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Sol/ Solbe1 - Sasol Limited - Sasol Limited Reviewed Interim Financial Results

Release Date: 12/03/2012 07:05:06      Code(s): SOL SOLBE1
SOL/ SOLBE1 - Sasol Limited - Sasol Limited reviewed interim financial results  
for the six months ended 31 December 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                                 
("Sasol" or "the Company")                                                      
Sasol Limited reviewed interim financial results                                
for the six months ended 31 December 2011                                       
Pursuing sustainable value creation                                             
Driven by innovation, Sasol is an international 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.           
*    Solid group operational performance                                        
*    Operating profit up by 70% to R20,5 billion                                
*    Headline earnings per share up by 81% to R23,50                            
*    Interim dividend up by 84% to R5,70 per share                              
*    Cash generated by operations up by 50% to R22,7 billion                    
Segment report                                                                  
for the period ended                                                            
Turnover                     Business unit  Operating profit                    
R million                    analysis       R million                           
full     half      half                     half      half      full            
year     year      year                     year      year      year            
30 Jun   31 Dec    31 Dec                   31 Dec    31 Dec    30 Jun          
11       10        11                       11        10        11              
Audited  Reviewed  Reviewed                 Reviewed  Reviewed  Audited         
106 860  48 005    63 057   South African   13 469    7 447     19 947          
energy                                              
                            cluster                                             
9 146    4 263     5 107    Mining          1 002     140       1 063           
5 445    2 697     3 292    Gas             1 461     1 282     2 578           
37 485   15 664    22 337   Synfuels        9 909     5 389     15 188          
54 784   25 381    32 321   Oil             1 099    665        1 180           
-        -         -        Other           (2)       (29)      (62)            
                                                                                
5 872    2 824     4 416    International   1 154    872        1 587           
                            energy                                              
                            cluster                                             
3 715    1 846     2 910    Synfuels        1 033    539        1 205           
International                                       
2 157   978        1 506    Petroleum      121       333        382             
                            International                                       
                                                                                
82 854   39 637    47 162   Chemical        4 339     3 453     8 712           
                            cluster                                             
17 082   8 234     9 398    Polymers        546      574        1 579           
17 280   8 120     9 082    Solvents        1 115    440        1 655           
31 715   14 636    19 493   Olefins &       1 660     1 600     4 161           
                            Surfactants                                         
16 777   8 647     9 189    Other           1 018    839        1 317           
                            chemical                                            
businesses                                          
6 043    3 801     4 205    Other           1 514    246        (296)           
                            businesses*                                         
201 629  94 267    118 840                  20 476    12 018    29 950          
(59 193) (27 035)  (35 537)  Intercompany                                       
                            turnover                                            
142 436  67 232    83 303                                                       
                                                                                
* Includes share-based payment expenses related to the Sasol Inzalo             
share transaction and exchange gains on forward exchange contracts.             
Overview                                                                        
Chief Executive Officer, David E. Constable says:                               
"We are pleased to announce record interim earnings, which continues our strong 
track record of delivering superior shareholder returns. We have maintained a   
resilient production performance despite challenges. The macro-economic trends, 
the global need for energy diversification and energy security are all          
supportive of our gas-to-liquids value proposition. Our growth strategy         
continues to serve us well and we are positive about the earnings outlook for   
the remainder of 2012. Our focus on cost containment and capital project        
execution continues as part of our strategy of sustainable value creation across
our businesses in South Africa and abroad."                                     
Earnings attributable to shareholders for the six months ended 31 December 2011 
increased by 83% to R13,9 billion from R7,6 billion in the prior year*, while   
headline earnings per share and earnings per share increased by 81% to R23,50   
and by 82% to R23,05, respectively, over the same period.                       
Operating profit of R20,5 billion increased by 70% compared with the prior year.
