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Sasol Limited - Interim Results And Dividend Declaration

Release Date: 29/02/2000 08:28:40      Code(s): SOL SOLD
SASOL LIMITED
COMPANY REGISTRATION NUMBER 1979/03231/06)
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
INTERIM PROFIT STATEMENT AND DECLARATION OF DIVIDEND NO 41 FOR THE HALF-YEAR
ENDED 25 DECEMBER 1999
* TURNOVER UP 27%
* OPERATING PROFIT UP 37%
         - FULLY DILUTED HEADLINE EARNINGS UP 34%
         - DIVIDEND UP 28%
* ACQUISITION OF POLIFIN
         -COST INCREASES SIGNIFICANTLY BELOW INFLATION
PARTICULARS OF FINANCIAL RESULTS
THE RESULTS HAVE BEEN PREPARED ON THE HISTORICAL COST BASIS AND THE ACCOUNTING
POLICIES APPLIED DURING THE PERIOD ARE CONSISTENT IN ALL MATERIAL RESPECTS WITH
THOSE ADOPTED IN THE JUNE 1999 ANNUAL REPORT.
THE GROUP'S UNAUDITED CONSOLIDATED RESULTS FOR THE HALF-YEAR ENDED 25 DECEMBER
1999 ARE AS FOLLOWS:
CONSOLIDATED INCOME STATEMENT
                           HALF-YEAR      HALF-YEAR               YEAR
                           ENDED          ENDED                   ENDED
                           25/12/1999     25/12/1998     %        25/06/1999
                           R MILLION      R MILLION   INCREASE    R MILLION
TURNOVER                   11 971         9 421         27        19 180
OPERATING PROFIT           2 475          1 808         37        3 701
DIVIDENDS RECEIVED         3              1                       4
NET INTEREST (PAID)/
RECEIVED                    (132)         16                      71
INCOME BEFORE TAXATION      2 346         1 825         29        3 776
PROVISION FOR TAXATION      (822)         (570)                   (1 203)
INCOME AFTER TAXATION       1 524         1 255         21        2 573
OUTSIDE SHAREHOLDERS'
INTEREST                    (10)          (13)                    (32)
EARNINGS ATTRIBUTABLE
TO PERMANENT CAPITAL
HOLDERS                     1 514         1 242         22        2 541
NET DEBENTURE INTEREST      (31)          (31)                    (62)
EARNINGS ATTRIBUTABLE
TO SHAREHOLDERS              1 483        1 211         22        2 479
DEPRECIATION OF AND
AMOUNTS WRITTEN OFF
FIXED ASSETS                 908          666                     1 405
ADJUSTMENT FOR
HEADLINE EARNINGS            152          (2)                     (43)
EARNINGS PER SHARE
(CENTS)                      244,6        199,9                   409,2
HEADLINE EARNINGS
PER SHARE (CENTS)            269,6        199,6                   402,1
FULLY DILUTED EARNINGS
PER SHARE (CENTS)            228,4        187,6                   383,7
FULLY DILUTED HEADLINE
EARNINGS PER SHARE (CENTS)   251,4        187,3         34        377,2
DIVIDEND PER SHARE (CENTS)   83,0         65,0          28        151,0
CONSOLIDATED BALANCE SHEET
                                AS  AT          AS AT            AS AT
                                25/12/1999      25/12/1998       25/06/1999
                                R MILLION       R MILLION        R MILLION
SOURCE OF CAPITAL
SHAREHOLDERS' INTEREST          16 146          14 270           15 131
CONVERTIBLE DEBENTURES          1 028           1 028            1 028
OUTSIDE SHAREHOLDERS' INTEREST  102             94               102
LONG-TERM LIABILITIES           651             607              668
DEFERRED TAXATION               3 242           3 096            3 145
                                21 169          19 095           20 074
EMPLOYMENT
OF CAPITAL
FIXED ASSETS                    16 913         15 785            16 048
GOODWILL*                       1 651          -                 156
OTHER LONG-TERM ASSETS          799            796               752
CURRENT ASSETS                  8 368          7 142             7 300
  CASH FUNDS                    797            912               808
  OTHER CURRENT ASSETS          7 571          6 230             6 492
CURRENT LIABILITIES             (4 155)        (3 721)           (3 690)
INTEREST-BEARING
SHORT-TERM DEBT                 (2 407)        (907)             (492)
                                21 169         19 095            20 074
NET ASSET VALUE PER
SHARE (CENTS)                   2 661,3        2 355,6           2 496,5
NUMBER OF ORDINARY
SHARES IN ISSUE (MILLION)       606,7          605,8             606,1
WEIGHTED AVERAGE NUMBER
OF ORDINARY SHARES IN
ISSUE (MILLION)                 606,4          605,7             605,8
NUMBER OF DEBENTURES
IN ISSUE (MILLION)              56,4           56,4              56,4
CAPITAL EXPENDITURE
FOR PERIOD (R MILLION)          815            1 269             2 356
CAPITAL EXPENDITURE
AUTHORISED (R MILLION)          3 665          2 264             2 843
*COMPRISES MAINLY GOODWILL ARISING ON THE ACQUISITION OF POLIFIN. GOODWILL IS
AMORTISED OVER THE EXPECTED USEFUL LIFE OF THE ASSET.
