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Sol - Sasol Limited - Financial Results For The Year Ended 30 June 2008 And

Release Date: 08/09/2008 07:24:26      Code(s): SOL
SOL - Sasol Limited - Financial Results For The Year Ended 30 June 2008 and     
                        dividend declaration                                    
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")                                                      
FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2008                               
- Operating profit up 32% to R34 billion                                        
- Headline earnings per share up 50% to R38,09                                  
- Final dividend up 58% to R9,35 per share                                      
- Continued production volume growth                                            
- Operational efficiency improvements at existing businesses                    
- Delivering on growth projects                                                 
- Improved safety performance                                                   
- R24 billion Sasol Inzalo BEE transaction implemented                          
- Oryx GTL production in Qatar ramps up                                         
Overview                                                                        
"Our robust financial performance together with continued progress in our       
capital projects and a strong focus on operational performance will ensure      
sustainable future growth for all our stakeholders. The implementation of the   
Sasol Inzalo BEE deal which will contribute to sustainable skills development   
for Sasol and South Africa has been a major highlight for the year." says chief 
executive Pat Davies.                                                           
Earnings attributable to shareholders for the year ended 30 June 2008 increased 
by 32% to R22,4 billion from R17,0 billion in the previous financial year, while
earnings per share and headline earnings per share increased by 36% and 50%,    
respectively, over the same period, to R37,30 and R38,09, respectively.         
Operating profit increased by 32% on the previous financial year to reach a     
record of R34 billion. Operating profit was boosted by higher crude oil prices  
(average dated Brent was US$95,51/barrel                                        
in 2008 compared to US$63,95/barrel in 2007) and higher product prices as well  
as a marginally weaker average exchange rate (R7,30/US$ in 2008 compared to     
R7,20/US$ in 2007), which were partially offset by softer refining margins. The 
operating profit included net hedging losses of R2,3 billion realised for the   
financial year due to the average crude oil price exceeding the hedge zero cost 
collar cap of US$76,75/barrel as well as a R1,4 billion share-based payment     
expense related to the Sasol Inzalo black economic empowerment (BEE)            
transaction.                                                                    
"Higher product prices together with higher volumes and a focus on cost         
containment have enabled the company to deliver superior returns to our         
shareholders. Improved cash flows have sustained a healthy balance sheet        
positioning the company well for future growth amidst uncertain credit markets."
says chief financial officer Christine Ramon.                                   
The increase in cash fixed costs has been contained within inflationary levels, 
excluding the effects of once-off costs and growth initiatives.                 
Cash of R34,7 billion generated by operating activities represents a 22%        
increase on the previous financial year.                                        
Existing businesses delivering record profits                                   
South African energy cluster                                                    
Sasol Mining - higher coal prices and greater sales volumes                     
Operating profit of R1 393 million was 19% higher than the previous year,       
primarily due to higher export coal prices, greater sales volumes at higher     
prices to Sasol Synfuels and improved coal quality. This increase was partially 
reduced by lower sales volumes to external domestic and international markets as
well as increased production and export distribution costs.                     
Sasol Gas - increased sales volumes to new and existing customers               
Operating profit decreased by 8% to R1 785 million compared to the previous     
year, due to the impact of once-off items. On a comparable basis however,       
operating profit increased by 14%, after taking into account the sale of the 25%
of the Republic of Mozambique Pipeline Investments Company (Pty) Limited in the 
prior year and an impairment of a portion of a pipeline in the current year.    
Improved sales volumes to new and existing customers on the back of higher crude
oil prices and foreign exchange gains contributed to the increase in operating  
profit.                                                                         
Sasol Synfuels - delivered increased production volumes and benefiting from     
higher oil prices                                                               
Operating profit increased by 19% to R19 416 million compared to the prior year 
on the back of higher oil prices and a weaker rand/US dollar average exchange   
rate for the year. Production volumes were marginally higher due to increased   
production efficiency resulting from increased natural gas intake although this 
benefit was partially reduced by production instabilities, which have since been
addressed. Synfuels` operating profit included a net oil hedge loss of R2,2     
billion for the year.                                                           
Sasol Oil - higher production and sales volumes with increased fuel prices      
Operating profit increased by 128% to R5 507 million compared to the prior year 
benefiting from stronger product prices coupled with higher production volumes  
at the Natref refinery and higher sales volumes. Increased sales volumes were   
underpinned by the growth in the commercial business and the additional retail  
convenience centres which grew to 406 from 391 in the previous year.            
