Comprehensive additional information is available on our website:
www.sasol.com JOHANNESBURG, March 9 /PRNewswire-FirstCall/ -- --
Solid performance in deteriorating markets -- Operating profit up
53% to R21,5 billion -- Headline earnings per share up 51% to
R21,92 -- Oil hedge cushions the impact of sharp decline in oil
prices -- Strong balance sheet - gearing lower at 2% -- Overall
group production volumes up -- Oryx GTL, Arya Sasol Polymers ramp
up production -- Competition law compliance under review Overview
Chief executive Pat Davies says: "Sasol's deleveraged balance
sheet, cash flows and liquidity position place the company in a
favourable position to weather the global economic crisis. Sasol is
a solid company supported by comprehensive compliance and risk
management processes and a very committed management team. Despite
the uncertainty in global markets, our overarching long term
strategy remains unchanged: to ensure that we prudently manage our
businesses and pursue growth projects that are in the best
interests of our shareholders and other valued stakeholders."
Earnings attributable to shareholders for the six months ended 31
December 2008 increased by 45% to R13,2 billion from R9,1 billion
in the prior year comparable period, while earnings per share and
headline earnings per share increased by 47% to R22,17 and by 51%
to R21,92, respectively, over the same period. Operating profit of
R21,5 billion was 53% higher than the prior year comparable period.
The increase in operating profit was buoyed by higher average crude
oil prices (average dated Brent was US$84,75/barrel in 2008
compared to US$81,83/barrel in 2007) and chemical product prices,
and a 28% weakening in the average rand/US dollar exchange rate
(R8,88/US$ in 2008 compared to R6,94/US$ in 2007). The average
crude oil price achieved during the period was cushioned by the
effect of the oil hedges during the period which resulted in a net
gain of R5 064 million. The recognition of the fair value of the
oil hedges resulted in an unrealised fair value gain of R3 334
million at the end of the period owing to the significant decrease
in crude oil prices towards the end of December 2008. The increase
in operating profit was partially reduced by the European
Commission fine on Sasol Wax of R3 678 million (euro 318,2
million). Cash of R30,8 billion generated by operating activities
represents a 118% increase over the prior year comparable period.
Chief financial officer Christine Ramon says: "Sasol has a positive
cash position and a strong balance sheet, and has entered a cash
conservation mode. Given that we do not expect oil and product
prices to recover in the short-term, we believe that it is wise to
plan for an extended period of suppressed and volatile market
conditions. Accordingly we have renewed our focus on cost
containment, improving operational efficiencies, working capital
improvement and capital expenditure reprioritisation. We will adopt
a flexible approach to our capital expenditure programme and have,
at this stage, reduced our capital expenditure forecast for the
next three years by approximately 40%. Importantly we are
continuing with the pre-feasibility and feasibility studies
relating to our large growth projects. We are fortunate to have
many attractive growth projects from which to choose." Competition
law compliance As announced on 19 January 2009, Sasol is engaged in
a comprehensive group-wide review of its compliance with
competition law, has lodged a number of leniency applications with
the South African Competition Commission and is involved in
settlement discussions with the Competition Commission in respect
of certain matters pertaining to Sasol Nitro. The Competition
Commission has also announced investigations into a number of
industries in which Sasol businesses participate. Sasol is still
engaged in a group-wide review of its compliance with competition
law and continues to interact and co-operate with the Competition
Commission in respect of the subject matter of its leniency
applications and settlement discussions as well as in the areas
that are subject to Competition Commission investigations. The
company is continuing to evaluate and enhance its legal compliance
controls by the competition law compliance review and remedial
steps taken in the process. Certain aspects arising from the
competition compliance review have already been announced and, to
the extent appropriate, further announcements will be made in
future. Continued performance from our existing businesses South
African energy cluster Sasol Mining - higher coal export US dollar
sales prices achieved Operating profit of R1 434 million was 154%
higher than the prior year comparable period, primarily due to
higher coal export US dollar sales prices, which were partially
offset by lower sales volumes to Sasol Synfuels and the termination
of certain coal supply contracts. Sasol Gas - increased sales
volumes at higher gas prices Operating profit increased by 57% to
R1 448 million compared to the prior year comparable period as a
result of increased sales volumes at higher gas prices, partially
negated by higher cash fixed costs due to increased safety
initiatives and preparation for the construction of new compressor
stations at Komatipoort. Sasol Synfuels - decreased production
volumes Sasol Synfuels' operating profits increased by 163% to R20
562 million, despite 3,8% lower production volumes compared to the
prior year comparable period as a result of plant instability. The
increase in profits associated with higher average oil prices and