CONSOLIDATED CASH FLOW STATEMENT
                                    HALF-YEAR      HALF-YEAR      YEAR
                                    ENDED          ENDED          ENDED
                                    25/12/1999     25/12/1998     25/06/1999
                                    R MILLION      R MILLION      R MILLION
CASH FLOW FROM OPERATIONS           3 429          2 473          5 063
INVESTMENT INCOME                   69             278            384
MOVEMENT IN WORKING CAPITAL         (562)          (593)          (919)
CASH GENERATED BY
OPERATING ACTIVITIES                2 936          2 158          4 528
FINANCE COSTS PAID                  (198)          (261)          (309)
TAXATION PAID                       (555)          (445)          (1 105)
CASH AVAILABLE FROM
OPERATING ACTIVITIES                2 183          1 452          3 114
DISTRIBUTION TO PERMANENT
CAPITAL HOLDERS                     (565)          (541)          (980)
CASH RETAINED FROM
OPERATING ACTIVITIES                1 618          911            2 134
ACQUISITION OF FIXED ASSETS         (815)          (1 269)        (2 356)
ACQUISITION OF POLIFIN              (2 735)        -              -
OTHER MOVEMENTS                     24             (433)          (317)
INCREASE IN FUNDING REQUIREMENTS    (1 908)        (791)          (539)
SHARE CAPITAL ISSUED                13             4              10
MOVEMENT IN:
  -OUTSIDE SHAREHOLDERS' INTEREST   (10)           (10)           (17)
  LONG-TERM LIABILITIES             (17)           15             75
  SHORT-TERM LOANS                  1 911          (647)          (1 062)
DECREASE IN CASH                    (11)           (1 429)        (1 533)
CHANGES IN EQUITY STATEMENT
                                    HALF-YEAR      HALF-YEAR      YEAR
                                    ENDED          ENDED          ENDED
                                    25/12/1999     25/12/1998     25/06/1999
                                    R MILLION      R MILLION      R MILLION
SHARE CAPITAL
- BEGINNING OF PERIOD               1 543          1 533          1 533
- ISSUED DURING PERIOD              13             4              10
- END OF PERIOD                     1 556          1 537          1 543
DISTRIBUTABLE RESERVES
UNAPPROPRIATED INCOME
- BEGINNING OF PERIOD               12 735         10 669         10 669
- EARNINGS FOR PERIOD               1 483          1 211          2 479
- -DEFERRED TAX
 - RATE ADJUSTMENT                  -              502            502
- DIVIDENDS DECLARED                (504)          (394)          (915)
- END OF PERIOD                     13 714         11 988         12 735
TRANSLATION RESERVE
- BEGINNING OF PERIOD               81             51             51
- MOVEMENT DURING PERIOD            23             (78)           30
- END OF PERIOD                     104            (27)           81
GENERAL RESERVE                     340            340            340
EQUALISATION RESERVE                432            432            432
- END OF PERIOD                     772            772            772
SHAREHOLDERS' INTEREST              16 146         14 270         15 131
OVERVIEW
FULLY DILUTED HEADLINE EARNINGS PER SHARE INCREASED BY 34% TO 251 CENTS PER
SHARE WHEN COMPARED TO THE CORRESPONDING PERIOD IN THE PREVIOUS YEAR. SEVERAL
FACTORS CONTRIBUTED TO THIS EXCELLENT PERFORMANCE. HIGHER PETROLEUM PRODUCT
PRICES, A WEAKER RAND/DOLLAR EXCHANGE RATE AND INCREASES IN THE WORLD PRICES OF
A NUMBER OF COMMODITY CHEMICALS, HAD A POSITIVE IMPACT ON PROFITS. INCREASED
PRODUCTION AND THE CONTINUED FOCUS ON COST OPTIMISATION, IMPROVEMENT IN BOTH
YIELDS AND EFFICIENCIES AND THE ACQUISITION OF THE REMAINING 50% OF POLIFIN
ALSO CONTRIBUTED MATERIALLY TO THE INCREASE IN OPERATING PROFIT.
