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Sol - Sasol Limited - Sasol Limited Financial Results For The Year Ended 30

Release Date: 13/09/2010 07:05:06      Code(s): SOL
SOL - Sasol Limited - Sasol Limited financial results for the year ended 30     
June 2010                                                                       
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")                                                      
Sasol Limited financial results for the year ended 30 June 2010                 
focused and energised                                                           
Earnings per share up by 17% to R26,68                                          
Synfuels volumes up by 3,9%                                                     
Cash fixed costs reduced                                                        
Strong cash flows generated from operating activities                           
Total dividend up by 24% to R10,50 per share                                    
Strong balance sheet to fund growth                                             
Growth projects remain on track                                                 
Overview                                                                        
Chief executive, Pat Davies says: "Sasol continued to deliver on its strategy   
by focusing on world-class performance of our existing assets and progressing   
growth opportunities that are based on our proprietary technology. The prompt   
actions taken in response to the global economic crisis, though painful, have   
resulted in a more efficient and effective organisation. Our financial          
position is strong and we have the flexibility to pursue our sustainable        
growth strategy with vigour. Our focus remains on optimising our businesses,    
leveraging our technology and investing strategically to enhance shareholder    
returns on a sustainable basis."                                                
Earnings attributable to shareholders for the year ended 30 June 2010           
increased by 17% from R13,6 billion in the previous financial year to R15,9     
billion, while earnings per share and headline earnings per share increased by  
17% to R26,68 and by 5% to R26,57, respectively, over the same period.          
Operating profit of R23,9 billion declined marginally by 3% compared with the   
previous financial year. Operating profit was positively impacted by improved   
production volumes, higher average crude oil prices (average dated Brent was    
US$74,37/barrel in 2010 compared with US$68,14/barrel in 2009) and chemical     
product prices. A 16% stronger average rand/US dollar exchange rate             
(R7,59/US$1 in 2010 compared with R9,04/US$1 in 2009), however, outweighed the  
benefits realised from the oil price. The average crude oil price achieved      
during the previous financial year was positively impacted by the effect of     
the oil hedges which resulted in a net gain of R5,1 billion. Similar oil        
hedges were not entered into during the financial year under review.            
The operating profit in 2010 was not affected by large once-off charges         
compared with the previous financial year. The previous year`s once-off         
charges included competition related administrative penalties of R3,9 billion   
and Sasol Inzalo share-based payment expenses of R3,2 billion. The 2010         
financial year includes a much lower Sasol Inzalo share-based payment expense   
of R824 million.                                                                
The decrease in the effective tax rate is as a result of the absence of         
competition related administrative penalties and lower share-based payment      
expenses compared with the prior year, both of which are not deductible for     
tax.                                                                            
Cash flow from operating activities was R27,3 billion compared with R48,2       
billion of the previous year. While cash flow generated by the existing         
businesses was strong, working capital increased from a working capital ratio   
of 15,3% (expressed as a ratio of turnover) compared with the previous year`s   
ratio of 11,2% as a result of price and volume effects. The group`s growth      
plans remained on track during the 2010 financial year, resulting in capital    
expenditure of R16,1 billion for the year.                                      
Chief financial officer, Christine Ramon says: "Our dedicated focus on          
operational efficiency, while maintaining strict cost discipline, has           
delivered results.                                                              
We have been able to achieve cash fixed costs savings of R1 billion for the     
year, resulting in a reduction in cash fixed costs. The initiatives we have     
embarked on support the focus of our businesses to deliver sustainable          
performance through the cycles. Our growth plans remain on track and we will    
actively pursue our capital investment opportunities in the forthcoming year,   
where we estimate capital expenditure to be in the region of R19 billion. We    
continue to plan carefully for an economic recovery, albeit volatile. The       
strength of our balance sheet and healthy cash flows position us well to        
respond to opportunities and challenges that the current environment            
presents."                                                                      
Existing assets deliver results                                                 
South African energy cluster                                                    
Sasol Mining - low US dollar coal prices depress operating profit               
Operating profit of R815 million was 49% lower than the previous year mainly    
as a result of lower US dollar coal prices combined with a strong rand/US       
dollar exchange rate and increased Project Mafutha pre-feasibility costs. This  
was partially offset by higher Synfuels and Infrachem coal prices, increased    
production volumes due to operational efficiencies achieved during the year     
and lower costs per unit.                                                       
Sasol Gas - improved gross margin on the back of higher sales volumes           
Operating profit increased by 2% to R2 479 million compared with the previous   
year. Although gas prices decreased, the effect thereof was negated as sales    
volumes increased resulting in a higher margin.                                 
