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Sasol Limited - Reviewed consolidated results for the year ended 30 June

Release Date: 12/09/2006 07:00:01      Code(s): SOL
Sasol Limited - Reviewed consolidated results for the year ended 30 June        
                 2006 and declaration of dividend                               
Sasol Limited                                                                   
(Company registration number: 1979/003231/06)                                   
(Incorporated in the Republic of South Africa)                                  
                         JSE           NYSE                                     
Share code:              SOL           SSL                                      
ISIN code:               ZAE000006896  US8038663006                             
Reviewed consolidated results                                                   
and declaration of dividend number 54 of Sasol Limited for the year ended 30    
June 2006                                                                       
- record headline earnings per share - up 33%                                   
- sasol O&S written down to fair value                                          
- attributable earnings per share - up 9%, excluding O&S - up 40%               
- major capital projects advanced - R13 billion                                 
- gearing reduces from 37% to 29%                                               
- total dividend up 31% to R7,10 per share                                      
Balance sheet                                                                   
                                              2006      2005                    
at 30 June                                    Rm        Rm                      
Property, plant and equipment                 62 587    57 334                  
Goodwill                                      266       509                     
Intangible assets                             834       1 116                   
Post-retirement benefit assets                80        300                     
Deferred tax assets                           691       409                     
Other long-term assets                        2 293     2 106                   
Non-current assets                            66 751    61 774                  
Assets held for sale                          12 115    41                      
Inventories                                   8 003     9 995                   
Trade and other receivables                   12 067    12 370                  
Short-term financial assets                   180       178                     
Restricted cash                               584       1 002                   
Cash                                          3 102     2 509                   
Current assets                                36 051    26 095                  
Total assets                                  102 802   87 869                  
Equity and liabilities                                                          
Shareholders" equity                          52 352    43 533                  
Minority interest                             379       253                     
Total equity                                  52 731    43 786                  
Long-term debt                                15 021    12 845                  
Long-term provisions                          3 463     2 954                   
Post-retirement benefit obligations           2 461     2 970                   
Long-term deferred income                     1 698     763                     
Deferred tax liabilities                      6 053     6 286                   
Non-current liabilities                       28 696    25 818                  
Liabilities in disposal group held for sale   5 479     -                       
Short-term debt                               2 721     5 614                   
Short-term financial liabilities              514       792                     
Other current liabilities                     12 219    11 572                  
Bank overdraft                                442       287                     
Current liabilities                           21 375    18 265                  
Total equity and liabilities                  102 802   87 869                  
Income statement                                                                
2006          2005              
for the year ended 30 June                      Rm            Rm                
Continuing operations                                                           
Turnover                                        63 850        52 497            
Cost of sales and services rendered             (33 093)      (28 493)          
Gross profit                                    30 757        24 004            
Non-trading income                              191           233               
Marketing and distribution expenditure          (3 561)       (3 477)           
Administrative expenditure                      (3 070)       (3 031)           
Other operating expenditure                     (3 839)       (3 439)           
Translation gains                               254           93                
Operating profit                                20 732        14 383            
Dividends and interest received                 317           106               
Income from associates                          135           185               
Borrowing costs (net of amounts capitalised)    ( 456)        ( 427)            
Profit before tax                               20 728        14 247            
Taxation                                        (6 819)       (4 411)           
Profit from continuing operations               13 909        9 836             
Discontinued operations                                                         
Net loss from discontinued operations           (3 360)       ( 289)            
Profit                                          10 549        9 547             
Attributable to                                                                 
Shareholders                                    10 373        9 437             
Minority interests in subsidiaries              176           110               
                                                10 549        9 547             
                                               Rand          Rand               
Basic earnings per share                                                        
Attributable earnings basis                     16,73         15,37             
from continuing operations                      22,15         15,85             
  from discontinued operations                  (5,42)        (0,48)            
Headline earnings basis                         22,93         17,27             
from continuing operations                    22,47         16,94             
 from discontinued operations                   0,46          0,33              
Diluted earnings per share (1)                                                  
Attributable earnings basis                     16,42         15,11             
from continuing operations                     21,74         15,58             
 from discontinued operations                   (5,32)        (0,47)            
Headline earnings basis                         22,50         16,97             
  from continuing operations                    22,05         16,65             
from discontinued operations                  0,45          0,32              
Dividends per share                                                             
- interim                                       2,80          2,30              
- final                                         4,30 (2)      3,10              
7,10          5,40              
(1). Taking the Sasol Share Incentive Scheme into account.                      
