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SOL - Sasol - Record results for the year ended 30 June 2007 and dividend

Release Date: 10/09/2007 07:05:03      Code(s): SOL
SOL - Sasol - Record results for the year ended 30 June 2007 and dividend       
Sasol Limited                                                                   
(Incorporated in South Africa)                                                  
(Registration number: 1979/003231/06)                                           
JSE Code: SOL & ISIN Code: ZAE000006896                                         
NYSE Code: SSL & ISIN Code: US8038663006                                        
("Sasol" or "the Company")                                                      
Record results for the year ended 30 June 2007                                  
- operating profit, excluding Sasol o&s, - up 18%                               
- headline earnings per share - up 10%                                          
- final dividend - up 37% to R5,90 per share                                    
- oryx GTL producing on specification product                                   
- several major capital projects nearing completion - expenditure of R12        
billion, 54% in South Africa                                                    
- Sasol o&s retained - turnaround in progress                                   
- BEE transformation progressing well - 10% ownership transaction at Sasol      
limited announced                                                               
2006           2007                                   2007           2006       
Turnover                                              Operating profit          
R million                    Business unit analysis   R million                 
67 111         77 019        SA Energy cluster        21 775         18 684     
5 466          6 042         - Mining                 1 171          1 227      
25 649         29 084        - Synfuels               16 251         13 499     
32 787         38 191        - Oil                    2 417          2 432      
3 209          3 702         - Gas                    1 936          1 526      
1 398          1 465         International energy     (463)          (42)       
161            65            - Synfuels               (763)          (642)      
1 237          1 400         - Petroleum              300            600        
49 284         58 881        Global chemicals         4 293          (1 471)    
7 639          9 410         - Polymers               1 089          822        
11 666         13 766        - Solvents               1 106          873        
19 095         22 582        - Olefins & Surfactants  1 140          (3 567)    
10 884         13 123        - Other chemicals        958            401        
1 450          2 843         - Other                  16             41         
119 243        140 208                                25 621         17 212     
(36 848)       (42 081)      Intercompany turnover                              
                            Capital items            (1 140)        4 272       
82 395         98 127                                 24 481         21 484     
2006            2007                                   2007         2006        
Turnover                                               Operating profit         
R million                   Geographic analysis        R million                
42 909          50 908      South Africa               22 259       18 541      
5 150           5 747       Rest of Africa             701          1 254       
17 836          22 448      Europe                     1 757        (1 632)     
3 992           4 489       Middle East, India, Far    4            116         
9 839           11 258      North America              691          (1 220)     
1 249           1 387       South America              (5)          (18)        
1 420           1 890       Southeast Asia             214          171         
82 395          98 127                                 25 621       17 212      
The provisional financial statements are presented on a summarised consolidated 
Balance Sheet                                                                   
                                            2007         2006                   
at 30 June                                   Rm           Rm                    
Property, plant, equipment                   50 515       39 826                
Assets under construction                    24 611       23 176                
Goodwill                                     586          266                   
Other intangible assets                      629          775                   
Post-retirement benefit assets               363          80                    
Deferred tax assets                          845          691                   
Other long-term assets                       3 140        2 293                 
Non-current assets                           80 689       67 107                
Assets held for sale                         334          12 115                
Inventories                                  14 399       8 003                 
Trade and other receivables                  16 994       12 067                
Short-term financial assets                  16           180                   
Restricted cash                              646          584                   
Cash                                         5 987        3 102                 
Current assets                               38 376       36 051                
Total assets                                 119 065      103 158               
Equity and liabilities                                                          
Shareholders` equity                         61 617       52 605                
Minority interest                            1 652        379                   
Long-term debt                               13 359       15 021                
Long-term financial liabilities              53           -                     
Long-term provisions                         3 788        3 463                 
Post-retirement benefit obligations          3 661        2 461                 
Long-term deferred income                    2 765        1 698                 
Deferred tax liabilities                     8 304        6 156                 
Non-current liabilities                      31 930       28 799                
Liabilities in disposal group held for sale  35           5 479                 
Short-term debt                              5 621        2 721                 
Short-term financial liabilities             383          514                   
Other current liabilities                    17 282       12 219                
Bank overdraft                               545          442                   
Current liabilities                          23 866       21 375                
Total equity and liabilities                 119 065      103 158               
Note: The comparative periods have been restated for the effects of a change in 
accounting policy and the reclassification of assets under construction from    
property, plant and equipment and other intangible assets.                      