weaker exchange rates were, however, partially offset by costs
associated with the pre-feasibility of the Secunda Growth Programme
and significant feedstock price escalations. Included in the
operating profit is a gain of R4 909 million relating to the oil
hedge. Sasol Oil - sharp decline in product prices Sasol Oil
recorded an operating loss of R1 626 million compared to an
operating profit of R2 031 million for the prior year comparable
period as a result of the sharp decline in product prices on the
back of fast falling crude oil prices which resulted in negative
stock effects and pressure on refining margins. International
energy cluster Sasol Synfuels International (SSI) - successful
production ramp up of Oryx GTL plant SSI reflected an operating
profit of R1 072 million compared to an operating loss of R274
million in the prior year comparable period. This increase was
mainly due to the successful ramp up in production of the Oryx
gas-to-liquids (GTL) plant and a profit of R509 million realised on
the reduction of our economic interest in the Escravos
gas-to-liquids (EGTL) Project. Sasol has retained a 10% economic
interest in EGTL which is recognised as an investment in an
associate. Production at the Oryx GTL plant in Qatar has been
increasing steadily and the plant achieved an average production of
almost 22 000 barrels a day (b/d) for the six months ended 31
December 2008. For the month of December 2008, the plant achieved
an average production of just more than 26 000 b/d. Sasol and
Chevron have reviewed and optimised their business model for
co-operation regarding their GTL ambitions and have agreed, in
future, to work together directly and on a case by case basis.
Sasol Petroleum International (SPI) - increased oil and gas sales
volumes Operating profit increased by 224% to R1 001 million
compared to the prior year comparable period, mainly due to higher
oil and gas prices and the weakening of the rand/US dollar exchange
rate, as well as higher Etame oil and Temane gas sales volumes.
Although exploration expenditure decreased, this was partially
offset by expenditure on new business development. The operating
profit includes a gain of R155 million relating to the oil hedge.
Chemical cluster Sasol Polymers - additional production capacity at
Arya Sasol Polymers Operating profit increased by 123% to R1 107
million compared to the prior year comparable period, due mainly to
additional production volumes at the Arya Sasol Polymers plant,
substantially higher margins at our Petlin joint venture in
Malaysia and foreign exchange translation gains. This increase in
operating profit was partially offset by decreasing polymer sales
prices at our South African operations in the latter part of the
period. Sasol Solvents - higher margins, however, reduced sales
volumes Operating profit increased by 146% to R1 366 million
compared to the prior year comparable period due to improved sales
prices and margins, as well as a weakening rand/US dollar exchange
rate resulting in translation gains of R556 million, partially
negated by lower sales volumes. We are in the process of reviewing,
and if necessary, restructuring the European solvents business as
part of our business improvement plan. Sasol Olefins &
Surfactants (Sasol O&S) - lower sales volumes Operating profit
decreased by 71% to R135 million compared to the prior year
comparable period, mainly as a result of reduced sales volumes due
to the economic downturn, especially in global automotive and
construction sectors. Due to its position in the European and US
markets, this business was exposed more quickly to the
deteriorating worldwide economic conditions. Despite the general
downturn due to the economic crisis, the turnaround process has
already improved the robustness of the business. Seven plants with
a total production capacity in excess of half a million tons per
annum were shut down and headcount was reduced by approximately
300. We remain of the view that greater shareholder value can be
unlocked by continuing to focus on the turnaround process of the
Sasol O&S business and by exploring selected group cost
optimisation and growth opportunities. While we will continue to
carefully monitor and review the performance of all assets in the
Sasol O&S portfolio, we do not intend to sell Sasol O&S at
this stage and will therefore retain and further optimise this
business. Other chemical businesses - improved performance Other
chemical businesses recorded an operating loss of R2 741 million
compared to an operating profit of R885 million for the prior year
comparable period due to the inclusion of the European Commission
fine on Sasol Wax of R3 678 million (euro 318,2 million). Excluding
this once-off item, operating profit increased by 6% compared to
the prior year comparable period resulting from improved product
margins. Sustaining Sasol into the future Pursuing sustainable
development opportunities remains a focus area for Sasol: -- The
recordable case rate for employees and service providers, including
injuries and illnesses, was 0,52 at 31 December 2008 compared to
0,50 at 30 June 2008. -- Energy-efficiency projects under
construction at our operations include the investment in power
generating plants consisting of two new open-cycle gas turbines, to
be fuelled by gas otherwise flared or wasted. -- The black public
funded and cash invitations of the Sasol Inzalo share transaction
were concluded successfully in September 2008. Preference share
debt of R4,3 billion related to the funded invitation was issued.
