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Sol - Sasol - Interim Financial Results For The Six Months Ended

Release Date: 09/03/2009 07:05:09      Code(s): SOL
SOL - Sasol - Interim financial results for the six months ended                
31 December 2008                                                                
Sasol Limited                                                                   
(Incorporated in South Africa)                                                  
(Registration number: 1979/003231/06)                                           
ISIN Code: ZAE000006896                                                         
Share Code: SOL                                                                 
NYSE Code: SSL                                                                  
("Sasol")                                                                       
Interim financial results for the six months ended 31 December                  
2008                                                                            
Solid performance in deteriorating markets                                      
Operating profit up 53% to R21,5 billion                                        
Headline earnings per share up 51% to R21,92                                    
Oil hedge cushions the impact of sharp decline in oil prices                    
Strong balance sheet - gearing lower at 2%                                      
Overall group production volumes up                                             
Oryx GTL, Arya Sasol Polymers ramp up production                                
Competition law compliance under review                                         
Overview                                                                        
Chief executive Pat Davies says:                                                
"Sasol`s deleveraged balance sheet, cash flows and liquidity                    
position place the company in a favourable position to weather the              
global economic crisis. Sasol is a solid company supported by                   
comprehensive compliance and risk management processes and a very               
committed management team. Despite the uncertainty in global                    
markets, our overarching long term strategy remains unchanged: to               
ensure that we prudently manage our businesses and pursue growth                
projects that are in the best interests of our shareholders and                 
other valued stakeholders."                                                     
Earnings attributable to shareholders for the six months ended 31               
December 2008 increased by 45% to R13,2 billion from R9,1 billion               
in the prior year comparable period, while earnings per share and               
headline earnings per share increased by 47% to R22,17 and by 51%               
to R21,92, respectively, over the same period.                                  
Operating profit of R21,5 billion was 53% higher than the prior                 
year comparable period. The increase in operating profit was                    
buoyed by higher average crude oil prices (average dated Brent was              
US$84,75/barrel in 2008 compared to US$81,83/barrel in 2007) and                
chemical product prices, and a 28% weakening in the average                     
rand/US dollar exchange rate (R8,88/US$ in 2008 compared to                     
R6,94/US$ in 2007). The average crude oil price achieved during                 
the period was cushioned by the effect of the oil hedges during                 
the period which resulted in a net gain of R5 064 million. The                  
recognition of the fair value of the oil hedges resulted in an                  
unrealised fair value gain of R3 334 million at the end of the                  
period owing to the significant decrease in crude oil prices                    
towards the end of December 2008. The increase in operating profit              
was partially reduced by the European Commission fine on Sasol Wax              
of R3 678 million (Euro318,2 million).                                          
Cash of R30,8 billion generated by operating activities represents              
a 118% increase over the prior year comparable period.                          
Chief financial officer Christine Ramon says:                                   
"Sasol has a positive cash position and a strong balance sheet,                 
and has entered a cash conservation mode. Given that we do not                  
expect oil and product prices to recover in the short-term, we                  
believe that it is wise to plan for an extended period of                       
suppressed and volatile market conditions. Accordingly we have                  
renewed our focus on cost containment, improving operational                    
efficiencies, working capital improvement and capital expenditure               
reprioritisation. We will adopt a flexible approach to our capital              
expenditure programme and have, at this stage, reduced our capital              
expenditure forecast for the next three years by approximately                  
40%. Importantly we are continuing with the pre-feasibility and                 
feasibility studies relating to our large growth projects. We are               
fortunate to have many attractive growth projects from which to                 
choose."                                                                        
Competition law compliance                                                      
As announced on 19 January 2009, Sasol is engaged in a                          
comprehensive group-wide review of its compliance with competition              
law, has lodged a number of leniency applications with the South                
African Competition Commission and is involved in settlement                    
discussions with the Competition Commission in respect of certain               
matters pertaining to Sasol Nitro. The Competition Commission has               
also announced investigations into a number of industries in which              
Sasol businesses participate. Sasol is still engaged in a group-                
wide review of its compliance with competition law and continues                
to interact and co-operate with the Competition Commission in                   
respect of the subject matter of its leniency applications and                  
settlement discussions as well as in the areas that are subject to              
Competition Commission investigations. The company is continuing                
to evaluate and enhance its legal compliance controls by the                    
competition law compliance review and remedial steps taken in the               
process. Certain aspects arising from the competition compliance                
review have already been announced and, to the extent appropriate,              
further announcements will be made in future.                                   
Continued performance from our existing businesses                              
South African energy cluster                                                    
Sasol Mining - higher coal export US dollar sales prices achieved               
Operating profit of R1 434 million was 154% higher than the prior               
year comparable period, primarily due to higher coal export US                  
dollar sales prices, which were partially offset by lower sales                 
volumes to Sasol Synfuels and the termination of certain coal                   
supply contracts.                                                               
Sasol Gas - increased sales volumes at higher gas prices                        
Operating profit increased by 57% to R1 448 million compared to                 
the prior year comparable period as a result of increased sales                 
volumes at higher gas prices, partially negated by higher cash                  
fixed costs due to increased safety initiatives and preparation                 
for the construction of new compressor stations at Komatipoort.                 
