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Sasol Limited - Consolidated Interim Results Of Sasol Limited And Declaration

Release Date: 10/03/2003 07:00:06      Code(s): SOL
SASOL LIMITED - Consolidated Interim Results Of Sasol Limited And Declaration   
                Of Dividend Number 47                                           
SASOL LIMITED                                                                   
(Incorporated in the Republic of South Africa)                                  
Company registration number:  1979/003231/06                                    
Share code:  SOL                                                                
ISIN code:  ZAE000006896                                                        
SOLID PERFORMANCE OFF HIGH BASE                                                 
Consolidated interim results of Sasol Limited and declaration of dividend number
47 for the half-year ended 31 December 2002                                     
Reviewed by the auditors KPMG                                                   
- Operating profit before translation effects up 35%                            
- World acclaim for Sasol"s mines                                               
- Gas-to-liquid (GTL) projects advance                                          
- World-scale alcohols plant successfully commissioned                          
- New York Stock Exchange Listing                                               
- Sasol"s corporate credit rating upgraded                                      
The financial statements are presented on a condensed consolidated basis        
A billion is defined as one thousand million.                                   
The principal reporting currency of the Group is rand. US$figures are presented 
for convenience purposes only and are translated on a line by line basis in     
accordance with International Financial Reporting Standards.                    
Principal foreign currency conversion rates                                     
half-year    half-year     year                    
                             December     December      June                    
                             2002         2001          2002                    
Rand/US$ (closing)           8,57         11,95         10,27                   
Rand/US$ (average)           10,03        9,29          10,13                   
Rand/euro (closing)          9,00         10,63         10,19                   
Rand/euro (average)          9,95         8,31          9,08                    
BALANCE SHEET                                                                   
30 June    31 December 31 December                                              
2002       2001        2002                                                     
US$m       US$m        US$                                                      
audited    unaudited   reviewed                                                 
ASSETS                                        
3 570      2 842       4 461      Property, plant and equipment                 
(51)       (62)        (43)       Goodwill and negative goodwill                
180        120         220        Intangible assets                             
226        170         254        Other long-term assets                        
3 925      3 070       4 892      Non-current assets                            
878        751         1 096      Inventories                                   
1 024      1 007       1 151      Trade and other receivables                   
23         51          8          Short-term financial assets                   
367        278         375        Cash                                          
2 292      2 087       2 630      Current assets                                
6 217      5 157       7 522      TOTAL ASSETS                                  
EQUITY AND LIABILITIES                                                          
2 928      2 373       3 726      Total shareholders" equity                    
25         13          30         Minority interest                             
529        555         567        Long-term loans                               
552        492         619        Long-term provisions                          
6          -           12         Long-term deferred income                     
531        424         594        Deferred tax                                  
1 618      1 471       1 792      Non-current liabilities                       
338        431         700        Short-term loans                              
1 135      869         983        Other current liabilities                     
173        -           291        Bank overdraft                                
1 646      1 300       1 974      Current liabilities                           
6 217      5 157       7 522      TOTAL EQUITY AND LIABILITIES                  
BALANCESHEET                                                                    
                                 31 December  31 December 30 June               
                                 2002         2001        2002                  
Rm           Rm          Rm                    
                                 reviewed     unaudited   audited               
                                 ASSETS                                         
Property, plant and equipment    38 231       33 960      36 667                
Goodwill and negative goodwill   (365)        (737)       (518)                 
Intangible assets                1 886        1 429       1 852                 
Other long-term assets           2 172        2 029       2 327                 
Non-current assets               41 924       36 681      40 328                
Inventories                      9 392        8 972       9 013                 
Trade and other receivables      9 869        12 041      10 515                
Short-term financial assets      68           609         232                   
Cash                             3 215        3 323       3 769                 
Current assets                   22 544       24 945      23 529                
TOTAL ASSETS                     64 468       61 626      63 857                
EQUITY AND LIABILITIES                                                          
Total shareholders" equity       31 931       28 363      30 070                
Minority interest                255          156         262                   
Long-term loans                  4 859        6 622       5 427                 
Long-term provisions             5 309        5 882       5 670                 
Long-term deferred income        105          -           65                    
Deferred tax                     5 089        5 063       5 444                 
Non-current liabilities          15 362       17 567      16 606                
Short-term loans                 6 003        5 154       3 474                 
Other current liabilities        8 421        10 386      11 671                
Bank overdraft                   2 496        -           1 774                 
