downturn. Not withstanding these headwinds, our operational challenges, team Sasol continue to prudently manage costs, optimize capital spend and prioritizing value over volume to counteract the impact of the internal and external obstacles we faced.

我們經歷了宏觀經濟逆風，包括油價下跌、煉油利潤率下降以及化學品市場長期低迷。儘管面臨這些不利因素和營運挑戰，薩索爾團隊仍繼續審慎管理成本、優化資本支出並優先考慮價值而不是數量，以抵消我們面臨的內部和外部障礙的影響。

Adjusted EBITDA for the period ended at ZAR24 billion, 15% lower than the previous year. Free cash flow performance improved by more than 80%, supported by proactive management actions. This is slightly below our expectation, but we expect a recovery in the second half with all major shutdowns now behind us.

本期調整後 EBITDA 為 240 億南非蘭特，較上年下降 15%。在積極主動的管理措施的支持下，自由現金流表現提高了 80% 以上。這略低於我們的預期，但我們預計下半年將出現復甦，因為所有主要停工都已過去。

The forecast for the remainder of financial year '25 will be driving cost discipline, operational stability and sustainable working capital practices to unlock cash generation. As said in August, International Chemicals commenced with a reset journey as we target various opportunities and take decisive actions to ensure robust return comparable to our peers.

對 25 財年剩餘時間的預測將推動成本紀律、營運穩定性和永續營運資本實踐，以釋放現金流。正如八月份所說，國際化學品公司開始了重新調整的旅程，我們瞄準各種機會並採取果斷行動，確保獲得與同行相當的強勁回報。

We are focusing on three core strategic initiatives, cost efficiency, market focus and asset optimization. These are underpinned by an expanded set of detailed levers, and good progress has been made to date. Actions in period, streamlining the organizational structures and implementing a fit-for-market operating model. We also refined value proposition for commodity positions and specialty products to prioritize higher-margin solutions.

我們專注於三大核心策略舉措：成本效率、市場重點與資產優化。這些措施由一套擴展的詳細槓桿支撐，迄今已取得良好進展。期間的行動，精簡組織結構並實施適合市場的營運模式。我們也改進了商品定位和特色產品的價值主張，以優先考慮利潤較高的解決方案。

This shift from a volume-driven to a value-driven approach ensures stronger focus on margin expansion over scale. We mentioned previously that we are reviewing and assessing the performance of our global asset portfolio to ensure we maximize value over volume from all our assets. This process goes beyond just asset sales.

這種從數量驅動到價值驅動的轉變確保了我們更加重視利潤擴張而不是規模擴張。我們之前提到過，我們正在審查和評估我們全球資產組合的表現，以確保我們所有資產的價值最大化。這一過程不僅限於資產出售。

It's about determining the best course of action to deliver value for our shareholders. Depending on the asset's performance and market conditions, this may involve fixing the asset, selling or mothballing certain assets. As part of this, we have decided to mothball three underperforming assets in Germany, Italy and the US to improve overall margins and cost efficiency.

這是為了確定為股東創造價值的最佳行動方案。根據資產的表現和市場條件，這可能涉及修復資產、出售或封存某些資產。作為其中的一部分，我們決定凍結德國、義大利和美國的三項表現不佳的資產，以提高整體利潤率和成本效率。

These levers support our target for financial year of an EBITDA uplift of USD100 million to USD200 million from a financial year '24 baseline. We are targeting an EBITDA margin exceeding 10%, which brings us closer to the average of our industry peers. We will continue to target more uplift and see significantly greater potential from International Chemicals. We will share more on the next process on the next phases and targets at CMD.

這些槓桿支持我們實現財政年度的目標，即以 24 財年為基準，將 EBITDA 提高 1 億美元至 2 億美元。我們的目標是 EBITDA 利潤率超過 10%，這使我們更接近行業平均值。我們將繼續致力於進一步提升，並看到國際化學品公司更大的潛力。我們將在 CMD 上分享更多有關下一階段和目標的流程。

Moving now on to South African Energy and Chemicals. Coal quality challenges persisted, but our plans to address this has progressed well. In December 2024, we made a final investment decision or FID for a destoning solution that will enhance the coal quality supplied to Secunda operation. This solution will repurpose our existing export beneficiation plant and is more cost effective and will be implemented earlier than previously communicated. We expect it to be operational in the first half of financial year '26.

現在談談南非能源和化學品。煤炭品質挑戰依然存在，但我們解決這個問題的計畫進展順利。2024 年 12 月，我們對去石解決方案做出了最終投資決定或 FID，這將提高供應給 Secunda 礦場的煤炭品質。該解決方案將重新利用我們現有的出口選礦廠，更具成本效益，並將比先前溝通的時間更早實施。我們預計它將在26財年上半年投入營運。

Further focus remains on maximizing coal supply to operations at the lowest possible cost and best quality. To this end, we are improving our operational flexibility and deepening our understanding of the geology we are facing. We are increasing the drilling capacity and investing in critical infrastructure. Improved flexibility will allow more sections to be deployed in good geological areas. This action will assist us in improving volumes and quality.

進一步的重點仍然是以盡可能低的成本和最好的品質最大限度地供應煤炭。為此，我們正在提高我們的行動靈活性，並加深我們對所面臨的地質情況的理解。我們正在提高鑽井能力並投資關鍵基礎設施。靈活性的提高將允許在地質條件良好的區域部署更多的部分。此舉將幫助我們提高產量和品質。

But as there's many changes to a mine plan, this will take time. The continued impact of poor coal quality and variability over the past few years has negatively impacted gasifier availability at Secunda operations. To address this, we are increasing maintenance efforts for a general overhaul of our fleet of gasifiers to improve availability.

但由於礦山計劃有很多變化，這需要時間。過去幾年來，煤炭品質低劣和變化持續影響著塞昆達氣化爐的可用性。為了解決這個問題，我們正在加大維護力度，對我們的氣化爐機組進行全面檢修，以提高可用性。

Once complete, we anticipate the full benefit of destoning of the -- once completed, we anticipate the full benefit of destoning on production volumes by the end of financial year '27. However, we will start to see the benefits of destoning as soon as the plant is commissioned.

一旦完成，我們預計到 27 財年末，去石作業將對產量產生全部效益。然而，一旦工廠投入使用，我們就會開始看到去石頭的好處。

At [Natref], I am pleased to announce that we have successfully completed repairs following the fire in January 2025, and the refinery is now back online. Within our gas business, we took FID on the junction compression project and our PPA license in Mozambique.

在 [Natref]，我很高興地宣布，我們已成功完成 2025 年 1 月火災後的修復工作，煉油廠現已恢復生產。在我們的天然氣業務中，我們對連接壓縮項目和莫三比克的 PPA 許可證進行了 FID。

This project supports the gas plateau extension as well as the extended natural gas supplied to customers until mid-2028. Beyond this, South Africa will need to transition to LNG as the only viable solution for the external market. There is no more possibility of any further extensions from existing Mozambican resources.

該項目支持天然氣高原的延伸以及向客戶供應天然氣的延長，直至2028年中期。除此之外，南非需要轉型到液化天然氣作為外部市場唯一可行的解決方案。莫三比克現有資源已不再具有進一步擴展的可能性。

In fuels, our marketing and sales team increased sales volumes in the higher-margin mobility channel compared to previous year despite a downward trend in the market. This growth underscores our strategic focus on optimizing channel mix to prioritize higher-margin market channels in both fuels and chemicals.

在燃料方面，儘管市場呈下滑趨勢，但我們的行銷和銷售團隊在利潤率更高的行動通路中的銷售量與去年相比有所增加。這一成長凸顯了我們的策略重點：優化通路組合，優先發展燃料和化學品領域利潤率更高的市場通路。

In fuels this pertains to the shift to our higher-margin retail sales, while in chemicals, it is about placing products in regions with the highest netback price. This helped Chemicals Africa to achieve a higher average basket price. Looking ahead, we are optimizing external spend by improving how we manage our costs and contracts without compromising on maintenance.

對於燃料而言，這涉及向利潤率更高的零售銷售的轉變，而對於化學品而言，這涉及將產品投放到淨回值價格最高的地區。這有助於 Chemicals Africa 實現更高的平均籃子價格。展望未來，我們將在不影響維護的情況下，透過改善成本和合約管理方式來優化外部支出。

This, together with our latest forecast to achieve the production of between 6.8 million tonnes and 7 million tonnes at Secunda operations, will support achieving an oil breakeven cost of below $60 per barrel for financial year '25. Further details on volume uplift and cost reduction will be shared at CMD later this year.

這項舉措與我們最新預測的塞昆達油田產量達到 680 萬噸至 700 萬噸的目標相結合，將有助於實現 25 財年石油盈虧平衡成本低於每桶 60 美元的目標。有關產量提升和成本降低的更多細節將於今年稍後在 CMD 上分享。

A key priority is to transform our business responsibly that involves delivering on our responsibility to reduce our carbon intensity, but in a way that delivers value and supports economic growth in South Africa. As I previously said, our ERR is the blueprint to achieve that. Our GHG reduction target for Sasol Group remains unchanged, 30% by 2030.

一個關鍵的優先事項是負責任地轉變我們的業務，包括履行我們降低碳強度的責任，但以一種能夠創造價值並支持南非經濟成長的方式。正如我之前所說，我們的 ERR 是實現這一目標的藍圖。我們對薩索爾集團的溫室氣體減量目標保持不變，即 2030 年減排 30%。

To be clear, we have not changed what we are aiming for, but we have optimized how we're going to get there, making sure we protect value along the way while remaining compliant with air quality legislation. Initially, our roadmap was built on four key levers, which included the use of LNG as a transition feedstock.

需要明確的是，我們並沒有改變我們的目標，但我們優化了實現目標的方式，確保我們在遵守空氣品質法規的同時保護價值。最初，我們的路線圖建立在四個關鍵槓桿之上，其中包括使用液化天然氣作為過渡原料。

As we said before, the higher market pricing of LNG makes it uneconomical to use for own production. We had to adapt our road map, ensuring that we remain on track while responding to evolving market conditions. All the other levers remain unchanged, including energy efficiency and the integration of renewable energy. We have made good progress on our renewable energy commitment.

正如我們之前所說，液化天然氣的市場價格較高，因此用於自產並不經濟。我們必須調整我們的路線圖，確保我們在應對不斷變化的市場條件的同時保持在正軌上。所有其他槓桿保持不變，包括能源效率和再生能源的整合。我們在再生能源承諾方面取得了良好進展。

To close the gap, we are now considering renewables in excess of 1,200 megawatts as well as other value accretive business-building opportunities, like sustainable carbon feedstocks and carbon assets to reduce our emissions. To ensure we preserve value, our ERR is maximizing Secunda operation production for as long as possible with no planned turndown in volumes.

為了縮小差距，我們目前正在考慮超過 1,200 兆瓦的再生能源以及其他增值業務建設機會，例如永續碳原料和碳資產，以減少我們的排放。為了確保我們保留價值，我們的 ERR 會盡可能長時間地最大化 Secunda 營運產量，並且不按計劃減少產量。

Our optimized roadmap is set to restore Secunda operation to 7.2 million tonnes per annum in financial year '30, a significant step up from the previously communicated 6.7 million tonnes per annum. However, as natural gas declined, we expect production to decrease beyond 2024, and we will optimize the site to ensure it remains profitable.

我們優化的路線圖旨在使 Secunda 的營運在 30 財年恢復到每年 720 萬噸，比先前公佈的每年 670 萬噸有顯著提高。然而，隨著天然氣產量下降，我們預計2024年後產量將會下降，我們將優化該站點以確保其仍然獲利。

The reverse roadmap has lowered our capital requirements to between ZAR11 billion and ZAR16 billion from our previous range of ZAR15 billion to ZAR25 billion. There's still potential for further reduction as we continue to optimize our roadmap. We will review this approach going forward in conjunction with the evolving macro and regulatory landscape, including carbon tax and policy direction.

反向路線圖已將我們的資本要求從先前的 150 億至 250 億南非蘭特降低至 110 億至 160 億南非蘭特之間。隨著我們不斷優化路線圖，仍有進一步減少的潛力。我們將結合不斷變化的宏觀和監管環境（包括碳稅和政策方向）來審查這種方法。

At Sasol, we welcome the latest developments on carbon tax in South Africa as proposed in February 2025 by that review document, which recently became available. This is a positive outcome not only for Sasol, but for the broader South African industrial sector, supporting sustainable and pragmatic transition efforts going forward.

