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Sasol Limited - Audited Profit Statement And Declaration Of Dividend Number 46

Release Date: 09/09/2002 07:03:12      Code(s): SOL
Sasol Limited - Audited Profit Statement and Declaration of Dividend Number 46  
for the Year Ended 30 June 2002                                                 
Sasol Limited                                                                   
Reaching new frontiers                                                          
Audited Profit Statement and Declaration of Dividend Number 46 for the Year     
Ended 30 June 2002                                                              
exhilarating growth and performance                                             
- Sales up 49% to R61,6 billion (up 13% to USD6,1 billion)                      
- Operating profit up 38% to R14,9 billion (up 4% to USD1,5 billion)            
- Attributable earnings per share up 38% to 1550 cents (up 5% to US 153 cents)  
- Major cost reductions and productivity improvements achieved                  
- R34 billion committed to capital projects                                     
- Total dividend per share declared increased by 41% to 450 cents               
sales (R billion)                  1998   1999   2000   2001   2002             
                                   16,7   19,2   25,8   41,3   61,6             
operating profit (R billion)       1998   1999   2000   2001   2002             
                                   3,1    3,7    6,3    10,8   14,9             
attributable earnings (R billion)  1998   1999   2000   2001   2002             
                                   2,1    2,5    4,1    7,0    9,5              
attributable earnings per share                                                 
and dividend per share (cents)     1998   1999   2000   2001   2002             
dividend per share                 147    151    220    320    450              
attributable earnings per share    326    409    620    1120   1550             
gearing (%)                        1998   1999   2000   2001   2002             
                                   0      0,9    5,6    29,3   25,1             
value added per employee (R`000)   1998   1999   2000   2001   2002             
                                   291    342    457    589    861              
(Data as per graphs in the press announcement)                                  
sales - strategic business units (R billion)                                    
                                             June 2002     June 2001            
sasol oil and gas                            6,1           7,1                  
sasol chemical industries                    41,3          21,1                 
sasol synfuels                               12,6          12,3                 
sasol mining                                 1,3           0,8                  
other                                        0,3                                
sales - geographic  (R billion)                                                 
                                             June 2002     June 2001            
rest of Africa                               2,1           1,8                  
Europe                                       17,8          6,5                  
Middle and Far East                          2,4           1,4                  
North America                                10,1          4,2                  
South America                                0,7           0,5                  
South East Asia                              1,8           1,1                  
South Africa                                 26,7          25,8                 
operating profit - geographic  (R billion)                                      
based on location of customers                                                  
                                             June 2002     June 2001            
South Africa                                 12,2          9,4                  
Europe                                       1,5           0,4                  
Middle and Far East                          0,5           0,3                  
North America                                0,5           0,4                  
South America                                0,1           0,1                  
South East Asia                              0,1           0,1                  
Rest of Africa                                             0,1                  
(Data as per pie charts in the press announcement)                              
Please note: The principal reporting currency of Sasol is the rand. The figures 
expressed in US dollars represent a convenience translation made in accordance  
with International Accounting Standards` (IAS) guidelines.                      
A billion is defined as one thousand million.                                   
Financial overview                                                              
All major businesses achieved record profits resulting in another outstanding   
performance for the Group, following the trend-breaking results of the previous 
two financial years. Compound earnings growth per annum in rands over the last  
five years was 30% and in US dollar terms was a creditable 10%.                 
Operating profit increased by 38% to R14,9 billion (4% to USD1,5 billion). About
60% of the rand increase arose from the net benefit of a weaker exchange rate   
offset by lower oil and commodity chemical prices. The balance was realised from
management initiatives and, more specifically, from acquisition benefits and    
productivity improvements.                                                      
During the year, international oil prices averaged USD 23,24 per barrel and were
18% below those of the previous financial year. Similarly, commodity chemical   
prices in US dollars across the Group`s range of products were approximately 20%
lower.                                                                          
Notwithstanding this depressed pricing environment and the uncertainty that     
prevailed in world markets, especially following the ruinous events in America  
in September 2001, these pleasing results were achieved because of the following
key factors:                                                                    
- The weakening of the rand: US dollar exchange rate by 32% from an average of  
R7,65 in the previous financial year to R10,13.                                 
