Rhodes Hattingh (39) the manager of Kyalami Lodge appeared before the Nelspruit Magistrate Court on Tuesday morning after he was arrested by members of the Hawks’ Serious Commercial Crime Investigation team in Mpumalanga for fraud and theft.
Rhodes Hattingh
It is alleged that in January 2012 the accused was appointed as a general manager of Kyalami Lodge where he issued false invoices to the employer on behalf of suppliers for services that were never rendered.
Hattingh transferred the ill-gotten money into his personal bank account.
August is the month to celebrate women. Lize van Niekerk is definitely a woman to lookout for. This young entrepreneur lights up the room when she enters with her broad smile and infectious personality. But do not take her lightly as she is an award winning business owner behind that broad smile.
Lize van Niekerk
Lize (27) grew up in Pretoria but she could not have been where she is today if it were not for her stamina, strength and phenomenal drive to succeed in life.
She studied BA Visual Communication at the University of Pretoria. She continued her studies in a master’s degree in Fashion Merchandising and Retail Management at LIM College in New York and is currently busy with her MBA through correspondence at the University of Southern New Hampshire, America.
While studying in New York, Lize also worked at a retail store for experience.
“I used to walk to LIM College through Times Square every day. Every day was different and held a new experience. That’s the magic of Times Square!” Lize said smiling.
She moved back to South Africa in 2018 and worked in the fashion industry in Sandton for a year and a half. As I was interviewing Lize, she looked over her coffee mug and said: “I did not like that job very much.”
I asked her why she moved to Secunda and she lit the whole room up with a warm smile, blushed like a new bride and exclaimed: “For love of course!”
With time on her hands she decided to plant the seed that has been cultivating for the past 10 years… Die Swart Skaap.
Lize joked that she is the black sheep in her family and that is where the name Die Swart Skaap comes from.
She started with simple designs to print on the T-Shirts. All the slogans and designs pertain to being the black sheep of the family.
The 1st range of Die Swart Skaap T-Shirts cost her R 3000 including printing. She only printed 40 T-Shirts to test the waters and ensure that there is a market for something that is completely original and out of the box. Lize started this project out of her own pocket.
“I was terrified that people won’t relate to the brand. My fiancé was willing to assist me financially in my endeavour but I decided to face this new chapter in my life on my own. He never stopped supporting me!”
Lize and her fiancé, Dian Rosslee
Lize was shocked at how quickly the 1st range sold out. She wasted no time to design new shirts for the second range.
The second range saw the appearance of the crop top tee and a men’s range. She invested R 12 000 in the second range (150 shirts).
Lize struggled to keep up with orders with the second range. The brand Die Swart Skaap grew into an astonishing success.
Die Swart Skaap was nominated at the 2020 Afriforum Netwerk Tinteltong awards for the easiest online shopping experience and of course it was clear from the time Die Swart Skaap would win. The website is truly user friendly and definitely effortless to navigate.
Lize receiving an award at the 2020 Afriforum Netwerk Tinteltong awards
She is currently busy designing the third range of Die Swart Skaap which will be her Spring/Summer range. She does not want to divulge too much but said that the third range is something that customers can look forward to, that it is something fresh and spunky.
Every range has three designs. The designs are original, funky and spunky and definitely can be worn by anyone and by all ages!
Die Swart Skaap is definitely for all ages
It is phenomenal to see young entrepreneurs take chances especially if the young entrepreneur is a young, outgoing, original and fervent young woman.
Her approach to life and how she handles every challenge in her path is a testament to her never give up attitude and lust for life! She is the epitome of grace, beauty and elegance and the sky is not the limit for this compelling and strong young lady.
One of Die Swart Skaap’s designs says: “Swart Skape dink.” You definitely do not have to think about following Lize because as another of the designs says: “Skape Volg!”
Slowly but surely everything is going back to normal. Sports may resume and one of the most exciting sports’ first event will be taking place in Secunda to kick off this year’s National Rally Championships (NRC)! Local driver, AC Potgieter will be back on the track and cannot wait for the 3… 2… 1… GO!
The last time The Bulletin reported on AC, AC had just won his appeal after being accused of allegedly having a hole where the number plate has to be.
AC and Nico Swartz going for gold!
An excerpt from the previous article:
“The alleged complaint is regarding the new test model 1 litre Volkswagen he was driving this year. The complaint is allegedly regarding a hole, where the number plate is normally mounted, in the bumper. AC said that they will not go down without a fight and has lodged a dispute at Motorsport South Africa to contest these allegations.
The appeal (Appeal 445) has now been conducted and the results are positive for AC and Nico. Here are some excerpts from the findings: “In the appeal of ANTHONIE POTGIETER – APPELLANT relating to his protest against the findings of the Stewards of the 2019 TRANC4 National Rally Championship event held at Bronkhorstspruit on 28th September 2019. MSA granted leave to appeal to competitor AC Potgieter (competitor # 2) against the decision taken by the Stewards at a protest hearing held on 28th September 2019 during Round 6 of the 2019 National Rally Championship held at Bronkhorstspruit” PROCEEDINGS: All parties involved were given the opportunity to present their arguments relevant to the appeal document provided to the court.
According to the Technical Delegate (Mr Language), it was ruled that the modification of the bumper was non-compliant as it contravened the homologation of the car and constituted a performance enhancement.