International energy cluster                                                    
Sasol Synfuels International (SSI) - Oryx GTL plant ramps up production,        
activities in China and India advance                                           
Operating losses decreased by 19% to R621 million compared to the prior year    
largely due to the net positive contribution of the Oryx GTL plant. The         
operating loss also includes an impairment of the Escravos GTL (EGTL) project   
amounting to R362 million (net effect after tax of R112 million) relating to    
interest previously capitalised on the capital expenditure, and costs relating  
to increased project activities in China and India. We have decided to reduce   
our 37,5% interest in the EGTL project to 10%. We have classified the interest  
in EGTL as an asset held for sale in terms of IFRS5. Our remaining 10% interest 
will be classified appropriately upon conclusion of the agreements.             
Sasol Petroleum International (SPI) - increased production from Gabon and       
Mozambique operations with benefits from higher crude oil and gas prices        
Operating profit increased by 235% to R1 004 million compared to the previous   
year, benefiting from higher crude oil and gas prices and increased sales       
volumes from our Gabon and Mozambique operations. SPI`s operating profit        
included a net oil hedge loss of R75 million for the year.                      
Chemical cluster                                                                
Sasol Polymers - commissioning new capacity with increased margins              
Operating profit increased by 39% to R1 511 million, on the back of increases in
margins, volumes and foreign exchange gains. Production increased mainly due to 
the commissioning of the polypropylene plant and the start up of the Arya Sasol 
ethane cracker in Iran. Overall production volumes were, however, lower than    
expected due to lower feedstock availability from the Selective Catalytic       
Cracker (SCC).                                                                  
Sasol Solvents - strong margins drive performance                               
Operating profit increased by 115% to R2 382 million on the back of strong      
global demand resulting in improved margins which negated the impact of higher  
feedstock costs. Improved reliability in our plants contributed to increased    
total production volumes, although our German operations, comprising about 30%  
of turnover, reduced production due to market conditions.                       
Sasol Olefins & Surfactants - continued restructuring delivers benefits         
Operating profit increased by 33% to R1 512 million compared to the previous    
year mainly as a result of some improvement in margins and initial benefits from
the restructuring process which included the shutdown of the Baltimore and Porto
Torres linear alkyl benzene plants as well as cost reductions in all remaining  
units. A 50% alcohols joint venture plant with a capacity of 60 000 tons per    
annum was successfully commissioned in Lianyangang, China.                      
Other chemical businesses - volume growth and improved product margins in our   
Nitro and Wax businesses                                                        
Operating profit increased by 25% to R1 200 million compared to the previous    
year due to improved product margins and volume growth in the other chemical    
businesses before taking into account once-off items. Once-off items totalling  
R229 million mainly relate to the foreign exchange loss of R557 million on an   
inter group loan, the profit on the sale of Paramelt RMC BV, the profit on the  
sale of Sasol Dyno Nobel (Pty) Limited and the reversal of the impairment of R94
million and other provisions previously recognised in respect of the Phalaborwa 
site due to a change in their business plan.                                    
Delivering on sustainable growth                                                
Sasol`s focus on safety and commitment to sustainable development has delivered 
results:                                                                        
- The recordable case rate for employees and service providers, including       
injuries and illnesses, improved to 0,50 as at 30 June 2008 from 0,72 as at 30  
June 2007.                                                                      
- Our energy-efficiency initiatives continue to reduce our energy consumption   
and our environmental footprint. In South Africa, Sasol already generates a     
substantial amount of its own energy requirements.                              