This increase was mainly due to solid operational performance in our businesses,
coupled with a strong improvement in the average crude oil (average dated Brent 
was US$111,41/barrel at 31 December 2011 compared with US$81,68/barrel at 31    
December 2010) and product prices as well as a 7% weaker rand/US dollar exchange
rate (R7,63/US$ at 31 December 2011 compared with R7,11/US$ at 31 December      
2010). In addition, the results have been positively impacted by exchange gains 
on forward exchange contracts. Overall, group production volumes were down      
compared to the prior comparable period. In South Africa, industrial strike     
action and plant incidents negatively impacted volumes. Production utilisation  
in other global operations was purposely reduced to match lower demand and      
optimise margins.                                                               
Chief Financial Officer, Christine Ramon says:                                  
"A solid group operational performance as well as an overall favourable         
macroeconomic environment contributed to an excellent set of financial results  
and strong cash flow generation. In addition, proactive management actions      
resulted in significant margin improvement. We continue to focus on containing  
normalised cash fixed costs within inflation, despite a challenging South       
African inflationary environment and the negative impact of a weaker rand on    
costs for the half year. Our balance sheet remains strong and continues to      
provide a buffer against a volatile global economic environment. We remain well-
positioned to fund our carefully selected, exciting growth opportunities, whilst
remaining committed to consistently delivering attractive returns to our        
shareholders."                                                                  
Cash fixed costs increased in real terms by 3% on a normalised basis, excluding 
once-off and growth costs, mainly as a result of increased energy imports and   
higher plant maintenance at our Secunda operations. Growth costs relate         
primarily to our Canadian operations.                                           
The operating profit in the current period was positively impacted by non-      
recurring items totalling R74 million (31 December 2010:R800 million negative   
impact). These items relate primarily to the profit of R120 million on the sale 
of our Sasol Nitro Phalaborwa operations and certain of the upstream fertiliser 
businesses. Our overall share-based payment expense of R721 million decreased   
from R1 196 million in the prior year, as a result of a decrease of R201 million
Sasol Inzalo BEE share-based payment expense and the once-off Ixia Coal BEE     
transaction expense of R565 million, partially offset by an increase in the     
Sasol share incentive schemes expense related to the increase in the Sasol share
price.                                                                          
The decrease in the effective tax rate from 33,7% to 29,3% resulted primarily   
from the reduction in non-deductible share-based payment expenses and           
competition administrative penalties, compared with the prior year.             
Cash flow generated by operating activities was R22,7 billion compared with     
R15,1 billion in the prior year. This was mainly due to increased operating     
profits, partly offset by increased working capital, both as a result of price  
and volume effects. Capital investments for the period was R14,5 billion.       
*    All comparisons refer to the prior year comparable period unless otherwise 
    stated.                                                                     
Pursuing sustainable value creation                                             
To ensure that we continue to build on our successes into the future, we are    
focusing on optimising our current businesses and on maximising our growth      
opportunities. To achieve these objectives, we will focus on further            
globalisation through geographic and people diversification, as well as         
expanding our chemicals and energy footprint.                                   
Opportunities abound in the upstream, downstream chemical and new energy arenas.
All our businesses and functions will continue to operate sustainably,          
underpinned by sound governance. Continuing to deliver sustainable value through
our operational excellence and functional excellence initiatives in our existing
asset base, underpins the achievement of our objectives. Our growth will further
be supported by our capital excellence programme, allowing us to achieve world- 
class capital project execution. These initiatives will also continue to support
our commitment to energy efficiency and our environmental projects. In addition,
we will seek to become more globally-orientated and customer-focused, through   
our sales and marketing excellence initiative across the group. Safety remains  
an imperative and we will continue striving for zero harm production.           
During the period, we have paid R13,5 billion direct and indirect taxes to the  
South African government. Sasol remains one of the largest corporate tax payers 
in South Africa, contributing significantly to the South African economy.       
During the period, we continued to make progress in pursuing sustainable        
initiatives to help reduce our carbon footprint:                                
*    Sasol New Energy continued to progress various alternative energy studies  
    and projects to various stages of completion. These studies included the    
generation of electricity from natural gas in both South Africa and         
    Mozambique, solar based renewable energy projects and hydro electricity     
    generation. Our in-house knowledge in respect of carbon capture and storage 
    as well as underground coal gasification was further advanced during the    
period.                                                                     
*    We continued to invest in the European CO2 Technology Centre Mongstad, in  
    Norway. The construction of a carbon capture facility is on track, with the 
    start up of various components of the plant in progress.                    
