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Sasol adopts a number of new International Financial Reporting Standards (IFRS)

JOHANNESBURG, March 3, 2014 /PRNewswire/ -- On 1 July 2013, Sasol (JSE: SOL, NYSE: SSL) adopted a number of new International Financial Reporting Standards (IFRS), which impacted the previously reported financial results of the group. These new accounting standards include IFRS 10, Consolidated Financial Statements, IFRS 11, Joint Arrangements and IFRS 12, Disclosure of Interests in Other Entities.

In accordance with the transition provisions, these standards have been applied with retrospective effect resulting in a restatement of the previously reported financial results. As part of our commitment to keep our stakeholders informed, this document provides information on the restated comparative reporting periods that will be disclosed alongside the group's results for the six months ended 31 December 2013.

This information is preliminary and has not been audited or reviewed by the Company's auditors.

Paul Victor
Acting Chief Financial Officer
28 February 2014
Johannesburg

1.   Overview of reporting changes

The consolidation suite of standards, namely IFRS 10, Consolidated Financial Statements (IFRS 10), IFRS 11, Joint Arrangements (IFRS 11) and IFRS 12, Disclosure of Interests in Other Entities (IFRS 12) became effective for annual periods beginning on or after 1 January 2013. Accordingly, Sasol adopted these new accounting standards on 1 July 2013 which resulted in a restatement of the group's previously reported results for the years ended 30 June 2013 and 2012 and the six months ended 31 December 2012.

IFRS 10, Consolidated Financial Statements

IFRS 10 replaces IAS 27, Consolidated and Separate Financial Statements, that addresses the accounting for consolidated financial statements and SIC-12, Consolidation – Special Purpose Entities.

This standard provides a single basis for consolidation with new criteria to determine whether entities, in which the group has an interest should be consolidated.

The adoption of IFRS 10 has resulted in an existing subsidiary, National Petroleum Refiners of South Africa (Pty) Ltd (Natref), in which the group has a 64% interest, being accounted for as a joint operation using the line-by-line consolidation method.

No other material subsidiaries within the group were affected.

The group has applied IFRS 10 retrospectively in accordance with the transition provisions and the results for the years ended 30 June 2013 and 2012 and the six months ended 31 December 2012 has been restated accordingly.

IFRS 11, Joint Arrangements

IFRS 11 replaces IAS 31, Interests in Joint Ventures, and SIC-13, Jointly-controlled Entities – Non-monetary Contributions by Venturers and changes the classification for joint arrangements.

Under IFRS 11, a joint arrangement is classified as either a joint operation or a joint venture based on the rights and obligations of the parties to the arrangement, the legal form of the joint arrangement and when relevant, other facts and circumstances.

IFRS 11 removes the option to proportionately consolidate joint ventures and instead, all interests in joint arrangements that meet the definition of a joint venture under IFRS 11 must be accounted for using the equity method.

The adoption of IFRS 11 has resulted in the following changes:



Sasol's

interest

Previous

classification

Revised

classification

ORYX GTL Limited

49

Proportionately

consolidated

Equity

accounted

Sasol-Huntsman GmbH & co KG

50

Proportionately

consolidated

Equity

accounted

Petlin (Malaysia) Sdn. Bhd

40

Proportionately

consolidated

Equity

accounted

Uzbekistan GTL LLC

44,5

Proportionately

consolidated

Equity

accounted

Arya Sasol Polymer Company (ASPC) 1

50

Proportionately

consolidated

Equity

accounted

Merisol LP 2

50

Proportionately

consolidated

Equity

accounted


1 The group disposed of its investment in Arya Sasol Polymer Company in August 2013. The comparative periods for the years ended 30 June 2013 and 2012 and the six months ended 31 December 2012 have been restated in accordance with IFRS 11 to include this investment as an equity accounted joint venture.

2 In December 2012, Sasol acquired the remaining 50% shareholding in Merisol. Accordingly, this investment was accounted for as a 100% subsidiary from 31 December 2012.

All other joint arrangements (including Sasol Canada and Natref), will continue to be accounted for using the line-by-line consolidation method.

IFRS 12, Disclosure of Interests in Other Entities

IFRS 12 sets out the requirements for disclosures relating to an entity's interest in subsidiaries, joint arrangements, associates and structured entities. These disclosures will be provided in the group's annual financial statements for the year ending 30 June 2014.

