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SOL - Sasol Limited - Financial results for the year ended 30 June 2011

Release Date: 12/09/2011 07:05:03      Code(s): SOL SOLBE1
SOL - Sasol Limited - Financial results for the year ended 30 June 2011         
Sasol Limited                                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1979/003231/06)                                            
Sasol Ordinary Share codes:   JSE : SOL      NYSE : SSL                         
Sasol Ordinary ISIN codes:    ZAE000006896   US8038663006                       
Sasol BEE Ordinary Share code:     JSE : SOLBE1                                 
Sasol BEE Ordinary ISIN code:      ZAE000151817                                 
Delivering on growth and value                                                  
Driven by innovation, Sasol is an integrated energy and chemicals company that  
creates value through its proven alternative fuel technology and talented people
to provide sustainable energy solutions to the world                            
Headline earnings per share increased by 27% to R33,85                          
Total dividend increased by 24% to R13,00 per share                             
Cash generated by operations increased by 41% to R38,6 billion                  
Project pipeline progressing well                                               
Canadian shale gas acquisitions add significantly to long-term value growth     
Sasol successfully pioneers first BEE listing on JSE                            
Segment report                                                                  
for the year ended 30 June                                                      
Turnover            Business unit                    Operating profit           
R million           analysis                         R million                  
2010      2011                                        2011      2010            
95 538    106 860    South African energy cluster     19 947    17 808          
7 863     9 146      Mining                           1 063      815            
5 371     5 445      Gas                              2 578     2 479           
33 893    37 485     Synfuels                         15 188    13 175          
48 411    54 784     Oil                              1 180     1 364           
-         -          Other                            (62)      (25)            

3 967     5 872      International energy             1 587      468            
2 282     3 715      Synfuels International           1 205      131            
1 685     2 157      Petroleum International           382       337            
71 577    82 854     Chemical cluster                 8 712     5 496           
14 321    17 082     Polymers                         1 579      958            
15 765    17 280     Solvents                         1 655     1 154           
25 283    31 715     Olefins & Surfactants            4 161     2 492           
16 208    16 777     Other chemical businesses        1 317      892            
          6 043      Other businesses                 (296)      165            
5 420                                                                           
176 502   201 629                                     29 950    23 937          
(54 246)  (59 193)   Intercompany turnover                                      
122 256    142 436                                                              
Chief executive, David Constable, says:                                         
"We have continued to deliver on our strategy in the past financial year. Our   
focus on further improving the performance of our assets has delivered strong   
production, cost and margin benefits. We also made significant strides in       
pursuing responsible growth, both in South Africa, as well as abroad. We are    
particularly pleased with our acquisition of two shale gas assets in Canada and 
are making progress on this and other gas-to-liquids opportunities, based on our
proprietary technology."                                                        
Earnings attributable to shareholders for the year ended 30 June 2011 increased 
by 24% to R19,8 billion from R15,9 billion in the prior year, while headline    
earnings per share and earnings per share increased by 27% to R33,85 and by 24% 
to R32,97, respectively, over the same period.                                  
Operating profit of R30 billion increased by 25% compared with the prior year,  
due to decisive actions taken by management around energy efficiency initiatives
as well as our continued focus on cost containment and the benefits realised    
from our functional excellence programme and business improvement plans. In     
addition, operating profit was positively impacted by higher average crude oil  
prices (average dated Brent was US$96,48/barrel in 2011 compared with           
US$74,37/barrel in 2010) and higher chemical product prices. The benefits of the
higher average crude oil and chemical product prices were partially offset by an
8% stronger average rand/US dollar exchange rate (R7,01/US$ in 2011 compared    
with R7,59/US$ in 2010). Overall, group production volumes improved marginally  
from the prior year, despite Synfuels` major planned maintenance outage. Group  
cash fixed costs for the year were contained within inflation, excluding once-  
off charges and growth costs.                                                   
The operating profit in the current year was negatively impacted by once-off    
charges totalling R1 103 million (2010: R46 million credit). These once-off     
charges include competition related administrative penalties of R112 million,   
the Escravos gas-to-liquids (EGTL) partial impairment of R123 million and the   
share-based payment expense of R565 million resulting from the Ixia Coal BEE    
transaction, offset by the reversal of the remaining impairment related to Sasol
Olefins and Surfactants (O&S) Italy of R491 million. The current year also      
includes a Sasol Inzalo BEE share based payment expense of R830 million compared
with R824 million in the prior year.                                            
The increase in the effective tax rate from 29,9% to 31,3% resulted from the    
competition related administrative penalties and share-based payment expenses,  
both of which are not deductible for tax purposes.                              
Cash flow generated by operating activities was R38,6 billion compared with     
R27,3 billion in the prior year. This was mainly due to increased operating     
profits and reduced working capital, both as a result of price and volume       
effects. The group made good progress on growth projects as reflected in capital
expenditure of R20,7 billion for the year in addition to the cash consideration 
of R3,8 billion related to the Canada shale gas asset acquisitions.             