Sasol Synfuels - decreased production volumes                                   
Sasol Synfuels` operating profits increased by 163% to R20 562                  
million, despite 3,8% lower production volumes compared to the                  
prior year comparable period as a result of plant instability. The              
increase in profits associated with higher average oil prices and               
weaker exchange rates were, however, partially offset by costs                  
associated with the pre-feasibility of the Secunda Growth                       
Programme and significant feedstock price escalations. Included in              
the operating profit is a gain of R4 909 million relating to the                
oil hedge.                                                                      
Sasol Oil - sharp decline in product prices                                     
Sasol Oil recorded an operating loss of R1 626 million compared to              
an operating profit of R2 031 million for the prior year                        
comparable period as a result of the sharp decline in product                   
prices on the back of fast falling crude oil prices which resulted              
in negative stock effects and pressure on refining margins.                     
International energy cluster                                                    
Sasol Synfuels International (SSI) - successful production ramp up              
of Oryx GTL plant                                                               
SSI reflected an operating profit of R1 072 million compared to an              
operating loss of R274 million in the prior year comparable                     
period. This increase was mainly due to the successful ramp up in               
production of the Oryx gas-to-liquids (GTL) plant and a profit of               
R509 million realised on the reduction of our economic interest in              
the Escravos gas-to-liquids (EGTL) Project. Sasol has retained a                
10% economic interest in EGTL which is recognised as an investment              
in an associate. Production at the Oryx GTL plant in Qatar has                  
been increasing steadily and the plant achieved an average                      
production of almost 22 000 barrels a day (b/d) for the six months              
ended 31 December 2008. For the month of December 2008, the plant               
achieved an average production of just more than 26 000 b/d.                    
Sasol and Chevron have reviewed and optimised their business model              
for co-operation regarding their GTL ambitions and have agreed, in              
future, to work together directly and on a case by case basis.                  
Sasol Petroleum International (SPI) - increased oil and gas sales               
volumes                                                                         
Operating profit increased by 224% to R1 001 million compared to                
the prior year comparable period, mainly due to higher oil and gas              
prices and the weakening of the rand/US dollar exchange rate, as                
well as higher Etame oil and Temane gas sales volumes. Although                 
exploration expenditure decreased, this was partially offset by                 
expenditure on new business development. The operating profit                   
includes a gain of R155 million relating to the oil hedge.                      
Chemical cluster                                                                
Sasol Polymers - additional production capacity at Arya Sasol                   
Polymers                                                                        
Operating profit increased by 123% to R1 107 million compared to                
the prior year comparable period, due mainly to additional                      
production volumes at the Arya Sasol Polymers plant, substantially              
higher margins at our Petlin joint venture in Malaysia and foreign              
exchange translation gains. This increase in operating profit was               
partially offset by decreasing polymer sales prices at our South                
African operations in the latter part of the period.                            
Sasol Solvents - higher margins, however, reduced sales volumes                 
Operating profit increased by 146% to R1 366 million compared to                
the prior year comparable period due to improved sales prices and               
margins, as well as a weakening rand/US dollar exchange rate                    
resulting in translation gains of R556 million, partially negated               
by lower sales volumes. We are in the process of reviewing, and if              
necessary, restructuring the European solvents business as part of              
our business improvement plan.                                                  
Sasol Olefins & Surfactants (Sasol O&S) - lower sales volumes                   
Operating profit decreased by 71% to R135 million compared to the               
prior year comparable period, mainly as a result of reduced sales               
volumes due to the economic downturn, especially in global                      
automotive and construction sectors. Due to its position in the                 
European and US markets, this business was exposed more quickly to              
the deteriorating worldwide economic conditions.                                
Despite the general downturn due to the economic crisis, the                    
turnaround process has already improved the robustness of the                   
business. Seven plants with a total production capacity in excess               
of half a million tons per annum were shut down and headcount was               
reduced by approximately 300.                                                   
We remain of the view that greater shareholder value can be                     
unlocked by continuing to focus on the turnaround process of the                
Sasol O&S business and by exploring selected group cost                         
optimisation and growth opportunities. While we will continue to                
carefully monitor and review the performance of all assets in the               
Sasol O&S portfolio, we do not intend to sell Sasol O&S at this                 
stage and will therefore retain and further optimise this                       
business.                                                                       
Other chemical businesses - improved performance                                
Other chemical businesses recorded an operating loss of R2 741                  
million compared to an operating profit of R885 million for the                 
prior year comparable period due to the inclusion of the European               
Commission fine on Sasol Wax of R3 678 million (Euro318,2                       
million). Excluding this once-off item, operating profit increased              
by 6% compared to the prior year comparable period resulting from               
improved product margins.                                                       
Sustaining Sasol into the future                                                
Pursuing sustainable development opportunities remains a focus                  
area for Sasol:                                                                 
- The recordable case rate for employees and service providers,                 
including injuries and illnesses, was 0,52 at 31 December 2008                  
compared to 0,50 at 30 June 2008.                                               
- Energy-efficiency projects under construction at our operations               
include the investment in power generating plants consisting of                 
two new open-cycle gas turbines, to be fuelled by gas otherwise                 
flared or wasted.                                                               
- The black public funded and cash invitations of the Sasol Inzalo              
share transaction were concluded successfully in September 2008.                