在薩索爾，我們對南非碳稅的最新進展表示歡迎，該進展如最近發布的審查文件於 2025 年 2 月提出。這不僅對薩索爾來說是一個積極的結果，對整個南非工業部門也是如此，支持了未來可持續和務實的轉型努力。

The revised ERR ensures that Sasol remains integral to the South African economy as we pursue a just transition at the pace aligned with market demand, focusing on protecting jobs, supporting the communities we operate in and maximizing stakeholder value. Our business has far reaching multiplier impact across various sectors and the communities which we operate. Through direct and indirect impact our integrated value chain supports around 500,000 jobs and contribute approximately 5% to the GDP and 12% to the national tech space.

修訂後的 ERR 確保 Sasol 仍然是南非經濟不可或缺的一部分，因為我們追求與市場需求相符的公平轉型，重點是保護就業、支持我們經營所在的社區並最大化利益相關者的價值。我們的業務對各個行業和我們經營的社區產生了深遠的乘數影響。透過直接和間接影響，我們的綜合價值鏈支持了約 50 萬個就業崗位，為 GDP 貢獻了約 5%，為國家科技領域貢獻了約 12%。

Beyond our economic contribution, our social impact is significant. Sasol has been ranked as the third largest social investor in South Africa, reflecting the tangible impact we have in changing people's lives. Over the past five years, we have invested nearly ZAR3 billion in socioeconomic development programs, including community health investments, infrastructure and skill development programs.

除了我們的經濟貢獻之外，我們的社會影響力也是巨大的。薩索爾被評為南非第三大社會投資者，這反映了我們在改變人們生活方面產生的實際影響。過去五年來，我們已向社會經濟發展項目投資近30億蘭特，包括社區健康投資、基礎設施和技能發展項目。

Similarly, our education programs have impacted over 10 million learners globally with the Sasol Foundation awarding more than 2,900 bursaries to underprivileged students. These efforts reflect our dedication to driving meaningful change, not just in the economy, but in the lives of the people we serve, reinforcing our commitment of being a force for good.

同樣，我們的教育計畫影響了全球超過 1,000 萬名學習者，其中薩索爾基金會向貧困學生頒發了 2,900 多個助學金。這些努力體現了我們致力於推動有意義的變革，不僅在經濟領域，而且在我們服務的人們的生活中，強化了我們成為一股向善力量的承諾。

With that, I'll now hand over to Walt, who will unpack our financial performance.

現在，我將把權交給沃爾特，他將為我們分析財務表現。

Good morning, everyone. I'm honoured to be with you today to present my first set of financial results as Sasol Group CFO. I've been with Sasol for more than 15 years working across a number of our businesses. I understand our value chains and believe strongly in the potential of our portfolio and our people. Before diving into the numbers, I'd like to outline my key priorities as group CFO.

大家早安。我很榮幸今天能與大家一起作為薩索爾集團首席財務官發布我的第一份財務業績。我在 Sasol 工作了 15 年多，參與過我們的多項業務。我了解我們的價值鏈，並堅信我們的產品組合和員工的潛力。在深入研究這些數字之前，我想先概述一下我作為集團財務長的主要優先事項。

As we strengthen our foundation business, a key priority for me is improving our free cash flow generation to deleverage our balance sheet and create financial resilience. We have several levers to achieve this, including the initiatives outlined by Simon, but beyond that, I am strongly focused on driving operating and capital cost discipline.

在我們加強基礎業務的同時，我的首要任務是提高自由現金流的產生，以降低資產負債表的槓桿率並增強財務韌性。我們有多種手段來實現這一目標，包括西蒙概述的舉措，但除此之外，我還非常注重推動營運和資本成本紀律。

We are already seeing early progress, which I will discuss today. With a stronger financial base, we can shift our focus towards growth and transform, which will be informed by a strict capital allocation framework. This will create healthy competition for capital driven by economic returns while driving excellence in execution.

我們已經看到了早期進展，我今天將對此進行討論。有了更強大的財務基礎，我們可以將重點轉向成長和轉型，這將由嚴格的資本配置框架來指導。這將為資本創造以經濟回報為驅動力的良性競爭，同時推動卓越的執行。

By taking this approach, I'm confident we can build a more resilient business, which together with robust risk management, creates a clear path to sustainable value for all of our stakeholders. Turning to our results for this first half of 2025. The macroeconomic environment remains volatile, difficult to predict and impacting us in different ways. The lower rand oil price and refining margin negatively impacted the results of our fuel segment, while the higher chemicals basket price and US ethylene margins supported the results of our chemical segments.

透過採取這種方法，我相信我們可以建立更具彈性的業務，並與強大的風險管理相結合，為我們所有的利害關係人創造一條通往永續價值的清晰道路。談談我們 2025 年上半年的業績。宏觀經濟環境依然動盪、難以預測，並以不同的方式影響我們。較低的蘭特油價和煉油利潤率對我們燃料部門的表現產生了負面影響，而較高的化學品籃子價格和美國乙烯利潤率則支持了我們化學品部門的表現。

In Europe, natural gas prices remain above pre-ore levels and continue to put pressure on the profitability of our European chemical business, requiring us to continually review our asset portfolio in the region. Looking ahead, we expect the volatility to continue, driven by uncertain global market sentiment and ongoing geopolitical tensions.

在歐洲，天然氣價格仍然高於礦石價格之前的水平，並繼續對我們歐洲化學業務的盈利能力造成壓力，要求我們不斷審查我們在該地區的資產組合。展望未來，我們預計，受全球市場情緒不確定和地緣政治緊張局勢持續影響，波動性將持續存在。

How we respond to this volatility is key to our success, and we need to be agile and proactive in our response by continually looking for opportunities to optimize margins while maintaining stringent cost and capital management practices. Our overall financial performance in the first half reflects the impact of the volatile macroeconomic environment with gross margin declining by 11%. This was driven by a 10% reduction in turnover as a result of the lower rand oil price and a 5% decrease in sales volumes associated with lower production and weaker market demand.

我們如何應對這種波動是我們成功的關鍵，我們需要靈活主動地做出反應，不斷尋找機會優化利潤率，同時保持嚴格的成本和資本管理實踐。我們上半年的整體財務表現反映了宏觀經濟環境波動的影響，毛利率下降了11%。這是由於蘭特油價下跌導致營業額下降 10%，以及產量下降和市場需求疲軟導致銷售量下降 5%。

Lower variable costs helped to keep the gross margin percentage stable at 45%. Cash fixed costs decreased by 1%, supported by our ongoing transformation initiatives. Our adjusted EBITDA for the period was 15% lower as a result of the lower gross margin. Earnings before interest and tax was further impacted by noncash adjustments, most notably a net loss of approximately ZAR6 billion from remeasurement items.

較低的變動成本有助於將毛利率穩定維持在45%。在我們持續進行的轉型措施的支持下，現金固定成本下降了 1%。由於毛利率較低，本期間我們調整後的 EBITDA 下降了 15%。息稅前利潤進一步受到非現金調整的影響，最明顯的是重新計量項目造成的約 60 億南非蘭特的淨虧損。

This was mainly due to further impairments in the Secunda and Sasolburg liquid fuels refinery cash-generating units, which remain fully impaired. These impairments were despite the significant improvement in the recoverable amount of these and other cash-generating units within South Africa as a result of the optimization of the South African ERR that Simon mentioned, and largely due to the negative impact of lower forecast macroeconomic price assumptions.

這主要是由於塞昆達 (Secunda) 和薩索爾堡 (Sasolburg) 液體燃料煉油廠現金產出單位進一步受損，目前仍處於完全受損狀態。儘管由於 Simon 提到的南非 ERR 的優化，這些以及南非境內其他現金產生單位的可回收金額有了顯著提高，但仍存在這些減值，這主要是由於預測宏觀經濟價格假設降低的負面影響。

On the positive side, free cash flow increased by 84% compared to the prior period despite lower EBITDA and mainly due to reduced capital expenditure, taxation paid and a positive movement in working capital. Net working capital as a percentage of turnover increased due to higher inventory to manage the current supply variability and improve the customer experience.

積極的一面是，儘管 EBITDA 較低，但自由現金流與上一時期相比增加了 84%，這主要歸因於資本支出減少、繳納稅款減少以及營運資本的積極變動。由於庫存增加，以管理當前供應的變化並改善客戶體驗，淨營運資本佔營業額的百分比增加。

While the improvement in free cash flow is an important proof point, free cash flow remained negative for the first half of the year. Further improvements are expected in the second half of the financial year, consistent with previous years, with the first half of the year traditionally impacted by seasonal shutdowns and higher associated capital expenditure.

雖然自由現金流的改善是一個重要的證明點，但今年上半年自由現金流仍為負。預計本財年下半年將進一步改善，與往年一致，而上半年通常會受到季節性停工和相關資本支出增加的影響。

Our portfolio continues to benefit from both business and geographical diversification, which is helpful in navigating the current market volatility. In the first half, we saw the adjusted EBITDA from international chemicals increased by more than 80%, helping to lift their contribution to the group adjusted EBITDA from 6% to 13%. This was supported by a combination of targeted management interventions and improved margins in especially the US market.

我們的投資組合繼續受益於業務和地理多元化，這有助於應對當前的市場波動。上半年，國際化學品的調整後EBITDA成長了80%以上，幫助其對集團調整後EBITDA的貢獻從6%提升至13%。這是由有針對性的管理幹預和特別是美國市場的利潤率提高所支持的。

Continued delivery of our action plan should further increase the contribution going forward. While our Southern Africa business remains the primary driver of group EBITDA at almost 90%, the relative contribution was impacted by lower rand oil prices and production volumes. As mentioned by Simon, we are progressing our self-help levers to strengthen this business.

我們的行動計劃的持續實施將進一步增加未來的貢獻。雖然我們的南部非洲業務仍然是集團 EBITDA 的主要推動力（接近 90%），但相對貢獻受到蘭特油價和產量下降的影響。正如西蒙所說，我們正在推進自助手段來加強這項業務。

Now shifting our focus to the variance in adjusted EBITDA across our business segments compared to the prior period. Starting with Southern Africa Energy and Chemicals, the Mining segment delivered improved earnings, primarily driven by a revision to pricing in the coal supply agreement with Secunda operations. This, however, resulted in higher feedstock costs for both the Fuels and Chemicals Africa segments.

現在，我們將重點轉移到各業務部門調整後的 EBITDA 與上一期的差異。從南部非洲能源與化學品開始，採礦部門的利潤有所提高，主要得益於與塞昆達公司簽訂的煤炭供應協議定價的修訂。然而，這導致燃料和化學品非洲部門的原料成本上升。

The gas business saw a 71% increase in earnings driven by a combination of higher gas prices and volumes. Increase from production from the PSA is helping to sustain volumes as gas from the PPA naturally declined. In Fuels, earnings declined by 61%, driven by lower product prices, lower production volumes and higher feedstock costs.

受天然氣價格和產量上漲的推動，天然氣業務獲利增加了 71%。由於 PPA 的天然氣產量自然下降，PSA 產量的增加有助於維持產量。燃料業務方面，由於產品價格下跌、產量下降和原料成本上升，收益下降了 61%。

On the positive side, sales volumes in the higher-margin mobility channel increased by 4%. In Chemicals Africa, earnings declined by 14%, largely due to lower Secunda production and higher feedstock costs. This was partially offset by a higher average basket sales price. In addition, differentiated chemical sales volumes were 4% higher due to improved production in Sasolburg. Turning to International chemicals.

從積極的一面來看，利潤率較高的行動通路的銷量成長了 4%。非洲化學品業務的收益下降了 14%，主要原因是塞昆達產量下降和原料成本上升。這被更高的平均籃子銷售價格部分抵消了。此外，由於薩索爾堡產量提高，差異化化學品銷量增加了 4%。轉向國際化學品。

We saw a strong improvement in the first half across both segments with increased focus on value over volume. Chemicals America reported a 77% increase in earnings, supported by improved US ethylene margins and cost reduction initiatives. The east cracker, which came online in November after an extended outage, is expected to support further margin improvement in the second half of the year. Chemicals Eurasia delivered more than 100% increase in earnings but margins remained structurally low, given the current higher feedstock and energy costs.