- The Sasol Inzalo broad-based black economic empowerment (BEE) transaction has 
contributed to the economic well-being of the Republic of South Africa by       
facilitating the addition of over 300 000 historically disadvantaged individuals
to our shareholder base.                                                        
Black economic empowerment advanced                                             
- The Sasol Inzalo BEE transaction for a 10% equity ownership at Sasol Limited  
level, currently valued at R24 billion, was approved overwhelmingly by          
shareholders on 16 May 2008.                                                    
- The second phase of Sasol Mining`s empowerment transaction, valued at R1,9    
billion, was announced in October 2007. This transaction will focus on          
developing relevant skills and building capacity amongst women in the mining    
industry.                                                                       
- Procurement from BEE entities increased by 7% to R4,5 billion (representing   
25% of our controllable spend) for the year ended 30 June 2008.                 
Delivering on growth projects                                                   
Cash spent on capital projects amounted to R11 billion. Major projects advanced 
including:                                                                      
- With the majority of teething problems behind us, the ramp up of the Oryx GTL 
plant in Qatar met our expectations during the year. During June 2008, the plant
operated at an average of above 22 000 barrels per day. The superior quality GTL
products produced at the Oryx GTL plant have been well accepted in the market,  
with GTL diesel commanding premiums over crude-derived diesel products.         
- The SCC at Sasol Synfuels in South Africa commenced beneficial operation in   
January 2008. The SCC is operating stably but is yielding lower than design     
volumes at present and will undergo additional remedial engineering work in     
March 2009 during its first statutory scheduled maintenance shutdown.           
- The cracker in the Arya Sasol Polymer complex in Iran was commissioned in     
November 2007 and has produced more than 200 000 tons of ethylene so far, which 
was mostly exported. The low density polyethylene plant started up in May 2007  
and is expected to reach beneficial operation in the fourth quarter of this     
calendar year, while the medium and high density plant started up in August 2008
and is on a similar schedule for beneficial operation.                          
- The Octene 3 plant in South Africa, which produces high quality 1-Octene as a 
co-monomer for the polyethylene market, achieved beneficial operation in June   
2008. This new plant has the capacity to produce 100 000 tons per annum. It is  
anticipated that, by the middle of the 2009 calendar year, our production       
capacity for 1-Octene and 1-Hexene will reach 356 000 tons per annum.           
- The development of the EGTL plant in Nigeria is advancing, but the project is 
experiencing significantly higher than expected capital cost increases. Capital 
costs are currently estimated to be US$6 billion with a completion date of 2011.
In order to mitigate this risk, Sasol has in principle agreed with Chevron to   
reduce its interest in the EGTL project to 10%, while still providing full      
technical and manpower support to the project.                                  
- In China, our feasibility study into CTL opportunities has been rescoped to   
comprise a single CTL plant of 80 000 barrels per day located in the Ningxia Hui
Autonomous Region.                                                              
- In South Africa, we continue our feasibility study into expanding capacity at 
Secunda, as well as our pre-feasibility study into a new CTL plant of 80 000    
barrels per day (Project Mafutha).                                              
Gearing - improved cashflows from operations and positive Sasol Inzalo BEE      
transaction impact                                                              
Gearing has decreased from 22,0% at 30 June 2007 to 20,5% at 30 June 2008,      
primarily due to improved cash flows from operations and the cash inflows from  
the Sasol Inzalo BEE transaction.                                               
During the year, the company repurchased a total of 22 173 525 Sasol ordinary   
shares at an average price of R329,23 per share. Total shares repurchased since 
the inception of the programme in March 2007 represents about 5,88% of the      
issued share capital at the approval date of the share repurchase programme and 
5,86% of the issued share capital at 30 June 2008, excluding the shares issued  
in terms of the Sasol Inzalo share transaction.                                 
Profit outlook - increased production, higher crude oil prices expected to      
benefit earnings for 2009                                                       
Production at the Arya Sasol Polymer plant, the Oryx GTL facility and the Octene
3 plant will be ramping up further during 2009. We also expect to increase      
production at our Sasol Synfuels operation.                                     