FINANCIAL RESULTS
TURNOVER INCREASED BY 27% WHILE OPERATING PROFIT INCREASED BY 37% AS A RESULT
OF IMPROVED MARGINS WHERE GOOD COST OPTIMISATION PLAYED A SIGNIFICANT ROLE. NET
INTEREST PAID WAS SIGNIFICANTLY HIGHER AT R132 MILLION, REFLECTING THE
INCREASED GEARING OF THE GROUP.
FULLY DILUTED HEADLINE EARNINGS INCREASED BY 34% WHILST FULLY DILUTED EARNINGS
PER SHARE INCREASED BY 21% TO 228 CENTS PER SHARE. A R77 MILLION PROVISION FOR
THE REDUCTION IN VALUE OF CERTAIN FOREIGN OIL PRODUCING ASSETS, R46 MILLION
GOODWILL WRITTEN OFF AND THE SCRAPPING OF OBSOLETE PLANT AND EQUIPMENT TO THE
VALUE OF R29 MILLION ACCOUNTS FOR THE DIFFERENCE.
THE GROUP'S FUNDING REQUIREMENTS WERE MET FROM INTERNALLY GENERATED RESOURCES
AND AN INCREASE IN DEBT. TOTAL BORROWINGS INCREASED TO R3 058 MILLION. THE
BALANCE SHEET REMAINS SOUND WITH GEARING AT 18%.
AN INTERIM DIVIDEND OF 83 CENTS PER SHARE HAS BEEN DECLARED, AN INCREASE OF 28%
SASOL SYNTHETIC FUELS
OPERATING PROFIT INCREASED BY 65% TO R1 326 MILLION. THE AVERAGE DERIVED CRUDE
OIL PRICE, WHICH INCREASED FROM US$10,70 TO US$16,52, AND THE RAND/DOLLAR
EXCHANGE RATE WHICH WEAKENED FROM R5,91/US$1 TO R6,12/US$1, HAD A SIGNIFICANT
IMPACT ON PROFITS. THE BENEFIT OF THE INCREASE IN THE DERIVED CRUDE OIL PRICE
WAS, HOWEVER, PARTIALLY OFFSET BY A REDUCTION IN TARIFF PROTECTION. NO
PROTECTION HAS BEEN AFFORDED THE SYNFUELS INDUSTRY SINCE SEPTEMBER 1999.
PARTICULARLY NOTEWORTHY WAS AN INCREASE OF 7,5% IN SALES VOLUMES DUE TO THE
COMMISSIONING OF THE MEDIUM TERM GAS EXPANSION, BENEFITS ACCRUING FROM THE
NEWLY COMMISSIONED SASOL ADVANCED SYNTHOL REACTORS, AS WELL AS A REDUCTION IN
STOCK LEVELS OF ALCOHOL. THE TRANSFORMATION PROCESS INITIATED IN 1996 CONTINUED
TO BEAR FRUIT AND INCREASES IN OPERATING COSTS WERE LIMITED TO 5,2%, INCLUDING
THOSE INCREASES ASSOCIATED WITH INCREASED PRODUCTION.
DERIVED CRUDE OIL PRICES DURING THE SECOND SIX MONTHS ARE FORECAST, ON AVERAGE,
TO BE HIGHER THAN THOSE OF THE FIRST SIX MONTHS, WHILE THE RAND IS EXPECTED TO
WEAKEN MARGINALLY. PRODUCTION IS FORECAST TO INCREASE FURTHER WITH THE ANNUAL
SHUTDOWN HAVING TAKEN PLACE IN SEPTEMBER 1999. THE OPERATING PROFIT FOR THE
SECOND HALF OF THE YEAR IS EXPECTED TO BE HIGHER THAN THAT OF THE FIRST.