Preference share debt of R4,3 billion related to the funded                     
invitation was issued.                                                          
- Sasol group was rated level 6 by Empowerdex in respect of our                 
black economic empowerment (BEE) procurement process, meaning that              
for each R1,00 spent on Sasol products, customers receive R0,60                 
BEE preferential procurement recognition.                                       
- In support of reducing our carbon footprint we have established               
a New Energy business with a focus on identifying and developing                
lower carbon emission technology and renewable energy sources.                  
Growth projects achieving objectives                                            
Our investment in the pre-feasibility and feasibility studies of                
large capital projects has not been impacted at this stage.                     
Major projects advanced include:                                                
- Our feasibility study into an 80 000 b/d coal-to-liquids (CTL)                
plant in China is on track to be completed during the first half                
of 2010.                                                                        
- The Sasol Synfuels progressive expansion project in South                     
Africa, the Secunda Growth Programme, will be phased in over a                  
period longer than originally planned. Phase one, based on natural              
gas, is in progress and is expected to increase production by 3%                
by 2012 compared to the 4% to be achieved by 2010 previously                    
reported. Phase two of the expansion programme is still in the pre-             
feasibility stage.                                                              
- In South Africa, our pre-feasibility study into developing                    
another inland CTL plant (Project Mafutha) near Lephalale in the                
Limpopo West area with a capacity of about 80 000 b/d has gained                
momentum. A memorandum of understanding has been signed with the                
state-owned Industrial Development Corporation of South Africa                  
regarding its participation in Project Mafutha.                                 
- In October 2008, SPI commenced seismic work on four onshore                   
blocks in Papua New Guinea (PNG) as part of a gas exploration                   
campaign in partnership with a PNG company.                                     
- Beneficial operation has been achieved for the entire Arya Sasol              
Polymers complex. This includes a 1 000 kilo tons per annum (ktpa)              
ethylene cracker, a 300 ktpa low density polyethylene plant and a               
300 ktpa high density polyethylene plant.                                       
- In offshore Blocks 16/19 in Mozambique, two exploration wells                 
were successfully drilled in the period October 2008 to January                 
2009. Both wells were found to be gas-bearing, however due to                   
technical complexity, a significant amount of follow-up work will               
be required to assess the commerciality of the discoveries.                     
Cash conservation and targeted gearing range lowered                            
Gearing decreased from 20,5% at 30 June 2008 to 2,3% at 31                      
December 2008, primarily due to the suspension of the share                     
repurchase programme and entering a cash conservation mode. In                  
response to the global economic crisis, we have lowered our                     
targeted gearing (net debt to equity ratio) from the previous                   
range of 30% - 50% to 20% - 40%. The deleveraged financial                      
position at 31 December 2008 positions the group well to execute                
its medium-term capital expenditure programme given uncertain                   
credit markets.                                                                 
During the current period, the company repurchased a total of                   
3 216 769 Sasol ordinary shares at an average price of R346,45 per              
share. Total shares repurchased since the inception of the                      
programme in March 2007 represents about 6,4% of the issued share               
capital at 31 December 2008, excluding the shares issued in terms               
of the Sasol Inzalo share transaction. 31 500 000 ordinary shares               
of the repurchased shares were cancelled during the period for a                
total value of R7,9 billion. 8 809 889 Sasol ordinary shares                    
remain held by Sasol Investment Company (Pty) Limited. At the                   
Annual General Meeting of 28 November 2008, shareholders renewed                
the authority for up to 15 months to buy back up to 4% of the                   
issued share capital of the company.                                            
Profit outlook* - reduction in earnings for the full 2009                       
financial year                                                                  
In line with the sharp downturn in worldwide chemical markets, we               
expect our chemical businesses to be significantly weaker in the                
second half of the year compared to the first six months, in                    
contrast to our 2008 performance.                                               
Taking into account the overall deterioration in market                         
conditions, with significantly lower than expected crude oil and                
product prices, as well as lower product demand, partially negated              
by a weakening in the rand/US dollar exchange rate, the crude oil               
hedges and increased production volumes at Arya and Oryx, the                   
earnings for the financial year to 30 June 2009 are expected to                 
reflect a reduction compared to the 2008 financial year. The                    
current volatility and uncertainty of global markets makes it                   
difficult to be more precise in this outlook statement.                         