我們看到，上半年兩個部門都取得了強勁成長，更加重視價值而非數量。美國化學公司報告稱，由於美國乙烯利潤率的提高和成本削減舉措，其收益增加了 77%。東部裂解裝置在長期停機後於 11 月重新投入使用，預計將支持今年下半年利潤率進一步提高。歐亞化學公司的獲利成長了 100% 以上，但由於目前原料和能源成本較高，利潤率仍結構性較低。

As I said earlier, improving our capital structure and maintaining capital allocation discipline is critical to improving our resilience. With that in mind, there are a few key points to highlight. Our first order capital allocation includes maintaining and transforming our existing operations, while pushing for more efficient and effective capital spend.

正如我之前所說，改善我們的資本結構和維持資本配置紀律對於提高我們的彈性至關重要。考慮到這一點，有幾點需要強調。我們的首要資本配置包括維持和轉變現有運營，同時推動更有效率、更有效的資本支出。

We have managed to achieve this in the first half of the year with a 6% reduction in spend. We will continue to progress our transformation plan at the appropriate pace and reduced capital spend that Simon outlined earlier, but it must generate economic returns to support its investment. From a financial stability perspective, the company's dividend policy is based on 30% of free cash flow generated, provided that net debt, excluding leases, is sustainably below USD4 billion.

我們在上半年成功實現了這個目標，支出減少了 6%。我們將繼續以適當的速度推進我們的轉型計劃，並減少西蒙先前概述的資本支出，但它必須產生經濟回報來支持其投資。從財務穩定的角度來看，該公司的股息政策基於產生的自由現金流的 30%，前提是不包括租賃的淨債務持續低於 40 億美元。

Free cash flow for the first half of the year is a deficit of ZAR1.1 billion, and the net debt at 31 December 2024 is USD4.3 billion and as such, exceeds the net debt dividend trigger. Therefore, the Sasol Limited Board of Directors has made the decision to pass the interim dividend. While the second order capital allocation allows for a choice between debt reduction, growth capital and shareholder returns, the clear priority at this stage is gross debt reduction as evidenced by the USD300 million payment into the revolving credit facility during the first half of the year.

上半年自由現金流虧損 11 億南非蘭特，截至 2024 年 12 月 31 日的淨債務為 43 億美元，超過了淨債務股利觸發金額。因此，薩索爾有限公司董事會決定通過中期股息。雖然第二級資本配置允許在債務削減、資本增長和股東回報之間做出選擇，但現階段的明確優先事項是減少總債務，正如今年上半年向循環信貸額度支付的 3 億美元所證明的那樣。

Looking at the outlook for the remainder of the financial year '25, this slide outlines the key drivers and metrics that we are prioritizing. Our first priority is delivery of our volume recovery plans to ensure we meet our volume guidance. Secondly is to maintain cost and capital discipline by keeping our cash fixed cost increase below inflation and meeting our previously guided targets for both working capital and capital expenditure.

展望 25 財年剩餘時間的前景，這張投影片概述了我們優先考慮的關鍵驅動因素和指標。我們的首要任務是實施產量恢復計劃，以確保滿足產量指引。其次是維持成本和資本紀律，將現金固定成本增幅維持在通貨膨脹率以下，並達到我們先前指導的營運資本和資本支出目標。

From a financing perspective, we are planning to bring net debt below USD4 billion by the end of the year. Robust risk management remains critical in these volatile times. To further protect the balance sheet while managing costs, we have temporarily extended our hedging program horizon for both oil and rand-dollar exchange rate from 12 months to 18 months.

從融資角度來看，我們計劃在今年年底將淨債務降至 40 億美元以下。在這些動盪的時期，強大的風險管理仍然至關重要。為了在管理成本的同時進一步保護資產負債表，我們暫時將石油和蘭特兌美元匯率的對沖計畫期限從 12 個月延長至 18 個月。

We have also increased our hedge cover ratio to 25% to 40% in financial year '26. In terms of progress, we have completed 100% of our hedging program for financial year '25 and more than 85% for financial year '26. We will continue to monitor and adjust the hedging program as required. In summary, we are committed to driving continued business improvement with the goal of enhanced cash generation, deleveraging and creation of sustainable shareholder value. We understand that we need to deliver on these objectives and in so doing, build our credibility and earn your trust.

我們也將 26 財年的對沖覆蓋率提高至 25％至 40％。就進展而言，我們25財年的避險計畫已完成100%，26財年的避險計畫已完成85%以上。我們將繼續監控並根據需要調整對沖計劃。總之，我們致力於推動業務持續改善，目標是增強現金創造、去槓桿和創造可持續的股東價值。我們明白，我們需要實現這些目標，並以此建立我們的信譽並贏得您的信任。

I will now hand over to Simon for his closing remarks and look forward to responding to your questions in the Q&A session later.

現在我會把時間交給西蒙作結束語，並期待在稍後的問答環節回答大家的問題。

Thank you, Walt. We shaped our financial year '25 priorities to improve the fundamental of our business, and as Walt said to make sure we translate this into stronger financial foundation. The people of Sasol remain our greatest asset,

謝謝你，沃特。我們制定了 25 年財年的優先事項，以改善業務基礎，正如沃爾特所說，確保將其轉化為更強大的財務基礎。薩索爾人民仍然是我們最寶貴的財富，

And I want to thank team Sasol for their resilience, dedication over the past few months. We will continue to safely pursue operational and commercial excellence, while enhancing our cost competitiveness. Our customers are central to our success, but we must also ensure that we create sustainable value for Sasol.

我要感謝薩索爾團隊在過去幾個月的堅韌和奉獻精神。我們將繼續安全地追求卓越的營運和商業，同時增強我們的成本競爭力。客戶是我們成功的關鍵，但我們也必須確保為 Sasol 創造永續的價值。

To achieve this, we are actively reviewing contracts to drive efficiency and maximize value for Sasol and our customers. As outlined earlier, we are continuously evolving our ERR to ensure that sustainability and economics go hand-in-hand.

為了實現這一目標，我們正在積極審查合同，以提高效率並實現 Sasol 和客戶的價值最大化。如前所述，我們正在不斷發展我們的 ERR，以確保永續性和經濟性齊頭並進。

This journey is a marathon, not a sprint, and we have now reached our first water point. We understand that the route ahead, we understand that the route -- we understand the road ahead. We will remain disciplined and focused to deliver on our commitments.

這趟旅程是一場馬拉松，而不是短跑，我們現在已經到達了第一個補水點。我們了解前方的路線，我們了解前方的路線－我們了解前方的道路。我們將嚴守紀律，專注於履行承諾。

We will be providing more information and clarity on our strategic agenda at our CMD plan for May 2025. Importantly, we will drive deeper into the progress on our initiatives to strengthen our foundation businesses to improve our competitiveness. International chemicals is a world-class asset, and I look forward to sharing more progress on how a strategic reset will improve financial returns going forward in the longer term.

我們將在 2025 年 5 月的 CMD 計劃中提供有關我們策略議程的更多資訊和清晰度。重要的是，我們將更深入地推進我們的舉措，加強我們的基礎業務，以提高我們的競爭力。國際化學品是一項世界級的資產，我期待分享更多關於策略重置如何在長期內提高財務回報的進展。

A core focus of our growth and transformation strategy is building a strong pipeline of new business building opportunities. We will highlight some of these and how we are leveraging them to navigate the energy transition in a value accretive way.

我們成長和轉型策略的核心重點是建立強大的新業務建立機會管道。我們將重點介紹其中的一些，以及我們如何利用它們以增值的方式引導能源轉型。

Lastly, we will share how our financial framework will support improving our financial resilience and set up a pathway for attractive, sustainable long-term returns. It has been a busy first half for team Sasol, and I'm excited about the progress we've made and we will make in the coming months.

最後，我們將分享我們的財務框架如何支持提高我們的財務彈性並為有吸引力的、可持續的長期回報建立一條道路。對於薩索爾隊來說，上半年是忙碌的，我對我們已經取得的進展以及未來幾個月將取得的進展感到興奮。

It's been a pleasure to present Sasol's results today. My executive team and I look forward to further discussion in their conference call shortly with you. Thank you.

我很高興今天能展示 Sasol 的成果。我和我的執行團隊期待在不久的電話會議中與您進行進一步的討論。謝謝。

Good morning, and welcome to this question-and-answer session for Sasol's 2025 interim financial results. In addition to Simon and Walt, we also have other members of Sasol's Group Executive Committee with us in the room today.

早安，歡迎參加 Sasol 2025 年中期財務表現的問答環節。除了西蒙和沃爾特之外，今天在場的還有薩索爾集團執行委員會的其他成員。

On my right, to my far right, Victor Bester, who's our EVP of Operations and Projects; Antje Gerber, who is EVP of International Chemicals; and Hermann Wenhold, EVP of Mining, Risk and SHE. Also participating online, we have Vuyo Kahla, EVP of Commercial and Legal; Christian Herrmann, EVP, Marketing and Sales; Energy and Chemical Southern Africa; Sarushen Pillay, EVP of Business Building Strategy and Technology; and Charlotte Mokoena, EVP of Human Resources and Corporate Affairs. (Event Instructions)

在我右邊，最右邊的是 Victor Bester，他是我們的營運和專案執行副總裁；Antje Gerber，他是國際化學品執行副總裁；還有 Hermann Wenhold，他是採礦、風險和 SHE 執行副總裁。同樣線上參加的還有商業和法律執行副總裁 Vuyo Kahla、南非能源和化學行銷和銷售執行副總裁 Christian Herrmann、業務建設策略和技術執行副總裁 Sarushen Pillay 和人力資源和公司事務執行副總裁 Charlotte Mokoena。（活動須知）

I will be alternating between these two platforms to give everybody a fair chance to participate. We'll start with the first set of online questions that have come through the platform, focusing mainly on the Southern Africa operations. I think Simon this one goes to you, I'll maybe ask two questions to kick off the session.

我將在這兩個平台之間交替進行，以便每個人都有公平的參與機會。我們將從透過該平台收到的第一組線上問題開始，主要專注於南部非洲的業務。西蒙，我想這個問題該由你來回答，我可能會問兩個問題來開始會議。

The first one coming from Adrian Hammond and Thobela Bixa from Nedbank. How much would the destoning project add in terms of coal volumes, revenue uplift, cost savings or EBITDA uplift? Which other options were considered in improving mining volumes, i.e., was a new mine considered, given the variability of your coal production?

第一個來自 Nedbank 的 Adrian Hammond 和 Thobela Bixa。去石化計畫將在煤炭產量、收入增加、成本節約或 EBITDA 增加方面帶來多少提升？在提高採礦量方面還考慮了哪些其他選擇，例如，考慮到煤炭產量的變化，是否考慮過新建礦井？

The follow-on, impact on Secunda operations, how do you plan to maintain Secunda volumes beyond 2028 when your gas volumes are expected to start declining while reaching your 30% CO2 reduction target? That also comes from Thobela Bixa from [Nedbank].

後續對塞昆達營運的影響是，到 2028 年以後，當您的天然氣產量預計開始下降時，您計劃如何維持塞昆達的產量，同時實現 30% 的二氧化碳減排目標？這也來自 Thobela Bixa[南非萊利銀行]。

Thank you, Adrian and Thobela for your questions. I'll start first with the 2028 question. I will then give a quick brief opening on the destoning project and allow Victor, I mean, to come in and then Sarushen to also talk about the various levers that we're considering to reach the 30%, then we can cover both questions. Starting first with the 2028, you remember is the gas does go into the market. That will end in 2028 and the gas for our own use, that we have until 2034.

感謝 Adrian 和 Thobela 提出的問題。我先從 2028 年的問題開始。然後，我將簡要介紹去石項目，然後讓 Victor 加入，然後讓 Sarushen 也談談我們正在考慮哪些手段來達到 30% 的目標，然後我們就可以討論這兩個問題。從 2028 年開始，你會記得天然氣確實進入了市場。這項計畫將於 2028 年結束，我們自己可以使用的天然氣將持續到 2034 年。

And as I said during my presentation, what we're going to do beyond 2024 as that gas declines, we will be able to make sure we reposition and reset our business to keep it profitable. So that's how we're going to deal with 2028.

正如我在演講中所說的那樣，隨著天然氣產量的下降，我們在 2024 年以後要做的事情是，我們將能夠確保重新定位和重置我們的業務，以保持盈利。這就是我們應對 2028 年的方式。

2028 is more important for the customers because we need the South African landscape to move over to LNG as previously communicated. Adrian and Thobela, thank you on the volumes. The question on the volumes, you remember our objective is to restore the South African value chain back to the 7.4% to 7.6% range depending on the shutdowns that you do.