A set of homologation documents was supplied to the Technical Delegate, who confirmed he had these documents in his possession at the event. He stated that, although the issue in dispute (front bumper modified air inlet) was stated on the document, there was no photo (photo no 19) to go with the statement and therefore he found it to be non-compliant. a. Homologation documents with no A-143/12 Extension no 25/20 VR2N dated 24/09/19 were presented to the court as evidence. A reference on the right-hand bottom corner of the document indicated – VW POLO RS2 A143_ 12 25_ 20 VR2N 24.09.19 2. This document had been sent prior to the event. b. The court also had in its possession homologation documents with reference no A143/12, Extension no 25/20 VR2N dated 29/03/2019 and dated 11/10/19, in which the item for the Front Bumper Modified Air Inlet was not reflected. On the right-hand bottom corner of the document indicated – VW POLO RS2 A143 12 25_ 20 VR2N 24.09.19 _3. This document had been sent post the event. “ FINDINGS: It is clear to the court that this vehicle is busy being homologated during the 2019 year and, as can be seen from the homologation documents, this process is ongoing and the homologation document is being changed as technical changes and parts are being added or removed. The findings of the Stewards, whereby the # 2 car driven by competitor AC Potgieter was excluded from the results of the event, are set aside in their entirety and the # 2 car is to be reinstated in the event results.”
Now, with the first NRC rally to take place in Secunda, AC spoke to The Bulletin and told The Bulletin that he cannot wait to get back behind the wheel.
During the lockdown, AC’s test model 1 litre Volkswagen was maintained. For anyone who knows about cars, these cars have to be kept maintained even when the car is not being driven, sponsors must be sought and everything has to be kept in tip top shape.
“The car is ready to go! We have sorted out every snag that we encountered last year. With the test drive we did everything went smoothly,” AC said enthusiastically.
With the first rally being hosted in Secunda, AC has a hometown advantage.
“There are various stages in each rally. You have a certain time to complete each stage. If you have a flat or something happens to your car, you still only have, for example, 10 minutes to complete the stage. If you do not complete the stage in time, you will receive penalties. You have an open section and a special stage. An open section means that we have to follow the road rules like any other driver,” AC explained excitedly.
The rallies will take place on these dates:
11 – 12 September, Secunda (NRC and NR Round 1 and 2)
This rally will be seen as two rallies.
The reason for this is that in order to have a national championship for the year, there must be five rallies. The organisers of the events went to a great deal to make this happen.
17 October, Venue TBA (NRC and NR Round 3)
27 – 28 November, Trac N4 Rally, Dullstroom (NRC and NR Round 4 and 5)
Format for Events and Championship
For the two “Double Round” events, the following will apply:
Each Day / Round will consist of +/- 80 to 100 stage kilometres.
Each Day / Round will be scored separately.
Stages used on Day 1 will not be repeated on Day 2.
All five Rounds will count towards the NRC (no dropped points).
For the Northern Regions Championship only the best four results will count.
Rally specific Covid-19 Prevention Measures will be published in the Event Regulations.
Preparations have already started for the Secunda NRC rally. The routes have been laid out and the stages being prepared.
Motorsport South Africa (MSA) also released the following guidelines and regulations that must be followed at the rallies by the organisers. Here are some of the COVID-19 regulations:
Appoint a COVID-19 Compliance Officer, who shall complete the specified MSA COVID-19 checklist document and submit same to MSA by the Tuesday following the event.
It is the responsibility of the COVID-19 Compliance Officer to ensure ongoing compliance with these protocols throughout the event. If, at any stage during the event, these protocols are not adhered to, the COVID-19 Compliance Officer must advise the appointed Stewards, who will promptly instruct the Clerk of the Course to cease competition until such time as the breach has been rectified.
Ensure that temperature-screening is conducted on all persons entering the venue and maintain a complete register of event attendees and their contact details for contact tracing purposes should this prove necessary. This register, preferably in electronic format, must be submitted to MSA.
Any person with a recorded temperature of 37.5 degrees or higher will be denied access to the event and will be advised to return home, self-isolate and contact the government’s coronavirus hotline – 0800 029 999 – for further instructions, which may include being referred for COVID-19 testing.
Ensure daily appropriate sanitisation of the venues they make use of for their events, before, during and after the event.
Suitable confirmation in this regard shall be required by MSA prior to an event permit being issued.
Put in place practical measures to enforce social distancing requirements, including the provision of signage and the creation of barriers and/or markings that restrict the number of people in any given area.
The Stewards at each event are not authorised to approve the start of the competition until they have received the signed and satisfactorily completed checklist from the COVID-19 Compliance Officer.
Under no circumstances shall anyone with symptoms consistent with COVID-19 (such as fever, respiratory symptoms, shortness of breath, sore throat, cough, fatigue or lack of sense of smell) or who has tested positive for COVID-19, be admitted to a motorsport event.
Under no circumstances shall anyone attend a motorsport event if they have been:
diagnosed with COVID-19 in the previous 14 days: or
been in contact with a known COVID-19 positive case in the previous 14 days.
No spectators may be granted access to events.
Avoid gatherings of more than 10 people in all places at an event:
Social distancing requirements to be adhered to by all event attendees.
1.5 m minimum distance to be maintained between people.
Masks are to be worn at all times by all event attendees (except competitors when wearing full face crash helmets or a properly fitted fire-resistant balaclava (which must cover the mouth and nose at all times) with an open face helmet where these are permitted).
All persons present at motorsport events shall ensure that they have access to alcohol-based hand sanitisers in order to promote hand cleanliness in the absence of soap and water. Event organisers are also required to make a supply of hand sanitisers available for general use in suitable locations. All hand sanitisers must contain a minimum of 70% alcohol.