The board considered it prudent to reduce the interim dividend                  
given the volatility and uncertainty in the current economic                    
climate in the interests of the company`s growth strategy and the               
preservation of long-term shareholder value.                                    
At this stage we expect to maintain our dividend policy within the              
targeted range of 2,5 times to 3,5 times annual earnings cover.                 
However, consideration will be given to a capitalisation award for              
the final dividend.                                                             
*In accordance with standard practice, it is noted that this                    
information has not been reviewed or reported on by the Company`s               
auditors.                                                                       
Acquisitions and disposals of businesses                                        
In July 2008, Exel Petroleum (Pty) Limited acquired the remaining               
50,1% of Exelem Aviation (Pty) Limited for a purchase                           
consideration of US$1,7 million.                                                
With effect from 23 December 2008, SSI reduced its economic                     
interest in the Escravos GTL Project in Nigeria for a                           
consideration of US$360 million, retaining a 10% economic                       
interest.                                                                       
Subsequent events                                                               
On 7 January 2009, Sasol Wax settled the amount of Euro318,2                    
million payable to the European Commission in respect of the fine               
imposed due to anti-competitive activities. Sasol has appealed the              
quantum of this fine.                                                           
On 4 February 2009, Mr MJN Njeke was appointed as a non-executive               
director of Sasol Limited as well as a member of the Audit                      
Committee.                                                                      
On 27 February 2009, Sasol together with its partners agreed with               
lenders to repay the Oryx GTL loan balance.                                     
Declaration of interim cash dividend number 59                                  
An interim cash dividend of South African R2,50 per ordinary share              
(2008: R3,65 per share) has been declared. The interim cash                     
dividend is payable on all ordinary shares, excluding the Sasol                 
preferred ordinary shares.                                                      
The salient dates for holders of ordinary shares are:                           
Last day for trading to qualify for and     Thursday, 2 April 2009              
participate in the interim dividend (cum                                        
dividend)                                                                       
Trading ex dividend commences                 Friday, 3 April 2009              
Record date                                 Thursday, 9 April 2009              
Dividend payment date                       Tuesday, 14 April 2009              
Holders of American Depositary Receipts*                                        
                                                                                
                                                                                

Ex dividend on New York Stock Exchange   Tuesday, 7 April 2009                  
Record date                              Thursday, 9 April 2009                 
Date for currency conversion             Wednesday, 15 April 2009               
Dividend payment date                    Friday, 24 April 2009                  
* All dates are approximate as the NYSE approves the record date                
after receipt of the dividend    declaration.                                   
On Tuesday, 14 April 2009, 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 Tuesday,                
14 April 2009.                                                                  
Share certificates may not be dematerialised or re-materialised                 
between Friday, 3 April 2009 and Thursday, 9 April 2009, both days              
inclusive.                                                                      
On behalf of the board                                                          
Hixonia Nyasulu     Pat Davies           Christine Ramon                        
Chairman            Chief executive      Chief financial officer                
Sasol Limited                                                                   
9 March 2009                                                                    
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): TH Nyasulu (Chairman), BP Connellan*,                
HG Dijkgraaf (Dutch)*, MSV Gantsho*, A Jain (Indian), IN Mkhize*,               
MJN Njeke*, JE Schrempp (German)*, TA Wixley* (executive): LPA                  
Davies (Chief executive), KC Ramon (Chief financial officer), VN                
Fakude, AMB 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 document we make certain                    
statements that are not historical facts and relate to analyses                 
and other information which are based on forecasts of future                    
results and estimates of amounts not yet determinable. These                    
statements may also relate to our future prospects, developments                
and business strategies. Examples of such forward-looking                       
statements include, but are not limited to, statements regarding                
exchange rate fluctuations, volume growth, increases in market                  
share, total shareholder return and cost reductions. 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 the predictions, forecasts,                  
projections and other forward-looking statements will not be                    
achieved. If one or more of these risks materialise, or should                  
underlying assumptions prove incorrect, our actual results may                  
differ materially from those anticipated. You should understand                 
that a number of important factors could cause actual results to                
differ materially from the plans, objectives, expectations,                     
estimates and intentions expressed in such forward-looking                      
statements. These factors are discussed more fully in our most                  
recent annual report under the Securities Exchange Act of 1934 on               
Form 20-F filed on 7 October 2008 and in other filings with the                 
United States Securities and Exchange Commission. The list of                   
factors discussed therein is not exhaustive; when relying on                    
forward-looking statements to make investment decisions, you                    
should carefully consider both these factors and other                          
uncertainties and events. 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.                                    