(2). Declared subsequent to 30 June 2006 and has been presented for             
information purposes only. No provision regarding this final dividend           
has been recognised.                                                            
Cash flow statement                                                             
                                           2006        2005                     
for the year ended 30 June                 Rm          Rm                       
Cash receipts from customers               80 853      68 263                   
Cash paid to suppliers and employees       (56 473)    (49 451)                 
Cash generated by operating activities     24 380      18 812                   
Investment income                          444         169                      
Borrowing costs paid                       (1 745)     (1 523)                  
Tax paid                                   (5 389)     (3 753)                  
Dividends paid                             (3 660)     (2 856)                  
Cash available from operating activities   14 030      10 849                   
Additions to property, plant and           (13 026)    (12 420)                 
Acquisition of businesses                  (147)       -                        
Cash acquired on acquisition of            (113)       -                        
Disposal of businesses                     587         36                       
Cash disposed of on disposal of            (1)         (94)                     
Cash in disposal group held for sale       (472)       -                        
Other investing activities                572          251                      
Cash utilised in investing activities      (12 600)    (12 227)                 
Share capital issued                      431          311                      
Dividends paid to minority shareholders    (75)        (64)                     
Increase in long-term debt                 1 305       4 165                    
Decrease in short-term debt               (2 938)      (2 144)                  
Cash effect of financing activities        (1 277)     2 268                    
Effect of translation of cash of foreign   (133)       (175)                    
Increase in cash and cash equivalents      20          715                      
Cash and cash equivalents at beginning     3 224       2 509                    
of year                                                                         
Cash and cash equivalents at end of year   3 244       3 224                    
- restricted cash                         584         1 002                    
 - cash                                    3 102       2 509                    
 - bank overdraft                          (442)       (287)                    
                                           3 244       3 224                    
Changes in equity statement                                                     
                                              2006       2005                   
for the year ended 30 June                    Rm         Rm                     
Opening balance as previously reported        43 530     35 027                 
Share based payment - prior year adjustment   3          2                      
Restated opening balance                      43 533     35 029                 
Negative goodwill written off                -           610                    
Shares issued                                 431        311                    
Attributable earnings                         10 373     9 437                  
- as previously reported                                 9 573                  
- effects of changes in accounting policies              (136)                  
Increase in share based payment reserve       169        137                    
Dividends paid                                (3 660)    (2 856)                
Increase in foreign currency translation     1 147       313                    
Increase in cash flow hedge accounting        359        552                    
Closing balance                               52 352     43 533                 
Share capital                                 3 634      3 203                  
Share repurchase programme                    (3 647)    (3 647)                
Retained earnings                             51 748     45 035                 
Share based payment reserve                   780        611                    
Foreign currency translation reserve          (189)      (1 336)                
Investment fair value reserve                 2          2                      
Cash flow hedge accounting reserve            24         (335)                  
Shareholders" equity                          52 352     43 533                 
Headline earnings                                                               
                                             2006       2005                    
for the year ended 30 June                   Rm         Rm                      
Profit from continuing operations            13 909     9 836                   
Less minority interest                       (176)      (110)                   
Effect of capital items of continuing        129        703                     
Impairment of assets                       155        556                     
  Reversal of impairment                     (140)      -                       
  Profit on disposal of assets               (146)      (94)                    
  Scrapping of property, plant and           260        274                     
  Profit on sale of participation rights     -          (33)                    
      in GTL project                                                            
 Tax effects                                 67         (31)                    
Headline earnings of continuing operations   13 929     10 398                  
Net loss from discontinued operations        (3 360)    (289)                   
Effect of capital items of discontinued      4 143      572                     
Impairment of assets                       912        522                     
  Fair value write-down                      3 196      -                       
  Profit on disposal of assets              14          34                      
  Scrapping of property, plant and           21         16                      
Tax effects                                  (498)      (204)                   
Deferred tax asset written off               -          122                     
Headline earnings of discontinued            285        201                     
Headline earnings                            14 214     10 599                  
Capital items per business unit                                                 
Mining                                      (16)        23                      
Synfuels                                    (187)       (110)                   
Oil                                          (8)        (63)                    
Gas                                          138        -                       
Synfuels International                       -          33                      
Polymers                                     (17)       (12)                    
Solvents                                     105        (593)                   
Other businesses                            (144)       19                      
Continuing operations                        (129)      (703)                   
