Sasol Limited (SSL) 2026 Q4 法說會逐字稿

Good morning, and welcome to Sasol's annual results presentation for financial year '26. My name is Tiffany Sydow from Investor Relations. And on behalf of the Sasol executive management team, we are pleased that you could join us today.

各位早安，歡迎參加 Sasol 2026 財政年度年度業績發表會。我是投資人關係部的 Tiffany Sydow。我謹代表 Sasol 執行管理團隊，很高興各位今天能與我們一同參與。

With me is Simon Baloyi, our President and CEO of Sasol; and Walt Bruns, the Chief Financial Officer. The group executive team is present today as well and will join for the market call, which follows directly after the presentations. As a reminder, the presentation and all supporting materials are available on our website since this morning.

與我一同出席的有 Sasol 總裁暨執行長 Simon Baloyi，以及財務長 Walt Bruns。集團執行團隊今天也在場，並將在簡報結束後緊接著進行的市場電話會議中一同參與。提醒各位，簡報及所有支援資料自今早起已可於我們的網站取得。

As a reminder, our strategy follows a two pillar approach: Firstly, to strengthen our foundation business, where Simon will begin today's presentation with a business overview, which is then followed by Walt, who will take us through the financial performance for the full year. The second pillar addresses our pathway to grow and transform the business in the long term, where Simon will conclude and provide an update on our progress in this area.

再次提醒，我們的策略採取雙支柱方法：第一，強化我們的基礎業務；Simon 將以業務概覽開場，接著由 Walt 帶領我們回顧全年財務表現。第二支柱著重於我們長期成長與轉型的路徑；Simon 將在結尾總結並更新我們在此領域的進展。

A market call will follow immediately after the presentation where you can submit your questions via the webcast or join the teleconference facilities. As a reminder, the presentation contains some forward-looking information and more detail is shared on the slide in front of you.

簡報結束後將立即進行市場電話會議，您可透過網路直播提交問題，或加入電話會議。提醒各位，本簡報包含部分前瞻性資訊，更多細節已在您面前的投影片中說明。

I would now like to hand over to Simon to commence his presentation. Thank you.

接下來我想把時間交給 Simon，開始他的簡報。謝謝。

Good day, everyone, and thank you for joining us today. We appreciate your time. The past year has been about turning commitments into delivery. At Capital Markets Day, we set out a clear road map. Today, we can demonstrate meaningful progress in strengthening the foundation business.

各位好，感謝今天與會。我們很珍惜各位的時間。過去一年，我們致力於把承諾轉化為交付成果。在資本市場日（Capital Markets Day），我們提出了清晰的路線圖。今天，我們可以展示在強化基礎業務方面取得的實質進展。

In the past year, we have done the following: improved reliability across the value chain, strengthened the balance sheet, advanced the reset in international chemicals and continue to progress our grow and transform agenda. However, today's results reflect more than improved market conditions. They are evidence of a business that is becoming stronger, more resilient and more competitive.

過去一年，我們完成了以下工作：提升整個價值鏈的可靠性、強化資產負債表、推進國際化學品業務的重置，並持續推動成長與轉型議程。然而，今天的成果不僅反映市場環境改善。這些成果證明我們的業務正變得更強健、更具韌性且更具競爭力。

I wish to thank every member of Team Sasol who has contributed to this excellent set of results. While there is still work ahead, financial year '26 gives us greater confidence that the foundation we are building is becoming stronger and that we are moving in the right direction.

我要感謝 Sasol 團隊的每一位成員，為這份優異的業績做出貢獻。雖然前方仍有工作要做，但 2026 財政年度讓我們更有信心：我們正在打造的基礎正變得更穩固，我們也正朝正確方向前進。

Before getting into the detail, let me highlight the five key messages I would like our stakeholders to take away today. Firstly, safety remains our foremost value. While we are deeply disappointed by the loss of two colleagues, there are encouraging signs that the interventions we have implemented are strengthening our safety culture. Secondly, we are restoring stability across the Southern African value chain. Improvements in coal quality, reliability, operational performance are translating into better outcomes.

在進入細節之前，我先強調我希望利害關係人今天帶走的五項關鍵訊息。第一，安全仍是我們最重要的價值。我們對兩位同仁的不幸離世深感遺憾與失望，但也看到令人鼓舞的跡象：我們已採取的介入措施正在強化安全文化。第二，我們正在恢復南部非洲價值鏈的穩定性。煤炭品質、可靠性與營運表現的改善，正轉化為更好的成果。

Thirdly, international chemicals reset is delivering measurable progress and improving competitiveness. Fourthly, improved execution is translating into a stronger balance sheet and increased financial resilience. And finally, we continue to advance our grow and transform strategy in a pragmatic and value-accretive manner. Taken together, these outcomes show that we are not only delivering today, we are positioning Sasol for tomorrow.

第三，國際化學品業務重置正帶來可衡量的進展並提升競爭力。第四，執行力提升正轉化為更強健的資產負債表與更高的財務韌性。最後，我們持續以務實且能增值的方式推進成長與轉型策略。綜合而言，這些成果顯示我們不僅在交付當下，也在為 Sasol 的未來做好布局。

At Capital Markets Day, we committed to strengthening the foundation business. What matters most is delivery. And today, I'm pleased to say that we have delivered or exceeded our key financial year '26 targets.

在資本市場日，我們承諾要強化基礎業務。最重要的是交付成果。今天，我很高興地表示，我們已達成或超越 2026 財政年度的關鍵目標。

We improved coal quality, exceeded our Secunda production target, reduced the Southern African oil breakeven to $49 per barrel and strengthened the balance sheet below our target. In International Chemicals, performance benefited from both self-help actions and a more supportive fourth quarter market environment. The recent actions we have implemented effectively position the business to capture those opportunities.

我們改善了煤炭品質、超越 Secunda 產量目標、將南部非洲油品損益兩平點降至每桶 49 美元，並將資產負債表強化至優於我們的目標水準。在國際化學品方面，業績同時受惠於自助措施（self-help actions）以及第四季較為有利的市場環境。我們近期採取的行動，已有效使業務具備把握這些機會的定位。

We also continue to make tangible progress on our grow and transform agenda. During this year, we brought more than 500 megawatts of renewable energy online in South Africa. We remain on track towards our renewable energy targets. This progress supports our emission reduction road map, while at the same time, creating long-term returns and future growth optionality. These outcomes reinforce an important point.

我們在成長與轉型議程上也持續取得具體進展。今年，我們在南非新增超過 500 兆瓦的再生能源併網。我們仍按計畫朝再生能源目標邁進。這些進展支持我們的減排路線圖，同時創造長期報酬與未來成長的選擇權。這些成果再次強化一個重要觀點。

We understand the challenges in our business. We understand the levers within our control, and we are executing accordingly. This is how credibility is built by doing what we said we will do and consistently delivering against our commitments.

我們了解業務所面臨的挑戰。我們了解在我們可控範圍內的槓桿，並據此落實執行。這就是建立可信度的方式：做到我們說過要做的事，並持續交付我們的承諾。

Turning to safety. The loss of two colleagues during the year is unacceptable and deeply regrettable. Once again, let me extend our heartfelt condolences to the families, friends and colleagues of Mr. Godfrey Mamafa and Mr. Sonwabo Makamba.

接著談安全。本年度兩位同仁的離世不可接受，亦令人深感遺憾。我再次向 Godfrey Mamafa 先生與 Sonwabo Makamba 先生的家屬、朋友與同事致上最深切的哀悼。

Any loss of life reminds us that no matter how strong our operational or financial performance may be, there is nothing that matters more than ensuring that every person returns home safely every day. Following these incidents, we implemented targeted actions plans focused on the following: strengthening leadership accountability, improving risk identification and reinforcing safety ownership across our people, leaders and service providers.

任何生命的逝去都提醒我們：無論營運或財務表現多麼強勁，最重要的仍是確保每個人每天都能平安回家。在這些事件之後，我們推動了聚焦的行動計畫，重點包括：強化領導責任、改善風險辨識，以及在員工、主管與服務供應商之間強化安全責任歸屬。

Our safety culture interventions focus on disciplined execution and process safety management so that the rules are followed every time on every shift. While we remain deeply disappointed by the fatalities, the broader trends are encouraging. Hospitalization fell to record lows and process safety performance improved. This is reflected in the meaningful reduction in significant process safety incidents like fires, explosions and releases.

我們的安全文化介入措施聚焦於紀律化執行與製程安全管理，確保每一班次、每一次都遵守規範。雖然我們對死亡事故仍深感失望，但整體趨勢令人鼓舞。住院事件降至歷史新低，製程安全表現亦有所改善。這反映在重大製程安全事件（如火災、爆炸與洩漏）顯著減少。

We again had no major process safety incidents in the past year. This was accompanied by substantial lower human-related safety failures, indicating progress in the behavior and discipline that underpin a stronger safety culture.

過去一年我們再次沒有發生重大製程安全事件。同時，人為相關的安全失誤大幅降低，顯示支撐更強安全文化的行為與紀律正在進步。

This improvement also reflects in the recordable case rate. However, we will not measure success by statistics alone. Our objective remains unchanged. Every employee and every service provider must return home safely every day to their loved ones.

這項改善也反映在可記錄案件率（recordable case rate）上。然而，我們不會只以統計數字衡量成功。我們的目標始終不變。每位員工與每位服務供應商都必須每天平安回到家人身邊。

I will now briefly touch on the financial highlights. Walt will provide a more detailed review of the performance and underlying business drivers later. For much of the past year, we operated in a volatile and uncertain environment.

接下來我將簡要說明財務重點。稍後 Walt 將更詳細回顧業績表現與背後的業務驅動因素。在過去一年大部分時間裡，我們都在波動且不確定的環境中營運。

We experienced geopolitical disruption, supply chain pressures and changing market conditions. I am proud to say that Team Sasol acted decisively to manage the direct and indirect consequences of events in the Middle East.

我們經歷了地緣政治干擾、供應鏈壓力以及市場條件變化。我很自豪地表示，Sasol 團隊果斷行動，管理中東事件所帶來的直接與間接影響。

The business captured the benefits of supportive macro conditions in fourth quarter due to improvements we've made in operational reliability, cost discipline and commercial agility. While we do not control geopolitics, exchange rates or market cycles, we remain intensely focused on what we can control.

由於我們在營運可靠性、成本紀律與商業敏捷性方面的改善，業務在第四季把握了有利的總體環境所帶來的效益。雖然我們無法控制地緣政治、匯率或市場循環，但我們仍高度聚焦於我們能控制的事項。

In that context, we delivered a 17% increase in adjusted EBITDA of ZAR61 billion. We held cash fixed costs flat compared to prior year. We reduced capital expenditure by 18% to ZAR21 billion without compromising safety or asset integrity, and we generated approximately ZAR12 billion of free cash flow. This reflects a business that is becoming more disciplined, more resilient and increasingly focused on what we can control.

在此背景下，我們的調整後 EBITDA 成長 17%，達到 610 億南非蘭特（ZAR）。我們將現金固定成本維持在與前一年持平。我們在不影響安全或資產完整性的前提下，將資本支出降低 18% 至 210 億南非蘭特，並產生約 120 億南非蘭特的自由現金流。這反映出我們的業務正變得更有紀律、更具韌性，並日益聚焦於可控事項。

Feedstock security remains fundamental to the competitiveness of the Southern African value chain. In mining, the implementation of the destoning plant has materially improved coal quality to strengthen Secunda operation by achieving our goal of reducing sinks below 12%.

原料供應安全仍是南部非洲價值鏈競爭力的根本。在採礦方面，去石（destoning）工廠的導入已實質改善煤炭品質，透過達成將沉降物（sinks）比例降至 12% 以下的目標，進一步強化 Secunda 的營運。

Looking ahead, we will ensure sustained coal quality while focusing on increasing own coal production, reducing external coal purchases and improving the cost competitiveness of our feedstock. The assessment of scenarios to ensure our long-term coal supply is progressing well. We will give feedback to the market in 2027.

展望未來，我們將在確保煤炭品質持續穩定的同時，聚焦於提高自有煤炭產量、降低外購煤炭比例，並提升原料成本競爭力。為確保我們長期煤炭供應所進行的情境評估進展良好。我們將於2027年向市場提供回饋。

In gas, although production was impacted during the year by some well constraints and flooding events, we continue to make progress across multiple horizons. We achieved a significant milestone with PSA reaching beneficial operation.

在天然氣方面，儘管本年度產量受到部分井口限制與洪水事件影響，我們仍在多個面向持續取得進展。PSA達到有利運轉（beneficial operation），我們因此達成一項重要里程碑。

This enabled the first in-country production of LPG in Mozambique, reducing imported LPG requirements while also contributing additional natural gas, light oil and condensate production. Gas remains a critical bridge to the future for the Southern African value chain.

這使莫三比克首次實現國內LPG生產，降低對進口LPG的需求，同時也帶來額外的天然氣、輕油與凝析油產量。對南部非洲價值鏈而言，天然氣仍是通往未來的關鍵過渡橋樑。

As with the rest of the foundation business, our focus is on balancing short-term reliability with long-term optionality. NERSA approved our gas pricing application for financial year '27 and part of '28 with financial year '29 and '30 pending. This is a positive step towards enabling the MRG bridge solution.

與其他基礎業務相同，我們的重點是在短期可靠性與長期選擇權之間取得平衡。NERSA已核准我們針對2027財年及2028財年部分期間的天然氣定價申請，2029與2030財年仍待核准。這是推動MRG橋接解決方案的重要正向一步。

Our focus remains on maximizing existing gas supply, managing the transition as natural gas declines and preserving future optionality through LNG and broader gas solutions. Here, we believe Sasol can play a critical aggregation role.

我們的重點仍是最大化既有天然氣供應、在天然氣產量下滑時管理轉型，並透過LNG及更廣泛的天然氣解決方案保留未來選擇權。在此方面，我們相信Sasol可扮演關鍵的整合（aggregation）角色。

Importantly, we assess all opportunities through an integrated value chain lens because reliability, affordability and value creation must remain linked. Our objective is clear to protect feedstock security and sustain the competitiveness of the value chain.

重要的是，我們以整合價值鏈的視角評估所有機會，因為可靠性、可負擔性與價值創造必須保持連結。我們的目標很明確：保障原料供應安全並維持價值鏈的競爭力。

The Southern African business delivered one of its strongest operational performances in recent years. Production reached a five year high at Secunda, where we produced 7.26 million tonnes because of improved coal quality, improved gas availability and more stable operations. Natref also delivered stable performance.

南部非洲業務交出近年來最強勁的營運表現之一。Secunda產量達到五年新高，因煤質改善、天然氣供應提升及營運更穩定，我們生產了726萬噸。Natref亦維持穩定表現。

These improvements enabled us to capture stronger margins when market conditions became more favorable in quarter 4. Sales continue to grow as a result of driving our strategy to increase our market share in higher value retail and commercial fuel channels. ORYX was shut down earlier this year following the geopolitical disruptions experienced in the Middle East. However, the facility successfully brought back online during the earlier month of August.