Current liabilities              16 920       15 540      16 919                
TOTAL EQUITY AND LIABILITIES     64 468       61 626      63 857                
INCOME STATEMENT                                                                
year        half-year    half-year                                              
June        December     December                                               
2002        2001         2002                                                   
US$m        US$m         US$m                                                   
audited     unaudited    reviewed                                               
6 078       2 997        3 392      Sales                                       
(3 621)     (1 829)      (1 960)    Cost of sales                               
2 457       1 168        1 432      Gross profit                                
(1 042)     (509)        (607)      Operating expenditure                       
1 415       659          825        Operating profit before                     
                                    translation effects                         
55          99           (97)       Translation (losses)/gains                  
1 470       758          728        Operating profit                            
23          13           9          Dividends and interest received             
3           3            3          Income from associates                      
(85)        (46)         (53)       Finance costs                               
1 411       728          687        Net income before tax                       
(471)       (231)        (223)      Taxation                                    
940         497          464        Net income after tax                        
(3)         (3)          (8)        Minority interest                           
937         494          456        Attributable earnings                       
3           1            1          Goodwill amortised                          
(28)        (13)         (12)       Negative goodwill amortised                 
24          -            21         Impairment of assets                        
-           -            (9)        Profit on disposal of assets                
(3)         -            -          Tax effect thereon                          
933         482          457        Headline earnings                           
                                    Basic earnings per share (cents)            
153         80           75         - attributable earnings                     
152         79           75         - headline earnings                         
                                    Diluted earnings per share                  
                                    (cents)                                     
150         79           74         - attributable earnings                     
149         77           74         - headline earnings                         
                                    Dividends per share (cents)                 
20          20           25         - interim                                   
24                                  - final                                     
                                    Dividends are translated at                 
                                    actual rates on date of payment.            
                                    The current year is an                      
indicative rate only.                       
INCOME STATEMENT                                                                
                           half-year     half-year     year                     
                           December     December       June                     
2002          2001          2002                     
                           Rm            Rm            Rm                       
                           reviewed      unaudited     audited                  
Sales                      34 015        27 863        61 578                   
Cost of sales              (19 657)      (16 994)      (36 688)                 
Gross profit               14 358        10 869        24 890                   
Operating expenditure      (6 079)       (4 744)       (10 551)                 
Operating profit before                                                         
translation effects        8 279         6 125         14 339                   
Translation (losses)/gains (974)         922           556                      
Operating profit           7 305         7 047         14 895                   
Dividends and interest                                                          
received                   93            119           230                      
Income from associates     30            27            31                       
Finance costs              (529)         (430)         (863)                    
Net income before tax      6 899         6 763         14 293                   
Taxation                   (2 241)       (2 144)       (4 769)                  
Net income after tax       4 658         4 619         9 524                    
Minority interest          (82)          (24)          (28)                     
Attributable earnings      4 576         4 595         9 496                    
Goodwill amortised         13            11            33                       
Negative goodwill amortised(123)         (119)         (282)                    
Impairment of assets       203           -             240                      
Profit on disposal                                                              
of assets                  (90)          -             (4)                      
Tax effect thereon         2             -             (28)                     
Headline earnings          4 581         4 487         9 455                    
Basic earnings per share                                                        
(cents)                                                                         
- attributable earnings    751           748           1 550                    
- headline earnings        752           731           1 544                    
Diluted earnings per share                                                      
(cents)                                                                         
- attributable earnings    738           737           1 519                    
- headline earnings        739           720           1 513                    
Dividends per share (cents)                                                     
- interim                  215           200           200                      
- final                                                250                      
Dividends are translated at actual rates on date of payment. The current year is
an indicative rate only.                                                        
VALUE ADDED STATEMENT                                                           
year        half-year    half-year                                              
June        December     December                                               
2002        2001         2002                                                   