Sasol Limited is the world`s leader in the conversion of coal and               
gas to transportation fuels and chemicals                                       
Segment report                                                                  
Business unit analysis                     Turnover                             
                                          Rmillion                              

                               full year    half year   half year               
                               30 Jun 08    31 Dec 07   31 Dec 08               
                                 Audited     Reviewed    Reviewed               
South African energy                                                            
cluster                           104 790       45 315      64 275              
Mining                              7 479        3 387       4 692              
Gas                                 4 697        2 173       3 276              
Synfuels                           39 616       16 987      24 456              
Oil                                52 998       22 768      31 851              
Other                                   -            -           -              
International energy                                                            
cluster                             3 764        1 407       3 022              
Synfuels International              1 793          577       1 764              
Petroleum International             1 971          830       1 258              
Chemical cluster                   73 696       31 804      48 682              
Polymers                           11 304        4 749       8 643              
Solvents                           17 182        7 331      10 568              
Olefins & Surfactants              28 780       12 175      18 253              
Other chemical businesses          16 430        7 549      11 218              
Other businesses*                   4 273        2 616       2 613              
                                 186 523       81 142     118 592               
Intercompany turnover            (56 580)     (25 625)    (35 474)              
                                 129 943       55 517      83 118               
Business unit analysis                  Operating Profit                        
                                           Rmillion                             
                                half year   half year   full year               
                                31 Dec 08   31 Dec 07   30 Jun 08               
Reviewed    Reviewed     Audited               
South African energy                                                            
cluster                             21 754      11 334      28 048              
Mining                               1 434         565       1 393              
Gas                                  1 448         923       1 785              
Synfuels                            20 562       7 815      19 416              
Oil                                (1 626)       2 031       5 507              
Other                                 (64)           -        (53)              
International energy                                                            
cluster                              2 073          35         383              
Synfuels International               1 072       (274)       (621)              
Petroleum International              1 001         309       1 004              
Chemical cluster                     (133)       2 396       6 605              
Polymers                             1 107         497       1 511              
Solvents                             1 366         556       2 382              
Olefins & Surfactants                  135         458       1 512              
Other chemical                                                                  
businesses                         (2 741)         885       1 200              
Other businesses*                  (2 210)         245     (1 220)              
                                   21 484      14 010      33 816               

                                                                                
* Includes share-based payment expense of R2 953 million related                
to the Sasol Inzalo share transaction                                           
These results and other related information are available on:                   
www.sasol.com                                                                   
THE INTERIM FINANCIAL STATEMENTS ARE PRESENTED ON A CONDENSED                   
CONSOLIDATED BASIS                                                              
STATEMENT OF FINANCIAL POSITION AT                                              
                               31 Dec 08    31 Dec 07   30 Jun 08               
                                Reviewed     Reviewed     Audited               
                                      Rm           Rm          Rm               
Assets                                                                          
Property, plant and                68 198       54 394      66 273              
equipment                                                                       
Assets under construction          16 366       23 424      11 693              
Goodwill                              937          607         874              
Other intangible assets               911          586         964              
Investments in associates           2 102          586         830              
Post-retirement benefit               781          532         571              
assets                                                                          
Deferred tax assets                 1 662          808       1 453              
Other long-term assets              3 360        2 408       2 631              
Non-current assets                 94 317       83 345      85 289              
Assets held for sale                   31            6       3 833              
Inventories                        19 190       17 028      20 088              
Trade and other receivables        22 605       17 780      25 323              
Short-term financial assets         4 401          239         330              
Cash restricted for use             1 651          768         814              
Cash                               21 360        3 956       4 435              
Current assets                     69 238       39 777      54 823              
Total assets                      163 555      123 122     140 112              
Equity and liabilities                                                          
Shareholders` equity               89 638       60 228      76 474              
Non-controlling interest            2 142        1 759       2 521              
Total equity                       91 780       61 987      78 995              
Long-term debt                     21 224       12 687      15 682              
Long-term financial                    48           51          37              
liabilities                                                                     
Long-term provisions                5 526        3 943       4 491              
Post-retirement benefit             4 976        3 992       4 578              
obligations                                                                     
Long-term deferred income             354        2 942         376              
Deferred tax liabilities           10 247        8 657       8 446              
Non-current liabilities            42 375       32 272      33 610              
Liabilities in disposal                 -            -         142              
group held for sale                                                             
Short-term debt                     1 833        8 671       3 496              
Short-term financial                  193        1 318          67              
liabilities                                                                     
Other current liabilities          27 044       16 971      22 888              
Bank overdraft                        330        1 903         914              
Current liabilities                29 400       28 863      27 507              
Total equity and liabilities      163 555      123 122     140 112              
INCOME STATEMENT FOR THE PERIOD ENDED                                           
                               half year    half year   full year               
31 Dec 08   31 Dec 072   30 Jun 08               
                                Reviewed     Reviewed     Audited               
                                      Rm           Rm          Rm               
                                                                                
Turnover                           83 118       55 517     129 943              
Cost of sales and services       (50 747)     (32 042)    (74 634)              
