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Sol - Sasol Limited - Interim Financial Report And Declaration Of Dividend

Release Date: 05/03/2007 07:00:11      Code(s): SOL
SOL - Sasol Limited - Interim Financial Report And Declaration Of Dividend      
                 Number 55 For The Six Months Ended 31 December 2006            
Sasol Limited                                                                   
(Incorporated in South Africa)                                                  
(Registration number: 1979/003231/06)                                           
ISIN Code: ZAE000006896                                                         
JSE Code: SOL                                                                   
NYSE Code: SSL                                                                  
("Sasol" or "the Company")                                                      
INTERIM FINANCIAL REPORT AND DECLARATION OF DIVIDEND NUMBER 55 FOR THE SIX      
MONTHS ENDED 31 DECEMBER 2006                                                   
- operating profit up 12%                                                       
- attributable earnings per share from continuing operations up 13%             
- oryx gtl producing final product                                              
- major capital projects advanced R6,1 billion                                  
- gearing reduced from 29% to 21%                                               
- interim dividend up 11% to R3,10 per share                                    
Commentary                                                                      
Earnings attributable to shareholders for the six months to 31 December 2006,   
buoyed by an increase in the average crude oil price and the weaker rand/US     
dollar exchange rate, increased by 9% to R8,0 billion from R7,3 billion for     
the same period in the previous financial year. Earnings attributable to        
shareholders from continuing operations have increased by 14% to R8,1           
billion, from R7,1 billion.                                                     
Our earnings per share from continuing operations of R12,95 and headline        
earnings per share from continuing operations of R12,03 were respectively 13%   
and 7% higher than those of the previous comparable six month period.           
Operating profit of R12,2 billion was 12% higher than the comparable period     
of the prior year. The increase in operating profit resulted from an 11%        
weakening in the average exchange rate (R7,23/US$1,00 in 2006 versus            
R6,52/US$1,00 in 2005), and a 9% increase in the average dated Brent crude      
oil price (US$64,59 in 2006 versus US$59,21 in 2005), which was partly offset   
by the combined effect of the statutory total shutdown of our Sasol Synfuels    
operations in September 2006, the starting up of the Synfuels Catalytic         
Cracker, production interruptions and lower sales volumes.                      
We have continued to classify our Sasol Olefins & Surfactants (O&S) business    
as a disposal group held for sale and the results continue to be reported as    
discontinued operations. The operating profit of Sasol O&S has declined when    
compared with the comparable period of the previous year, primarily as a        
result of depressed margins in the global detergent alcohol market.             
Safety and operations                                                           
Our consolidated combined recordable case rate (RCR) has improved from 0,87     
at 30 June 2006 to 0,78 at 31 December 2006. The revised RCR includes not       
only Sasol employees as in the past, but also incidents relating to service     
providers and, from 1 July 2006, the effect of occupational diseases. Further   
progress is being made following the implementation of our Safety Improvement   
Plan. Safety remains a top priority for the group. It is very pleasing to       
report that Sasol Gas achieved an RCR of zero for the six months ending 31      
December 2006.                                                                  
Our Sasol Synfuels operations in Secunda embarked on a statutory total          
shutdown in September 2006 (postponed from the previous financial year due to   
the national fuel shortage at the time). This shutdown, combined with some      
production interruptions, has negatively impacted volumes in Sasol Mining,      
Sasol Synfuels and in some of our chemical businesses. A second statutory       
phase shutdown is planned for March 2007.                                       
Major capital projects advanced                                                 
Cash flow on capital projects amounted to R6,1 billion of which R3,4 billion    
(57%) was invested in our South African operations.                             
Major projects advanced include:                                                
- Progress in the completion of the fuel quality enhancement and polymer        
expansion project (Project Turbo), with the polyethylene plant having           
concluded its warranty runs and the Synfuels Catalytic Cracker (SCC) having     
started up. The SCC is, however, currently underperforming and has been taken   
out of operation to make certain modifications. Market demand for fuel will     
continue to be met.                                                             
- At the Oryx gas-to-liquids (GTL) joint venture with Qatar Petroleum,          
following start-up challenges associated with such an integrated and complex    
facility, the plant started to produce final product by end-January 2007 and    
the first shipment of final product is planned for end-March 2007.              