-- Sasol group was rated level 6 by Empowerdex in respect of our
black economic empowerment (BEE) procurement process, meaning that
for each R1,00 spent on Sasol products, customers receive R0,60 BEE
preferential procurement recognition. -- In support of reducing our
carbon footprint we have established a New Energy business with a
focus on identifying and developing lower carbon emission
technology and renewable energy sources. Growth projects achieving
objectives Our investment in the pre-feasibility and feasibility
studies of large capital projects has not been impacted at this
stage. Major projects advanced include: -- Our feasibility study
into an 80 000 b/d coal-to-liquids (CTL) plant in China is on track
to be completed during the first half of 2010. -- The Sasol
Synfuels progressive expansion project in South Africa, the Secunda
Growth Programme, will be phased in over a period longer than
originally planned. Phase one, based on natural gas, is in progress
and is expected to increase production by 3% by 2012 compared to
the 4% to be achieved by 2010 previously reported. Phase two of the
expansion programme is still in the pre-feasibility stage. -- In
South Africa, our pre-feasibility study into developing another
inland CTL plant (Project Mafutha) near Lephalale in the Limpopo
West area with a capacity of about 80 000 b/d has gained momentum.
A memorandum of understanding has been signed with the state-owned
Industrial Development Corporation of South Africa regarding its
participation in Project Mafutha. -- In October 2008, SPI commenced
seismic work on four onshore blocks in Papua New Guinea (PNG) as
part of a gas exploration campaign in partnership with a PNG
company. -- Beneficial operation has been achieved for the entire
Arya Sasol Polymers complex. This includes a 1 000 kilo tons per
annum (ktpa) ethylene cracker, a 300 ktpa low density polyethylene
plant and a 300 ktpa high density polyethylene plant. -- In
offshore Blocks 16/19 in Mozambique, two exploration wells were
successfully drilled in the period October 2008 to January 2009.
Both wells were found to be gas-bearing, however due to technical
complexity, a significant amount of follow-up work will be required
to assess the commerciality of the discoveries. Cash conservation
and targeted gearing range lowered Gearing decreased from 20,5% at
30 June 2008 to 2,3% at 31 December 2008, primarily due to the
suspension of the share repurchase programme and entering a cash
conservation mode. In response to the global economic crisis, we
have lowered our targeted gearing (net debt to equity ratio) from
the previous range of 30% - 50% to 20% - 40%. The deleveraged
financial position at 31 December 2008 positions the group well to
execute its medium-term capital expenditure programme given
uncertain credit markets. During the current period, the company
repurchased a total of 3 216 769 Sasol ordinary shares at an
average price of R346,45 per share. Total shares repurchased since
the inception of the programme in March 2007 represents about 6,4%
of the issued share capital at 31 December 2008, excluding the
shares issued in terms of the Sasol Inzalo share transaction. 31
500 000 ordinary shares of the repurchased shares were cancelled
during the period for a total value of R7,9 billion. 8 809 889
Sasol ordinary shares remain held by Sasol Investment Company (Pty)
Limited. At the Annual General Meeting of 28 November 2008,
shareholders renewed the authority for up to 15 months to buy back
up to 4% of the issued share capital of the company. Profit
outlook* - reduction in earnings for the full 2009 financial year
In line with the sharp downturn in worldwide chemical markets, we
expect our chemical businesses to be significantly weaker in the
second half of the year compared to the first six months, in
contrast to our 2008 performance. Taking into account the overall