Based on overall improved production volumes, a modest increase in the average  
crude oil price, marginally weaker exchange rate and softer refined product     
price and chemical price assumptions relative to 2008, the earnings for 2009 are
expected to reflect robust growth on 2008. The effects of our BEE transactions, 
which are expected to have material non-cash accounting effects, have not been  
taken into account in this profit outlook. We expect our dividend policy to     
remain within the target range of 2,5 times to 3,5 times earnings cover before  
taking into account the non-cash IFRS2 accounting effects of the Sasol Inzalo   
BEE transaction.                                                                
Acquisitions and disposals of businesses                                        
On 10 July 2007, Sasol Wax disposed of its investment in Paramelt RMC BV,       
operating in the Netherlands, realising a profit of R129 million.               
In August 2007, Sasol Investment Company (Pty) Limited disposed of its          
investment in FFS Refiners (Pty) Limited in South Africa, realising a profit of 
R108 million.                                                                   
On 17 September 2007, Sasol Nitro disposed of 50% of its investment in Sasol    
Dyno Nobel (Pty) Limited in South Africa and realised a profit of R114 million. 
On 13 November 2007, Sasol Chemical Industries Limited disposed of its joint    
venture investment in African Amines (Pty) Limited in South Africa and realised 
a loss of R3 million.                                                           
With effect from 1 January 2008, Sasol Wax GmbH acquired the remaining 50% of   
Merkur Vaseline GmbH & Co. KG in Germany.                                       
With effect from 1 January 2008, Sasol Chemical Industries Limited acquired the 
remaining 40% of Peroxide Chemicals (Pty) Limited in South Africa for a purchase
consideration of R5 million.                                                    
On 24 January 2008, Sasol Solvents, a division of Sasol Chemical Industries     
Limited acquired the remaining 50% interest in Sasol Dia Acrylates after Sasol  
Solvents and Mitsubishi Chemical Corporation decided to dissolve their acrylates
joint venture. The purchase consideration amounted to US$29,25 million.         
With effect from 14 March 2008, Sasol Wax USA Corp. acquired the remaining 50%  
of Lux International Corporation in the United States.                          
With effect from 31 March 2008, Sasol Oil (Pty) Limited acquired the remaining  
30% of Tosas Holdings (Pty) Limited in South Africa for a purchase consideration
of R104 million.                                                                
On 30 April 2008, Chemcity (Pty) Limited disposed of its Cirebelle business in  
South Africa, realising a profit of R1,8 million.                               
Subsequent events                                                               
On 9 July 2008, the black public funded and cash invitations of the Sasol Inzalo
BEE transaction closed. The cash invitation was oversubscribed by 13% and the   
funded invitation  was more than 300% subscribed. The share-based payment       
expense of R2,4 billion relating to the issue of these shares will be recognised
in 2009.                                                                        
Effective 1 August 2008, Sasol entered into crude oil hedges for approximately  
30% (16,4 million barrels) of its Sasol Synfuels production for the remainder of
the 2009 financial year. This was achieved by entering into zero cost collar    
contracts in terms of which the group is protected, on the 16,4 million barrels,
against crude oil prices below US$90/b but will benefit from crude oil prices up
to US$228/b. A similar crude oil hedge has been entered into for 550 000 barrels
of oil from Sasol Petroleum International`s West African output for a range     
between US$90/b and US$240/b.                                                   
On 3 September 2008, Sasol entered into an Heads of Agreement with Chevron      
wherein the parties agreed to the reduction of Sasol`s 37,5% interest in the    
EGTL project to 10%. The definitive agreements would be finalised in due course 
and will be subject to the relevant regulatory approvals.                       
Sasol Oil acquired the remaining 50,1% of Exelem Aviation (Pty) Limited for a   
purchase consideration of US$1,7 million.                                       
Declaration of cash dividend number 58                                          
A final cash dividend of South African R9,35 per share (2007: R5,90 per share)  
has been declared.                                                              
The salient dates for holders of ordinary shares are:                           
Last day for trading to qualify for and participate in the                      
final dividend (cum dividend)    Friday, 3 October 2008                         
Trading ex dividend commences    Monday, 6 October 2008                         
Record date                      Friday, 10 October 2008                        
Dividend payment date            Monday, 13 October 2008                        
Holders of American Depositary Receipts                                         
Ex dividend on New York Stock Exchange     Wednesday, 8 October 2008            
(NYSE)                                                                          
Record date                                Friday, 10 October 2008              
Approximate date for currency conversion   Tuesday, 14 October 2008             
Approximate dividend payment date          Thursday, 23 October 2008            
On Monday, 13 October 2008, 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, 13 October 2008.                                                        