Sasol Synfuels - improved plant stability results in increased production       
volumes                                                                         
Sasol Synfuels` operating profit decreased by 48% to R13 175 million compared   
with the previous year. Production volumes were 3,9% higher than the previous   
year as a result of improved plant stability. Unit cash costs, reflected a      
5,8% reduction mainly as a result of capitalising shutdown and major            
inspection costs. However, the decline in operating profit resulted largely     
from stronger rand/US dollar exchange rates, which were partially offset by     
higher average oil prices. In addition, the operating profit in the prior year  
included a gain of R4 904 million relating to the oil hedge.                    
Sasol Oil - increased sales volumes                                             
Sasol Oil recorded an operating profit of R1 364 million compared with an       
operating loss of R351 million for the previous year. Sales volumes increased   
by 7% compared with the previous year, especially due to demand by wholesalers  
and overland exporters into Southern Africa. This increase was supported by     
increased production as well as improved marketing margins during a period of   
less volatile crude oil prices. The improvement in operating profit was         
negated to some extent by the stronger rand/US dollar exchange rate and weaker  
refining margins.                                                               
International energy cluster                                                    
Sasol Synfuels International (SSI) - Oryx GTL main contributor of operating     
profit                                                                          
SSI recorded an operating profit of R131 million compared with an operating     
loss of R235 million for the previous year. This was mainly due to a once-off   
loss of R771 million realised on the reduction of our economic interest in the  
Escravos gas-to-liquids (GTL) project in the prior year. The Oryx GTL facility  
had an unscheduled shutdown in the second quarter of 2010 as a result of a      
failure in a vendor supplied air compressor unit and a planned statutory        
shutdown in the fourth quarter of 2010, resulting in lower production. This,    
together with a stronger rand/US dollar exchange rate and despite higher crude  
oil prices, resulted in Oryx GTL delivering a lower operating profit for the    
year. The Oryx GTL facility operated at 90% capacity, excluding the impact of   
the planned shutdown, in the second half of 2010.                               
Sasol Petroleum International (SPI) - lower sales volumes                       
Operating profit decreased by 70% to R337 million compared with the previous    
year, mainly due to lower sales volumes from the Etame oil field cluster in     
Gabon, coupled with a stronger rand/US dollar exchange rate. Higher average     
oil and gas prices partially negated these effects. In addition, condensate     
sales volumes from Mozambique decreased by 62% compared to the previous year,   
in line with expectations. Work continued according to schedule on the US$300   
million expansion of the onshore gas production facilities in Pande and         
Temane, Mozambique, to increase the current annual capacity of 120 million      
gigajoules to 183 million gigajoules.                                           
Chemical cluster                                                                
Sasol Polymers - increase in sales volumes                                      
Operating profit increased by 1% to R958 million compared with the previous     
year, mainly due to increased sales volumes and a reduction in fixed costs      
partially offset by foreign exchange translation differences. Sasol Polymers    
reorganised its South African structure, with a focus of cutting costs and      
improving productivity. Benefits from these turnaround plans have already       
started to bear fruit, with an increase in sales margins and reductions in      
costs during the latter part of the financial year. Sasol Arya Polymer Company  
continued to ramp up its production during the course of the year and ended     
with an average capacity utilisation of 65% for the year, contributing R771     
million to Sasol Polymers operating profit.                                     
Sasol Solvents - improved sales volumes                                         
Operating profit increased by 133% to R1 154 million compared with the          
previous year due to improved sales volumes on the back of higher production.   
Stronger margins and a reduction in cash fixed costs further contributed to     
the increase in operating profit, which was partially offset by the strength    
of the rand against the US dollar.                                              
Sasol Olefins & Surfactants (Sasol O&S) - improved margins as market demand     
recovers                                                                        
Sasol O&S recorded an operating profit of R2 492 million compared with an       
operating loss of R160 million in the previous year. The improvement in the     
operating profit is mainly as a result of improved margins as the demand in     
the market recovered. The positive effect of the turnaround plan has been       
partially offset by negative foreign exchange impacts. The 2010 financial year  
includes a partial reversal of the impairment of the Sasol Italy assets         
amounting to R348 million, endorsing the positive outlook for the business in   
future.                                                                         
Other chemical businesses - European wax business and the fertiliser business   
make a positive contribution                                                    
Other chemical businesses recorded an operating profit of R892 million          
compared with an operating loss of R3 525 million for the previous year. The    
prior year included once-off items such as the European Commission              
administrative penalty relating to Sasol Wax GmbH, the administrative penalty   
payable by Sasol Nitro to the South African Competition Commission and the      
impairment and closure provisions related to the Phalaborwa operations. The     
negative effect of the stronger rand/US dollar exchange rate and the slower     
than expected recovery in the US wax market, was negated by the improved sales  
volumes in the European wax market. The fertiliser business also reported       
improved product margins during 2010.                                           
Competition law compliance                                                      
Regarding competition law, we continue to focus on enhancing Sasol`s            
competition law compliance processes and systems throughout the group.          