2.   Impact of new accounting standards on the group results

The impact of adopting IFRS 10 and IFRS 11 on the group results for the comparative periods is indicated in the tables to follow:

Restated comparatives - 31 December 2012

Condensed consolidated statement of financial position at 31 December 2012



As previously

reported

R'm

Effect of adopting

IFRS 10 and IFRS 11

R'm

Restated

R'm

ASSETS




Property, plant and equipment

99 149

(8 637)

90 512

Assets under construction

38 452

(761)

37 691

Investments in equity accounted joint ventures

-

8 502

8 502

Investments in associates

2 487

14

2 501

Other long-term assets

6 306

(270)

6 036

Non-current assets

146 394

(1 152)

145 242

Inventories

24 069

(1 716)

22 353

Trade and other receivables

26 128

(918)

25 210

Cash

28 147

(2 238)

25 909

Other current assets

864

31

895

Current assets

79 208

(4 841)

74 367

Total assets

225 602

(5 993)

219 609

EQUITY AND LIABILITIES




Shareholders' equity

132 428

(38)

132 390

Non-controlling interests

3 294

(338)

2 956

Total equity

135 722

(376)

135 346

Long-term debt

21 402

(1 626)

19 776

Long-term provisions

10 991

(235)

10 756

Other non-current liabilities

23 135

(694)

22 441

Non-current liabilities

55 528

(2 555)

52 973

Trade payables and accrued expenses

24 245

(1 707)

22 538

Other current liabilities

10 107

(1 355)

8 752

Current liabilities

34 352

(3 062)

31 290





Total equity and liabilities

225 602

(5 993)

219 609


Consolidated income statement for the period ended 31 December 2012






As previously

reported

R'm

Effect of adopting

IFRS 10 and IFRS 11

R'm

Restated

R'm

Turnover


85 440

(5 590)

79 850

Materials, energy and consumables used


(37 001)

468

(36 533)

Selling and distribution costs


(2 479)

131

(2 348)

Maintenance expenditure


(4 427)

729

(3 698)

Employee related expenditure


(9 915)

503

(9 412)

Exploration expenditure and feasibility costs


(777)

(4)

(781)

Depreciation and amortisation


(5 445)

431

(5 014)

Other expenses, net


(3 841)

715

(3 126)

  Translation gains / (losses)


(299)

982

683

  Other operating expenses


(4 151)

(128)

(4 279)

  Other operating income


609

(139)

470






Operating profit before remeasurement items


21 555

(2 617)

18 938

Remeasurement items


(2 621)

1 963

(658)

Operating profit after remeasurement items


18 934

(654)

18 280

Share of profits of equity accounted joint ventures, net of tax


-

592

592

Share of profits of associates, net of tax


204

-

204

Profit from operations, associates and joint ventures


19 138

(62)

19 076

Net finance income


(654)

93

(561)

Profit before tax


18 484

31

18 515

Taxation


(5 876)

(63)

(5 939)

Profit for the period


12 608

(32)

12 576






Attributable to





Owners of Sasol Limited


12 157

-

12 157

Non-controlling interests in subsidiaries


451

(32)

419



12 608

(32)

12 576

Salient features for the period ended 31 December 2012




As

previously

reported

Effect of adopting

IFRS 10 and IFRS 11

Restated

Operating profit margin

%

22,2

0,7

22,9

Return on equity

%

19,3

(0,1)

19,2

Return on total assets

%

18,6

0,3

18,9

Gearing

%

6,6

(2,2)

4,4

Capital commitments

R'm

64 299

(609)

63 690


Condensed consolidated statement of cash flow for the period ended 31 December 2012



As previously

reported

R'm

Effect of adopting

IFRS 10 and IFRS 11

R'm

Restated

R'm

Cash generated by operating activities

21 435

(2 716)

18 719

Net finance income received / paid

154

1 910

2 064

Tax paid

(4 745)

40

(4 705)

Dividends paid

(7 267)

-

(7 267)

Cash retained from operating activities

9 577

(766)

8 811

Additions to non-current assets

(14 350)

533

(13 817)

Acquisition of  new or additional interests in joint ventures

(721)

(361)

(1 082)

Acquisition of new or additional investments in associates

(199)

-

(199)