*    Sasol New Energy has engaged with BrightSource Energy Inc., to advance     
    concentrated solar power technology in South Africa. This project has the   
    potential to expand our new energy portfolio and contribute to the          
    country`s transition to a lower-carbon economy.                             
*    The recordable case rate (RCR) for employees and service providers,        
    including injuries and illnesses, of 0,43 at 31 December 2011 is comparable 
    to the RCR rate of 0,42 at 30 June 2011. Safety improvement remains a       
    strategic imperative for sustainable operations.                            
Steady progress on projects                                                     
We are steadily advancing our growth ambitions, supported by our strong balance 
sheet:                                                                          
*    The advancement and acquisition of natural gas assets in support of        
leveraging our gas-to-liquids (GTL) technology continued to progress over   
    the period:                                                                 
    *    In respect of our Canadian shale gas assets, activities on the Farrell 
         Creek asset continue with a multi-rig drilling programme designed to   
add production in the core areas and appraising the less calibrated    
         areas. Continued and significant efforts are focused on driving down   
         drilling and completion costs and optimising the fracking techniques   
         to maximise productivity and increase the overall economic robustness  
of the project, notably in a low gas price environment. Production     
         from the Cypress A area continues from the existing six wells with a   
         single additional well planned for the 2012 calendar year for          
         retention of acreage.                                                  
*    During the period, Sasol Petroleum International`s (SPI) onshore       
         appraisal campaign of the Inhassoro oil discovery in Mozambique        
         focused on the production test of the I-9Z horizontal well, which is   
         expected to commence during the first half of the 2012 calendar year.  
*    In October 2011, 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, achieved beneficial operation.                             
*    We have completed the technical study for shale gas in the Karoo Basin 
         and based on our technical assessment, we concluded that the           
         subsurface risk in this part of the basin is too high for the          
         partnership. Following the expiry of our technical co-operation permit 
in November 2011, we decided to relinquish the area.                   
    *    Together with our partner Origin, we made entry into a coal bed        
         methane venture in Botswana and at present are planning for field      
         studies and activities in the latter part of the 2012 calendar year.   
*    We have also been successful in securing a technical co-operation      
         permit offshore Durban, South Africa, and have started our evaluation  
         of the area.                                                           
*    The feasibility study to determine the technical and commercial viability  
of an integrated GTL and chemicals facility in Louisiana in the United      
    States has commenced and is expected to be concluded in the 2013 calendar   
    year.                                                                       
*    During the period, we also commenced with a feasibility study to assess the
technical and commercial viability of a world-scale ethane cracker and      
    associated ethylene derivatives in Louisiana. The feasibility study is also 
    expected to be concluded in the 2013 calendar year.                         
*    The feasibility study to determine the technical and commercial viability  
of a GTL plant in western Canada is progressing and is expected to be       
    completed towards the second half of the 2012 calendar year.                
*    The front end engineering and design (FEED) for the Uzbekistan GTL plant   
    commenced in October 2011, following the signing of the investment          
agreement with our partners, Uzbekneftegaz and Petronas. FEED is expected   
    to be completed in the 2013 calendar year.                                  
*    The Synfuels growth programme is progressing well with the gas turbines,   
    10th Sasol advanced synthol reactor and 16th oxygen train delivering to     
expectations, and construction on the gas heated heat exchange reformers    
    project continues. In related projects, the first of four new gasifiers was 
    commissioned successfully, with commissioning of the 17th reformer expected 
    in the second quarter of the 2012 calendar year.                            
*    During the period, Sasol New Energy began construction of a 140 megawatt   
    electricity generation plant in Sasolburg, South Africa. The plant will     
    utilise natural gas as its feedstock. It is anticipated that the facility   
    will be on line and reach full capacity during the first half of the 2013   
calendar year.                                                              
*    Progress has been made during the period on extending our reserves at Sasol
    Mining. The construction of a mine which will support the long-term coal    
    export market continues to progress, with an anticipated completion date    
towards the first half of the 2013 calendar year. The construction of a     
    further two collieries, at a total estimated cost of R9,8 billion, is       
    expected to be completed in 2015 and 2016, respectively.                    
*    The Gauteng Network Gas Pipeline expansion project, at an estimated cost of
R1,6 billion, advanced during the period and is expected to be completed    
    during the second half of the 2012 calendar year.                           