這些改善使我們在第4季市場條件轉佳時得以掌握更強勁的利潤率。由於推動提升在高價值零售與商用燃料通路市占率的策略，銷售持續成長。ORYX在今年稍早因中東地緣政治擾動而停機。然而，該設施已於8月較早時成功重新上線。

Chemicals performance improved during the second half, supported by higher sales volumes and recovery in basket prices during the fourth quarter. All of these improvements resulted in the Southern African oil breakeven reducing to $49 per barrel.

化學品業務在下半年表現改善，受惠於較高的銷售量以及第4季產品組合價格回升。上述改善使南部非洲油品損益兩平點降至每桶49美元。

While this result includes $6 to $9 per barrel improvement due to macro tailwinds and the absence of a Secunda shutdown, it also reflects genuine progress in restoring the value chain and improving performance. The value chain is not yet where we want it to be, but reliability is improving. Competitiveness is improving and the direction of travel is clear.

雖然此結果包含因總體環境順風及Secunda未停機而帶來每桶6至9美元的改善，但也反映我們在修復價值鏈與提升績效方面取得的實質進展。價值鏈尚未達到我們期望的水準，但可靠性正在提升。競爭力正在改善，前進方向清晰明確。

For financial year '27, our focus remains on the following: gasified turnaround initiatives in Secunda as well as the safe execution of the shutdown. Implementing the hybrid refinery project at Natref, which includes the production of Clean Fuels II compliant fuels. driving our strategy to increase our share in higher-value retail and commercial fuel channels; and finally, improving value delivery across our chemicals portfolio.

針對2027財年，我們的重點仍包括：Secunda的氣化裝置大修（turnaround）改善措施，以及停機的安全執行。在Natref推動混合煉油廠專案，其中包含生產符合Clean Fuels II規範的燃料；推進提升在高價值零售與商用燃料通路市占率的策略；以及最後，提升我們化學品產品組合的價值交付。

The reset in international chemicals continue to gain momentum. Over the past two years, we have streamlined the portfolio, reduced the costs, improve operational performance and strengthen commercial excellence.

國際化學品業務的重整持續加速推進。過去兩年，我們精簡產品組合、降低成本、改善營運表現並強化商業卓越能力。

In financial year '26, we continue to see the benefits of these actions. We delivered further cost savings during the year and also went live with our ERP program in Germany, Slovakia and the United Kingdom during July this year. This gives us more efficient way of working across the business.

在2026財年，我們持續看到這些行動帶來的效益。本年度我們實現進一步的成本節省，並於今年7月在德國、斯洛伐克及英國正式上線ERP計畫。這讓我們在整個業務中能以更高效率的方式運作。

From a market perspective, we continue to strengthen commercial excellence and agility across the business. When market conditions improved in the fourth quarter, the business was better positioned to capture value and respond quickly to opportunities.

從市場角度來看，我們持續強化全業務的商業卓越與敏捷性。當第4季市場條件改善時，業務已具備更佳條件以掌握價值並迅速回應機會。

Against this backdrop, we delivered an adjusted EBITDA of USD604 million. What is particularly encouraging is that the improvement we saw during the year was not driven by one initiative alone. It reflects combined impact of several efforts across the business.

在此背景下，我們交出調整後EBITDA為6.04億美元。特別令人振奮的是，本年度所見的改善並非由單一措施所驅動。這反映了多項努力在整個業務中的綜合影響。

Teams across commercial, supply chain, planning, manufacturing and operation work more closely together to improve competitiveness and unlock value. One example was a dedicated focus on shifting sales into differentiated applications, specifically in Europe linked to our alcohol and alumina portfolios. Another example is that we initiated the restart of the paraffin unit in Augusta to take advantage of attractive market conditions created by supply constraints and better serve customer demand.

商務、供應鏈、規劃、製造與營運團隊更緊密合作，以提升競爭力並釋放價值。其中一個例子是專注將銷售轉向差異化應用，特別是在歐洲，並與我們的醇類與氧化鋁產品組合相連結。另一個例子是，我們啟動奧古斯塔（Augusta）石蠟裝置的重啟，以把握供應受限所創造的有利市場條件，並更好地滿足客戶需求。

Beyond the short-term benefit, this positions us to strengthen customer relationships and capture sustainable margin upside through higher value and more differentiated applications. While we are encouraged by the strong performance in quarter 4, it is too early to assume these market conditions will persist.

除了短期效益之外，這也使我們得以強化客戶關係，並透過更高價值、差異化程度更高的應用，取得可持續的利潤率上行空間。儘管我們對第4季的強勁表現感到鼓舞，但現在仍言之過早，尚不能假設這些市場條件會持續。

We continue to plan the business on prudent assumptions and do not only rely on market recovery to deliver our objectives. The objective is to build a business that is competitive, delivers peer level returns and remains resilient through the cycle. The business is better positioned today than it was two years ago, but there is still more work ahead.

我們仍以審慎假設來規劃業務，不會僅依賴市場復甦來達成目標。目標是打造具競爭力的業務、提供同業水準的報酬，並在景氣循環中保持韌性。相較兩年前，業務如今的定位更佳，但前方仍有更多工作要做。

We will continue to strengthen the portfolio, maintain cost discipline, improve cash conversion and optimize asset availability in line with demand. At the same time, we will continue to act on opportunities that strengthen the portfolio and improve returns.

我們將持續強化產品組合、維持成本紀律、改善現金轉換，並依需求最佳化資產可用率。同時，我們也將持續把握能強化產品組合並提升報酬的機會。

The Brunsbüttel Alumina investment is a good example. We are building out our Advanced Materials business, thereby strengthening our position in higher-value specialty markets and supporting the long-term quality of the portfolio.

布倫斯比特爾（Brunsbüttel）氧化鋁投資就是一個很好的例子。我們正在擴展先進材料（Advanced Materials）業務，從而強化我們在高價值特用市場的地位，並支持產品組合的長期品質。

Sasol's role extends beyond our own operation. This matters because our strategy is not only about financial performance. It is also about building a responsible company that continues to contribute to skills development, local communities, energy security, industrial activity and economic resilience.

Sasol的角色不僅限於我們自身的營運。這很重要，因為我們的策略不只關乎財務表現。也關乎打造一家負責任的公司，持續為技能發展、在地社區、能源安全、工業活動與經濟韌性做出貢獻。

We continue to invest in communities and enterprise growth in the past year. We expanded access to water in Mozambique. We trained more than 450 artisans and supported the development of small businesses across our operating regions.

過去一年，我們持續投資於社區與企業成長。我們擴大莫三比克的用水可及性。我們培訓了超過450名技工，並支持我們營運地區的小型企業發展。

These initiatives reflect our belief that long-term business success and social progress must go hand-in-hand. Sasol remains a force for good in a changing world, creating shared value and positively impacting the lives of our communities.

這些倡議反映我們的信念：長期的企業成功與社會進步必須相輔相成。在變動的世界中，Sasol仍是一股向善的力量，創造共享價值，並對我們社區居民的生活帶來正面影響。

As we look ahead to financial year '27, our priorities remains unchanged. We will stay focused on the following areas within our control: safety, operational excellence, commercial excellence, cost efficiency, cash generation and disciplined capital allocation.

展望2027財年，我們的優先事項維持不變。我們將持續聚焦於我們可控的領域：安全、營運卓越、商業卓越、成本效率、現金創造以及有紀律的資本配置。

We will continue strengthening the foundation business while advancing our grow and transform pillar in a pragmatic and value-accretive manner. As the markets continue to normalize, maintaining focus on these priorities becomes even more critical to sustaining our momentum. Financial year '26 gives us confidence, but we are not complacent. Credibility is earned through consistent delivery over time, and our focus remains on executing against these commitments we have made.

我們將在強化基礎業務的同時，以務實且能增值的方式推進「成長與轉型」支柱。隨著市場持續正常化，維持對這些優先事項的專注，對於延續我們的動能變得更加關鍵。2026財年讓我們更有信心，但我們不會自滿。可信度來自於長期一致的交付，而我們的重點仍是落實我們已做出的這些承諾。

With that, I'll now hand over to Walt, who will take you through the performance against our financial framework in more detail.

接下來，我將把時間交給Walt，他將更詳細地帶各位了解我們在財務框架下的表現。

Thank you, Simon, and good morning, everyone. At our Capital Markets Day in May last year, we set out four clear and connected priorities for our robust financial framework. Firstly, improve sustainable free cash flow; secondly, strengthen the balance sheet through deleveraging; thirdly, allocate capital with discipline; and lastly, resume dividends when it is prudent to do so. These priorities are underpinned by proactive risk management and a clear focus on the factors within our control.

謝謝你，Simon，各位早安。在去年五月的資本市場日上，我們為穩健的財務框架提出四項清晰且相互連結的優先事項。第一，提升可持續的自由現金流；第二，透過去槓桿強化資產負債表；第三，以紀律進行資本配置；最後，在審慎適當時恢復股利發放。這些優先事項以主動風險管理為基礎，並明確聚焦於我們可控的因素。

FY26 represents meaningful progress against this framework. While market conditions became more supportive in the second half of FY26, the stronger result was not simply market-driven. Improved operational performance, strict cost management and disciplined capital allocation created operating leverage across the business to convert the opportunity into stronger earnings and further balance sheet strengthening.

FY26 代表我們在此框架下取得具意義的進展。儘管 FY26 下半年市場環境更為有利，但更強勁的成果並非僅由市場驅動。營運表現改善、嚴格的成本管理與有紀律的資本配置，在全業務範圍內創造了營運槓桿，使我們得以把握機會轉化為更強的獲利，並進一步強化資產負債表。

This progress gives us greater confidence in the operating and financial platform we are building. Our work is, however, not complete. Our focus now is to sustain the momentum, improve cash conversion and deliver against the FY28 targets we set out at Capital Markets Day.

這些進展讓我們對正在打造的營運與財務平台更具信心。然而，我們的工作尚未完成。我們目前的重點是維持動能、提升現金轉換率，並達成我們在資本市場日所提出的 FY28 目標。

First, some context on the macro environment. FY26 remained volatile with geopolitical developments driving significant movements in commodity prices and currencies, especially during the second half of the year.

首先，提供一些宏觀環境的背景。FY26 仍然波動，地緣政治發展推動大宗商品價格與匯率出現顯著變動，尤其是在下半年。

Overall, the year-on-year impact of pricing was mixed with the rand oil price and US dollar per tonne chemical sales prices broadly flat and only refining margins improving materially. Oil prices strengthened following the conflict in the Middle East before moderating towards year-end as geopolitical concerns eased.

整體而言，價格的年對年影響好壞參半：以蘭特計價的油價與以美元/噸計價的化學品銷售價格大致持平，只有煉油利差出現明顯改善。中東衝突後油價走強，但隨著地緣政治疑慮在年末緩解，油價回落。

We continue to expect volatility in oil markets in the near to medium term. The stronger rand remained a significant earnings headwind given the US dollar-linked nature of much of our revenue, although it also reduced the rand value of our US dollar-denominated debt.

我們仍預期短中期油市將持續波動。由於我們相當大部分收入與美元連動，蘭特走強仍是獲利的重要逆風；不過，這也降低了我們以美元計價債務的蘭特價值。

Refining margins were a notable positive, supported by stronger fuel differentials and improved operational performance at Natref. Chemical markets remain challenging with excess capacity and weaker demand continuing to put pressure on prices and margins. While conditions improved in the fourth quarter, margins still remain below historical levels and recovery is expected to be gradual. As an example, full year US ethylene margins were still 8% below FY25.

煉油利差是一項顯著利多，受惠於更強的燃料價差以及 Natref 營運表現改善。化學品市場仍具挑戰，產能過剩與需求疲弱持續對價格與利差造成壓力。儘管第四季情況有所改善，利差仍低於歷史水準，預期復甦將是漸進的。例如，全年美國乙烯利差仍較 FY25 低 8%。

As always, our focus remains on what we can control, operational performance, costs, capital discipline, debt reduction and risk management. Overall, we delivered against the majority of these items and the associated targets we set for FY26.

一如既往，我們的重點仍放在可控事項：營運表現、成本、資本紀律、降債與風險管理。整體而言，我們在 FY26 交付了其中大多數項目，以及我們所設定的相關目標。

Sales volumes increased by 4%, reflecting improved operational performance across the business. Cash fixed costs remained flat despite inflation, extending our cost optimization track record to three consecutive years of absorbing inflation.

銷售量成長 4%，反映全業務營運表現改善。儘管通膨存在，現金固定成本仍維持持平，將我們「吸收通膨」的成本優化紀錄延續至連續第三年。

Capital expenditure of ZAR21 billion was in line with our revised lower guidance, while net debt reduced to USD3.3 billion, well ahead of our FY26 target of below USD3.7 billion. Working capital was 18.3% on a 12-month turnover basis and above our target of 15.5% to 16.5%. The increase was mainly driven by higher commodity prices in the second half of the year, the utilization of Prax's shareholding capacity at Natref during the ongoing business rescue process and higher inventory due to lower demand in May and June and planned shutdowns in the first half of FY27.

資本支出為 210 億南非蘭特，符合我們下修後較低的指引；同時，淨負債降至 33 億美元，明顯優於我們 FY26 低於 37 億美元的目標。以 12 個月周轉基礎計算，營運資金為 18.3%，高於我們 15.5% 至 16.5% 的目標。增加主要由下半年較高的大宗商品價格、在持續的企業拯救程序期間於 Natref 動用 Prax 的持股產能，以及因 5 月與 6 月需求較低與 FY27 上半年計畫性停工而導致的較高庫存所驅動。

Given ongoing pricing volatility, we believe a six month annualized turnover measure better reflects current trading conditions. On this basis, working capital was 16.6% and only slightly above the target range. Managing working capital remains a key focus area as we work to improve cash conversion in FY27. Finally, we continue to execute our hedging program in line with our risk management framework, completing the FY27 oil program, while the FY27 foreign exchange program remains in progress.

鑑於價格持續波動，我們認為以六個月年化周轉的衡量方式更能反映目前交易狀況。在此基礎下，營運資金為 16.6%，僅略高於目標區間。在我們致力於於 FY27 改善現金轉換之際，營運資金管理仍是關鍵聚焦領域。最後，我們持續依循風險管理框架執行避險計畫，已完成 FY27 的原油避險方案，而 FY27 的外匯避險方案仍在進行中。

Turning to the details of the group financial performance. FY26 delivered a materially stronger earnings outcome. Gross margin and adjusted EBITDA increased by 13% and 17%, respectively. Higher sales volume, stronger oil prices and significantly improved fuel differentials more than offset the headwinds from a stronger rand exchange rate and the absence of the Transnet legal settlement received in the prior year. Cash fixed costs remained broadly flat despite inflationary pressure, reflecting the benefit of the cost-saving initiatives we have been driving.