There are matters that remain subject to investigation.  The South African      
Competition Commission (the Commission) has initiated investigations in         
respect of some of the industries in which Sasol participates, including the    
South African piped gas, coal mining, petroleum, fertiliser, wax and polymer    
industries.                                                                     
During 2010, we received two notices of non-referral in regard to               
investigations that were conducted by the Commission into the South African     
candle wax industry. We are not aware of any further investigations by the      
Commission in respect of this industry.                                         
On 5 July 2010, Sasol Nitro, a division of Sasol Chemical Industries Limited,   
concluded a settlement agreement with the Commission. The settlement agreement  
reached is in full and final settlement of the alleged contraventions of        
excessive pricing and exclusionary practices arising from complaints lodged     
with the Commission by Nutri-Flo and Profert. Sasol Nitro did not, as part of   
the settlement, admit to having committed any excessive pricing or              
exclusionary conduct. The Commission is of the view that the settlement, which  
involves a structural solution and several changes to Sasol Nitro`s fertiliser  
business model, will address their competition concerns. As a result, no        
administrative penalty was imposed. The Competition Tribunal (the Tribunal)     
confirmed the settlement agreement on 20 July 2010.                             
On 12 August 2010, the Commission announced that it had referred its            
complaints of excessive pricing of polypropylene and propylene in the domestic  
South                                                                           
African market against Sasol Chemical Industries Limited (SCI) and of price     
fixing in respect of polypropylene against SCI and Safripol (Pty) Limited       
(Safripol) to the Tribunal for adjudication. The allegation of collusion on     
prices relates to an agreement concluded between Sasol Polymers, a division of  
SCI, and Safripol in 1994, which was structured at the behest of the former     
Competition Board, following the formation of Polifin (the Sasol/AECI joint     
venture) in 1994. The agreement was structured to ensure Safripol`s ongoing     
access to propylene supply at a market-related price. Sasol Polymers has been   
liaising with the Commission in its investigation. The Commission indicated     
that it is seeking an administrative penalty of 10% of SCI`s annual turnover    
for each of the alleged contraventions. There is no reasonable certainty as to  
whether or not SCI will be found to have contravened competition laws as        
alleged, whether a penalty will be imposed and the quantum thereof if imposed.  
SCI intends defending the matter before the Tribunal should an amicable         
resolution of the matter with the Commission not be achieved.                   
On 30 October 2009, after being advised that certain provisions in a suite of   
agreements concluded between Sasol Gas, Coal, Energy and Power Resources        
Limited (CEPR) and Spring Lights Gas (Pty) Ltd (Spring Lights) constituted      
contraventions of the Competition Act (the Act), Sasol Gas applied for          
leniency in terms of the Commission`s corporate leniency policy and obtained    
conditional leniency. On 20 August 2010, Spring Lights concluded a settlement   
agreement with the Commission in terms of which Spring Lights acknowledged the  
mentioned contraventions and agreed to pay an administrative penalty of R10,8   
million. The settlement agreement was referred to the Tribunal on 1 September   
2010 for confirmation, but the matter was postponed sine die to enable the      
Commission to make a ruling on an exception application of Spring Lights.       
We continue to interact and cooperate with the 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 South Africa, various policy development processes are currently being       
undertaken by government departments to address interdependent issues of        
climate change and the security of energy supply into the economy. This         
includes climate change policy on the back of pledges tabled at Copenhagen, a   
potential tax on carbon emissions investigated by National Treasury and a       
review of the Integrated Resource Plan (IRP) as part of energy supply policy.   
The group is currently in the process of assessing the impact of these          
potential changes on business.                                                  
The recordable case rate for employees and service providers, including         
injuries and illnesses, was 0,51 at 30 June 2010 compared with 0,54 at 30 June  
2009. We deeply regret having had eight fatalities (two of whom were service    
providers) during this financial year and as a matter of urgency have renewed   
our focus on safety as one of our top priorities for 2011.                      
The group was rated a level 4 contributor by Empowerdex in respect of our       
broad-based black economic empowerment (BBBEE) procurement process. We are a    
value adding enterprise meaning that for each R1,00 spent on Sasol products,    
customers receive R1,25 BBBEE preferential procurement recognition. We          
achieved our level 4 contributor status earlier than our targeted date of       
2012.                                                                           
Growth projects on track                                                        
Our strong cash flow generation has facilitated the further advancement of the  
pipeline of capital projects:                                                   
In December 2009, the Project Application Report for the China coal-to-liquids  
(CTL) plant was submitted to the Chinese Government for approval. We are        
expecting a decision thereon in the second half of the 2011 financial year.     