*    The Alrode Depot expansion project is nearing completion and is expected to
    be fully operational by the end of the third quarter of the 2012 calendar   
year.                                                                       
*    Work on the Clean Fuels 2 project for Sasol Synfuels and Natref is         
    progressing well and it is expected that the feasibility studies will be    
    completed by the end of the 2012 calendar year.                             
*    Construction on the wax production facility in Sasolburg, South Africa,    
    continues to progress according to plan.                                    
*    Our ethylene purification unit project in Sasolburg, which will yield      
    additional ethylene to support our polymer plants to run continuously is    
expected to be in operation during the second half of the 2012 calendar     
    year, at an estimated cost of R1,8 billion.                                 
    Climate change initiatives and policies                                     
    Towards the end of 2011, Sasol worked with the South African government and 
other stakeholders as part of "Team South Africa" to ensure that the 17th   
    meeting of the Conference of the Parties (COP 17) in Durban was             
    successfully hosted. Sasol was well-represented at COP 17 and we were able  
    to build both awareness of the issues that we face in responding to climate 
change challenges and to showcase the progress that South Africa has made   
    in moving towards a lower carbon and climate resilient economy. In          
    particular, we were able to highlight:                                      
    *    the role of gas as a bridge to a lower carbon economy,                 
*    our progress with respect to improved energy efficiency, and           
    *    our work in the area of carbon capture and storage both in South       
         Africa and through our share in the Technology Centre Mongstad, in     
         Norway.                                                                
On 22 February 2012, the South African Finance Minister, Minister Gordhan,  
    announced that a revised policy paper on a carbon tax will be published     
    this year for a second round of public comment and consultation. Sasol is   
    studying the proposed tax, as detailed in the full budget review document,  
and will actively consult with government once the revised policy paper has 
    been published.                                                             
    Sasol will continue to engage the South African government and other        
    stakeholders on climate change-related policies and initiatives, to find    
workable and sustainable solutions to the climate change challenge, while   
    remaining mindful of energy security requirements, growth imperatives, and  
    socio-economic impacts associated with a transition to a lower-carbon       
    economy.                                                                    
Solid performance from our operations                                       
    South African energy cluster                                                
Sasol Mining - higher US dollar coal prices continue                            
Operating profit of R1 002 million was 42% higher than the prior year after     
taking into account the once-off Ixia Coal transaction share-based payment      
expense of R565 million recognised in the prior year. Production volumes        
increased by approximately 2%, despite industrial action and adverse geological 
conditions. The improved operating profit was supported by higher US dollar     
export coal prices and sales prices to Sasol Synfuels, together with the weaker 
rand/US dollar exchange rate.                                                   
Sasol Gas - improved sales prices                                               
Operating profit increased by 14% to R1 461 million compared with the prior year
mainly as a result of higher gas prices and marginally higher sales volumes,    
despite the negative impact of exchange rates on gas purchases and the costs    
associated with the start-up in October 2010 of a new compressor station in     
Komatipoort, South Africa.                                                      
Sasol Synfuels - higher prices, lower production volumes                        
Sasol Synfuels` operating profit increased by 84% to R9 909 million compared    
with the prior year primarily due to higher average rand oil prices resulting in
favourable product prices. Production volumes were 1,3% lower than the prior    
year due to the industrial action during the period as well as plant            
instabilities. Operating profits were also negatively impacted by higher        
feedstock and energy costs as well as increased maintenance costs.              
Sasol Oil - higher wholesale margins                                            
Operating profit increased by 65% to R1 099 million compared with the prior     
year, despite lower production and sales volumes resulting from an extended     
planned shutdown at the Natref refinery and industrial action during the period.
Higher wholesale margins and the impact of the weaker rand/US dollar exchange   
rate underpinned the improved operating profit.                                 
International energy cluster                                                    
Sasol Synfuels International (SSI) - strong performance from ORYX               
SSI`s operating profit increased by 92% to R1 033 million compared with the     
prior year. This was mainly due to higher crude oil and product prices coupled  
with increased sales volumes, which were partly negated by exchange rate        
variances. The ORYX GTL plant in Qatar delivered a strong performance, achieving
an average daily production of 28 700 barrels per day, at an average utilisation
rate of 89%.                                                                    
Sasol Petroleum International (SPI) - improved volumes from Gabon and Canada    
Operating profit decreased by 64% to R121 million compared with the prior year. 
