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Sasol Limited - Audited Group Results And Declaration Of Dividend Number 50 Of

Release Date: 07/09/2004 07:00:04      Code(s): SOL
Sasol Limited - Audited group results and declaration of dividend number 50 of  
Sasol Limited for the year ended 30 June 2004                                   
Sasol Limited                                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1979/003231/06)                                            
(ISIN: ZAE000006896)                                                            
Share codes:   JSE -  SOL                                                       
NYSE - SSL                                                                      
("Sasol")                                                                       
Audited group results and declaration of dividend number 50 of Sasol Limited for
the year ended 30 June 2004                                                     
Benefit of higher oil prices                                                    
Adverse impact of stronger rand substantially reduces rand attributable earnings
Attributable earnings per share expressed in US dollars equal to previous year  
Capital projects successfully advanced                                          
Significant improvement in second half of year - further earnings growth        
anticipated                                                                     
Dividend maintained                                                             
Strategic growth drivers                                                        
Grow a global gas-to-liquids (GTL) business                                     
Grow our chemicals portfolio                                                    
Exploit upstream hydrocarbon opportunities                                      
2003       2004                                   2004       2003               
Turnover                                      Operating profit              
   R million       Business unit analysis             R million                 
1 013      1 083   Mining                         1 177      1 277              
1 210      1 329   Synfuels                       5 515      7 418              
19 460     18 554  Liquid fuels business          1 429      1 402              
1 480      1 389   Gas                            387        451                
7          7       Synfuels international        (138)      (180)               
19 543     17 133  Olefins & Surfactants         (46)        67                 
6 245      6 576   Polymers                       971        890                
5 950      5 956   Solvents                       135        436                
9 647      8 124   Other                         (89)        392                
64 555     60 151                                9 341      12 153              
Effect of capital items       (27)       (242)               
                                                 9 314      11 911              
                   Geographic analysis                                          
31 136     28 954  South Africa                   7 932      10 896             
1 959      3 062   Rest of Africa                 204        15                 
17 149     15 632  Europe                         1 164      781                
3 710      3 509   Middle East, India, Far East   277        453                
8 809      7 060   North America                 (303)      (229)               
697        723     South America                  4          7                  
1 095      1 211   Southeast Asia                 36        (12)                
64 555     60 151                                 9 314      11 911             
Balance sheet                                                                   
at 30 June                                                                      
2003       2004                                   2004       2003               
US$m       US$m                                   Rm         Rm                 
                   ASSETS                                                       
5 652      7 545   Property, plant and equipment  46 858     42 363             
                   Goodwill and negative                                        
(42)       15      goodwill                       92        (314)               
274        360     Intangible assets              2 236      2 051              
Post-retirement benefit                                      
60         39      assets                         239        451                
26         49      Deferred tax assets            306        194                
237        302     Other long-term assets         1 877      1 777              
6 207      8 310   Non-current assets             51 608     46 522             
1 167      1 335   Inventories                    8 292      8 748              
1 399      1 767   Trade and other receivables    10 971     10 486             
2          4       Short-term financial assets    25         12                 
89         85      Restricted cash                527        665                
425        332     Cash                           2 063      3 186              
3 082      3 523   Current assets                 21 878     23 097             
9 289      11 833  TOTAL ASSETS                   73 486     69 619             
EQUITY AND LIABILITIES                                       
4 472      5 640   Shareholders" equity           35 027     33 518             
40         60      Minority interest              373        300                
611        1 467   Long-term debt                 9 110      4 581              
332        380     Long-term provisions           2 362      2 486              
                   Post-retirement benefit                                      
345        439     obligations                    2 724      2 589              
13         38      Long-term deferred income      237        96                 
816        929     Deferred tax liability         5 768      6 113              
2 117      3 253   Non-current liabilities        20 201     15 865             
865        526     Short-term debt                3 265      6 481              
1 359      1 692   Other current liabilities      10 507     10 187             
436        662     Bank overdraft                 4 113      3 268              
2 660      2 880   Current liabilities            17 885     19 936             
9 289      11 833  TOTAL EQUITY AND LIABILITIES   73 486     69 619             
Income statement                                                                
