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

Release Date: 08/03/2010 07:05:11      Code(s): SOL
SOL - Sasol - Interim Financial Results For The Six Months Ended                
              31 December 2009                                                  
Sasol Limited                                                                   
(Incorporated in the Republic of South Africa)                                  
Registration number 1979/003231/06                                              
               JSE            NYSE                                              
Share code:     SOL            SSL                                              
ISIN code:      ZAE000006896   US8038663006                                     
("Sasol" or "the company")                                                      
Interim financial results for the six months ended 31 December 2009             
Sasol Limited is the world`s leader in the conversion of coal and gas to        
transportation fuels and chemicals.                                             
Positioned for future growth despite challenging markets                        
Headline earnings per share decreased by 51% to R10,67                          
Overall group production volumes up                                             
Cash fixed costs reduced                                                        
Interim dividend increased by 12% to R2,80 per share                            
Full pipeline of capital projects progressing well                              
Focused response to climate change imperative                                   
Overview                                                                        
Chief executive, Pat Davies says: "Our deliberate, intense efforts on           
operational improvement and cost reduction have resulted in an overall          
improvement in volumes and a reduction in unit cash costs. This is              
particularly true of Sasol Synfuels which is our biggest business unit.         
Economic conditions however remain challenging, with a stronger rand/US         
dollar exchange rate and product prices that were significantly lower than      
the record prices achieved in the prior year comparable period. While there     
have been some signs of improvements in both demand and prices, we remain       
committed to further improving operating efficiencies and maintaining cost      
control throughout the group. We continue to rigorously review our portfolio    
of projects, keeping focus on capital discipline, in order to position the      
company for sustainable, long-term profitability and growth."                   
Earnings attributable to shareholders for the six months ended 31 December      
2009 decreased by 52% from R13,2 billion in the prior year comparable period    
to R6,3 billion, while earnings per share and headline earnings per share       
decreased by 52% to R10,54 and by 51% to R10,67, respectively, over the same    
period.                                                                         
Operating profit of R10,5 billion declined by 51% compared with the prior       
year comparable period. Operating profit was negatively impacted by lower       
average crude oil prices (average dated Brent was US$71,42/barrel in 2009       
compared with US$84,75/barrel in 2008) and chemical product prices, as well     
as a 14% stronger average rand/US dollar exchange rate (R7,64/US$ in 2009       
compared with R8,88/US$ in 2008). The average oil price achieved during the     
prior year comparable period was positively impacted by the effect of the oil   
hedges which resulted in a net gain of R5,1 billion. Similar oil hedges have    
not been entered into during the current period.                                
The operating profit in the current period has been positively affected as a    
result of fewer large once-off charges compared with the prior year             
comparable period. The prior year comparable period`s once-off charges          
included competition related administrative penalties of R3,9 billion and       
Sasol Inzalo share-based payment expenses of R3,0 billion. The current period   
includes a much lower Sasol Inzalo share-based payment expense of               
R400 million.                                                                   
Cash flow generated by operating activities of R9,2 billion was healthy         
despite the economic crisis but was 70% lower than the prior year comparable    
period. This was mainly due to reduced operating profits and increased          
working capital, both as a result of price and volume effects. Progress on      
the group`s pipeline of growth projects was sustained, resulting in capital     
expenditure of R6,6 billion for the period.                                     
Chief financial officer, Christine Ramon says: "Our corporate initiatives to    
reduce costs commenced and achieved more than                                   
R500 million savings in cash fixed costs for the period. This has resulted in   
cost increases being well within inflationary levels across our businesses.     
Furthermore, our business improvement plans aim to ensure that our businesses   
remain resilient and deliver sustainable performance through the cycles. Our    
cash position remains strong, cushioning the group against short-term           
volatility and positioning us well for long-term growth. We continue to plan    
prudently for a slow and volatile period of economic recovery. We will          
maintain a flexible approach to our capital expenditure programme to deliver    
long-term acceptable returns to shareholders."                                  