- Progress in the construction of the Escravos GTL project in Nigeria.          
The worldwide increase in large engineering and construction contracts has      
resulted in a global shortage of engineering and construction resources and     
caused strains in these industries. These challenges have resulted in           
moderate delays and increased costs of certain projects, including the          
polypropylene and octene 3 plants in Secunda and the Arya Sasol plants in       
Iran.                                                                           
This situation has been carefully analysed and mitigation steps aimed to        
secure greater owner influence on time schedules and the overall cost of        
ownership have been implemented.                                                
Gearing reduced                                                                 
Our gearing (net debt as a percentage of shareholders` equity) reduced from     
29% at 30 June 2006 to 21% at 31 December 2006, due mainly to the increase in   
earnings and the proceeds received on the disposal of 25% of Republic of        
Mozambique Pipeline Investments Company (Pty) Limited (ROMPCO) and 25% of       
Sasol Oil (Pty) Limited.                                                        
Dividend increased                                                              
The interim dividend declared of R3,10 per share represents an 11% increase     
compared with the previous year`s interim dividend. The dividend cover is 4,2   
times which is consistent with the interim dividend cover of last year. We      
expect to maintain our dividend cover within our targeted range of 2,5 to 3,5   
times for the full year.                                                        
South African energy cluster                                                    
Sasol Mining                                                                    
The operating profit of Sasol Mining of R411 million was 38% lower than the     
prior comparable period primarily because of higher coal purchases from Anglo   
Coal`s Isibonelo Colliery, lower production volumes as a result of the Sasol    
Synfuels shutdown and the effect of a strike in December 2006, and increases,   
within inflationary levels, in operating costs. Furthermore, the production     
build-up at Mooikraal Colliery was slower than planned.                         
Sasol Synfuels                                                                  
Sasol Synfuels achieved an increase in operating profit of 14% to R8 360        
million primarily because of higher oil prices and a weaker rand. Production    
volumes were 7% lower as a result of the four-yearly shutdown of one half of    
the total plant, the start-up of the Synfuels Catalytic Cracker and some        
production interruptions. Operating costs have increased as a result of the     
need to import fuel components, as well as higher coal and natural gas costs.   
Sasol Oil                                                                       
Operating profit reduced by 17% to R931 million mainly as a result of lower     
refining margins, off a high base, and an increased level of imported petrol,   
diesel and fuel components.                                                     
Pleasing progress in retail expansion under the Sasol and Exel brands is        
being made and our market objectives have been met.                             
With effect from 1 July 2006, we sold a 25% interest in Sasol Oil (Pty)         
Limited (Sasol Oil) to Tshwarisano LFB Investment (Pty) Limited                 
(Tshwarisano).                                                                  
Sasol Gas                                                                       
A 12% increase in sales volumes (both to Sasol Synfuels and external            
customers), higher sales prices and the profit on the sale of 25% of ROMPCO     
resulted in Sasol Gas increasing its operating profit by 50% to R1 167          
million.                                                                        
The business finalised the sale of a 25% shareholding in ROMPCO, which owns     
the natural gas pipeline between Mozambique and South Africa, to Companhia      
Mo?ambicana de Gasoduto, a state-owned company in Mozambique, realising a       
profit of R346 million.                                                         
International energy cluster                                                    
Sasol Synfuels International                                                    
This business hosts the growth ambitions of the group relating to GTL and       
coal-to-liquids (CTL) ventures. Costs increased to R366 million during the      
period as a consequence of increased activity.                                  
Representative offices were established in China and India to pursue CTL        
opportunities with potential business partners in both countries. Pre-          
feasibility studies in the USA are progressing.                                 