The feasibility study for the Uzbekistan GTL plant is expected to be completed  
by the end of the second quarter of the 2011 financial year.                    
Detailed engineering and construction on the expansion of the wax production    
facility in Sasolburg is progressing according to plan, with the first phase    
of the project expected to be completed and ready for operation towards the     
end of 2012.                                                                    
In February 2010, the Secunda Natural Gas Growth programme at Sasol Synfuels    
in                                                                              
South Africa was approved by the board. The first step of this R14,2 billion    
programme, which will result in a 3% increase in production volumes, has been   
completed with two gas turbines delivering 200 megawatts of electricity into    
the national grid.                                                              
Sasol Polymers will invest R1,9 billion in an ethylene purification unit at     
its plant in Sasolburg, South Africa. The plant is expected to come on stream   
in the second half of the 2013 calendar year.                                   
Sasol Nitro will invest R0,95 billion in a replacement fertiliser granulation   
unit at its plant in Secunda, South Africa. The plant is expected to come on    
stream in the second half of the 2011 calendar year.                            
In South Africa, coal blasting and extraction of the 170 000 ton sample of      
coal on Project Mafutha (a proposed greenfields CTL facility) was successfully  
completed in 2010. The coal has been transported to Secunda and the coal        
gasification trials are scheduled and planned for completion during the latter  
half of the 2010 calendar year. However, pending clarity on the large-scale     
coal gasification tests and the provision of a commercially viable carbon       
capture and storage solution, this project will not progress into the           
feasibility phase within the orginally envisaged timeline. More certainty       
relating to the South African government`s prioritisation of the country`s      
mega energy projects is expected towards the end of the 2010 calendar year.     
In July 2010, SPI was jointly, with Statoil ASA and Chesapeake Energy           
Corporation, awarded an onshore petroleum Technical Cooperation Permit          
covering approximately 88 000 square kilometres. This permit awards the         
applicants the right to study the prospectivity for shale gas in the Karoo      
Basin in the central region of South Africa.                                    
Strong balance sheet maintained                                                 
Gearing at 30 June 2010 of 1,0% (30 June 2009: negative 1,2%) remained low as   
a result of improved operating results. This low level of gearing is expected   
to be maintained in the short-term. 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 were repurchased        
during the 2010 financial year.                                                 
Outlook* - improved operational performance for the 2011 financial year, but    
cautious due to macro economic variables                                        
While there has been some stability in global markets and it is anticipated     
that this will continue, the potential sovereign debt crisis in Europe          
indicates that the recovery in the global economy appears to be fragile.        
Recent chemical product demand and product prices have shown some improvement   
and the crude oil price has been less volatile compared with the prior year.    
The strength of the rand/US dollar exchange rate remains the single biggest     
external factor exerting pressure on our profitability.                         
Our production volumes have improved across the group through initiatives       
aimed at achieving operational efficiencies and plant stability. We anticipate  
that we will be able to maintain Synfuels` production volumes for the coming    
year taking into account the planned one in eight years full factory shut down  
during financial year 2011. Oryx is expected to perform at planned operating    
rates and Arya will continue to ramp up. Our focus in the year ahead will be    
to continue to contain cost inflation through the efficiency and effectiveness  
of our functions. However, considering the uncertain macro economic             
environment and our assumptions in respect of crude oil and product prices,     
weaker refining margins as well as the stronger rand/US dollar exchange rate,   
we are cautious on the outlook for the year ahead. The current volatility and   
uncertainty of global markets make it difficult to be more precise in this      
outlook statement.                                                              
The board has decided to increase the final dividend given the increase in      
earnings for the past year and taking into account the overall improved market  
and economic conditions, together with the ongoing strength of our financial    
position and current capital investment plans. This approach is consistent      
with our recently announced progressive dividend policy and track record of     
dividend growth as a key component of adding shareholder value.                 
* In accordance with standard practice, it is noted that this information has   
not been reviewed or reported on by the company`s external 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 e0,6 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.                                                                        
Subsequent events                                                               
On 5 July 2010, Sasol Nitro, a division of Sasol Chemical Industries Limited,   
concluded a settlement agreement with the Competition Commission of South       
Africa. This agreement was subsequently confirmed by the Competition Tribunal   
on 20 July 2010 and includes the divestiture of five regional fertiliser        
blending operations.                                                            
On 12 August 2010, the Commission announced that it had referred its            
complaints of excessive pricing of polypropylene and propylene in the domestic  
South African market against SCI and of price fixing in respect of              
polypropylene against SCI and Safripol to the Tribunal for adjudication.        