US$m        US$m         US$m                                                   
audited     unaudited    reviewed                                               
6 078       2 997        3 392          Sales                                   
(3 436)     (1 656)      (2 024)        Purchased materials and                 
services                                
2 642       1 341        1 368          Value added                             
26          16           12             Investment income                       
2 668       1 357        1 380          Wealth created                          
782         391          443            Employees                               
229         121          160            Providers of equity capital             
85          46           53             Providers of loans                      
461         273          228            Government                              
1 111       526          496            Reinvested in the Group                 
2 668       1 357        1 380          Wealth distribution                     
VALUE ADDED STATEMENT                                                           
                             half-year    half-year     year                    
December     December      June                    
                             2002         2001          2002                    
                             Rm           Rm            Rm                      
                             reviewed     unaudited     audited                 
Sales                        34 015       27 863        61 578                  
Purchased materials and                                                         
services                     (20 295)     (15 382)      (34 801)                
Value added                  13 720       12 481        26 777                  
Investment income            123          146           261                     
Wealth created               13 843       12 627        27 038                  
Employees                    4 447        3 632         7 921                   
Providers of equity capital  1 606        1 125         2 353                   
Providers of loans           529          430           863                     
Government                   2 285        2 544         4 669                   
Reinvested in the Group      4 976        4 896         11 232                  
Wealth distribution          13 843       12 627        27 038                  
CHANGES IN EQUITYSTATEMENT                                                      
                             half-year    half-year     year                    
                             December     December      June                    
                             2002         2001          2002                    
Rm           Rm            Rm                      
                             reviewed     unaudited     audited                 
Balance at beginning         30 070       22 217        22 217                  
Shares issued                57           37            76                      
Shares bought back           (112)        (567)         (1 020)                 
Attributable earnings        4 576        4 595         9 496                   
Dividends paid               (1 524)      (1 101)       (2 325)                 
(Decrease)/increase in                                                          
foreign currency translation                                                    
reserve                      (1 135)      2 636         1 865                   
Increase in non-trading                                                         
financial assets reserve     -            -             2                       
(Decrease)/increase in cash                                                     
flow hedge accounting                                                           
reserve                      (1)          546           (241)                   
Balance at end of year       31 931       28 363        30 070                  
Comprising                                                                      
Share capital                2 763        2 667         2 706                   
Share buyback programme      (3 541)      (2 976)       (3 429)                 
Accumulated profit           31 869       25 140        28 817                  
Foreign currency translation                                                    
reserve                      1 080        2 986         2 215                   
Non-trading financial                                                           
assets reserve               2            -             2                       
Cash flow hedge accounting                                                      
reserve                      (242)        546           (241)                   
Total shareholders" equity   31 931       28 363        30 070                  
CASH FLOW STATEMENT                                                             
half-year    half-year     year                    
                             December     December      June                    
                             2002         2001          2002                    
                             Rm           Rm            Rm                      
reviewed     unaudited     audited                 
Cash flow from operations    9 139        9 150         19 157                  
Investment income            103          129           247                     
(Increase)/decrease in                                                          
working capital              (1 303)      (932)         300                     
Finance costs                (529)        (430)         (863)                   
Tax paid                     (4 164)      (3 178)       (4 749)                 
Dividends paid               (1 524)      (1 101)       (2 325)                 
Cash retained from operating                                                    
activities                   1 722        3 638         11 767                  
Cash utilised in investing                                                      
activities                   (6 215)      (2 370)       (8 344)                 
Cash effect of financing                                                        
activities                   3 629        (1 247)       (4 524)                 
(Decrease)/increase in cash  (864)        21            (1 101)                 
Cash at beginning of period  1 995        2 370         2 370                   
Arising on translation       (412)        932           726                     
Net cash at end of period    719          3 323         1 995                   
Comprising                                                                      
Cash                         3 215        3 323         3 769                   
Bank overdraft               (2 496)      -             (1 774)                 
Net cash at end of period    719          3 323         1 995                   
SUPPLEMENTARY INFORMATION                                                       