- Capacity increases in various plants and the resulting beneficial impact on   
sales volumes.                                                                  
- Cost reductions, productivity gains and conversion efficiency improvements    
across the Group.                                                               
- The contribution of Sasol Chemie (previously Condea) for a full year, and its 
pleasing performance.                                                           
- The ability of those businesses trading internationally to leverage well-     
established customer relationships and distribution channels in difficult       
markets.                                                                        
Sales increased by 49% to R61,6 billion (13% to USD 6,1 billion). Foreign and   
export sales amounted to 56% of total sales, resulting in a strategic objective 
that these should exceed 50% by 2005 being achieved three years ahead of        
schedule.                                                                       
Oil prices were relatively stable for the first few months of the financial year
but dropped after the terrorist attacks in America and only partly recovered in 
the first quarter of 2002. On average, they were significantly lower than in the
previous financial year.                                                        
Although commodity chemical prices recovered early in 2002 after weakening      
considerably during the second half of 2001, they nevertheless were on average  
substantially below those of the previous financial year.                       
Productivity improvement and renewal programmes progressed through the year as  
focus on continuous improvement heightened and meaningful contribution to       
profits in various businesses was achieved. Simultaneously, ongoing safety and  
environmental management initiatives showed pleasing results.                   
Net working capital at year-end was slightly higher than anticipated because of 
higher inventories at Sasol Chemie and the need to build up stocks in advance of
the Natref shutdown.                                                            
Authorised capital projects amounted to R34,3 billion and R10,3 billion was     
expended to 30 June 2002. Chemical projects approved included the n-Butanol     
plant, a detergent-range alcohols plant and an acrylic acid and acrylates       
complex. The Mozambique Natural Gas Project and the exciting Nigeria and Qatar  
gas-to-liquids (GTL) ventures were also sanctioned.                             
Following the acquisition of Sasol Chemie on 1 March 2001, and the pleasing     
progress made with its integration into Sasol, it was announced last year that  
Sasol was again alert to acquisition opportunities that would add value and     
substance to its strategically focused business portfolios. A stringent set of  
qualifying criteria was established and a global search for an appropriate      
acquisition commenced. To date, a suitable purchase has not been identified.    
A long-term objective to acquire full ownership of Schmann Sasol International 
AG materialised during the year and this global wax business was incorporated as
a wholly-owned subsidiary of Sasol with effect from 1 January 2002.             
The Group`s share buyback programme continued, taking proper cognisance of      
Sasol`s gearing and expected cash flow requirements. During the financial year, 
10,8 million shares were repurchased, bringing the total treasury shares bought 
by Sasol to 57,9 million or 8,7% of the Group`s issued shared capital. The      
average price paid for all shares bought to date was R59,27.                    
Net financing costs increased from R276 million to R635 million primarily       
because of higher capital expenditure and the annualised impact of Sasol Chemie,
partially offset by higher cash flow from operations. Financing cost cover at   
year-end exceeded 17 times.                                                     
Basic attributable earnings per share of 1 550 cents were 38% higher than the   
record-breaking earnings per share achieved in the previous financial year.     
Basic headline earnings per share increased by 25% to 1 544 cents. The          
difference of 6 cents per share (R41 million after tax), relates to the         
impairment and write-off of assets and the amortisation of goodwill and negative
goodwill.                                                                       
Gearing at 30 June 2002 was 25%. This is within the targeted range of 20% to    
40%.                                                                            
A final dividend of 250 cents per share has been declared. This brings the total
dividend declared to 450 cents per share, which represents an increase of 41%. A
dividend cover of 3,4 was applied which is within the targeted range of 2,5 to  
3,5.                                                                            
Sasol Mining                                                                    
In yet another year of remarkable progress, Sasol Mining increased its operating
profit to a record R1 340 million which is 152% higher than the previous year.  