No alcohol may be distributed or consumed at motorsport events.
COVID-19 specific signage must be clearly displayed as and where appropriate to remind the people present to wear masks, clean their hands and practice social distancing.
“The masks would not be an issue as we always wear are fireproof balaclavas when driving.”
AC and Nico Swartz will be driving together again and both men are rearing to go.
AC and Nico with #2
“It is like second nature getting back behind the wheel. Yes, we are a bit rusty but nothing can compare to that adrenaline that kicks in when you are at the starting point!”
Even though no spectator would be allowed to enjoy the rally, Secunda will be rooting for AC and Nico from home!
Govan Mbeki Municipality residents have reported several attempts as well as actual cases of hijacking in the municipal area.
Jaco Horn, from GTR and Secunda 911 assist 24/7, issued a warning once again on his Zello channel, urging people to be vigilant when arriving or leaving their homes. This was after the latest attempt this morning in the residential area.
Here is the police report
The victim was on her way to work with her vehicle silver/grey VW Polo (REG: NN 93357).
Just outside of her driveway in the street she saw an unknown man coming towards her. She was trying to avoid him as he was in the road.
The man came to the driver’s side of the vehicle and tried to open the door, but it was locked.
He took out a silver handgun and pointed it in her direction demanding her to get out of the vehicle, he spoke in Zulu to her.
She did not get out and he shot at the driver’s door of the vehicle. She sped away and the suspect ran away in the opposite direction.
No injuries were reported.
The damage to the vehicle is on the right front door just underneath the window. The window shattered when the shot was fired.
All the role players were on the scene as well as Col Mbokane and Col Mashili.
Description of suspect:
Tall African male, speaking Zulu
Front teeth, top and bottom are gold.
Bold and clean shaven.
Did not wear a mask. Sasol two piece PPE (pants and jacket).
Dark “caramel” complexion.
If you have any information about the suspect, please contact Warrant Officer Marieta Wright at 082 856 9322 or 017 624 2242.
One should also be extra cautious when approaching intersections and stops signs.
Residents can make use of the following zello channels for urgent assistance if needed namely Secunda 911, Secunda 911 assist 24/7 and Langamed.
Zello is a Push To Talk App that is downloadable from Playstore.
Tracker, the car tracking company, reported on their website that hijackings levels are on the rise.
Tracker’s vehicle crime statistics for the year July 2019 to June 2020 indicate that hijacking is on the rise and remained prevalent during the lockdown period even with a significant drop in vehicle crime. Hijacking can also happen at any time of the day, any day of the week, and Tracker calls on the public to remain vigilant at all times.
Hijack levels are on the rise
Recorded from Tracker’s more than 1.1 million installed vehicle base, the statistics reveal that before the unprecedented event of lockdown, the number of vehicle crime activities rose nationally by 11% year-on-year, driven mainly by hijacking with an increase of 21%. Theft of vehicles, meanwhile, remained at a similar level to the previous year.
The lockdown period brought with it an extraordinary set of circumstances and vehicle crime numbers last seen decades ago, particularly during level 5 restrictions. In April, the number of vehicle crime activities nationally declined to only 19% of the average monthly vehicle crime activities. As the country’s restrictions were lifted vehicle crime activities increased, with May experiencing a three-fold increase to 62% of the average vehicle crime activities, while June was close to usual levels at 93%.
However, even with this drastic decrease in vehicle crime, hijacking was more prevalent than theft during lockdown. Hijacking attributed a higher percentage of the Tracker vehicle crime activities during lockdown when compared to theft, averaging a 56/44 split. This is an increase on the 50/50 split between hijacking and theft for the months before lockdown. It is a further increase on the previous year, which saw a 45/55 split in favour of theft. In addition, despite level 3 lockdown June 2020 hijacking numbers reached the same level as June 2019.
The latest data also indicates that there has been a shift in the trend regarding day of week and time of day when hijacking is reported. Hijacking is now prevalent throughout the week, from Tuesday to Saturday with only slightly less activity on Sundays and Mondays. Hijackings are also reported to Tracker throughout the day from 11am to midnight. Meanwhile theft is mainly reported around the weekend and during lunchtime hours.
Hostage taking is still a daily occurrence and remains a huge concern. Further crime trends noted by Tracker include a noticeable increase in vehicles being targeted for their loads, particularly food items and fast-moving consumable goods. Clients are also being robbed of their valuables and in some instance’s large amounts of cash.
The provinces and towns most affected by vehicle crime remain similar to past indices. Gauteng still experiences the most vehicle crime, with hijackings prevalent in Johannesburg. This is followed by KwaZulu-Natal with Durban in the top spot, and the Western Cape with hijackings mainly occurring in Mitchells Plain. Further hijacking hotspots include eMalahleni in Mpumalanga, Ibhayi in the Eastern Cape, Rustenburg in the North West, Burgersfort in Limpopo, Bloemfontein in the Free State and Dikhing in the Northern Cape.
Tracker’s efforts to combat vehicle crime resulted in 5447 vehicle recoveries, 819 arrests and 39 firearms recovered for the twelve months from July 2019 to June 2020.
“With the latest statistics indicating that hijacking can happen on any day of the week and at any time, it is clear that criminals are taking advantage of opportunistic situations and it is therefore imperative to always remain vigilant,” says Ron Knott-Craig, Executive: Operational Services at Tracker South Africa. “Make sure that your vehicle tracking device is in working order and make use of the features offered by your vehicle tracking service.”
