Sol - Sasol - Revised Trading Statement Release Date: 26/08/2009 08:00:01 Code(s): SOL
SOL - Sasol - Revised Trading Statement
(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")
REVISED TRADING STATEMENT
HEADLINE EARNINGS PER SHARE ("HEPS") AND EARNINGS PER SHARE ("EPS") FOR THE
FINANCIAL YEAR ENDED 30 JUNE 2009 BETTER THAN EXPECTED
HEPS EXPECTED TO DECREASE BY BETWEEN 32% and 37%, AND EPS EXPECTED TO DECREASE
BY BETWEEN 37% and 42% COMPARED TO THE PRIOR YEAR
In our trading statement issued on 19 June 2009, we indicated that our EPS and
HEPS were expected to decrease by between 40% and 50%. At the time we
cautioned that our results may be further impacted by changes in the oil and
product prices, the impact of a much stronger rand on closing financial assets
and liabilities as well as any adjustments resulting from our year-end process
and that these may result in a change in the estimated earnings.
Developments in final month of trading
The negative effect of the stronger R/USD closing exchange rate was less than
anticipated on closing balances, the strengthening of the Brent crude oil
price and product prices during June 2009 exceeded expectations and higher
refining margins as well as greater positive stock effects than forecasted
were experienced. In addition, the decline in the Sasol share price during
June 2009 resulted in lower share-based payment expenses. All of these
positive factors contributed to the current profit expectation being better
than expected than at the time of the issuance of the trading statement on 19
Provision in respect of Escravos Gas-to-Liquids (EGTL) interest
Management has prudently decided to make a provision in the amount of R1 279
million in respect of the EGTL interest disposed of. Further details will be
provided in the final financial results announcement.
Revised profit outlook for full 2009 financial year
Taking cognisance of the abovementioned factors, the HEPS for the full 2009
financial year are expected to decrease by between 32% and 37%, and EPS are
expected to decrease by between 37% and 42% compared to the prior year.
Sasol`s financial results for the year ended 30 June 2009 will be announced on
Monday, 14 September 2009.
The financial information on which the above information is based has not been
reviewed or reported on by the Company`s auditors.
26 August 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 7 October, 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: 26/08/2009 08:00:01 Supplied by www.sharenet.co.za
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