rendered                                                                        
Gross profit                       32 371       23 475      55 309              
Non-trading income                    454          215         635              
Marketing and distribution        (4 018)      (3 226)     (6 931)              
expenditure                                                                     
Administrative expenditure        (4 114)      (2 986)     (6 697)              
Other operating expenditure       (3 209)      (3 468)     (8 500)              
European paraffin wax fine        (3 678)            -           -              
Effect of crude oil hedges          4 627      (1 319)     (2 201)              
Share-based payment expenses      (3 044)        (118)     (1 782)              
Effect of remeasurement               320          304       (698)              
items                                                                           
Translation gains/(losses)          1 501         (29)         300              
Other expenditure                 (2 935)      (2 306)     (4 119)              
Operating profit                   21 484       14 010      33 816              
Finance income                        836          273         735              
Finance expenses                  (1 321)        (444)     (1 148)              
Share of profits of                   233          121         254              
associates (net of tax)                                                         
Profit before tax                  21 232       13 960      33 657              
Taxation                          (8 258)      (4 393)    (10 129)              
Profit for the period              12 974        9 567      23 528              
Attributable to                                                                 
Owners of Sasol Limited            13 216        9 148      22 417              
Non-controlling interest in        ( 242)          419       1 111              
subsidiaries                                                                    
12 974        9 567      23 528               
Earnings per share                   Rand         Rand        Rand              
Basic earnings per share            22,17        15,05       37,30              
Diluted earnings per share1         21,79        14,85       36,78              
1 Diluted earnings per share is calculated taking the Sasol Share               
Incentive Scheme and Sasol Inzalo Employee Trusts into account.                 
2 Comparative amounts were reclassified for consistency, which                  
resulted in R506 million being reclassified from cost of sales and              
services rendered to administrative expenditure.                                
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED                          
                               half year    half year    full year              
                               31 Dec 08    31 Dec 07    30 Jun 08              
Reviewed     Reviewed      Audited              
                                      Rm           Rm           Rm              
Profit for the period              12 974        9 567       23 528             
Other comprehensive income                                                      
Effect of translation of            2 073           53        3 452             
foreign operations                                                              
Effect of cash flow hedges            146         (30)          261             
Available-for-sale financial          (3)            1          (1)             
assets                                                                          
Tax on other comprehensive              -          (4)         (60)             
income                                                                          
Other comprehensive income          2 216           20        3 652             
for the period, net of tax                                                      
Total comprehensive income         15 190        9 587       27 180             
for the period                                                                  
Attributable to                                                                 
Owners of Sasol Limited            15 445        9 169       26 062             
Non-controlling interest in         (255)          418        1 118             
subsidiaries                                                                    
                                  15 190        9 587       27 180              
STATEMENT OF CHANGES IN EQUITY                                                  
FOR THE PERIOD ENDED                                                            
                             half year     half year    full year               
                             31 Dec 08     31 Dec 07    30 Jun 08               
Reviewed      Reviewed      Audited               
                                    Rm            Rm           Rm               
Opening balance                  78 995        63 269       63 269              
Net shares issued during          1 089           262          387              
period                                                                          
Repurchase of shares            (1 114)       (7 300)      (7 300)              
Share-based payment               3 004            77        1 574              
expense                                                                         
Disposal of business                414             -            -              
Acquisition of businesses             -             -        (100)              
Change in shareholding of           402            73          306              
subsidiaries                                                                    
Total comprehensive income       15 190         9 587       27 180              
for the period                                                                  
Dividends paid                  (5 674)       (3 597)      (5 766)              
Dividends paid to non-            (526)         (384)        (555)              
controlling shareholders                                                        
Closing balance                  91 780        61 987       78 995              
Comprising                                                                      
Share capital                    26 957         3 890       20 176              
Share repurchase programme      (2 641)      (10 969)     (10 969)              
Sasol Inzalo share             (22 051)             -     (16 161)              
transaction                                                                     
Retained earnings                75 958        66 660       77 660              
Share-based payment               5 544         1 043        2 540              
reserve                                                                         
Foreign currency                  5 488         (389)        3 006              
translation reserve                                                             
Investment fair value               (2)             3            1              
reserve                                                                         
Cash flow hedge accounting          385          (10)          221              
reserve                                                                         
Shareholders` equity             89 638        60 228       76 474              
Non-controlling interest          2 142         1 759        2 521              
Total equity                     91 780        61 987       78 995              
STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED                                    
half year   half year  full year               
                                 31 Dec 08   31 Dec 07  30 Jun 08               
                                  Reviewed    Reviewed    Audited               
                                        Rm          Rm         Rm               
Cash receipts from customers         86 255      54 857    123 452              
Cash paid to suppliers and         (55 447)    (40 743)   (88 712)              
employees                                                                       
Cash generated by operating          30 808      14 114     34 740              
activities                                                                      
Finance income                        1 236         504        957              
Finance expenses paid               (1 155)       (935)    (2 405)              
Tax paid                            (5 697)     (4 712)    (9 572)              
Dividends paid                      (5 674)     (3 597)    (5 766)              
Cash retained from operating         19 518       5 374     17 954              
activities                                                                      
Additions to non-current assets     (6 952)     (4 577)   (10 855)              