Crime Prevention: Safety TipsSafety Awareness in a Vehicle
Ensure that your vehicle is in good condition when you plan to go on a journey.
Ensure that the fuel tank of your vehicle always has sufficient fuel.
Always lock your vehicles doors and keep the windows closed.
Do not leave your vehicle unlocked, even if you think you will be away for only a minute.
Avoid stopping at remote places.
Park your vehicle in places that are well lit.
If a stranger wants to talk to you while in your vehicle, do not open the window wide -only 5 cm is enough to have a discussion.
If something seems suspicious, do not talk to strangers, rather be rude and drive away.
Limit your trips at night or at least take someone along with you.
Vary the route you travel to work and back if this is possible.
If approached by a stranger while in your car, drive off if possible or press your hooter to attract attention.
If strangers loiter near or at your driveway, rather drive past. If they loiter for a long time, report it to your nearest police station.
Car jackers may stage a minor accident so they can approach your car.
If your car is bumped from behind and you do not feel comfortable with the individual(s) involved in the situation, drive to the nearest police station for help.
Do not reach for your purse or valuables. Leave everything behind if forced from the car.
Your life is more valuable than your possessions.
Do not resist, especially if the thief has a weapon.
Give up your vehicle with no questions asked and move away.
A lift club limits the risk of becoming a victim of crime.
Do not give strangers a lift.
A gear lock is an affordable and a very effective anti-theft device.
If possible, put up a mirror against the front wall of your garage to see if someone is following you into the garage.
Do not open your garage doors before your gates are closed.
Last Saturday night August 15th, our President announced the following, with regards to taverns, bars, and alcohol sales:
– Alcohol may be sold for consumption in licensed premises. – All gatherings are limited to a maximum of 50 people. – A curfew remains in place from 10 pm to 4 am.
Why list these specific points?
Because they all relate to Zebra Lounge and our reopening!
Yes, you heard right, we are back and better than ever.
Before lockdown, we had a few events planned and was ready for entertaining you guys non-stop, which we, unfortunately, had to cancel.
Those events included a wine tasting, quiz nights and three live shows. For those of you who have visited Zebra Lounge, you will know our lounge is quaint and small – our venue does not take more than 80 people.
Elmarie van Huyssteen and Althea Rossouw enjoying some mum and daughter time with a signature Zebra Lounge cocktail
We can easily host intimate, small shows and you can finally come out for a fun, safe night knowing there are not too many people surrounding you.
With that being said, our plan is to ease into this new normal of ours and start slow and small. We are planning to restart our events very soon, possibly with a live show to hit off the new normal and the new Zebra’s.
Naturally, once our events start happening again they will be finished by 9:30 pm in order to adhere to the curfew and get you all home in time.
In the meantime, Zebra Lounge is open to the public from 10 am for all you coffeeholic and work addicts to come and take advantage of our premises; we’ve got fantastic coffee, cappuccinos, café latte’s and teas.
Do not forget Zebra Lounge is a quiet place to work with FREE WIFI!
A satisfied customer enjoying the free WI-FI at Zebra Lounge whilst enjoying a cold one
If coffee is not your thing, come and finally get drinks served to you and not by you at your house. We have got lovely cocktail specials and affordable cold beer!
Bring the girls for a girl’s night accompanied by beautiful blues music in the background or get the lads together for a cold one, whilst listening to some good indie-rock.
We have got what you want…tasty drinks, chill lounge vibes and good music!
The Acting Municipal Manager of Gert Sibande District Municipality (GSDM), Mr Ephraim Thabethe convened the sitting of the Council of GSDM on the 14th of August 2020 and presided over the election of the new Speaker of Council, Cllr Busisiwe Sekhonde.
The election of Cllr Sekhonde follows a vacancy created by the passing of late Cllr Mangaliso Joshua Nkosi in July 2020.
In her acceptance speech as the new elected Speaker of Council, Cllr Sekhonde appreciated the confidence and responsibility bestowed upon her to provide political and administrative leadership to Council.
“These are the big shoes left by the late Cllr Joshua Nkosi but I trust that we will continue working together and that we will remain as united as we have been,” said Cllr Sekhonde.
MMC for Special Projects, Youth and Rural Development Councillor Busi Sikhonde
Council congratulated the Speaker in her new role.
Prior to the new role, Cllr Sekhonde served as a Member of the Mayoral Committee responsible for Community and Social Services.
The election of the new Speaker was conducted virtually. It was conducted in line with Section 36, 37 and 39 of the Local Government: Municipal Structures Act 1998 (Act 117 of 1998).
Sasol delivered a satisfactory set of business results for the first half of the year, driven by oil prices averaging US $62,62/bbl. and a solid production performance. During the second half of the year our earnings was severely impacted by the sudden collapse in oil prices and the economic consequences of the COVID-19 pandemic.
The combined effects of unprecedented low oil prices, destruction of demand for products and impairments of R 111,6 billion resulted in a loss of R 91,3 billion for the year compared to earnings of R 6,1 billion in the prior year.
Within a volatile and uncertain macroeconomic environment, our foundation businesses still delivered resilient results with a strong volume, cash fixed cost and working capital performance.
The 18% decrease in the rand per barrel price of Brent crude oil coupled with much softer global chemical and refining margins negatively impacted our realised gross margins especially during the second half of the year.