Improved operation performance                                                  
South African energy cluster                                                    
Sasol Mining - higher production volumes due to improved operational            
efficiencies                                                                    
Operating profit of R170 million was 88% lower than the prior year comparable   
period. While production volumes increased due to operational efficiencies      
achieved, lower rand export coal prices resulted in lower operating profits,    
compared to a spike in export coal prices in the prior year comparable          
period.                                                                         
Sasol Gas - lower sales volumes at lower gas prices                             
Operating profit decreased by 19% to R1 178 million compared with the prior     
year comparable period mainly as a result of lower sales volumes and lower      
gas prices. The decline in gas prices was due to lower crude oil prices and     
the stronger rand/US dollar exchange rate.                                      
Sasol Synfuels - improved plant stability results in increased production       
volumes                                                                         
Sasol Synfuels` operating profit decreased by 70% to R6 072 million compared    
with the prior year comparable period. Improved plant stability resulted in     
3% higher production volumes and a 5% reduction in unit cash costs. However,    
the decrease in operating profits resulted largely from stronger rand/US        
dollar exchange rates and lower average oil prices as well as increased         
electricity costs. In addition, the operating profit of the prior year          
comparable period included a gain of R4 904 million relating to the oil         
hedge.                                                                          
Sasol Oil - increased sales volumes resulting in operating profits              
Sasol Oil recorded an operating profit of R680 million compared with an         
operating loss of R1 626 million for the prior year comparable period. The      
improvement in operating profit is largely due to increased production and      
sales volumes during the current period supported by less volatile crude oil    
prices. This is in contrast with the rapid decline in crude oil prices          
experienced during the comparable period of the prior year which led to         
negative stock effects.                                                         
International energy cluster                                                    
Sasol Synfuels International (SSI) - Oryx GTL performing well subsequent to     
shutdown                                                                        
SSI`s operating profit decreased by 90% to R112 million compared with the       
prior year comparable period. This was mainly due to lower production at the    
Oryx gas-to-liquids (GTL) plant (R133 million), lower crude oil prices and a    
stronger rand/US dollar exchange rate. In addition, a once-off profit of R509   
million was realised on the reduction of our economic interest in the           
Escravos GTL project in the prior year comparable period.                       
The Oryx GTL plant is producing well, following the unplanned shutdown during   
the second quarter of 2010. A planned statutory shutdown for maintenance work   
is scheduled to take place in the fourth quarter of 2010.                       
Sasol Petroleum International (SPI) - additional exploration acreage acquired   
Operating profit decreased by 77% to R231 million compared with the prior       
year comparable period, mainly due to lower oil and gas prices and a stronger   
rand/US dollar exchange rate. Significant exploration acreage of 15 547         
square kilometres and 500 square kilometres was added to SPI`s existing         
Mozambican and Australian holdings respectively, during the period. SPI`s       
project to expand the Central Processing Facility in Temane, Mozambique from    
the current annual rate of 120 million gigajoules to 183 million gigajoules     
is progressing and remains on schedule for completion in 2011.                  
Chemical cluster                                                                
Sasol Polymers - increase in sales volumes                                      
Sasol Polymers reflected an operating loss of R137 million compared with an     
operating profit of R1 107 million for the prior year comparable period         
mainly due to foreign exchange translation differences incurred in our          
international businesses and lower polymer sales prices which prevailed in      
the markets. Sales volumes were marginally higher in both local and foreign     
businesses as a result of capital investments made in recent years.             
Sasol Solvents - sales volumes stabilising                                      
Operating profit decreased by 85% to R204 million compared with the prior       
year comparable period following certain production and plant interruptions     
coupled with lower selling prices. Sales volumes are gradually returning to     
pre-economic crisis levels. A stronger rand against the US dollar has,          
however, resulted in significantly lower margins being achieved.                
Sasol Olefins & Surfactants (Sasol O&S) - turnaround bearing fruit              
Operating profit increased by 570% to R904 million compared with the prior      
year comparable period, mainly as a result of improved margins and positive     
stock effects which were partially offset by foreign exchange impacts. In       
addition, Sasol O&S`s turnaround and restructuring activities, including an     
ongoing focus on cost containment and asset restructuring, have continued to    
provide a strong foundation for sustainable business recovery.                  