for the year ended 30 June                                                      
2003       2004                                   2004       2003               
US$m       US$m                                   Rm         Rm                 
7 149      8 747   Turnover                       60 151     64 555             
Cost of sales and services                                   
(4 357)   (5 641)  rendered                      (38 794)   (39 347)            
2 792      3 106   Gross profit                   21 357     25 208             
67         50      Non-trading income             343        604                
Marketing and distribution                                   
(551)     (716)    expenditure                   (4 920)    (4 977)             
(488)     (544)    Administrative expenditure    (3 744)    (4 407)             
(312)     (391)    Other operating expenditure   (2 687)    (2 809)             
(189)     (151)    Translation losses            (1 035)    (1 708)             
1 319      1 354   Operating profit               9 314      11 911             
                   Dividends and interest                                       
18         28      received                       190        167                
7          17      Income from associates         117        60                 
                   Borrowing costs (net of                                      
(25)      (64)     amounts capitalised)          (439)      (225)               
1 319      1 335   Net income before tax          9 182      11 913             
(444)     (461)    Taxation                      (3 175)    (4 007)             
875        874     Net income after tax           6 007      7 906              
(10)      (10)     Minority interest             (67)       (89)                
865        864     Attributable earnings          5 940      7 817              
Basic earnings                                               
                   per share (cents)                                            
142        142     - attributable earnings basis  974        1 283              
142        136     - headline earnings basis      934        1 280              
Diluted earnings                                             
                   per share (cents)*                                           
140        140     - attributable earnings basis  964        1 262              
139        134     - headline earnings basis      925        1 259              
Dividends per share (cents)                                  
27         33      - interim                      215        215                
31         38      - final+                       235        235                
58         71                                     450        450                
*Taking the Sasol Share Incentive Scheme into account.                          
+Subject to exchange rate ruling on payment date.                               
The US dollar convenience translation is calculated on a line-by-line basis in  
accordance with International Financial Reporting Standards.                    
Changes in equity statement (condensed)                                         
for the year ended 30 June                                                      
                                                  2004       2003               
                                                  Rm         Rm                 
Opening balance                                   33 518     31 315             
Shares issued                                     109        77                 
Shares purchased                                 (33)       (185)               
Attributable earnings                             5 940      7 817              
Dividends paid                                   (2 745)    (2 835)             
Decrease in foreign currency translation                                        
reserve                                          (1 217)    (2 570)             
Decrease in cash flow hedge accounting reserve   (545)      (101)               
Closing balance                                   35 027     33 518             
Comprising                                                                      
Share capital                                     2 892      2 783              
Share repurchase programme                       (3 647)    (3 614)             
Accumulated earnings                              38 236     35 041             
Foreign currency translation reserve             (1 569)    (352)               
Non-trading financial assets reserve              2          2                  
Cash flow hedge accounting reserve               (887)      (342)               
Shareholders" equity                              35 027     33 518             
Cash flow statement (condensed)                                                 
for the year ended 30 June                                                      
                                                  2004       2003               
Rm         Rm                 
Cash receipts from customers                      59 952     64 696             
Cash paid to suppliers and employees             (44 801)   (48 699)            
Cash generated by operating activities            15 151     15 997             
Investment income                                 230        178                
Borrowing costs paid                             (1 384)    (1 286)             
Dividends paid                                   (2 745)    (2 835)             
Tax paid                                         (3 963)    (5 527)             
Cash available from operating activities          7 289      6 527              
Additions to property, plant and equipment       (10 888)   (10 272)            
Acquisition of businesses                        (555)      (155)               
Cash acquired on acquisition of businesses        163        119                
Disposal of businesses                            283        -                  
Other net expenditure in investing activities    (31)       (413)               
Cash utilised in investing activities            (11 028)   (10 721)            
Share capital issued                              109        77                 
Share repurchase programme                       (33)       (185)               
Dividends paid to minority shareholders          (37)       (65)                
Contributions from minority shareholders          75         -                  
Increase in long-term debt                        4 386      122                
(Decrease)/increase in short-term debt           (2 616)     3 088              
Cash effect of financing activities               1 884      3 037              