接著說明集團財務表現的細節。FY26 帶來顯著更強的獲利成果。毛利與調整後 EBITDA 分別成長 13% 與 17%。較高的銷售量、更強的油價以及顯著改善的燃料價差，足以抵銷蘭特匯率走強的逆風，以及前一年度收到的 Transnet 法律和解款項在本年度缺席的影響。儘管面臨通膨壓力，現金固定成本仍大致持平，反映我們推動的節成本措施所帶來的效益。

The current year includes impairments on the Secunda liquid fuels refinery CGU, which remains fully impaired, the South African polyethylene CGU due to a stronger forecast rand exchange rate and lower longer-term polyethylene pricing outlook and an impairment of the Mozambique development, which we recognized at the interim results.

本年度包含對 Secunda 液體燃料煉油廠 CGU 的減損（該 CGU 仍為全額減損）、因預測蘭特匯率走強與聚乙烯長期價格展望下修而對南非聚乙烯 CGU 的減損，以及我們在期中業績中已認列的莫三比克開發案減損。

Importantly, the Secunda impairment should not be interpreted as a deterioration in the underlying business performance. The recoverable amount improved through the actions we have implemented. The impairment was primarily driven by changes in long-term valuation assumptions, particularly a stronger rand outlook and relates only to the liquid fuels refinery CGU.

重要的是，Secunda 的減損不應被解讀為基礎業務表現惡化。透過我們已實施的行動，可回收金額已有所改善。該減損主要由長期估值假設的變動所致，特別是更強的蘭特展望，且僅與液體燃料煉油廠 CGU 相關。

The broader Secunda complex, including the chemical CGUs, continues to retain significant headroom when comparing the total recoverable amount to the net book value. As such, the accounting treatment and value should not be viewed as a direct reflection of the underlying economic value of the Secunda complex.

更廣泛的 Secunda 綜合園區（包含化學品 CGU）在比較總可回收金額與帳面淨值時，仍保有顯著的緩衝空間。因此，會計處理與帳面價值不應被視為 Secunda 綜合園區基礎經濟價值的直接反映。

Further improvement initiatives are still being progressed with benefits thereof and the benefits thereof will be included in future impairment assessments once sufficiently advanced. Free cash flow, as defined in our capital allocation framework was ZAR11.9 billion, 5% lower than the prior year. Excluding the prior year's once-off Transnet benefit, free cash flow increased by 26% year-on-year. Cash flow from operations increased by 22%, reflecting stronger operational performance, improved earnings quality and a greater contribution from International Chemicals.

進一步的改善措施仍在推進中；其效益將在進展至足夠成熟後，納入未來的減損評估。依我們資本配置框架所定義的自由現金流為 119 億南非蘭特，較前一年下降 5%。若排除前一年一次性的 Transnet 受益，自由現金流年對年增加 26%。營運活動現金流增加 22%，反映更強的營運表現、更佳的獲利品質，以及國際化學品業務更高的貢獻。

As I already mentioned, working capital was the primary headwind to cash conversion during the year, and we expect part of this to unwind in quarter 1 of FY27. Overall, FY26 demonstrates that stronger operational execution is translating into stronger financial outcomes. The business generated higher quality earnings, stronger underlying cash flows and continued progress on our deleveraging, which I will address later.

如我先前所提，營運資金是本年度現金轉換的主要逆風，我們預期其中一部分將在 FY27 第一季回轉。整體而言，FY26 顯示更強的營運執行正轉化為更強的財務成果。公司產生了更高品質的獲利、更強的基礎現金流，並在去槓桿方面持續取得進展，我稍後會再說明。

Turning to capital management. One of our key priorities has been improving capital efficiency across the portfolio. This is not simply about reducing capital expenditure. It is about ensuring every rand of capital is allocated to the areas that create the greatest value while maintaining safe and reliable operations. Capital expenditure in FY26 was 18% lower than the prior year, reflecting the completion of the Mozambique PSA project and environmental compliance programs in South Africa as well as lower maintenance expenditure due to the absence of a Secunda phase shutdown during the year.

接著談資本管理。我們的關鍵優先事項之一，是提升整體投資組合的資本效率。這不僅僅是降低資本支出。而是要確保每一蘭特的資本都配置到能創造最大價值的領域，同時維持安全且可靠的營運。FY26 的資本支出較前一年下降 18%，反映莫三比克 PSA 專案與南非環境合規計畫的完工，以及由於本年度未進行 Secunda 分階段停工而使維修支出降低。

Importantly, lower capital spend has not come at the expense of delivery. During the year, the destoning plant, PSA project and three Natref low-carbon boilers all reached beneficial operation and are already contributing to improved operational performance.

重要的是，較低的資本支出並未以交付成果為代價。本年度，除石（destoning）工廠、PSA 專案以及三座 Natref 低碳鍋爐皆已達到有益運轉（beneficial operation），並已開始為營運表現改善作出貢獻。

Beyond project completion, we have continued to systematically challenge scope, timing and cost across the portfolio. As a result, our FY27 capital guidance is lower, resulting in a cumulative capital reduction of approximately ZAR12 billion to ZAR14 billion compared to the ranges that we communicated at Capital Markets Day.

除專案完工之外，我們也持續在整體投資組合中系統性地檢視並挑戰範疇、時程與成本。因此，我們的 FY27 資本支出指引更低，與我們在資本市場日所溝通的區間相比，累計資本下調約 120 億至 140 億南非蘭特。

Approximately half of this reduction reflects sustainable cost and scope improvements with the balance largely related to project timing and phasing. Looking forward, we will continue to drive capital efficiency as it remains an important contributor to improving free cash flow.

此項降幅約有一半反映可持續的成本與範疇改善，其餘部分主要與專案時程與分期安排有關。展望未來，我們將持續推動資本效率，因其仍是提升自由現金流的重要貢獻因素。

At our Capital Markets Day, we set out a clear vision for capital allocation, build a more resilient business by derisking and growing the enterprise value and increase the share of that value that belongs to shareholders. Deleveraging was a key enabler of that strategy, and we've made good progress over the past two years.

在我們的資本市場日（CMD）上，我們闡述了清晰的資本配置願景：透過去風險化並提升企業價值來打造更具韌性的業務，同時提高屬於股東的價值占比。去槓桿是該策略的關鍵推動因素，而過去兩年我們已取得良好進展。

In FY26, net debt reduced by a further 11% to USD3.3 billion, the lowest level in 10 years and ahead of the profile we had at CMD. That keeps us firmly on track toward our objective of sustainably reducing net debt below USD3 billion between FY27 and FY28. Enterprise value grew 32% during the year with the equity share of that value increasing from 37% to 57%.

在FY26，淨負債再下降11%至33億美元，為10年來最低水準，且優於我們在CMD所設定的路徑。這使我們穩步朝向FY27至FY28期間將淨負債可持續地降至30億美元以下的目標前進。本年度企業價值成長32%，其中股權所占比重由37%提升至57%。

Put simply, shareholders today own a larger share of a significantly larger enterprise. We also improved our liquidity position with available liquidity increasing by 21% to approximately USD5 billion. During the year, we also successfully issued a ZAR5.3 billion bond in exchange for USD300 million and a USD750 million bond maturing in 2033. These proceeds were applied for a partial repayment of our 2028 and 2029 bond maturities, which was, therefore, debt neutral.

簡而言之，今日股東持有的是一家顯著更大企業中更高比例的權益。我們亦改善了流動性狀況，可用流動性增加21%至約50億美元。年內，我們亦成功發行53億南非蘭特（ZAR）的債券，以置換3億美元以及一筆2033年到期的7.5億美元債券。上述募集資金用於部分償還我們於2028年與2029年到期的債券，因此整體而言對負債水準為中性。

Collectively, these actions have materially extended our debt maturity profile, further reduced near-term refinancing risk and improved the currency mix of our debt to better match the cash generation of our assets. Sasol's balance sheet is, therefore, in one of its strongest positions for many years. As we move closer to our net debt target, attention naturally turns to dividends.

綜合而言，這些行動已實質延長我們的債務到期結構，進一步降低短期再融資風險，並改善債務的幣別組合，使其更能匹配資產的現金創造能力。因此，Sasol的資產負債表處於多年來最強健的狀態之一。隨著我們更接近淨負債目標，市場關注自然轉向股利。

Our policy remains unchanged. Returning capital to shareholders is important and net debt of sustainably below USD3 billion remains the threshold for the resumption of dividends. Sustainably is the key word. We will continue to test the balance sheet against a range of commodity price, currency and other scenarios to ensure that any return of capital is supported through the cycle by sufficient free cash flow generation.

我們的政策維持不變。回饋股東資本很重要，而「可持續地低於30億美元」的淨負債水準仍是恢復配息的門檻。「可持續」是關鍵字。我們將持續在多種商品價格、匯率及其他情境下對資產負債表進行壓力測試，以確保任何資本回饋在景氣循環中都能由充足的自由現金流支撐。

Once that objective has been achieved, and we are distributing 30% of free cash flow as dividends, we will have a broader range of capital allocation options available. These include a combination of further debt reduction, investment in value-accretive growth and transformation opportunities and/or additional shareholder returns. Each will compete for capital based on strategic fit, risk-adjusted returns and affordability as part of our commitment to creating long-term shareholder value.

一旦達成該目標，且我們以股利形式分配自由現金流的30%，我們將擁有更廣泛的資本配置選項。這些選項包括：進一步降低負債、投資於增值型成長與轉型機會，及／或額外的股東回饋之組合。在我們致力於創造長期股東價值的承諾下，各項選擇將依策略契合度、風險調整後報酬與可負擔性來競爭資本。

As we continue to deleverage, hedging remains an important part of our risk management framework. Our objective is not to eliminate exposure to commodity price and currency movements. It is to protect the balance sheet against material downside, manage the cost of protection and retain appropriate upside participation.

在我們持續去槓桿的同時，避險仍是我們風險管理架構的重要一環。我們的目標並非消除對商品價格與匯率波動的曝險。而是保護資產負債表免於重大下行風險、管理保護成本，並保留適度參與上行的空間。

During the year, we completed our FY27 oil hedging program and also secured protection for the first quarter of FY28. While oil prices increased following the Middle East conflict, the medium-term forward curve did not move to the same extent and remained largely in backwardation with premiums elevated. As a result, we continued using a combination of put options, locking in an average floor of approximately USD59 per barrel at an acceptable cost.

年內，我們完成了FY27的原油避險計畫，並為FY28第一季取得保護。雖然中東衝突後油價上升，但中期遠期曲線的變動幅度不如現貨，且大致仍處於逆價差（backwardation）狀態，溢價維持在較高水準。因此，我們持續採用賣權（put options）等組合策略，以可接受的成本鎖定約每桶59美元的平均底價。

Our FY27 rand dollar program is approximately 60% complete with the second half of FY27 fully hedged. We have mainly used 0 cost collars with an average collar range of approximately ZAR16.50 to ZAR19 to the US dollar. Recent US dollar weakness has made it more challenging to execute the remaining cover at appropriate levels in H1 FY27. But with commodity prices remaining elevated, the risk at an enterprise level is reduced.

我們FY27的蘭特／美元避險計畫已完成約60%，且FY27下半年已完全避險。我們主要使用零成本領口（0 cost collars），平均領口區間約為每美元16.50至19南非蘭特（ZAR）。近期美元走弱，使我們在FY27上半年以適當水準執行剩餘避險更具挑戰。但在商品價格仍維持高檔的情況下，企業層級的風險已降低。

Lastly, hedging complements but does not replace strong operational performance and balance sheet strength. As the business becomes more resilient and leverage continues to reduce, we will continue to calibrate our hedge cover to the group's financial position and risk capacity while maintaining appropriate downside protection.

最後，避險是對強健營運表現與資產負債表實力的補充，而非替代。隨著業務韌性提升且槓桿持續下降，我們將持續依據集團的財務狀況與風險承受能力校準避險覆蓋，同時維持適當的下行保護。

Turning to adjusted EBITDA by segment. Market conditions varied across our businesses, but strength in fuels and International Chemicals helped offset pressure in mining, Gas and Chemicals Africa, supporting materially stronger group earnings.

接著談各事業部門的調整後EBITDA。各業務的市場狀況不一，但燃料與國際化學品的強勁表現有助於抵銷採礦、Gas與非洲化學品的壓力，支撐集團獲利顯著走強。

Mining was impacted by the planned phaseout of export coal sales, partly offset by redirecting volumes to Secunda operation, which benefits the broader SA value chain, while gas was negatively affected by lower volumes and a stronger rand exchange rate.

採礦業務受到計畫性逐步退出出口煤銷售的影響，部分由將銷量轉向Secunda營運所抵銷；此舉有利於更廣泛的南非價值鏈。同時，天然氣業務則因銷量下降與蘭特匯率走強而受到負面影響。

Fuels delivered a particularly strong performance, benefiting from improved operational performance and stronger refining margins and product differentials, partly offset by the Transnet legal settlement in the prior year.

燃料業務表現尤其強勁，受惠於營運表現改善以及更強的煉油利差與產品價差；但部分被前一年度Transnet法律和解的影響所抵銷。

Chemicals Africa remained under pressure largely from the stronger rand, offset by higher volumes and a marginal increase in prices in Q4. International Chemicals EBITDA increased in both Chemicals America and Eurasia and maintained its contribution of 16% to group EBITDA, reflecting the benefits of our reset strategy and the more supportive market environment that emerged during the fourth quarter. In summary, FY26 demonstrated the value of our diversified portfolio with a broader contribution to earnings across the group than we have seen in recent years.

非洲化學品業務仍承壓，主要因蘭特走強所致，但部分由更高銷量及第四季價格小幅上升所抵銷。國際化學品的EBITDA在美洲化學品與歐亞地區均有所增加，並維持對集團EBITDA 16%的貢獻，反映我們重置策略的效益，以及第四季出現的較有利市場環境。總結而言，FY26展現了我們多元化投資組合的價值，集團各業務對獲利的貢獻更為廣泛，為近年所少見。

Our priorities for FY27 remain fully aligned with the financial framework we set out at Capital Markets Day. Our focus remains on delivering volumes in line with our targets, maintaining cost discipline, driving further capital efficiency, improving cash conversion and continuing to strengthen the balance sheet through deleveraging.

我們FY27的優先事項仍與我們在資本市場日所提出的財務框架完全一致。我們的重點仍是：交付符合目標的產銷量、維持成本紀律、進一步提升資本效率、改善現金轉換，並透過去槓桿持續強化資產負債表。

Together, these actions will further improve resilience, support transformation and create sustainable long-term shareholder value. While there is still more work to do, FY26 has clearly demonstrated that disciplined performance is translating into stronger operating and financial outcomes giving us confidence and credibility to deliver our FY28 commitments.