2028 年對客戶來說更為重要，因為我們需要南非的格局轉向液化天然氣，正如之前所傳達的那樣。Adrian 和 Thobela，感謝你們的貢獻。關於產量的問題，您記得我們的目標是根據您所採取的停產措施將南非價值鏈恢復到 7.4% 至 7.6% 的範圍內。

The destoning project helps us to address the quality. I'll let Victor come in, in a moment to talk about how he sees that evolving. Victor, maybe let's address how we go in the next three years, how do we see ourselves going from where we are now to the 7.4% to 7.6% range.

去石計畫幫助我們解決品質問題。稍後我將讓維克多進來，談談他如何看待這一發展。維克多，也許我們可以討論未來三年的發展方向，我們如何從現在的水平發展到 7.4% 到 7.6% 的範圍。

Thank you, Simon. I think when it comes to destoning, we investigated various options to improve the coal quality to Secunda. As you may recall, we considered a greenfield destoning project, which would have costed us a significant amount. I think through our engineering efforts, we landed on a solution, which is quite elegant in terms of capital cost.

謝謝你，西蒙。我認為，在去石方面，我們研究了各種方案來提高塞昆達的煤炭品質。您可能還記得，我們曾考慮過一個綠地除石項目，這將花費我們一大筆錢。我認為透過我們的工程努力，我們找到了一個在資本成本方面相當優雅的解決方案。

But also a proven technology that we currently operate at our Twistdraai export plant. The intent is really to repurpose that plant to reduce the sinks content from two of our collieries, which is Impumelelo as well as Bosjesspruit.

這也是我們目前在 Twistdraai 出口工廠運作的經過驗證的技術。目的實際上是重新利用該工廠來減少我們兩個煤礦（Impumelelo 和 Bosjesspruit）的碳匯含量。

I think combined and blended into our coal blended Secunda operations, this will lower the stone contents to gasification below 12%. This is where we've historically operated in terms of sink's content in the feed to gasification.

我認為，將其與我們的塞昆達混煤作業相結合並混合，可以降低氣化石含量至 12% 以下。這就是我們歷史上就氣化進料中的吸收劑含量進行操作的地方。

This solution in its own, as you would have seen, will cost us under ZAR1 billion to implement with a significant NPV value. I think if we look at gasification in terms of its performance over the last few years, it has really seen an increased wear and tear, right, due to stone in the coal content. And we expect immediately after the destoning project is implemented in the first half of FY26, that gasification will see an improved yield.

如您所見，該解決方案本身將花費我們不到 10 億南非蘭特來實施，並且具有可觀的 NPV 值。我認為，如果我們從過去幾年氣化性能的角度來看待它，它的磨損確實增加了，對吧，這是因為煤中含有石頭。我們預計，在 26 財年上半年實施去石計畫後，氣化產量將立即提高。

But obviously, I think due to the higher wear and tear, we need to do some maintenance to restore the gasification fleet. And upon doing that, gasifier availability will simply become a multiplier on our route to taking gasification or SO production to its historical levels of 7.6 million tonnes. I think, Simon, I hope that responded to the question in the way that Adrian has asked it as well as Thobela.

但顯然，我認為由於磨損較重，我們需要進行一些維護來恢復氣化車隊。一旦這樣做，氣化爐的可用性將成為我們實現氣化或二氧化硫產量達到 760 萬噸歷史水準的乘數。我認為，西蒙，我希望這能以阿德里安和托貝拉提出的方式回答這個問題。

Thank you, Victor, and Adrian and Thobela. Just to close off your questions, we're continuously considering all options to supplement volumes from our own production. Whether it's, I mean, mining the coal ourself or buying the coal from the market, we continue to do that in the most cost-effective way. Establishing a new mine, I mean, that takes time, and we will consider, as I said before, that coal in the short to medium term still remains a critical feedstock that we need.

謝謝你，維克多、阿德里安和托貝拉。為了回答您的問題，我們正在不斷考慮所有選項，以補充我們自己的產量。無論是我們自己開採煤炭還是從市場上購買煤炭，我們都會繼續以最具成本效益的方式去做。我的意思是，建立一個新礦需要時間，正如我之前所說，我們會考慮，短期到中期煤炭仍然是我們需要的關鍵原料。

If we need to establish a new mine, for instance, to replace a mine like Bosjesspruit, which is coming to the end around 2032, we will do so. But before we trigger an investment in a new mine, we'll make sure that we assess all options of whether we can produce the coal ourselves or we can buy the coal from the outside. And we'll do that and choose the most cost-effective route.

例如，如果我們需要建立一個新礦，以取代將於 2032 年左右停產的 Bosjesspruit 礦，我們就會這樣做。但在投資新礦之前，我們會確保評估所有選擇，包括我們是否可以自行生產煤炭或是否可以從外部購買煤炭。我們會這樣做，並選擇最具成本效益的路線。

Thank you, Simon. Did you want Sarushen to add anything?

謝謝你，西蒙。你想讓 Sarushen 增加什麼嗎？

Sarushen, you can come in on that 30% in terms of the levers, then we can also pre-empt that question, how the levers will evolve as the circumstances change.

Sarushen，你可以從槓桿的角度來談談那 30%，那麼我們也可以預先提出這個問題，即隨著情況的變化，槓桿將如何演變。

Thank you, Simon, and good morning, everyone. So as Simon said, we're continuously optimizing our ERR. And a part of this optimization talks to how we then look at what we do within our factory premise and what we do outside.

謝謝你，西蒙，大家早安。正如西蒙所說，我們正在不斷優化我們的 ERR。這種優化的一部分涉及我們如何看待我們在工廠內部和外部所做的事情。

And really, our focus has been now on how do we then ramp up production in Secunda through the optimization of the ERR. And in this regard, we've optimized our fine coal solution and the steam and condensate solutions that we do on site, while pushing harder on some of the other levers, like increasing renewables, so we are targeting well in excess of 1,200 megawatts.

實際上，我們現在的重點是如何透過優化 ERR 來提高 Secunda 的產量。在這方面，我們優化了優質煤解決方案以及現場進行的蒸汽和冷凝物解決方案，同時增加了其他一些槓桿的力度，例如增加可再生能源，因此我們的目標是超過 1,200 兆瓦。

And this will be both embedded generation, PPAs and wheeling agreements. We're developing all these options. We're also looking at enhanced energy efficiency as we see improvements in coal quality. We expect that our steam and oxygen demands will reduce, and our energy efficiency will improve. And then we also are looking at sustainable market mechanisms.

這將是嵌入式發電、電力購買協議 (PPA) 和輸電協議。我們正在開發所有這些選項。隨著煤炭品質的改善，我們也尋求提高能源效率。我們預計我們的蒸汽和氧氣需求將會減少，我們的能源效率將會提高。我們也在研究永續的市場機制。

So these are things like renewable energy certificates and offsets to then complement our ERR. But we will balance all the available levers that we have as we head towards this target of 30% and do whatever we need to do to then come to an economically optimum outcome in our achievement of this 30%.

因此，這些都是再生能源證書和抵銷額，可以補充我們的 ERR。但是，在朝著 30% 的目標邁進的過程中，我們將平衡所有可用的槓桿，並盡一切努力在實現 30% 的目標時取得經濟上最優的結果。

Thank you, Sarushen. I think while we are talking about the ERR, there are a few more questions on this topic, so let's move to that. The first question from -- or two questions from Tabo at the fund. The revised ERR seeks to incorporate the use of sustainable feedstocks provided they are cost competitive. Should this not be the case?

謝謝你，Sarushen。我認為，當我們談論 ERR 時，關於這個主題還有一些其他問題，所以讓我們來討論一下。第一個問題來自——或者說是來自基金的 Tabo 的兩個問題。修訂後的 ERR 旨在納入永續原料的使用，前提是它們具有成本競爭力。事實不應該如此嗎？

What will the impact -- what impact will this have on the ERR targets to be achieved? And the second question is on mining. There was a mention that mining will increase drilling to improve the quality of mined coal. Is this done as part of an exploration program to increase reserves or prioritize mining targets within the existing reserves? Has Sasol reviewed its position on increasing coal reserves as part of a reviewed ERR strategy?

這會對要實現的 ERR 目標產生什麼影響？第二個問題是關於採礦的。其中提到，採礦業將增加鑽探，以提高開採煤炭的品質。這是作為增加儲量或優先考慮現有儲量內的採礦目標的勘探計劃的一部分嗎？作為審查的 ERR 策略的一部分，Sasol 是否已經審查了增加煤炭儲量的立場？

Thank you, Tabo, for your questions.

謝謝 Tabo 的提問。

Tabo, thank you. Like I said during my presentation that our commitment to regulatory compliance and the environment remains that Sasol's group target of 30% by 2030 remains. So as we revise the ERR, we are not, I mean, increasing the coal reserves.

塔博，謝謝你。正如我在演講中所說的那樣，我們對法規遵循和環境的承諾仍然存在，Sasol 集團到 2030 年實現 30% 的目標仍然存在。因此，當我們修改 ERR 時，我們並不是在增加煤炭儲量。

As we've said before, we've got enough coal reserves for a time frame up to 2050 or so. So the drilling program and it's key aim is to ensure that we can map up exactly where we need to go to balance the quality that comes out, out of our mines.

正如我們之前所說，我們的煤炭儲量足夠使用到 2050 年左右。因此，鑽探計劃及其主要目標是確保我們能夠準確地繪製出我們需要去的地方，以平衡我們礦山產出的品質。

So that's the main purpose of the drilling, it's not drilling for exploration, but drilling for us to map up and understand the geology that's facing us. So that answers your second question. Then the first one, Sarushen has covered it adequately.

這就是鑽探的主要目的，它不是為了勘探而鑽探，而是為了繪製和了解我們面臨的地質狀況。這回答了你的第二個問題。那麼第一個，Sarushen 已經充分講解了。

For us, this is a dynamic process. We're going to make sure that we keep on exploring on all the levers and targeting them higher so that if some of the levers don't work, we can supplement with other ones. But our core focus is in making sure that we maximize Secunda production and protect value for all the stakeholders.

對我們來說，這是一個動態的過程。我們將確保繼續探索所有槓桿，並設定更高的目標，這樣，如果某些槓桿不起作用，我們可以用其他槓桿進行補充。但我們的核心重點是確保最大限度地提高 Secunda 的產量並保護所有利害關係人的價值。

Thank you, Simon. Anything you want to add on the mining question or you.

謝謝你，西蒙。您想就採礦問題或您自己添加任何內容。

No, covered that.

不，掩蓋了這一點。

Okay. Great. If we can move to Chorus Call, please. There are two callers that are lined up. If we could start with Chris Nicholson.

好的。偉大的。請允許我們轉到合唱部分。有兩位呼叫者在排隊。如果我們可以從克里斯·尼科爾森開始。

Chris Nicholson, RMB Morgan Stanley.

克里斯·尼科爾森（Chris Nicholson），摩根士丹利（RMB）。

Hi, good morning. I'm, Simon, Tiffany Walton team. Yeah, A couple of questions around destoning, if I may. So the first question really speaks to the fact that you've taken FID on the destoning plant. Understand that you have a ramp-up target towards 7.5 million tonnes. You've also talked about optimizing that emission reduction road map to 7.2 million tonnes longer term. Now that you have both of those, I wonder whether those affect your impairment calculations.

嗨，早安。我是西蒙，蒂芬妮沃爾頓團隊。是的，如果可以的話，我想問幾個有關除石的問題。因此，第一個問題實際上說明了您已經對去石廠進行了最終投資決定。了解您的增產目標，即達到 750 萬噸。您也談到優化減排路線圖，長期目標是減排 720 萬噸。現在您已經擁有了這兩者，我想知道它們是否會影響您的損害計算。

My understanding is you're obviously still carrying the Secunda's fuels volumes at zero effectively and you continue kind of impairing what you spend. Why haven't we seen a write-back of impairments now those two have been taken? That's the first part.

我的理解是，你顯然仍然有效地將 Secunda 的燃料量保持在零水平，並且你繼續損害你的支出。為什麼我們還沒看到減損損失的沖銷呢？這是第一部分。

Second part, just on destoning, the export coal, the coal that you've previously been exporting, does that get diverted to some fuels pretty much from today? And does that have any near-term impact on quality? I would certainly imagine that's high energy content coal. And then last question around destoning, just your Richards Bay allocation, your railway allocation.