Share certificates may not be dematerialised or re-materialised between Monday, 
6 October 2008 and Friday, 10 October 2008, both days inclusive.                
On behalf of the board                                                          
Pieter Cox        Pat Davies               Christine Ramon                      
Chairman          Chief executive          Chief financial officer              
Sasol Limited                                                                   
8 September 2008                                                                
Registered office: Sasol Limited, 1 Sturdee Avenue, Rosebank, Johannesburg 2196,
PO Box 5486, Johannesburg 2000, South Africa                                    
Share registrars: Computershare Investor Services (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*, TH Nyasulu, JE Schrempp (German)*, TA Wixley*                       
(executive): LPA Davies (Chief executive), KC Ramon                             
(Chief financial officer), VN Fakude, AM Mokaba                                 
*Independent                                                                    
Company secretary: NL Joubert                                                   
American depositary receipts (ADR) program:                                     
Cusip number 803866300                                                          
ADR to ordinary share 1:1                                                       
Depositary: The Bank of New York Mellon,                                        
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 21 November 2007 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.                      
Sasol Limited is the world`s leader in the conversion of coal and gas to        
transportation fuels and chemicals.                                             
Segment report for the year ended 30 June                                       
Turnover                                        Operating profit                
Rm                  Business unit analysis      Rm                              
2007      2008                                  2008        2007                
77 019    104 790   South African energy        28 048      21 775              
cluster                                                      
6 042     7 479      Mining                     1 393       1 171               
3 702     4 697      Gas                        1 785       1 936               
29 084    39 616     Synfuels                   19 416      16 251              
38 191    52 998     Oil                        5 507       2 417               
-         -          Other                      (53)        -                   
1 465     3 764     International energy        383         (463)               
                   cluster                                                      
65        1 793      Synfuels International     (621)       (763)               
1 400     1 971      Petroleum International    1 004       300                 
58 881    73 696    Chemical cluster            6 605       4 292               
9 410    11 304     Polymers                   1 511       1 089                
13 766    17 182     Solvents                   2 382       1 104               
22 582    28 780     Olefins & Surfactants      1 512       1 140               
13 123    16 430     Other chemical businesses  1 200       959                 
2 843     4 273      Other businesses*          (1 220)     17                  
140 208   186 523                               33 816      25 621              
(42 081)  (56 580)  Intercompany turnover                                       
98 127   129 943                                                                
* Includes share-based payment expense related to the Sasol Inzalo share        
transaction.                                                                    
The provisional financial statements are presented on a summarised consolidated 
basis.                                                                          
Statement of financial position                                                 
at 30 June                                                                      
                                               2008         2007                
                                               Rm           Rm                  
Assets                                                                          
Property, plant and equipment                   66 273       50 611             
Assets under construction                       11 693       24 611             
Goodwill                                        874          586                
Other intangible assets                         964          629                
Post-retirement benefit assets                  571          363                
Deferred tax assets                             1 453        845                
Other long-term assets                          3 461        3 045              
Non-current assets                              85 289       80 690             
Assets held for sale                            3 833        334                
Inventories                                     20 088       14 399             
Trade and other receivables                     25 323       16 987             
Short-term financial assets                     330          22                 
Cash restricted for use                         814          646                
Cash                                            4 435        5 987              
Current assets                                  54 823       38 375             
Total assets                                    140 112      119 065            
Equity and liabilities                                                          
Shareholders` equity                            76 474       61 617             
Minority interest                               2 521        1 652              
Total equity                                    78 995       63 269             
Long-term debt                                  15 682       13 359             
Long-term financial liability                   37           53                 