Other net cash flows from investing activities

906

(43)

863

Cash utilised in investing activities

(14 364)

129

(14 235)

Share capital issued on implementation of share options

227

-

227

Contributions from non-controlling shareholders in subsidiaries

27

-

27

Dividends paid to non-controlling shareholders in subsidiaries

(248)

28

(220)

Net movement in long-term debt

7 522

269

7 791

Net movement in short-term debt

6 513

-

6 513

Cash effect of financing activities

14 041

297

14 338

Translation effects on cash and cash equivalents of foreign operations

249

(57)

192

Increase in cash and cash equivalents

9 503

(397)

9 106

Cash and cash equivalents at beginning of the period

17 838

(1 841)

15 997

Net reclassification to held for sale

(29)

-

(29)

Cash and cash equivalents at end of the period

27 312

(2 238)

25 074


Restated comparatives - 30 June 2013

Condensed consolidated statement of financial position at 30 June 2013



As previously

reported

R'm

Effect of adopting

IFRS 10 and IFRS 11

R'm

Restated

R'm

ASSETS




Property, plant and equipment

108 070

(7 081)

100 989

Assets under construction

41 244

(1 379)

39 865

Investments in equity accounted joint ventures

-

8 636

8 636

Investments in associates

2 676

12

2 688

Other long-term assets

7 903

22

7 925

Non-current assets

159 893

210

160 103

Inventories

24 056

(1 437)

22 619

Trade and other receivables

29 003

(663)

28 340

Cash

32 713

(1 410)

31 303

Other current assets

3 830

(30)

3 800

Current assets

89 602

(3 540)

86 062

Total assets

249 495

(3 330)

246 165

EQUITY AND LIABILITIES




Shareholders' equity

149 625

(42)

149 583

Non-controlling interests

3 650

(340)

3 310

Total equity

153 275

(382)

152 893

Long-term debt

22 357

(1 017)

21 340

Long-term provisions

12 397

(169)

12 228

Other non-current liabilities

25 341

(631)

24 710

Non-current liabilities

60 095

(1 817)

58 278

Trade payables and accrued expenses

33 477

(985)

32 492

Other current liabilities

2 648

(146)

2 502

Current liabilities

36 125

(1 131)

34 994





Total equity and liabilities

249 495

(3 330)

246 165


Consolidated income statement for the year ended 30 June 2013




As previously

reported

R'm

Effect of adopting

IFRS 10 and IFRS 11

R'm

Restated

R'm

Turnover


181 269

(11 378)

169 891

Materials, energy and consumables used


(77 538)

921

(76 617)

Selling and distribution costs


(5 371)

269

(5 102)

Maintenance expenditure


(7 544)

301

(7 243)

Employee related expenditure


(23 476)

999

(22 477)

Exploration expenditure and feasibility costs


(1 354)

(15)

(1 369)

Depreciation and amortisation


(12 030)

909

(11 121)

Other expenses, net


(6 841)

2 607

(4 234)

   Translation gains


899

1 993

2 892

   Other operating expenses


(9 692)

803

(8 889)

   Other operating income


1 952

(189)

1 763






Operating profit before remeasurement items


47 115

(5 387)

41 728

Remeasurement items


(6 487)

3 538

(2 949)

Operating profit after remeasurement items


40 628

(1 849)

38 779

Share of profits of equity accounted joint ventures, net of tax


-

1 562

1 562

Share of profits of associates, net of tax


445

59

504

Profit from operations, associates and joint ventures


41 073

(228)

40 845

Net finance costs


(1 294)

155

(1 139)






Profit before tax


39 779

(73)

39 706

Taxation


(12 597)

2

(12 595)






Profit for year


27 182

(71)

27 111






Attributable to





Owners of Sasol Limited


26 278

(4)

26 274

Non-controlling interests in subsidiaries


904

(67)

837



27 182

(71)

27 111

Salient features for the year ended 30 June 2013





As previously

reported

Effect of adopting

IFRS 10 and IFRS 11

Restated

Operating profit margin

%

22,4

0,4

22,8

Return on equity

%

19,1

-

19,1

Return on total assets

%

18,4

0,3

18,7

Gearing

%

(0,3)

(0,8)

(1,1)

Capital commitments

R'm

67 752

(405)