第二部分，僅就煤炭去石而言，您之前出口的煤炭，從今天開始是否大部分都轉用於某些燃料？這對品質有近期影響嗎？我當然可以想像那是高能量含量的煤。最後一個問題是關於拆除石塊，只是理查茲灣的分配，鐵路的分配。

Will you be selling that now? And what would that be worth? Because it doesn't look like you'd be -- have any use pretty more.

你現在會賣掉它嗎？那這有什麼價值呢？因為它看起來似乎對你沒什麼用。

Yeah, thank you. Thanks, Chris, for your questions. Let me start and then I'll allow Hermann to answer the questions on destoning, both of them in terms of the FID and then the export, Hermann can adequately cover that. I mean, Chris, the destoning project is to make sure that we restore the quality of coal that goes to Secunda operations.

是的，謝謝。謝謝克里斯的提問。首先，我將讓 Hermann 回答有關去石的問題，這兩個問題都與 FID 和出口有關，Hermann 可以充分回答這些問題。我的意思是，克里斯，去石頭計畫是為了確保我們恢復運往塞昆達礦的煤炭品質。

And I think Hermann will elaborate in terms of how we look at that. And that will cover as well our position on the Richards Bay coal terminal because that coal, coming out of that mine, as you remember, we've previously said, I mean, around '26, '27, was actually not becoming export quality anymore. So Hermann, let's go to you and cover fully the destoning, then I'll just start on the impairment and later, I mean, cover it fully as well.

我認為赫爾曼將詳細闡述我們如何看待這個問題。這也涵蓋了我們在理查茲灣煤炭碼頭的地位，因為正如你記得的，我們之前說過，從那個礦井出來的煤炭，我的意思是，大約在 1926 年、1927 年，實際上已經不再達到出口品質了。所以赫爾曼，我們先來全面談談去石化問題，然後我會開始討論損害問題，之後，我的意思是，再全面談談它。

Thank you, Simon. I think it's important that one realizes that the export quality coal from our Thubelisha colliery, the yield associated with that coal or with that reserve base will actually reduce to the low 20% level from the current 30% level.

謝謝你，西蒙。我認為重要的是，人們要認識到，我們 Thubelisha 煤礦的出口優質煤炭，與該煤炭或該儲備基地相關的產量實際上將從目前的 30% 水平下降到 20% 的低水平。

So that actually makes the export business and to export that reserve, it doesn't make it viable anymore, and that is happening within the next two years. So having that as a coal reserve, we know the coal is gasifiable as the middlings coal has gone to the Secunda operations up to now. We've taken the option to repurpose the Twistdraai export plant and then to destone the entire Thubelisha fleet -- the entire Thubelisha feed to Secunda operations, that will bring about that we will have a discard that will go to our destoning or the discard dumps.

因此，這實際上使得出口業務和出口儲備不再可行，而這將在未來兩年內發生。因此，有了這些煤炭儲備，我們就知道這些煤炭是可氣化的，因為到目前為止，中煤已經運往塞昆達礦場。我們已選擇重新利用 Twistdraai 出口工廠，然後對整個 Thubelisha 船隊（整個 Thubelisha 輸送至 Secunda 作業）進行去石處理，這樣一來，我們將產生一些廢棄物，這些廢棄物將被送往去石處理廠或廢棄物堆放場。

I think from a perspective of RBCT shareholding, we will still keep that shareholding in RBCT, and we will be leasing it out for the short to medium term.

我認為從 RBCT 股權的角度來看，我們仍將保留在 RBCT 的股權，並將在短期至中期內將其出租。

Yeah, Thank you, Hermann. Chris, on the impairment, I mean, as you'll recall, the Secunda value chain has two CGUs that intertie and interlinked the chemicals CGU and the Synref CGU, which is our refinery portion. And the CGU that's being impaired is the Synref CGU. So with the revised or optimized CRR, we actually had a significant value uplift on both of those CGUs.

是的，謝謝你，赫爾曼。克里斯，關於減值，我的意思是，你會記得，塞昆達價值鏈有兩個現金產生單元 (CGU)，它們將化學品現金產生單元 (CGU) 和 Synref 現金產生單元 (CGU)（即我們的煉油廠部分）相互連接。受到損害的 CGU 是 Synref CGU。因此，透過修改或優化 CRR，我們實際上對這兩個 CGU 的價值都實現了顯著提升。

However, there's still a small gap on the Synref CGU, and we're working hard on that one. I'll allow Walt to elaborate on that.

然而，Synref CGU 上仍然存在一個小差距，我們正在努力解決這個問題。我會讓沃爾特詳細說明這一點。

Yes, Thanks, Chris. Yes, I think so just to further elaborate just on Simon is on the -- we did see the uplift from the ERR, but we also adjusted our macroeconomic assumptions more longer term. So oil prices are lower, the rand is slightly stronger and then some of the product differentials are low. So we had that impact coming down. I think just to clarify one thing, just on the CGU, Simon, it's -- there's chemicals.

是的，謝謝，克里斯。是的，我認為只是為了進一步闡述西蒙的觀點——我們確實看到了 ERR 的提升，但我們也調整了我們的長期宏觀經濟假設。因此，油價較低，蘭特略微走強，有些產品差異較低。因此，我們的影響力正在減弱。我認為只需要澄清一件事，僅在 CGU 上，西蒙，它 - 有化學物質。

There's a number of CGUs within chemicals itself. I think they're about six in total within the Secunda space. So the good news is on all of those impairments -- I mean all of those CGUs, we saw a significant increase also in the value and use.

化學品本身就包含許多 CGU。我認為塞昆達地區總共有六個這樣的機構。因此，好消息是，對於所有這些減值——我的意思是所有這些現金產生單位，我們都看到了其價值和用途的顯著增長。

And so we remain focused on how do we further optimize our capital and cost spend on the ERR to, first, as one step stop the impairments of the capital that we're spending, and as a second step potentially reverse the impairments at a later stage. Thank you

因此，我們仍然專注於如何進一步優化我們在 ERR 上的資本和成本支出，首先，第一步是阻止我們正在支出的資本減值，第二步是可能在後期扭轉減值。謝謝

Thank you. I think we can move to the next question on Chorus Call.

謝謝。我想我們可以轉到關於 Chorus Call 的下一個問題。

Gerhard Engelbrecht, Absa CIB.

格哈德‧恩格爾布雷希特 (Gerhard Engelbrecht)，Absa CIB。

Good morning and thank you for the opportunity. I have a number of questions. I just want to clarify, Simon, you mentioned a CapEx number, lower CapEx, ZAR11 billion to something ZAR16 billion or something. Does that only refer to the transform CapEx? And secondly, can you give us maybe some guidance as to what your maintenance CapEx or your overall CapEx budget looks like for the next five years? Is it coming down quite significantly?

早安，感謝您給我這個機會。我有幾個問題。我只是想澄清一下，西蒙，你提到了一個資本支出數字，較低的資本支出，從 110 億南非蘭特到 160 億南非蘭特左右。這僅指轉型資本支出嗎？其次，您能否給我們一些指導，告訴我們未來五年的維護資本支出或整體資本支出預算是多少？下降幅度是否很大？

So just the normal maintenance CapEx. I've got questions around feedstock, coal and gas. With Bosjesspruit running out, when will you have to make a decision on a new mine? What is the lead time? I'm just trying to understand that.

所以這只是正常的維護資本支出。我對原料、煤炭和天然氣有一些疑問。隨著博斯傑斯普雷特 (Bosjesspruit) 礦山資源的枯竭，您何時需要決定開採新礦？交貨時間多長？我只是想理解這一點。

And also, Isibonelo, so how long you say you've extended the contract, for how long? And then I'm just curious about gas, the last question. The plateau hasn't been extended beyond 2028. It doesn't look like there are more reserves. So what is the impact of extending sales to your external gas customers? What would the impact of that be on your own operations, given that nothing else might have changed?

另外，伊西博內洛，您說您延長了合約多久了，多久？然後我只是對天然氣感到好奇，這是最後一個問題。此穩定狀態並未延續至2028年以後。看起來沒有更多的儲備。那麼，將銷售範圍擴大到外部天然氣客戶會產生什麼影響呢？假設其他一切都沒有改變，這會對您自己的營運產生什麼影響？

Thank you, Gerhard.

謝謝你，格哈德。

Yeah. Thanks, Gerhard. Let me start on the gas, then I'll allow Hermann to cover both Bosjesspruit and Isibonelo in terms of the time lines that we need there. And then after Hermann does that, I can close with your -- I mean, the transform capital in terms of how we think about that. I think first, I mean, Gerhard, the five year outlook on CapEx, we will give you that at CMD. I think it will be prudent to do that.

是的。謝謝，格哈德。讓我先從天然氣開始，然後我會讓赫爾曼按照我們需要的時間表來介紹博斯傑斯普雷特和伊西博內洛。在赫爾曼這樣做之後，我可以結束你的討論——我的意思是，就我們如何看待這一點而言，轉變資本。我認為首先，我的意思是，Gerhard，我們將在 CMD 向您提供資本支出的五年展望。我認為這樣做是謹慎的。

Firstly, on gas, the impact, I mean, as you know, if you look at Secunda running at 7.6 million tonnes, usually, gas accounts for, I mean, 500 kilotons to 600 kilotons once your quantity is fully fixed. So if were to expand, which we will not consider about, I mean, maximizing value for all the stakeholders that will be the impact. I mean that gas runs out in any event. So for us, I just want to reiterate it's about making sure that the country moves on to LNG and LNG comes in. So that's the first on gas.

首先，關於天然氣，我的意思是，如你所知，如果你看看塞昆達的產量為 760 萬噸，通常，一旦數量完全固定，天然氣就會占到 50 萬噸到 60 萬噸。因此，如果要擴大，我們不會考慮，我的意思是，最大化所有利害關係人的價值，這將產生影響。我的意思是，無論如何，汽油都會用完。因此，對我們來說，我只想重申，這是為了確保國家轉向液化天然氣並引進液化天然氣。這是關於天然氣的第一點。

Hermann, can you please cover the two on Bosjesspruit and Isibonelo

Hermann，可以介紹一下 Bosjesspruit 和 Isibonelo 的那兩處嗎？

Thank you, Simon. Gerhard, I think it's important to note that we have enough options to supply coal to Secunda operation up till FY29. Those options consist of our current reserves that have already been deployed or opened and ready to be mined.

謝謝你，西蒙。格哈德，我認為值得注意的是，到 2029 財年我們有足夠的選擇來向 Secunda 業務供應煤炭。這些選項包括我們目前已經部署或開放並準備開採的儲備。

It also includes Isibonelo and it also includes other suppliers that are delivering coal via road. So that we have enough coal up till FY29, and we have commercial contracts in place that can also be extended to make sure that we have the coal up to '29.

它還包括 Isibonelo 以及其他透過公路運輸煤炭的供應商。這樣，到 29 財年我們就能擁有足夠的煤炭，而且我們已經簽訂了商業合同，這些合同還可以延長，以確保到 29 年我們都能擁有煤炭。

All commercial contracts for coal supply for FY26 is already in place. And as I said, we can extend those. For now, we have extended Isibonelo up till the end of the '25 calendar year. So we've extended their supply base with 6 months. To extend further would entail a lot of work at Isibonelo.

26財年煤炭供應的所有商業合約均已到位。正如我所說，我們可以延長這些時間。目前，我們已將 Isibonelo 的期限延長至 25 年底。因此我們將他們的供應基礎延長了 6 個月。要進一步擴展，Isibonelo 需要做大量工作。

And we are, at this point in time, having commercial discussions considering coal quality as well. The lead time on a new mine Bosjesspruit's closure, depending on the quality of that colliery, will be a tail from about FY28 onwards till approximately FY31, '32.

目前，我們正在就煤炭品質問題進行商業討論。根據煤礦的質量，Bosjesspruit 新礦的關閉週期將從 28 財年左右持續到 31 財年或 32 財年左右。

To replace that mine, the lead time for a decision on that mine is from now between 18 months and 24 months. Please take note that we've progressed well with studies on our existing reserves, mainly the Alexander reserve. And we are also, at this point in time, evaluating commercial proposals from the market to potentially also supply coal from FY30 onwards.

為了更換該礦，從現在起對該礦做出決定的準備時間為 18 個月到 24 個月。請注意，我們對現有儲備（主要是亞歷山大儲備）的研究取得了良好的進展。目前，我們也正在評估市場上的商業提案，以便從 2030 財年起可能供應煤炭。

So that processes are well progressed, and we will take the final investment -- well, choices and then final investment decisions or commercial choices within the correct time period that's required.