SASOL MINING
THE OPERATING PROFIT OF R152 MILLION IS R16 MILLION (9,5%) LOWER THAN THAT OF
THE COMPARABLE PERIOD IN THE PREVIOUS YEAR. THE REDUCTION IN PROFIT IS
ATTRIBUTABLE TO A DROP OF 14% IN COAL EXPORT PRICES WHICH RESULTED IN R48
MILLION LOWER PROFIT FROM COAL EXPORTS. THE OPERATING PROFIT ON COAL SUPPLIED
TO SASOL INCREASED BY 20,3% MAINLY DUE TO COST CONTAINMENT AT THE MINES. THE
INCREASE IN UNIT PRODUCTION COST PER TON WAS LIMITED TO 2,9%.
INDICATIONS ARE THAT THE LOW COAL EXPORT PRICES WILL CONTINUE IN THE SECOND SIX
MONTHS. THE LOW EXPORT PRICES AS WELL AS FIVE MORE, NON-PRODUCTION, PUBLIC
HOLIDAYS IN THE SECOND SIX MONTHS WILL HAVE A NEGATIVE EFFECT ON PROFIT. TO
PARTIALLY NEGATE THE NEGATIVE EFFECTS, THE FOCUS REMAINS ON COST REDUCTION AND
PRODUCTIVITY IMPROVEMENTS. OPERATING PROFIT IN THE SECOND HALF-YEAR IS,
HOWEVER, FORECAST TO BE LOWER THAN THAT OF THE FIRST HALF.
DISCUSSIONS WITH TWO MAJOR COAL-MINING COMPANIES, WITH THE OBJECTIVE OF
OPTIMISING THE OPTIONS FOR FUTURE COAL SUPPLIES, ARE PROGRESSING WELL.
SASOL OIL
SASOL OIL'S OPERATING PROFIT AMOUNTED TO R335 MILLION, AN INCREASE OF 16%. THE
INCREASE IS MAINLY THE RESULT OF HIGHER AVERAGE RAND REFINING MARGINS. CRUDE
OIL THROUGHPUT WAS MARGINALLY LOWER. REFINING MARGINS IN THE SECOND HALF ARE
EXPECTED TO BE LOWER THAN THOSE OF THE FIRST, RESULTING IN A REDUCTION IN
OPERATING PROFIT.
THE DISCUSSIONS WITH PETROLIAM NASIONAL BERHAD (PETRONAS) OF MALAYSIA TO
FORMALISE DEFINITIVE COMMERCIAL AGREEMENTS ARE STILL IN PROGRESS. THESE
DISCUSSIONS WILL, HOWEVER, CONTINUE ON A NON-EXCLUSIVE BASIS. THE PARTIES WILL
FOCUS MAINLY ON EXPLORING CO-OPERATION IN, AND REALISING SYNERGIES OF, THEIR
RESPECTIVE SOUTH AFRICAN CRUDE OIL REFINING BUSINESSES AND WILL NOT PURSUE THE
FULL CONSOLIDATION OF THEIR LOCAL OIL BUSINESSES AT THIS STAGE. SASOL WILL NOW
EXPLORE SEVERAL OTHER OPPORTUNITIES IN THIS REGARD.
SASOL CHEMICAL INDUSTRIES (SCI)
OPERATING PROFIT INCREASED BY 39% TO R796 MILLION. FOREIGN AND EXPORT SALES
GREW BY 28%. THE HIGHLIGHT FOR THE PERIOD WAS THE ACQUISITION OF THE REMAINING
50% OF THE SHARES IN POLIFIN, WHICH CONTRIBUTED MATERIALLY TO THIS GOOD
PERFORMANCE. GOODWILL RESULTING FROM THE POLIFIN ACQUISITION AMOUNTING TO R41
MILLION HAS BEEN WRITTEN OFF.
THE INTEGRATION OF POLIFIN IS PROGRESSING WELL AND THE BENEFITS MADE POSSIBLE
BY THE ACQUISITION ARE BEING REALISED. POLIFIN'S TRADING INCOME WAS
APPROXIMATELY 40% HIGHER THAN IN THE COMPARABLE SIX MONTHS OF THE PREVIOUS
YEAR. A MAJOR FIRE AT THE SECUNDA POLYPROPYLENE PLANT TOOK PLACE ON 5 FEBRUARY
2000, WHICH BADLY DAMAGED THE EXTRUSION SECTION OF THE PLANT. THE EXPECTED DATE
OF RESTART IS UNCLEAR AT THIS EARLY STAGE, BUT THE OUTAGE WILL CERTAINLY LAST
FOR A NUMBER OF MONTHS. A NUMBER OF ALTERNATIVE SUPPLIES OF POLYPROPYLENE HAVE
BEEN SECURED TO KEEP BOTH INTERNATIONAL AND LOCAL CUSTOMERS SUPPLIED. THE
INCIDENT IS COVERED BY INSURANCE AND THE IMPACT ON THE INCOME STATEMENT SHOULD
THEREFORE BE CONTAINED TO EXCESSES AMOUNTING TO LESS THAN R16 MILLION.