這些行動將共同進一步提升韌性、支持轉型，並創造可持續的長期股東價值。雖然仍有更多工作要做，但FY26已清楚顯示，紀律化的執行正轉化為更強的營運與財務成果，讓我們更有信心與可信度去兌現FY28的承諾。

With that, I will now hand back to Simon for the strategic update, and I look forward to engaging with you in the Q&A session later.

接下來我將把時間交回給Simon進行策略更新，並期待稍後在問答環節與各位交流。

Thank you, Walt. I will now turn to our strategic update, the grow and transform pillar of our strategy. The foundation business funds today and our future. That is why strengthening the foundation remains crucial. But at the same time, we must continue to position Sasol for long-term relevance, resilience and value creation. Our grow and transform strategy is not about growth at all costs. It is about creating future value while preserving financial flexibility and applying disciplined capital allocation.

謝謝你，Walt。我現在將進入我們的策略更新，也就是我們策略中的「成長與轉型」支柱。基礎業務為今天與未來提供資金。因此，強化基礎仍至關重要。但同時，我們必須持續讓Sasol在長期上保持相關性、韌性與價值創造能力。我們的成長與轉型策略並非不計代價的成長。而是在保有財務彈性並採取紀律化資本配置的同時，創造未來價值。

Sasol plays a uniquely important role in all areas where we operate, especially in South Africa. Every day, we help to keep the country moving by supplying fuels and chemicals that support energy security and economic activity. We enable critical industrial value chain through the products we supply.

Sasol在我們營運的所有地區都扮演獨特且重要的角色，尤其是在南非。我們每天透過供應燃料與化學品來協助國家運轉，支持能源安全與經濟活動。我們透過所供應的產品，支撐關鍵的工業價值鏈。

We supply -- we support hundred thousands of jobs across the economy and contribute meaningfully to South Africa's growth and development. Recent global disruptions have reinforced the importance of reliable domestic energy and industrial capability.

我們供應——我們在整體經濟中支持數十萬個工作機會，並對南非的成長與發展作出重要貢獻。近期全球性干擾更凸顯可靠的國內能源與工業能力的重要性。

As one of South Africa's largest industrial companies, we have a responsibility not only to create value for our shareholders, but also to contribute to the country's energy security, economic resilience and future industrial strength. That is why our transition pathway must remain pragmatic and value accretive.

作為南非最大的工業公司之一，我們不僅有責任為股東創造價值，也有責任為國家的能源安全、經濟韌性與未來工業實力作出貢獻。因此，我們的轉型路徑必須務實且能增值。

We must reduce our emission intensity and build future opportunities while safeguarding jobs, energy security, industrial growth and competitiveness. We do not see these as trade-offs. We believe they can and must advance together.

我們必須降低排放強度，並在保障就業、能源安全、工業成長與競爭力的同時，打造未來機會。我們不認為這些是取捨關係。我們相信它們可以且必須同步推進。

We continue to move our grow and transform agenda from strategy to delivery. In renewable energy, we now have over 1.3 gigawatts secured and more than 500 megawatts operational, keeping us on track towards our target of 2 gigawatts by financial year '30. These projects are already lowering costs, reducing emissions and improving competitiveness aligned with our value-accretive approach to reducing carbon intensity.

我們持續推動「成長與轉型」議程，從策略走向落地交付。在再生能源方面，我們目前已確保超過1.3吉瓦，且已有超過500兆瓦投入營運，使我們朝著2030財年達成2吉瓦目標的進度保持正軌。這些專案已在降低成本、減少排放並提升競爭力，並與我們以增值為導向的降碳強度方法一致。

We achieved a milestone in sustainable fuels and products by receiving a first in Africa sustainability certification. This makes Natref the first refinery in Africa to achieve product sustainability certification for key fuels production pathways alongside certified chemicals production at Secunda operations. This certification is imperative because it gives us credible route into low carbon markets as they mature and become economically attractive.

我們在永續燃料與產品方面達成一項里程碑：取得非洲首張永續性認證。這使Natref成為非洲第一家煉油廠，就關鍵燃料生產途徑取得產品永續性認證，同時Secunda營運也取得經認證的化學品生產。此項認證至關重要，因為它讓我們在低碳市場逐步成熟並具備經濟吸引力時，擁有可信的進入途徑。

On sustainable aviation fuel, we continue to work with Topsoe through our technology and licensing collaboration. Zaffra is being operationally [wound down], but the SAF opportunities are still being progressed.

在永續航空燃料方面，我們透過技術與授權合作，持續與Topsoe合作。Zaffra正在營運上[逐步結束]，但SAF的機會仍在推進中。

Notably, our strategy is built on leveraging capabilities we already have. Whether in renewable energy, sustainable fuels or sustainable products, we are advancing opportunities where there's a clear pathway to future value creation. This is a pragmatic value-led and disciplined approach to transformation.

值得注意的是，我們的策略建立在善用既有能力之上。無論是在再生能源、永續燃料或永續產品方面，我們都在推進那些具有清晰未來價值創造路徑的機會。這是一種務實、以價值為導向且紀律嚴明的轉型方法。

Capital Markets Day was about setting a clear road map, strengthen the foundation business, advance our grow and transform agenda and create long-term value for all our stakeholders. Two years later, we are demonstrating tangible progress against that road map.

資本市場日的重點在於設定清晰的路線圖、強化基礎業務、推進我們的「成長與轉型」議程，並為所有利害關係人創造長期價值。兩年後，我們正展現相對於該路線圖的具體進展。

We have a stronger foundation business with improved operational performance, a more resilient balance sheet and a growing strategic optionality. We are not declaring victory, but we are increasingly confident that we are building a more competitive and more resilient business that can deliver our financial year '28 aspiration. However, our ambition extends beyond 2028. The foundation business remains at the core of Sasol.

我們的基礎業務更為強健，營運表現改善，資產負債表更具韌性，策略選擇性也在增加。我們不宣告勝利，但我們愈來愈有信心，我們正在打造一個更具競爭力、也更具韌性的企業，能夠實現我們2038財年的願景目標。然而，我們的企圖不止於2028年。基礎業務仍是Sasol的核心。

Our priority is to continue strengthening these businesses, ensuring they remain profitable, resilient and cash generative well beyond 2030. The stronger our foundation becomes, the more choices we create for the future. We are already looking at how Sasol can create value well into the next decade. We are doing this by building on our core strength, leveraging the capabilities we have developed across the group and creating additional future growth opportunities where they make commercial sense.

我們的優先事項是持續強化這些業務，確保它們在2030年之後仍能維持獲利、具韌性並能產生現金。我們的基礎越強，就能為未來創造越多選擇。我們已在思考Sasol如何在下一個十年持續創造價值。我們透過建立在核心優勢之上、善用集團內已發展的能力，並在具商業合理性之處創造額外的未來成長機會來達成。

As we do that, our focus remains on creating more choices for the future through a stronger balance sheet, greater flexibility across our value chains and a disciplined approach to capital allocation. Put simply, 2028 is not the destination. It is an important milestone in building sustainable long-term value on top of a strong and enduring foundation business.

在此過程中，我們的重點仍是透過更強健的資產負債表、價值鏈更高的彈性，以及對資本配置的紀律化方法，為未來創造更多選擇。簡言之，2028年不是終點。它是在強大且持久的基礎業務之上，建立可持續長期價值的重要里程碑。

To close, financial year '26 demonstrated that our strategy is working. We have improved reliability across the value chain. We continue to strengthen the foundation business, strengthen the balance sheet and position Sasol for future growth.

最後，2026財年證明我們的策略正在奏效。我們已提升整個價值鏈的可靠性。我們持續強化基礎業務、強化資產負債表，並讓Sasol為未來成長做好定位。

There's still work ahead, but the foundation is stronger than last year. The business is better positioned, and we are becoming increasingly resilient through the cycle. I would like to thank team Sasol for their commitment and resilience.

前方仍有工作要做，但基礎比去年更強。企業的定位更佳，我們在景氣循環中也正變得愈來愈具韌性。我要感謝Sasol團隊的投入與韌性。

The progress we have achieved is because of our people. We are delivering against the commitments we made and building credibility through performance to create sustainable value for our shareholders and stakeholders. Thank you.

我們所取得的進展，歸功於我們的員工。我們正在兌現所做出的承諾，並透過績效建立可信度，為股東與利害關係人創造可持續價值。謝謝。

Thank you, Simon and Walt, for your presentations, and welcome back to everyone for the Q&A session where you have the opportunity to direct your questions to the Simon Walt and the rest of the executive management team. So joining us on stage today, we have Antje Gerber, who's Head of International Chemicals; Sandile Siyaya, who's Head of Mining; and Victor Bester, the EVP for Operations in South Africa -- Southern Africa.

謝謝Simon和Walt的簡報，也歡迎各位回到問答環節，您可以把問題直接提給Simon、Walt以及其他執行管理團隊成員。今天在台上與我們一同出席的有：國際化學品主管Antje Gerber；採礦主管Sandile Siyaya；以及南非—南部非洲營運執行副總裁（EVP）Victor Bester。

In addition, we also have Vuyo Kahla supporting on Commercial and Legal; Christian Herrmann, Marketing and Sales, Energy and Chemicals South Africa; Thabile Makgala, EVP, People, SHE, Risk and Corporate Affairs; and Sarushen Pillay, Business Building Strategy and Technology. (Operator Instructions).

此外，我們也有Vuyo Kahla負責商務與法務支援；Christian Herrmann負責南非能源與化學品的行銷與銷售；Thabile Makgala，EVP，負責人員、SHE（安全、健康與環境）、風險與企業事務；以及Sarushen Pillay，負責事業建構、策略與技術。(接線員指示)。

So I'm going to start today with some of the online questions. And if we can go to the financial questions, please. We'd like to have some clarity I think the first question comes from -- sorry, just getting there from Michael at NPV Investments, who wants to understand the principle which underpins the calculation of the breakeven and what that entails?

我今天先從一些線上提問開始。請切到財務問題。我們希望釐清一些事項。第一個問題來自NPV Investments的Michael——抱歉，我正在找到該題——他想了解損益兩平（breakeven）計算所依據的原則，以及其涵蓋內容是什麼？

And then a second question from Sashank Lanka from Bank of America, who says, thank you for the presentation and the opportunity to ask questions. I'd like to understand the pathway for the working capital to return to target. Is it inventory reduction or lower Natref-related working capital? So I'd like to ask Walt to please start with those questions.

第二個問題來自美國銀行（Bank of America）的Sashank Lanka，他表示感謝簡報並提供提問機會。他想了解營運資金回到目標水準的路徑。是透過降低庫存，還是降低與Natref相關的營運資金？因此我想請Walt先回答這些問題。

Thanks, Tiffany. I'll handle the first one. Thanks, Michael. Yeah. So on the calculation of breakeven, we bring in all costs, including variable costs, cash fixed costs and our capital expenditure and we use that in the calculation of breakeven.

謝謝，Tiffany。我先處理第一題。謝謝你，Michael。是的。關於損益兩平的計算，我們會納入所有成本，包括變動成本、現金固定成本以及資本支出，並用於損益兩平的計算。

We obviously -- we take a credit on some of the refining margin and chemical prices. So it is impacted by the macros. And you would have seen in the results that we presented that we did give a bit of a range in terms of the impact of that. Total impact between not having the Secunda shutdown and then also the Middle East conflict was around $6 to $9 per barrel of the $49 per barrel that we achieved.

當然——我們會就部分煉油利潤（refining margin）與化學品價格取得抵減（credit）。因此它會受到總體環境（macros）的影響。你也會在我們所呈現的業績中看到，我們確實提供了其影響的區間。在我們達成的每桶49美元之中，未發生Secunda停工以及中東衝突兩項因素合計的總影響約為每桶6至9美元。

So Sashank, moving to the working capital. We did see a large increase in working capital during the year. About 60% of that was related to pricing, particularly in the last quarter with regards to the Middle East conflict. 30% of the increase is related to Prax and Natref, where we stepped into the capacity there during the business rescue process. And then around 10% is related to volumes.

那麼Sashank，談到營運資金。我們確實看到本年度營運資金大幅增加。其中約60%與價格有關，特別是最後一季受中東衝突影響。增加的30%與Prax和Natref有關，因為在企業重整（business rescue）程序期間，我們介入並承接了那裡的產能。另外約10%與銷量有關。

There's a little bit of noncash items also in there. But I think that gives a fair approximation of the split. We expect certainly on the inventory side, that portion to unwind now in the first quarter. We have the planned shutdown at Secunda again with the phase shutdown and then also at Natref. So that inventory rewind will happen. And then on Prax, we continue to utilize that shareholding capacity.

其中也包含一些非現金項目。但我認為這能相當合理地反映其分拆。我們預期至少在庫存端，該部分將在第一季回轉。我們在Secunda再次有計畫性停工，包括分階段停工，Natref也同樣如此。因此庫存回轉將會發生。至於Prax，我們持續運用該持股所對應的產能。

At the moment, there is a process being run by the business rescue practitioner to find a partner for that, and we continue to engage with them actively. And then I think lastly, on the pricing, there is still a lot of volatility in pricing at the moment. But we believe that the working capital at year-end sets us up nicely for FY27 in terms of cash and our ability to generate cash. And so we look forward to showing that to you later in this year.

目前企業重整管理人正在推動一項流程以尋找合作夥伴，我們也持續積極與其接洽。最後，關於價格方面，目前價格仍高度波動。但我們相信，年末的營運資金水準能讓我們在現金以及產生現金的能力方面，為2027財年做好良好準備。因此我們期待在今年稍晚向各位展示。

Thank you, Walt. The next theme of questions is around our Southern Africa operations. I'm going to start with Thobela's question from Nedbank, and he wants to understand a bit more around the sinks at currently below 12% and what remains a constraint for coal operations with your sinks there. Your volume and cost guidance seem to show a constrained mining or SO business. what can we expect from external coal purchases?

謝謝你，Walt。下一個問題主題是關於我們在南部非洲的營運。我先從Nedbank的Thobela的提問開始，他想更了解目前低於12%的煤炭下沉率（sinks）情況，以及在你們當地的下沉率對煤炭營運仍構成哪些限制。你們的產量與成本指引似乎顯示採礦或SO業務受到限制。我們可以期待外部煤炭採購帶來什麼？

And then some more around the coal capital expenditure that's planned for the 2027 year, which includes -- does it include spend for shaft expansion projects, geographic expansion and sustenance projects. I think let's deal those actually three questions in one. So if I could ask, Simon, you perhaps address the coal business more broadly.