Higher oil prices and increased sales volumes from our Gabon and Canada         
operations contributed positively to the operating profit; however, the         
favourable impact was offset by negative foreign exchange translation effects   
from foreign operations as well as depreciation of our recently acquired        
Canadian assets. While, exploration expenditure in Mozambique and Gabon was     
lower during the period, expenditure on growth initiatives increased.           
Chemical cluster                                                                
Sasol Polymers - Arya Sasol Polymer Company (ASPC) ramps up to design capacity  
Sasol Polymers` operating profit decreased by 5% to R546 million compared with  
the prior year. Operating profit was negatively impacted by a 6% decrease in    
production volumes from our local operations, which was partially compensated by
an increase from our international operations. Our international operations     
contributed R937 million to operating profit. ASPC ramped up to design capacity 
during the period, with an average year to date capacity utilisation rate of    
81%. International polymer prices contributed to the decrease in operating      
profit, but their effect was partially offset by the weaker rand/US dollar      
exchange rate. Our local operations experienced a significant margin squeeze due
to increased feedstock costs as a result of the increase in average crude oil   
prices.                                                                         
Sasol Solvents - higher product prices                                          
Operating profit increased by 153% to R1 115 million compared with the prior    
year. This is mainly due to higher prevailing product prices, despite lower     
sales volumes. The increased operating profit was assisted by a weaker rand/US  
dollar exchange rate, which negated deteriorating market conditions over the    
period. Production volumes reflected a decline compared with the prior year as a
result of planned and unplanned outages at production facilities, as well as    
production    cut-backs due to market constraints.                              
Sasol Olefins & Surfactants (Sasol O&S) - improved margins                      
Operating profit increased by 4% to R1 660 million compared with the prior year,
mainly as a result of strong gross margins, in particular during the first half 
of the period. There were some reductions in volumes during the latter part of  
the period as a result of seasonal fluctuations. The increase in operating      
profit was positively impacted by foreign currency translation effects.         
Other chemical businesses - strong prices in Sasol Nitro offsets lower volumes  
Operating profit in our other chemical businesses increased by 21% to   R1 018  
million compared with the prior year. Sales and production volumes in the wax   
markets declined on the back of lower demand in the United States and European  
markets and production difficulties in South Africa.                            
Despite lower fertiliser sales volumes, due to exiting the retail fertiliser    
business, higher margins were achieved in the Sasol Nitro business. The         
improvement in operating profits was supported by the weaker rand/US dollar     
exchange rate. Operating profit includes a once-off profit of R120 million      
resulting from the sale of Sasol Nitro`s Phalaborwa operations and certain of   
its upstream fertiliser businesses.                                             
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   
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 South African Competition Commission (the Commission) is conducting         
investigations into the South African piped gas, petroleum, coal mining,        
fertilisers and polymer industries. As part of its investigation into the       
polymer industry, the Commission has contended that the prices at which Sasol   
Polymers supplies propylene and polypropylene are excessive. Sasol Polymers does
not agree with the Commission`s position in this regard and is contesting the   
Commission`s allegations. The Competition Tribunal hearing is scheduled for July
2012. 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 31 December 2011.                                                 
Balance sheet remains strong                                                    
Gearing at 31 December 2011 of 7,2% (30 June 2011: 1,3%) 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 25 November 2011, shareholders renewed the authority to the  
Sasol directors 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 period.                           
Profit outlook* - well positioned to deliver increased earnings for the 2012    
financial year                                                                  
Crude oil prices have been increasing steadily supported by recent developments 
in supply and geopolitics in the Middle East/North Africa. The rand/US dollar   
exchange rate remains the single biggest external factor impacting our          
profitability.                                                                  
At Synfuels we are on track to produce between 7,0 to 7,2 million tons of       
product for the financial year 2012. In our international operations we expect  
ORYX GTL to achieve a full-year utilisation rate of between 80% and 90% of      
nameplate capacity and we remain confident that full-year production at ASPC    
will be above 80% of nameplate capacity. Despite the production delays          
experienced at Farrell Creek, we expect volume growth from this shale gas       
venture. Although demand and prices for chemicals have softened recently, we    
still maintain solid operating margins. Our South African Polymers operations   
are experiencing margin pressure, which is expected to continue.                