deterioration in market conditions, with significantly lower than
expected crude oil and product prices, as well as lower product
demand, partially negated by a weakening in the rand/US dollar
exchange rate, the crude oil hedges and increased production
volumes at Arya and Oryx, the earnings for the financial year to 30
June 2009 are expected to reflect a reduction compared to the 2008
financial year. The current volatility and uncertainty of global
markets makes it difficult to be more precise in this outlook
statement. The board considered it prudent to reduce the interim
dividend given the volatility and uncertainty in the current
economic climate in the interests of the company's growth strategy
and the preservation of long-term shareholder value. At this stage
we expect to maintain our dividend policy within the targeted range
of 2,5 times to 3,5 times annual earnings cover. However,
consideration will be given to a capitalisation award for the final
dividend. *In accordance with standard practice, it is noted that
this information has not been reviewed or reported on by the
Company's auditors. Acquisitions and disposals of businesses In
July 2008, Exel Petroleum (Pty) Limited acquired the remaining
50,1% of Exelem Aviation (Pty) Limited for a purchase consideration
of US$1,7 million. With effect from 23 December 2008, SSI reduced
its economic interest in the Escravos GTL Project in Nigeria for a
consideration of US$360 million, retaining a 10% economic interest.
Subsequent events On 7 January 2009, Sasol Wax settled the amount
of euro 318,2 million payable to the European Commission in respect
of the fine imposed due to anti-competitive activities. Sasol has
appealed the quantum of this fine. On 4 February 2009, Mr MJN Njeke
was appointed as a non-executive director of Sasol Limited as well
as a member of the Audit Committee. On 27 February 2009, Sasol
together with its partners agreed with lenders to repay the Oryx
GTL loan balance. Declaration of interim cash dividend number 59 An
interim cash dividend of South African R2,50 per ordinary share
(2008: R3,65 per share) has been declared. The interim cash
dividend is payable on all ordinary shares, excluding the Sasol
preferred ordinary shares. The salient dates for holders of
ordinary shares are: Last day for trading to qualify for and
participate in the interim dividend (cum dividend) Thursday, 2
April 2009 Trading ex dividend commences Friday, 3 April 2009
Record date Thursday, 9 April 2009 Dividend payment date Tuesday,
14 April 2009 Holders of American Depositary Receipts* Ex dividend
on New York Stock Exchange Tuesday, 7 April 2009 Record date
Thursday, 9 April 2009 Date for currency conversion Wednesday, 15
April 2009 Dividend payment date Friday, 24 April 2009 * All dates
are approximate as the NYSE approves the record date after receipt
of the dividend declaration. On Tuesday, 14 April 2009, dividends
due to certificated shareholders on the South African registry will
either be electronically transferred to shareholders' bank accounts
or, in the absence of suitable mandates, dividend cheques will be
posted to such shareholders. Shareholders who have dematerialised
their share certificates will have their accounts credited on
Tuesday, 14 April 2009. Share certificates may not be
dematerialised or re-materialised between Friday, 3 April 2009 and
Thursday, 9 April 2009, both days inclusive. On behalf of the board
Hixonia Nyasulu Pat Davies Christine Ramon Chairman Chief executive
Chief financial officer Sasol Limited 9 March 2009 Registered
office: Sasol Limited, 1 Sturdee Avenue, Rosebank, Johannesburg
2196 PO Box 5486, Johannesburg 2000, South Africa Share registrars:
Computershare Investor Services (Pty) Limited, 70 Marshall Street,
Johannesburg 2001 PO Box 61051, Marshalltown 2107, South Africa
Tel: +27 11 370-7700 Fax: +27 11 370-5271/2 Sponsor: Deutsche