Other chemical businesses - improved sales volumes in European wax market and   
the fertilisers market                                                          
Other chemical businesses recorded an operating profit of                       
R492 million compared with an operating loss of R2 741 million for the prior    
year comparable period. The prior year included once-off items such as the      
European Commission administrative penalty relating to Sasol Wax GmbH and the   
administrative penalty payable by Sasol Nitro to the South African              
Competition Commission. Improved sales volumes were achieved in the European    
wax market and the fertiliser markets, although the South African operations    
were impacted negatively by a stronger rand/US dollar exchange rate.            
Competition law compliance                                                      
Regarding competition law, we are focused on further enhancing Sasol`s          
competition law compliance processes and systems throughout the group.          
There are matters that remain subject to investigation. As previously           
announced, the South African Competition Commission has initiated               
investigations in respect of some of the industries in which Sasol              
participates, including the South African piped gas, petroleum, fertiliser,     
wax and polymer industries. We continue to interact and cooperate with the      
Competition Commission in respect of the leniency applications as well as in    
the areas that are subject to Competition Commission investigations. As and     
when appropriate, we will make further announcements in respect of material     
matters.                                                                        
Sustaining Sasol into the future                                                
Developments in the sustainable development area include the following:         
-   In November 2009, we signed a memorandum of understanding with Gassnova     
   SF, a Norwegian state-owned enterprise responsible for managing carbon       
   capture and storage (CCS), which will allow us to explore the possibility    
of becoming a participant in the European CO2 Technology Centre Mongstad,    
   currently under construction in Norway.                                      
-   The recordable case rate for employees and service providers, including     
   injuries and illnesses, was 0,51 at 31 December 2009 compared to 0,54 at     
30 June 2009. Although this is within global industry norms, we remain       
   committed to further improvement.                                            
-   The group was rated a level 5 contributor by Empowerdex in respect of our   
   broad-based black economic empowerment (BBBEE) procurement process,          
meaning that for each R1,00 spent on Sasol products, customers receive       
   R0,80 BBBEE preferential procurement recognition. We are making good         
   progress toward becoming a level 4 contributor.                              
Growth projects advancing                                                       
Our cash flow has allowed the pipeline of capital projects to advance:          
-   In December 2009, the Project Application Report for the China coal-to-     
   liquids (CTL) plant was submitted to the Chinese Government for approval.    
   Applications will also be submitted for the mines and catalyst plants        
required for the project during the 2010 calendar year.                      
-   In line with our strategy to acquire natural gas assets for potential GTL   
   feedstock, progress has been made in three areas:                            
   -  In November 2009, SPI acquired exploration rights for two offshore        
licenses in Mozambique adjacent to the offshore Block 16/19, namely       
      Sofala and M-10 in which SPI holds participating interests of 100% and    
      50%, respectively. Success in these areas will allow for the possible     
      development of the entire area, including Block 16/19.                    
-  In December 2009, SPI signed a Farm-in Agreement with Finder              
      Exploration Pty Limited for a 45% participating interest in Block AC/P    
      52 situated in the gas-rich Browse Basin of the North Western Shelf of    
      Australia. This transaction was approved by the Australian Government     
in January 2010.                                                          
   -  SPI submitted a joint application with Statoil ASA and Chesapeake         
      Energy Corporation, in November 2009, for an onshore petroleum            
      exploration right in the Karoo Basin in the central region of South       
Africa. The application, for the proposed exploration of shale gas        
      resources, is expected to take about 12 months to process.                
                                                                                
-   In South Africa, coal blasting and extraction of the 170 000 ton sample     
of coal on Project Mafutha (a proposed greenfields CTL facility)             
   commenced in November 2009. Coal gasification trials are planned for the     
   middle of the 2010 calendar year. The cost thereof is included in the R1     
   billion already committed for the pre-feasibility study.                     