Income Statement                                                                
2007      2006                   
for the year ended 30 June                      Rm        Rm                    
Turnover                                        98 127    82 395                
Cost of sales and services                      (59 997)  (48 547)              
Gross profit                                    38 130    33 848                
Non-trading income                              639       533                   
Marketing and distribution                      (5 818)   (5 234)               
Administrative expenditure                      (6 094)   (4 316)               
Other operating expenditure                     (1 004)   (7 862)               
Translation (losses)/gains                      (232)     243                   
Operating profit                                25 621    17 212                
Dividends and interest received                 825       341                   
Income from associates                          405       134                   
Borrowing costs (net of amounts                 (1 148)   (571)                 
Profit before tax                               25 703    17 116                
Taxation                                        (8 153)   (6 534)               
Profit                                          17 550    10 582                
Attributable to                                                                 
Shareholders                                    17 030    10 406                
Minority interests in subsidiaries              520       176                   
17 550    10 582                 
Basic earnings per share            Rand        27,35     16,78                 
Diluted earnings per share          Rand1       27,02     16,51                 
1    Diluted earnings per share is calculated taking the Sasol Share Incentive  
Scheme into account.                                                        
    Note: The income statement has been restated for the effect of the          
    reclassification of Sasol O&S as a continuing operation.                    
Cash Flow Statement                                                             
2007          2006          
for the year ended 30 June                           Rm            Rm           
Cash receipts from customers                         97 339        80 229       
Cash paid to suppliers and employees                 (68 914)      (55 702)     
Cash generated by operating activities               28 425        24 527       
Investment income                                    1 059         444          
Borrowing costs paid                                 (1 816)       (1 745)      
Tax paid                                             (7 251)       (5 389)      
Dividends paid                                       (4 613)       (3 660)      
Cash available from operating activities             15 804        14 177       
Additions to non-current assets                      (12 045)      (13 296)     
Acquisition of businesses                            (285)         (147)        
Cash acquired on acquisition of businesses           -             (113)        
Disposal of businesses                               2 200         587          
Cash disposed of on disposal of businesses           33            (1)          
Other net cash flows from investing activities       (441)         695          
Cash utilised in investing activities                (10 538)      (12 275)     
Share capital issued                                 332           431          
Share repurchase programme                           (3 669)       -            
Dividends paid to minority shareholders              (408)         (75)         
(Decrease)/increase in long-term debt                (13)          1 305        
Increase/(decrease) in short-term debt               865           (2 938)      
Cash effect of financing activities                  (2 893)       (1 277)      
Translation effects of cash of foreign operations    (24)          (133)        
Increase in cash and cash equivalents                2 349         492          
Cash and cash equivalents at beginning of year       3 244         3 224        
Movement in cash in disposal group held for sale     495           (472)        
Cash and cash equivalents at end of year             6 088         3 244        
- restricted cash                                    646           584          
- cash                                               5 987         3 102        
- bank overdraft                                     (545)         (442)        
                                                    6 088         3 244         
Changes In Equity Statement                                                     
                                               2007      2006                   
for the year ended 30 June                      Rm        Rm                    
Opening balance as previously reported          52 352    43 533                
Effect of change in accounting policy           253       220                   
Restated opening balance                        52 605    43 753                
Shares issued                                   332       431                   
Shares repurchased                              (3 669)   -                     
Attributable earnings                           17 030    10 406                
as previously reported                                   10 373                 
effect of change in accounting policy                    33                     
Dividends paid                                  (4 613)   (3 660)               
Increase in share based payment expense         186       169                   
Movement in foreign currency translation        (254)     1 147                 
Movement in cash flow hedge accounting reserve  -         359                   
Closing balance                                 61 617    52 605                
Share capital                                   3 628     3 634                 
Share repurchase programme                      (3 669)   (3 647)               
Retained earnings                               61 109    52 001                
Share based payment reserve                     966       780                   
Foreign currency translation reserve            (443)     (189)                 
Investment fair value reserve                   2         2                     
Cash flow hedge accounting reserve              24        24                    
Shareholders` equity                            61 617    52 605                
Headline Earnings                                                               
                                               2007      2006                   
for the year ended 30 June                      Rm        Rm                    
Reconciliation of headline earnings                                             