Our joint venture, Sasol Chevron, continues to evaluate GTL opportunities in    
other locations including Australia and Algeria.                                
Sasol Petroleum International                                                   
Operating profit increased by 33% to R352 million for the six months            
primarily due to higher selling prices and a weaker rand/US dollar exchange     
rate as well as increased sales volumes.                                        
Chemical cluster                                                                
Sasol Polymers                                                                  
Margin pressure at the beginning of the period under review has been            
alleviated through lower feedstock costs and selling price increases.           
Production volumes and operating efficiencies were however negatively           
affected by the Sasol Synfuels shutdown with operating profit of R262 million   
being 34% lower than the result of the previous comparable period.              
Sasol Solvents                                                                  
Stronger product prices and a weaker rand contributed to the positive           
performance of Sasol Solvents. However, the effect of the R140 million          
reversal of the impairment of the octene 3 plant in the previous comparable     
period resulted in operating profit decreasing by 13% to R490 million. On a     
comparable basis, before taking the effect of capital items into account,       
operating profit                                                                
improved by 27%.                                                                
Other chemical businesses                                                       
Sasol Wax has realised a significant improvement in its operating profit from   
R67 million to R268 million, primarily as a result of improved product          
margins.                                                                        
Sasol Nitro has also recorded an improvement in operating profit of 7% to       
R323 million, mainly due to higher sales volumes in the fertiliser business.    
Profit outlook                                                                  
Assuming slightly lower oil and commodity chemical prices and a marginally      
stronger rand relative to the first six months, earnings in the second half     
are expected to be lower than those of the first half. Satisfactory earnings    
growth for the full financial year is, however, expected.                       
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 consolidated interim financial report for the six months ended    
31 December 2006 has been prepared in compliance with the Listings              
Requirements of the JSE Limited, International Financial Reporting Standards    
(IFRS) (in particular International Accounting Standard 34 Interim Financial    
Reporting) and the South African Companies Act, 1973, as amended.               
Except as otherwise disclosed, the accounting policies applied in the           
presentation of the interim financial report are consistent with those          
applied for the year ended 30 June 2006.                                        
The group has changed its accounting policy with regard to costs incurred to    
develop the operations of existing, operating mines. Under the amended          
accounting policy, all development expenditure incurred after the               
commencement of production are capitalised to the extent that they give rise    
to future economic benefits and are amortised over their estimated useful       
lives. This policy has been adopted with retrospective effect and prior year    
figures restated. The effect on earnings and headline earnings per share is     
an increase of 1 cent for the year ended 30 June 2006.                          
Further details will be provided in the annual report for the year ending 30    
June 2007.                                                                      
These condensed consolidated interim financial statements have been prepared    
in accordance with the historic cost convention except for certain financial    
instruments which are stated at fair value.                                     
The consolidated interim 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     
parties.                                                                        
Acquisition and disposals of businesses                                         
With effect from 1 July 2006, a 25% interest in Republic of Mozambique          
Pipeline Investment Company (Pty) Ltd was sold to Companhia de Mo?ambicana de   
Gasoduto in terms of the shareholders` agreement. This transaction was          
finalised during the current period and a profit of R346 million realised on    
this transaction.                                                               
With effect from 1 July 2006 Tshwarisano acquired a 25% shareholding in Sasol   
Oil for a consideration of R1 450 million. Sasol is providing facilitation      
and support for Tshwarisano`s financing requirements. A profit of R315          
million was realised on this transaction.                                       
In October 2006, Sasol`s interest in DPI Holdings (Pty) Limited was sold to     
Dawn Limited for a consideration of R51 million. The proceeds are receivable    
in 2008. A R7 million loss was realised on this sale.                           
In September 2006, Sasol Nitro acquired the remaining 40% of Sasol Dyno Nobel   
(Pty) Limited for a consideration of US$31 million (R221 million).              
Disposal group held for sale and discontinued operations                        
With effect from 30 June 2006, Sasol O&S was classified as a disposal group     
held for sale and the results reported as discontinued operations.              