為了使流程順利進展，我們將在所需的正確時間內做出最終投資——選擇，然後是最終投資決策或商業選擇。

Thank you, Hermann. Finally, Gerhard, on your question, on the ZAR11 billion to ZAR16 billion, you're right, this is a reduction over the period. So this does has a potential to impact, I mean, our overall CapEx number. We're working on it. Suffice to reemphasize that our key focus will be making sure that when capital is set free that we prioritize the balance sheet.

謝謝你，赫爾曼。最後，Gerhard，關於您的問題，關於 110 億南非蘭特到 160 億南非蘭特，您說得對，這是在此期間的減少。所以這確實有可能影響我們的整體資本支出數字。我們正在努力。再次強調，我們的重點是確保在釋放資本時優先考慮資產負債表。

However, that will have to balance with, I mean, both growth and transformation. But the balance sheet will be, I mean, our key and one priority to strengthen it as Walt said.

然而，這必須與成長和轉型保持平衡。但正如沃爾特所說，資產負債表將是我們的關鍵，也是強化資產負債表的首要任務之一。

Great, thank you for your set of questions, Gerhard. I'm going to move back to the online platform, and we've received a number of financial-related questions, which I'm going to direct to Walt. Adrian Hammond from SBG and Sashank Lanka of Bank of America have both asked a question on carbon tax. Given the latest budget speech, like not really a budget speech, but what carbon tax savings can you quantify for us? And then another question from Adrian around restructuring the large offshore debt, given the majority of earnings are in South Africa.

太好了，謝謝你的提問，Gerhard。我將回到線上平台，我們收到了許多與財務相關的問題，我將直接向沃爾特提出這些問題。SBG 的 Adrian Hammond 和美國銀行的 Sashank Lanka 都問了有關碳稅的問題。鑑於最新的預算演講，雖然實際上不是預算演講，但您能為我們量化多少碳稅節省？然後，阿德里安提出了另一個問題，關於重組大量離岸債務，因為大部分收益都在南非。

And given the uplift in your assumptions for Synfuels volumes post 2030, is there a possibility of reversing impairments? I think let's pause there.

鑑於您對 2030 年後合成燃料產量的假設上升，是否有可能扭轉減損趨勢？我想我們就此暫停一下。

Okay, great. Thanks. I think on the So I think first on the carbon tax. We've been working closely as part of the public engagements with National Treasury on carbon tax. The impact of that phase two document that was released in November had a significant impact on our overall free cash flow generation in our South African business. We currently pay -- the carbon tax for us is about ZAR1.8 billion a year.

好的，太好了。謝謝。我認為首先要考慮的是碳稅。作為公眾參與的一部分，我們一直與國家財政部就碳稅問題進行密切合作。11 月發布的第二階段文件對我們南非業務的整體自由現金流產生重大影響。我們目前繳納的碳稅每年約為18億南非蘭特。

That number would have quadrupled by the end of the decade with the revisions or the proposal that are included in the budget's documents that we've now seen, but will be presented again in March. That number obviously reduces significantly to what we previously calculated. In terms of -- should I just handle the other -- I think on the impairments, I think we've covered that with my answer to Chris. At first stage is to stop impairing the capital that we spend in the first half of the year.

根據我們目前看到的預算文件中包含的修訂或提案，到本世紀末，這個數字將會翻兩番，但將於三月再次提出。這個數字顯然比我們之前計算的數字少得多。就我是否應該處理其他問題而言——我認為關於損害，我想我們在回答克里斯的問題時已經涵蓋了這個問題。第一階段是停止減損我們上半年所花的資本。

We believe there's further opportunities that we can do if we look at cost and capital with regards to the ERR, particularly post 2030, and how we set that business up to be competitive and successful and that we will share more of that as we get to Capital Markets Day. And then in terms of restructuring the large offshore debt, I think you're right.

我們相信，如果我們考慮 ERR 的成本和資本，特別是 2030 年後，我們還可以創造更多機會，以及如何使該業務具有競爭力和成功，我們將在資本市場日分享更多這方面的內容。關於重組大量離岸債務，我認為你是對的。

I think if you look at the split at the moment, more than 90% of our debt is sitting in US dollars and 90% of our earnings are generated in South Africa, so we have a mismatch. We're currently looking at different refinancing options. The reality is the South African debt market is just not big enough to absorb that quantum. But having said that, we think that together with some of our partners, we can look at how we structure that slightly differently.

我認為，如果你看一下目前的分配情況，我們 90% 以上的債務都是美元，而 90% 的收入來自南非，因此我們存在不匹配的情況。我們目前正在研究不同的再融資方案。現實情況是，南非債務市場規模不足以吸收這筆金額。但話雖如此，我們認為我們可以和一些合作夥伴一起，以稍微不同的方式研究如何建構這個結構。

First price, to be honest, is to reduce the amount of debt that's on the balance sheet, and that's part of our driver on the free cash flow generation.

說實話，第一個代價就是減少資產負債表上的債務金額，這是我們產生自由現金流的驅動力之一。

Thank you. A couple more just around the ERR CapEx range, which I think Simon has already addressed. But there is some clarity required from, I think, Sashank and both Tabo from the fund, just on the range of capital. So we've -- the question is, you've narrowed your maintain and transform CapEx target range from ZAR27 billion to ZAR34 billion down to ZAR28 billion to ZAR30 billion for this year. So detail on that?

謝謝。另外還有一些與 ERR CapEx 範圍有關的問題，我認為 Simon 已經解決了。但我認為，基金的 Sashank 和 Tabo 需要就資本範圍做出一些澄清。所以我們的問題是，您已將今年的維持和轉型資本支出目標範圍從 270 億南非蘭特至 340 億南非蘭特縮小至 280 億南非蘭特至 300 億南非蘭特。那麼詳細一點嗎？

And then I think just some detail about the lower ERR CapEx, and does this relate -- purely does the lowering of capital from ZAR25 billion to ZAR16 billion on the ERR relates solely to the revised ERR or total for first order capital spend? I think there's just some clarity required there.

然後，我認為只是有關較低 ERR 資本支出的一些細節，這是否相關 - 將 ERR 的資本從 250 億南非蘭特降低至 160 億南非蘭特是否僅與修訂後的 ERR 或一階資本支出總額有關？我認為那裡只是需要一些澄清。

Okay. So I think first on the -- I think on the ZAR27 billion to ZAR34 billion versus the ZAR28 billion to ZAR30 billion, the ZAR27 billion to ZAR34 billion was a Sasol 2.0 target that was then -- so that was often FY20 baseline and then escalated, I guess, in real terms to 2025, the ZAR28 billion to ZAR30 billion -- sorry, it's an annual average. The ZAR28 billion to ZAR30 billion is our FY25 outlook that we're providing for this year. And you'll see we spent roughly ZAR15 billion in the first half of the financial year. So hopefully that clarifies that.

好的。因此，我認為首先——我認為 270 億南非蘭特到 340 億南非蘭特與 280 億南非蘭特到 300 億南非蘭特相比，270 億南非蘭特到 340 億南非蘭特是當時 Sasol 2.0 的目標——所以這通常是 2020 財年的實際基準，然後我猜 2025億南非蘭特到 300 億南非蘭特——抱歉，這是年平均值。280 億至 300 億南非蘭特是我們對今年 25 財年的預期。您會發現，我們在本財政年度上半年花費了大約 150 億南非蘭特。希望這能澄清這一點。

I think in terms of the longer-term capital range, Simon has already alluded to that, we'll share more details in Capital Markets Day. But it goes without saying, we're pushing for a reduction in our first store capital and not by doing maybe less, but just how do we do it more cost effective.

我認為就長期資本範圍而言，西蒙已經提到了這一點，我們將在資本市場日分享更多細節。但毋庸置疑，我們正在推動減少第一家商店的資本，並不是透過做得更少，而是如何做得更具成本效益。

In terms of the transform capital, if you remember, the previous guidance was ZAR15 billion to ZAR25 billion over a five year period to support the transfer, the ERR. Our latest estimate is the ZAR11 billion to ZAR16 billion. So it's roughly ZAR10 billion to ZAR15 billion adjustment on the CapEx for the emission reduction roadmap and the change in the pathway.

就轉換資本而言，如果您還記得的話，先前的指導方針是在五年內投入 150 億至 250 億南非蘭特來支持轉移，即 ERR。我們最新的估計是110億至160億南非蘭特。因此，針對減排路線圖和路徑變化的資本支出調整約為 100 億至 150 億蘭特。

Great. Walt, a couple more for you, just on the balance sheet and around capital allocation. Shane Watkins from All Weather is saying that there's insufficient value unlock from the operational improvements. In his view, what assets can you sell to reduce debt? And then I think just some clarity around the gearing of oil, which Alex Comer from JPMorgan has highlighted has decreased from about ZAR850 per barrel.

偉大的。沃特，還有幾個問題想問您，關於資產負債表和資本配置。All Weather 的 Shane Watkins 表示，營運改善所釋放的價值不足。他認為，可以出售哪些資產來減少債務？然後，我認為需要對石油槓桿率進行一些澄清，摩根大通的亞歷克斯·科默 (Alex Comer) 強調，石油槓桿率已從每桶約 850 南非蘭特下降。

Just extend, why are you not hedging more oil? I think there we need to just give clarity on that. And then some plans around refinancing and Sasol debt maturity profile going forward.

只是延長，為什麼你不對沖更多的石油？我認為我們需要對此作出澄清。然後是有關未來再融資和 Sasol 債務到期情況的一些計劃。

Thanks, Shane. I think on the operational improvements, I think we do see significant opportunities to generate free cash flow. We have a lot of latent potential in a number of our assets, not only in Southern Africa but also in our international chemical space. And so that's our focus right now is how do we -- through a combination of selling out and selling up those assets, taking some of the cost out that we can unlock value from those businesses.

謝謝，肖恩。我認為在營運改善方面，我們確實看到了產生自由現金流的重大機會。我們的許多資產都具有巨大的潛力，不僅在南部非洲，而且在我們的國際化工領域。因此，我們現在的重點是如何——透過出售和出售這些資產，降低部分成本，從而從這些業務中釋放價值。

Selling assets right now, I mean, it's an option. We can always look at it. And we have, as shown in the past, but the valuation that we feel, especially on some of the international chemical assets would not be justifiable at this point.

我的意思是，現在出售資產是一種選擇。我們可以隨時看看它。正如過去所表明的那樣，我們確實這樣做了，但我們認為目前的估值，特別是一些國際化工資產的估值是不合理的。

And our focus is getting the runs on the board for ourselves that we show that we are still the best owners of those assets and can get the best value from those assets. In terms of the debt maturity profile, our most immediate maturing is a US bond, $650 million that matures in September of 2026. We are currently looking at our plans with regards to refinancing that. And obviously, we'll share more details as it becomes appropriate.

我們的重點是讓董事會認可我們自己的業績，以證明我們仍然是這些資產的最佳所有者，並能從這些資產中獲得最佳價值。就債務到期情況而言，我們最即將到期的是 6.5 億美元的美國債券，將於 2026 年 9 月到期。我們目前正在研究有關再融資的計劃。顯然，我們會在適當的時候分享更多細節。

And then thanks, Alex, on the sensitivity to oil. So I sat with the team and we looked at the correlation coefficient of our chemical prices to the changes in the oil price. And over time, especially over these last two to three years, the linkage between chemical prices and oil has not been as strong as before. If anything, chemical prices are much more driven by demand supply dynamics in the different regions, but especially in China. So our sensitivity, the correlation wasn't as strong.

然後感謝亞歷克斯對石油的敏感度。因此，我與團隊坐在一起，研究了化學品價格與石油價格變化的相關係數。而隨著時間的推移，特別是最近兩三年來，化學品價格與石油之間的關聯已經不像以前那麼緊密了。無論如何，化學品價格更受到不同地區（尤其是中國）的供需動態的影響。因此我們的敏感度和相關性就沒那麼強。

And then in terms of hedging oil forward, we have hedged oil more forward. We haven't changed the barrels that we hedge. So even the linkage that I've mentioned, the link to chemicals is lighter, but we've also gone further out and so now hedging 18 months out.