Adjusting for a market-related change implemented at the beginning of the year  
in the price of coal sold to Sasol Synfuels, its operating profit more than     
doubled.                                                                        
The renewal programme implemented four years ago has delivered benefit to the   
extent that the business exceeded its targeted rate of return. This programme   
has resulted in mining cost per ton being reduced by 11% in real terms over four
years, which equates to a cumulative reduction in operating cost of about R1,0  
billion. Machine productivity has increased by 87% since the start of the       
renewal programme.                                                              
These excellent achievements resulted in Sasol Mining being shortlisted as one  
of the five top companies in the 2001 Global Coal Company of the Year Award,    
presented as part of the Financial Times Global Energy Awards in New York City  
in December 2001.                                                               
Sasol Synfuels                                                                  
Despite lower oil prices and higher coal input costs, Sasol Synfuels had a      
pleasing year and achieved record results. Operating profit increased by 3% to  
R8 048 million.                                                                 
Total production increased by 5% to 7,7 million tons, mainly because of stable  
operations, higher product yields and the reliable performance of the Sasol     
Advanced Synthol (SAS) reactors. Average per capita production rose in the year 
by 5% to 1 344 tons. Throughout the year, opportunities to reduce product       
flaring and other forms of waste were exploited and, as a result, yields and    
plant integrity improved.                                                       
The business optimisation process initiated in the previous financial year      
gathered momentum. This process includes better information management and      
productivity improvement as key objectives. It follows previous initiatives     
which, together with the beneficial impact of a weaker rand, have resulted in   
unit costs in US dollars being halved since 1998. It is estimated that about 30%
of this improvement is directly attributable to management intervention through 
these initiatives.                                                              
Complementing these initiatives are investments in new and expanded production  
facilities, including a R595 million project to construct a fifteenth air-      
separation unit that is scheduled to be brought into beneficial operation in    
February 2004.                                                                  
The ninth SAS reactor completed its first full year of operation and performed  
to full specification, converting synthesis gas into a range of hydrocarbons.   
The R345 million Synthol light oil capacity expansion project was completed     
successfully in September 2001.                                                 
Sasol Chemical Industries (SCI)                                                 
In a global environment of weaker commodity chemical prices and demand          
pressures, SCI performed well and achieved a record operating profit of R3 686  
million, which is 167% higher than the previous year. The operating profit of   
the South African-based businesses increased by 38%.                            
The financial results of Sasol Chemie were consolidated for a full year for the 
first time. The integration of this business into Sasol and extraction of       
synergies progressed satisfactorily. The business has been restructured into two
global divisions (Sasol Olefins and Surfactants, and Sasol Solvents) through the
merging of Sasol Chemie operations with the South African divisions of Alpha    
Olefins, and Solvents.                                                          
Sasol Olefins and Surfactants                                                   
In the Sasol Olefins and Surfactants division, solid performances were achieved 
by most business units and notably the Surfactants, Alcohols, Alkylates and     
Monomers units. Plants worldwide ran efficiently and plant turnarounds were     
successfully completed. The detergent-range alcohols plant was successfully     
commissioned.                                                                   
Final agreement was reached with RWE-DEA whereby the division will acquire 100% 
of the shareholding in Condea Nanjing Chemical Co (China), including the 30%    
share previously held by the Nanjing Surfactants Factory. This transaction is   
expected to be completed by 30 September 2002.                                  
Sasol Solvents                                                                  
In the Sasol Solvents division, new production capacity contributed to a        
pleasing increase in profits. Considerable focus was dedicated during the year  
to enhancing the division`s global supply chain with emphasis on strengthening  
customer support and logistics.                                                 
The larger business units within the division of Ketones, Ethanol and Alcohols  
performed well despite the softening of solvent prices and the associated impact
on margins.                                                                     
Ethanol production capacity at Herne in Germany was almost doubled during the   
year. Construction remains on schedule for the commissioning of a world-scale   
plant to produce 150 000 tpa of n-butanol and 15 000 tpa of iso-butanol before  
the end of 2002. The associated complex for the production of acrylic acid and  
acrylates is scheduled to start beneficial operation towards the end of 2003.   