Comparative information in the income statement has been restated               
accordingly.                                                                    
The estimated fair value less costs to sell Sasol O&S remain largely            
unchanged from that recognised at 30 June 2006. However, when an asset is       
classified as held for sale, depreciation may no longer be recognised. The      
net asset value of Sasol O&S in the balance sheet has increased by the          
earnings of Sasol O&S (which excludes any depreciation expense). As this        
increased net asset value exceeds the estimated fair value less costs to sell   
the business, it is necessary to recognise a further write-down.                
The amount of the write-down of R420 million approximates the unrecognised      
depreciation charge.                                                            
Post balance sheet date events                                                  
We have conducted a preliminary study of the Task Team`s report on 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. We will respond in detail to the National Treasury of South Africa.   
Changes in contingent liabilities since 30 June 2006                            
In terms of the sale of 25% in Sasol Oil to Tshwarisano, Sasol has provided     
facilitation for the financing requirements of Tshwarisano. The undiscounted    
maximum exposure at 31 December 2006 amounted to R1 051 million. A liability    
for the fair value of this guarantee at 31 December 2006, amounting to R39      
million, has been recognised.                                                   
Principal foreign currency conversion rates                                     
                                    31 Dec   31 Dec  30 Jun                     
One unit of foreign currency equals  2006     2005    2006                      
Rand/US$ (closing)                   7,01     6,33    7,17                      
Rand/US$ (average)                   7,23     6,52    6,41                      
Rand/euro (closing)                  9,25     7,49    9,17                      
Rand/euro (average)                  9,27     7,85    7,80                      
Independent review by the auditors                                              
The condensed consolidated balance sheet at 31 December 2006 and the related    
condensed consolidated statements of income, changes in equity and cash flow    
for the six months then ended have been reviewed by our auditors, KPMG Inc.     
Their unmodified review report is available for inspection at the registered    
office of the company.                                                          
Declaration of dividend number 55                                               
The directors of Sasol Limited have declared an interim dividend of R3,10 per   
share (2006: R2,80 per share) for the six months to 31 December 2006. The       
dividend has been declared in the currency of the Republic of South Africa.     
The salient dates are:                                                          
Holders of ordinary shares:                                                     
Last day for trading to qualify for and   Thursday, 29 March 2007               
participate in the interim dividend (cum                                        
dividend)                                                                       
Trading ex dividend commences             Friday, 30 March 2007                 
Record date                               Thursday, 5 April 2007                
Dividend payment date (electronic and     Tuesday, 10 April 2007                
certificated register). Electronic                                              
payment will be undertaken simultaneously                                       
Holders of American Depository Receipts                                         
Ex dividend on New York Stock Exchange    Thursday, 2 April 2007                
Record date                               Thursday, 5 April 2007                
Date for currency conversion              Wednesday, 11 April 2007              
Dividend payment date                     Friday, 20 April 2007                 
On 10 April 2007, 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 10 April 2007.                                                      
Share certificates may not be dematerialised or rematerialised between          
Friday, 30 March 2007 and Thursday, 5 April 2007, both days inclusive.          