                                 half-year    half-year   year                  
December     December    June                  
                                 2002         2001        2002                  
                                 reviewed     unaudited   audited               
Selected ratios                                                                 
Return on equity       %         15,2         19,2        36,3                  
Return on total assets %         11,8         15,3        26,6                  
Operating expenditure                                                           
to sales               %         17,9         17,0        17,1                  
Finance cost cover     times     14,0         16,7        17,6                  
Dividend cover         times     3,5          3,7         3,4                   
Share statistics                                                                
Total shares in issue  million   668,2        665,9       666,9                 
Net shares in issue    million   609,3        611,8       609,0                 
Weighted average number                                                         
of shares              million   609,3        614,2       612,5                 
Fully diluted number                                                            
of shares              million   620,3        623,3       625,0                 
Share price  (closing) cents     10 500       10 540      11 000                
Market capitalisation  Rm        70 161       70 186      73 356                
Net asset value per                                                             
share                  cents     5 241        4 618       4 938                 
Other financial                                                                 
information                                                                     
Loans (including bank                                                           
overdraft)                                                                      
- interest bearing     Rm        13 310       11 766      10 612                
- non-interest bearing Rm        48           10          63                    
Capital commitments                                                             
- authorised and                                                                
contracted             Rm        7 204        8 256       7 430                 
- authorised, not yet                                                           
contracted             Rm        11 496       5 240       16 632                
Guarantees and                                                                  
contingent liabilities Rm        11 116       9 936       10 114                
Significant items in                                                            
operating profit                                                                
- employee costs       Rm        4 447        3 632       7 921                 
- depreciation of                                                               
property, plant                                                                 
and equipment          Rm        1 968        1 986       4 117                 
- operating lease                                                               
charges                Rm        231          194         369                   
Effective tax rate     %         32,5         31,7        33,4                  
Number of employees              31 100       30 250      31 100                
Average crude oil price                                                         
- derived              US$/bbl   22,35        22,84       23,24                 
The reader is referred to the definitions contained in the 2002 annual financial
statements.                                                                     
INDEPENDENT REVIEW BY THE AUDITORS                                              
The Group`s condensed consolidated interim financial statements at 31 December  
2002 and for the six months then ended have been reviewed by our auditors, KPMG 
Inc., who have performed their review in accordance with the statement of South 
African Auditing Standards applicable to review engagements. The scope of their 
review was to enable the auditors to report that nothing came to their attention
that caused them to believe that the accompanying condensed consolidated interim
financial statements are not fairly presented, in all material respects, in     
accordance with International Financial Reporting Standards applicable to       
Interim Financial Reporting and the South African Companies Act. KPMG Inc."s    
unmodified review report on the condensed consolidated interim financial        
statements is available for inspection at the registered office of the Company. 
FINANCIAL OVERVIEW                                                              
Following the Sasol Group"s surging financial performances over the last three  
years, operating profit for the six-month interim period ended 31 December 2002 
increased by a modest 4% to R7,3 billion (decreased 4% to US$728 million),      
compared to the result of the same reporting period in the previous year.       
Attributable earnings of R4,6 billion were almost equal to, and basic earnings  
per share (EPS) of 751cents, were slightly above those achieved in the previous 
reporting period. In US$ terms, attributable earnings decreased by 8% to US$456 
million and EPS by 6% to 75 cents.                                              
Basic headline earnings per share increased by 3% to 752 cents (decreased by 5% 
to US75 cents). Impairment charges of R203 million relating to the explosives   
facility at Brandon, Canada, and investments within Sasol Wax International were
largely offset by R88 million profit after tax on the disposal of sundry assets 
and (net) negative goodwill amortised of R110million.                           
Derived crude oil prices averaged US$22,35 and were 2% lower than in the        
previous reporting period. Pervasive global political and economic uncertainty  
adversely impacted on petrochemical markets. Margins, particularly in Europe,   
came under pressure and dropped significantly. The detrimental effects of these 
conditions affected particularly the Olefins and Surfactants business.          
The rand/US$ exchange rate weakened by 8% from an average of R9,29 in the       
comparable reporting period to R10,03 in this reporting period. While the weaker
rate had a beneficial effect on sales, the closing rate on 31December 2002 of   
R8,57 was much stronger than the closing rate of preceding months and 28%       
stronger than the closing rate of R11,95 on 31 December 2001. This resulted in  
net translation losses of R974 million being charged to the income statement as 
a result of the revaluation of financial assets and liabilities at 31December   
2002. This compares to net translation gains in the previous reporting period of
R922 million.                                                                   
This represents a swing of R1,9 billion in the operating results of the group.  