Sasol Polymers                                                                  
Sasol Polymers achieved a record operating profit despite difficult             
international markets. Stable plant productions were achieved throughout the    
year and the division continued with its successful productivity improvement    
programmes that were initiated a few years ago. In seven years, cash fixed costs
per ton in real terms have reduced by 50% and output per employee has more than 
doubled.                                                                        
The division`s investments in Malaysia were commissioned during the financial   
year. A six-month delay in commissioning the Optimal ethylene plant, in which a 
12% equity position is held, was followed by protracted start-up difficulties   
experienced on the Petlin polyethylene plant, in which a 40% equity position is 
held. These problems have since been resolved.                                  
Nitrogen Businesses                                                             
The nitrogen cluster of businesses, incorporating Sasol Ammonia, Sasol Agri and 
Sasol Explosives, surged ahead and achieved a record operating profit. The      
greater integration of this value chain has proved most worthwhile through, for 
example, the sharing of services. Better margin management and productivity     
enhancements also added to the sound performance of this cluster.               
Sasol Oil and Gas                                                               
Although sales decreased because of the production volumes lost following the   
Natref fire in June 2001, insurance proceeds compensated for this loss. The     
business achieved a record operating profit of                                  
R1 840 million which is 41% higher than the previous year, primarily because of 
the rand`s weakening against the US dollar. The reconstruction of the fire-     
damaged crude distillation unit was successfully completed and the refinery     
again operated at capacity following its restart in October 2001.               
It is expected that the decline in sales of petrol through Sasol-branded fuel   
pumps at service stations operated by other South African oil companies will be 
regained through the development of new partnership service stations. The target
to establish 300 service stations in high-volume urban areas is progressing well
and more than 100 service stations have been acquired or built and presently are
being leased to other oil companies.                                            
The ultra-low-sulphur Sasol TurboDieselT launched in February 2002 was well     
received by South African motorists because of its superior quality. It has the 
lowest sulphur content of all commercial diesels in the country.                
Continuing with its strong growth trend of recent years, Sasol Gas increased    
sales by 22% to a record R1,3 billion. The higher sales were achieved through   
improved volumes into the KwaZulu-Natal market and firmer gas prices.           
This high-potential division is well advanced with pre-marketing of Mozambique  
natural gas among potential new South African customers. Sasol Gas completed a  
successful expansion project at Babelegi in Gauteng during the year and has     
further exciting growth plans for the KwaZulu-Natal hinterland.                 
Construction of the Mozambique Natural Gas Project pipeline is on schedule.     
Sasol Petroleum International (SPI)                                             
SPI continued to concentrate its West African exploration and production        
interests in Gabon and Equatorial Guinea. The company is a 30% shareholder in   
Gabon`s promising Etame oilfield, from which first commercial volumes of oil are
expected to start flowing before November 2002 at a gross output rate of more   
than 15 000 barrels a day.                                                      
In Mozambique, SPI is assisting to advance the Mozambique Natural Gas Project   
and, through its Mozambican subsidiary, is the appointed field operator and is  
working in a 70:30 partnership with the state-owned Companhia Mozambicana       
Hidrocarbonetos (CMH) of Mozambique.                                            
Sasol Synfuels International (SSI)                                              
Assisted by Sasol Technology, SSI advanced the development of the Group`s first 
two GTL plants that will incorporate the fully integrated Sasol Slurry Phase    
Distillate (SPD) process. SSI is developing a GTL plant in Qatar in partnership 
with Qatar Petroleum. Sasol`s joint venture with Chevron Texaco of America,     
Sasol Chevron, is spearheading the development of a GTL plant in Nigeria.       
The main commercial agreements for the Qatari GTL venture have been finalised   
and front-end engineering and design (FEED) has been completed. Likewise, FEED  
has been completed for the Nigerian plant and contractor selection has          
commenced.                                                                      
The international commercialisation of Sasol`s GTL technology to produce cleaner
burning fuels from natural gas will in future years play a major role in both   
Sasol`s international expansion and the consumption globally of low-emission    
fuels.                                                                          
Profit outlook                                                                  
Contrasting views proliferate over the forecast performance of global economies 
and particularly that of the United States. Nevertheless, it appears that       
conditions have stabilised and most of the world`s larger economies seem poised 
for a mild recovery towards the end of 2002 or early 2003.                      