Effect of translation of cash and cash                                          
equivalents of foreign entities                  (251)      (255)               
Decrease in cash and cash equivalents            (2 106)    (1 412)             
Cash and cash equivalents at beginning of year    583        1 995              
Cash and cash equivalents  at end of year        (1 523)     583                
Comprising                                                                      
- restricted cash                                 527        665                
- cash                                            2 063      3 186              
- bank overdraft                                 (4 113)    (3 268)             
                                                 (1 523)     583                
Value added statement (unaudited)                                               
for the year ended 30 June                                                      
                                                  2004       2003               
                                                  Rm         Rm                 
Turnover                                          60 151     64 555             
Purchased materials and services                 (37 085)   (39 066)            
Value added                                       23 066     25 489             
Investment income                                 307        227                
Wealth created                                    23 373     25 716             
Employees                                         8 731      9 055              
Providers of equity capital                       2 812      2 924              
Providers of loan capital                         439        225                
Governments                                       3 421      3 651              
Reinvested in the group                           7 970      9 861              
Wealth distribution                               23 373     25 716             
Salient features                                                                
2004       2003               
Selected ratios                                                                 
Return on equity                         %        17,3       24,1               
Return on total assets                   %        13,4       17,9               
Operating margin                         %        15,5       18,5               
Borrowing cost cover                     times    7,0        9,4                
(Net income before tax and borrowing                                            
costs to borrowing costs paid)                                                  
Dividend cover                           times    2,2        2,9                
Share statistics                                                                
Total shares in issue                    million  671,3      668,8              
Treasury shares                                                                 
(share repurchase programme)             million  60,1       59,7               
Weighted average number of shares        million  610,0      609,3              
Diluted number of shares                 million  616,2      619,6              
Share price (closing)                    cents    9 610      8 355              
Market capitalisation                    Rm       64 509     55 878             
Net asset value per share                cents    5 731      5 503              
Other financial information                                                     
Total debt                                                                      
(including bank overdraft)                                                      
- interest bearing                       Rm       16 448     14 289             
- non-interest bearing                   Rm       40         41                 
Capital commitments                                                             
- authorised and contracted              Rm       10 383     9 562              
- authorised, not yet contracted         Rm       14 397     8 510              
Guarantees and contingent liabilities                                           
- total guarantees                       Rm       25 835     16 313             
- outstanding balance sheet exposure     Rm       9 759      5 155              
Significant items in operating profit                                           
- employee costs                         Rm       8 731      9 055              
- depreciation of property,                                                     
plant and equipment                      Rm       4 723      4 468              
- operating lease charges                Rm       350        378                
Directors" remuneration                  Rm       22         29                 
Share options granted to directors -                                            
cumulative                               "000     1 451      1 450              
Effective tax rate                       %        34,6       33,6               
Employees                                number   30 910     31 150             
Average rand US$ exchange rate           US$/R    6,88       9,03               
Average crude oil price - dated Brent    US$/bbl  31,30      27,83              
Reconciliation of headline earnings               Rm         Rm                 
Attributable earnings                             5 940      7 817              
Impairment of assets                              342        83                 
(Profit)/loss on disposal of assets              (341)       90                 
Scrapping of property, plant and                                                
equipment                                         26         69                 
Amortisation of goodwill                          21         42                 
Amortisation of negative goodwill                (225)      (301)               
Tax effect on reconciling items above            (65)       (2)                 
Headline earnings                                 5 698      7 798              
The reader is referred to the definitions contained in the 2003 Sasol Limited   
annual financial statements.                                                    
Stronger rand - lower earnings                                                  
Profits were again adversely affected by the stronger rand and margin pressures 
in a challenging international trading environment. From an operational         
perspective, most of Sasol"s businesses performed satisfactorily with several   
production records and productivity improvements being achieved.                