Profit                                          17 550    10 582                
Less minority interests                         (520)     (176)                 
Effect of capital items                        (1 140)   4 272                  
 Impairment of assets                          208       1 067                  
 Reversal of fair value write-down             (803)     -                      
 Reversal of impairment                        -         (140)                  
Fair value write-down                         -         3 196                  
 Profit on disposal of assets                  (749)     (132)                  
 Scrapping of property, plant and              204       281                    
Tax effect on reconciling items                (93)      (431)                  
Headline earnings                               15 797    14 247                
Capital items                                                                   
Mining                                          13        16                    
Synfuels                                        64        187                   
Oil                                             2         8                     
Gas                                             (370)     (138)                 
Petroleum International                         -         82                    
Olefins & Surfactants                           (707)     4 143                 
Polymers                                        9         17                    
Solvents                                        152       (105)                 
Other                                           (303)     62                    
Capital items                                   (1 140)   4 272                 
Headline earnings per share            Rand     25,37     22,98                 
Diluted headline earnings per share    Rand     25,06     22,61                 
Salient Features                                                                
2007      2006                    
for the year ended 30 June                               Restated               
Selected ratios                                                                 
Return on equity                 %             29,8      21,6                   
Return on total assets           %             24,2      18,5                   
Operating margin                 %             26,1      20,9                   
Borrowing cost cover             times         14,5      10,1                   
Dividend cover                   times         3,0       2,3                    
Share statistics                                                                
Total shares in issue            million       627,7     683,0                  
Treasury shares (share           million       14,9      60,1                   
repurchase programme)                                                           
Weighted average number of       million       622,6     620,0                  
Diluted weighted average number  million       630,3     630,2                  
of shares                                                                       
Share price (closing)            Rand          266,00    275,00                 
Market capitalisation            Rm            166 968   187 825                
Net asset value per share        Rand          100,55    84,45                  
Dividend per share               Rand          9,00      7,10                   
- interim                        Rand          3,10      2,80                   
- final                          Rand          5,90      4,30                   
Other financial information                                                     
Total debt (including bank                                                      
- interest bearing               Rm            18 925    17 913                 
- non-interest bearing           Rm            600       300                    
Borrowing costs capitalised      Rm            989       1 448                  
Capital commitments              Rm            18 575    14 628                 
- authorised and contracted      Rm            28 416    29 152                 
- authorised, not yet            Rm            11 720    6 875                  
- less expenditure to date       Rm            (21 561)  (21 399)               
Guarantees and contingent                                                       
- total amount                   Rm            35 110    33 212                 
- liability included on balance  Rm            13 388    12 106                 
Significant items in operating                                                  
- employee costs                 Rm            11 695    9 551                  
- depreciation and amortisation  Rm            4 015     4 268                  
of non-current assets                                                           
- operating lease charges        Rm            707       568                    
Directors` remuneration          Rm            45        32                     
Share options granted to         `000          1 124     1 506                  
directors - cumulative                                                          
Effective tax rate               %             31,7      38,2                   
Employees at 30 June             number        31 860    31 460                 
Average crude oil price - dated  US$/barrel    63,95     62,45                  
Average rand/US$ exchange rate   1US$ = rand   7,20      6,41                   
The reader is referred to the definitions contained in the 2006 Sasol Limited   
annual financial statements.                                                    
Value Added Statement                                                           
                                                 2007            2006           
for the year ended 30 June                        Rm              Rm            
Turnover                                          98 127          82 395        
Purchased materials and services                  (56 353)        (51 364)      
Value added                                       41 774          31 031        
Investment income                                 1 230           475           
Wealth created                                    43 004          31 506        
Employees                                         11 695          9 551         
Providers of equity capital                       5 133           3 836         
Providers of loan capital                         1 874           1 755         
Governments                                       6 757           6 620         
Reinvested in the group                           17 545          9 744         
Wealth distribution                               43 004          31 506        
Please note: A billion is defined as one thousand million.                      