Long-term provisions                            4 491        3 668              
Post-retirement benefit obligations             4 578        3 781              
Long-term deferred income                       376          2 765              
Deferred tax liabilities                        8 446        8 304              
Non-current liabilities                         33 610       31 930             
Liabilities in disposal group held for sale     142          35                 
Short-term debt                                 3 496        5 621              
Short-term financial liabilities                67           383                
Other current liabilities                       22 888       17 282             
Bank overdraft                                  914          545                
Current liabilities                             27 507       23 866             
Total equity and liabilities                    140 112      119 065            
Statement of cash flows                                                         
for the year ended 30 June                                                      
2008           2007                 
                                            Rm             Rm                   
Cash receipts from customers                 123 452        97 339              
Cash paid to suppliers and employees         (88 712)       (68 907)            
Cash generated by operating activities       34 740         28 432              
Finance income                               957            1 059               
Finance expenses paid                        (2 405)        (1 816)             
Tax paid                                     (9 572)        (7 251)             
Dividends paid                               (5 766)        (4 613)             
Cash retained from operating activities      17 954         15 811              
Additions to non-current assets              (10 855)       (12 045)            
Acquisition of businesses                    (431)          (285)               
Disposal of businesses                       693            2 200               
(Cash)/bank overdraft disposed of on         (31)           33                  
disposal of businesses                                                          
Other net cash flows from investing          (220)          (448)               
activities                                                                      
Cash utilised in investing activities        (10 844)       (10 545)            
Share capital issued                         387            332                 
Share repurchase programme                   (7 300)        (3 669)             
Contributions from minority shareholders     185            -                   
Dividends paid to minority shareholders      (555)          (408)               
Decrease in long-term debt                   (782)          (13)                
(Decrease)/increase in short-term debt       (350)          865                 
Cash effect of financing activities          (8 415)        (2 893)             
Translation effects on cash and cash         324            (24)                
equivalents of foreign operations                                               
Movement in cash and cash equivalents        (981)          2 349               
Cash and cash equivalents at beginning of    6 088          3 244               
year                                                                            
Net reclassification (to)/from held for sale (772)          495                 
Cash and cash equivalents at end of year     4 335          6 088               
Income statement                                                                
for the year ended 30 June                                                      
                                            2008           2007                 
                                            Rm             Rm                   
Turnover                                     129 943        98 127              
Cost of sales and services rendered          (74 634)       (59 997)            
Gross profit                                 55 309         38 130              
Non-trading income                           635            639                 
Marketing and distribution expenditure       (6 931)        (5 818)             
Administrative expenditure                   (6 697)        (6 094)             
Other operating expenditure1                 (8 500)        (1 236)             
Other expenditure                            (8 800)        (1 004)             
Translation gains/(losses)                   300            (232)               
Operating profit                             33 816         25 621              
Finance income                               735            825                 
Finance expenses                             (1 148)        (1 148)             
Share of profits of associates (net of tax)  254            405                 
Profit before tax                            33 657         25 703              
Taxation                                     (10 129)       (8 153)             
Profit for the year                          23 528         17 550              
Attributable to                                                                 
Owners of Sasol Limited                      22 417         17 030              
Minority interests in subsidiaries           1 111          520                 
                                            23 528         17 550               
Earnings per share                           Rand           Rand                
Basic earnings per share                     37,30          27,35               
Diluted earnings per share2                  36,78          27,02               
1 Included in other operating expenditure is a realised loss of R2 428 million  
(2007 - unrealised fair value loss of R197 million) that relates to the crude   
oil hedge, share-based expenditure of R1 782 million (2007 - R190 million), and 
remeasurement items of R698 million (2007 - R1 140 million positive).           
2 Diluted earnings per share is calculated taking the Sasol Share Incentive     
Scheme and Sasol Inzalo Employee Trusts into account.                           