The average exchange rate during the financial year of R6,88 : US$1,00 was 24%  
stronger than the previous year. Including the effect of lower translation      
losses at the end of the period (R1,0 billion versus R1,7 billion), the net     
adverse impact on operating profit of the strong rand amounted to about R6,0    
billion. The associated impact on attributable earnings was R4,2 billion or     
about 686 cents per share.                                                      
Higher average international oil prices (dated Brent US$31,30 versus US$27,83)  
and the benefit of cost reductions and productivity improvements partly offset  
the drastic impact of the stronger rand.                                        
Attributable earnings per share of 974 cents was 24% lower than earnings of the 
previous comparable reporting period. Headline earnings per share of 934 cents  
was 27% lower. In US dollar terms, attributable earnings per share of 142 cents 
was equal to the comparable result of the previous reporting period.            
It was anticipated when the first half-year results were announced that the     
attributable earnings of the second half of the financial year would be much    
better than the first half. Attributable earnings in the second half was 39%    
higher than the first half, and 16% higher than the comparable second half of   
the previous financial year.                                                    
During the year, impairment charges of R342 million were partially offset by net
profits of R207 million achieved on disposal of assets, relating mainly to non- 
performing or non-core activities in the chemicals portfolio. This was further  
offset by a gain of R108 million realised on the dilution of our interest in    
Sasol Oil in terms of the consideration paid by way of shares for our purchase  
of Exel Petroleum. Provisions relating to environmental rehabilitation and      
likely retrenchment costs amounting to R138 million were made in Sasol Nitro.   
Capital expenditure on property, plant and equipment amounted to R10,9 billion. 
The main projects advanced or completed were:                                   
- the Mozambique Natural Gas project - gas reached Secunda and Sasolburg through
the 865 kilometre pipeline from Mozambique, in February and June 2004,          
respectively;                                                                   
- Project Turbo - the fuels enhancement and polymers expansion project which is 
scheduled for commissioning as from the last quarter of 2005;                   
- the GTL fuels projects - in Qatar, which is scheduled for start-up during the 
first quarter of 2006, and in Nigeria where the engineering bids are presently  
being evaluated;                                                                
- the Arya Sasol Polymers joint venture to build a world-scale ethane cracker   
and polyethylene plants in Iran, which are scheduled for commissioning from the 
fourth quarter of 2005; and                                                     
- the acrylic acid project at Sasolburg which was commissioned during the first 
quarter of 2004.                                                                
At 30 June 2004, gearing (net debt as a percentage of shareholders" equity) was 
41% which was within the company"s targeted range of 30% to 50%.                
The total dividend declared for the year of R4,50 is equivalent to that of the  
previous reporting period and reflects a dividend cover of 2,2.                 
Operating profit of R9 314 million was 22% below the comparable result of the   
previous year. The contribution of the major businesses is summarised as        
follows:                                                                        
Sasol Mining                                                                    
The operating profit of Sasol Mining of R1 177 million was slightly lower than  
the previous year. The benefit of higher export coal prices was more than offset
by the adverse impact of the stronger rand. Coal production was higher mainly   
because of increased demand from Sasol Synfuels. Continuous miner productivity  
improved by 4% and unit cash cost per ton mined was again well controlled and   
equal to the previous year.                                                     
Sasol Synfuels                                                                  
The operating profit of Sasol Synfuels of R5 515 million was severely impacted  
by adverse currency effects, partly offset by the benefit of higher oil prices. 