-   Sasol Wax will invest R8,4 billion to double hard wax production at our     
   Sasolburg facilities in South Africa. The first phase of this project,       
   which will increase capacity by about 40%, will come into operation          
   during the 2012 calendar year. Completion of the second phase is expected    
in the 2014 calendar year.                                                   
-   Sasol Solvents commenced basic engineering for the first commercial         
   installation of its tetramerisation technology in the United States. The     
   initial commercial unit will have a combined capacity of 100 000 tons per    
annum of 1-octene and 1-hexene which are co-monomers used in the plastics    
   industry. Construction is expected to begin in the 2011 calendar year.       
Continued cash conservation maintains low gearing                               
Gearing at 31 December 2009 of 3,7% (30 June 2009: negative 1,2%) remained      
low as a result of capital expenditure reprioritisation. This low level of      
gearing is expected to be maintained in the short-term, but is likely to        
return to within our targeted range of 20% to 40% in the medium to long term    
as our large capital intensive growth programme gains momentum. At the annual   
general meeting of 27 November 2009, shareholders renewed the authority to      
buy back up to 4% of the issued share capital for a further 12 months. No       
shares have been repurchased during the current period.                         
Profit outlook* - we remain cautious in our outlook                             
There has been some stability in global chemical markets and it is              
anticipated that this will continue in the second half of the year. Although    
the current levels of chemical product demand and product prices currently      
lag behind crude oil prices, the strength of the rand/US dollar exchange rate   
remains the single biggest external factor exerting pressure on our             
profitability. Crude oil prices have increased from the lows of a year ago      
and have remained stable in the US$70-80 per barrel range.                      
We are anticipating some improvement in overall production volumes for the      
full year. Taking into account, however, the continuing challenging economic    
conditions and our assumptions in respect of crude oil and product prices,      
tight refining margins as well as the stronger rand/US dollar exchange rate,    
we remain cautious in our outlook for the full year compared with 2009. The     
current volatility and uncertainty of global markets makes it difficult to be   
more precise in this outlook statement.                                         
The board has decided to increase the interim dividend given the signals of     
recovery seen in the global economy and the proactive measures taken by         
management in response to the global economic crisis. Focus remains on the      
company`s growth strategy in the interest of the preservation of long-term      
shareholder value. We expect to maintain our dividend policy within the         
targeted range of 2,5 times to 3,5 times annual earnings cover for the full     
year 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                                        
With effect from 30 September 2009, Sasol O&S disposed of its inorganics        
business in Italy for a consideration of EUR0,6 million.                        
With effect from 24 November 2009, SPI acquired a participation right in the    
Sofala and M-10 Blocks in Mozambique for a purchase consideration of US$7,4     
million.                                                                        
Declaration of cash dividend number 61                                          
An interim cash dividend of South African R2,80 per ordinary share (2008:       
R2,50 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          Wednesday, 31 March 2010       
participate in the interim dividend (cum                                        
dividend)                                                                       
Trading ex dividend commences                    Thursday, 1 April 2010         
Record date                                      Friday, 9 April 2010           
Dividend payment date                            Monday, 12 April 2010          
Holders of American Depositary Receipts*                                        
Ex dividend on New York Stock Exchange           Wednesday, 7 April 2010        
Record date                                      Friday, 9 April 2010           
Date for currency conversion                     Tuesday, 13 April 2010         
Dividend payment date                            Friday, 23 April 2010          
* All dates are approximate as the NYSE approves the record date after          
receipt of the dividend declaration.                                            
On Monday, 12 April 2010, 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 hold              
dematerialised shares will have their accounts held by their CSDP or broker     
credited on Monday, 12 April 2010.                                              
Share certificates may not be dematerialised or re-materialised between         
Thursday, 1 April 2010 and Friday, 9 April 2010, both days inclusive.           
On behalf of the board                                                          
Hixonia Nyasulu        Pat Davies           Christine Ramon                     
Chairman               Chief executive      Chief financial officer             
Sasol Limited                                                                   
5 March 2010                                                                    
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 9 October 2009 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.                          