Securities (SA)(Pty) Limited Directors (non-executive): TH Nyasulu
(Chairman), BP Connellan*, HG Dijkgraaf (Dutch)*, MSV Gantsho*, A
Jain (Indian), IN Mkhize*, MJN Njeke*, JE Schrempp (German)*, TA
Wixley* (executive): LPA Davies (Chief executive), KC Ramon (Chief
financial officer), VN Fakude, AMB Mokaba *Independent Company
secretary: NL Joubert Company registration number: 1979/003231/06,
incorporated in the Republic of South Africa JSE NYSE Share code:
SOL SSL ISIN code: ZAE000006896 US8038663006 American depositary
receipts (ADR) program: Cusip number 803866300 ADR to ordinary
share 1:1 Depositary: The Bank of New York Mellon, 22nd floor, 101
Barclay Street, New York, NY 10286, USA Forward-looking statements:
In this document we 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 7 October 2008 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. The reader is referred to
the definitions contained in the 2008 Sasol Limited annual
financial statements. Basis of preparation and accounting policies
The condensed consolidated interim financial results for the six
months ended 31 December 2008 have been prepared in compliance with
the Listings Requirements of the JSE Limited, International
Financial Reporting Standards (IFRS) as published by the
International Accounting Standards Board (in particular
International Accounting Standard 34 Interim Financial Reporting)
and the South African Companies Act, 1973, as amended. The
accounting policies applied in the presentation of the interim
financial results are consistent with those applied for the year
ended 30 June 2008, except as follows: Sasol Limited has early
adopted the following standards, except if otherwise stated, which
did not have a significant impact on the financial results: -- IAS
27 (Amendment), Consolidated and Separate Financial Statements. --
IFRS 1 and IAS 27 (Amendment), Cost of an Investment in a
Subsidiary, Jointly Controlled Entity or Associate. -- IFRS 3
(Revised), Business Combinations. -- IAS 39 (Amendment), Eligible
Hedged Items. -- IAS 39 and IFRS 7 (Amendments), Reclassifications
of Financial Assets - Effective Date and Transition (effective 1
July 2008). -- IFRS 5 (Amendment), Non-current Assets Held for Sale
and Discontinued Operations. -- IFRIC 16, Hedges of a Net
Investment in a Foreign Operation. -- IFRIC 18, Transfers of Assets
From Customers. -- Various improvements to IFRSs. These condensed
consolidated interim financial results have been prepared in
accordance with the historic cost convention except that certain
items, including derivatives and available-for-sale financial
assets, are stated at fair value. The condensed consolidated
interim financial results are presented in rand, which is Sasol
Limited's functional and presentation currency. Related party
transactions The group, in the ordinary course of business, entered
into various sale and purchase transactions on an arm's length
basis at market rates with related parties. Significant changes in
contingent liabilities since 30 June 2008 On 1 October 2008, the
European Union found that members of the European wax industry,
including Sasol Wax GmbH, had formed a cartel and violated
antitrust laws. A fine of euro 318,2 million was imposed by the
European Commission on Sasol Wax, who has appealed the quantum of
the fine. The liability has been recognised at 31 December 2008.
Flowing from the group-wide competition law compliance review
certain provisions have been made where appropriate which includes
a provision in respect of the Sasol Nitro matters (certain aspects
of the Nutriflo matter referred by the Competition Commission to
the Competition Tribunal and the phosphoric acid investigation).
Independent review by the auditors The condensed consolidated
interim statement of financial position at 31 December 2008 and the
related condensed consolidated interim income statement, statements
of comprehensive income, changes in equity and cash flows for the