The LCCP delivered an improved earnings before interest, taxation, depreciation and amortisation (EBITDA) performance in the second half of the year of approximately R 100 million (US $8 million), despite a very challenging macroeconomic environment.
This compares to a loss before interest, taxation, depreciation and amortisation (LBITDA) of R 1,1 billion
(US $70 million) recorded in the first half of the year.
Earnings were further impacted by R 3,9 billion in additional depreciation charges and approximately R 6,0 billion in finance charges for the year as the LCCP units reached beneficial operation.
Our Energy business’s gross margin percentage decreased from 43% in the prior year to 38% due to the significant impacts of supply and demand shocks that led to lower crude oil prices and product differentials.
We expect that oil prices will remain low for the next 12 to 18 months as the impact of COVID-19 becomes better understood. Oil markets also continued to remain exposed to shifts in geopolitical risks as well as supply and demand movements.
Despite experiencing softer commodity chemical prices across most of our sales regions due
to weaker global demand and increased global capacity, our Base Chemicals and performance Chemicals businesses, including LCCP, reported increased sales volumes of 19% and 8% respectively and maintained robust results on certain products, ensuring a level of resilience in our cash flows.
Total cash fixed costs for the first half of the year were trending above 10% compared to the prior period, however, in the second half, we significantly improved our total cash fixed cost performance resulting in the full year cost remaining flat when compared to the prior year.
This was largely attributable to the implementation of our comprehensive response plan focusing on cash fixed cost reduction and enhanced cash flow.
As a result, our key metrics were impacted as follows:
Working capital managed to optimal levels achieving an additional benefit of R 9,2 billion relative to our internal plans. This resulted in a historical low working capital ratio of 12,5% compared to 14,8% for the prior year. Investment in working capital decreased by R 5,8 billion during the year.
Capital expenditure optimised by approximately R 6,0 billion by deferring certain expenditure without compromising on safety and the reliability of our operations.
Loss before interest and tax (LBIT) of R 111,0 billion compared to earnings before interest and tax (EBIT) of R 9,7 billion in the prior year.
Adjusted EBITDA (1) declined by 27% from R 4 7,6 billion in the prior year to R 35,0 billion.
Basic earnings per share (EPS) decreased to a R 147,45 loss per share compared to earnings per share of R 6,97 in the prior year.
Headline earnings per share (HEPS) decreased by more than 100% to a R 11,79 loss per share compared to the prior year and
Core headline earnings per share (2) (CHEPS) decreased by 61% to R 14,79 compared to the prior year.
Key metrics
2020
2019
Change %
(LBIT)/EBIT (R million)
(111 030)
9 697
(more than 100)
Adjusted EBITDA 1 (R million)
34 976
47 637
(27)
Headline (loss)/earnings (R million)
(7 285)
18 941
(more than 100)
Basic (loss)/earnings per share (Rand)
(147,45)
6,97
(more than 100)
Headline (loss)/earnings per share (Rand)
(11,79)
30,72
(more than 100)
Core headline earnings per share (2) (Rand)
14,79
37,65
(61)
Dividend per share (Rand)
– Interim (Rand)
0,0
5,90
(100)
– Final (Rand)
0,0
0,0
0
Adjusted EBITDA is calculated by adjusting EBIT for depreciation and amortisation, share-based payments, remeasurement items, movement in environmental provisions due to discount rate changes, unrealised net losses/(gains) on all derivatives and edging activities and unrealised translation losses arising on the translation of monetary assets and liabilities into functional currency. We believe Adjusted EBITDA and Core HEPS as noted below, are useful measures of the Group’s underlying cash flow performance. However, this is not a defined term under IFRS and may not be comparable with similarly titled measures reported by other companies. (Adjusted EBITDA constitutes pro forma financial information in terms of the JSE Limited Listings Requirements and should be read in conjunction with the basis of preparation and pro forma financial information as set out in the full set of audited summarised financial statements.)
Core HEPS is calculated by adjusting headline earnings per share with certain once-off items (provision for tax litigation matters and LCCP cash fixed cost with limited corresponding gross margin), year-end close adjustments and depreciation and amortisation of capital projects (exceeding R 4 billion) which have reached beneficial operation and are still ramping up and share-based payments on implementation of B-BBEE transactions. Year-end close adjustments include unrealised net losses/(gains) on all derivatives and hedging activities and unrealised translation losses arising on the translation of monetary assets and liabilities into functional currency in order to remove volatility from earnings from year to year. (Core HEPS constitutes pro forma financial information in terms of the JSE Limited Listings Requirements and should be read in conjunction with the basis of preparation and pro forma financial information as set out in the full set of audited summarised financial statements.)
Net asset value
2020
2019
Change %
Total assets (R million
479 162
469 968
2
Total liabilities (R million)
319 914
244 173
31
Total equity (R million)
159 248
225 795
(29)
Turnover (R million)
(LBIT)/EBIT (R million)
2019
2020
2020
2019
20 876
19 891
Mining
2 756
4 701
5 184
5 204
Exploration and Production
1 197
(889)
International
83 803
67 901
Energy
(6 678)
16 566
48 813
52 683
Base Chemicals
(70 804)
(1 431)
68 296
69 197
Performance Chemicals
(24 455)
(7 040)
78
30
Group Functions
(13 046)
(2 210)
227 050
214 906
Group performance
(111 030)
9 697
(23 474)
(24 539)
Intersegmental turnover
203 576
190 367
External turnover
Balance sheet management
Cash generated by operating activities decreased by 18% to R 42,4 billion compared to the prior year. This was largely due to the softer macroeconomic environment during the first six months of the year which was further impacted by the severe economic consequences from the COVID-19 pandemic and lower oil prices during the second half of the year, coupled with the LCCP still being in a ramp-up phase.