Please note: A billion is defined as one thousand million. All references to    
years refer to the financial year ended 30 June. Any reference to a calendar    
year is prefaced by the word "calendar".                                        
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                            
Sponsor:                                                                        
Deutsche Securities (SA) (Pty) Limited                                          
Directors (non-executive):                                                      
TH Nyasulu (Chairman), C Beggs*, 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     
*Independent +Lead independent director                                         
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                                                             
Segment report                                                                  
for the period ended                                                            
                                      Turnover R million                        
Business unit analysis           full year    half year    half year 31         
                                30 Jun 09    31 Dec 08    Dec 09                
                                Audited      Reviewed     Reviewed              
South African energy cluster     103 358       64 275       45 899              
Mining                            8 297        4 692        3 623               
Gas                               5 666        3 276        2 582               
Synfuels                          37 701       24 456       16 370              
Oil                               51 694       31 851       23 324              
Other                             -            -           -                    
                                                                                
International energy cluster      5 166        3 022        1 926               
Synfuels International            3 027        1 764        1 098               
Petroleum International           2 139        1 258         828                
                                                                                
Chemical cluster                  81 913       48 682       33 734              
Polymers                          15 525       8 643        6 408               
Solvents                          18 115       10 568       7 498               
Olefins & Surfactants             29 534       18 253       11 507              
Other chemical businesses        18 739       11 218       8 321                
                                                                                
Other businesses*                 5 209        2 613        2 851               
                                 195 646      118 592      84 410               
Intercompany company turnover     (57 810)     (35 474)     (26 338)            
                                 137 836      83 118       58 072               
Operating profit R million                 
Business unit analysis           half year    half year    full year 30         
                                31 Dec 09    31 Dec 08    Jun 09                
                                Audited      Reviewed     Reviewed              
South African energy cluster     8 097         21 754       28 684              
Mining                             170         1 434        1 593               
Gas                               1 178        1 448        2 424               
Synfuels                          6 072        20 562       25 188              
Oil                                680         (1 626)      (351)               
Other                             (3)          (64)         (170)               
                                                                                
International energy cluster       343         2 073         880                
Synfuels International             112         1 072        (235)               
Petroleum International            231         1 001        1 115               
                                                                                
Chemical cluster                  1 463        (133)        (2 244)             
Polymers                          (137)        1 107         946                
Solvents                           204         1 366         495                
Olefins & Surfactants              904          135         ( 160)              
Other chemical businesses          492         (2 741)      (3 525)             

Other businesses*                  565         (2 210)      (2 654)             
                                 10 468       21 484       24 666               
* Includes share-based payment expenses related to the Sasol Inzalo share       
transaction.                                                                    
The interim financial statements are presented on a condensed consolidated      
basis.                                                                          
Statement of financial position at                                              
31 Dec 09    31 Dec 08    30 Jun 09             
                                Reviewed     Reviewed     Audited               
                                Rm           Rm           Rm                    
Assets                                                                          
Property, plant and equipment     68 807       68 198       70 370              
Assets under construction         18 832       16 366       14 496              
Goodwill                           790          937          805                
Other intangible assets           1 026         911         1 068               
Investments in associates         3 015        2 102        2 170               
Post-retirement benefit assets     782          781          716                
Deferred tax assets                959         1 662        1 184               
Other long-term assets            2 148        3 360        2 045               
Non-current assets                96 359       94 317       92 854              
Assets held for sale               19           31           86                 
Inventories                       15 898       19 190       14 589              
Trade and other receivables       18 962       22 605       17 117              
Short-term financial assets        456         4 401         520                
Cash restricted for use            972         1 651        1 247               
Cash                              15 822       21 360       19 425              
Current assets                    52 129       69 238       52 984              
Total assets                      148 488      163 555      145 838             
Equity and liabilities                                                          
Shareholders` equity              86 317       89 638       83 835              
Non-controlling interest          2 374        2 142        2 382               
Total equity                      88 691       91 780       86 217              
Long-term debt                    14 119       21 224       13 615              
Long-term financial liabilities    66           48           143                