Chief financial officer, Christine Ramon says:                                  
"Decisive management actions on operational efficiencies, cost control and      
business improvement plans have boosted the bottom line this year. Higher global
commodity prices have supported the healthy margins delivered, particularly in  
our chemicals businesses, negating the impact of the strong rand. The global    
economy remains volatile and our strong cash flows continue to underpin the     
robustness of our businesses. Our strong balance sheet provides a buffer against
volatility and positions the company well to fund growth opportunities, with the
aim of enhancing long-term shareholder value."                                  
Striving for strategic and sustainable growth                                   
In order to ensure that our strategic growth objectives are achieved and build  
on the solid foundation of our existing businesses, we will continue to focus on
specific initiatives which will contribute to achieving and delivering on       
stakeholder value.  All our businesses and functions will continue to operate   
sustainably underpinned by sound governance. This will be achieved through      
improving our operational excellence and delivering further value on our        
functional excellence initiatives, which were implemented two years ago. These  
initiatives will support our commitment to energy efficiency and our            
environmental projects. In addition, we will establish and roll-out our sales   
and marketing excellence initiative across the group to support our customer    
focus. We will continue to focus on improving our safety performance striving   
for zero harm to all our stakeholders. The aforementioned actions will enable us
to pursue our growth drivers, including growing our upstream gas resources,     
accelerating our GTL developments and ramping up our new energy business. Our   
growth will be supported by our capital excellence programme, which aims to     
enhance long-term shareholder returns.                                          
We have paid R25,4 billion direct and indirect taxes to the South African       
government. This makes Sasol one of the largest corporate taxpayers in South    
Africa, contributing significantly to the South African economy.                
We contribute about 5% of South Africa`s gross domestic product (GDP), directly 
and indirectly. We employ approximately 34 000 people globally, of which 80% are
in South Africa, and create about 200 000 additional indirect jobs.             
During the year, the following noteworthy milestones were achieved:             
In July 2010, we concluded an agreement with Gassnova SF, a Norwegian state-    
owned enterprise. This agreement allows us to participate in the European CO2   
Technology Centre Mongstad, which is currently constructing a carbon capture    
facility in Norway. Construction is progressing and the facility is scheduled   
for start-up in the latter half of 2012.                                        
Sasol New Energy has undertaken studies related to various clean energy and low 
carbon electricity initiatives, including the generation of electricity from    
natural gas in both South Africa and Mozambique and the establishment of        
concentrated solar power facilities to produce electricity in South Africa.     
In September 2010, we concluded the Ixia Coal transaction in line with Sasol    
Mining`s empowerment strategy and its commitment to comply with the objectives  
of the South African Mineral and Petroleum Resources Development Act and the    
Mining Charter. This transaction results in Ixia Coal Funding (Pty) Ltd, a      
subsidiary of Ixia Coal (Pty) Ltd, acquiring a 20% shareholding in Sasol Mining 
(Pty) Ltd for a purchase consideration of R1,8 billion.                         
The recordable case rate (RCR) for employees and service providers, including   
injuries and illnesses, improved to a record low of 0,42 at 30 June 2011 from   
0,51 at 30 June 2010. However, we have experienced an increase in fatalities.   
Our revised safety improvement plan is currently being implemented to address   
this matter.                                                                    
In February 2011, we listed the Sasol BEE ordinary shares on the BEE segment of 
the Johannesburg Stock Exchange. This pioneering trading facility provides many 
new Sasol shareholders access to a regulated market in line with our commitment 
to broad-based shareholder development.                                         
Acquisitions and projects progressing                                           
Projects and gas asset acquisitions in support of our GTL value proposition are 
advancing, supported by our strong cash flow generation and balance sheet, which
provides a solid platform for growth:                                           
Progress has been made in the following areas related to the advancement and    
acquisition of natural gas assets in support of leveraging GTL technology:      
- In December 2010, Sasol acquired a 50% stake in the Farrell Creek shale gas   
assets of Talisman Energy Inc. (Talisman), a Canadian-based company, located in 
the Montney Basin, of British Columbia, Canada, for an amount of R7,1 billion.  
In March 2011, Sasol further acquired a 50% stake in Talisman`s Cypress A shale 
gas assets for an amount of R7,1 billion on similar terms. The acquired assets  
also include associated gas gathering systems and processing facilities.        
- During 2011, Sasol Petroleum International (SPI) increased its exploration and
appraisal activities in Mozambique, Australia and Papua New Guinea. Further     
explorations and evaluation activities in these areas is ongoing.               
During 2011, Sasol New Energy obtained approval from the Sasol board to         
construct a 140 megawatt electricity generation plant in Sasolburg, South       
Africa. The plant will utilise natural gas as its feedstock.                    