67 347


Restated comparatives - 30 June 2012

Condensed consolidated statement of financial position at 30 June 2012



As previously

reported

R'm

Effect of adopting

IFRS 10 and IFRS 11

R'm

Restated

R'm

ASSETS




Property, plant and equipment

95 872

(10 658)

85 214

Assets under construction

33 585

(473)

33 112

Investments in equity accounted joint ventures

-

9 588

9 588

Investments in associates

2 560

11

2 571

Other long-term assets

6 265

(337)

5 928

Non-current assets

138 282

(1 869)

136 413

Inventories

20 668

(1 748)

18 920

Trade and other receivables

26 299

(656)

25 643

Cash

18 060

(1 897)

16 163

Other current assets

444

-

444

Current assets

65 471

(4 301)

61 170

Total assets

203 753

(6 170)

197 583

EQUITY AND LIABILITIES




Shareholders' equity

125 234

(38)

125 196

Non-controlling interests

3 080

(334)

2 746

Total equity

128 314

(372)

127 942

Long-term debt

12 828

(1 239)

11 589

Long-term provisions

10 518

(234)

10 284

Other non-current liabilities

21 204

(859)

20 345

Non-current liabilities

44 550

(2 332)

42 218

Trade payables and accrued expenses

27 460

(1 548)

25 912

Other current liabilities

3 429

(1 918)

1 511

Current liabilities

30 889

(3 466)

27 423





Total equity and liabilities

203 753

(6 170)

197 583


Consolidated income statement for the year ended 30 June 2012



As previously

reported

R'm

Effect of adopting

IFRS 10 and IFRS 11

R'm

Restated

R'm

Turnover


169 446

(10 332)

159 114

Materials, energy and consumables used


(80 410)

1 699

(78 711)

Selling and distribution costs


(4 621)

435

(4 186)

Maintenance expenditure


(7 421)

274

(7 147)

Employee related expenditure


(19 465)

857

(18 608)

Exploration expenditure and feasibility costs


(1 045)

2

(1 043)

Depreciation and amortisation


(9 651)

809

(8 842)

Other expenses, net


(8 215)

1 164

(7 051)

   Translation gains


243

496

739

   Other operating expenses


(9 874)

683

(9 191)

   Other operating income


1 416

(15)

1 401






Operating profit before remeasurement items


38 618

(5 092)

33 526

Remeasurement items


(1 860)

83

(1 777)

Operating profit after remeasurement items


36 758

(5 009)

31 749

Share of profits of equity accounted joint ventures, net of tax


-

4 545

4 545

Share of profits of associates, net of tax


479

(63)

416

Profit from operations, associates and joint ventures


37 237

(527)

36 710

Net finance costs


(1 234)

227

(1 007)






Profit before tax


36 003

(300)

35 703

Taxation


(11 746)

245

(11 501)






Profit for year


24 257

(55)

24 202






Attributable to





Owners of Sasol Limited


23 583

(2)

23 581

Non-controlling interests in subsidiaries


674

(53)

621



24 257

(55)

24 202

Salient features for the year ended 30 June 2012





As previously

reported

Effect of adopting

IFRS 10 and IFRS 11

Restated

Operating profit margin

%

21,7

(1,7)

20,0

Return on equity

%

20,3

-

20,3

Return on total assets

%

20,0

0,2

20,2

Gearing

%

2,7

(2,4)

0,3

Capital commitments

R'm

45 819

(299)

45 520

3.   Other elements of the financial statements

The adoption of IFRS 10 and IFRS 11 did not have a significant impact on the statement of changes in equity or the statement of comprehensive income for the years ended 30 June 2013 and 2012 and the six months ended 31 December 2012.

4.   Investor Relations contacts

Please feel free to contact us as follows:

[email protected]

+27 11 441 3113

Sponsor: Deutsche Securities (SA) Proprietary Limited

Forward-looking statements:

Sasol may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return and cost reductions. Words such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may", "endeavour" and "project" and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors are discussed more fully in our most recent annual report under the Securities Exchange Act of 1934 on Form 20-F filed on 9 October 2013 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.