Statement of comprehensive income                                               
for the year ended 30 June                                                      
                                                2008        2007                
Rm          Rm                  
Profit for the year                              23 528      17 550             
Other comprehensive income                                                      
Effect of translation of foreign operations      3 452       (258)              
Effect of cash flow hedges                       261         -                  
Available-for-sale financial assets              (1)         -                  
Tax on other comprehensive income                (60)        -                  
Other comprehensive income for the year, net of  3 652       (258)              
tax                                                                             
Total comprehensive income for the year          27 180      17 292             
Attributable to                                                                 
Owners of Sasol Limited                          26 062      16 772             
Minority interests in subsidiaries               1 118       520                
                                                27 180      17 292              
Statement of changes in equity                                                  
for the year ended 30 June                                                      
2008          2007                   
                                           Rm            Rm                     
Opening balance                             63 269        52 984                
Shares issued during year                   387           332                   
Repurchase of shares                        (7 300)       (3 669)               
Share-based payment expense                 1 574         186                   
Acquisition of businesses                   (100)         -                     
Change in shareholding of subsidiaries      306           1 165                 
Total comprehensive income for the year     27 180        17 292                
Dividends paid                              (5 766)       (4 613)               
Dividends paid to minority shareholders     (555)         (408)                 
Closing balance                             78 995        63 269                
Comprising                                                                      
Share capital                               20 176        3 628                 
Share repurchase programme                  (10 969)      (3 669)               
Sasol Inzalo share transaction              (16 161)      -                     
Retained earnings                           77 660        61 109                
Share-based payment reserve                 2 540         966                   
Foreign currency translation reserve        3 006         (443)                 
Investment fair value reserve               1             2                     
Cash flow hedge accounting reserve          221           24                    
Shareholders` equity                        76 474        61 617                
Minority interest                           2 521         1 652                 
Total equity                                78 995        63 269                
Salient features                                                                
for the year ended 30 June                                                      
                                                 2008         2007              
Selected ratios                                                                 
Return on equity                  %               32,5         29,8             
Return on total assets            %               26,9         24,2             
Operating margin                  %               26,0         26,1             
Finance expense cover             times           14,5         14,8             
Dividend cover                    times           2,8          3,0              
Share statistics                                                                
Total shares in issue             million         676,7        627,7            
Treasury shares (share repurchase million         37,1         14,9             
programme)                                                                      
Weighted average number of shares million         601,0        622,6            
Diluted weighted average number   million         609,5        630,3            
of shares                                                                       
Share price (closing)             Rand            461,00       266,00           
Market capitalisation             Rm              311 959      166 968          
Net asset value per share         Rand            122,65       100,55           
Dividend per share                Rand            13,00        9,00             
- interim                         Rand            3,65         3,10             
- final                           Rand            9,35         5,90             
Other financial information                                                     
Total debt (including bank                                                      
overdraft)                                                                      
- interest bearing                Rm              19 455       18 925           
- non-interest bearing            Rm              637          600              
Finance expense capitalised       Rm              1 586        989              
Capital commitments               Rm              25 048       18 575           
- authorised and contracted       Rm              24 457       28 416           
- authorised, not yet contracted  Rm              17 722       11 720           
- less expenditure to date        Rm              (17 131)     (21 561)         
Guarantees and contingent                                                       
liabilities                                                                     
- total amount                    Rm              37 381       35 147           
- liability included on the                                                     
statement of                                                                    
financial position                Rm              10 730       13 888           
Significant items in operating                                                  
profit                                                                          
- employee costs                  Rm              14 443       11 695           
- depreciation and amortisation   Rm              5 212        4 022            
of non-current assets                                                           
- operating lease charges         Rm              887          707              
- share-based payment expenses    Rm              1 782        190              
Directors` remuneration           Rm              65           45               
Share options granted to          `000            1 011        1 124            
directors - cumulative                                                          
Share appreciation rights granted                                               
to directors                                                                    
- cumulative                      `000            72           -                
Sasol Inzalo share rights granted                                               
to directors                                                                    
- cumulative                      `000            75           -                
Effective tax rate                %               30,1         31,7             
