Sasol Limited - Trading Update Release Date: 06/06/2003 16:19:49 Code(s): SOL
Sasol Limited - Trading Update
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
Share codes: JSE - SOL
NYSE - SSL
Sasol Limited Trading Update
In its Interim Profit Announcement published on 11 March 2003, Sasol advised
that it was likely that attributable earnings for the full financial year ending
30 June 2003 would be less than those of the previous financial year.
Reference was made to wide-spread uncertainty in global markets and the slowing
down of the world"s major economies, as well as the unexpected further
strengthening of the Rand. This made currency and profit forecasting complex.
With respect to its chemicals portfolio, Sasol referred to some of these
businesses being exposed to continuing margin pressures because of intense
competition and higher energy-related feedstock costs.
Contrary to in-house expectations and those of many economists and financial
institutions, the Rand continued to strengthen in each subsequent month through
to end-May, with a corresponding adverse impact on trading revenues and
Furthermore, chemical margins particularly in Europe and North America reduced
to very low levels and, in some cases, caused losses.
Because of these factors, and consistent with the earlier announcement that
earnings for the full financial year will be less than those of the previous
year, Sasol hereby announces that on the basis of prevailing assumptions it
anticipates its attributable Rand earnings to be of the order of 22% lower for
the current financial year.
This forecast has been calculated using the same International Accounting
Standards(IAS) used in the previous year.
With respect to the dividend declaration, it is anticipated that the total
dividend for the year ending 30 June 2003 will be the same as in the previous
financial year, which will be within the Group"s targeted dividend cover range
of 2,5 to 3,5.
The Independent Accountants Report on the profit forecast is available for
inspection at the offices of Sasol.
Forward-looking statements disclaimer
In this announcement we have made certain statements that are not historical
facts and relate to analyses and other information based on forecasts of future
results and estimates of amounts not yet determinable. These are forward-
looking statements as defined in the U.S. Private Securities Litigation Reform
Act of 1995. Words such as "believe", "expect", "will" and similar expressions
are intended to identify such forward-looking statements, but are not the
exclusive means of identifying such statements.
By their very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and there are risks that predictions,
forecasts, projections and other forward-looking statements will not be
achieved. If one or more of these risks materialize, or should underlying
assumptions prove incorrect, actual results may be very different from those
anticipated. The factors that could cause our actual results to differ
materially from the plans, objectives, expectations, estimates and intentions
expressed in such forward-looking statements are discussed more fully in our
registration statement under the Securities Exchange Act of 1934 on Form 20-F
filed on March 6, 2003 and in other filings with the United States Securities
and Exchange Commission. Forward-looking statements apply only as of the date
on which they are made, and we do not undertake any obligation to update or
revise any of them, whether as a result of new information, future events or
Friday, June 6, 2003
Issued by: Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 06/06/2003 04:19:52 PM Supplied by www.sharenet.co.za
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