Output increased by about 5% partly because of improved operational stability   
resulting from natural gas from Mozambique being introduced to supplement       
synthesis gas feed. After some years of rand cash costs per unit of production  
increasing, new initiatives resulted in these costs reducing on a year-on-year  
basis by about 3%.                                                              
Sasol Liquid Fuels Business                                                     
The benefit of high oil prices was offset by the adverse effect of the stronger 
rand. The operating profit of R1 429 million was only slightly higher than the  
previous financial year. New supply arrangements to replace the Main Supply     
Agreements that expired at the end of 2003 were put into place with the other   
oil companies. The roll-out of the new Sasol retail network progressed according
to plan.                                                                        
Sasol Gas                                                                       
The operating profit of Sasol Gas reduced by 14% to R387 million. While sales   
were satisfactory, once-off costs were incurred in changing the gas supply      
networks to customers from hydrogen-rich gas to natural gas piped from          
Mozambique.                                                                     
Sasol Synfuels International                                                    
The roll-out of the GTL fuels strategy continued during the year. Start-up of   
our first facility in Qatar is expected during the first quarter of 2006. The   
operating loss of R138 million is less than the previous year mainly because of 
a reduction in overhead costs.                                                  
Sasol Olefins and Surfactants                                                   
The poor performance of the alkylates and monomers business seriously impacted  
the division and an operating loss of R46 million was incurred. The alkylates   
business again could not fully recover the increased cost of oil-derivative     
feedstocks which reached unprecedented levels in the year. The monomers         
business, which is primarily South Africa-based, was adversely affected by the  
strong rand and also incurred an operating loss. The other businesses in the    
division performed satisfactorily.                                              
Sasol Polymers                                                                  
The operating profit of R971 million was 9% higher than the previous reporting  
period. The benefits of higher international polymer prices, productivity       
improvements and the better performance of the division"s Malaysian investments 
were mostly offset by the adverse effects of the stronger rand.                 
Sasol Solvents                                                                  
Primarily because of its significant exports, the division"s performance was    
materially affected by adverse currency effects and operating profit dropped by 
69% to R135 million. Excluding currency effects, the division"s performance in  
US dollar terms met expectations. The new acrylates complex at Sasolburg was    
successfully commissioned during the year.                                      
Other                                                                           
The significant reduction in the operating profit of this segment was mainly due
to effects of the stronger rand, as well as environmental rehabilitation and    
retrenchment expenses provided for in Sasol Nitro.                              
Profit Outlook                                                                  
It is likely that the momentum of the improvement achieved in the second half of
the financial year ended 30 June 2004 will continue and a material increase in  
earnings in the new financial year is probable, although our performance will   
remain sensitive and vulnerable to the volatility of currencies, oil prices and 
chemical margins. This profit outlook has not been reviewed by our auditors.    
Basis of preparation and accounting policies                                    
The group"s condensed consolidated financial statements for the year ended 30   
June 2004 have been prepared in compliance with the Listings Requirements of the
JSE Securities Exchange South Africa, International Financial Reporting         
Standards (IFRS) and the South African Companies Act, 1973, as amended.         
The accounting policies applied are consistent with those applied in the        
previous year and have been prepared in accordance with the historic cost       
convention except for certain financial instruments which are stated at fair    
value.                                                                          
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. US$ figures are presented for the balance sheet and income statement 
for convenience purposes only.                                                  
Financial statements in accordance with US GAAP will be included in the Annual  
Report under Form 20-F filed under the Securities and Exchange Act of 1934 which
will be distributed to holders of American Receipts by the end of October 2004. 
Related party transactions                                                      
The group, in the ordinary course of business, enters into various sale and     
purchase transactions on an arm"s length basis at market rates with related     
parties.                                                                        
Significant acquisitions and disposals of businesses                            
Subsidiaries                                                                    
With effect from 1 July 2003 Sasol Italy S.p.A. acquired the remaining 48%      
shares in G.D. Portbury Limited (Dubai) trading as Sasol Gulf.                  