(Refer to competition law compliance matters above.)                            
On 20 August 2010, Spring Lights concluded a settlement agreement with the      
Commission in terms of which Spring Lights acknowledged the mentioned           
contraventions and agreed to pay an administrative penalty of R10,8 million.    
The settlement agreement was referred to the Tribunal on 1 September 2010 for   
confirmation but the matter was postponed.                                      
On 24 August 2010, SPI and Petronas announced the joint assignment of a 15%     
participating interest in the offshore M-10 Block, in Mozambique to Empresa     
Nacional de Hidrocarbonetos (ENH), the Mozambique national hydrocarbon          
exploration company. This results in an equity split in the M-10 Block of a     
42,5% participating interest to each of SPI and Petronas with the remaining     
15% to be held by ENH.                                                          
Declaration of cash dividend number 61                                          
A final cash dividend of South African R7,70 per ordinary share (2009: R6,00    
per share) has been declared. This brings the dividend for the full year to     
R10,50 per ordinary share (2009: R8,50 per share). The final 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                Friday, 8 October 2010   
participate in the dividend (cum dividend)                                      
Trading ex dividend commences                         Monday, 11 October 2010   
Record date                                           Friday, 15 October 2010   
Dividend payment date                                 Monday, 18 October 2010   
Holders of American Depositary Receipts 1                                       
Ex dividend on New York Stock Exchange (NYSE)     Wednesday, 13 October 2010    
Record date                                          Friday, 15 October 2010    
Approximate date for currency conversion            Tuesday, 19 October 2010    
Approximate dividend payment date                    Friday, 29 October 2010    
All dates are approximate as the NYSE approves the record date after receipt    
of the dividend declaration.                                                    
On Monday, 18 October 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, 18 October 2010.                                            
Share certificates may not be dematerialised or re-materialised between         
Monday, 11 October 2010 and Friday, 15 October 2010, both days inclusive.       
On behalf of the board                                                          
Hixonia Nyasulu        Pat Davies         Christine Ramon                       
Chairman               Chief executive    Chief financial officer               
Sasol Limited                                                                   
10 September 2010                                                               
Sasol Limited is the world`s leader in the conversion                           
of coal and gas to transportation fuels and chemicals.                          
The preliminary financial statements are presented on a summarised              
consolidated basis.                                                             
Statement of financial position                                                 
at 30 June                                                                      
                                       2010          2009                       
Rm            Rm                         
Assets                                                                          
Property, plant and equipment            72 523        70 370                   
Assets under construction                21 018        14 496                   
Goodwill                                  738           805                     
Other intangible assets                  1 193         1 068                    
Investments in associates                3 573         2 170                    
Post-retirement benefit assets            789           716                     
Deferred tax assets                      1 099         1 184                    
Other long-term assets                   1 828         2 045                    
Non-current assets                       102 761       92 854                   
Assets held for sale                      16            86                      
Inventories                              16 472        14 589                   
Trade and other receivables              20 474        17 144                   
Short-term financial assets               50            520                     
Cash restricted for use                  1 841         1 247                    
Cash                                     14 870        19 425                   
Current assets                           53 723        53 011                   
Total assets                             156 484       145 865                  
Equity and liabilities                                                          
Shareholders` equity                     94 730        83 835                   
Non-controlling interest                 2 512         2 382                    
Total equity                             97 242        86 217                   
Long-term debt                           14 111        13 615                   
Long-term financial liabilities           75            143                     
Long-term provisions                     7 013         5 729                    
Post-retirement benefit obligations      4 495         4 454                    
Long-term deferred income                 273           297                     
Deferred tax liabilities                 10 406        9 168                    
Non-current liabilities                  36 373        33 406                   
Liabilities in disposal groups held                                             
for sale                                 4              65                      
Short-term debt                          1 542         4 762                    
Short-term financial liabilities          357           354                     
Other current liabilities                20 847        20 981                   
Bank overdraft                            119           80                      
Current liabilities                      22 869        26 242                   
Total equity and liabilities             156 484       145 865                  
Statement of cash flows                                                         
for the year ended 30 June                                                      
2010         2009                      
                                         Rm           Rm                        
Cash receipts from customers               118 129      144 963                 
Cash paid to suppliers and employees       (90 791)     (96 776)                
Cash generated by operating activities     27 338       48 187                  
Finance income received                    1 372        2 264                   
Finance expenses paid                      (1 781)      (2 168)                 
Tax paid                                   (6 040)      (10 252)                
Dividends paid                             (5 360)      (7 193)                 
Cash retained from operating activities    15 529       30 838                  
Additions to non-current assets            (16 108)     (15 672)                
Acquisition of businesses                  -            (30)                    
Cash obtained on acquisition of                                                 
businesses                                 -             19                     
Disposal of businesses                     -            3 486                   
Acquisition of investments in associate    (1 248)      (524)                   
Other net cash flows from investing                                             
activities                                  652          203                    
Cash utilised in investing activities      (16 704)     (12 518)                