Discontinued operation - Olefins &           (4 143)    (572)                   
                                             (4 272)    (1 275)                 
Salient features                                                                
2006      2005                  
for the year ended 30 June                                Restated              
Selected ratios                                                                 
Return on equity                    %           21,6      24,0                  
Return on total assets              %           18,5      18,2                  
Operating margin                    %           32,5      27,4                  
Borrowing cost cover                times       10,1      9,7                   
Dividend cover                      times       2,3       2,8                   
Dividend cover from continuing      times       3,1       2,9                   
Share statistics                                                                
Total shares in issue               million     683,0     676,9                 
Treasury shares (share repurchase   million     60,1      60,1                  
Weighted average number of shares   million     620,0     613,8                 
Diluted weighted average number     million     631,7     624,4                 
of shares                                                                       
Share price (closing)               Rand        275,00    180,80                
Market capitalisation               Rm          187 825   122 379               
Net asset value per share           Rand        84,05     70,58                 
Other financial information                                                     
Total debt (including bank                                                      
 - interest bearing                Rm           17 884    18 745                
- non-interest bearing            Rm           300       1                     
Borrowing costs capitalised        Rm           1 439     1 106                 
Capital commitments                             13 866    19 169                
 - authorised and contracted       Rm           28 060    26 679                
- authorised, not yet contracted  Rm           6 306     7 740                 
 - less expenditure to date        Rm           (20 500)  (15 250)              
Guarantees and contingent                                                       
- total amount                     Rm           33 212    33 122                
- liability included on balance    Rm           12 106    11 230                
Significant items in operating                                                  
 - employee costs                  Rm           7 647     6 845                 
 - depreciation and amortisation                                                
non-current assets                 Rm           3 399     3 177                 
 - operating lease charges         Rm           319       232                   
Directors" remuneration            Rm           33        26                    
Share options granted to           "000         1 506     1 205                 
directors - cumulative                                                          
Effective tax rate                 %            32,9      31,0                  
Employees                          number       31 460    30 004                
Average crude oil price - dated    US$/barrel   62,45     46,17                 
Average Rand/US$ exchange rate     1US$ = Rand  6,41      6,21                  
The reader is referred to the definitions contained in the 2005                 
Sasol Limited annual financial statements.                                      
Value added statement                                                           
                                              2006       2005                   
for the year ended 30 June                    Rm         Rm                     
Turnover                                      63 850     52 497                 
Purchased materials and services              (32 072)   (28 092)               
Value added                                   31 778     24 405                 
Investment income                             452        291                    
Wealth created                                32 230     24 696                 
Employees                                     7 647      6 845                  
Providers of equity capital                   3 836      2 966                  
Providers of loan capital                     1 638      1 361                  
Government                                   6 584       4 177                  
Reinvested in the group                       12 525     9 347                  
Wealth distribution                           32 230     24 696                 
 Turnover                                     Operating profit                  
2005      2006                               2006      2005                    
 Restated                                               Restated                
 Rm        Rm          Business unit          Rm        Rm                      
 1 471     1 517       Mining                 1 180     1 239                   
820       915         Synfuels               13 499    7 546                   
 23 525    32 243      Oil                    2 432     1 892                   
 1 408     1 663       Gas                    1 526     931                     
 -         161         Synfuels               (642)     (201)                   
 7 199     7 537       Polymers               822       1 475                   
 9 361     10 485      Solvents               873       1 021                   
 8 713     9 329       Other businesses       1 042     480                     
52 497    63 850      Per income statement   20 732    14 383                  
 16 742    18 545      Discontinued           (3 567)   (14)                    
                       operation - O&S                                          
 69 239    82 395                             17 165    14 369                  
Turnover                                    Operating profit                  
  2005       2006                             2006      2005                    
  Restated                                              Restated                
  Rm         Rm        Geographic analysis    Rm        Rm                      
35 312     42 845    South Africa           18 589    12 190                  
  2 442      4 991     Rest of Africa         1 265     543                     
  8 197      8 280     Europe                 583       1 141                   
  2 716      2 864     Middle East, India,    71        325                     
Far East                                                 
  2 165      3 032     North America          20        91                      
  371        504       South America          30        8                       
  1 294      1 334     Southeast Asia         174       85                      
52 497     63 850                           20 732    14 383                  
A strong performance                                                            
Our attributable earnings for the financial year that ended on 30 June 2006     
increased by 10% from R9,4 billion to R10,4 billion. Our earnings per share     
of R16,73 and headline earnings per share of R22,93 were respectively 9% and    
33% higher than those of the previous year.                                     