During 2011, a pre-feasibility study into an integrated GTL and chemicals       
facility in the United States was concluded. After the successful completion of 
the pre-feasibility study, the Sasol board has approved that the project proceed
to feasibility study phase.                                                     
During the year, we commenced with a feasibility study to determine the         
technical and commercial viability of a GTL plant in western Canada, following  
our recent shale gas acquisitions in the area.                                  
The feasibility study for the Uzbekistan GTL plant has been completed. The      
decision to proceed to front end engineering and design (FEED) will be taken in 
the near term and is dependent upon certain commercial conditions.              
Given the delay in the approval from the Chinese government for our CTL project 
in China, we are developing other investment strategies and growth              
opportunities, both in South Africa and abroad. We have reallocated planned     
project funding for the China CTL project and redeployed staff to other         
projects. We remain committed to growing our other businesses in China.         
The pre-feasibility study in respect of our Indian coal-to-liquids (CTL)        
project has largely been concluded. As the last phase of the study, a drilling  
programme is being undertaken to verify the coal assumptions.                   
Sasol Mining is nearing completion of the Thubelisha shaft which will supply    
both the export market and sustain Sasol Synfuels` production. The shaft is     
expected to be completed in 2012. Construction on the Impumelelo colliery       
remains on track for completion in 2014.                                        
Construction on the wax production facility in Sasolburg, South Africa,         
continues to progress according to plan.                                        
Climate change being addressed                                                  
Sasol agrees that climate change presents a risk to the world at large, to South
Africa and to the local and international business community. We are committed  
to transitioning to a low carbon and climate resilient economy and are actively 
engaging with the South African government in its development of national       
policy. This policy is aimed at ensuring a coordinated, coherent, efficient and 
effective response to this challenge, without prejudicing the country`s growth  
and development goals and the competitiveness of key industries within the South
African economy.                                                                
We are a significant contributor to the South African economy and play a key    
role in ensuring energy security for the country; however, we also recognise    
that we are a large emitter of greenhouse gases (GHG). We have made changes to  
how we operate our business in order to transition to a lower carbon economy.   
Through investments in energy efficiency and in finding and using natural gas   
from Mozambique, Sasol reduced annual GHG emissions levels by 10 million tonnes 
between 2004 and 2011, a reduction of 12%.                                      
Performance from existing operations delivers results                           
South African energy cluster                                                    
Sasol Mining - higher coal prices                                               
Operating profit of R1 628 million, excluding the once-off Ixia Coal transaction
share-based payment expense of R565 million, doubled compared with the prior    
year. Higher US dollar export coal prices contributed to the increase in        
operating profit despite the impact of the Sasol Synfuels` maintenance outage.  
This positive contribution, however, was partially offset by a stronger rand/US 
dollar exchange rate.                                                           
Sasol Gas - improved sales volumes                                              
Operating profit increased by 4% to R2 578 million compared with the prior year 
mainly as a result of improved sales volumes, despite lower gas prices due to   
the stronger rand/US dollar exchange rate. The increase in operating profit was 
partially offset by start-up costs in respect of a new compressor in Mozambique,
which supported the increased sales volumes.                                    
Sasol Synfuels - major planned maintenance outage impacts production volumes    
Sasol Synfuels` operating profit increased by 15% to R15 188 million compared   
with the prior year. Production volumes were 4% lower than the prior year       
primarily due to the largest planned maintenance outage in Sasol Synfuels`      
history. Operating profits were enhanced by higher average oil prices. The open 
cycle gas turbines were successfully commissioned during July 2010, making      
available an additional 200 megawatts of electricity generation capacity for the
Sasol Synfuels operations, thereby significantly reducing the impact of above   
inflation electricity price increases on Sasol Synfuels` unit cost. Sasol       
Synfuels` cash fixed cost per unit increase was contained to 4%.                
Sasol Oil - improved production                                                 
Operating profit decreased by 13% to R1 180 million compared with the prior     
year. Higher retail and commercial sales volumes were supported by increased    
production from the Natref refinery. Higher wholesale margins were, however,    
countered by the strong rand as well as weaker refining margins. Eight new      
retail convenience centres were opened during the year.                         
International energy cluster                                                    
Sasol Synfuels International (SSI) - Oryx GTL improved production               
SSI`s operating profit increased significantly to R1 205 million from R131      
million in the prior year. This was mainly due to increased production at the   
Oryx gas-to-liquids (GTL) plant in Qatar and higher product prices derived from 
crude oil prices, which were partially offset by a stronger rand/US dollar      
exchange rate. The Oryx GTL plant is producing well and achieved an 82%         
utilisation rate for the year.                                                  
Sasol Petroleum International (SPI) - higher oil and gas prices, improved       
Operating profit increased by 13% to R382 million compared with the prior year, 
mainly due to higher sales volumes resulting from increased production. The     
increase was further underpinned by higher oil and gas prices. Exploration      
expenditure was higher during the year. Work on the expansion of the onshore gas
production facilities in Pande and Temane, Mozambique, to increase the current  
annual production capacity from 120 million gigajoules to 183 million           
gigajoules, is nearing completion. Production from our Canadian operation is    
ramping up.                                                                     
Chemical cluster                                                                
Sasol Polymers - improved volume and prices                                     
Sasol Polymers operating profit of R1 579 million increased by 65% compared with
the prior year. Operating profit was positively impacted by increases in        
production volumes from our local and offshore operations. The increase in      
operating profit was softened by margin pressure in the international polymer   
industry and was partially offset by the stronger rand/US dollar exchange rate. 