Share capital issued                        204         1 154                   
Share repurchase programme                 -            (1 114)                 
Contributions from non-controlling                                              
shareholders                                9            406                    
Dividends paid to non-controlling                                               
shareholders                               (318)        (583)                   
(Decrease)/increase in long-term debt      (2 567)       755                    
Decrease in short-term debt                (29)         (1 811)                 
Cash effect of financing activities        (2 701)      (1 193)                 
Translation effects on cash and cash                                            
equivalents of foreign operations          (124)        (870)                   
Movement in cash and cash equivalents      (4 000)      16 257                  
Cash and cash equivalents at beginning                                          
of year                                    20 592       4 335                   
Cash and cash equivalents at end of year   16 592       20 592                  
Income statement                                                                
for the year ended 30 June                                                      
2010         2009                      
                                         Rm           Rm                        
Turnover                                   122 256      137 836                 
Cost of sales and services rendered        (79 183)     (88 508)                
Gross profit                               43 073       49 328                  
Other operating income                      854         1 021                   
Marketing and distribution expenditure     (6 496)      (7 583)                 
Administrative expenditure1                (9 451)      (10 063)                
Other operating expenditure                (4 043)      (8 037)                 
Competition related fines                  -            (3 947)                 
Effect of crude oil hedges                 (87)         4 603                   
Share-based payment expenses               (943)        (3 325)                 
Effect of remeasurement items               46          (1 469)                 
Translation (losses)/gains                 (1 007)      (166)                   
Other expenditure1                         (2 052)      (3 733)                 
Operating profit                           23 937       24 666                  
Finance income                             1 332        1 790                   
Share of profits of associates (net of                                          
tax)                                        217          270                    
Finance expenses                           (2 114)      (2 531)                 
Profit before tax                          23 372       24 195                  
Taxation                                   (6 985)      (10 480)                
Profit for the year                        16 387       13 715                  
Attributable to                                                                 
Owners of Sasol Limited                    15 941       13 648                  
Non-controlling interest in subsidiaries    446          67                     
                                          16 387       13 715                   
Earnings per share                        Rand         Rand                     
Basic earnings per share                   26,68        22,90                   
Diluted earnings per share2                26,54        22,80                   
1 Comparative amounts were reclassified for consistency, which resulted in R1   
013 million being reclassified from other expenses to administrative            
expenditure.                                                                    
2 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 year ended 30 June                                                      
                                         2010         2009                      
                                         Rm           Rm                        
Profit for the year                        16 387       13 715                  
Other comprehensive income                                                      
Effect of translation of foreign                                                
operations                                 (802)        (2 485)                 
Effect of cash flow hedges                  13          (497)                   
Investments available-for-sale              4           -                       
Tax on other comprehensive income           8            101                    
Other comprehensive income for the year                                         
net of tax                                 (777)        (2 881)                 
Total comprehensive income for the year    15 610       10 834                  
Attributable to                                                                 
Owners of Sasol Limited                    15 171       10 796                  
Non-controlling interests in                                                    
subsidiaries                                439          38                     
                                          15 610       10 834                   
Statement of changes in equity                                                  
for the year ended 30 June                                                      
2010      2009                      
                                            Rm        Rm                        
Opening balance                               86 217    78 995                  
Shares issued during year                      204      1 154                   
Repurchase of shares                          -         (1 114)                 
Share-based payment expenses                   880      3 293                   
Disposal of businesses                        -          425                    
Change in shareholding of subsidiaries        9         406                     
Total comprehensive income for the year       15 610    10 834                  
Dividends paid                                (5 360)   (7 193)                 
Dividends paid to non-controlling                                               
shareholders in subsidiaries                  (318)     (583)                   
Closing balance                               97 242    86 217                  
Comprising                                                                      
Share capital                                 27 229    27 025                  
Share repurchase programme                    (2 641)   (2 641)                 
Sasol Inzalo share transaction                (22 054)  (22 054)                
Retained earnings                             85 463    74 882                  
Share-based payment reserve                   6 713     5 833                   
Foreign currency translation reserve           137       939                    
Investment fair value reserve                  5         2                      
Cash flow hedge accounting reserve            (122)     (151)                   
Shareholders` equity                          94 730    83 835                  
Non-controlling interest in subsidiaries      2 512     2 382                   
Total equity                                  97 242    86 217                  
Salient features                                                                
for the year ended 30 June                                                      
                                             2010         2009                  
Selected ratios                                                                 
Return on equity                 %             17,9         17,0                
Return on total assets           %             16,9         18,7                
Operating margin                 %             19,6         17,9                