six months then ended was reviewed by KPMG Inc. The individual
auditor assigned to perform the review is Mr AW van der Lith. Their
unmodified review report is available for inspection at the
registered office of the company. For more information, please
contact the Sasol Investor Relations team. Sasol Investor Relations
Tel.: +27 11 441 3113 / 3563 / 3321 The interim financial
statements are presented on a condensed consolidated basis. SASOL
LIMITED GROUP STATEMENT OF FINANCIAL POSITION at 31-Dec-08
31-Dec-07 30-Jun-08 Reviewed Reviewed Audited Rm Rm Rm ASSETS
Property, plant and equipment 68 198 54 394 66 273 Assets under
construction 16 366 23 424 11 693 Goodwill 937 607 874 Other
intangible assets 911 586 964 Investments in associates 2 102 586
830 Post-retirement benefit assets 781 532 571 Deferred tax assets
1 662 808 1 453 Other long-term assets 3 360 2 408 2 631
Non-current assets 94 317 83 345 85 289 Assets held for sale 31 6 3
833 Inventories 19 190 17 028 20 088 Trade and other receivables 22
605 17 780 25 323 Short-term financial assets 4 401 239 330 Cash
restricted for use 1 651 768 814 Cash 21 360 3 956 4 435 Current
assets 69 238 39 777 54 823 Total assets 163 555 123 122 140 112
EQUITY AND LIABILITIES Shareholders' equity 89 638 60 228 76 474
Non-controlling interest 2 142 1 759 2 521 Total equity 91 780 61
987 78 995 Long-term debt 21 224 12 687 15 682 Long-term financial
liabilities 48 51 37 Long-term provisions 5 526 3 943 4 491
Post-retirement benefit obligations 4 976 3 992 4 578 Long-term
deferred income 354 2 942 376 Deferred tax liabilities 10 247 8 657
8 446 Non-current liabilities 42 375 32 272 33 610 Liabilities in
disposal group held for sale - - 142 Short-term debt 1 833 8 671 3
496 Short-term financial liabilities 193 1 318 67 Other current
liabilities 27 044 16 971 22 888 Bank overdraft 330 1 903 914
Current liabilities 29 400 28 863 27 507 Total equity and
liabilities 163 555 123 122 140 112 SASOL LIMITED GROUP INCOME
STATEMENT for the period ended half year half year full year
31-Dec-08 31-Dec-07 30-Jun-08 Reviewed Reviewed(2) Audited Rm Rm Rm
Turnover 83 118 55 517 129 943 Cost of sales and services rendered
(50 747) (32 042) (74 634) Gross profit 32 371 23 475 55 309
Non-trading income 454 215 635 Marketing and distribution
expenditure (4 018) (3 226) (6 931) Administrative expenditure (4
114) (2 986) (6 697) Other operating expenditure (3 209) (3 468) (8
500) European paraffin wax fine (3 678) - - Effect of crude oil
hedges 4 627 (1 319) (2 201) Share-based payment expenses (3 044)
(77) (1 782) Effect of remeasurement items 320 304 (698)
Translation gains/(losses) 1 501 (29) 300 Other expenditure (2 935)
(2 347) (4 119) Operating profit 21 484 14 010 33 816 Finance
income 836 273 735 Finance expenses (1 321) (444) (1 148) Share of
profits of associates (net of tax) 233 121 254 Profit before tax 21
232 13 960 33 657 Taxation (8 258) (4 393) (10 129) Profit for the
period 12 974 9 567 23 528 Attributable to Owners of Sasol Limited
13 216 9 148 22 417 Non-controlling interest in subsidiaries (242)
419 1 111 12 974 9 567 23 528 Earnings per share Rand Rand Rand
Basic earnings per share 22,17 15,05 37,30 Diluted earnings per
share(1) 21,79 14,85 36,78 (1) Diluted earnings per share is
calculated taking the Sasol Share Incentive Scheme and Sasol Inzalo
Employee Trusts into account. (2) Comparative amounts were
reclassified for consistency, which resulted in R506 million being
reclassified from cost of sales and services rendered to
administrative expenditure SASOL LIMITED GROUP STATEMENT OF
COMPREHENSIVE INCOME for the period ended half year half year full
year 31-Dec-08 31-Dec-07 30-Jun-08 Reviewed Reviewed Audited Rm Rm
Rm Profit for the period 12 974 9 567 23 528 Other comprehensive
income Effect of translation of foreign operations 2 073 53 3 452
Effect of cash flow hedges 146 (30) 261 Available-for-sale