Arya Sasol Polymer Company (ASPC) contributed positively with an average        
capacity utilisation of 80% for the year. Our local operation`s results included
the negative impact of a once-off administrative penalty of R112 million paid to
the South African Competition Commission (the Commission).                      
Sasol Solvents - higher product prices result in higher margins                 
Operating profit increased by 43% to R1 655 million compared with the prior     
year. The increase is mainly due to improved margins, resulting from higher     
prevailing product prices coupled with cost savings. The increased operating    
profit was, however, partially offset by reduced sales volumes due to scheduled 
outages at production facilities as well as the negative effect of the strong   
Sasol Olefins & Surfactants (Sasol O&S) - improved demand, margin expansion     
Operating profit increased by 67% to R4 161 million compared with the prior     
year, mainly as a result of robust demand in most of the Sasol O&S markets as   
well as improved margins across the Sasol O&S product portfolio. The increase in
operating profit from our foreign operations was partially offset by foreign    
currency translation effects. The 2011 financial year includes the reversal of  
the remainder of the impairment related to Sasol O&S Italy assets amounting to  
R491 million.                                                                   
Other chemical businesses - improved sales volumes                              
Operating profit increased by 48% to R1 317 million compared with the prior     
year. Global sales volumes of the wax markets as well as the explosives and     
ammonia markets in Southern Africa improved on the back of increased demand.    
Lower fertiliser sales volumes were experienced due to the impacts associated   
with the required exit of retail sales. Improved margins underpinned higher     
operating profits which were partially offset by the stronger rand. Cost control
and restructuring have remained a key focus area for our other chemical         
Competition law compliance                                                      
We are continuously evaluating and enhancing our compliance programmes and      
controls in general, and our competition law compliance programme and controls  
in particular. As a consequence of these compliance programmes and controls,    
including monitoring and review activities, we have also adopted appropriate    
remedial and/or mitigating steps, where necessary or advisable, lodged leniency 
applications and made disclosures on material findings as and when appropriate. 
As reported previously, these compliance activities have already revealed, and  
the implementation of certain close-out actions arising there from, may still   
reveal competition law contraventions or potential contraventions in respect of 
which we have taken, or will take, appropriate remedial and/or mitigating steps 
including lodging leniency applications.                                        
The Commission is conducting investigations into the South African piped gas,   
coal mining, petroleum, fertilisers and polymer industries. We continue to      
interact and co-operate with the Commission in respect of the subject matter of 
current leniency applications brought by Sasol, conditional leniency agreements 
concluded with the Commission, as well as in the areas that are subject to the  
Commission`s investigations. To the extent appropriate further announcements    
will be made in future.                                                         
Due to the uncertainty related to these matters, it is currently not possible to
estimate contingent liabilities, if any, and accordingly no provision has been  
recognised at 30 June 2011.                                                     
Balance sheet remains strong                                                    
Balance sheet gearing at 30 June 2011 of 1,3% (30 June 2010: 1,0%) remained low 
as a result of improved cash flow generation. 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 term as our large capital        
intensive growth programme and gas acquisition strategy gains momentum. At the  
annual general meeting of 26 November 2010, shareholders granted the Sasol      
directors authority to buy back up to 10% of Sasol`s issued share capital       
(excluding the preferred ordinary and Sasol BEE ordinary shares) for a further  
12 months. No shares were repurchased during the current year.                  
Profit outlook* - uncertain macro environment, focus on improved operational    
performance and cost control                                                    
The past financial year has seen a global recovery from the economic crisis,    
although some economies are proceeding at a slower pace. Downside risks remain  
with high funding requirements of banks and sovereign states. However, product  
prices and the demand for chemical products have shown significant improvement. 
Crude oil prices remained volatile but have increased steadily as a result of   
the political turmoil in the Middle East and North Africa and disruptions to    
supply. These increased prices have assisted with offsetting the negative impact
of the strong rand. The strengthening of the rand/US dollar exchange rate       
remains the single biggest external factor exerting pressure on our             
We anticipate that Sasol Synfuels` production volumes will improve to between   
7,2 million tons (mt) and 7,3 mt in 2012 following the major planned maintenance
outage which was undertaken in September 2010. Oryx GTL is expected to perform  
at its planned operating rate of 80% to 90% of design capacity and Arya is      
expected to improve as it ramps up to design capacity utilisation rate. We      
expect improved volumes from Mozambique and Canada. Our focus in the year ahead 
remains on factors within our control: volume growth, margin improvement and    
cost containment. These focus areas will be underpinned by our group-wide       
initiatives on operations excellence, functional excellence and capital         
excellence. We are also enhancing the extraction of value across our integrated 
operations through planning and optimisation and have introduced the sales and  
marketing excellence initiative. We remain on track to deliver on our           
expectations for an improved operational performance and to contain cost        
increases to within inflation. Given the continuing uncertain macro economic    
conditions and our assumptions in respect of improved crude oil and product     
prices, as well as the strong rand/US dollar exchange rate, it is difficult to  
be more precise in this outlook statement.                                      