We have, with effect from 30 June 2006, in accordance with International        
Financial Reporting Standard(IFRS) 5, classified our Sasol Olefins and          
Surfactants (O&S) business as a disposal group held for sale. On 5 September    
2006, we announced a write-down of the value of O&S amounting to R2,8           
billion, after tax, to reflect its fair value at 30 June 2006. This write-      
down follows due consideration of valuations undertaken and bids received       
from interested parties as part of the envisaged divestiture of the             
business. Excluding O&S (including the write-down and impairments during the    
year of R0,9 billion), attributable earnings increased by 41% to R13,7          
billion and earnings per share increased by 40% to R22,15.                      
Safety and operations                                                           
The group"s consolidated recordable case rate (RCR) improved significantly      
from 1,2 on 30 June 2005 to 0,7 on 30 June 2006, following the substantial      
interventions that were progressed during the year to improve our safety        
performance to world-class standards. The RCR measurement is recognised as      
the foremost safety performance metric in the global oil and petrochemical      
Generally, our plants operated efficiently during the year.                     
Higher international oil prices                                                 
Operating profit increased by R6,3 billion (44%) to R20,7 billion during the    
year under review. Higher international oil prices (average dated Brent         
US$62,45/b in 2006 versus US$46,17/b in 2005) boosted our operating profit      
by about R5,6 billion, taking into account the negative effect of the Sasol     
Synfuels oil production hedge of R1,0 billion incurred in the previous          
financial year. This benefit was further enhanced by the positive impact of     
a slightly weaker rand (average rate R6,41: US$1,00 in 2006 versus R6,21:       
US$1,00 in 2005), which increased our operating profit by approximately R1,3    
billion, including positive year-end currency translation effects.              
Major capital projects advanced                                                 
Cash flow on capital projects amounted to R13,0 billion of which R8,4           
billion (65%) was invested in our South African operations. The major           
projects advanced include the fuel quality enhancement and polymer expansion    
project (Project Turbo) in South Africa, the Oryx gas-to-liquid (GTL)           
venture in Qatar and the Arya Sasol Polymers project in Iran.                   
The cost and scheduled commissioning dates of various projects completed or     
being advanced have been adversely affected by the shortage of engineering,     
fabrication and construction resources, as a consequence of the significant     
increase in projects in execution around the world. The commissioning of the    
Oryx GTL plant has been delayed to the fourth quarter 2006 following damage     
during early commissioning to a supporting utility system.                      
Gearing reduced                                                                 
Our gearing (net debt as a percentage of shareholders" equity) reduced from     
37% at 30 June 2005 to 29% (excluding O&S) at 30 June 2006.                     
Dividend increased                                                              
The final dividend declared of R4,30 per share brings the total dividend to     
R7,10 per share which represents a 31% increase compared to the previous        
year. The dividend cover of 2,3 is outside of our target range of 2,5 to 3,5    
times, but when measured against earnings from continuing operations            
(excluding the O&S write-down) is 3,1, which is within our target range.        
Sasol Mining                                                                    
The operating profit of Sasol Mining of R1 180 million was 5% lower than the    
previous year primarily because of lower coal export prices. Costs continued    
to be controlled to well within inflationary levels.                            
Sasol Synfuels                                                                  
Primarily because of higher oil prices, Sasol Synfuels achieved an increase     
in operating profit of 79% to R13 499 million.  Production volumes were 1%      
higher than the previous year and we successfully met the national              
requirement for all fuels to be lead free from 1 January 2006.                  