"This has been a year with good results and significant strides on safety,      
transformation, improved stakeholder relations and major capital projects, which
together with our strong balance sheet provides a solid foundation for          
sustainable long-term growth," says chief executive Pat Davies.                 
Earnings attributable to shareholders for the year ended 30 June 2007 increased 
by 64% to R17,0 billion from R10,4 billion. Our earnings per share of R27,35 and
headline earnings per share of R25,37 were respectively 63% and 10% higher than 
those of the previous year.                                                     
Operating profit of R25,6 billion was 49% higher than the prior year. The       
increase in operating profit resulted from a 12% weakening in the average       
exchange rate and a 2% increase in the average dated Brent crude oil price. The 
increase was partly offset by the combined effect of the two planned maintenance
shutdowns of our Synfuels operations, the starting up of the selective catalytic
cracker (SCC), production interruptions and lower sales volumes.                
"The pleasing earnings growth, despite the negative impact of the Synfuels      
maintenance shutdowns, together with our strong cash flows have enabled us to   
deliver on our financial targets and build value for our shareholders," says    
Christine Ramon, chief financial officer.                                       
These results include the Sasol Olefins & Surfactants (O&S) business which was  
reclassified as a continuing operation from March 2007. Operating profit would  
have increased by 18% and earnings by 15%, had the impact of Sasol O&S been     
Our cash generated by operating activities of R28,5 billion represents a 16%    
increase on the prior year.                                                     
The directors have declared a final dividend of R5,90 per share. The total      
dividend declared for the year of R9,00, including the interim dividend,        
reflects a 27% increase on the previous year and translates into a dividend     
cover of 3 times.                                                               
Safety focus delivering results                                                 
Safety remains a top priority for the group. Our recordable case rate (RCR),    
covering employees and service providers, including injuries and illnesses, has 
improved from 0,91 at 30 June 2006 to 0,73 at 30 June 2007. It is very pleasing 
to report that Sasol Gas achieved an RCR of zero for the year and that most     
businesses recorded significant improvements in their respective RCRs.          
Major capital projects advancing                                                
Cash spent on capital projects amounted to R12,0 billion, of which R6,5 billion 
(54%) was invested in our South African operations.                             
Several of our major capital projects are nearing completion and we expect to   
see initial contributions in our 2008 financial year. Major projects advanced   
during the year included the following.                                         
-    Our fuel quality enhancement and polymer expansion project (Project Turbo) 
is almost complete. The polyethylene plant has concluded its warranty runs  
    and the SCC was started up. The SCC was subsequently taken out of operation 
    for modifications following initial performance tests.                      
-    Oryx GTL has produced and sold product. During start-up all systems and    
process units were successfully tested and demonstrated their design        
    intent. Technical challenges, reported during May 2007, are in the process  
    of being resolved.                                                          
-    Construction of our Escravos GTL joint venture project in Nigeria          
continues, with beneficial operation expected during 2010.                  
-    We are making good progress in Arya Sasol Polymer Company with             
    commissioning of the ethane cracker having started and the plant expected   
    to be producing to specification in the last quarter of 2007. The two       
polyethylene plants should be in beneficial operation by the first quarter  
    of calendar 2008.                                                           
-    Construction of our third Octene train in Secunda is expected to be        
    completed later this calendar year, with start-up towards the end of the    
first quarter of 2008.                                                      
The severe global shortage of engineering and construction resources for large  
contracts continues. We carefully monitor developments and have taken           
appropriate mitigating actions, where possible, to curb the impact of these     
resource constraints on both the timing and costs of our projects. These include
a revision to our contracting strategy, an almost 25% increase in our own staff 
at Sasol Technology and closer collaboration with our strategic engineering and 
construction contractors.                                                       
Plans are underway to increase Sasol Synfuels` capacity by 20% within the next  
decade, mostly based on additional natural gas imported from Mozambique.        