Before taking these translation effects into account, operating profit increased
by 35% from R6,1 billion to R8,3billion (by 25% to US$825 million) for the six- 
months ended 31December 2002, compared to the results of the same reporting     
period in the previous year.                                                    
Financing costs rose by 23% to R529 million, mainly as a result of higher       
capital expenditure, which increased from R3,6 billion to R5,7 billion during   
the comparable periods. Financing cost cover remained satisfactory at 14 times. 
The increase in capital expenditure arose primarily from the Mozambique natural 
gas project, the Qatari and Nigerian gas-to-liquid (GTL) projects and the n-    
Butanol and acrylic acid projects at Sasolburg. Capital commitments at 31       
December 2002 amounted to R18,7 billion.                                        
Previous plans for a major chemical business acquisition have been shelved as   
the Group concentrates its resources on advancing capital projects that are     
focused strategically on beneficiating highly competitive feedstocks and linking
the Group"s proprietary technology to low-cost hydrocarbon reserves at various  
locations around the world.                                                     
The share buyback programme continued, taking cognisance of Sasol"s cash        
position. At 31 December 2002, 8,8% (58,9 million shares) of Sasol issued share 
capital had been purchased at an average price of                               
R60 per share.                                                                  
Gearing, defined as interest-bearing debt less cash as a percentage of total    
shareholders" equity, was 32% at 31 December 2002. Notwithstanding the Group"s  
exciting and aggressive growth programme, this was comfortably within the target
range of 20% to 40%. During the reporting period Sasol"s corporate credit rating
on long-term foreign currency was upgraded by Standard and Poor"s to BBB, which 
was above South Africa"s sovereign rating.                                      
An interim dividend of 215 cents per share has been declared. This represents an
increase of 7,5% over the previous interim declaration.                         
SASOL MINING                                                                    
Following its spectacular profit increases in recent years, Sasol Mining        
increased operating profit (including capital gains of R6 million) by 10% to    
R708 million. Productivity improvement processes continued with vigour. It is   
most gratifying that this business was recently recognised at The Platts-       
Business Week Global Energy Awards in New York as the global coal company of the
year for 2002.                                                                  
SASOL SYNFUELS                                                                  
Sasol Synfuels increased its operating profit by a pleasing 36% from R3 688     
million to R5 023 million. While the business benefited from the weaker rand/US$
exchange rate, ongoing productivity improvement initiatives and better          
conversion efficiencies and yields also made a meaningful contribution. Monthly 
records for the production of pure synthesis gas were achieved in August and    
December 2002, and total production per day during the reporting period reached 
an all-time high.                                                               
SASOL CHEMICAL INDUSTRIES (SCI)                                                 
Generally, businesses within SCI experienced difficult trading conditions with  
some of them being exposed to severe margin pressures because of intense        
competition and higher energy-related feedstock costs. Before the impact of     
translation effects, SCI"s operating profit increased by 43% from R1 330 million
to R1 898 million. Because this division carried a large portion of Sasol"s     
translation losses, its consolidated operating profit after translation effects 
decreased by 27% to R1381 million (including capital losses of R201 million).   