另外還有一些關於計畫在2027財年的煤炭資本支出問題，其中包括——是否包含井筒擴建專案、地理擴張以及維持性（sustenance）專案的支出。我想我們其實可以把這三個問題一起處理。所以如果可以的話，Simon，請你從更宏觀的角度談談煤炭業務。

Yeah. Thank you, Tiffany. Let me start, and I'll hand over to Sandile. At Capital Markets Day, you will recall that we identified coal sinks and gasifier availability as the three key levers that we needed to pull to improve Secunda to more than 7.4 million tonnes. And yes, we are on track with the coal quality and the gasifier work is ongoing. So that's where you still see the constraint that we've put for the FY27 budget. I think, Sandile, you can handle the coal purchases and the capital expenditure for Sasol Mining.

好的。謝謝你，Tiffany。我先開始，然後我會交給Sandile。在資本市場日（Capital Markets Day）上，你會記得我們指出煤炭下沉率（coal sinks）與氣化爐可用率（gasifier availability）是我們需要拉動的三個關鍵槓桿，以將Secunda提升到超過740萬噸。是的，我們在煤質方面按計畫推進，而氣化爐相關工作仍在進行中。因此，你仍會在FY27預算中看到我們所設定的限制。Sandile，我想你可以處理Sasol Mining的煤炭採購與資本支出問題。

Sure. Maybe in answering this question, I will just maybe first outline Sasol Mining main objective, which is to enable SO to perform optimally. And mining is doing this and achieving this through integrated approach of providing or supplying coal of the right quality as demanded by SO and SNO, which is Secunda operation and Sasol Pc operations and also ensuring that we supply the right volumes at the right cost or competitive cost.

當然。在回答這個問題時，我可能先概述一下Sasol Mining的主要目標，也就是讓SO能夠以最佳狀態運作。採礦部門透過整合式方法來達成這點：提供或供應符合SO與SNO（即Secunda營運與Sasol Pc營運）需求的適當煤質，同時也確保以合適的成本或具競爭力的成本供應正確的煤炭量。

Now if one then looks at the performance for FY26, we have seen year-on-year improvement in terms of the coal qualities, mainly driven by the beneficial operation of the destoning plant. But also in terms of the volumes, we are planning to improve the volumes performance coming through from Sasol Mining.

如果看FY26的表現，我們看到煤質在年對年方面有所改善，主要是由於除石（destoning）工廠的有利運作所帶動。同時在產量方面，我們也計畫提升由Sasol Mining所貢獻的供應量表現。

And the impact of that is that there will be a reduction of the coal purchases, again, which is a year-on-year improvement compared to -- or moving from FY25 to FY26, also further improvement in FY27. Just speaking of the exact numbers, in FY26, we purchased 8.8 million tonnes.

其影響是煤炭採購量將會下降，這同樣是年對年的改善——也就是從FY25到FY26的改善，並在FY27進一步改善。就具體數字而言，FY26我們採購了880萬噸。

For FY27, we are planning to purchase between 5 million to 7 million tonnes, which is a significant improvement. And that has got a positive impact on cost of supplying coal to So and that's a trend that we will continue with. So there will definitely be a reduction of the coal purchases.

對於FY27，我們計畫採購500萬至700萬噸，這是顯著的改善。這對向SO供應煤炭的成本有正面影響，而這也是我們將持續的趨勢。因此，煤炭採購量肯定會下降。

Maybe answering the capital question, whether -- the capital allocation is reflective of that, yes. So the capital allocation at Sasol Mining is reflective of the mandate that I've spoken about of supplying the right coal quality at the right volumes at a competitive price.

再回答資本支出的問題，也就是——資本配置是否反映了上述內容，是的。Sasol Mining的資本配置反映了我剛才提到的使命：以具競爭力的價格供應正確煤質與正確供應量。

And given that some of our operations are approaching the end of life, we are also busy with the long-term coal supply road map with clear quarterly milestones. And therefore, the capital allocation is also aligned with those milestones. And if we look at the performance against those milestones, we are seeing that we are currently meeting those milestones. And the plan for FY27 is also to continue working on that long-term coal supply road map. Thank you.

此外，鑑於我們部分營運接近壽命終點，我們也正在制定長期煤炭供應路線圖，並設有明確的季度里程碑。因此，資本配置也與這些里程碑相一致。如果我們看相對於這些里程碑的執行情況，我們目前正達成這些里程碑。FY27的計畫也將持續推進這份長期煤炭供應路線圖。謝謝。

Thank you, Sandile. I'm going to turn the focus to the rest of SA operations, including Secunda. There's a number of questions from some people. So I'll try and cluster them into themes. Starting with Michael from NPV Investments.

謝謝你，Sandile。接下來我把焦點轉向南非其他營運，包括Secunda。有不少人提出了一系列問題。所以我會嘗試把它們按主題歸類。先從NPV Investments的Michael開始。

Trying to understand the overall benefit of the destoning and improved sinks on the overall SO production improvement. So if you strip out the benefit from not having a shutdown, what is the estimate on production? I think similarly also on the same theme, the current challenges with improving gasifier availability and expediting the GOs.

他想了解除石（destoning）與下沉率改善（improved sinks）對SO整體產量提升的總體效益。所以如果把沒有停機（shutdown）的效益剔除，對產量的估計是多少？我想同樣在這個主題下，還有目前在提升氣化爐可用率以及加速GOs方面的挑戰。

Is there a resource constraint? Are we seeing a reduced number of gasifier or equipment failures with destoning now operational and an overall reduction in unplanned shutdowns? And I think one more on the same theme is how confident are you in maintaining the FY26 operational performance through the '27 Secunda shutdown, and that comes from Sashank Lanka. Simon, would you like to start?

是否存在資源限制？在除石現在已投入運作後，我們是否看到氣化爐或設備故障次數下降，以及非計畫性停機整體減少？同一主題下還有一個問題：你們對於在2027年Secunda停機期間仍能維持FY26營運表現有多大信心？這個問題來自Sashank Lanka。Simon，你要先開始嗎？

Yeah, I'll start and hand over to Victor. The impact of not having the shutdown is about 100 kilotons. So we can subtract that from the volume performance that we did this year, if you wanted to know where we'll end without the shutdown. Victor, you can handle the gasifier questions and the question from Sashank.

好的，我先說，然後交給Victor。不進行停機的影響大約是10萬噸。所以如果你想知道在沒有停機的情況下我們今年的產量表現會落在哪裡，可以從今年的產量表現中扣除這個數字。Victor，你可以回答氣化爐相關問題以及Sashank的問題。

Thank you, Simon. I think when it comes to gasifiers and gasifier availability, we've made significant progress. And I think to position it as a challenge, I would say that the program is fully resourced -- and it's really this trade-off between gasifier availability and gasifiers on maintenance as well as gasifier utilization. And that's a business trade-off that we make. But the program itself is fully resourced, and we are delivering.

謝謝你，Simon。談到氣化爐以及氣化爐可用率，我們已取得顯著進展。如果要把它定位為一項挑戰，我會說該計畫資源配置是充足的——真正的重點在於氣化爐可用率、氣化爐維修中的台數，以及氣化爐利用率之間的取捨。這是我們所做的業務取捨。但計畫本身資源充足，而且我們正在交付成果。

I think there was another question around the breakdowns. We've actually seen with the destoning plant coming on stream, we've seen less breakdowns in our gasifier components. And here, specifically referring to our coal locks, which are highway equipment items and our ash locks. So that has gone some way in terms of helping us to improve gasifier availability. And then, of course, we've also worked on reducing the downtime duration, and we've seen a positive trend in that regard. Is there another question?

我想還有一個關於故障的問題。實際上，隨著除石工廠投產，我們看到氣化爐組件的故障更少。在這裡特別指的是我們的煤鎖（coal locks）（屬於高頻率運轉的設備項目）以及我們的灰鎖（ash locks）。因此，這在一定程度上幫助我們提升了氣化爐可用率。當然，我們也致力於縮短停機時間，並且在這方面看到正向趨勢。還有其他問題嗎？

Thank you. I think if we can move to Natref. Refining -- also from Sashank from Bank of America. Refining margins are very elevated currently. How is this impacting your fuels business? And how is the Middle East conflict impacted your crude oil supply and differentials? Also on the Natref refinery, it's now been confirmed that ADNOC was the preferred bidder for Shell's downstream assets.

謝謝。我想我們可以轉到Natref。煉油——同樣來自美國銀行的Sashank。目前煉油利潤率非常高。這對你們的燃料業務有何影響？以及中東衝突如何影響你們的原油供應與價差（differentials）？另外，關於Natref煉油廠，現在已確認ADNOC是Shell下游資產的首選投標方。

Can Sasol confirm if it bid for the assets and the acquisition of the assets would have increased your retail footprint, which is a high-margin channel? So how does this tie into the strategy, and that comes from Michael again at NPV Investments.

Sasol能否確認是否曾對該等資產投標？而若收購該等資產，將會擴大你們的零售版圖，而零售是高利潤通路。那麼這與策略如何連結？這同樣來自NPV Investments的Michael。

Thank you, Michael. Let me start with your question then hand over to Christian. The Middle East conflict, I mean, that did intensify the focus on domestic ability to be able to supply fuels during those times. We saw other economies running out of jet fuel and petrol and diesel during that time.

謝謝你，Michael。我先回答你的問題，然後交給Christian。中東衝突的確加深了外界對於在那段期間國內供應燃料能力的關注。我們看到其他經濟體在那段期間出現航空燃油、汽油與柴油短缺的情況。

And Sasol actually did manage to move around some of the shutdowns to make sure that we can produce those critical products for the country at that time. And I think with that, we've shown the importance of where Natref fit, Natref and Sasol in particular, fits into the energy security of the country. Christian can then take the rest of your questions.

而 Sasol 確實成功將部分停工安排作了調整，以確保我們在當時能夠為國家生產那些關鍵產品。我認為透過這點，我們已經展現了 Natref 的定位有多重要，尤其是 Natref 與 Sasol 在國家能源安全中所扮演的角色。接下來 Christian 可以回答你其餘的問題。

Thank you very much, Simon. Yeah, certainly, the higher crack spreads and also the higher crude prices, they were really benefiting our refining margin. So we had roughly $25 last year. That was, I have to say, a very good year. From a crude supply, we have quite a good diversified portfolio where we source our crude.

非常感謝你，Simon。是的，裂解價差走高以及原油價格走高，確實大幅有利於我們的煉油利潤率。所以我們去年大約是 25 美元。我必須說，那是一個非常好的一年。在原油供應方面，我們有相當多元化的組合來採購原油。

And in addition, Victor's team in Natref have also changed the diet, the crude diet for the operations. And that also helped us to be less dependent on sour crude and actually source more from Latin America and West African crude. So we feel quite comfortable to weather that storm also to continue going forward. We also have -- we don't just procure spot on the day. So we have a longer-term strategy, how we secure our supply.

此外，Natref 的 Victor 團隊也調整了營運所使用的原油組合（crude diet）。這也幫助我們降低對高硫原油（sour crude）的依賴，並且實際上更多從拉丁美洲與西非採購原油。因此我們相當有信心能夠度過這場風暴，並在未來持續前進。另外我們也不是只在當天即期採購。我們有較長期的策略，來確保供應安全。

Going forward with regards to -- I think the question was on ADNOC. We are not commenting on any external developments and if we were bidding or not. But to the question, what is our strategy? Our strategy is organic growth, certainly in the retail sector. We have been quite successful.

展望未來，關於——我想問題是關於 ADNOC。我們不評論任何外部發展，也不會談我們是否有投標。但回到問題：我們的策略是什麼？我們的策略是有機成長，尤其是在零售領域。我們一直相當成功。

The market in retail overall was actually declining last year, and our market share in retail has been increasing. So we have now a market share of roughly 13%. And just five years ago, we were at 9%. So I think the refresh and premium strategy over the last years is really paying off, and we are quite satisfied with that development.

去年整體零售市場其實是在下滑，但我們在零售的市占率卻在提升。所以我們現在的市占率大約是 13%。而就在五年前，我們是 9%。因此我認為過去幾年的門市翻新與高端（premium）策略確實正在發揮成效，我們對這樣的發展相當滿意。

Certainly, we welcome ADNOC in South Africa. It's a formidable competitor like Shell was also in the past. and it keeps us humble and honest. And the last one, I think there was one more question. No, I think that's it. Thank you.

當然，我們歡迎 ADNOC 進入南非。它是一個強勁的競爭對手，就像過去的 Shell 一樣，這也讓我們保持謙遜與自律。最後一個，我想還有一個問題。不，我想就這些了。謝謝。

Thank you, Christian. I'm going to move to Chorus Call. If we can -- operator, if we can have two callers with their questions, please.

謝謝你，Christian。我接下來轉到 Chorus Call。如果可以——接線員，請讓兩位來電者提問，謝謝。

Chris Nicholson, RMB Morgan Stanley.

Chris Nicholson，RMB Morgan Stanley。

Hi. Have a good day. Simon, Walt and Tiffany. Thank you for the call. Well done on your -- hitting all your operational metrics this year. I've got a few couple of questions around International Chemicals. Your guidance for FY27, $450 million to $600 million would imply a decrease on this year's level. Just trying to understand what you're assuming to get to that level?

嗨。祝大家今天愉快。Simon、Walt 和 Tiffany。謝謝這通電話。恭喜你們今年——達成所有營運指標。我有幾個關於國際化學品（International Chemicals）的問題。你們對 FY27 的指引為 4.5 億到 6 億美元，這意味著相較今年的水準會下降。我想了解你們是基於什麼假設才會到那個水準？

Are you assuming that prices fall on average from those that you realized in FY26? And maybe it's quite opaque to the market, what that would imply from kind of the type of run rates of prices we've seen in the chemical business over July and August so far?

你們是否假設 FY26 實現的價格在 FY27 平均會下滑？另外市場可能不太清楚，這對應到化學業務在目前截至 7 月與 8 月所看到的價格運行水準（run rates）大概意味著什麼？

And then just two questions linked to that. Just levels of water in the Rhine River are currently exceptionally low, I think, close to all-time lows. Last time that happened in 2018, it did have a material negative impact on your business in Germany. Should we expect any risk from that in this year? And then I see Lyondell's guided their operating rates to 85% for the North American business. Is that roughly what you're assuming for your cracker and polyethylene plant run rates for 2027? Thank you.

接著還有兩個相關問題。萊茵河目前水位異常偏低，我想接近歷史最低水準。上一次在 2018 年發生時，確實對你們在德國的業務造成了實質性的負面影響。今年我們是否應該預期會有任何相關風險？另外我看到 Lyondell 指引其北美業務的開工率為 85%。你們對 2027 年裂解裝置與聚乙烯工廠的運行率假設，大致也是這個水準嗎？謝謝。

Thank you, Chris. Can I also have the next caller's questions if they may be on a similar theme.