Although oil prices have improved slightly in recent months, they are expected  
on average to be lower in the year ahead compared with the year under review.   
Many commodity chemical prices have improved slightly and the rand is steadier. 
Because of these factors, and assuming there will be no dramatic shifts in world
oil, petrochemical and allied markets in the year ahead or unforeseen           
disruptions in financial markets, earnings in the new financial year are        
expected to reflect a modest increase on the excellent results of the past year.
Over the last three years Sasol has repositioned its performance capability and 
has exceeded its targeted rate of return as determined by the Group`s weighted  
average cost of capital (WACC). It is from this significantly improved and      
shareholder value-creating platform that modest gains are anticipated.          
Sasol`s international growth strategy has progressed successfully and is        
confidently expected to serve the Group well in years ahead. The advancement of 
the GTL ventures and other major projects such as the Mozambique Natural Gas    
Project are planned to herald a further era of exciting growth when they are    
commissioned in the middle of the decade.                                       
Corporate Governance                                                            
Strong corporate governance structures and mechanisms are in place at Sasol and 
are constantly reviewed to reflect internal corporate changes, legislative      
changes and national and international developments in relation to corporate    
governance. In particular, Sasol subscribes to the Code of Corporate Practices  
and Conduct contained in the King II Report on Corporate Governance for South   
Africa released in the first quarter of 2002.                                   
All the key principles underlying responsible and effective corporate governance
practices and conduct are reflected in Sasol`s corporate governance structures  
and practices.                                                                  
Sasol`s business conduct guide commits the Group to the highest standard of     
compliance with laws and regulations, and to integrity, and sound behaviour and 
ethics in dealing with all its stakeholders. An ethics "Hot Line" has been      
established in order for stakeholders to anonymously report fraud and other     
crimes and irregularities.                                                      
STRATE                                                                          
The dematerialisation of Sasol shares, under STRATE, commenced on 19 November   
2001. Trading for electronic settlement began on 10 December 2001 and the first 
electronic settlement took place on 18 December 2001.                           
The dematerialisation process commenced and was completed successfully without  
material occurrences being reported.                                            
Declaration of final dividend number 46                                         
The directors of Sasol Limited have declared a final dividend of 250 cents per  
share (2001: 180 cents per share) for the year to 30 June 2002. The dividend has
been declared in the currency of the Republic of South Africa.                  
Trading in the STRATE environment requires settlement within five business days.
In accordance with the settlement procedures of STRATE, the following dates will
apply to the final dividend:                                                    
Last day for trading to qualify for and participate in the final dividend (cum  
dividend) - Friday, 4 October 2002                                              
Trading ex dividend commences - Monday, 7 October 2002                          
Record date - Friday, 11 October 2002                                           
Dividend payment date (electronic and certificated register) - Monday, 14       
October 2002                                                                    
Dividend cheques in payment of this dividend to certificated shareholders will  
be posted to shareholders on or about 14 October 2002. Electronic payment to    
certificated shareholders will be undertaken simultaneously.                    
Shareholders who have dematerialised their share certificates will have their   
bank accounts, which are linked to their Central Securities Depository          
Participant or Broker`s safe custody accounts, credited on Monday, 14 October   
2002.                                                                           
In the case of certificated shareholders, notice of any change of address of    
shareholders must reach the transfer secretaries, Computershare Investor        
Services Limited, on or before Friday, 4 October 2002.                          
Shareholdings may not be dematerialised or rematerialised between Monday, 7     
October 2002 and Friday, 11 October 2002, both days inclusive.                  