On behalf of the board                                                          
Pieter Cox     Pat Davies           Christine Ramon                             
Chairman       Chief executive      Chief financial officer                     

Sasol Limited                                                                   
5 March 2007                                                                    
Registered office:                                                              
Sasol Limited, 1 Sturdee Avenue, Rosebank, Johannesburg 2196                    
PO Box 5486, Johannesburg 2000, South Africa                                    
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                                                 
Directors (non-executive):                                                      
PV Cox (Chairman), E le R Bradley, BP Connellan, HG Dijkgraaf (Dutch), MSV      
Gantsho, A Jain (Indian), IN Mkhize, S Montsi, TH Nyasulu, JE Schrempp          
(German)                                                                        
(Executive): LPA Davies (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 depository receipts (ADR) program: Cusip number 803866300              
ADR to ordinary share 1:1                                                       
Depository: The Bank of New York, 22nd floor, 101 Barclay Street, New York,     
NY 10286, USA                                                                   
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 2 November 2006 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.                                                             
Turnover                                                                        
2005       Operating                       2006        2005                     
profit                                                                
Restated   2006                                        Restated                 
Rm         Rm           Business unit      Rm          Rm                       
705        769          Sasol Mining       411         658                      
462        443          Sasol Synfuels     8 360       7 336                    
15 539     18 606       Sasol Oil          931         1 125                    
814        1 019        Sasol Gas          1 167       780                      
119        82           Sasol Synfuels     (366)       (256)                    
International                                            
3 907      4 610        Sasol Polymers     262         394                      
4 914      6 082        Sasol Solvents     490         562                      
4 511      6 029        Other businesses   932         274                      
30 971     37 640       Per income         12 187      10 873                   
                       statement                                                
9 285      10 841       Discontinued       -           244                      
                       operations -                                             
Sasol O&S                                                
40 256     48 481                          12 187      11 117                   
Balance sheet                                                                   
                                             at                                 
31 Dec 06   31 Dec 05 30 Jun 06                
                                 Reviewed    Reviewed  Audited                  
                                             Restated  Restated                 
                                 Rm          Rm        Rm                       

Assets                                                                          
Property, plant and equipment     42 421      39 110    39 826                  
Assets under construction         24 362      22 837    23 176                  
Goodwill                          457         483       266                     
Other intangible assets           664         943       775                     
Post-retirement benefit assets    80          275       80                      
Deferred tax assets               604         416       691                     
Other long-term assets            2 697       2 469     2 293                   
Non-current assets                71 285      66 533    67 107                  
Assets held for sale              11 794      41        12 115                  
Inventories                       9 004       11 001    8 003                   
Trade and other receivables       12 035      12 817    12 067                  
Short-term financial assets       161         17        180                     
Restricted cash                   710         598       584                     
Cash                              6 057       2 940     3 102                   
Current assets                    39 761      27 414    36 051                  
Total assets                      111 046     93 947    103 158                 
Equity and liabilities                                                          
Shareholders` equity              57 917      48 901    52 605                  
Minority interest                 1 515       313       379                     
Total equity                      59 432      49 214    52 984                  
Long-term debt                    15 139      13 653    15 021                  
Long-term financial liability     36          -         -                       
Long-term provisions              3 643       3 458     3 463                   
Post-retirement benefit           2 591       2 998     2 461                   
obligations                                                                     
Long-term deferred income         2 150       1 020     1 698                   
Deferred tax liabilities          7 216       6 541     6 156                   
Non-current liabilities           30 775      27 670    28 799                  
Liabilities in disposal groups    5 236       -         5 479                   
held for sale                                                                   
Short-term debt                   2 694       2 858     2 721                   
Short-term financial liabilities  507         838       514                     
Other current liabilities         12 084      13 096    12 219                  
Bank overdraft                    318         271       442                     
Current liabilities               20 839      17 063    21 375                  
Total equity and liabilities      111 046     93 947    103 158                 
                                                                                
Income statement                                                                
Half year     Half year     Full year         
for the period                    31 Dec 06      31 Dec 05     30 Jun 06        
ended                                                                           
                                 Reviewed       Reviewed      Audited           
Restated      Restated          
                                 Rm             Rm            Rm                
Turnover                          37 640         30 971        63 850           
Cost of sales and                 (21 158)       (15 322)      (33 046)         
services rendered                                                               
Gross profit                      16 482         15 649        30 804           
Other operating                    456            100           191             
income                                                                          
Marketing and                     (1 865)        (1 715)       (3 561)          
distribution                                                                    
expenditure                                                                     
Administrative                    (1 836)        (1 343)       (3 070)          