Acquisition of businesses              (53)           -      (431)              
Cash obtained on acquisition of          19           -          -              
businesses                                                                      
Disposal of businesses                3 487         686        693              
Cash disposed of on disposal of           -        (31)       (31)              
businesses                                                                      
Other net cash flows from               100          41      (220)              
investing activities                                                            
Cash utilised in investing          (3 399)     (3 881)   (10 844)              
activities                                                                      
Share capital issued                  1 089         262        387              
Share repurchase programme          (1 114)     (7 300)    (7 300)              
Contributions from non-                 369           -        185              
controlling shareholders                                                        
Dividends paid to non-                (526)       (384)      (555)              
controlling shareholders                                                        
Increase/(decrease) long-term         3 896     (2 014)      (782)              
debt                                                                            
(Decrease)/increase in short-       (1 758)       4 685      (350)              
term debt                                                                       
Cash effect of financing              1 956     (4 751)    (8 415)              
activities                                                                      
Translation effects on cash and         271         (9)        324              
cash equivalents of foreign                                                     
operations                                                                      
Movement in cash and cash            18 346     (3 267)      (981)              
equivalents                                                                     
Cash and cash equivalents at          4 335       6 088      6 088              
beginning of period                                                             
Net reclassification to held              -           -     ( 772)              
for sale                                                                        
Cash and cash equivalents at         22 681       2 821      4 335              
end of period                                                                   
SALIENT FEATURES FOR THE PERIOD ENDED                                           
                               half year    half year   full year               
                               31 Dec 08    31 Dec 07   30 Jun 08               
Selected ratios                                                                 
Return on equity             %       15,9         15,0        32,5              
Return on total              %       14,9         11,9        26,9              
assets                                                                          
Operating margin             %       25,8         25,2        26,0              
Finance expense          times       19,5         15,4        14,5              
cover                                                                           
Dividend cover           times        9,1          4,2         2,8              
Share statistics                                                                
Total shares in        million      665,2        630,6       676,7              
issue                                                                           
Treasury shares        million        8,8         37,1        37,1              
(share                                                                          
repurchase                                                                      
programme)                                                                      
Weighted average       million      596,0        607,7       601,0              
number of shares                                                                
Diluted weighted       million      613,5        616,0       609,5              
average number                                                                  
of shares                                                                       
Share price               Rand     280,02       339,00      461,00              
(closing)                                                                       
Market                      Rm    186 269      213 773     311 959              
capitalisation                                                                  
Net asset value           Rand     150,35       101,48      128,44              
per share                                                                       
Dividend per              Rand       2,50         3,65       13,00              
share                                                                           
Other financial                                                                 
information                                                                     
Total debt                                                                      
(including bank                                                                 
overdraft)                                                                      
-interest                   Rm     22 742       22 661      19 455              
bearing                                                                         
-non-interest               Rm        645          600         637              
bearing                                                                         
Finance expense             Rm         42          660       1 586              
capitalised                                                                     
Capital                     Rm     25 983       21 605      25 048              
commitments                                                                     
-authorised and             Rm     23 489       27 095      24 457              
contracted                                                                      
-authorised, not            Rm     18 202       14 340      17 722              
yet contracted                                                                  
-less                       Rm   (15 708)     (19 830)    (17 131)              
expenditure to                                                                  
date                                                                            
Guarantees and                                                                  
contingent                                                                      
liabilities                                                                     
-total amount               Rm     37 524       31 479      37 381              
-liability                  Rm      9 874       12 931      10 730              
included on the                                                                 
statement of                                                                    
financial                                                                       
position                                                                        
Significant                                                                     
items in                                                                        
operating profit                                                                
-employee costs             Rm      8 373        6 465      14 443              
-depreciation               Rm      3 028        2 355       5 212              
and amortisation                                                                
of non-current                                                                  
assets                                                                          
-share-based                Rm      3 044          118       1 782              
payment expenses                                                                
Effective tax                %       38,9         31,5        30,1              
rate1                                                                           
Number of               number     34 023       32 893      33 928              
employees                                                                       
Average crude       US$/barrel      84,75        81,83       95,51              
oil price -                                                                     
dated Brent                                                                     
Average rand/US$   1US$ = Rand       8,88         6,94        7,30              
exchange rate                                                                   
Closing rand/US$   1US$ = Rand       9,49         6,87        7,83              