financial assets (3) 1 (1) Tax on other comprehensive income - (4)
(60) Other comprehensive income for the period, net of tax 2 216 20
3 652 Total comprehensive income for the period 15 190 9 587 27 180
Attributable to Owners of Sasol Limited 15 445 9 169 26 062
Non-controlling interest in subsidiaries (255) 418 1 118 15 190 9
587 27 180 SASOL LIMITED GROUP STATEMENT OF CHANGES IN EQUITY for
the period ended half year half year full year 31-Dec-08 31-Dec-07
30-Jun-08 Reviewed Reviewed Audited Rm Rm Rm Opening balance 78 995
63 269 63 269 Net shares issued during period 1 089 262 387
Repurchase of shares (1 114) (7 300) (7 300) Share-based payment
expense 3 004 77 1,574 Disposal of business 414 - - Acquisition of
businesses - - (100) Change in shareholding of subsidiaries 402 73
306 Total comprehensive income for the period 15 190 9 587 27 180
Dividends paid (5 674) (3 597) (5 766) Dividends paid to
non-controlling shareholders (526) (384) (555) Closing balance 91
780 61 987 78 995 Comprising Share capital 26 957 3 890 20 176
Share repurchase programme (2 641) (10 969) (10 969) Sasol Inzalo
share transaction (22 051) - (16 161) Retained earnings 75 958 66
660 77 660 Share-based payment reserve 5 544 1 043 2 540 Foreign
currency translation reserve 5 488 (389) 3 006 Investment fair
value reserve (2) 3 1 Cash flow hedge accounting reserve 385 (10)
221 Shareholders' equity 89 638 60 228 76 474 Non-controlling
interest 2 142 1 759 2 521 Total equity 91 780 61 987 78 995 SASOL
LIMITED GROUP STATEMENT OF CASH FLOWS for the period ended half
year half year full year 31-Dec-08 31-Dec-07 30-Jun-08 Reviewed
Reviewed Audited Rm Rm Rm Cash receipts from customers 86 255 54
857 123 452 Cash paid to suppliers and employees (55 447) (40 743)
(88 712) Cash generated by operating activities 30 808 14 114 34
740 Finance income 1 236 504 957 Finance expenses paid (1 155)
(935) (2 405) Tax paid (5 697) (4 712) (9 572) Dividends paid (5
674) (3 597) (5 766) Cash retained from operating activities 19 518
5 374 17 954 Additions to non-current assets (6 952) (4 577) (10
855) Acquisition of businesses (53) - (431) Cash obtained on
acquisition of businesses 19 - - Disposal of businesses 3 487 686
693 Cash disposed of on disposal of businesses - (31) (31) Other
net cash flows from investing activities 100 41 (220) Cash utilised
in investing activities (3 399) (3 881) (10 844) Share capital
issued 1 089 262 387 Share repurchase programme (1 114) (7 300) (7
300) Contributions from non-controlling shareholders 369 - 185
Dividends paid to non-controlling shareholders (526) (384) (555)
Increase/ (decrease) long-term debt 3 896 (2 014) (782) (Decrease)
/ increase in short-term debt (1 758) 4 685 (350) Cash effect of
financing activities 1 956 (4 751) (8 415) Translation effects on
cash and cash equivalents of foreign operations 271 (9) 324
Movement in cash and cash equivalents 18 346 (3 267) (981) Cash and
cash equivalents at beginning of period 4 335 6 088 6 088 Net
reclassification to held for sale - - (772) Cash and cash
equivalents at end of period 22 681 2 821 4 335 SASOL LIMITED GROUP
SEGMENT REPORT for the period ended Turnover Business Operating
profit R million unit analysis R million full year half-year
half-year half-year half-year full year 30-Jun-08 31-Dec-07
31-Dec-08 31-Dec-08 31-Dec-07 30-Jun-08 Audited Reviewed Reviewed
Reviewed Reviewed Audited South African 104 790 45 315 64 275
energy cluster 21 754 11 334 28 048 7 479 3 387 4 692 Mining 1 434
565 1 393 4 697 2 173 3 276 Gas 1 448 923 1 785 39 616 16 987 24
456 Synfuels 20 562 7 815 19 416 52 998 22 768 31 851 Oil (1 626) 2
031 5 507 - - - Other (64) - (53) International 3 764 1 407 3 022
energy cluster 2 073 35 383 Synfuels 1 793 577 1 764 International
1 072 (274) (621) Petroleum 1 971 830 1 258 International 1 001 309
1 004 Chemical 73 696 31 804 48 682 Cluster (133) 2 396 6 605 11