expenditure                                                                     
Other operating                   (834)          (1 416)       (3 839)          
expenditure                                                                     
Translation                       (216)          (402)          254             
(losses)/gains                                                                  
Operating profit                  12 187         10 873        20 779           
Dividends and                      357            138           317             
interest received                                                               
Income from                        192            82            135             
associates                                                                      
Borrowing costs                   (448)          (268)         (456)            
(net of costs                                                                   
capitalised)                                                                    
Profit before tax                 12 288         10 825        20 775           
Taxation                          (3 980)        (3 648)       (6 833)          
Profit from                       8 308          7 177         13 942           
continuing                                                                      
operations                                                                      
Discontinued                                                                    
operations                                                                      
Net (loss)/profit                 (97)            226          (3 360)          
from discontinued                                                               
operations                                                                      
Profit                            8 211          7 403         10 582           
Attributable to                                                                 
Shareholders                      7 981          7 311         10 406           
Minority interest                  230            92            176             
                                 8 211          7 403         10 582            
Basic earnings per                                                              
share                                                                           
-                                                                               
attributable        Rand          12,79          11,82         16,78            
earnings basis                                                                  
from continuing                   12,95          11,45         22,20            
operations                                                                      
from discontinued                 (0,16)         0,37          (5,42)           
operations                                                                      
-                                                                               
headline earnings   Rand          12,39          11,61         22,98            
basis                                                                           
from continuing                   12,03          11,22         22,52            
operations                                                                      
from discontinued                 0,36           0,39          0,46             
operations                                                                      
Diluted earnings                                                                
per share*                                                                      
- attributable      Rand          12,60          11,58         16,51            
earnings basis                                                                  
from continuing                   12,75          11,22         21,84            
operations                                                                      
from discontinued                 (0,15)         0,36          (5,33)           
operations                                                                      
-headline earnings  Rand          12,20          11,37         22,61            
basis                                                                           
from continuing                   11,85          10,99         22,16            
operations                                                                      
from discontinued                 0,35           0,38          0,45             
operations                                                                      
Dividends per                                                                   
share                                                                           
- interim**         Rand          3,10           2,80          2,80             
- final             Rand                                       4,30             
                                                                                
*    Taking the Sasol Share Incentive Scheme into account.                      
**   The interim dividend was declared subsequent to 31 December 2006 and is    
presented for information purposes only. No provision regarding this interim    
dividend has been recognised.                                                   
Salient Features                                                                
Half year   Half year  Full year                
for the period                   31 Dec 06   31 Dec 05  30 Jun 06               
ended                                                                           
                                            Restated   Restated                 
Selected ratios                                                                 
Operating margin    %            32,4        35,1       32,5                    
Borrowing cost      times        17,6        16,5       10,1                    
cover                                                                           
Dividend cover      times        4,2         4,2        2,3                     
Dividend cover      times        4,2         4,1        3,1                     
from continuing                                                                 
operations                                                                      
Share statistics                                                                
Total shares in     million      625,2       680,5      683,0                   
issue                                                                           
Treasury shares                                                                 
(share repurchase                                                               
programme)          million      -           60,1       60,1                    
Weighted average    million      623,8       618,5      620,0                   
number of shares                                                                
Restated diluted                                                                
weighted average                                                                
number of shares    million      633,5       631,5      630,2                   
Share price         Rand         258,79      226,50     275,00                  
(closing)                                                                       
Market              Rm           161 796     154 133    187 825                 
capitalisation                                                                  
Net asset value     Rand         92,64       78,82      84,45                   
per share                                                                       
Other financial                                                                 
information                                                                     
Total debt                                                                      
(including bank                                                                 