謝謝你，Chris。我也想請下一位來電者提問，如果他們的問題可能是類似主題的話。

Adrian Hammond, SBG.

Adrian Hammond，SBG。

Thanks, operator. Good day, everyone. I'll be brief since we're collecting everyone's questions here. First one for Antje, your volume growth expectations for alumina Brunsbüttel and perhaps you could expand a bit on the margins that you see there versus the business unit average.

謝謝，接線員。各位好。我會簡短，因為我們在這裡彙整大家的問題。第一個給 Antje：你們對 Brunsbüttel 氧化鋁（alumina）的銷量成長預期是多少？也請你多談一點，你看到那邊的利潤率相較於事業單位平均水準如何。

Secondly, a question for Victor. Could you just give us some color on your update to the PSA reserves percentage increase? And any update on your progress with PT5C in Mozambique? And then for Walt, I'm just curious that your credit ratings still remain negative outlook for both Moody's and S&P.

第二個問題給 Victor。你能否就你們更新的 PSA 儲量百分比增幅提供一些說明？以及你們在莫三比克 PT5C 的進展是否有更新？另外給 Walt：我注意到你們的信用評等在穆迪與標普仍然是「負向展望」。

What does it take for them to change that outlook? And noticeably, you are one notch below investment grade. So what should the impact be on your credit cost of capital or cost of financing, should I say, should you move into investment grade? Thank you.

他們要怎樣才會改變這個展望？而且很明顯你們目前比投資等級低一個級距。所以如果你們升到投資等級，對你們的信用資本成本或融資成本（應該說融資成本）會有什麼影響？謝謝。

Thank you, Chris and Adrian. Let me start with IC. I think Antje, when you're done, you can just hand over to Victor to deal with the PSA and PT5C. Before Antje weighs in, Chris and Adrian, I mean, let me remind you that the structural I mean, challenges in the chemical market of oversupply have not gone away.

謝謝你，Chris 和 Adrian。我先從 IC（國際化學品）開始。我想 Antje 回答完後，可以把 PSA 和 PT5C 的部分交給 Victor。在 Antje 補充之前，Chris 和 Adrian，我想提醒你們，化學品市場供給過剩的結構性——也就是結構性挑戰——並沒有消失。

What we've seen was that the disruption from the Middle East, but the challenges are still there and the business is still, I mean, faced with all of this. And that is why we focus on what we can do internally. I think Antje, we can take over the two questions from both Chris and Adrian.

我們看到的是中東的擾動，但這些挑戰仍然存在，業務仍然——我的意思是——仍然面臨這一切。因此我們把重點放在內部可控的事情上。Antje，我想你可以接手回答 Chris 和 Adrian 的兩個問題。

Yeah. Thank you, Chris and Adrian and also Simon, for the question. So with regard to the guidance in fiscal year '27, our assumptions are that we have seen a tailwind from the Middle East increase in the last quarter of the fiscal year '26, which will not repeat.

好的。謝謝 Chris 和 Adrian，也謝謝 Simon 的提問。關於 2027 財年的指引，我們的假設是：在 2026 財年最後一季，我們受惠於中東事件帶來的順風（tailwind），但這種情況不會重演。

So we see that basically for the fiscal year '27 our guidance is lower because, yeah, we can factor in only management activities, which are under management control, which includes the delivery of a transformation program. So ongoing cost reduction, commercial excellence programs, portfolio optimization and also increasing the operational reliability throughout the year while we implement further our ERP system.

因此我們看到，基本上 2027 財年的指引較低，是因為——是的——我們只能納入管理層可控的管理作為，包含推動轉型計畫的交付。也就是持續的成本降低、商業卓越計畫、投資組合優化，以及在我們進一步導入 ERP 系統的同時，全年提升營運可靠性。

So those are the biggest variables which remain basically market-related ethylene margins and also the European demand structure. So the energy costs in Europe are also elevated, Chinese exports and also inventory effects.

因此，最大的變數仍然主要與市場相關：乙烯利潤率，以及歐洲的需求結構。此外，歐洲能源成本仍偏高、中國出口、以及庫存效應。

So in a nutshell, what we say that if you normalize for the European -- for the Middle Eastern benefits, our real story is not that the margins stood still in '26 and are still kind of on a good level. We are quite happy with that. We absorbed in that year roughly ZAR100 million of ethylene margin, which was lower than in the fiscal year '25.

總結來說，我們的意思是：如果把歐洲——更正——把中東帶來的利益正常化（normalize）後，我們真正的重點並不是說 2026 年利潤率原地踏步、而且仍維持在相對不錯的水準。我們對此相當滿意。在那一年，我們吸收了約 1 億南非蘭特（ZAR100 million）的乙烯利潤率下滑，該利潤率低於 2025 財年。

We delivered on 7% fixed cost savings and executed on our other levers as well, which we had laid out before. So if we look into '27, we continue with all of these measures further on, and they are under our control, what we think. And despite then upside will depend on potential market conditions.

我們已實現7%的固定成本節省，並且也執行了我們先前所提出的其他槓桿措施。因此，如果我們展望到2027年，我們會持續推進所有這些措施；我們認為這些都在我們的掌控之中。而至於進一步的上行空間，則將取決於潛在的市場狀況。

Our strategy, nevertheless, does not rely on market recovery, but to create value for Sasol on the long run. The river Rhine risk is existing. We see that every year. I mean, this year earlier than the other years. Nevertheless, it's not impacting our business massively. We have immediately moved to multimodal transportation for our raw materials and also for our finished goods. So we do not see a big dependency on that low level of the river Rhine at the moment.

不過，我們的策略並不依賴市場復甦，而是要在長期為Sasol創造價值。萊茵河的風險確實存在。我們每年都看得到。我的意思是，今年比往年更早出現。儘管如此，它並未對我們的業務造成重大影響。我們已立即改採多式聯運來運輸原材料以及成品。因此，就目前而言，我們不認為對萊茵河低水位有很大的依賴。

In terms of our cracker run rate, the cracker -- both of the crackers, the joint venture cracker and our own have run above nameplate, and we expect that to continue as long as the market is profitable and beneficial for us. Nevertheless, we've seen already that ethylene margins have come down dramatically from the spike of $0.24 on the spot market in May to $0.12 per pound in June.

就我們裂解裝置的運轉率而言——兩座裂解裝置（合資裂解裝置以及我們自有的裂解裝置）都高於名義產能運行；只要市場對我們而言仍具獲利性且有利，我們預期這種情況會持續。不過，我們已經看到乙烯利差已大幅回落，從5月現貨市場每磅0.24美元的高點降至6月每磅0.12美元。

Adrian, I think your questions were around our Brunsbuttel site, the demand for the alumina products, which we have there. Alumina is our highest margin business, which we have in international chemicals. So there, we enjoy an EBITDA margin of 25% to 30% in rough terms.

Adrian，我想你的問題是關於我們Brunsbuttel廠區，以及我們在那裡的氧化鋁產品需求。氧化鋁是我們國際化學品業務中毛利最高的業務。因此，在那裡我們的EBITDA利潤率大致約為25%到30%。

We have increased the volume, but for competitive reasons, we don't want to issue that number, which we are doing, but it's all backed up with customer demand. We see an increased demand right now and have made also customer commitments for our expansion in Brunsbüttel. With that, I'd like to hand over to you, Victor.

我們已提高產量，但出於競爭因素，我們不希望公布我們正在做的具體數字；不過這一切都有客戶需求作為支撐。我們目前看到需求增加，也已就Brunsbüttel擴產向客戶做出承諾。接下來我想把時間交給你，Victor。

Thank you, Antje. So Adrian, I think when it comes to PSA, we have three reserves in PSA, two small reserves and one large one. And here, I think we're still busy in the appraisal phase or surveillance phase where we are -- we need to get wells online to confirm the confidence levels around these reserves. And as you would know, CTT has been delayed. But what we do have is one of the reserves has been confirmed to be at the low case, which is the smaller reserve.

謝謝你，Antje。Adrian，關於PSA，我想我們在PSA有三項儲量：兩個小型儲量以及一個大型儲量。在這裡，我認為我們仍在評估階段或監測階段；我們需要讓井投入生產，以確認這些儲量的信心水準。而如你所知，CTT已經延遲。不過，我們已確認其中一項儲量落在低情境（low case），也就是較小的那個儲量。

And it will take another two to three years for us to actually confirm the larger reserve and the other small reserve. So that's our status on the PSA. On PT5C, you'll recall that we've had -- we've had 2 wells where we discovered gas.

而要真正確認較大的儲量以及另一個小型儲量，還需要再花兩到三年。這就是我們在PSA方面的最新狀態。至於PT5C，你會記得我們有——我們有兩口井發現了天然氣。

We've also paused our activities on PT5C, and we're exploring opportunities to partner with others for further development. What we have done, though, is we've made submissions to the regulator in Mozambique in terms of our initial appraisal plans, and we've received feedback on one of those wells and the other one is still in progress.

我們也已暫停在PT5C的活動，並正在尋找與其他方合作、以進一步開發的機會。不過，我們已就初步評估計畫向莫三比克監管機構提交資料；其中一口井我們已收到回饋，另一口井仍在審查進行中。

Thank you, Victor, Antje for the extra color. If I could go to the next caller, and then we'll switch back to the online questions.

謝謝你，Victor，也謝謝Antje補充更多細節。如果我可以請下一位來電者發言，之後我們再切回線上提問。

Gerhard Engelbrecht, Absa CIB.

Gerhard Engelbrecht，Absa CIB。

Good day, good afternoon. Thank you. It's great that you are on track to achieve your 2028 targets despite all the volatility that we're seeing in markets. So I've got three questions. One is around CapEx. You've now for three years in a row come in below your guidance, and that could be seen as a good thing. But there are examples in the past where spending less CapEx leads to problems later on. Exactly where are you cutting CapEx, I think, is the question. And how do you assess the risk when you decide to reduce your CapEx?

你好，午安。謝謝。在我們看到市場如此波動的情況下，你們仍按計畫朝2028年目標前進，這很棒。我有三個問題。第一個是關於資本支出（CapEx）。你們已連續三年低於指引，這可能被視為好事。但過去也有例子顯示，CapEx花得更少會在之後引發問題。我想問的是，你們究竟是在哪些地方削減CapEx？以及當你們決定降低CapEx時，如何評估風險？

Second question, it seems that NERSA is going to do a competition assessment before it's going to make long-term decisions on long-term gas prices. Can you actually go ahead and spend capital on this MRG supply bridging supply projects if you don't have good visibility on future prices? And how do you see this impact the long-term profitability supplying more MRG at the expense of production of other products in Synfuels?

第二個問題，看起來NERSA在就長期天然氣價格做出長期決策之前，將先進行競爭評估。如果你們對未來價格沒有良好的能見度，是否仍能推進並投入資本於這些MRG供應的過渡性供應（bridging supply）專案？你們如何看待這對長期獲利能力的影響——也就是在Synfuels中，以更多MRG供應為代價而減少其他產品的生產？

And then lastly, maybe a little market insight, if you can. The nature of your competition in South African markets are changing significantly from oil companies in the past now to companies that have a more trading orientation.

最後，如果可以的話，請提供一些市場洞見。你們在南非市場的競爭型態正在顯著改變：過去是石油公司，現在則更多是交易導向的公司。

And you also talked in some of your quarterly production numbers about seeing more imports into the country impacting your ability to supply product. How is this going to evolve? And how do you kind of strengthen your strategic position if the market is overrun by oil and product traders, the local market? Thank you.

你們也在部分季度產量數據中提到，看到更多進口進入國內，影響你們供應產品的能力。這將如何演變？如果本地市場被石油與成品交易商大量湧入，你們要如何強化自身的策略地位？謝謝。

Thank you, Gerhard. If I could ask Walt to please also just address the question from Adrian earlier on the credit ratings as part of your response on CapEx as well.

謝謝你，Gerhard。我想也請Walt在回應CapEx問題時，一併回應Adrian先前關於信用評等的問題。

Thanks, Tiffany. So first, thanks, Adrian, on the credit rating. So at the moment, we are constrained still by the sovereign rating of South Africa. Moody's and S&P will complete their annual review after our results announcement. You can be sure that we'll remind them that our balance sheet is in its strongest position for more than 10 years.

謝謝，Tiffany。首先，關於信用評等，謝謝你，Adrian。目前我們仍受限於南非的主權評等。Moody's與S&P將在我們公布業績後完成其年度審查。你可以確定，我們會提醒他們：我們的資產負債表處於超過10年來最強的狀態。

We will remind them that our net debt to EBITDA is on their definition, is close to almost 1.1 times. So we're certainly in a much stronger position from a credit perspective. What do we continue to do is what we've said to you is keep deleveraging. We are looking to make sure that we build a more resilient business. that can move through the commodities, both the good and the bad and that we are resilient through the cycle.

我們也會提醒他們，按他們的定義，我們的淨負債對EBITDA比率接近約1.1倍。因此，從信用角度來看，我們確實處於更強的狀態。我們持續在做的，就是如同我們對各位所說的：繼續去槓桿。我們希望確保打造更具韌性的業務，能夠穿越大宗商品循環——無論景氣好或壞——並在週期中保持韌性。

So those are -- they'll apply their own assumptions. But needless to say, I think our results and the state of our balance sheet will be a positive signal to them, and we await the outcome of their upgrade there. I think on the capital side, I'll start and then maybe, Victor, if you want to add too, from the ops perspective. I think the capital -- this is not just a once-off thing, Gerhard, where we look at it and we try to trim and look like a hero in one year and then pay the price two or three years later. It's part of a capital excellence program that Victor and the team have been running for a number of years now.

因此，這些——他們會套用自己的假設。但毋庸置疑，我認為我們的業績與資產負債表狀況將向他們釋出正面訊號，我們也在等待他們是否上調評等的結果。至於資本支出方面，我先說明，然後也許Victor你可以從營運角度補充。我認為資本支出——這不是一次性的做法，Gerhard；不是我們某一年刻意修剪支出、看起來像英雄，然後在兩三年後付出代價。這是Victor與團隊多年來一直在推動的資本卓越（capital excellence）計畫的一部分。

We're systematically looking at our spend, the scope, who we contract to do the work and find -- and then the risk rating associated with it. And if we can find more efficient or effective ways to complete the capital expenditure, we do that. There is some of the reduction that I've mentioned. I mentioned the ZAR12 billion to ZAR14 billion. I mean that's a massive reduction in the past three years with regards to the capital expenditure. About half of that is a phasing and timing.