Sasol Oil                                                                       
Sasol Oil achieved a 29% increase in operating profit to R2 432 million,        
mainly because of higher refining margins. Our empowerment transaction with     
Tshwarisano LFB Investments (Pty) Limited (Tshwarisano) was finalised           
following the prohibition by the Competition Tribunal of the proposed merger    
of our liquid fuels business with Engen. As a result, Tshwarisano acquired a    
25% shareholding in Sasol Oil with effect from 1 July 2006. Pleasing            
progress was made during the year with the continued expansion of our retail    
network under both our Sasol and Exel brands.                                   
Sasol Gas                                                                       
Primarily driven by higher sales revenues, operating profit increased by 64%    
to R1 526 million, including a capital profit of R205 million.  We achieved     
higher sales volumes both from an increase in consumption by our existing       
customers as well as through expanding our customer base.                       
On 1 July 2005, the South African Government - through its gas pipeline         
development company iGas - acquired a 25% shareholding in Republic of           
Mozambique Pipeline Investments Company (Pty) Limited (ROMPCO), which owns      
the natural gas pipeline between Mozambique and South Africa. Companhia         
Mocambicana de Gasoduto (CMG), a state owned company in Mozambique, is also     
far advanced in exercising its option to acquire a 25% shareholding in          
ROMPCO.  We expect this transaction to be finalised before the end of the       
calendar year.                                                                  
Sasol Synfuels International                                                    
This business hosts the growth ambitions of the group relating to GTL and       
coal-to-liquid (CTL) ventures. Its costs are associated with establishing       
and advancing the various opportunities that Sasol has to commercialise its     
proprietary Fischer Tropsch technology. An operating loss of R642 million       
was incurred in the year as a direct consequence of our increased activity      
in this respect.                                                                
The highlights of the year were the inauguration of the Oryx GTL joint          
venture in Qatar, the commencement of construction for the GTL venture in       
Nigeria and the signing of agreements to proceed with feasibility studies       
into two CTL projects in China.                                                 
Sasol Polymers                                                                  
The higher cost of oil-related feedstock procured from Sasol Synfuels could     
not be fully recovered through higher polymer selling prices resulting in       
significantly lower margins. In difficult trading conditions, Sasol Polymers    
achieved an operating profit of R822 million, which was 44% below the result    
of the previous year.                                                           
Sasol Solvents                                                                  
Following the unprecedented fly-up in international solvents selling prices     
in the previous financial year, prices normalised this year and our             
operating profits reduced by 14% to R873 million. Productivity improvements     
and cost savings partly compensated for higher feedstock costs.                 
Other businesses                                                                
Sasol Nitro"s performance improved because of higher ammonia prices and         
pleasing results from our explosives business. The fertiliser business          
experienced trading difficulties because of lower sales volumes resulting       
from high maize inventories held by our customers and the delayed summer        
The performance of Sasol Wax improved relative to the previous year because     
of more stable production and strong global demand for all grades of our        
Sasol Petroleum International achieved a very pleasing performance with         
operating profits increasing from R280 million to R600 million.                 
Profit outlook                                                                  
We anticipate satisfactory growth in earnings in the new financial year         
assuming continuing high oil prices, a slightly weaker rand and no major        
disruptions in the markets in which we conduct our business. We will            
commission substantial new production capacity (polymers and GTL) during the    
year which is expected to benefit our earnings in the 2008 financial year.      
Basis of preparation and accounting policies                                    
The condensed provisional consolidated financial statements for the year        
ended 30 June 2006 have been prepared in compliance with the Listings           
Requirements of the JSE Limited, International Financial Reporting Standards    
(IFRS) and the South African Companies Act, 1973, as amended.                   
Except where otherwise disclosed, the accounting policies applied in the        
presentation of the condensed consolidated financial statements for the year    
ended 30 June 2006 are consistent with those applied for the year ended 30      
June 2005.                                                                      
Full details of the accounting policies applied, changes in comparative         
information and comprehensive notes will be set out in the audited              
consolidated financial statements for the year ended 30 June 2006.              
The following accounting standards have been adopted with retrospective         
- IFRS2 Share based payment, which requires that the effects of share based     
payments be charged to income. Earnings and diluted earnings per share were     
reduced by R0,23 and R0,22 respectively for the year ended                      
30 June 2005; and                                                               
- IFRS6 Exploration for and evaluation of mineral resources, which was          
adopted before it became mandatory and resulted in the reclassification of      
intangible assets attributable to exploration and development to property,      
plant and equipment. The reclassification did not have any effect on            
reported earnings.                                                              
The effects of these changes have been applied retrospectively and              
consequently comparative information for the 2005 and 2004 financial years      
has been restated.                                                              
A number of other accounting standards were also adopted by the group during    
the year. The adoption of these standards did not have a significant impact     
on the financial results and financial position of the group.                   