The Annual General Meeting will be held in the Sasol Limited Auditorium on 29   
November 2002 at 09:00.                                                         
By order of the board                                                           
P du P Kruger                                                                   
Chairman                                                                        
PVCox                                                                           
Deputy chairman and chief executive                                             
6 September 2002                                                                
Notes to the financial statements                                               
This profit statement has been prepared in compliance with the Listings         
Requirements of the JSE Securities Exchange South Africa, in accordance with    
International Accounting Standards and the requirements of the South African    
Companies Act.                                                                  
The results were audited by KPMG Inc. and a copy of their unqualified audit     
opinion is available for inspection at the registered office of the company.    
Where appropriate, comparative figures have been restated to facilitate improved
disclosure.                                                                     
The financial statements have been prepared on the historic cost basis except   
for certain financial instruments which are stated at fair value.  The          
accounting policies applied are consistent with those applied in the previous   
year, except for IAS39 Financial Instruments - Recognition and Measurement and  
IAS40 investment properties (with no material effect) which were adopted in the 
current year.                                                                   
IAS39 requires that all financial assets and financial liabilities are          
recognised on the balance sheet at fair value. Fair value adjustments on non-   
trading financial assets are reported in equity. Hedge accounting has been      
applied to certain capital projects and certain long-term external loans.       
The financial year end of the Group has been changed from 25 June to 30 June    
with effect from the 2002 financial year. This change has had no material impact
on the financial results.                                                       
Principle foreign currency conversion rates:                                    
One unit of foreign currency equals:              2002      2001                
Rand/USD (closing)                                10,27     8,02                
Rand/Euro (closing)                               10,19     6,89                
Rand/USD (average)                                10,13     7,65                
Rand/Euro (average)                               9,08      6,79                
Consolidated balance sheet                                                      
As at      As at                              As at       As at                 
25.6.2001  30.6.2002                          30.6.2002  25.6.2001              
USD        USD                                                                  
million    million                            R million  R million              
ASSETS                                                      
                    Property, plant and                                         
3 497      3 570    equipment                 36 667     28 035                 
                    Goodwill and negative                                       
(65)       (51)     goodwill                  (518)      (523)                  
134        180      Intangible assets         1 852      1 071                  
217        226      Other long-term assets    2 327      1 750                  
3 783      3 925    Non-current assets        40 328     30 333                 
899        878      Inventories               9 013      7 210                  
                    Trade and other                                             
1 257      1 024    receivables               10 515     10 079                 
                    Short-term financial                                        
2          23       assets                    232        19                     
304        367      Cash                      3 769      2 434                  
2 462      2 292    Current assets            23 529     19 742                 
6 245      6 217    TOTAL ASSETS              63 857     50 075                 
EQUITY AND LIABILITIES                                      
                    Total shareholders`                                         
2 772      2 928    equity                    30 070     22 217                 
13         25       Minority interest         262        107                    
620        529      Long-term loans           5 427      4 970                  
542        552      Long-term provisions      5 670      4 345                  
                    Long-term deferred                                          
-          6        income                    65         -                      
584        531      Deferred tax              5 444      4 689                  
1 746      1 618    Non-current liabilities   16 606     14 004                 
434        338      Short-term loans          3 474      3 479                  
                    Other current                                               
1 272      1 135    liabilities               11 671     10 204                 
8          173      Bank overdraft            1 774      64                     
1 714      1 646    Current liabilities       16 919     13 747                 
                    TOTAL EQUITY AND                                            
6 245      6 217    LIABILITIES               63 857     50 075                 
Consolidated income statement                                                   
Year       Year                     Year       Year                             
ended      ended                    ended      ended                            
25.6.2001  30.6.2002                30.6.2002  25.6.2001  %                     
USD        USD                                                                  
million    million                  R million  R million  increase              
5 399      6 078    Sales           61 578     41 289     49                    
(3 363)    (3 621)  Cost of sales   (36 688)   (25 720)                         
2 036      2 457    Gross profit    24 890     15 569     60                    
                    Marketing and                                               
                    distribution                                                
265)       (422)    expenditure     (4 273)    (2 024)                          
                    Administrative                                              
(339)      (407)    expenditure     (4 125)    (2 596)                          
                    Other operating                                             
(23)       (158)    expenditure     (1 597)    (176)                            
                    Operating                                                   
409        1 470    profit          14 895     10 773     38                    