HIGHER INTERNATIONAL COMMODITY PRICES AND INCREASED PRODUCTION RESULTED IN
STRONG PERFORMANCES IN SEVERAL OF THE DIVISIONS, NOTABLY THE SASOLBURG
OPERATIONS, SASOL ALPHA OLEFINS, SASOL SOLVENTS AND POLIFIN. THE NITROGEN-BASED
ACTIVITIES REMAINED UNDER PRICE AND MARKET PRESSURES AND THE PROFITS OF SASOL
AMMONIA, SASOL AGRI AND SMX FELL.
INTERNATIONAL CHEMICAL, MONOMER AND POLYMER PRICES ROSE SHARPLY DURING THE
PERIOD UNDER REVIEW ALTHOUGH A SIGNIFICANT INCREASE IN FEEDSTOCK COSTS,
PRIMARILY BECAUSE OF HIGH OIL PRICES, RESULTED IN MARGINS BEING LOWER THAN
EXPECTED. DURING THE QUARTER ENDED DECEMBER THERE WAS A PLEASING IMPROVEMENT IN
SALES VOLUMES.
FURTHER EXPECTED PRODUCTION AND PRICE INCREASES WILL IMPACT REVENUES POSITIVELY
DURING THE SECOND HALF-YEAR WHILE FEEDSTOCK PRICES ARE ALSO EXPECTED TO
INCREASE. PROFIT IN THE SECOND HALF OF THE YEAR IS EXPECTED TO BE SIMILAR TO
THAT OF THE FIRST HALF.
SASOL SYNFUELS INTERNATIONAL
SASOL SYNFUELS INTERNATIONAL HAS FOCUSED ON PROGRESSING THE GAS-TO-LIQUIDS
(GTL) VENTURES IN NIGERIA AND QATAR, AS WELL AS STRUCTURING AND IMPLEMENTING
THE GLOBAL JOINT VENTURE WITH CHEVRON.
THE ESCRAVOS GTL VENTURE BEING CARRIED OUT TOGETHER WITH CHEVRON NIGERIA
LIMITED SHOULD MOVE INTO THE FRONT-END ENGINEERING DESIGN PHASE DURING THE
SECOND QUARTER OF 2000. CURRENT ACTIVITIES ARE DIRECTED AT THE FINALISATION OF
THE COMMERCIAL AGREEMENTS BETWEEN THE VARIOUS PARTIES INVOLVED IN THE VENTURE.
DISCUSSIONS ARE ALSO CONTINUING WITH SASOL'S PARTNERS ON THE QATARI GTL
VENTURE, QATAR GENERAL PETROLEUM CORPORATION AND PHILLIPS PETROLEUM COMPANY.
SUBSTANTIAL PROGRESS HAS BEEN MADE TOWARDS STRUCTURING AND IMPLEMENTING THE
GLOBAL GTL JOINT VENTURE WITH CHEVRON. THE JOINT VENTURE AND ASSOCIATED
DEFINITIVE AGREEMENTS WILL BE FINALISED DURING THE FIRST HALF OF 2000.
IMPLEMENTATION PLANS FOR THE JOINT VENTURE, INCLUDING THE IDENTIFICATION OF
FURTHER GTL VENTURES IN ADDITION TO QATAR AND NIGERIA, ARE WELL ADVANCED.
SASOL PETROLEUM INTERNATIONAL (SPI)
FOLLOWING THE SUCCESSFUL DRILLING CAMPAIGN IN TEMANE IN MOZAMBIQUE THE
CONSOLIDATION AND INTERPRETATION OF THE GATHERED INFORMATION IS ONGOING.