我們系統性地檢視支出、工作範疇、我們把工作外包給誰來做，以及——並評估與之相關的風險等級。如果我們能找到更有效率或更有效的方法來完成資本支出，我們就會這麼做。我先前提到的削減中，有一部分就是如此。我提到過120億到140億南非蘭特（ZAR12 billion to ZAR14 billion）。我的意思是，過去三年在資本支出方面，這是非常大幅的下降。其中大約一半是分期與時點安排（phasing and timing）。

I think it's part of it's linked to mining where we are allocating a little bit more capital in FY27 for the reasons that Sandile has already highlighted. And then also on things like the ERR and compliance capital where we can find noncapital solutions we are pursuing that. So it's a trade-off that we make, but it is risk-based. And certainly, it's not at the expense of the asset integrity or safety. But Victor, do you want to add anything else?

我認為這部分與採礦有關，基於 Sandile 已經強調的原因，我們在 FY27 會多配置一些資本。另外，在像是 ERR 與合規資本等項目上，只要我們能找到非資本性的解決方案，我們就會採取。因此這是一個我們所做的取捨，但它是以風險為基礎的。而且可以肯定的是，這並不是以犧牲資產完整性或安全為代價。不過 Victor，你還想補充什麼嗎？

No, I thought it was well covered. Thank you.

沒有，我覺得已經涵蓋得很完整了。謝謝。

I'll cover the -- Gerhard, thank you for your question, the NERSA and the nature of competition. Firstly, on NERSA, I mean, let me start by saying we had good engagement and good working relationship with them. from our side, we -- of course, before we spend any significant capital to enable the supply of MRG, we will lack the competition assessment to be finished and NERSA understands that. So we're confident that, that will be done consistently and most adequately.

我來回應——Gerhard，謝謝你的提問，關於 NERSA 以及競爭的性質。首先談 NERSA。我的意思是，先說我們與他們有良好的互動與合作關係。就我們這邊而言——當然，在我們投入任何重大資本以促成 MRG 供應之前，我們會等待競爭評估完成，而 NERSA 也理解這一點。因此我們有信心，這將會以一致且最適當的方式完成。

As we look into this, I mean, MRG opportunity we need to make sure and confirm that, I mean, the alternative in terms of the products that we could make that is protected, and we've also been transparent and open with NERSA.

在我們審視這件事時，我的意思是，針對 MRG 的機會，我們需要確保並確認——我的意思是——就我們可以生產的替代產品而言是受到保護的，而且我們也一直對 NERSA 保持透明與開放。

Gas plays a significant role in the South African economy, supporting 700,000 jobs. And from a Sasol point of view, we will like to continue, I mean, supporting our customers and then all the -- I mean, people that depends on the entire gas economy.

天然氣在南非經濟中扮演重要角色，支撐 70 萬個工作機會。從 Sasol 的角度來看，我們希望能持續——我的意思是——支持我們的客戶，以及所有——我的意思是——依賴整個天然氣經濟的人。

So we're confident that, that will be resolved appropriately. But to answer your question, we will not be able to go ahead until the entire pricing on MRG is known to all parties. Secondly, on the nature of the competition, you're right.

因此我們有信心，這將會被妥善解決。但為了回答你的問題，在 MRG 的整體定價對所有相關方都清楚之前，我們無法繼續推進。第二，關於競爭的性質，你說得對。

This is a dynamic and changing landscape that we are alive to. Christian has already covered, I mean, one of our key response areas to move our products into, I mean, high-margin channels and also to continue with our organic growth strategy.

這是一個動態且不斷變化的環境，我們也充分意識到。Christian 已經談到——我的意思是——我們其中一個關鍵的應對領域，是將產品導向——我的意思是——高毛利通路，並且持續推進我們的有機成長策略。

So we'll continue with that. We also believe we've got, I mean, a serious security of supply because our assets are here in the country, almost insulated from, I mean, all the geopolitics. So that makes us, I mean, for customers also a preferred supplier. And those products, we can make -- I mean from imported crude, we can make it from coal.

所以我們會持續這麼做。我們也相信我們擁有——我的意思是——非常強的供應安全性，因為我們的資產就在國內，幾乎不受——我的意思是——各種地緣政治影響。因此，這也讓我們——我的意思是——對客戶而言成為首選供應商。而這些產品，我們可以生產——我的意思是——可以用進口原油生產，也可以用煤生產。

So we also have optionality and flexibility to make the products for our customers. We've also completed the Clean Fuels investment, which was a ZAR7 billion investment. That investment also comes with significant tank storage as well, which also allows us to have flexibility. And on the transformation agenda, we are busy. I mean, what you've seen when we set the targets for 2028 was to make sure that our business continues to be competitive.

因此我們也具備選擇性與彈性，能為客戶生產產品。我們也已完成 Clean Fuels 投資，這是一項 70 億南非蘭特（ZAR7 billion）的投資。該投資也包含大量的槽罐儲存能力，這也讓我們更具彈性。在轉型議程方面，我們正在推進。我的意思是，你們看到我們設定 2028 年目標時，就是為了確保我們的業務持續具競爭力。

And like we've said, our focus is beyond 2028. 2028 is just laying a very, very strong foundation. And on that foundation, we'll continue to make sure that the South African businesses are profitable well into the future, and that will give us the ability to be able to compete with the traders.

而且如同我們所說，我們的重點不只在 2028 年之後。2028 年只是奠定非常、非常堅實的基礎。在這個基礎上，我們會持續確保南非業務在未來很長一段時間都能維持獲利，而這也將讓我們具備與貿易商競爭的能力。

Thank you, Simon. I'm going to move back to the online platform for questions. There are a few more follow-ups on the international chemicals business. going to address a couple of questions from Ntebogang from Investec. If we could have some clarity around the rationale for the restart of the paraffin unit in Italy, it appears to contrast with the original reset strategy of exiting structurally underperforming assets. Could you help us understand what has changed and what is driving the restart?

謝謝你，Simon。我將回到線上平台的提問。關於國際化學品業務還有幾個追問。我會回應 Investec 的 Ntebogang 的幾個問題。如果可以的話，請釐清在義大利重啟石蠟（paraffin）裝置的理由；這似乎與原先重置策略中退出結構性表現不佳資產的方向相矛盾。你能協助我們理解有哪些改變，以及是什麼在驅動這次重啟嗎？

Also on International Chemicals, reflecting on the 15% to 20% reduction in cash fixed costs by '28, which was communicated at CMD. If the Paraffin unit is restarted, can we expect a reversal of some of those cost savings? Or have you structurally removed enough costs from the business to still achieve this target? And last question on the reset is, can you help us identify the remaining once-off costs associated with the International Chemicals reset?

另外，關於國際化學品業務，回顧在 CMD 上所溝通的，到 2028 年將現金固定成本降低 15% 至 20%。如果石蠟裝置重啟，我們是否可以預期部分成本節省會被逆轉？或者你們是否已從結構上移除足夠的成本，仍能達成這個目標？最後一個關於重置的問題是，你能協助我們辨識國際化學品重置相關剩餘的一次性成本有哪些嗎？

Antje you can take the questions.

Antje，你可以回答這些問題。

Thank you, Simon, and thank you for the question. The paraffin unit restart is a great example of our change trajectory in International Chemicals. It demonstrated agility and also the ability to take quickly decisions if we see that markets are changing, which is extremely important right now given the dynamic nature of the chemical global markets.

謝謝你，Simon，也謝謝你的提問。石蠟裝置的重啟，是我們國際化學品轉型軌跡的一個很好的例子。它展現了敏捷性，也展現了在我們看到市場變化時能快速做決策的能力；鑑於目前全球化學品市場的動態特性，這一點極其重要。

So I'm very proud of the team to move quickly ahead and capture that and also demonstrating through that customer intimacy because basically, we are helping our customers very much in a shortage situation of paraffin and also LAB, which are key components for many other products.

因此我為團隊感到非常自豪，他們能迅速推進並把握這個機會；同時也透過這件事展現了與客戶的緊密連結，因為基本上，在石蠟以及 LAB 供應短缺的情況下，我們正在大力協助客戶，而這兩者都是許多其他產品的關鍵組成。

So we saw that opportunity and therefore, restarted our iso plant in August and yeah, securing with that business continuity and also the potential, obviously, for us of additional business. Nevertheless, we stick to our cost -- fixed cost reduction target of 15% to 20% by fiscal year '28. We are well underway. As I've said, I mean, since fiscal year '24, we have reduced by 10%. Only this year, last year, it was 7%.

因此我們看到了這個機會，於是我們在 8 月重啟了我們的 iso 裝置；是的，藉此確保業務連續性，同時也為我們帶來——顯然——額外業務的潛力。儘管如此，我們仍會堅持到 2028 財年將固定成本降低 15% 至 20% 的目標。我們已經在穩步推進。如我所說——我的意思是——自 2024 財年以來，我們已降低了 10%。僅今年、去年就降低了 7%。

So therefore, we think that we have enough measures still open to deliver on that target going forward. There is one big one-off cost, which will go off in fiscal year '28, which is related to our ERP S/4HANA implementation. So that's one example of a one-off cost.

因此，我們認為未來仍有足夠的措施可以推動，以交付該目標。有一項較大的一次性成本，將在 2028 財年結束，這與我們的 ERP S/4HANA 導入有關。所以這是一個一次性成本的例子。

Thank you, Antje, for providing a bit of color. If I can move back to the balance sheet theme, there's a couple from a number of people regarding the net debt projections. I'll start with Nick van Rensburg from All Weather. Based on the high crack spreads and Brent price, debt will likely be below ZAR3 billion by December. What is the reason for keeping the net debt target at ZAR3.3 billion for the year?

謝謝你，Antje，提供更多說明。如果我可以回到資產負債表的主題，有幾位人士對淨負債預測提出了幾個問題。我先從 All Weather 的 Nick van Rensburg 開始。基於高裂解價差（crack spreads）與布蘭特油價，負債到 12 月很可能會低於 30 億南非蘭特。那麼，為什麼仍將全年淨負債目標維持在 33 億南非蘭特（ZAR3.3 billion）？

And what CapEx is associated perhaps to support that? Also a question from Themba at Excelsia Capital. Where does the majority of the CapEx go? And what level of CapEx is required across the mining operations to increase coal production?

以及是否有相關的資本支出（CapEx）可能用來支撐該目標？另外一個問題來自 Excelsia Capital 的 Themba。大部分的資本支出流向哪裡？而在採礦作業中，要提高煤炭產量需要多少程度的資本支出？

Another question from Stella Cridge from Barclays. Thank you for the updates. How do you plan to address the upcoming 2026 bonds and for the bond balances in the coming years, do you plan to return to the market in the near term? I just want to link to us another question from [Themba] also at Excelsior regarding the coal capital. So what time line should we expect for bringing sufficient coal production capacity online?

另一個問題來自 Barclays 的 Stella Cridge。謝謝你們的更新。你們計畫如何處理即將到期的 2026 年債券？而對於未來幾年的債券餘額，你們是否計畫在短期內重返市場？我也想把這連結到另一個問題，來自同樣是 Excelsior 的 [Themba]，關於煤炭資本。那麼，我們應該預期在什麼時間軸上，能讓足夠的煤炭產能上線？

I'm going to ask Walt, if you could address the balance sheet questions, please.

我想請 Walt 回答資產負債表相關的問題，麻煩了。

Yes. Thanks, Tiffany. Thanks, Nick and Themba and Stella. Nice to hear from you. I think on the -- we haven't kept the net debt target at $3.3 billion for the year.

是的。謝謝，Tiffany。謝謝，Nick、Themba、Stella。很高興聽到你們的聲音。我想就——我們並沒有把今年的淨負債目標維持在 33 億美元。

We're just guiding that it will be below that. At this stage, Nick, you'll appreciate, I mean, obviously, the macroeconomic environment is very volatile. So it's difficult to predict exactly. I mean our goal is obviously to get that net debt below USD3 billion sustainably as soon as possible. We're guiding it will be between FY27 and FY28 as we did at Capital Markets Day.

我們只是指引它會低於該水準。在這個階段，Nick，你也會理解，宏觀經濟環境顯然非常波動。所以很難精準預測。我們的目標當然是盡快、且可持續地把淨負債降到 30 億美元以下。我們的指引是如同在資本市場日所說，會在 FY27 到 FY28 之間達成。

That hasn't changed, and we'll continue to push that deleveraging to get to that target as soon as possible.

這點沒有改變，我們也會持續推動去槓桿，盡快達到該目標。

On the capital portion, around 60% of -- so we have first order capital and then we have a small portion of selective grow and transform at this stage. Our first order capital, around 60% of that is spent on sustenance of the assets. And then about 30% is on feedstock replacement. Up until these last few years, we've been spending the money in Mozambique on the PSA project. As Victor already mentioned, that spend is nearing completion with the beneficial operation that we achieved during this year.

在資本支出部分，大約 60%——我們有第一順位資本（first order capital），然後目前還有一小部分是選擇性的成長與轉型。我們的第一順位資本中，大約 60% 用於資產維持（sustenance）。另外約 30% 用於原料替換（feedstock replacement）。過去這幾年，我們一直在莫三比克的 PSA 專案上投入資金。如 Victor 已提到，隨著我們今年達成有利運轉（beneficial operation），該項支出已接近完成。

So some of the CapEx will shift towards our mining business and supporting coal as a feedstock.

因此，部分資本支出將轉向我們的採礦業務，並支援以煤作為原料。

And Sandile, you can unpack a little bit on the mining operations. But the guidance that we've given of ZAR23 billion to ZAR26 billion includes a higher allocation to mining in FY27. And then in terms of the upcoming maturities, we certainly are in a much better position, Stella, from a balance sheet perspective than we've been for a number of years. We have almost USD5 billion in liquidity. So we can manage it with our current liquidities, particularly the 2026.

Sandile，你可以再多說明一下採礦營運。不過我們給出的 ZAR230 億到 ZAR260 億資本支出指引，包含在 FY27 對採礦更高的配置。至於即將到期的債務，Stella，從資產負債表角度來看，我們確實處於比過去多年更好的位置。我們有接近 50 億美元的流動性。因此我們可以用目前的流動性來管理，特別是 2026 年到期的部分。

And we'll continue to look for opportunities for some of the nearer term. We've got the convert in 2027 and then we've already refinanced part of the '28 and '29. I think for me, our goal with regards to overall on the debt side is one is to reduce the absolute quantum of debt, which I think we've shown, again, down 11% this year; two, reduce the cost of debt.

我們也會持續尋找一些較近期到期債務的機會。我們在 2027 年有可轉債，並且已經為 2028 年與 2029 年的部分債務完成再融資。對我而言，我們在整體債務面上的目標是：第一，降低債務的絕對規模，我想我們已經展現了成果，今年再次下降 11%；第二，降低債務成本。

And I think Adrian alluded to it, but getting our investment-grade rating up will certainly help with that. And then three, the regional mix of our debt, and that was part of the transaction that we did in July, where we repaid some $300 million of U.S. debt and took on and listed a ZAR5.3 billion debt.