Management has recommended and the board has approved the final dividend taking 
into account the ongoing strength of our financial position and current capital 
investment plans, as well as the increased earnings. This approach is in line   
with our progressive dividend policy and our commitment to return value to      
* In accordance with standard practice, it is noted that this information has   
not been reviewed or reported on by the company`s auditors.                     
Acquisitions and disposals of businesses                                        
In September 2010, we concluded the Ixia Coal transaction. This transaction     
results in Ixia Coal Funding (Pty) Ltd, a subsidiary of Ixia Coal (Pty) Ltd,    
acquiring a 20% shareholding in Sasol Mining (Pty) Ltd for a purchase           
consideration of R1,8 billion. The transaction resulted in a non-controlling    
interest of an effective 10,2% being recognised.                                
On 1 March 2011 and 10 June 2011, we concluded the acquisitions of the Farrell  
Creek and Cypress A shale gas assets, respectively, in Canada for a total       
purchase consideration of R14,2 billion. Of this consideration R3,8 billion was 
paid in cash, while the remaining purchase consideration will be settled through
a capital carry mechanism.                                                      
Changes of directors and company secretary                                      
On 26 November 2010, Mr A Jain retired as a non-executive director of Sasol     
Limited. On 1 January 2011, Messrs BP Connellan and TA Wixley retired as non-   
executive directors of Sasol Limited. On 1 April 2011, Mr GA Lewin resigned as a
non-executive director of Sasol Limited.                                        
On 30 June 2011, Mr LPA Davies retired as an executive director and chief       
executive of Sasol Limited after 36 years of service to the company. The board  
wishes to thank Mr LPA Davies for his valuable contribution and the foundation  
laid for sustainable growth.                                                    
Mr DE Constable was appointed as an executive director and chief executive of   
Sasol Limited with effect from 1 July 2011.                                     
The company secretary, Dr NL Joubert, resigned as company secretary and has been
appointed as the country president of Sasol Canada. Mr VD Kahla was appointed as
company secretary with effect from 14 March 2011.                               
Declaration of cash dividend number 64                                          
A final cash dividend of South African R9,90 per ordinary share (2010: R7,70 per
share) has been declared for the year ended 30 June 2011. The final cash        
dividend is payable on all ordinary shares (including the Sasol BEE 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, 7 October 2011                
participate in the final dividend (cum                                          
Trading ex dividend commences             Monday, 10 October 2011               
Record date                               Friday, 14 October 2011               
Dividend payment date                     Monday, 17 October 2011               
Holders of American Depositary Receipts*                                        
Ex dividend on New York Stock Exchange     Wednesday, 12 October                
Record date                               Friday, 14 October 2011               
Approximate date for currency conversion  Tuesday, 18 October 2011              
Approximate dividend payment date         Friday, 28 October 2011               
* All dates are approximate as the NYSE sets the record date after receipt of   
the dividend declaration.                                                       
On Monday, 17 October 2011, 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, 17 October 2011.                                            