With effect from 1 January 2004 Sasol acquired the remaining 77,5% of Naledi    
Petroleum Holdings (Pty) Limited, the holding company of Exel Petroleum (Pty)   
Limited. The purchase price was settled by the issue of 22 shares in Sasol Oil  
(Pty) Limited (representing 2% of the issued shares of the company) to some of  
the previous shareholders of Naledi Petroleum Holdings (Pty) Limited and a cash 
consideration.                                                                  
On 30 June 2004, Sasol Chemie GmbH and Co KG disposed of its interest in Sasol  
Servo B.V.                                                                      
Joint ventures                                                                  
With effect from 1 November 2003 Sasol acquired a 50% interest in Sasol Huntsman
GmbH & Co KG. This transaction formed part of the original acquisition of the   
Sasol Chemie business from RWE-DEA.                                             
Sasol Investment Company (Pty) Ltd sold its 50% interest in Sasol Roche Blasting
Services Pty Ltd to Roche Mining Pty Ltd effective February 2004.               
Post-balance sheet date events                                                  
During April 2004, 30 000 barrels of crude oil a day (being approximately 20% of
Synfuels volume production) was sold forward for the period June 2004 to May    
2005 at a weighted average price of US$31,85/bbl by way of over-the-counter     
(OTC) Brent crude oil swaps. Subsequent to year-end, the hedge was extended by a
further 15 000 barrels a day for the period August 2004 to May 2005. The total  
hedging activity amounts to 45 000 barrels a day (equivalent to approximately   
30% of Synfuels" production) at a weighted average Brent crude oil price of     
US$33,12/bbl.                                                                   
Further to the cautionary announcement below, it is envisaged that the new      
liquid fuels business will be effected by way of a joint venture in which Sasol 
and Petrolium Nasional Berhad (Petronas) will each have an equal 37,5 percent   
interest and in which Black Economic Empowerment (BEE) partners (both existing  
and new) will hold a combined 25 percent interest.                              
The parties plan to conclude definitive agreements concerning the joint venture 
during the last quarter of 2004. A further announcement will be made at the     
conclusion of this process. Definitive agreements will be subject to regulatory 
approval which it is hoped will be completed during the first quarter of 2005.  
On 1 September 2004, an explosion at the Sasol Polymers" ethylene plant in      
Secunda occurred for which we again express our sympathy to those affected. This
will not affect fuel production although polymers production will be affected in
the short-term. The incident is being investigated and further information will 
be issued once it becomes available.                                            
Principal foreign currency conversion rates                                     
One unit of foreign currency                                                    
equals rand:                            30 June 2004   30 June 2003             
Rand/US$ (closing)                      6,21           7,50                     
Rand/US$ (average)                      6,88           9,03                     
Rand/euro (closing)                     7,57           8,63                     
Rand/euro (average)                     8,19           9,41                     
Independent audit by KPMG Inc.                                                  
The group"s condensed consolidated financial statements have been derived from  
the group"s audited consolidated financial statements at 30 June 2004 and for   
the year then ended. Our auditors, KPMG Inc., have audited the consolidated     
financial statements in accordance with Statements of South African Auditing    
Standards. A copy of their unqualified audit report is available for inspection 
at the registered office of the company.                                        
Declaration of dividend number 50                                               
The directors of Sasol Limited have declared a final dividend of 235 cents per  
share (2003: 235 cents per share) for the year ended 30 June 2004. The dividend 
has been declared in the currency of the Republic of South Africa. The salient  
dates are:                                                                      
To holders of ordinary shares:                                                  
Last day for trading to qualify for and participate in the dividend             
(cum dividend)                          Friday, 1 October 2004                  
Trading ex dividend commences           Monday, 4 October 2004                  
Record date                             Friday, 8 October 2004                  
Dividend payment date                                                           
(electronic and certificated register)  Monday, 11 October 2004                 
On 11 October 2004, dividends due to certificated shareholders on the South     
African Registry will either be electronically transferred to shareholders bank 