The following comparative information for the 2005 financial year has been      
- Short-term loans with fixed maturity dates, previously classified as bank     
overdraft, have been reclassified as short-term debt; and                       
- Costs attributable to the arrangement of long-term debt financing,            
previously classified as long-term prepaid expenses, have been set off          
against long-term debt.                                                         
These condensed provisional consolidated financial statements have been         
prepared in accordance with the historic cost convention except for certain     
financial instruments which are stated at fair value. The consolidated          
financial results are presented in rand, which is Sasol Limited"s functional    
and presentation currency.                                                      
Related party transactions                                                      
The group, in the ordinary course of business, entered into various sale and    
purchase transactions on an arm"s length basis at market rates with related     
Significant acquisitions and disposals of businesses                            
On 1 July 2005, a 25% interest in Republic of Mozambique Pipeline               
Investments Company (Pty) Limited was sold to iGas Limited (owned by the        
South African Government) for a consideration of R595 million and a profit      
of R205 million was realised.                                                   
In terms of a loan and security agreement with Lux International                
Corporation, Sasol Wax International AG obtained effective control of the       
business. The business was previously accounted for as an associate and has,    
with effect from January 2006, been consolidated.                               
With effect from 30 November 2005, Sasol Limited acquired the remaining 2%      
in Sasol Oil (Pty) Limited for a consideration of R146 million.                 
Joint ventures                                                                  
On 23 February 2006, the South African Competition Tribunal prohibited the      
proposed merger of Sasol Oil (Pty) Limited and Engen Limited.                   
In terms of the joint operating agreement entered into between Sasol            
Petroleum Temane (SPT) and Companhia Moambicana De Hidrocarbenetos S.A.R.L.    
(CMH), CMH acquired a 30% participating interest in the central processing      
facility assets held by SPT on 1 April 2006 for a consideration of US$65        
million (R399 million) and SPT realised a loss of R82 million.                  
Disposal groups held for sale and discontinued operation                        
With effect from 30 June 2006, the O&S business unit was classified as a        
disposal group held for sale and the results reported as a discontinued         
operation. The income statement has been restated for all periods to exclude    
O&S from continuing operations and report these results as a single line        
item. In the 2006 balance sheet the assets and liabilities of O&S have been     
classified as held for sale. The cash flow statement and 2005 balance sheet     
include both continuing and discontinued operations.                            
On classification as held for sale, the net assets of the business were         
written down by R3,2 billion (R2,8 billion after tax) to the estimated fair     
value less costs to sell. The sale of the O&S business is expected to be        
completed within the next financial year.                                       
We continue to classify our investment in FFS Refiners (Pty) Limited as an      
asset held for sale as progress has been made in advancing the sale of this     
business and it is anticipated that the disposal of this entity will be         
completed within the next financial year.                                       
Post balance sheet date events                                                  
On 30 June 2006, Sasol announced that the R1,45 billion Tshwarisano broad       
based black economic empowerment transaction had been successfully              
concluded. In terms of the agreement, Tshwarisano has, with effect from 1       
July 2006, acquired a 25% shareholding in Sasol Oil (Pty) Limited. Sasol is     
providing facilitation and support for Tshwarisano"s financing requirements     
which will significantly lower Tshwarisano"s cost of borrowing.                 
In addition, Sasol is also establishing and funding trusts within               
Tshwarisano for the benefit of the under-privileged.                            
The Sasol Polymers board approved the disposal of Sasol"s 50% share in DPI      
Holdings (Pty) Limited to Dawn Limited for a consideration of R51 million.      