Share certificates may not be dematerialised or re-materialised between Monday, 
10 October 2011 and Friday, 14 October 2011, both days inclusive.               
On behalf of the board                                                          
Mrs Hixonia Nyasulu   Mr David           Mrs Christine Ramon                    
Chairman              Chief executive    Chief financial officer                

Sasol Limited                                                                   
9 September 2011                                                                
The preliminary financial statements are presented on a                         
summarised consolidated basis.                                                  
Statement of financial position                                                 
at 30 June                                                                      
                                         2011        2010                       
Rm          Rm                         
Property, plant and equipment              79 245      72 523                   
Assets under construction                  29 752      21 018                   
Goodwill                                    747         738                     
Other intangible assets                    1 265       1 193                    
Investments in associates                  3 071       3 573                    
Post-retirement benefit assets              792         789                     
Deferred tax assets                        1 101       1 099                    
Other long-term assets                     2 218       1 828                    
Non-current assets                         118 191     102 761                  
Assets held for sale                        54          16                      
Inventories                                18 512      16 472                   
Trade and other receivables                23 174      20 474                   
Short-term financial assets                 22          50                      
Cash restricted for use                    3 303       1 841                    
Cash                                       14 716      14 870                   
Current assets                             59 781      53 723                   
Total assets                               177 972     156 484                  
Equity and liabilities                                                          
Shareholders` equity                       107 649     94 730                   
Non-controlling interest                   2 691       2 512                    
Total equity                               110 340     97 242                   
Long-term debt                             14 356      14 111                   
Long-term financial liabilities             103         75                      
Long-term provisions                       8 233       7 013                    
Post-retirement benefit obligations        4 896       4 495                    
Long-term deferred income                   498         273                     
Deferred tax liabilities                   12 272      10 406                   
Non-current liabilities                    40 358      36 373                   
Liabilities in disposal groups held for   -             4                       
Short-term debt                            1 602       1 542                    
Short-term financial liabilities            136         357                     
Other current liabilities                  25 327      20 847                   
Bank overdraft                              209         119                     
Current liabilities                        27 274      22 869                   
Total equity and liabilities               177 972     156 484                  
Income statement                                                                
for the year ended 30 June                                                      
2011        2010                       
                                         Rm          Rm                         
Turnover                                   142 436     122 256                  
Cost of sales and services rendered        (90 467)    (79 183)                 
Gross profit                               51 969      43 073                   
Other operating income                     1 088        854                     
Marketing and distribution expenditure     (6 796)     (6 496)                  
Administrative expenditure                 (9 887)     (9 451)                  
Other operating expenditure                (6 424)     (4 043)                  
Competition related administrative         (112)       -                        
Effect of crude oil hedges                 (118)       (87)                     
Share-based payment expenses               (2 071)     (943)                    
Effect of remeasurement items              (426)        46                      
Translation losses                         (1 016)     (1 007)                  
Other expenditure                          (2 681)     (2 052)                  
Operating profit                           29 950      23 937                   
Finance income                              991        1 332                    
Share of profits of associates (net of      292         217                     
Finance expenses                           (1 817)     (2 114)                  
Profit before tax                          29 416      23 372                   
Taxation                                   (9 196)     (6 985)                  
Profit for the year                        20 220      16 387                   
Attributable to                                                                 
Owners of Sasol Limited                    19 794      15 941                   
Non-controlling interest in                 426         446                     
                                          20 220      16 387                    
Earnings per share                        Rand        Rand                      
Basic earnings per share                   32,97       26,68                    
Diluted earnings per share1                32,85       26,54                    
1 Diluted earnings per share are calculated taking the Sasol                    
Share Incentive Scheme and Sasol Inzalo share transaction into                  
Statement of cash flows                                                         
for the year ended 30 June                                                      
2011        2010                       
                                         Rm          Rm                         
Cash receipts from customers               138 955     118 129                  
Cash paid to suppliers and employees       (100 316)   (90 791)                 
Cash generated by operating activities     38 639      27 338                   
Finance income received                    1 380       1 372                    
Finance expenses paid                      (898)       (1 781)                  
Tax paid                                   (6 691)     (6 040)                  
Dividends paid                             (6 614)     (5 360)                  
Cash retained from operating activities    25 816      15 529                   
Additions to non-current assets            (20 665)    (16 108)                 
Acquisition of interests in joint          (3 823)     -                        
Disposal of businesses                      22        -                         
Additional investments in associate        (91)        (1 248)                  
Other net cash flows from investing         92          652                     
Cash utilised in investing activities      (24 465)    (16 704)                 
Share capital issued                        430         204                     
Contributions from non-controlling          27          9                       
Dividends paid to non-controlling          (419)       (318)                    
Increase/(decrease) in long-term debt       545        (2 567)                  
Decrease in short-term debt                (295)       (29)                     
Cash effect of financing activities         288        (2 701)                  
Translation effects on cash and cash       (421)       (124)                    
equivalents of foreign operations                                               
Increase/(decrease) in cash and cash       1 218       (4 000)                  
Cash and cash equivalents at beginning     16 592      20 592                   
of year                                                                         
Cash and cash equivalents at end of        17 810      16 592                   
Statement of comprehensive income                                               
for the year ended 30 June                                                      
2011        2010                       
                                         Rm          Rm                         
Profit for the year                        20 220      16 387                   
Other comprehensive income                                                      
Effect of translation of foreign           (2 031)     (802)                    
Effect of cash flow hedges                  111         13                      
Investments available-for-sale            -             4                       
Tax on other comprehensive income          (23)         8                       
Other comprehensive income for the year    (1 943)     (777)                    
net of tax                                                                      
Total comprehensive income for the year    18 277      15 610                   
Attributable to                                                                 
Owners of Sasol Limited                    17 849      15 171                   
Non-controlling interests in                428         439                     
18 277      15 610                    
Statement of changes in equity                                                  
for the year ended 30 June                                                      
                                         2011        2010                       
Rm          Rm                         