We are exploring the feasibility of constructing another sizeable inland        
liquids refinery, of about 80 000 barrels per day, to serve South Africa`s      
growing inland fuel requirements in close co-operation with the South African   
government. The pre-feasibility study will take into account a variety of       
factors including project economics, the potential environmental footprint and  
safety standards.                                                               
Black economic empowerment progressing well                                     
We are making good progress in our transformation activities. These include:    
-    The sale of 25% of Sasol Oil (Pty) Limited to Tshwarisano LFB Investments  
(Pty) Limited with effect from 1 July 2006.                                 
-    Announcement of the first terms of our proposed broad-based black economic 
    empowerment (BEE) transaction for a proposed 10% ownership at Sasol Limited 
-    Expected finalisation of the first phase of our Sasol Mining empowerment   
    deal and an announcement on a second empowerment transaction to be made     
    later this calendar year.                                                   
-    Continuing investment in skills development of both our own employees and  
through our corporate social investment programme.                          
-    Increased procurement from BEE entities, now at R4,2 billion.              
-    Improvements in our overall employment equity statistics with additional   
    focus at managerial levels in the organisation.                             
Operational review                                                              
During the past year we formalised the group`s structure into three focused     
business clusters - South African Energy Cluster, International Energy Cluster  
and Global Chemicals Cluster. Each business cluster will work together to set   
strategic goals, improve safety, identify synergies and reduce costs.           
South African energy cluster                                                    
Sasol Mining - lower production volumes                                         
The operating profit of Sasol Mining of R1 171 million was 5% lower than the    
prior year primarily due to planned higher coal purchases from an external      
supplier, Anglo Coal`s Isibonelo Colliery, lower production volumes as a result 
of the Synfuels shutdowns and the effect of a strike in December 2006.          
Sasol Gas - increased sales volumes                                             
A 7% increase in sales volumes, higher sales prices and the profit of R346      
million on the sale of 25% of Republic of Mozambique Pipeline Investments       
Company (Pty) Limited (Rompco) resulted in Sasol Gas increasing its operating   
profit by 27% to R1 936 million.                                                
We are making good progress in the expansion of our pipeline gas network. During
the year, a second pipeline-gas co-generation plant, for the production of      
electricity and steam, was commissioned in Newcastle, KwaZulu-Natal.            
Sasol Synfuels - record year despite reduced sales volumes                      
Sasol Synfuels had another record year, achieving an increase in operating      
profit of 20% to R16 251 million due to higher oil prices and a weaker rand.    
Production volumes were 2,8% lower than last year as a result of the shutdowns, 
production instabilities during the start up of the SCC and some production     
interruptions. Operating costs have increased as a result of the need to import 
high-octane fuel blending components to meet demand during shutdowns, as well as
higher coal and natural gas costs.                                              
Sasol Oil - operating profit maintained despite increased imports               
Operating profit declined marginally by 1% to R2 417 million mainly as a result 
of lower volumes from Sasol Synfuels due to the shutdowns and an increased level
of imported petrol, diesel and fuel components.                                 
We are making progress in retail network expansion under the Sasol and Exel     
brands with 394 service stations in operation. This exceeds industry growth.    
International energy cluster                                                    
Sasol Synfuels International (SSI) - first GTL production, focused on resolving 
the remaining technical challenges                                              
The Oryx GTL facility was started up during the year and produced on            
specification product. We are confident that we will resolve the remaining      
technical challenges and steadily increase production throughput. Sasol Chevron 
continues to evaluate GTL opportunities in other locations including Australia. 
SSI continues to investigate coal-to-liquids opportunities in China, India and  
in the USA. Operating losses increased to R763 million during the year as a     
consequence of increased activity.                                              
Sasol Petroleum International - higher exploration activity                     
Operating profit declined by 50% to R300 million for the year primarily due to a
significant increase in exploration costs offset by higher selling prices, a    
weaker rand/US dollar exchange rate and increased sales volumes.                