                    Dividends and                                               
interest                                                    
31         23       received        230        244                              
                    Income from                                                 
1          3         associates      31        11                               
(66)       (85)     Finance costs   (863)      (509)                            
                    Net income                                                  
1 375      1 411    before tax      14 293     10 519     36                    
(454)      (471)    Taxation        (4 769)    (3 467)                          
Net income                                                  
921        940      after tax       9 524      7 052      35                    
                    Minority                                                    
(4)        (3)      interest        (28)       (27)                             
Attributable                                                
917        937      earnings        9 496      7 025      35                    
                    Goodwill                                                    
2          3        amortised       33         15                               
Negative                                                    
                    goodwill                                                    
(8)        (28)     amortised       (282)      (59)                             
                    Capital items                                               
133        24       written off     236        1 029                            
                    Impairment of                                               
86         14       assets          138        663                              
                    (Profit)/loss                                               
on disposal of                                              
16         -        assets          (4)        118                              
                    Scrapping of                                                
14         5        assets          52         116                              
Write-down of                                               
                    assets in                                                   
17         5        businesses      50         132                              
                    Tax effect                                                  
(34)    (3)     thereon         (28)       (258)                            
                    Headline                                                    
1 010      933      earnings        9 455       7 752     22                    
                    Basic earnings                                              
per share                                                   
                    (cents)                                                     
                    - attributable                                              
146        153      earnings basis  1 550      1 120      38                    
- headline                                                  
161        152      earnings basis  1 544      1 236      25                    
                    Diluted earnings                                            
                    per share                                                   
(cents)*                                                    
                    - attributable                                              
144        150      earnings basis  1 519      1 107      37                    
                    - headline                                                  
159        149      earnings basis  1 513      1 221      24                    
                    Dividends per                                               
                    share (cents)                                               
17         20       - interim       200        140        43                    
22         24**       - final         250        180        39                  
*Taking into account the Sasol Share Incentive Scheme.                          
**Subject to exchange rate ruling on payment date.                              
consolidated changes in equity statement (abridged)                             
Year        Year                   
                                             ended       ended                  
                                             30.6.2002   25.6.2001              
                                             R million   R million              
Balance at beginning of year                 22 217      17 715                 
Shares issued                                76          43                     
Attributable earnings                        9 496       7 025                  
Dividends paid                               (2 325)     (1 655)                
Increase in foreign currency translation                                        
reserve                                      1 865       208                    
Increase in non-trading financial assets                                        
reserve                                      2           -                      
Decrease in cash flow hedge accounting                                          
reserve                                      (241)       -                      
Shares repurchased                           (1 020)     (1 119)                
Balance at end of year                       30 070      22 217                 
Comprising                                                                      
Share capital                                2 706       2 630                  
Accumulated profit                           28 817      21 646                 
Foreign currency translation reserve         2 215       350                    
Non-trading financial assets reserve         2           -                      
Cash flow hedge accounting reserve           (241)       -                      
Share buyback programme                      (3 429)     (2 409)                
Total shareholders` equity                   30 070      22 217                 
consolidated cash flow statement (abridged)                                     
                                             Year        Year                   
                                             ended       ended                  
                                             30.6.2002   25.6.2001              
R million   R million              
Cash flow from operations                    19 157      14 507                 
Investment income                            247         253                    
Decrease / (increase) in working capital     300         (425)                  
Finance costs paid                           (863)       (509)                  
Tax paid                                     (4 749)     (2 972)                
Dividends paid                               (2 325)     (1 655)                
Cash retained from operating activities      11 767      9 199                  
Additions to property, plant and equipment  (7 945)     (3 657)                 