Opening balance                            97 242      86 217                   
Shares issued during year                   430         204                     
Share-based payment expenses               1 428        880                     
Disposal of businesses                     (4)         -                        
Change in shareholding of subsidiaries     -           9                        
Total comprehensive income for the year    18 277      15 610                   
Dividends paid                             (6 614)     (5 360)                  
Dividends paid to non-controlling          (419)       (318)                    
shareholders in subsidiaries                                                    
Closing balance                            110 340     97 242                   
Share capital                              27 659      27 229                   
Share repurchase programme                 (2 641)     (2 641)                  
Sasol Inzalo share transaction             (22 054)    (22 054)                 
Retained earnings                          98 590      85 463                   
Share-based payment reserve                8 024       6 713                    
Foreign currency translation reserve       (1 895)      137                     
Investment fair value reserve               5           5                       
Cash flow hedge accounting reserve         (39)        (122)                    
Shareholders` equity                       107 649     94 730                   
Non-controlling interest in                2 691       2 512                    
Total equity                               110 340     97 242                   
Salient features                                                                
for the year ended 30 June                                                      
                                         2011        2010                       
Selected ratios                                                                 
Return on equity                 %         19,6        17,9                     
Return on total assets           %         18,7        16,9                     
Operating margin                 %         21,0        19,6                     
Finance expense cover            times     34,8        14,3                     
Dividend cover                   times    2,5         2,5                       
Share statistics                                                                
Total shares in issue            million   671,0       667,7                    
Treasury shares (share           million   8,8         8,8                      
repurchase programme)                                                           
Weighted average number of       million   600,4       597,6                    
Diluted weighted average         million   614,5       615,5                    
number of shares                                                                
Share price (closing)            Rand      355,98      274,60                   
Market capitalisation - Sasol    Rm        238 863     183 350                  
ordinary shares                                                                 
Market capitalisation - Sasol    Rm        742         -                        
BEE ordinary shares                                                             
Net asset value per share        Rand      179,68      159,00                   
Dividend per share               Rand      13,00       10,50                    

- interim                        Rand      3,10        2,80                     
- final                          Rand     9,90         7,70                     
Other financial information                                                     
Total debt (including bank                                                      
- interest bearing               Rm        15 522      15 047                   
- non-interest bearing           Rm        645         725                      
Finance expense capitalised      Rm        43          58                       
Capital commitments              Rm        48 321      46 497                   
- authorised and contracted      Rm        41 367      31 553                   
- authorised, not yet            Rm        33 458      35 769                   
- less expenditure to date       Rm        (26 504)    (20 825)                 
Guarantees and contingent                                                       
- total amount                   Rm        31 378      19 120                   
- liability included in the      Rm        11 328      10 288                   
statement of financial                                                          
Significant items in operating                                                  
- employee costs                 Rm        18 756      17 546                   
- depreciation and               Rm        7 400       6 712                    
amortisation of non-current                                                     
- share-based payment expenses   Rm        2 071       943                      

Sasol share incentive schemes    Rm        676         119                      
Sasol Inzalo share transaction   Rm        830         824                      
Ixia Coal transaction            Rm        565         -                        

Directors` remuneration          Rm        58          59                       
Share options granted to         000       780         914                      
directors - cumulative                                                          
Share appreciation rights with   000       215         215                      
no performance targets granted                                                  
to directors - cumulative                                                       
Share appreciation rights with   000       370         43                       
performance targets granted to                                                  
directors - cumulative                                                          
Medium-term incentive rights     000       82          10                       
granted to directors -                                                          
Sasol Inzalo share rights        000       50          50                       
granted to directors -                                                          
Effective tax rate1               %        31,3        29,9                     
Number of employees              number    33 708      33 054                   
Average crude oil price -        US$/      96,48       74,37                    
dated Brent                      barrel                                         
Average rand/US$ exchange rate   1US$ =    7,01        7,59                     
Closing rand/US$ exchange rate   1US$ =    6,77        7,67                     

1 Increase in effective tax rate as a                                           
result of competition related                                                   
administrative penalties and share-                                             
based payment expenses which are not                                            
deductible for tax.                                                             
                                         Rm          Rm                         
Reconciliation of headline                                                      
Profit for the year attributable to        19 794      15 941                   
owners of Sasol Limited                                                         
Effect of remeasurement items              426         (46)                     

Impairment of assets                       171         110                      
Reversal of impairment                     (516)       (365)                    
(Profit)/loss on disposal of               (9)         5                        
Profit on disposal of                      (6)         (7)                      
Profit on disposal of assets               (14)        (3)                      
Scrapping of non-current                   359         156                      
Write off of unsuccessful                  441         58                       
exploration wells                                                               
106         (19)                      
Tax effects and non-                                                            
controlling interests                                                           
Headline earnings                          20 326      15 876                   

Remeasurement items per above                                                   
Mining                                     3           1                        
Gas                                        6           -                        
Synfuels                                   197         58                       
Oil                                        17          10                       
Synfuels International                     126         4                        
Petroleum International                    442         108                      
Polymers                                   46          14                       
Solvents                                   63          58                       
Olefins & Surfactants                      (500)       (344)                    
Other chemical businesses                  (11)        21                       
(1)         26                        
Wax                                        (3)         (5)                      
Infrachem                                  (8)         (1)                      
Merisol                                    1           1                        
                                          37          24                        
Other businesses                                                                
Remeasurement items                        426         (46)                     
Rand      33,85       26,57                     
Headline earnings per share                                                     
Diluted headline earnings per    Rand      33,72       26,44                    
The reader is referred to the definitions contained in the 2010                 
Sasol Limited annual financial statements.                                      