Global chemicals cluster                                                        
Sasol Polymers - increased operating profit despite impact of shutdown          
Operating profit increased by 32% to R1 089 million on the back of higher       
margins, despite higher oil-related feedstock costs and the reduced volumes     
stemming from the Synfuels shutdown.                                            
Sasol Solvents - stronger product prices negate the impact of lower volumes     
Operating profit increased by 27% to R1 106 million due to stronger product     
prices and a weaker rand whilst the Synfuels shutdowns and operational issues   
led to lower production levels during the year.                                 
Sasol Olefins & Surfactants - divestiture cancelled, turnaround in progress     
In March 2007, we terminated the divestiture process and announced our intention
to retain and restructure Sasol O&S. In the first phase of our turnaround, we   
have shut down unprofitable production facilities in Baltimore, USA and Porto   
Torres, Italy.                                                                  
Operating profit for the year was R1 140 million (2006 - operating loss of R3   
567 million), taking into account the reversal of the 2006 fair value write-down
amounting to R803 million and the recognition of restructuring provisions of    
R406 million.                                                                   
Other chemical businesses - significantly improved performance                  
Sasol Wax has more than doubled its operating profit to R629 million, primarily 
as a result of improved product margins and a focus on higher value-add blends. 
Sasol Nitro has also recorded an improvement in operating profit of 31% to R610 
million mainly due to higher sales volumes in the fertiliser business and growth
in our explosive initiators business.                                           
Gearing - share repurchase programme reactivated                                
Our gearing has reduced from 29% at 30 June 2006 to 22% at 30 June 2007. This   
was due mainly to the increase in cash flows from earnings and the proceeds     
received on the disposals of 25% of Rompco and 25% of Sasol Oil (Pty) Limited.  
We reactivated our share repurchase programme and, in the current year, have    
repurchased 14,9 million shares at an average price of R245,94 per share, which 
represents about 2,4% of our issued share capital.                              
Profit outlook - earnings will be maintained in the 2008 financial year         
We will commission substantial new production capacity during the coming        
financial year. This is expected to benefit our earnings late in 2008 and into  
the 2009 financial year as these plants ramp up production to full operating    
A specific focus in the year ahead will be on controlling cash costs per unit of
production. This will be balanced with the need to further enhance the on-line  
availability and efficiency of our facilities, and thus the overall production  
Taking into account our assumptions on prices and currencies, earnings in the   
2008 financial year will be maintained at 2007 financial year levels, despite   
anticipated lower product margins and costs associated with our growth          
programme. The effects of our proposed empowerment equity transactions have not 
been taken into account in this outlook.                                        
Basis of preparation and accounting policies                                    
The summarised, provisional consolidated financial results for the year ended 30
June 2007 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 as otherwise disclosed, the accounting policies applied in the           
presentation of the financial results are consistent with those applied for the 
year ended 30 June 2006.                                                        
The group has, with retrospective application, 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 the estimated      
useful lives of those assets. 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 ended 30 June
These summarised, provisional consolidated financial results have been prepared 
in accordance with the historic cost convention, except for certain financial   
instruments which are stated at fair value.                                     
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     
Acquisition and disposals of businesses                                         
With effect from 1 July 2006, a 25% interest in Rompco was sold to Companhia de 
Mocambicana de Gasoduto (CMG) and a profit of R346 million was realised.        
With effect from 1 July 2006, Tshwarisano acquired a 25% shareholding in Sasol  
Oil (Pty) Limited for a consideration of R1 450 million and a profit of R315    
million was realised.                                                           
In October 2006, Sasol`s interest in DPI Holdings (Pty) Limited was sold to Dawn
Limited for a consideration of R51 million and a R7 million loss was realised.  
In September 2006, Sasol Nitro acquired the remaining 40% of Sasol Dyno Nobel   
(Pty) Limited for a consideration of US$31 million (R221 million).              