Long-term provisions              5 977        5 526        5 729               
Post-retirement benefit           4 565        4 976        4 454               
obligations                                                                     
Long-term deferred income          277          354          297                
Deferred tax liabilities          9 578        10 247       9 168               
Non-current liabilities           34 582       42 375       33 406              
Liabilities in disposal groups     5          -              65                 
held for sale                                                                   
Short-term debt                   4 671        1 833        4 762               
Short-term financial               303          193          354                
liabilities                                                                     
Other current liabilities         20 020       27 044       20 954              
Bank overdraft                     216          330          80                 
Current liabilities               25 215       29 400       26 215              
Total equity and liabilities      148 488      163 555      145 838             
Statement of cash flows                                                         
for the period ended                                                            
half year  half year   full year        
                                        31 Dec 09  31 Dec 08   30 Jun 09        
                                        Reviewed   Reviewed    Audited          
                                        Rm         Rm          Rm               
Cash receipts from customers              55 868     86 255      144 963        
Cash paid to suppliers and employees      (46 679)   (55 447)    (96 776)       
Cash generated by operating activities    9 189      30 808      48 187         
Finance income received                    616       1 236       2 264          
Finance expenses paid                     (811)      (1 155)     (2 168)        
Tax paid                                  (2 783)    (5 697)     (10 252)       
Dividends paid                            (3 654)    (5 674)     (7 193)        
Cash retained from operating              2 557      19 518      30 838         
activities                                                                      
Additions to non-current assets           (6 573)    (6 952)     (15 672)       
Acquisition of businesses                 -          (53)        (30)           
Cash obtained on acquisition of           -           19          19            
businesses                                                                      
Disposal of businesses                     13        3 487       3 486          
Other net cash flows from investing       (528)       100        (321)          
activities                                                                      
Cash utilised in investing activities     (7 088)    (3 399)     (12 518)       
Share capital issued                       110       1 089       1 154          
Share repurchase programme                -          (1 114)     (1 114)        
Contributions from non-controlling         5          369         406           
shareholders                                                                    
Dividends paid to non-controlling         (222)      (526)       (583)          
shareholders                                                                    
Increase in long-term debt                 631       3 896        755           
Decrease in short-term debt               (3)        (1 758)     (1 811)        
Cash effect of financing activities        521       1 956       (1 193)        
Translation effects on cash and cash      (4)         271        (870)          
equivalents of foreign operations                                               
Movement in cash and cash equivalents     (4 014)    18 346      16 257         
Cash and cash equivalents at beginning    20 592     4 335       4 335          
of period                                                                       
Cash and cash equivalents at end of       16 578     22 681      20 592         
period                                                                          
Income statement                                                                
for the period ended                                                            
                                        half year  half year   full year        
31 Dec 09  31 Dec 08   30 Jun 09        
                                        Reviewed   Reviewed    Audited          
                                        Rm         Rm          Rm               
Turnover                                  58 072     83 118      137 836        
Cost of sales and services rendered       (37 529)   (50 747)    (88 508)       
Gross profit                              20 543     32 371      49 328         
Other operating income                     264        454        1 021          
Marketing and distribution expenditure    (3 195)    (4 018)     (7 583)        
Administrative expenditure                (4 304)    (4 114)     (9 050)        
Other operating expenditure               (2 840)    (3 209)     (9 050)        
Competition related administrative        -          (3 678)     (3 947)        
penalties                                                                       
Effect of crude oil hedges                (73)       4 627       4 603          
Share-based payment expenses              (524)      (3 044)     (3 325)        
Effect of remeasurement items             (105)       320        (1 469)        
Translation (losses)/gains                (781)      1 501       (166)          
Other expenditure                         (1 357)    (2 935)     (4 746)        
Operating profit                          10 468     21 484      24 666         
Finance income                             626        836        1 790          
Share of profits of associates (net of     57         233         270           
tax)                                                                            
Finance expenses                          (996)      (1 321)     (2 531)        
Profit before tax                         10 155     21 232      24 195         
Taxation                                  (3 654)    (8 258)     (10 480)       
Profit for the period                     6 501      12 974      13 715         
Attributable to                                                                 
Owners of Sasol Limited                   6 297      13 216      13 648         
Non-controlling interest in                204       (242)        67            
subsidiaries                                                                    
                                         6 501      12 974      13 715          
Earnings per share                       Rand       Rand        Rand            
Basic earnings per share                  10,54      22,17       22,90          
Diluted earnings per share1               11,14      21,79       22,80          
1 Diluted earnings per share are calculated taking the Sasol Share Incentive    
Scheme and Sasol Inzalo share transaction into account.                         
