Financial Data and Key Metrics Changes - Adjusted EBITDA for FY 2025 decreased by 14% to R52 billion, reflecting a challenging macroeconomic environment [16][32] - Free cash flow improved by more than 70% compared to the prior year, reaching almost ZAR 12.6 billion, driven by disciplined capital spending and lower tax payments [35][36] - Net debt was reduced to $3.7 billion, achieving the target of staying under $4 billion, marking the lowest level since 2016 [12][33] Business Line Data and Key Metrics Changes - In the South African business, adjusted EBITDA increased by 15% in mining and 35% in gas, while fuels declined by 38% due to lower refining margins and production volumes [38] - International chemicals saw adjusted EBITDA increase to $411 million, with an improved margin from 6% to 9% [23][39] - The Southern Africa value chain's breakeven price ended at $59 per barrel, supported by disciplined cost management [12][34] Market Data and Key Metrics Changes - The macroeconomic environment was highly volatile, influenced by global tariffs and geopolitical tensions, impacting various business segments differently [34] - The chemical segments benefited from stronger U.S. ethylene margins and a 5% uplift in the overall chemicals basket price [34] Company Strategy and Development Direction - The company is focused on strengthening its foundation, growing, and transforming the business, with a particular emphasis on emission reduction and renewable energy [10][46] - Strategic initiatives include optimizing asset utilization, improving profitability through market focus, and cost efficiency [23][24] - The company aims to achieve a 30% reduction in greenhouse gas emissions by 2030, with significant progress in renewable energy projects [48][51] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the operating environment but expressed confidence in the execution of strategic plans [10][30] - The company is committed to improving cash generation and accelerating deleveraging while focusing on safety and customer-centric solutions [28][30] Other Important Information - The company invested R600 million in social programs and contributed R44 billion in direct and indirect taxes globally [26][27] - Recent executive leadership changes were announced, with new appointments aimed at addressing both short and long-term goals [21][22] Q&A Session Summary Question: CapEx savings and future guidance - Management explained that CapEx came in below guidance due to a rigorous approach, deferring low-risk activities to the following year, and optimizing capital spending [56][64] Question: Gas volumes and impairment calculations - Management clarified that while gas volumes from Mozambique are expected to increase, the impairment was due to changes in the WACC rate linked to country risk [58][67] Question: Outlook for chemical prices - Management indicated that the chemical basket prices are expected to remain resilient, with ongoing efforts to optimize the commercial strategy [88][96] Question: Debt reduction strategy - The company plans to prioritize deleveraging by using excess cash to reduce gross debt and improve net debt position, targeting a net debt of $3 billion by FY 2027-2028 [91][96]