The decrease was partially negated by another strong working capital and cost performance from the foundation business. Investment in working capital decreased by R 5,8 billion during the year due to focused management actions, resulting in a working capital ratio of 12,5%.
To create flexibility in Sasol’s balance sheet during our peak gearing period, we have successfully engaged with our lenders to waive our covenants as at 30 June 2020 and to lift our covenants from 3,0 times to 4,0 times of Net debt: EBITDA (bank definition) as at 31 December 2020.
This provides additional flexibility, which is subject to conditions, consistent with our capital allocation framework, prioritising debt reduction through commitments to suspend dividend payments and acquisitions while our leverage is above 3,0 times Net debt: EBITDA.
We will also reduce the size of our facilities as debt levels reduce. Our Net debt: EBITDA ratio on 30 June 2020, based on the revolving credit facility and US dollar term loan covenant definition, was 4,3 times. The weaker Rand/US$ dollar exchange rate on 30 June 2020 impacted Net debt: EBITDA by 0,6 times.
During the year we secured incremental US dollar liquidity through a US $1 billion syndicated loan facility for up to 18 months and bilateral facilities (with a combined quantum of US $250 million) with a tenure of two years.
These facilities enhance our US dollar liquidity position during the peak gearing phase as the LCCP ramps up. In the South African market, we have both bank loan facilities and an R 8,0 billion Domestic Medium-Term Note Programme (DMTN) which was established in 2017.
In August 2019, we issued our inaugural paper to the value of R 2,2 billion in the local debt market under this DMTN programme.
As of 30 June 2020, our total debt was R 189,7 billion compared to R 130,9 billion as of 30 June 2019, with approximately R 174,6 billion (US $10,1 billion) denominated in US dollar.
Our balance sheet is highly geared, requiring a reduction in US dollar denominated debt in order to achieve a targeted Net debt: EBITDA of less than 2,0 times and gearing of 30%, which we believe would be sustainable with oil at approximately US$45 per barrel (in real terms).
Through our comprehensive response plan, we have taken immediate steps to reset our capital structure by targeting to generate at least US $6 billion by the end of 2021.
Our gearing increased from 56,3% on 30 June 2019 to 114,5% mainly due to remeasurement items (39%) recognised, a weaker closing Rand/US dollar exchange rate (6%) and the adoption of the IFRS 16 ‘Leases’ accounting standard (4%).
Deleveraging the balance sheet is one of our highest priorities to ensure business sustainability to position us for the future to deliver value to our stakeholders.
Consistent with our long-term commitment to return to an investment grade credit rating, we are engaging with ratings agencies regarding the progress on our comprehensive response plan.
As of 30 June 2020, our liquidity headroom was in excess of US $2,5 billion well above our outlook to maintain liquidity in excess of US $1 billion, with available Rand and US dollar based funds improving as we advance our focused management actions.
We continue to assess our mix of funding instruments to ensure that we have funding from a range of sources and a balanced maturity profile. We have no significant debt maturities before June 2021 when the US $1 billion syndicated loan becomes due.
In accordance with IAS 1 ‘Presentation of Financial Statements’, the recent conditions which underlie the covenant waiver requires an assessment of our debt maturity that resulted in a further US $1 billion being classified to short-term debt on 30 June 2020.
Our net cash on hand position increased from R 15,8 billion as of 30 June 2019 to R 34,1 billion mainly due to proceeds received from the US $1,0 billion syndicated loan as well as draw downs on the revolving credit facility negated by LCCP capital expenditure for the year.
Actual capital expenditure, including accruals, amounted to R 35 billion. This includes R 14 billion (US $0,9 billion) relating to the LCCP and is in line with our internal targets.
In line with our financial risk management framework, we continue to make good progress with hedging our currency and ethane exposure. For further details of our open hedge positions we refer you to our Analyst Book (www.sasol.com).
Shareholders of Sasol (Shareholders) are referred to various cautionary announcements regarding the expanded and accelerated asset disposal programme and the rights issue, the last announcement released on the Stock Exchange News Service on 28 July 2020.
Accordingly, Shareholders are advised to continue exercising caution when dealing in the Company’s securities until full terms announcements on the disposal of the air separation
units, the US Base Chemicals partnering process and the rights issue are published.
Dividend
Dividend payments are an important part in our capital allocation framework. However, given our current financial leverage and the risk of a prolonged period of economic uncertainty, the Board believes that it would be prudent to continue with the suspension of dividends.
This will allow us to continue to protect our liquidity in the short-term and focus on reducing leverage in order to create a firm platform to execute our strategy and drive long-term shareholder returns.
In addition, in accordance with the covenant amendment agreement with lenders, we will not be in a position to declare a dividend for as long as Net debt: EBITDA is above 3,0 times. We expect the balance sheet to regain flexibility following the implementation of our comprehensive response plan.
Update on the Lake Charles Chemicals Project (LCCP)
Ongoing focus as we ramp up all units to beneficial operation
At the LCCP, we maintain our focus on safely improving productivity and bringing all the units to beneficial operation. The LCCP continued with its exceptional safety record with a recordable case rate (RCR) of 0,11.