Statement of comprehensive income                                               
for the period ended                                                            
                                        half year half year   full year         
                                        31 Dec 09 31 Dec 08   30 Jun 09         
                                        Reviewed  Reviewed    Audited           
Rm        Rm          Rm                
Profit for the period                     6 501     12 974      13 715          
Other comprehensive income                                                      
Effect of translation of foreign          (755)     2 073       (2 485)         
operations                                                                      
Effect of cash flow hedges                 50        146        (497)           
Investments available-for-sale             4        (3)         -               
Tax on other comprehensive income          3        -            101            
Other comprehensive income for the        (698)     2 216       (2 881)         
period, net of tax                                                              
Total comprehensive income for the        5 803     15 190      10 834          
period                                                                          
Attributable to                                                                 
Owners of Sasol Limited                   5 594     15 445      10 796          
Non-controlling interests in               209      (255)        38             
subsidiaries                                                                    
5 803     15 190      10 834           
Statement of changes in equity                                                  
for the period ended                                                            
                                        half year half year   full year         
31 Dec 09 31 Dec 08   30 Jun 09         
                                        Reviewed  Reviewed    Audited           
                                        Rm        Rm          Rm                
Opening balance                           86 217     78 995     78 995          
Shares issued during period                110       1 089      1 154           
Repurchase of shares                      -          (1 114)    (1 114)         
Share-based payment expenses               432       3 004      3 293           
Disposal of businesses                    -           414        425            
Change in shareholding of subsidiaries    5          402        406             
Total comprehensive income for the        5 803      15 190     10 834          
period                                                                          
Dividends paid                            (3 654)    (5 674)    (7 193)         
Dividends paid to non-controlling         (222)      (526)      (583)           
shareholders in subsidiaries                                                    
Closing balance                           88 691     91 780     86 217          
Comprising                                                                      
Share capital                             27 135     26 957     27 025          
Share repurchase programme                (2 641)    (2 641)    (2 641)         
Sasol Inzalo share transaction            (22 054)   (22 051)   (22 054)        
Retained earnings                         77 525     75 958     74 882          
Share-based payment reserve               6 265      5 544      5 833           
Foreign currency translation reserve       184       5 488       939            
Investment fair value reserve              6         (2)         2              
Cash flow hedge accounting reserve        (103)       385       (151)           
Shareholders` equity                      86 317     89 638     83 835          
Non-controlling interest in               2 374      2 142      2 382           
subsidiaries                                                                    
Total equity                              88 691     91 780     86 217          
Salient features                                                                
for the period ended                                                            
Selected ratios                                half     half      full          
                                              year 31  year 31   year 30        
Dec 09   Dec 08    Jun 09         
Return on equity                 %              14,8*    31,8*     17,0         
Return on total assets           %              15,2*   29,8*      18,7         
Operating margin                 %              18,0     25,8      17,9         
Finance expense cover            times          13,7     19,5      12,3         
Dividend cover                   times         3,9       9,1       2,8          
*Annualised                                                                     
Share statistics                                                                
Total shares in issue            million        666,8    665,2     665,9        
Treasury shares (share           million        8,8      8,8       8,8          
repurchase programme)                                                           
Weighted average number of       million        597,2    596,0     596,1        
shares                                                                          
Diluted weighted average         million        614,8    613,5     614,0        
number of shares                                                                
Share price (closing)            Rand           298,00   280,02    269,98       
Market capitalisation            Rm             198 706  186 269   179 780      
Net asset value per share        Rand           145,09   150,35    141,14       
Dividend per share               Rand          2,80      2,50      8,50         
Other financial information                                                     
Total debt (including bank                                                      
overdraft)                                                                      
- interest bearing               Rm             18 373   22 742    17 814       
- non-interest bearing           Rm             633      645       643          
Finance expense capitalised      Rm             20       42        34           
Capital commitments              Rm             34 202   25 983    25 309       
- authorised and contracted      Rm             27 272   23 489    22 492       
- authorised, not yet            Rm             25 341   18 202    17 038       
contracted                                                                      
- less expenditure to date       Rm            (18 411) (15 708)  (14 221)      
