Go Back Email this Link to a friend

SOL - Sasol - Expected Earnings For The Six Months Ended 31 December 2008 And

Release Date: 21/01/2009 17:01:02      Code(s): SOL
SOL - Sasol - Expected Earnings For The Six Months Ended 31 December 2008 And   
              Revised Outlook For The Financial Year Ending 30 June 2009        
Sasol Limited                                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1979/003231/06)                                            
ISIN: ZAE000006896 & US8038663006                                               
Share codes: JSE - SOL & NYSE - SSL                                             
("Sasol" or "the Company")                                                      
Expected earnings for the six months ended 31 December 2008 and revised         
outlook for the financial year ending 30 June 2009                              
Expected earnings for the six months ended 31 December 2008                     
Sasol`s attributable earnings per share and headline earnings per share for     
the six months ended 31 December 2008 are estimated to increase by between 55%  
and 65% over the comparable previous reporting period. The expected increase    
in earnings is mainly due to the weakening of the rand against the US dollar    
and an increase in crude oil and product prices compared to the corresponding   
six months of the previous reporting period.                                    
Overall production volumes were also higher as a result of additional capacity  
and improved operations.                                                        
Revised outlook for financial year ending 30 June 2009                          
Market conditions have deteriorated in recent months due to the global          
economic downturn, with lower than expected crude oil and product prices as     
well as lower product demand. These impacts are partially mitigated by the      
weakening of the rand against the US dollar and the positive impact of the      
synfuels hedge to end May 2009.                                                 
Sasol`s outlook statement given at the time of the announcement of our annual   
results on 8 September 2008 of `robust growth forecast for 2009` is thus        
revised to `a moderate reduction in earnings forecast for 2009 compared to the  
prior year`.                                                                    
Several assumptions have been made in estimating the expected earnings for the  
full financial year 2009. These assumptions take cognisance of the volatile     
market conditions and will be regularly reviewed over the remainder of the      
financial year. This may result in a change in the estimated earnings.          
Sasol announced on 19 January 2009 that it is systematically undertaking        
comprehensive group-wide reviews of its compliance with competition law.  This  
trading statement excludes any provision for fines or penalties that may be     
imposed by the South African Competition Commission.                            
Maintaining a strong cash position                                              
Sasol has a positive cash position and a strong balance sheet, and has entered  
a cash conservation mode given the global economic crisis. Sasol continues to   
generate considerable cash flows, which keep the group well- positioned in the  
current economic climate as well as meeting all existing debt service           
We are responding to the global economic crisis by continuing to manage our     
balance sheet prudently and have lowered our targeted gearing (net debt to      
equity ratio) from the previous range of 30% - 50% to 20% - 40%. Our focus      
remains on sustainable cost containment and improving business operational      
The overarching objective of our growth plans remains unchanged: to ensure      
prudent management of our resources while pursuing those projects and           
programmes that are in the best interests of our shareholders and other valued  
stakeholders. Therefore we are reviewing and reprioritising our planned         
capital expenditure of R16bn for 2009 (R70bn for the 3 years 2009-2011) in the  
light of the changed market conditions, including assessing the opportunities   
that the current environment presents.                                          
Project update                                                                  
In the near future Sasol will post on its website (www.sasol.com) an update of  
its South African and international projects.                                   
Sasol`s financial results for the six months ended 31 December 2008 will be     
announced on Monday, 9 March 2009.                                              
The above information has not been reviewed or reported on by the Company`s     
21 January 2009                                                                 
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited               
Sasol may, in this document, make statements that are not historical facts and  
relate to analyses and other information based on forecasts of future results   
and estimates of amounts not yet determinable. These are forward-looking        
statements as defined in the U.S. Private Securities Litigation Reform Act of   
1995. Words such as "believe", "anticipate", "expect", "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.                         
By their very nature, forward-looking statements involve inherent risks and     
uncertainties, both general and specific, and there are risks that              
predictions, forecasts, projections and other forward-looking statements will   
not be achieved. If one or more of these risks materialize, 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 the plans, objectives, expectations, estimates and       
intentions expressed in such forward-looking statements are discussed more      
fully in our registration statement under the Securities Exchange Act of 1934   
on Form 20-F filed on October 7, 2008 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 we do not undertake any         
obligation to update or revise any of them, whether as a result of new          
information, future events or otherwise.                                        
Date: 21/01/2009 17:01:02 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
The SENS service is an information dissemination service administered by the    
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or            
implicitly, represent, warrant or in any way guarantee the truth, accuracy or   
completeness of the information published on SENS. The JSE, their officers,     
employees and agents accept no liability for (or in respect of) any direct,     
indirect, incidental or consequential loss or damage of any kind or nature,     
howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.                                          

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2018 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.