After the ethoxylates (ETO) expansion achieved beneficial operation in January 2020, the alcohol expansion and the alumina expansion, as well as the new Guerbet unit, achieved beneficial operation in June 2020. As a result, 100% of the LCCP’s Specialty Chemicals units are online and 86% of total nameplate capacity of the LCCP is operational.
The last remaining unit to come online will be the low density polyethylene (LDPE) unit, which was damaged during a fire in January 2020.
The unit is expected to achieve beneficial operation before the end of October 2020. Some challenges in restoring the unit have resulted in a slight delay to the previous market guidance of the end of September 2020.
During the time of the delay in the LDPE unit start-up, the ethylene produced by the cracker and destined for the unit is being sold to third parties.
As a result, projected earnings for the LCCP complex in this financial year will be impacted only by the loss in the margin of ethylene to LDPE.
In addition, the insurance claims process is underway and the first insurance proceeds have been received.
The overall LCCP cost estimate is tracking US$12,8 billion as per our previous guidance. The new ethane cracker produced at an average rate of above 80% of nameplate capacity during the fourth quarter of the year.
COVID-19 had a limited impact on the LCCP construction and commissioning activities during the fourth quarter of the yearand mitigation plans are in place to minimise potential impacts going forward.
The close-out and demobilisation of the LCCP is progressing according to plan with the remainder of the work limited to the removal of scaffolding. Site demobilisation of construction equipment, infrastructure and services will be completed after the last unit achieves beneficial operation.
The people on site have reduced to less than 400 and follows the demobilisation plan. This includes the LDPE restoration resources.
Verskeie leersders het deelgeneem aan die Con Spirito Kunstefees.
Cabous Harmse dring deur na Con Spirito Nasionale Finaal
Cabous Harmse het aanlyn aan die Con Spirito se English Undramatised Poetry afdeling deelgeneem. Hy vewerf 98% (A+++) vir sy uitstekende vertolking en dring deur na die Con Spirito Forte Nasionaal.
Cabous Harmse dring deur na Con Spirito Nasionale Finaal
Chana Dunn presteer puik in Kultuuraktiwiteite
Chana Dunn, ‘n graad 10 -leerder van Hoërskool Secunda, het haar talente ten volle uitgeleef en in meer as een kultuurkompetisie presteer.
In die Con Spirito Kunstefees neem sy deel aan Redenaars Afrikaans Moedertaal en verwerf ‘n A++. Vir haar deelname aan die Engelse redenaars afdeling, verwerf syook ‘n A++ en dring deur na die nasionale Forte rondte.
In die Allegretto Interprovinsiale Eisteddfod behaal sy 95,3%vir haar Afrikaanse Redenaars deelname en dring deur na die “Showcase” rondte. Sy het ook aan die Voorbereide Engelse Lees afdeling deelgeneem en 95,9% behaal wat haar dan ook na die “Showcase” laat deurdring.
Ook in Radikale Redenaars dring sy in die volgende afdelings na die Nasionale finaal deur: Afrikaans Moedertaal, English Additional Language, Lees Afrikaans Poësie, English Reading Prose en Reading Poetry.
Chana Dunn presteer puik in Kultuuraktiwiteite
Lianè en Inneke Welgemoed presteer puik in Con Spirito Kunstefees
Lianè Welgemoed, ‘n matrikulant van Hoërskool Secunda, het tydens die aanlyn Con Spirito Kunstefees aan Vokaal Engels Ligte musiek (86% A+) en Vokaal Engels Popmusiek (88% A+) deelgeneem. Sy dring met die popmusiek afdeling deur na die Nasionale Fortè rondte.
Inneke Welgemoed, Gr. 8 -leerder van Hoërskool Secunda, het aan die Instrumentale afdeling Klavier deelgeneem. Sy behaal 83% in die afdeling Romantiese musiek, Klassieke musiek (85%).
Sy het ook aan die Vokale afdeling aan English Light Music deelgeneem (88%) en English Pop (87%).
Inneke Welgemoed
Lianè Welgemoed
Lianè en Inneke Welgemoed presteer puik in Con Spirito Kunstefees
6 After these things Jesus went over the sea of Galilee, which is the sea of Tiberias.
2 And a great multitude followed him, because they saw his miracles which he did on them that were diseased.
3 And Jesus went up into a mountain, and there he sat with his disciples.
4 And the passover, a feast of the Jews, was nigh.
5 When Jesus then lifted up his eyes, and saw a great company come unto him, he saith unto Philip, Whence shall we buy bread, that these may eat?
6 And this he said to prove him: for he himself knew what he would do.
7 Philip answered him, Two hundred pennyworth of bread is not sufficient for them, that every one of them may take a little.
8 One of his disciples, Andrew, Simon Peter’s brother, saith unto him,
9 There is a lad here, which hath five barley loaves, and two small fishes: but what are they among so many?
10 And Jesus said, Make the men sit down. Now there was much grass in the place. So the men sat down, in number about five thousand.
11 And Jesus took the loaves; and when he had given thanks, he distributed to the disciples, and the disciples to them that were set down; and likewise of the fishes as much as they would.
12 When they were filled, he said unto his disciples, Gather up the fragments that remain, that nothing be lost.
13 Therefore they gathered them together, and filled twelve baskets with the fragments of the five barley loaves, which remained over and above unto them that had eaten.
2. Gee deur Zapper App – vind ons QR code in die diens aankondigings.
Kontak ons gerus op Kruik Gemeente se Facebook Messenger en Whatsapp lyn (0721336130) of besoek ons webtuiste by: https://www.kruik.co.za/.