Finance expense cover            times         14,3         12,3                
Dividend cover                   times        2,6           2,8                 
Share statistics                                                                
Total shares in issue            million       667,7        665,9               
Treasury shares (share           million       8,8          8,8                 
repurchase programme)                                                           
Weighted average number of                                                      
shares                           million       597,6        596,1               
Diluted weighted average number                                                 
of shares                        million       615,5        614,0               
Share price (closing)            Rand          274,60       269,98              
Market capitalisation            Rm            183 350      179 780             
Net asset value per share        Rand          159,00       141,14              
Dividend per share               Rand          10,50        8,50                
- interim                        Rand          2,80         2,50                
- final                          Rand         7,70          6,00                

Other financial information                                                     
Total debt (including bank                                                      
overdraft)                                                                      
- interest bearing              Rm            15 047       17 814               
- non-interest bearing          Rm            725          643                  
Finance expense capitalised      Rm            58           34                  
Capital commitments              Rm            46 497       25 309              
- authorised and contracted      Rm            31 553       22 492              
- authorised, not yet                                                           
contracted                       Rm            35 769       17 038              
- less expenditure to date       Rm            (20 825)     (14 221)            
Guarantees and contingent                                                       
liabilities                                                                     
- total amount                   Rm            22 003       29 545              
- liability included in the                                                     
statement of financial position  Rm           10 288        12 795              
Significant items in operating                                                  
profit                                                                          
- employee costs                 Rm            15 798       17 532              
- depreciation and amortisation                                                 
of non-current assets            Rm            6 712        6 245               
- operating lease charges        Rm            1 015        1 111               
- share-based payment expenses   Rm            943          3 325               
Directors` remuneration          Rm           59            50                  
Share options granted to                                                        
directors - cumulative           000           914          946                 
Share appreciation rights with                                                  
no performance targets granted                                                  
to directors - cumulative        000           215          215                 
Share appreciation rights with                                                  
performance targets granted to                                                  
directors - cumulative           000           43           -                   
Medium term incentive rights                                                    
granted to directors -                                                          
cumulative                       000           10           -                   
Sasol Inzalo share rights                                                       
granted to directors -                                                          
cumulative                       000           50           75                  
Effective tax rate1               %            29,9         43,3                
Number of employees              number        33 339       33 544              
Average crude oil price - dated                                                 
Brent                            US$/barrel    74,37        68,14               
Average rand/US$ exchange rate   1US$ = Rand   7,59         9,04                
Closing rand/US$ exchange rate   1US$ = Rand   7,67         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                                                      
earnings                                      Rm           Rm                   
Profit for the year                                                             
attributable to owners of Sasol                                                 
Limited                                       15 941       13 648               
Effect of remeasurement items                  (46)         1 469               
Impairment of assets                           110          458                 
Reversal of impairment                         (365)        -                   
Loss on disposal of business                   5            -                   
Profit on disposal of associate                (7)          -                   
(Profit)/loss on disposal of                                                    
assets                                         (3)          761                 
Scrapping of non-current assets                156          234                 
Write off of unsuccessful                                                       
exploration wells                              58           16                  
Tax effects and non-controlling                                                 
interests                                      (19)         35                  
Headline earnings                              15 876       15 152              
Remeasurement items per above                                                   
Mining                                         1            3                   
Gas                                            -            4                   
Synfuels                                       58           137                 
Oil                                            10           (3)                 
Synfuels International                         4            777                 
Petroleum International                        108          18                  
Polymers                                       14           (1)                 
Solvents                                       58           158                 
Olefins & Surfactants                          (344)        106                 
Other chemical businesses                      21           246                 
Nitro                                          26           219                 
Wax                                            (5)          27                  
Infrachem                                      (1)          -                   
Merisol                                        1            -                   
Other businesses                               24           24                  
Remeasurement items                            (46)         1 469               
Headline earnings per share      Rand          26,57        25,42               
Diluted headline earnings per                                                   
share                            Rand          26,44        25,25               
The reader is referred to the definitions contained in the 2009 Sasol Limited   
annual financial statements.                                                    
Segment report                                                                  