overdraft)                                                                      
- interest bearing  Rm           17 551      16 482     17 884                  
- non-interest      Rm           600         300        300                     
bearing                                                                         
Borrowing costs     Rm           384         531        1 439                   
capitalised                                                                     
Capital             Rm           12 805      14 443     13 866                  
commitments                                                                     
- authorised and    Rm           28 879      30 450     28 060                  
contracted                                                                      
- authorised, not   Rm           6 828       4 453      6 306                   
yet contracted                                                                  
- less expenditure  Rm           (22 902)    (20 460)   (20 500)                
to date                                                                         
Guarantees and                                                                  
contingent                                                                      
liabilities                                                                     
- total amount      Rm           33 924      32 023     33 212                  
- liability         Rm           11 560      10 935     12 106                  
included on                                                                     
balance sheet                                                                   
Significant items                                                               
in operating                                                                    
profit (continuing                                                              
operations)                                                                     
- employee costs    Rm           4 523       3 596      7 647                   
- depreciation and  Rm           1 887       1 643      3 499                   
amortisation of                                                                 
non-current assets                                                              
Effective tax rate  %            32,4        33,7       32,9                    
Number of                                                                       
employees                                                                       
(continuing                                                                     
& discontinued      number       31 852      30 185     31 460                  
operations)                                                                     
Average crude oil                                                               
price                                                                           
- dated Brent       US$/barrel   64,59       59,21      62,45                   
Average Rand/US$    1US$ = Rand  7,23        6,52       6,41                    
exchange rate                                                                   
The reader is referred to the definitions contained in the 2006 Sasol Limited   
annual financial statements.                                                    
statement of changes in equity                                                  
Half year   Half year  Full year                
for the period ended             31 Dec 06   31 Dec 05  30 Jun 06               
                                Reviewed    Reviewed   Audited                  
                                            Restated   Restated                 
Rm          Rm         Rm                       
                                                                                
Opening balance as previously    52 731      43 786     43 786                  
reported                                                                        
Effect of change in accounting    253         220        220                    
policy                                                                          
Restated opening balance         52 984      44 006     44 006                  
Shares issued during period       160         258        431                    
Attributable earnings            7 981       7 311      10 406                  
As previously reported                       7 295      10 373                  
Effect of change in accounting                16         33                     
policy                                                                          
Dividends paid                   (2 683)     (1 920)    (3 660)                 
Movement in foreign currency     (246)       (629)      1 147                   
translation reserve                                                             
Increase in share based payment   92          84         169                    
reserve                                                                         
Increase in cash flow hedge       8           44         359                    
accounting reserve                                                              
Movement in minority interest    1 136        60         126                    
Closing balance                  59 432      49 214     52 984                  
Comprising                                                                      
Share capital                    3 456       3 461      3 634                   
Share repurchase programme       -           (3 647)    (3 647)                 
Retained earnings                53 990      50 646     52 001                  
Share based payment reserve       872         695        780                    
Foreign currency translation     (435)       (1 965)    (189)                   
reserve                                                                         
Investment fair value reserve     2           2          2                      
Cash flow hedge accounting        32         (291)       24                     
reserve                                                                         
Shareholders` equity             57 917      48 901     52 605                  
Minority interest                1 515        313        379                    
Total equity                     59 432      49 214     52 984                  
Cash flow statement                                                             
                                Half year   Half year  Full year                
for the period ended             31 Dec 06   31 Dec 05  30 Jun 06               
                                Reviewed    Reviewed   Audited                  
                                            Restated   Restated                 
                                Rm          Rm         Rm                       

Cash receipts from customers     49 229      39 461     80 853                  
Cash paid to suppliers and       (35 655)    (27 238)   (56 326)                
employees                                                                       
Cash generated by operating      13 574      12 223     24 527                  
activities                                                                      
Investment income                 600         144        444                    
Borrowing costs paid             (724)       (688)      (1 745)                 
Tax paid                         (3 557)     (1 732)    (5 389)                 
Dividends paid                   (2 683)     (1 920)    (3 660)                 
Cash retained from operating     7 210       8 027      14 177                  
activities                                                                      
Additions to non-current assets  (6 050)     (6 190)    (13 296)                
Acquisition of businesses        (221)       (147)      (147)                   