Basis of preparation and accounting policies                                    
The preliminary summarised consolidated financial results for the year ended 30 
June 2011 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 requirements of the South   
African Companies Act, 2008, as amended.                                        
The accounting policies applied in the presentation of the preliminary          
summarised consolidated financial results are consistent with those applied for 
the year ended 30 June 2010, except as follows:                                 
Sasol Limited has early adopted the following standards, which did not have a   
significant impact on the financial results:                                    
IAS 1 (Amendment), Presentation of Financial Statements: Severe Hyperinflation. 
IAS 1 (Amendment), Presentation of Financial Statements: Presentation of Items  
of Other Comprehensive Income.                                                  
IAS 12 (Amendment), Taxation: Deferred Tax - Recovery of Underlying Assets.     
IFRS 7, Financial Instruments: Disclosures - Transfer of Financial Assets.      
IFRS 13, Fair Value Measurement.                                                
Various Improvements to IFRSs.                                                  
Sasol has adopted IFRS 2 (Amendment), Share-based Payment: Group Cash-settled   
Share-based Payment Transactions and Various Improvements to IFRSs: IAS 27,     
Consolidated and Separate Financial Statements, effective 1 January 2010 and 1  
July 2010, respectively, which did not have a significant impact on the         
financial results.                                                              
These preliminary summarised consolidated financial results have been prepared  
in accordance with the historic cost convention except that certain items,      
including derivative instruments, liabilities for cash-settled share-based      
payment schemes and available-for-sale financial assets, are stated at fair     
The preliminary summarised consolidated financial results are presented in rand,
which is Sasol Limited`s functional and presentation currency.                  
Ms Christine Ramon, chief financial officer is responsible for this set of      
financial results and has supervised the preparation thereof in conjunction with
the executive: group finance, Mr Freddie Meyer and the general manager: group   
statutory reporting, Ms Samantha Barnfather.                                    
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     
Significant changes in contingent liabilities since 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 Sasol Chemical Industries Limited (SCI) and of price     
fixing in respect of polypropylene against SCI and Safripol to the Competition  
Tribunal for adjudication. On 14 December 2010, Sasol Polymers, a division of   
SCI, concluded a settlement agreement with the Commission in relation to its    
existing propylene supply agreement with Safripol and agreed to pay a penalty of
R112 million. This penalty has been paid and no further provisions have been    
recognised at 30 June 2011 with regards to this matter.                         
Independent audit by the auditors                                               
The preliminary summarised consolidated statement of financial position at 30   
June 2011 and the related preliminary summarised consolidated income statement, 
statements of comprehensive income, changes in equity and cash flows for the    
year then ended were audited by KPMG Inc. The individual auditor assigned to    
perform the audit is Mr CH Basson. Their unmodified audit report is available   
for inspection at the registered office of the company.                         
Forward-looking statements: Sasol may, in this document, 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 28 September 2010 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".                                        
e-mail: investor.relations@sasol.com                                            
Comprehensive additional information is available on our website:               
Registered office: Sasol Limited, 1 Sturdee Avenue, Rosebank, Johannesburg 2196.
PO Box 5486, Johannesburg 2000, South Africa                                    
Share registrars: Computershare Investor Services (Pty) Ltd, 70 Marshall Street,
Johannesburg 2001, PO Box 61051, Marshalltown 2107, South Africa Tel: +27 11    
7700??Fax: +27 11 370-5271/2                                                    
Sponsor: Deutsche Securities (SA) (Pty) Ltd                                     
Directors (non-executive): Ms TH Nyasulu (Chairman), Mr C Beggs*, Mr HG         
Dijkgraaf (Dutch)*, Dr MSV Gantsho*, Ms IN Mkhize*, Mr MJN Njeke*, Prof JE      
Schrempp (German)                                                               
(executive): Mr DE Constable (Chief executive), Ms KC Ramon (Chief financial    
officer), Ms VN Fakude                                                          
*Independent Lead independent director                                          
Company secretary: Mr VD Kahla                                                  
Company registration number: 1979/003231/06, incorporated in the Republic of    
South Africa                                                                    
                                JSE              NYSE                           
Sasol Ordinary shares                                                           
Share code:                      SOL              SSL                           
ISIN code:                       ZAE000006896     US8038663006                  
Sasol BEE Ordinary shares                                                       
Share code:                      SOLBE1                                         
ISIN code:                       ZAE000151817                                   
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                                                             
Date: 12/09/2011 07:05:01 Supplied by www.sharenet.co.za                     
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