Ons sal graag met jou gesels.
Geniet die diens saam met ons hier by Kruik!
Preek notas:
As ons terugkyk na die afgelope 3 weke is daar paar sleutelgoed wat ons uit Dawid se storie kan haal as hy sê; Die Here is my Herder.
1. Dawid is eintlik op donker plek as hy dit skryf, ons kan dink dit gaan goed met hom en daarom skryf hy dit, maar hy is op die teenoorgestelde plek in sy lewe. Miskien bring dit die bewustheid dat God juis met ons werk in donker en moeilike tye, en dat Hy lei wanneer ons Hom nie nodigste het.
2. Hy sê; die Here! Daar is nie iemand groter as die Here nie en Hy wil voor jou stap, sodat jy na die goeie plekke van jou lewe kan gaan. Die Here is nie in ‘n kompetisie met enige iemand nie insluitend die duiwel, die duiwel is ‘n skepsel, God is die Skepper! Die Here is my Herder!
3. Hy sê; Die Here is my Herder ek kom niks kort nie. Dawid maak dit persoonlik! Hy sê; My… en Ek. Al is ek alleen is God by my.
4. Ek kom niks kort nie. Die Here is genoeg! Die mens is heeltyd opsoek na nog, Dawid sê; Ek het niks meer nodig nie.
5. Net die Here kan my vrede en rus gee. Paulus sê; Vrede wat my verstand ten bowe gaan.
(Fil 4:6)Fil 4:6,7 Message – Don’t fret or worry. Instead of worrying, pray. Let petitions and praises shape your worries into prayers, letting God know your concerns. Before you know it, a sense of God’s wholeness, everything coming together for good, will come and settle you down. It’s wonderful what happens when Christ displaces worry at the center of your life.
6. Hy maak my siel lewendig, Hy vat na my wie ek werklik is. Net die Here kan my ware lewe gee. “By the waters of reflection my soul remembers who I am.”
7. Al kom enige iets naby my ek sal nie vrees nie, want U is met my. Daar is niks groter as die Here en Sy liefde vir my nie.
Wat sal ons dan van hierdie dinge sê? As God vír ons is, wie kan teen ons wees? Romeine 8:31
Hy wat selfs sy eie Seun nie gespaar het nie, maar Hom vir ons almal oorgegee het, hoe sal Hy nie saam met Hom ons ook alles genadiglik skenk nie? Romeine 8:32
Wie sal ons skei van die liefde van Christus — verdrukking of benoudheid of vervolging of honger of naaktheid of gevaar of swaard? Romeine 8:35
Maar in al hierdie dinge is ons meer as oorwinnaars deur Hom wat ons liefgehad het. Romeine 8:37
Want ek is versekerd dat geen dood of lewe of engele of owerhede of magte of teenwoordige of toekomende dinge of hoogte of diepte of enige ander skepsel ons sal kan skei van die liefde van God wat daar in Christus Jesus, onse Here, is nie. Romeine 8:38,39
En dan gaan Dawid vanoggend aan as hy sê: U dek die tafel voor my aangesig, my teenstaanders kyk toe.
Een van die grootste eienskappe van Jesus was om te dien, Dawid sien die Here vir hom die tafel dek. Hy sê in een vertaling – U behandel my soos ‘n eregas… maar Jesus verander dit, hy maak ons Sy kind… so… U dek die tafel vir my soos vir U kind. Kinders het baie meer voorregte en genot by ‘n tafel want dit is hulle familie en hulle tafel.
Weet die Here dek die tafel spesiaal vir jou!
Jesus se gebed in Johannes 17 is ‘n gebed om ons deel van hierdie verhouding en tafel te hê.
Johannes 17:3 – En dit is die ewige lewe, dat hulle U ken, die enige waaragtige God, en Jesus Christus wat U gestuur het.
Johannes 17;21-24 – Dat almal een mag wees net soos U, Vader, in My en Ek in U; dat hulle ook in Ons een mag wees, sodat die wêreld kan glo dat U My gestuur het. En Ek het hulle die heerlikheid gegee wat U My gegee het, sodat hulle een kan wees, net soos Ons een is.
Ek in hulle en U in My, sodat hulle volkome een kan wees; en dat die wêreld kan weet dat U My gestuur het, en hulle liefgehad het net soos U My liefgehad het. Vader, Ek wil dat waar Ek is, hulle wat U My gegee het, ook saam met My sal wees, sodat hulle my heerlikheid kan aanskou wat U My gegee het, omdat U My liefgehad het voor die grondlegging van die wêreld.
Vier groot struikelblokke in ons lewens…
1. Ons lewe met ‘n tekort. Ons altyd opsoek na nog.
2. Ons lewe met ‘n verwronge beeld van wie ons is.
3. Ons lewe word meestal beheer deur ons vrese.
en dan vanoggend…
4. Ons weet nie ons is uitverkorene kinders van God nie, ons lewe weg van hierdie mees intieme verhouding. Jy is sy kind en geen ding in hierdie wêreld kan hierdie liefde keer nie.
Besprekingsvrae
Is die Here jou herder? Loop Hy voor in jou lewe?
Wat moet jy doen om leisels aan Hom oor te gee?
Die Here is die enigste een wat weet wat jy nodig het en jou die nodigste rus en vrede gee, en beskerm teen selfs die dood… Wie vertrou jy om jou deur die donker te vat?