我想 Adrian 也提到，提高我們的投資級評等肯定會有幫助。第三，調整我們債務的區域組合；這也是我們 7 月那筆交易的一部分，我們償還了約 3 億美元的美國債務，並承作且上市了一筆 ZAR53 億的債務。

Sandile, if we can address the coal capacity.

Sandile，我們能否回應一下煤炭產能的問題。

If I can maybe address the question from Themba. Thanks, Themba. And the question was what time line should be expected to bring sufficient coal production capacity online. As indicated earlier, the coal supply to our operations require a fine balance between coal qualities, volumes and competitiveness. Now having said that, that optimal supply requires about 34 million tonnes coming through from our internal collieries.

我或許可以回應 Themba 的問題。謝謝，Themba。問題是：預期需要多長時間才能讓足夠的煤炭產能上線。如先前所述，供應我們營運所需的煤炭，需要在煤質、數量與競爭力之間取得精細平衡。話雖如此，最佳供應狀態需要約 3,400 萬噸由我們自有煤礦供應。

What we have seen coming through from Sasol Mining is a year-on-year improvement in terms of the volume -- supply and volume production. We are planning to continue with that trend to FY27, and we have given guidance of between 30 million and 32 million tonnes. And we also are committed during CMD that we will reach that optimal point by FY28 of supplying 34 million tonnes from our internal collieries.

我們看到 Sasol Mining 在供應量與產量方面逐年改善。我們計畫將這個趨勢延續到 FY27，並給出 3,000 萬到 3,200 萬噸的指引。我們也在資本市場日承諾，將在 FY28 達到最佳點，也就是由自有煤礦供應 3,400 萬噸。

Thank you, Sandile. I'm going to take the next call from Chorus Call. Operator, if you could direct that, please.

謝謝你，Sandile。我將接下一通來自 Chorus Call 的提問。接線員，麻煩你安排一下。

Alex Comer, JPMorgan.

Alex Comer，摩根大通。

Hi, guys. Thanks for taking the questions. Look, obviously, nobody really knows what's going to happen with regard to the moves and situation in Ukraine. But maybe you could just give me a little bit of guidance on what your run rate profitability is. I mean it looks to me like EBITDA in the final quarter was around about sort of ZAR25 billion.

嗨，各位。謝謝讓我提問。很明顯，沒有人真的知道烏克蘭局勢與相關動向會如何發展。但也許你們可以給我一些指引，說明你們目前的常態化獲利能力（run rate profitability）如何。我看起來第四季的 EBITDA 大約在 ZAR250 億左右。

So if you ignore the working capital -- assume the working capital sort of balance itself out this year, you could be close to sort of ZAR50 billion of free cash flow next year if that continues. So just maybe you could just give an indication of what current run rate EBITDA is maybe in the quarter, if you couldn't do that well, if you can, maybe on a monthly basis as well.

所以如果你忽略營運資金——假設今年營運資金大致能自我平衡——如果這樣的水準延續，明年你們的自由現金流可能接近 ZAR500 億。所以也許你們可以指示一下目前季度的常態化 EBITDA 大概是多少；如果不方便季度，若可以的話，也請提供月度層級的看法。

Thank you, Alex. Any further questions from your side?

謝謝你，Alex。你這邊還有其他問題嗎？

No, that's it.

沒有，就這些。

Walt, if I could ask you to address that one, please?

Walt，我可以請你回應這題嗎？

Yeah. I mean I think I'm not going to give specifics, Alex, with regards to the EBITDA run rate in the last quarter. I mean, needless to say, we did almost ZAR40 billion in -- if you think back to the H1, we were talking about a ZAR21 billion EBITDA. We ended up at closer to ZAR61 billion for the year. So that's ZAR40 billion in the second half of the year.

好的。我想我不會就上一季的 EBITDA 常態化水準提供具體數字，Alex。不過不言而喻，如果你回想上半年（H1），我們當時談的是 ZAR210 億的 EBITDA。全年最後接近 ZAR610 億。所以這代表下半年（H2）是 ZAR400 億。

We look back -- I mean, we hadn't done that since H2 of FY22 when the Russian invasion of the Ukraine took place. So we obviously saw a big benefit on earnings, and we built up some nice momentum with regards to that. I think what we're worried about on our side is more on the demand side and particularly, I would say, in the chemical space where prolonged higher oil prices, energy costs might erode on the customer buying behavior.

回頭看——我們自 FY22 下半年、也就是俄羅斯入侵烏克蘭發生時以來，就沒有做到這樣的水準。所以我們的獲利顯然受益很大，也在這方面建立了不錯的動能。我認為我們比較擔心的是需求端，特別是在化學品領域，若油價長期維持高檔、能源成本偏高，可能會侵蝕客戶的採購行為。

Certainly, we did see that also in our SA business in May and June, where you can imagine oil prices moving every day by huge amounts impacted on purchases, and it's part of the reason why we ended up with slightly higher inventory. But certainly, if the macros continue for longer, and we run a number of different scenarios, I think I drive the team crazy trying to figure out what's going to happen in the Strait of Hormuz.

當然，我們也在 5 月與 6 月的南非業務中看到這點；你可以想像油價每天大幅波動會影響採購，這也是我們最後庫存略高的部分原因。但如果宏觀情勢持續更久，我們也跑了許多不同情境；我想我一直試著搞清楚荷莫茲海峽會發生什麼事，快把團隊逼瘋了。

But I think we certainly -- if it continues, we're setting ourselves up for a good year, both from an earnings perspective, but I think importantly, from a free cash flow point of view. But we just need to stay focused on what we can control.

但我認為，如果這樣的情況持續，我們確實是在為一個好年度做準備，無論是獲利面，或更重要的自由現金流面。但我們必須專注在我們能控制的事情上。

I think the volumes that Simon has spoken to, the cost, the capital, bringing working capital down a few basis points will certainly help to improve free cash flow conversion and obviously accelerate that deleveraging pathway that we've been talking about.

我想 Simon 談到的銷量、成本、資本支出，以及把營運資金降低幾個基點，肯定會有助於提升自由現金流轉換率，並且加速我們一直在談的去槓桿路徑。

Thank you, Walt. I'm going to move to our sustainability section and address some questions from Luis Ribeiro from Banco and then Larry Claasen from Cape Business News. Maybe the first set of questions relates to the recent CREA findings about the emissions from Secunda and the assumptions, which assumptions does it specifically dispute?

謝謝你，Walt。我將進入我們的永續發展（sustainability）段落，並回應 Banco 的 Luis Ribeiro 以及 Cape Business News 的 Larry Claasen 的一些問題。第一組問題可能與 CREA 最近關於 Secunda 排放的研究結果及其假設有關；它具體質疑的是哪些假設？

Also, given the growing scrutiny around Secunda's A emissions, do you see any risk -- increased risk of tighter SO2 and NOx regulations or litigation coming in the future? And how much capital would be associated with those incremental projects that would be required?

另外，鑑於外界對 Secunda 的 A 排放日益嚴格的審視，您是否看到未來會有任何風險——例如更嚴格的 SO2 與 NOx 法規或訴訟風險上升？而這些所需的增量專案大約會涉及多少資本支出？

Secondly, I think from Larry, at Cape Business News, you have opted to be a catalyst and integrator and bring in partners for your Boegoebaai Green Hydrogen project. Does this mean you'll be looking for IPPs to generate electricity? And if so, has there been any interest in partnering with Sasol on this initiative? I'll pause there. Simon?

第二點，我想是來自 Cape Business News 的 Larry，您已選擇在 Boegoebaai 綠氫專案中扮演催化者與整合者的角色，並引入合作夥伴。這是否表示您會尋找獨立發電商（IPP）來發電？若是如此，是否已有任何與 Sasol 在此倡議上合作的意向？我先問到這裡。Simon？

Yeah. Thanks, Stephanie. I will start and Sarushen can then take the rest of the questions. On the CREA report, we've not yet seen the report. I mean it will be released, I mean, sometimes during the week. We will interrogate it to look at those assumptions. But I want to confirm that we have monitoring stations, air quality monitoring stations around Secunda and all our operations within all the licenses that we have to operate that facility. Sarushen, you can answer the rest of the questions.

是的。謝謝你，Stephanie。我先開始回答，Sarushen 之後可以接著回答其餘問題。關於 CREA 報告，我們目前尚未看到該報告。我的意思是，它將會發布，大概在本週的某個時候。我們會仔細檢視，以了解那些假設。但我想確認的是，我們在 Secunda 周邊設有監測站、空氣品質監測站，且我們所有營運都在我們持有的各項許可範圍內運作，以營運該設施。Sarushen，你可以回答其餘問題。

Thanks, Simon, and thanks, Louise and Larry for those questions. So on air quality, we are not standing still. Over the last -- since 2018, we spent almost ZAR11 billion on air quality improvements at our Secunda operations.

謝謝，Simon，也謝謝 Louise 與 Larry 的提問。關於空氣品質，我們並沒有停滯不前。自 2018 年以來，我們在 Secunda 營運的空氣品質改善上已投入將近 110 億南非蘭特（ZAR）。

And some of the notable achievements in the past year, we have abated 27 of our boilers with low NOx burners, improved the particulate emission performance of those boilers. In this year, we've shut down all the incinerators at our Secunda operations and diverted our bio sludge to our gasifiers, which then becomes recycled into fuels and other products.

而在過去一年一些值得注意的成果包括：我們已為 27 座鍋爐加裝低 NOx 燃燒器，並改善這些鍋爐的顆粒物排放表現。今年，我們已關閉 Secunda 營運中的所有焚化爐，並將生物污泥導入氣化爐，之後再回收轉化為燃料及其他產品。

So we are certainly not standing still on air quality improvements. But air quality is a complex matter. It's not just the industrial emissions. In an air shed, emissions from other sources such as domestic fuel burning, waste burning and then obviously, vehicle emissions also play a role.

因此，我們在空氣品質改善方面確實沒有停下腳步。但空氣品質是一個複雜的議題。不僅僅是工業排放。在同一空氣域（air shed）中，其他來源的排放，例如家庭燃料燃燒、廢棄物燃燒，當然還有車輛排放，也都會扮演角色。

So we're working quite closely with the department and with our communities on how we can improve the quality of the air shed. A significant example of that was the solution we proposed on sulfur dioxide, where the solution we proposed gave a better health and air quality outcome than just simply meeting emission standards. So it's something that we're working very closely, and we are committed to working with the department on how we can improve that.

因此，我們正與主管部門及社區密切合作，探討如何改善整個空氣域的空氣品質。其中一個重要例子是我們就二氧化硫提出的解決方案；我們提出的方案在健康與空氣品質的結果上，比單純達到排放標準更好。所以這是我們正在非常密切推動的工作，我們也承諾與主管部門合作，探討如何改善。

On Boegoebaai and Green Hydrogen, firstly, let me say, I mean, we certainly see the potential of the Northern Cape. The Northern Cape is one of the best areas in the world, blessed with both wind and solar and an immense amount of land. So if a green hydrogen project is going to be successful anywhere in the world, the Northern Cape is certainly one of the prime destinations.

關於 Boegoebaai 與綠氫，首先我想說，我們確實看到了北開普省（Northern Cape）的潛力。北開普省是全球最好的地區之一，同時擁有風能與太陽能資源，並且土地面積廣大。因此，如果綠氫專案能在世界任何地方成功，北開普省無疑是首選目的地之一。

We're working quite closely with the Northern Cape government and with other industrial partners, BUSA and the national government on how do we then unlock that region. And two things are going to be critical to unlock the Boegoebaai development.

我們正與北開普省政府、其他工業夥伴、BUSA 以及國家政府密切合作，探討如何釋放該地區的發展。而要推動 Boegoebaai 的開發，有兩件事將是關鍵。

Firstly is grid access for that region because the region does not have a strong connection to the South African grid. So we're working with the department on how do we now improve and strengthen that grid. And I think you'll see the department is moving in terms of bringing IPPs on board to participate in grid development. So that will help unlock it.

第一是該地區的電網接入，因為該地區與南非電網的連結並不強。因此我們正與主管部門合作，探討如何改善並強化該電網。我想你們也會看到主管部門正推動引入獨立發電商（IPP）參與電網建設。這將有助於釋放該地區的發展。

And then the second one is the port development for the Boegoebaai region. That port will then allow international access for the products. So it's something that we're working to unlock, and we certainly see the potential of that opportunity.

第二是 Boegoebaai 地區的港口開發。該港口將使產品能夠進入國際市場。因此，這是我們正在努力推動以解鎖的項目，我們也確實看到了這個機會的潛力。

Thank you, Simon. I'm going to remind everyone if you have any further questions to please submit online. We are seeing not many coming through. There's one last one from Lisa at News24. The production from Natref seems a major boost. What is the plan going forward? Do you want or need a partner? And is there a scenario where Sasol would continue to operate it alone?

謝謝你，Simon。我想提醒大家，如果還有其他問題，請在線上提交。我們看到目前進來的不多。最後還有一個問題，來自 News24 的 Lisa。Natref 的產量似乎是一個重大提振。接下來的計畫是什麼？你們是否想要或需要一個合作夥伴？是否存在 Sasol 繼續單獨營運的情境？

The Sasol owns 64% of Natref already. 36% was owned by Prax. And I mean, as you all know, Prax then went into business rescue. So the BRP is busy, I mean, trying to sell Prax's state. I think for Sasol, we've got the ROFR on that, and I think we'll analyze it and evaluate it and when we see everything. I think all the decisions that we're going to take will be value accretive for the business. That will be the basis of how we're going to make that decision.

Sasol 已經持有 Natref 64% 的股權。36% 由 Prax 持有。而且如各位所知，Prax 之後進入了企業拯救程序（business rescue）。因此企業拯救管理人（BRP）正在處理——也就是嘗試出售 Prax 的持股。我認為對 Sasol 而言，我們對此擁有優先購買權（ROFR），我們會在看到所有資訊後進行分析與評估。我認為我們將做出的所有決策都會以提升企業價值為前提。這將是我們做出該決定的依據。

Great. Thank you, Simon. I'm going to just check with Chorus Call if there are any further queued people online.

好的。謝謝你，Simon。我將向 Chorus Call 確認線上是否還有其他排隊提問的人。

Thank you. At this point, we have no further questions from the telephone lines. Thank you.

謝謝。目前電話線上沒有其他問題。謝謝。

Thank you very much. Okay. So that concludes our market call and Q&A session today. On behalf of the executive management team, I'd like to thank you for your participation in the call and for your attention on the presentation. We'd like to conclude the session today. We wish you a safe and pleasant day further. Thank you.

非常感謝。好的。那麼今天的市場電話會議與問答環節就到此結束。我代表執行管理團隊，感謝各位參與本次電話會議，並關注本次簡報。我們今天的會議到此結束。祝各位接下來度過安全愉快的一天。謝謝。