然後在對沖石油遠期合約方面，我們已經對石油進行了更多的遠期對沖。我們沒有改變對沖的桶子。因此，即使我提到的聯繫與化學品的聯繫較弱，但我們也走得更遠，因此現在對沖 18 個月後的情況。

So you'll see in the details of our analyst book that we've almost completed more than 85% of our hedging program for FY26 already and also the -- obviously, it goes without saying that FY25 was already completed. Thanks, Tiffany.

因此，您將在我們的分析師手冊的詳細資訊中看到，我們幾乎已經完成了 26 財年的 85% 以上的對沖計劃，而且 - 顯然，不用說 25 財年已經完成了。謝謝，蒂芙尼。

Great. Thank you, Walt. I'm going to move to Chorus Call. There's one more question in the queue, please.

偉大的。謝謝你，沃特。我要轉到 Chorus Call。隊列中還有一個問題，請問。

Alex Comer, JPMorgan.

摩根大通的亞歷克斯·科默。

Alex, are you online? I think we can look back to him later. I think the next set of questions is around our international chemicals business. I will direct those to Simon. A couple -- I'll just ask three questions at a time. Any updates and plans with regards to the disposal or IPO of the International Chemicals segment, from Lorenzo Parisi at JPMorgan.

亞歷克斯，你在線嗎？我想我們以後可以再回顧他。我認為下一組問題與我們的國際化學品業務有關。我會把這些轉交給西蒙。幾個——我一次只問三個問題。摩根大通的 Lorenzo Parisi 能否介紹一下國際化學品部門處置或 IPO 的最新消息和計劃？

Can you elaborate on reasons for mothballing some of your international assets as opposed to divesting these operations? That comes from Peter Comber at Merger market? And the last question on International Chemicals. The guidance of USD100 million to USD200 million EBITDA uplift seems very bullish given a weak half one.

您能否詳細說明封存部分國際資產而非剝離這些業務的原因？這是來自合併市場 Peter Comber 的說法嗎？最後一個問題是關於國際化學品的。考慮到上半年的疲軟表現，EBITDA 成長 1 億美元至 2 億美元的預期似乎非常樂觀。

Can you explain what is driving this, also from Alex Comer.

您能否解釋一下造成這種情況的原因，同樣來自 Alex Comer。

Yeah, Thank you. I'll start and Antje, I will allow you to come in, especially on the reset, what we're doing there. We can cover the USD100 million to USD200 million, you can also deal with the mothballing of the assets, what's driving that. Then maybe let me start with the first one. On the IPO, like we've said and Antje wil elaborate now for us, it's about first resetting and optimizing the business to make sure that we can restore the cash flows and generate value.

是的，謝謝。我會開始，安特耶，我會允許你進來，特別是在重置時，我們在那裡做什麼。我們可以承擔 1 億到 2 億美元的費用，您還可以處理資產的封存，這是推動因素。那麼也許讓我從第一個開始。關於 IPO，正如我們所說的，Antje 現在會為我們詳細說明，首先要重置和優化業務，以確保我們能夠恢復現金流並創造價值。

And once we're doing that, then it will give us opportunities to exercise various options, which might include partnering or even an IPO. So that will depend on how we're going to progress on -- I mean, and the speed that we progress in terms of resetting the business, and we're going to share the whole evolution with you at CMD.

一旦我們這樣做了，我們就有機會行使各種選擇，其中可能包括合作甚至 IPO。所以這將取決於我們將如何進展——我的意思是，以及我們在重置業務方面的進展速度，我們將在 CMD 與您分享整個演變過程。

And I think with that, I'll let Antje to come in and answer your two questions in terms of the reasons for mothballing and why we feel confident about the USD100 million to USD200 million uplift on FY24 performance.

我認為，我會讓 Antje 來回答你的兩個問題，即封存的原因以及為什麼我們對 2024 財年業績增長 1 億至 2 億美元充滿信心。

Yeah, Thank you, Simon, and thank you for the question, Peter, about mothballing of our assets. So as Simon has referenced earlier in his presentation, we have various levers, which we are addressing at the moment to improve the profitability of International Chemicals footprint.

是的，謝謝你，西蒙，也謝謝你，彼得，關於封存我們資產的問題。正如西蒙在之前的演講中提到的那樣，我們有各種槓桿，目前正在處理這些槓桿，以提高國際化學品業務的盈利能力。

One of those is kind of reassessing the asset landscape, which we are operating in and addressing at pace, also those loss-making assets, which we have carried on for a while. Where we've not seen that we can turn around those assets into profitability quickly because of demand or capacity utilization. We have taken the tough decision to mothball and stop the bleeding at the moment.

其中之一就是重新評估我們正在營運並快速處理的資產狀況，以及我們已經經營了一段時間的虧損資產。由於需求或產能利用率的原因，我們尚未看到我們能夠迅速將這些資產轉變為獲利能力。我們已經做出了艱難的決定，暫時封存並止血。

That doesn't kind of refrain us from taking other steps in the future. That means, if the market picks up, we can bring these assets back to operations, but also kind of we could still look into selling those operations. That's the first point.

這並不會阻止我們將來採取其他措施。這意味著，如果市場回暖，我們可以將這些資產重新投入運營，但我們也可以考慮出售這些資產。這是第一點。

The second one, Alex, coming to your question about being bullish of the USD100 million and USD200 million uplift for the entire fiscal year of Sasol in International Chemicals. If you look at our results year-to-date or for the first half of the year, we have almost doubled our EBITDA coming from USD86 million for the first half of fiscal year '24 into USD162 million into the first half of this fiscal year.

第二，亞歷克斯，回答你的問題，關於對國際化學品公司薩索爾整個財年 1 億美元和 2 億美元的增幅持樂觀態度。如果你看一下我們今年迄今或上半年的業績，我們的 EBITDA 幾乎翻了一番，從 2024 財年上半年的 8,600 萬美元增長到本財年上半年的 1.62 億美元。

So we have started our journey only a few months ago in transforming this business. We are pulling through all the levers, and we see still opportunity for cost improvement, but also margin improvement of the business. And therefore, we don't think this is a bullish number but an ambitious one, and we are confident that we will achieve that.

因此，幾個月前我們才剛開始轉型這個業務。我們正在竭盡全力，不僅看到了成本改善的機會，還看到了業務利潤率的提高。因此，我們認為這不是一個樂觀的數字，而是一個雄心勃勃的數字，我們有信心實現這一目標。

Great. I think there's a few more questions around our destoning and coal purchases. I'm going to read Jesse Armstrong from Fairtree has asked quite a few questions in one. I'll maybe just read through, and we can deal with those thereafter. The immediate plan to lower coal purchases by rerouted export coal to Secunda operations to add to or add that in addition to current external purchases around 9 million tonnes.

偉大的。我認為關於我們的去石和煤炭採購還有一些問題。我要讀 Fairtree 的 Jesse Armstrong 提出的很多問題。我可能只是讀一遍，然後我們再處理這些問題。目前的計劃是透過將煤炭出口重新安排至塞昆達 (Secunda) 煤礦來降低煤炭採購量，從而在目前約 900 萬噸的外部採購量基礎上增加或補充煤炭採購量。

I think, clarity around what our forward-looking plan is on coal purchases? The gasifier time line, for full repairing of that. And once destoning is up and running, what is the total coal intake you're aiming for, including both own coal and external purchases?

我認為，我們對煤炭採購的前瞻性計畫是否明確？氣化爐時間表，用於全面修復。一旦去石過程開始運行，你們的目標煤炭總攝取量是多少，包括自有煤炭和外部購買的煤炭？

And a question around the total capacity being processed through the destoning plant per annum and which mines will go through the destoning, which mine's coal will go through the destoning plant?

還有一個問題是關於每年通過去石廠處理的總能力以及哪些礦山將經過去石，哪些礦山的煤將經過去石廠？

Thank you, Tiffany. I'll allow Hermann to handle those questions. Suffice to say that our key focus is on restoring the coal quality. We have to do that. We've seen the impact of what this has done in terms of the volumes where in the last four years, we've ran at around 7 million tonnes.

謝謝你，蒂芙尼。我會讓赫爾曼來處理這些問題。可以說，我們的重點是恢復煤炭品質。我們必須這麼做。我們已經看到了這項舉措對產量的影響，過去四年我們的產量約為 700 萬噸。

We've seen the impact of what that has done to our equipment in terms of, I mean, putting coal quality, which is not desired for the gasifiers. We've seen how that has impacted our availability. So coal quality is our number one focus, and Hermann will elaborate as he answers the questions.

我們已經看到了這對我們的設備造成的影響，我的意思是，煤炭品質下降，這是氣化爐所不希望的。我們已經看到這對我們的可用性產生了怎樣的影響。因此，煤炭品質是我們關注的首要問題，Hermann 將在回答問題時進行詳細說明。

Then is an issue about cost. And cost for us, you have an interplay between on production and purchasing, and we're going to make those decisions. So we can't tell you exactly which mine is off or how much we're going to buy. That will depend. If you can maintain the coal quality by producing all the coal, we will do that.

接下來就是成本問題。對我們來說，成本是生產和採購之間的相互作用，我們會做出這些決定。所以我們無法確切地告訴您哪個礦停產了或我們要購買多少。這得看情況。如果能夠透過生產所有煤炭來維持煤炭質量，我們就會這樣做。

If we need to buy some coal, we're going to keep that flexibility open because we need to maximize coal quality. We then need to maximize cost and costs can be maximized by either our own production or purchasing. And that's how we think about it on a strategic level. Hermann, you can then go into the details.

如果我們需要購買一些煤炭，我們將保持這種靈活性，因為我們需要最大限度地提高煤炭品質。然後，我們需要最大化成本，而成本可以透過我們自己的生產或採購來最大化。這就是我們在戰略層面上對此的看法。赫爾曼，你可以進一步談談細節。

Thank you, Simon. I think it's important that I start by just mentioning that the purpose of the destoning plant is to take stone from the coal feed into Secunda operations. And it's important to note that the destoning plant will take approximately 2 million tonnes of stone out of the coal feed. So that automatically implies that the feed into Secunda will be approximately 2 million tonnes lower. Currently, we are in discussion with Victor and our colleagues at SO.

謝謝你，西蒙。我認為首先要提到的是，去石廠的目的是將煤炭原料中的石頭運送到塞昆達礦區。值得注意的是，去石廠將從煤炭原料中取出約 200 萬噸石頭。因此，這自然意味著塞昆達的進料量將減少約 200 萬噸。目前，我們正在與 Victor 以及 SO 的同事進行討論。

The indication is that, that will reduce the intake of Secunda to approximately 34.5 million tonnes to 35.5 million tonnes per annum, that's 2 million tonnes lower because we've taken out the rock. So we are planning around the 35 million tonnes mark to supply coal into Secunda operations post the implementation of the destoning plant.

有跡象表明，這將使塞昆達水庫的年取水量減少到約 3,450 萬噸至 3,550 萬噸，由於我們移除了岩石，取水量減少了 200 萬噸。因此，我們計劃在去石廠投入營運後向塞昆達礦區供應約 3500 萬噸煤炭。

It's also important to remember that when you do provide less stone or rock into the gasifier, it will make the gasifier more effective, which could also lead to even a further slight reduction in the amount of coal feed that is required to obtain the same output and yields from the gasifier.

同樣重要的是要記住，當你向氣化爐中提供較少的石頭或岩石時，它將使氣化爐更加有效，這也可能導致獲得相同產量和氣化爐產量所需的煤炭進料量進一步略有減少。

At this point in time, we are busy with a SimOps type project. So we have already started with the construction, as we've indicated, but the Twistdraai export plant is still functioning as an export plant at this point in time and that will continue up to May, whereafter we will shut down the plant, do the relevant tie-ins.

目前，我們正忙於一個 SimOps 類型的專案。正如我們所指出的，我們已經開始建設，但 Twistdraai 出口工廠目前仍在作為出口工廠運作，這種情況將持續到 5 月份，之後我們將關閉該工廠，進行相關的配套工作。

And then in the first half of FY26, we will then go live or take beneficial operation from a destoning perspective on that plant. The throughput for the plant is designed at 10 million tonnes, so not all coal from Sasol Mining will go through it.

然後在 26 財年上半年，我們將從拆除的角度對該工廠進行上線或有益的運作。該工廠的設計生產能力為 1000 萬噸，因此並非所有 Sasol Mining 生產的煤炭都會經過該工廠。

And the reason for that is, as Victor indicated earlier on, we need to reach a percentage of sinks or which is then stoned of 12% or lower. And we will be destoning the full Thubelisha coal, and we'll be destoning approximately 25% of the Bosjesspruit coal through the destoning plant. Post the destoning plant, we will have coal with a sinks percentage of approximately 1%.