Number of employees               number          33 928       31 860           
Average crude oil price - dated   US$/barrel      95,51        63,95            
Brent                                                                           
Average rand/US$ exchange rate    1US$ = Rand     7,30         7,20             
Closing rand/US$ exchange rate    1US$ = Rand     7,83         7,04             
Reconciliation of headline                        Rm           Rm               
earnings                                                                        
Profit for the year                               23 528       17 550           
Less minority interest                            (1 111)      (520)            
Effect of remeasurement items                     698          (1 140)          
Impairment of assets                              821          208              
Reversal of fair value write-down                 -            (803)            
of disposal group held                                                          
for sale                                                                        
Reversal of impairment                            (381)        -                
Profit on disposal of assets                      (440)        (749)            
Loss on repurchase of                             34           -                
participation rights in GTL                                                     
venture                                                                         
Loss on realisation of foreign                    557          -                
currency translation reserve                                                    
Scrapping of non-current assets                   107          204              
Tax effects and minority interest                 (225)        (93)             
Headline earnings                                 22 890       15 797           
Remeasurement items per above                                                   
Mining                                            7            13               
Gas                                               104          (370)            
Synfuels                                          25           64               
Oil                                               (20)         2                
Synfuels International                            396          -                
Petroleum International                           (27)         -                
Polymers                                          (12)         9                
Solvents                                          104          146              
Olefins & Surfactants                             (27)         (707)            
Other chemical businesses                         229          14               
Nitro                                             (199)        -                
Wax                                               426          (4)              
Other                                             2            18               
Other businesses                                  (81)         (311)            
Remeasurement items                               698          (1 140)          
Headline earnings per share       Rand            38,09        25,37            
Diluted headline earnings per     Rand            37,56        25,06            
shared                                                                          
The reader is referred to the definitions contained in the 2007 Sasol Limited   
annual financial statements.                                                    
e-mail: investor.relations@sasol.com Comprehensive additional information is    
available on our website: www.sasol.com                                         
Basis of preparation and accounting policies                                    
The provisional summarised consolidated financial results for the year ended 30 
June 2008 have been prepared in compliance with the Listings Requirements of the
JSE Limited, International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (in particular International Accounting
Standard 34 Interim Financial Reporting) and the South African Companies Act,   
1973, as amended.                                                               
The accounting policies applied in the presentation of the provisional financial
results are consistent with those applied for the year ended 30 June 2007,      
except as follows:                                                              
- Sasol Limited has revised the format of its provisional summarised            
consolidated financial results in line with the amendments to IAS 34, Interim   
Financial Reporting. IAS 34 has been amended as a result of IAS 1, Presentation 
of Financial Statements (as revised 2007). Sasol Limited has early adopted these
amendments.                                                                     
- Sasol Limited has early adopted the following standards, which did not have a 
significant impact on the financial results:                                    
- IFRIC 14 - IAS 19, The Limit on a Defined Benefit Asset, Minimum Funding      
Requirements and their Interaction;                                             
- IFRS2 (Amendment), Share-based Payment (Vesting Conditions and Cancellations);
and                                                                             
- IFRIC12, Service Concession Arrangements.                                     
These provisional summarised consolidated financial results have been prepared  
in accordance with the historic cost convention except that certain items,      
including derivatives and available-for-sale financial assets, are stated at    
fair value.                                                                     
The provisional summarised consolidated financial results are presented in rand,
which is Sasol Limited`s functional and presentation currency.                  
Related party transactions                                                      
The group, in the ordinary course of business, entered into various sale and    
purchase transactions on an arm`s length basis at market rates with related     
parties.                                                                        
Significant changes in contingent liabilities since 30 June 2007                
In January 2008, Yellow Rock was awarded damages in the amount of US$9,2        
million, plus interest against Sasol North America LLC, who will be appealing   
the decision. A liability for the damages amounting to R87 million (US$11       
million) has been recognised at 30 June 2008. Further, Sasol North America LLC  
has reached a settlement for an amount of R39 million (US$5 million) with their 
insurance company as regards this claim. A receivable has been recognised in    
respect of this amount at 30 June 2008. This matter has subsequently been       
settled.                                                                        
Independent audit report                                                        
The provisional summarised consolidated statement of financial position at 30   
June 2008 and the related provisional summarised consolidated income statement, 
statements of comprehensive income, changes in equity and cash flows 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.               
8 September 2008                                                                
Johannesburg                                                                    
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited               
Date: 08/09/2008 07:24:24 Supplied by www.sharenet.co.za                     
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