for the year ended 30 June                                                      
Turnover                   Business unit         Operating profit               
R million                  analysis              R million                      
2009         2010                                2010            2009           
                          South African energy                                  
                          cluster                                               
103 358      95 538                             17 808           28 684         
8 297        7 863        Mining                  815            1 593          
5 666        5 371        Gas                    2 479           2 424          
37 701       33 893       Synfuels               13 175          25 188         
51 694       48 411       Oil                    1 364           (351)          
-            -             Other                  (25)            (170)         
                          International energy                                  
                          cluster                                               
5 166         3 967                              468               880          
Synfuels                                              
3 027       2 282         International           131            (235)          
                          Petroleum                                             
2 139        1 685        International           337           1 115           
Chemical cluster                                      
81 913        71 577                              5 496           (2 244)       
15 525       14 321       Polymers                958             946           
18 115       15 765       Solvents               1 154            495           
Olefins &                                             
29 534       25 283       Surfactants            2 492           (160)          
                          Other chemical                                        
                          businesses                                            
18 739       16 208                               892           (3 525)         
                          Other businesses*                                     
5 209       5 420                                 165            (2 654)        
195 646      176 502                             23 937          24 666         
Intercompany                                          
(57 810)    (54 246)      turnover                                              
137 836      122 256                                                            
* Includes share-based payment expenses related to the Sasol Inzalo share       
transaction.                                                                    
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 under take 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      
2196PO 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), GA Lewin   
(Australian)*, 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                                                   
Company registration number: 1979/003231/06, incorporated in the Republic of    
South Africa                                                                    
                      JSE                     NYSE                              
Share code             SOL                     SSL                              
ISIN code:             ZAE000006896            US8038663006                     
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                                                             
Basis of preparation and accounting policies                                    
The preliminary summarised consolidated financial results for year ended 30     
June 2010 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), the AC500 Standards as     
issued by the Accounting Practices Board or its successor and the South         
African Companies Act, 1973, as amended.                                        
The accounting policies applied in the presentation of the preliminary          
summarised consolidated financial results are in terms of IFRS and are          
consistent with those applied for the year ended 30 June 2009, except as        
follows:                                                                        
Sasol Limited early adopted the following standards, which except if otherwise  
stated, 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 preliminary summarised consolidated financial results have been prepared  
in accordance with the historic cost convention except that certain items,      
including derivatives and available-for-sale financial assets, are stated at    
fair value.                                                                     
The preliminary summarised consolidated financial results are presented in      
rand, which is Sasol Limited`s functional and presentation currency.            
Related party transactions                                                      
The group, in the ordinary course of business, entered into various sale and    
purchase transactions on an arm`s length basis at market rates with related     
parties.                                                                        
Significant changes in contingent liabilities since 30 June 2009                
On 29 June 2010, a settlement agreement between Veolia Water Systems (Veolia)   
and Sasol Synfuels was signed. Sasol Synfuels have agreed to settle the claim   
with Veolia by the payment of an amount of R160 million (including interest)    
to Veolia. The amount has been provided for at 30 June 2010.                    
On 5 July 2010, Sasol Nitro, a division of Sasol Chemical Industries Limited,   
concluded a settlement agreement with the Commission. The Tribunal confirmed    
the settlement agreement on 20 July 2010 and no administrative penalty was      
imposed. As part of the settlement agreement, the complaints on abuses of       
dominance brought by Nutri-flo and Profert, upon which we have previously       
reported, have been settled. A non material liability has been recognised in    
this respect at 30 June 2010.                                                   
On 12 August 2010, the Commission announced that it had referred its            
complaints of excessive pricing of polypropylene and propylene in the domestic  
South African market against SCI and of price fixing in respect of              
polypropylene against SCI and Safripol to the Tribunal for adjudication. The    
Commission indicated that it is seeking an administrative penalty of 10% of     
SCI`s annual turnover for each of the alleged contraventions. There is no       
certainty that the turnover of SCI, which houses Sasol`s South African          
chemical businesses such as Sasol Nitro, Sasol Polymers, Sasol Solvents and     
Sasol Wax, rather than that of Sasol Polymers is the correct base from which    
to calculate a potential administrative penalty. Further, there is no           
reasonable certainty as to whether or not SCI will be found to have             
contravened competition laws as alleged, whether a penalty will be imposed and  
the quantum thereof if imposed. For these reasons, it is currently not          
possible to make an estimate of the contingent liability and accordingly, no    
provision was made at 30 June 2010.                                             
Independent audit by the auditors                                               
The preliminary summarised consolidated statement of financial position at 30   
June 2010 and the related preliminary summarised consolidated income            
statement, statements of comprehensive income, changes in equity and cash       
flows for the year then ended was audited by KPMG Inc. The individual auditor   
assigned to perform the audit is Mr AW van der Lith. Their unqualified audit    
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                                                   
Date: 13/09/2010 07:05:04 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
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