原因在於，正如維克多之前指出的那樣，我們需要將水槽或石頭的比例達到 12% 或更低。我們將對 Thubelisha 煤進行全部除石，並且我們將透過除石廠對 Bosjesspruit 煤的約 25% 進行除石。去石廠之後，我們的煤炭沉降率將達到約 1%。

And with our blending facilities, we will then blend that into the current coal blend, and that will then ensure that the sink's content that will go to gasification will be below the 12% level. So we will feed the whole Thubelisha and Bosjesspruit. In parallel with this, we are also investigating other technology, which could be implemented in a modular way to further help with destoning, but that's in the pilot phase. Thank you, Simon.

然後，我們將利用混合設施將其混合到當前的煤炭混合物中，以確保進入氣化的碳匯含量低於 12％ 的水平。所以我們將餵飽整個 Thubelisha 和 Bosjesspruit。同時，我們也在研究其他技術，這些技術可以以模組化的方式實施，以進一步幫助去石，但這還處於試點階段。謝謝你，西蒙。

Thank you, Hermann.

謝謝你，赫爾曼。

Okay. I think there's a couple of additional questions around our International Chemicals business. So we'll move to that. I'll ask the next three questions. Question from P.J. Prince Lou from St. Joe. The costs involved to mothball the three chemical assets? Sashank Lanka is asking for clarity on the -- why we have margins -- why have margins underperformed peers? And the EBITDA uplift of USD100 million to USD200 million, how much is driven from macro and how much from self-help or cost savings?

好的。我認為關於我們的國際化學品業務還有一些其他問題。因此我們將轉向這一主題。我將問接下來的三個問題。聖約瑟夫大學的 P.J. Prince Lou 提問。封存這三項化學資產的成本是多少？Sashank Lanka 要求澄清——為什麼我們的利潤率——為什麼利潤率低於同行？EBITDA 成長 1 億美元至 2 億美元，有多少是來自宏觀驅動，有多少是來自自助或成本節約？

Then quite a few regarding JC Armstrong at Fairtree, but I think centering around the progress that we've made so far and what still needs to be done on the asset review process. And I think a few more around the utilization on our Chemicals America performance and Eurasia. And do we see lower volumes from Chemicals Eurasia as a permanent loss in demand?

然後還有不少關於 Fairtree 的 JC Armstrong 的內容，但我認為主要集中在我們迄今為止的進展以及資產審查過程中仍需做的工作上。我還想到了一些關於我們化學品美國業務和歐亞業務的利用情況。我們是否認為歐亞化學品公司的產量下降會導致需求的永久性損失？

Thank you. The questions are all interrelated. So let's ask Antje to just handle them, I mean, in one sweep.

謝謝。這些問題都是相互關聯的。因此，讓我們要求 Antje 一次解決這些問題。

Thank you, Simon, and thank you for the questions about the International Chemicals business. So first of all, just to remind, as Walt has also said, our ethylene cracker in the US had been down for eight months last calendar year and started back up only in November, that might kind of give you some background as well in terms of the results compared to peers and others.

謝謝你，西蒙，也謝謝你提出有關國際化學品業務的問題。首先，需要提醒的是，正如沃爾特所說，我們位於美國的乙烯裂解裝置去年已經停產 8 個月，直到 11 月才重新開始運行，這可能也會給你一些與同行和其他公司相比的結果背景。

Obviously, we had some other income through insurance, but that is not covering the full loss of income, which we would have had if we had the east cracker running the entire period. The other question about the self-help.

顯然，我們透過保險獲得了一些其他收入，但這並不能彌補全部收入損失，如果東部裂解裝置在整個期間運行，我們就能彌補全部收入損失。另一個問題是關於自助的。

Self-help, we started really our program with those kind of different measures last year in the September, October time frame. So that means that we will see further savings in cost and margin benefits coming in the second half of this fiscal year. This is why I'm also confident that we will deliver on the USD100 million to USD200 million.

自助，我們去年九月、十月就真正啟動了採用不同措施的計畫。這意味著我們將在本財年下半年看到成本和利潤效益的進一步節省。這就是為什麼我也相信我們能夠實現 1 億到 2 億美元。

And there are various different levers, which we have addressed. One is the streamlining of the organization, which will give us also kind of a better exchange between the two assets, which we have, for example, between Europe and the US.

我們已經討論了各種不同的槓桿。一是精簡組織機構，這將使我們兩種資產（例如歐洲和美國）之間的交換變得更好。

We've seen some best practice sharing already, which has led to some savings in that regard. Operational excellence, commercial excellence are full, up and running. And then the other one is as well, obviously, the asset review, which we are doing currently as said before.

我們已經看到了一些最佳實踐的分享，這在這方面帶來了一些節省。卓越營運、卓越商業正在全面啟動並順利運作。然後，另一個顯然也是資產審查，正如之前所說，我們目前正在進行資產審查。

We have taken the decision -- the tough decision on three assets, one in Italy, o in Germany and one in the US And we are reviewing our footprint further for other, again, loss and not performing loss-making and nonperforming assets in our landscape.

我們已經做出了決定——對三項資產做出了艱難的決定，一項在義大利，一項在德國，一項在美國，我們正在進一步審查我們的足跡，以尋找其他損失，以及在我們的領域中表現不佳的虧損和不良資產。

So these kinds of decisions will be taken in the next months, so to speak. So this is a program which will last. Also, you don't switch such or mothball such an asset not from one day to the other. It takes about six months to ramp down. So that means that we will see on those assets where we've taken the decision in the first half of this fiscal year benefits coming through in the second half of this year. And we expect a fixed cash flow cash fixed cost benefit from these measures in the double-digit US dollar EBITDA margin improvement.

可以這麼說，這些決定將在未來幾個月內做出。所以這是一個將會持續下去的計劃。此外，你不會在一天之內就轉換或封存此類資產。大約需要六個月的時間才能完成。這意味著我們將看到我們在本財年上半年做出決定的那些資產在今年下半年所帶來的收益。我們預計，這些措施將帶來固定現金流現金固定成本收益，從而實現兩位數的美元 EBITDA 利潤率提升。

I think I have answered more or less most questions. One is about the demand in the US and in Europe in general and whether we view that the demand in Europe is stalling or positively developing. Honestly, all of that is speculation. We need to take decisive actions right now on the situation which we have at hand.

我想我或多或少已經回答了大多數問題。一是關於美國和歐洲的整體需求，以及我們是否認為歐洲的需求正在停滯或積極發展。老實說，所有這些都只是猜測。我們現在需要針對當前情勢採取果斷行動。

There may be a change in the landscape in Europe coming down the road. But what we've seen over the last two years, more or less that we said six months later, the demand will improve six months later, the demand will improve. We have not seen that in the last years.

未來歐洲的格局可能將會改變。但我們在過去兩年看到的情況是，我們或多或少說過，六個月後，需求會改善，六個月後，需求會改善。過去幾年我們還沒有看到這種情況。

And therefore, we take now the decisions. Again, mothballing, that means we can reverse our decisions, but we need to stop bleeding and restore our profitability, not only in Europe, but obviously also in our US market, where we see a little bit more of a glimpse of hope in terms of demand development. Back to you, Tiffany.

因此，我們現在做出決定。再次，封存，這意味著我們可以改變我們的決定，但我們需要止血並恢復我們的盈利能力，不僅在歐洲，而且顯然在我們的美國市場，我們在需求發展方面看到了更多的希望。回到你身邊，蒂芙尼。

Thank you very much. I think there are -- there's one more question. If you have any further questions, would you please go online and put them in the chat box. There's one more question on the ERR from Gerhard Engelbrecht. There seems to be a future focus on boiler turndown, renewables and other feedstocks, which -- what fine coal solutions are you looking at? And is it still briquetting? Simon?

非常感謝。我認為有——還有一個問題。如果您還有其他問題，請上網並將其放入聊天框中。格哈德·恩格爾布雷希特 (Gerhard Engelbrecht) 也對 ERR 提出了一個問題。未來的重點似乎是鍋爐調節、再生能源和其他原料，您正在尋找哪些優質煤炭解決方案？它還能製成煤球嗎？西蒙？

Thank you, Gerhard. You're spot on as briquetting still our primary solution to deal with fine coal, and the teams will continue to assess other solutions as well. I think the key focus for us is going to be on capital efficiency and making sure that we minimize the cost or we choose the most cost-effective solutions.

謝謝你，格哈德。您說得對，煤球仍然是我們處理細煤的主要解決方案，團隊也將繼續評估其他解決方案。我認為我們的重點是資本效率，並確保最大限度地降低成本或選擇最具成本效益的解決方案。

However, as we bring in more renewable energy, the boilers or the coal that was used to produce team, for electricity, we will have to turn those down, and we have to deal with the fine coal. Thank you for your question. You're right. I mean, briquetting is still the primary choice for dealing with fine coal. However, as I stated, the teams are looking at other means to also deal with the fine coal.

然而，隨著我們引入更多的可再生能源，我們將不得不減少用於發電的鍋爐或煤炭，而必須處理優質煤。感謝您的提問。你說得對。我的意思是，制團仍然是處理細煤的首選方法。然而，正如我所說，團隊正在尋找其他方法來處理細煤。

Thank you, Simon. I'm going to check with Chorus Call. Are there any further questions in the queue?

謝謝你，西蒙。我要去和 Chorus Call 核實一下。還有其他問題嗎？

Gerhard Engelbrecht, Absa CIB.

格哈德‧恩格爾布雷希特 (Gerhard Engelbrecht)，Absa CIB。

Thanks for that. Just on battling just with the mass balance of Synfuels. The previous times, you achieved 7.4 million tonnes, 7.5 million tonnes at Synfuels, you took in a lot more coal, closer to 40 million tonnes. Now you're saying you can probably get there by taking in 34.5 million tonnes to 35.5 million tonnes, but you only taking -- the destoning only takes you back to 12% sinks. So how do I balance all of this out?

謝謝。只是在與合成燃料的質量平衡作鬥爭。前幾次，你們的煤炭產量達到了 740 萬噸，合成燃料公司的煤炭產量達到了 750 萬噸，你們吸收的煤炭更多，接近 4000 萬噸。現在你說你大概可以透過攝取 3450 萬噸到 3550 萬噸來達到這個目標，但你只攝取了——去石只能讓你回到 12% 的沉積。那我該如何平衡這一切呢？

Thanks, Gerhard. The coal intake will always, I mean, depend on the coal quality. I think what Hermann was referring to when he was thinking about that 34.5 million tonnes is just for FY26, it's not the long-term coal that you're going to take in.

謝謝，格哈德。我的意思是，煤炭的攝取量始終取決於煤炭的品質。我認為赫爾曼所指的 3,450 萬噸只是針對 26 財年的煤炭，而不是您要長期進口的煤炭。

That, we will continuously assess based on the quality, then it will set what is the volume of coal that you need to take into Secunda. And like Hermann has said, we'll always supplement what you produce with what you buy, I mean, either from Isibonelo or the other contracts that we have to bring in coal.

我們將根據煤炭品質持續進行評估，然後確定需要運往塞昆達的煤炭量。正如赫爾曼所說的那樣，我們總是會用您購買的產品來補充您的生產，我的意思是，無論是從伊西博內洛還是從我們必須進口煤炭的其他合約。

Okay, that makes sense.

好的，這很有道理。

Thank you.

謝謝。

Thank you. Thanks, Gerhard. The coal intake will always, I mean, depend on the coal quality. I think what Hermann was referring to when he was thinking about that 34.5 million tonnes is just for FY26, it's not the long-term coal that you're going to take in.

謝謝。謝謝，格哈德。我的意思是，煤炭的攝取量始終取決於煤炭的品質。我認為赫爾曼所指的 3,450 萬噸只是針對 26 財年的煤炭，而不是您要長期進口的煤炭。

That, we will continuously assess based on the quality, then it will set what is the volume of coal that you need to take into Secunda. And like Hermann has said, we'll always supplement what you produce with what you buy, I mean, either from Isibonelo or the other contracts that we have to bring in coal.

我們將根據煤炭品質持續進行評估，然後確定需要運往塞昆達的煤炭量。正如赫爾曼所說的那樣，我們總是會用您購買的產品來補充您的生產，我的意思是，無論是從伊西博內洛還是從我們必須進口煤炭的其他合約。