The transaction is subject only to the approval of the South African            
Competition authorities and will become effective at the end of the month in    
which such approval is given.                                                   
The Sasol Nitro board approved the acquisition of the remaining 40% of Sasol    
Dyno Nobel (Pty) Limited for a consideration of US$ 31 million                  
(approximately R222 million at 30 June 2006). The transaction is subject        
only to the approval of the South African Competition Tribunal and has been     
recommended to the Tribunal by the South African Competition Commission. The    
transaction becomes effective five days after approval is received from the     
A discussion document was released during July 2006 by a task team appointed    
by the South African Minister of Finance to assess possible reforms to the      
fiscal regime applicable to windfall profits in South Africa"s Liquid Fuel      
Energy Sector, with particular reference to the synthetic fuel industry. In     
response to the document published by the task team, on 10 August 2006,         
Sasol submitted a written submission assessing possible reforms to the          
fiscal regime. Sasol participated in the public hearings held during August     
2006 and is awaiting the outcome of the investigation.                          
Subject to the approval of shareholders at a general meeting convened for 3     
October 2006, Sasol Limited proposes to acquire 60 111 477 Sasol Limited        
shares held by its subsidiary, Sasol Investment Company (Pty) Limited and to    
subsequently cancel these shares. Except for the related transaction costs,     
the repurchase and cancellation of these shares will have no effect on the      
consolidated financial position of the group.                                   
Review by KPMG Inc.                                                             
The condensed provisional consolidated balance sheet at 30 June 2006 and the    
related condensed provisional consolidated statements of income, changes in     
equity and cash flow for the year then ended have been reviewed by our          
auditors, KPMG Inc. Their unmodified review report is available for             
inspection at the registered office of Sasol Limited.                           
Principal foreign currency conversion rates                                     
30 June    30 June                 
one unit of foreign currency equals          2006       2005                    
Rand/US$ (closing)                           7,17       6,67                    
Rand/US$ (average)                           6,41       6,21                    
Rand/euro (closing)                          9,17       8,07                    
Rand/euro (average)                          7,80       7,89                    
Declaration of dividend number 54                                               
The directors of Sasol Limited have declared a final dividend of R4,30 per      
share (2005: R3,10 per share) for the year to 30 June 2006. 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   Friday, 6 October 2006                
participate in the dividend (cum                                                
Trading ex dividend commences             Monday, 9 October 2006                
Record date                               Friday, 13 October 2006               
Dividend payment date (electronic and     Monday, 16 October 2006               
certificated register)                                                          
to holders of American depositary shares:                                       
Ex dividend on New York Stock Exchange*    on or about                          
                                           Wednesday, 11 October 2006           
Record date                                Friday, 13 October 2006              
Approximate date for currency conversion                                        
Tuesday, 17 October 2006             
Approximate dividend payment date          Thursday, 26 October 2006            
* subject to NYSE approval                                                      
On 16 October 2006, 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 16 October 2006.                                                    
Share certificates may not be dematerialised or rematerialised between          
Monday, 9 October 2006 and Friday, 13 October 2006, both days inclusive.        
On behalf of the board                                                          
PV Cox           LPA Davies            TS Munday                                
Chairman         Chief executive       Deputy chief executive                   
Sasol Limited                                                                   
12 September 2006                                                               
Deutsche Securities (SA) (Proprietary) Limited                                  
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 26 October 2005 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 Sasol does not undertake any obligation to update or revise any of them,    
whether as a result of new information, future events or otherwise.             
Please note: A billion is defined as one thousand million.                      
The provisional financial statements are presented on a condensed               
consolidated basis.                                                             
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 61051, Marshalltown 2107, South Africa,                                  
Tel: +27 11 370-7700 Fax: +27 11 370-5271/2                                     
(non-executive): PV Cox (Chairman), E le R Bradley, WAM Clewlow, BP             
Connellan, MSV Gantsho, A Jain (Indian), IN Mkhize, S Montsi, TH Nyasulu, JE    
Schrempp (German)                                                               
(Executive): LPA Davies (Chief executive), TS Munday (Deputy chief              
executive), KC Ramon (Chief financial officer), VN Fakude, AM Mokaba            
Company secretary: NL Joubert                                                   
Company registration number: 1979/003231/06                                     
Incorporated in the Republic of South Africa                                    
                         JSE           NYSE                                     
Share code:              SOL           SSL                                      
ISIN code:               ZAE000006896  US8038663006                             
American depositary receipt (ADR) program: Cusip number 803866300               
ADR to ordinary share 1:1                                                       
Depositary: The Bank of New York, 22nd floor, 101 Barclay Street, New York,     
NY 10286, USA                                                                   
Date: 12/09/2006 07:00:27 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

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