A highlight was the performance of Sasol Polymers, which increased operating    
profit by 91% to R434million. Sasol Solvents maintained trading margins but was 
substantially impacted by translation effects. Sasol Olefins and Surfactants was
adversely affected by prevailing cyclical market conditions and substantial     
margin pressure in its alkylates business, resulting in a material profit       
reduction.                                                                      
Despite arduous conditions, it is noteworthy that most businesses retained or   
improved their customer service standards and achieved pleasing progress in     
terms of quality accreditation and safety performance. They are all poised to   
deliver more substantially once trading conditions improve and commodity        
chemical prices and margins recover.                                            
SASOL OIL AND SASOL GAS                                                         
Sasol Oil"s results were disappointing. Operating profit (including capital     
gains of R84 million) decreased by 39% to R565 million. The main reasons for    
this reduction were lower production at the Natref refinery as a result of a    
planned shutdown (R200million) and unforeseen problems and delays experienced   
with the refinery expansion project (R200million). Close scrutiny of            
circumstances during the execution of this complex expansion project highlighted
role clarification and competency shortcomings within project management and the
managing contractor. The refinery has since been operating at satisfactory      
production rates.                                                               
Sasol Gas performed according to expectations. National pipeline gas sales      
volumes were about 11% higher than those of the previous reporting period and   
profit targets were met.                                                        
PROFIT OUTLOOK                                                                  
Widespread uncertainty in global markets has been exacerbated by looming war in 
the Middle East and most of the world"s major economies have slowed. Predicting 
oil and petrochemical prices with confidence in these circumstances is          
challenging and perhaps imprudent. At the same time, the unexpected further     
strengthening of the rand to levels last experienced prior to the calamitous    
events of 11September 2001, makes currency forecasting equally complex. This is 
evidenced by the disparate views offered by pre-eminent economists from         
reputable institutions whose forecasts of the rand/US$ exchange rate vary       
significantly.                                                                  
In these depressed and volatile trading circumstances, it is likely that        
attributable earnings for the full financial year ending 30 June 2003 will be   
less than those of the previous financial year. This forecast should be viewed  
in the context of the highly efficient and value-adding base of financial 2002, 
which, for the third successive year, was a commendable record performance.     
Based on current views of oil prices and currencies, it is anticipated that the 
total dividend for the year will be the same as in the previous financial year. 
The group remains poised for long-term growth.                                  
NEW YORK STOCK EXCHANGE LISTING                                                 
It is also announced today that Sasol Limited has filed a registration statement
on Form 20F with the Securities and Exchange Commission (SEC). This registration
statement has been declared effective by the SEC.Sasol Limited will therefore   
comply with the ongoing filing requirements of the SECfrom this point. Sasol    
Limited intends to list on the New York Stock Exchange on 9 April 2003.         
CORPORATE GOVERNANCE                                                            
The Group subscribes to, affirms its commitment to and complies, in all material
respects with the code on Corporate Practices and Conduct as contained in the   
second King Report on Corporate Governance for South Africa. Strong corporate   
governance structures and mechanisms are in place at Sasol and are constantly   
being reviewed to reflect internal corporate changes, legislative changes and   
national and international developments in relation to corporate governance.    
All the key principles underlying responsible and effective corporate governance
practices and conduct are reflected in Sasol"s corporate governance structures  
and practices.                                                                  
DECLARATION OF INTERIM DIVIDEND NUMBER 47                                       
The directors of Sasol Limited have declared an interim dividend of 215 cents   
per share (2001: 200 cents per share) for the half-year to 31 December 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 interim dividend:                                                  
Last day for trading to qualify                                                 
for and participate in the                                                      
interim dividend (cum dividend)    Friday, 4 April 2003                         
Trading ex dividend commences      Monday, 7 April 2003                         
Record date                        Friday, 11 April 2003                        
Dividend payment date                                                           
(electronic and certificated                                                    
register)                          Monday, 14 April 2003                        
Dividend cheques in payment of this dividend to certificated shareholders will  
be posted to shareholders on or about Monday, 14 April 2003. Electronic payment 
to certificated shareholders will be undertaken simultaneously.                 
Shareholders who have dematerialised their share certificates will have their   
accounts at their Central Securities Depository Participant or Broker credited  
on Monday, 14 April 2003.                                                       
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 April 2003. Share certificates may not 
be dematerialised or rematerialised between Monday, 7 April 2003 and Friday, 11 
April 2003, both days inclusive.                                                
By order of the board                                                           
P du P Kruger    P V Cox                                                        
Chairman    Deputy chairman and chief executive                                 
Sasol Limited                                                                   
10 March 2003                                                                   
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS                
BASIS OF PREPARATION                                                            
The condensed consolidated interim financial statements have been prepared in   
accordance with International Financial Reporting Standards and in particular   
with the provisions of IAS 34 "Interim Financial Reporting," the requirements of
the South African Companies Act, 1973, as amended and the Listing Requirements  
of the JSE Securities Exchange South Africa. The policies adopted are consistent
with those applied in the annual financial statements for the year ended 30 June
2002. These interim results should be read in conjunction with the 2002 annual  
financial statements.                                                           
These condensed consolidated interim financial statements have been prepared in 
accordance with the historic cost convention except for certain financial       
instruments, which are stated at fair value. Comparative amounts have been      
restated where necessary to conform to current period presentation and to allow 
for a more meaningful comparison of performance.                                