THE PROPOSED ACQUISITION OF ARCO BY BP AMOCO RESULTED IN ARCO ASSIGNING ITS
SHARE OF THE SOFALA AND M10 BLOCKS TO THE REMAINING PARTNERS IN PROPORTION TO
THEIR SHAREHOLDINGS. SPI NOW HOLDS 90,91% IN BOTH BLOCKS AND WAS VOTED OPERATOR
THE PRODUCTION OF CRUDE OIL FROM THE MARINE 6 DEVELOPMENT IN THE CONGO WAS
DISAPPOINTING WITH PRODUCTION NOT REACHING EXPECTED LEVELS, DUE MAINLY TO
RESERVES BEING SMALLER THAN ANTICIPATED. ALTHOUGH FURTHER EVALUATION IS IN
PROGRESS, THE BOARD CONSIDERED IT PRUDENT TO PROVIDE FOR AN AMOUNT OF R77
MILLION AS BEING UNRECOVERABLE.
DIVISIONAL CONTRIBUTION TO OPERATING PROFIT
THE CONTRIBUTION TO THE OPERATING PROFIT OF THE GROUP WAS AS FOLLOWS:
                      HALF-YEAR      HALF-YEAR     HALF-YEAR     YEAR
                      ENDED          ENDED         ENDED         ENDED
                      25/12/1999     25/12/1998    25/06/1999    25/06/1999
                      R MILLION      R MILLION     R MILLION     R MILLION
SASOL SYNTHETIC
FUELS                 1 326          804           964           1 768
SASOL MINING          152            168           115           283
SASOL OIL             335            288           359           647
SASOL CHEMICAL
INDUSTRIES            796            571           480           1 051
OTHER                 (134)          (23)          (25)          (48)
                      2 475          1 808         1 893         3 701
PROFIT OUTLOOK
PROFITS IN THE SECOND HALF ARE FORECAST TO BE HIGHER THAN THOSE OF THE FIRST.
BARRING MAJOR ADVERSE FLUCTUATIONS IN THE VALUE OF THE RAND AND INTERNATIONAL
PETROLEUM AND CHEMICAL PRICES, THE GROUP'S ROBUST PERFORMANCE SHOULD CONTINUE.
DECLARATION OF INTERIM DIVIDEND NO 41
NOTICE IS HEREBY GIVEN THAT THE DIRECTORS HAVE DECLARED AN INTERIM DIVIDEND OF
83 CENTS PER SHARE (1998 - 65 CENTS PER SHARE) IN RESPECT OF THE SIX MONTHS
ENDED 25 DECEMBER 1999. THE DIVIDEND IS DECLARED IN THE CURRENCY OF THE
REPUBLIC OF SOUTH AFRICA AND WILL BE PAYABLE TO SHAREHOLDERS REGISTERED IN THE
BOOKS OF THE COMPANY AT THE CLOSE OF BUSINESS ON FRIDAY, 17 MARCH 2000.
DIVIDEND CHEQUES IN PAYMENT OF THIS DIVIDEND WILL BE POSTED TO SHAREHOLDERS ON
OR ABOUT 20 APRIL 2000. ELECTRONIC PAYMENT OF THE DIVIDEND WILL TAKE PLACE AT
THE SAME TIME.
NOTICE OF ANY CHANGE OF ADDRESS OF SHAREHOLDERS MUST REACH THE TRANSFER
SECRETARIES, MERCANTILE REGISTRARS LIMITED, PO BOX 1053, JOHANNESBURG, 2000, ON
OR BEFORE 17 MARCH 2000.
BY ORDER OF THE BOARD
N L JOUBERT, COMPANY SECRETARY
29 FEBRUARY 2000
REGISTERED OFFICE                   TRANSFER SECRETARIES
1 STURDEE AVENUE                    MERCANTILE REGISTRARS LIMITED
ROSEBANK, JOHANNESBURG, 2196        11 DIAGONAL STREET
PO BOX 5486, JOHANNESBURG, 2000     JOHANNESBURG, 2001
                                    PO BOX 1053, JOHANNESBURG, 2000
A.
B. DIRECTORS
C. P DU P KRUGER (CHAIRMAN), P V COX (MANAGING DIRECTOR), E LE R BRADLEY,
W A M CLEWLOW, B P CONNELLAN, L P A DAVIES (EXECUTIVE DIRECTOR),
J H FOURIE (EXECUTIVE DIRECTOR), R HAVENSTEIN (EXECUTIVE DIRECTOR),
S MONTSI, J E SCHREMPP (GERMAN), C B STRAUSS
WWW.SASOL.COM
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