Guarantees and contingent                                                       
liabilities                                                                     
- total amount                   Rm             27 856   37 524    29 545       
- liability included in the      Rm             14 200   9 874     12 795       
statement of financial                                                          
position                                                                        
Significant items in operating                                                  
profit                                                                          
- employee costs                 Rm             8 151    8 373     17 532       
- depreciation and               Rm             3 153    3 028     6 245        
amortisation of non-current                                                     
assets                                                                          
- share-based payment expenses   Rm             524      3 044     3 325        
Effective tax rate1               %             36,0     38,9      43,3         
Number of employees              number         33 318   34 023    33 544       
Average crude oil price -        US$/barrel     71,42    84,75     68,14        
dated Brent                                                                     
Average rand/US$ exchange rate   1US$ = Rand    7,64     8,88      9,04         
Closing rand/US$ exchange rate   1US$ = Rand    7,41     9,49      7,73         
1 Decrease in effective tax                                                     
rate as a result of the                                                         
absence of competition related                                                  
administrative penalties and                                                    
lower share-based payment                                                       
expenses, both of which are                                                     
not deductible for tax.                                                         
Reconciliation of headline                     Rm       Rm        Rm            
earnings                                                                        
Profit for the period                           6 297    13 216    13 648       
attributable to owners of                                                       
Sasol Limited                                                                   
Effect of remeasurement items                   105      (320)     1 469        
Impairment of assets                            47       156       458          
Loss/(profit) on disposal of                    5        (509)     -            
business                                                                        
Profit on disposal of                           (7)     -         -             
associate                                                                       
Loss/(profit) on disposal of                    1        (9)       761          
assets                                                                          
Scrapping of non-current                        59       42        234          
assets                                                                          
Write off of unsuccessful                       -        -         16           
exploration wells                                                               
Tax effects and non-                            (29)     167       35           
controlling interests                                                           
Headline earnings                               6 373    13 063    15 152       
Remeasurement items per above                                                   
Mining                                          4        (1)       3            
Gas                                             -        6         4            
Synfuels                                        15       21        137          
Oil                                             2        -         (3)          
Synfuels International                          -        (509)     777          
Petroleum International                         -        -         18           
Polymers                                        16       (3)       (1)          
Solvents                                        37       43        158          
Olefins & Surfactants                           19       79        106          
Other chemical businesses                       8        34        246          
Nitro                                           13       30        219          
Wax                                             (5)      4         27           
Other businesses                               4         10        24           
Remeasurement items                             105      (320)     1 469        
Headline earnings per share      Rand           10,67    21,92     25,42        
Diluted headline earnings per    Rand           11,26    21,54     25,25        
share                                                                           
The reader is referred to the definitions contained in the 2009 Sasol Limited   
annual financial statements.                                                    
Basis of preparation and accounting policies                                    
The condensed consolidated interim financial results for the six months ended   
31 December 2009 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 interim financial    
results are consistent with those applied for the year ended 30 June 2009,      
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 23 (Revised), Borrowing Costs (effective 1 July 2009).                    
* IAS 24 (Amendment), Related Party Disclosures.                                
* 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.                                                                        
Independent review by the auditors                                              
The condensed consolidated statement of financial position at 31 December       
2009 and the related condensed consolidated 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.                             
e-mail: investor.relations@sasol.com                                            
Comprehensive additional information is available on our website:               
www.sasol.com                                                                   
Johannesburg                                                                    
8 March 2010                                                                    
Sponsor: Deutsche Securities (SA)(Pty) Limited                                  
Date: 08/03/2010 07:05:09 Supplied by www.sharenet.co.za                     
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