exchange rate                                                                   
1 Increase in                                                                   
effective tax                                                                   
rate as a result                                                                
of the European                                                                 
paraffin wax                                                                    
fine and share-                                                                 
based payment                                                                   
expenses                                                                        
which are not                                                                   
deductible for                                                                  
tax.                                                                            
Reconciliation of headline               Rm          Rm         Rm              
earnings                                                                        
Profit for the period                13 216       9 148     22 417              
attributable to Owners of                                                       
Sasol Limited                                                                   
Effect of remeasurement items        (320)       (304)        698               
 Impairment of assets                  156          27        821               
Reversal of impairment                  -           -      (381)               
 Profit on disposal of                (509)           -          -              
business                                                                        
 Profit on disposal of assets          (9)       (391)      (440)               
Loss on repurchase of                    -          34         34              
participation rights in GTL                                                     
venture                                                                         
 Loss on realisation of foreign           -           -        557              
currency translation reserve                                                    
 Scrapping of non-current                42          26        107              
assets                                                                          
Tax effects and non-                    167           7      (225)              
controlling interest                                                            
Headline earnings                    13 063       8 851     22 890              
Remeasurement items per above                                                   
Mining                                  (1)         (3)          7              
Gas                                       6           -        104              
Synfuels                                 21           -         25              
Oil                                       -        (26)       (20)              
Synfuels International                (509)          34        396              
Petroleum International                   -           -       (27)              
Polymers                                (3)           -       (12)              
Solvents                                 43          23        104              
Olefins & Surfactants                    79           6       (27)              
Other chemical businesses                34       (229)        229              
 Nitro                                  30       (114)      (199)               
 Wax                                     4       (118)        426               
 Other                                   -           3          2               
Other businesses                         10       (109)       (81)              
Remeasurement items                   (320)       (304)        698              
Headline earnings per share -         21,92       14,56      38,09              
Rand                                                                            
Diluted headline earnings per         21,54       14,37      37,56              
share - Rand                                                                    
The reader is referred to the definitions contained in the 2008                 
Sasol Limited annual financial statements.                                      
Basis of preparation and accounting policies                                    
The condensed consolidated interim financial results for the six                
months ended 31 December 2008 have been prepared in compliance                  
with the Listings Requirements of the JSE Limited, International                
Financial Reporting Standards (IFRS) as published 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 interim              
financial results are consistent with those applied for the year                
ended 30 June 2008, except as follows:                                          
- Sasol Limited has early adopted the following standards, except               
if otherwise stated, which did not have a significant impact on                 
the financial results:                                                          
- IAS 27 (Amendment), Consolidated and Separate Financial                       
Statements.                                                                     
- IFRS 1 and IAS 27 (Amendment), Cost of an Investment in a                     
Subsidiary, Jointly Controlled Entity or Associate.                             
- IFRS 3 (Revised), Business Combinations.                                      
- IAS 39 (Amendment), Eligible Hedged Items.                                    
- IAS 39 and IFRS 7 (Amendments), Reclassifications of Financial                
Assets - Effective Date and Transition (effective 1 July 2008).                 
- IFRS 5 (Amendment), Non-current Assets Held for Sale and                      
Discontinued Operations.                                                        
- IFRIC 16, Hedges of a Net Investment in a Foreign Operation.                  
- IFRIC 18, Transfers of Assets From Customers.                                 
- Various improvements to IFRSs.                                                
These condensed consolidated interim 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 condensed consolidated interim financial results are presented              
in rand, which is Sasol Limited`s functional and presentation                   
currency.                                                                       
Related party transactions                                                      
The group, in the ordinary course of business, entered into                     
various sale and purchase transactions on an arm`s length basis at              
market rates with related parties.                                              
Significant changes in contingent liabilities since 30 June 2008                
On 1 October 2008, the European Union found that members of the                 
European wax industry, including Sasol Wax GmbH, had formed a                   
cartel and violated antitrust laws. A fine of Euro318,2 million                 
was imposed by the European Commission on Sasol Wax, who has                    
appealed the quantum of the fine. The liability has been                        
recognised at                                                                   
31 December 2008.                                                               
Flowing from the group-wide competition law compliance review                   
certain provisions have been made where appropriate which includes              
a provision in respect of the Sasol Nitro matters (certain aspects              
of the Nutriflo matter referred by the Competition Commission to                
the Competition Tribunal and the phosphoric acid investigation).                
Independent review by the auditors                                              
The condensed consolidated interim statement of financial position              
at 31 December 2008 and the related condensed consolidated interim              
income statement, statements of comprehensive income, changes in                
equity and cash flows for the six months then ended was reviewed                
by KPMG Inc. The individual auditor assigned to perform the review              
is Mr AW van der Lith. Their unmodified review report is available              
for inspection at the registered office of the company.                         
Johannesburg                                                                    
9 March 2009                                                                    
Sponsor: Deutsche Securities (SA)(Pty) Limited                                  
Date: 09/03/2009 07:05:08 Supplied by www.sharenet.co.za                     
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