304 4 749 8 643 Polymers 1 107 497 1 511 17 182 7 331 10 568
Solvents 1 366 556 2 382 Olefins & 28 780 12 175 18 253
Surfactants 135 458 1 512 Other chemical 16 430 7 549 11 218
businesses (2 741) 885 1 200 Other 4 273 2 616 2 613 businesses* (2
210) 245 (1 220) 186 523 81 142 118 592 21 484 14 010 33 816
Intercompany (56 580) (25 625) (35 474) turnover 129 943 55 517 83
118 * Includes share-based payment expense related to the Sasol
Inzalo share transaction SASOL LIMITED GROUP SALIENT FEATURES (1)
for the period ended half-year half-year full year 31-Dec-08
31-Dec-07 30-Jun-08 Selected ratios Return on equity % 15,9 15,0
32,5 Return on total assets % 14,9 11,9 26,9 Operating margin %
25,8 25,2 26,0 Finance expense cover times 19,5 15,4 14,5 Dividend
cover times 9,1 4,2 2,8 Share statistics Total shares in issue
million 665,2 630,6 676,7 Treasury shares (share repurchase
programme) million 8,8 37,1 37,1 Weighted average number of shares
million 596,0 607,7 601,0 Diluted weighted average number of shares
million 613,5 616,0 609,5 Share price (closing) Rand 280,02 339,00
461,00 Market capitalisation Rm 186 269 213 773 311 959 Net asset
value per share Rand 150,35 101,48 128,44 Dividend per share Rand
2,50 3,65 13,00 Other financial information Total debt (including
bank overdraft) - interest bearing Rm 22 742 22 661 19 455 -
non-interest bearing Rm 645 600 637 Finance expense capitalised Rm
42 660 1 586 Capital commitments Rm 25 983 21 605 25 048 -
authorised and contracted Rm 23 489 27 095 24 457 - authorised, not
yet contracted Rm 18 202 14 340 17 722 - less expenditure to date
Rm (15 708) (19 830) (17 131) Guarantees and contingent liabilities
- total amount Rm 37 524 31 479 37 381 - liability included on the
statement of financial position Rm 9 874 12 931 10 730 Significant
items in operating profit - employee costs Rm 8 373 6 465 14 443 -
depreciation and amortisation of non- current assets Rm 3 028 2 355
5 212 - share-based payment expenses Rm 3 044 118 1 782 Effective
tax rate(1) % 38,9 31,5 30,1 Number of employees number 34 023 32
893 33 928 Average crude oil price - US$/bar dated Brent rel 84,75
81,83 95,51 Average rand / US$ exchange 1US$ = rate Rand 8,88 6,94
7,30 Closing rand / US$ exchange 1US$ = rate Rand 9,49 6,87 7,83
(1)Increase in effective tax rate as a result of the European
paraffin wax fine an share-based payment expenses which are not
deductible for tax. SASOL LIMITED GROUP SALIENT FEATURES (2) for
the period ended half-year half-year full year 31-Dec-08 31-Dec-07
30-Jun-08 Reconciliation of headline earnings Rm Rm Rm Profit for
the period attributable to Owners of Sasol Limited 13 216 9 148 22
417 Effect of remeasurement items (320) (304) 698 Impairment of
assets 156 27 821 Reversal of impairment - - (381) Profit on
disposal of business (509) - - Profit on disposal of assets (9)
(391) (440) Loss on repurchase of participation rights in GTL
venture - 34 34 Loss on realisation of foreign currency translation
reserve - - 557 Scrapping of non-current assets 42 26 107 Tax
effects and non-controlling interest 167 7 (225) Headline earnings
13 063 8 851 22 890 Remeasurement items per above Mining (1) (3) 7
Gas 6 - 104 Synfuels 21 - 25 Oil - (26) (20) Synfuels International
(509) 34 396 Petroleum International - - (27) Polymers (3) - (12)
Solvents 43 23 104 Olefins & Surfactants 79 6 (27) Other
chemical businesses 34 (229) 229 Nitro 30 (114) (199) Wax 4 (118)
426 Other - 3 2 Other businesses 10 (109) (81) Remeasurement items
(320) (304) 698 Headline earnings per share Rand 21,92 14,56 38,09
Diluted headline earnings per share Rand 21,54 14,37 37,56 The
reader is referred to the definitions contained in the 2008 Sasol
Limited annual financial statements. DATASOURCE: Sasol Limited
CONTACT: Sasol Investor Relations, Tel.: +27-11-441-3113,
+27-11-441-3563, or +27-11-441-3321, Web Site:
http://www.sasol.com/
Copyright