The principal reporting currency of the Sasol Group is rand.  This currency     
reflects the economic substance of the underlying events and circumstances of   
the Group.  Figures presented in United States dollars are presented for        
convenience purposes only.                                                      
RELATED PARTY TRANSACTIONS                                                      
During the period under review the company and its subsidiaries, in the ordinary
course of business, entered into various sale and purchase transactions with    
related parties. The Group enters into these transactions on an arm"s-length    
basis at market rates.                                                          
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)  J H Fourie (executive)  R Havenstein (executive)  S Montsi  T S    
Munday (executive)  J E Schrempp (German)   C B Strauss                         
COMPANY SECRETARY:  N L Joubert                                                 
REGISTERED OFFICE:                                                              
Sasol Limited  1 Sturdee Avenue    Rosebank    Johannesburg 2196                
PO Box 5486    Johannesburg 2000                                 
TRANSFER SECRETARIES:                                                           
Computershare Investor Services Limited                                         
               PO Box 61051    Marshalltown 2107                                
70 Marshall Street    Johannesburg 2001                          
Further information is available at:                                            
www.sasol.com                                                                   
email: sasolir@sasol.com                                                        
PIE CHART DATA                                                                  
SALES - GEOGRAPHIC(Rmillion)                                                    
                                 December 2002     December 2001                
                                 Rm                Rm                           
South Africa                     16 090            12 194                       
Rest of Africa                   880               754                          
Europe                           9 415             7 977                        
Middle and Far East              1 282             1 284                        
North America                    5 044             4 652                        
South America                    358               303                          
Southeast Asia                   946               699                          
Total                            34015             27863                        
SALES - BUSINES SUNIT (R million)                                               
                                 December 2002     December 2001                
                                 Rm                Rm                           
Sasol Mining                     513               657                          
Sasol Synfuels                   7 630             5 935                        
Sasol Oil and Gas                3 593             2 236                        
Sasol Chemical Industries        22 171            18 994                       
Other                            108               41                           
Total                            34015             27863                        
OPERATING PROFIT - GEOGRAPHIC (R million)                                       
                                 December 2002     December 2001                
                                 Rm                Rm                           
South Africa                     6 839             5 653                        
Rest of Africa                   (7)               32                           
Europe                           546               802                          
Middle and Far East              54                201                          
North America                    (166)             286                          
South America                    (1)               25                           
Southeast Asia                   40                48                           
Total                            7305              7047                         
OPERATING PROFIT - BUSINESS UNIT (R million)                                    
                                 December 2002     December 2001                
                                 Rm                Rm                           
Sasol Mining                     702               641                          
Sasol Synfuels                   5 023             3 688                        
Sasol Oil and Gas                481               925                          
Sasol Chemical Industries        1 582             1 896                        
Other                            (370)             (103)                        
Operating profit before capital                                                 
Items                            7 418             7 047                        
Capital items                    (113)             -                            
Operating profit                 7 305             7 047                        
GRAPH DATA                                                                      
SALES(R billion)    1998      1999      2000      2001     2002                 
                     9,4       12,0      17,0      27,9     34,0                
OPERATING PROFIT                                                                
(R billion)          1998      1999      2000      2001     2002                
                     1,8       2,5       4,8       7,0      7,3                 
ATTRIBUTABLE EARNINGS                                                           
(R billion)          1998      1999      2000      2001     2002                
1,2       1,5       3,1       4,6      4,6                 
ATTRIBUTABLE EARNINGS                                                           
PERSHARE(cents)    1998      1999      2000      2001     2002                  
                     200       245       500       748      751                 
DIVIDEND PER SHARE                                                              
(cents   )           1998      1999      2000      2001     2002                
                     65        83        140       200      215                 
GEARING(%)          1998      1999      2000      2001     2002                 
3,9       12,3      6,7       29,8     31,8                



                                        
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