Post balance sheet date events                                                  
Windfall tax                                                                    
On 6 August 2007, the Minister of Finance announced that National Treasury would
not pursue a windfall tax on the South African liquid fuels industry.           
Black economic empowerment transaction                                          
Today we also announced the first terms of our proposal to conclude a broad-    
based black economic empowerment (BEE) transaction, which should result in the  
transfer of 10% beneficial ownership of Sasol Limited`s issued share capital to 
our employees and a wide spread of black South Africans.                        
It is anticipated that a further announcement of the detailed terms of the BEE  
transaction will be made in the first half of 2008, after which shareholder     
approval will be sought.                                                        
Sasol Dia Acrylates                                                             
Sasol Chemical Industries Limited and Mitsubishi Chemical Corporation (MCC)     
agreed to dissolve their Acrylates joint venture, whereby Sasol Chemical        
Industries Limited will acquire the shares held by MCC. The various agreements  
relating to this transaction are well advanced.                                 
Sale of businesses                                                              
On 10 July 2007, Sasol Wax disposed of its investment in Paramelt RMC BV,       
operating in the Netherlands, realising a profit of R118 million.               
In August 2007, Sasol Investment Company (Pty) Limited disposed of its          
investment in FFS Refiners (Pty) Limited and realised a profit of R101 million. 
Significant changes in contingent liabilities since 30 June 2006                
In terms of the sale of 25% in Sasol Oil (Pty) Limited to Tshwarisano, Sasol has
provided facilitation for the financing requirements of Tshwarisano. The        
undiscounted maximum exposure at 30 June 2007 amounted to R1 051 million. A     
liability for the fair value of this guarantee at 30 June 2007, amounting to R37
million, has been recognised.                                                   
Principal foreign currency conversion rates                                     
                                                    30 June      30 June        
One unit of foreign currency equals                  2007         2006          
Rand/US$ (closing)                                   7,04         7,17          
Rand/US$ (average)                                   7,20         6,41          
Rand/euro (closing)                                  9,53         9,17          
Rand/euro (average)                                  9,40         7,80          
Independent audit report                                                        
The summarised, provisional consolidated balance sheet at 30 June 2007 and the  
related summarised, provisional consolidated statements of income, changes in   
equity and cash flow for the year then ended have been audited by KPMG Inc.     
Their unqualified audit report is available for inspection at the registered    
office of the Company.                                                          
Declaration of dividend number 56 - dividend increased by 37%                   
The final dividend, dividend number 56, of R5,90 per share (2006: R4,30 per     
share) 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, 5 October 2007                
participate in the final dividend (cum                                          
Trading ex dividend commences             Monday, 8 October 2007                
Record date                               Friday, 12 October 2007               
Dividend payment date (electronic and                                           
certificated register).                                                         
Electronic payment will be undertaken     Monday, 15 October 2007               
Holders of American Depositary Receipts                                         
Ex dividend on New York Stock Exchange     Wednesday, 10 October 2007           
Record date                                Friday, 12 October 2007              
Approximate date for currency conversion   Tuesday, 16 October 2007             
Approximate dividend payment date          Thursday, 25 October 2007            
On Monday, 15 October 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 credited on    
Monday, 15 October 2007.                                                        
Share certificates may not be dematerialised or rematerialised between Monday, 8
October 2007 and Friday, 12 October 2007, both days inclusive.                  
On behalf of the board                                                          
Pieter Cox       Pat Davies            Christine Ramon                          
Chairman         Chief executive       Chief financial officer                  
Sasol Limited                                                                   
10 September 2007                                                               
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 11 370-5000 Fax: +27 11 
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), TA Wixley                                        
(Executive): LPA Davies (Chief executive), KC Ramon (Chief financial officer),  
VN Fakude, AM Mokaba                                                            
Company secretary: NL Joubert                                                   
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                                                                      
e-mail: investor.relations@Sasol.com                                            
Comprehensive additional information is available on our website:               
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.                                        
10 September 2007                                                               
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited               
Date: 10/09/2007 07:05:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
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employees and agents accept no liability for (or in respect of) any direct,     
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howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.                                          

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