Disposal of businesses           2 183        596        587                    
Cash disposed of on disposal of   33         (1)        (1)                     
businesses                                                                      
Other net (expenditure                                                          
in)/proceeds                                                                    
from investing activities        (183)       (254)       582                    
Cash utilised in investing       (4 238)     (5 996)    (12 275)                
activities                                                                      
Share capital issued              160         258        431                    
Dividends paid to minority       (218)       (39)       (75)                    
shareholders                                                                    
(Decrease)/increase in long-term (43)         335       1 305                   
debt                                                                            
Increase/(decrease) in short-     63         (2 452)    (2 938)                 
term debt                                                                       
Cash effect of financing         (38)        (1 898)    (1 277)                 
activities                                                                      
Translation effects on cash and                                                 
cash                                                                            
equivalents of foreign            12         (90)       (133)                   
operations                                                                      
Increase in cash and cash        2 946        43         492                    
equivalents                                                                     
Cash and cash equivalents at     3 244       3 224      3 224                   
beginning of year                                                               
Cash in disposal groups held for  259        -          (472)                   
sale                                                                            
Cash and cash equivalents at end 6 449       3 267      3 244                   
of year                                                                         
Results of discontinued operations - Sasol O & S                                
Half year   Half year  Full year                
for the period ended             31 Dec 06   31 Dec 05  30 Jun 06               
                                Reviewed    Reviewed   Audited                  
                                            Restated   Restated                 
Rm          Rm         Rm                       
                                                                                
Turnover                         10 841      9 285      18 545                  
Cost of sales and services       (9 119)     (7 637)    (15 501)                
rendered                                                                        
Other operating income            122         65         342                    
Operating expenses               (1 378)     (1 450)    (2 810)                 
Capital items                    (466)       (19)       (4 143)                 
Operating profit/(loss)          -           244        (3 567)                 
Net financing (costs)/income     (3)          2         (92)                    
Taxation                         (94)        (20)        299                    
Net (loss)/profit from           (97)         226       (3 360)                 
discontinued operations                                                         
Headline earnings                                                               
                               Half year      Half year       Full year         
for the period ended            31 Dec 06      31 Dec 05       30 Jun 06        
Reviewed       Reviewed        Audited           
                                              Restated        Restated          
                               Rm             Rm              Rm                
                                                                                
Reconciliation of headline                                                      
earnings                                                                        
Profit from continuing          8 308          7 177           13 942           
operations                                                                      
Less minority interest          (230)          (92)            (176)            
Effect of capital items of      (628)          (219)           129              
continuing operations                                                           
Impairment of assets            40             86              155              
Reversal of impairment          -              (140)           (140)            
Profit on disposal of assets    (720)          (211)           (146)            
Scrapping of property, plant    52             46              260              
and equipment                                                                   
Tax effects                     53             71              67               
Headline earnings of            7 503          6 937           13 962           
continuing operations                                                           
Net (loss)/profit from          (97)           226             (3 360)          
discontinued operations                                                         
Effect of capital items of      466            19              4 143            
discontinued operations                                                         
Impairment of assets            74             13              912              
Fair value write-down           420            -               3 196            
(Profit)/loss on disposal of    (28)           -               14               
assets                                                                          
Scrapping of property, plant    -              6               21               
and equipment                                                                   
Tax effects                     (146)          (4)             (498)            
Headline earnings of            223            241             285              
discontinued operations                                                         
Headline earnings               7 726          7 178           14 247           
Capital items per business                                                      
unit                                                                            
Sasol Mining                    (8)            (2)             (16)             
Sasol Synfuels                  2              (29)            (187)            
Sasol Oil                       9              (7)             (8)              
Sasol Gas                       371            133             138              
Sasol Synfuels International    -              -               -                
Sasol Polymers                  (5)            5               (17)             
Sasol Solvents                  (47)           140             105              
Other businesses                306            (21)            (144)            
Continuing operations           628            219             (129)            
Discontinued operations -       (466)          (19)            (4 143)          
Sasol O&S                                                                       
                               162            200             (4 272)           
2 March 2007                                                                    
Sponsor:  Deutsche Securities (Pty) Ltd                                         
Date: 05/03/2007 07:00:10 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  



                                        
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