accounts or, in the absence of suitable mandates, dividend cheques will be      
posted to such shareholders.                                                    
Shareholders who have dematerialised their share certificates will have their   
accounts at their Central Securities Depository Participant or Broker credited  
on Monday, 11 October 2004. Share certificates may not be dematerialised or     
rematerialised between Monday, 4 October 2004 and Friday, 8 October 2004, both  
days inclusive.                                                                 
To holders of American Depositary Receipts                                      
Ex dividend on New York Stock Exchange   Wednesday, 6 October 2004              
Record date                              Friday,    8 October 2004              
Approximate date for currency conversion Thursday,  12 October 2004             
Approximate dividend payment date        Thursday,  21 October 2004             
On behalf of the board                                                          
P du P Kruger                                                                   
Chairman                                                                        
P V Cox                                                                         
Deputy chairman & chief executive                                               
Sasol Limited                                                                   
7 September 2004                                                                
Cautionary announcement                                                         
Further to the cautionary announcement dated 19 February 2004 by Sasol and      
Petronas concerning the proposed combination of their respective interests in   
Sasol"s liquid fuels business and Engen in a joint venture to create a leading  
South African liquid fuels business, Sasol shareholders are advised that the    
parties are still involved in negotiations which, if successfully concluded, may
have a material effect on the price of Sasol"s securities.                      
Shareholders are accordingly advised to continue exercising caution when dealing
in Sasol securities until a full announcement is made.                          
Forward-looking statements: In this report we make certain statements that are  
not historical facts and relate to analyses and other information based on      
forecasts of future results not yet determinable, relating, amongst other       
things, to exchange rate fluctuations, volume growth, increases in market share,
total shareholder return and cost reductions. These are forward-looking         
statements as defined in the United States Private Securities Litigation Reform 
Act of 1995. Words such as "believe", "anticipate", "intend", "seek", "will",   
"plan", "could", "may", "endeavour" and "project" and similar expressions are   
intended to identify such forward-looking statements, but are not the exclusive 
means of identifying such statements. Forward-looking statements involve        
inherent risks and uncertainties and, if one or more of these risks materialise,
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 such forward-looking statements are discussed 
more fully in our most recent annual report under the Securities Exchange Act of
1934 on Form 20-F filed on 27 October 2003 and in other filings with the United 
States Securities and Exchange Commission.                                      
Please note: A billion is defined as one thousand million                       
Registered office:  Sasol Limited, 1 Sturdee Avenue, Rosebank, Johannesburg     
2196, PO Box 5486, Johannesburg 2000                                            
Share registrars: Computershare Investor Services 2004 (Pty) Limited, 70        
Marshall Street, Johannesburg 2001.  PO Box 1053, Johannesburg 2000, South      
Africa. Tel: +27 11 370-7700.  Fax: +27 11 370 5271/2                           
Company registration number: 1979/003231/06 , Incorporated in the Republic of   
South Africa                                                                    
ISIN code: ZAE000006896                                                         
Share codes: JSE-SOL        NYSE-SSL                                            
American depositary receipt (ADR) program: Cusip number 543210 ADR to ordinary  
share 1:1                                                                       
Depositary: The Bank of New York, 22nd floor, 101 Barclay Street, New York, N.Y.
10286, U.S.A.                                                                   
Directors (non-executive): P du P Kruger (Chairman),  E le R Bradley,  W A M    
Clewlow,  B P Connellan, J H Fourie,  M S V Gantsho,  A Jain (Indian),  S       
Montsi,  S B Pfeiffer (USA),  J E Schrempp (German),  C B Strauss               
(Executive):  P V Cox (Deputy chairman and chief executive),  L P A Davies, T S 
Munday                                                                          
Company secretary: N L Joubert                                                  
website:www.sasol.com       e-mail:investor.relations@sasol.com                 
Date: 07/09/2004 07:00:18 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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