Please note: A billion is defined as one thousand million. All references to years refer to the financial year ended 30 June. Any reference to a calendar year is prefaced by the word "calendar"


Supplementary information

 

Summarised results of the group's joint arrangements - The following table contains a summary of the results of the group's share in joint arrangements at 30 June 2013, based on the new  IFRS 11 classifications

R' million

As at 30 June 2013

ORYX GTL

Sasol

Huntsman

Petlin

Uzbekistan

ASPC1

Merisol2

Other

Total equity

accounted joint

ventures

Natref

Sasol Canada

Other

Total joint

operations

External non-current assets

5 095

945

550

344

-

-

198

7 132

2 095

13 899

980

16 974

Property, plant and equipment

4 704

648

502

1

-

-

87

5 942

1 976

7 170

226

9 372

Assets under construction

340

-

39

343

-

-

9

731

118

6 668

542

7 328

Other non-current assets

51

297

9

-

-

-

102

459

1

61

212

274

External current assets

2 008

333

484

358

-

-

270

3 453

329

2 822

1 449

4 600

Intercompany current assets

-

-

-

-

-

-

-

-

10

-

64

74

Total assets

7 103

1 278

1 034

702

-

-

468

10 585

2 434

16 721

2 493

21 648

Shareholders' equity

6 388

622

688

644

-

-

294

8 636

207

15 659

1 861

17 727

Long-term debt

57

345

-

-

-

-

3

405

1 191

1

215

1 407

Intercompany long-term debt

-

-

-

-

-

-

-

-

-

-

62

62

Long-term provisions

26

17

-

-

-

-

86

129

70

260

-

330

Other non-current liabilities

194

145

32

-

-

-

11

382

441

-

(5)

436

Current liabilities

438

149

314

58

-

-

74

1 033

525

801

360

1 686

Total liabilities and equity

7 103

1 278

1 034

702

-

-

468

10 585

2 434

16 721

2 493

21 648

Carrying value of investment

6 388

622

688

644

-

-

294

8 636





Income statement













External turnover

4 790

705

1 213

-

4 134

401

(138)

11 105

479

600

401

1 480

Operating profit / (loss)

2 670

91

(62)

(21)

(1 323)

46

195

1 597

327

(1 919)

3

(1 589)

Attributable earnings / (loss)

2 656

49

(49)

(20)

(1 237)

41

(48)

1 392

113

(1 912)

44

(1 755)

1 The assets and liabilities of ASPC was classified as held for sale at 30 June 2013.
2 In December 2012, Sasol acquired the remaining 50% shareholding in Merisol. Accordingly, this investment was accounted for as a 100% subsidiary from 31 December 2012.


Effect of IFRS 10 and IFRS 11 on the group consolidated results for the year ended 30 June 2013

 

R' million

IFRS 11

adjustments

IFRS 10

adjustments

Consolidation

adjustments 1

Total

External non-current assets

7 132

1 610

(316)

8 426

Property, plant and equipment

5 942

1 139

-

7 081

Assets under construction

731

648

-

1 379

Other non-current assets

459

(177)

(316)

(34)

Investments in equity accounted joint ventures

(8 636)

-

-

(8 636)

Current assets

3 453

202

(115)

3 540

Total assets

1 949

1 812

(431)

3 330

Shareholders' equity

-

362

20

382

Long-term debt

405

612

-

1 017

Long-term provisions

129

40

-

169

Other non-current liabilities

382

249

-

631

Current liabilities

1 033

549

(451)

1 131

Total liabilities and equity

1 949

1 812

(431)

3 330

Income statement





External turnover

11 105

273

-

11 378

Operating profit

1 597

191

61

1 849

1 Consolidation adjustments are in respect of transactions between group companies and equity accounted joint ventures that are accounted for as external transactions.

 

 

SOURCE Sasol

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Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Digital Transformation is well underway with many applications already on the cloud utilizing agile and devops methodologies. Unfortunately, application security has been an afterthought and data breaches have become a daily occurrence. Security is not one individual or one's team responsibility. Raphael Reich will introduce you to DevSecOps concepts and outline how to seamlessly interweave security principles across your software development lifecycle and application lifecycle management. With ...
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
Your job is mostly boring. Many of the IT operations tasks you perform on a day-to-day basis are repetitive and dull. Utilizing automation can improve your work life, automating away the drudgery and embracing the passion for technology that got you started in the first place. In this presentation, I'll talk about what automation is, and how to approach implementing it in the context of IT Operations. Ned will discuss keys to success in the long term and include practical real-world examples. Ge...
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...