Acquisition of businesses                    (565)       (8 350)                
Sasol Chemie purchase price adjustment       341         -                      
Cash acquired on acquisition of businesses   35          154                    
Other net expenditure in investing                                              
activities                                   (210)       (883)                  
Cash utilised in investing activities        (8 344)     (12 736)               
Cash effect of financing activities          (4 524)     5 373                  
(Decrease)/increase in cash                  (1 101)     1 836                  
Cash                                                                            
- at beginning of year                       2 370       506                    
- arising on translation                     726         28                     
Cash at end of year                          1 995       2 370                  
consolidated value added statement                                              
                                             Year        Year                   
                                             ended       ended                  
30.6.2002   25.6.2001              
                                             R million   R million              
Sales                                        61 578      41 289                 
Purchased materials and services             34 801      23 152                 
Value added                                  26 777      18 137                 
Investment income                            261         255                    
Wealth created                               27 038      18 392                 
Employees                                    7 921       4 957                  
Providers of equity capital                  2 353       1 682                  
Providers of loan capital                    863         509                    
Government                                   4 669       3 988                  
Reinvested in the Group                      11 232      7 256                  
Wealth distribution                          27 038      18 392                 
salient features                                                                
                                             2002        2001                   
Number of shares in issue        (million)   666,9       665,0                  
Weighted average shares in issue (million)   612,5       627,3                  
Market capitalisation            (R million) 73 356      50 540                 
Net asset value per share        (cents)     4 938       3 596                  
Depreciation charge              (R million) 4 117       2 339                  
Dividend cover                   (times)     3,4         3,5                    
Interest cover                   (times)     17,6        21,7                   
Number of employees                          31 100      30 800                 
Average crude oil price - (Brent)(USD/bbl)   23,24       28,38                  
Directors` remuneration          (R million) 23          14                     
Share options granted to directors -                                            
cumulative                       (`000)      1 508       1 255                  
business unit contribution to operating profit                                  
Year       Year                               Year       Year                   
ended      ended                              ended      ended                  
25.6.2001  30.6.2002                          30.6.2002  25.6.2001              
USD        USD                                                                  
million    million                            R million  R million              
75         133     Sasol Mining               1 348      577                    
1 029      797     Sasol Synfuels             8 066      7 871                  
171        182     Sasol Oil and Gas          1 845      1 309                  
293        384     Sasol Chemical Industries  3 889      2 243                  
                   Sasol Olefins and                                            
64         119      Surfactants**              1 210      491                   
65         79      Sasol Solvents**           797        496                    
28         45      Nitrogen businesses        452        213                    
92         91      Sasol Polymers             923        703                    
44         50      Other Chemicals            507        340                    
(26)       (2)     Other                      (17)       (198)                  
1 542      1 494                              15 131     11 802                 
(133)      (24)    Capital items written off* (236)      (1 029)                
(6)        (1)     Sasol Mining               (8)        (46)                   
(11)       (2)     Sasol Synfuels             (18)       (84)                   
-          -       Sasol Oil and Gas          (5)        -                      
(112)      (21)    Sasol Chemical Industries  (203)      (865)                  
(4)        -       Other                      (2)        (34)                   
1 409      1 470   Operating profit           14 895     10 773                 
**The operating profit included in Sasol Olefins and Surfactants and Sasol      
Solvents relating to Sasol Chemie increased by 372% from R204 million to R963   
million.                                                                        
*Refer income statement                                                         
directors                                                                       
P du P Kruger (Chairman) P V Cox (Deputy chairman and chief executive) 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 T S Munday      
(Executive director) Z Z R Rustomjee J E Schrempp (German) C B Strauss          
company secretary: N L Joubert                                                  
registered office                                                               
1 Sturdee avenue, Rosebank, Johannesburg 2196                                   
P.O. box 5486, Johannesburg 2000                                                
Transfer Secretaries                                                            
Computershare Investor Services Limited, 11 Diagonal street, Johannesburg 2001  
P.O. box 1053, Johannesburg 2000, South Africa                                  
Tel: +27 11 370-5000    facsimile: +27 11 370 5271/2                            
Company registration number                                                     
1979/003231/06                                                                  
Incorporated in the Republic of South Africa                                    
ISIN code ZAE 000006896                                                         
share code SOL                                                                  
www.sasol.com                                                                   
email: sasolir@sasol.com                                                        
Date: 09/09/2002 07:01:00 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             



                                        
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