In view of recent developments regarding trade restrictions and possible oil    
sanctions against Iran, Sasol Oil is diversifying its crude oil sourcing, to    
mitigate risks associated with oil supply disruptions from the Middle East.     
In addition, we remain committed to containing normalised cash fixed costs      
within inflation.                                                               
Our resilient operations will enable us to benefit from the favourable rand     
commodity prices and therefore we are well-positioned to deliver increased      
earnings for the 2012 financial year.                                           
The macro economic conditions continue to be volatile, impacting our assumptions
in respect of improved crude oil and product prices, weaker refining margins as 
well as the weaker rand/US dollar exchange rate. Our focus remains on factors   
within our control: volume growth, margin improvement and cost containment      
within inflation. The current volatility and uncertainty of global markets and  
geopolitical activities makes it difficult to be more precise in this outlook   
statement.                                                                      
Taking into account the ongoing strength of our financial position and current  
capital investment plans, as well as the increased earnings, management has     
recommended and the board has approved the interim dividend. This approach      
remains in line with our progressive dividend policy and our commitment to      
consistently return value to shareholders.                                      
The proposed amendments to the tax treatment of dividends in South Africa will  
become effective on 1 April 2012. The group`s final dividend for year ended 30  
June 2012 and dividends declared thereafter will be affected by a dividend      
withholding tax. As a result of the withdrawal of secondary tax on companies    
(STC) and the introduction of a dividend withholding tax, the board intends to  
pass on the savings in STC to shareholders by increasing the dividend payment   
for the current financial year. We will continue to assess future dividends     
taking into account our progressive dividend policy.                            
* In accordance with standard practice, it is noted that this information has   
not been reviewed nor reported on by the company`s auditors.                    
Subsequent events                                                               
On 10 January 2012, Sasol Germany GmbH announced that it had reached agreement  
to sell its production site in Witten, Germany. All conditions precedent were   
met on 29 February 2012.                                                        
Activities to further the potential disposal of our investment in ASPC are      
progressing. Further announcements will be made once sufficient certainty is    
achieved.                                                                       
Appointment of director                                                         
On 29 November 2011, Mr MZ Mkhize was appointed as an independent non-executive 
director of Sasol Limited.                                                      
Declaration of cash dividend number 65                                          
An interim cash dividend of South African R5,70 per ordinary share (2010: R3,10 
per share) has been declared for the six months ended 31 December 2011. The     
interim 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:                           
Declaration date                                     Monday, 12 March 2012      
Last day for trading to qualify for and            Wednesday, 4 April 2012      
participate in the interim dividend (cum                                        
dividend)                                                                       
Trading ex dividend commences                       Thursday, 5 April 2012      
Record date                                          Friday, 13 April 2012      
Dividend payment date                                Monday, 16 April 2012      
Holders of American Depositary Receipts1                                        
Ex dividend on New York Stock Exchange (NYSE)     Wednesday, 11 April 2012      
Record date                                          Friday, 13 April 2012      
Approximate date for currency conversion            Tuesday, 17 April 2012      
Approximate dividend payment date                  Thursday, 24 April 2012      
(1)  All dates are approximate as the NYSE sets the record date after receipt of
    the dividend declaration.                                                   
On Monday, 16 April 2012, 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, 16 April 2012.                                              
Share certificates may not be dematerialised or re-materialised between         
Wednesday, 4 April 2012 and Friday, 13 April 2012, both days inclusive.         
On behalf of the board                                                          
Hixonia Nyasulu                                                                 
Chairman                                                                        
David E. Constable                                                              
Chief Executive Officer                                                         
Christine Ramon                                                                 
Chief Financial Officer                                                         
Sasol Limited                                                                   
9 March 2012                                                                    
The interim financial statements are presented on a condensed consolidated      
basis.                                                                          
                                                                                
Statement of financial position                                                 
at                                                                              
31 Dec 11  31 Dec 10 30 Jun 11                
                                  Reviewed   Reviewed  Audited                  
                                  Rm         Rm        Rm                       
Assets                                                                          
Property, plant and equipment       86 566     74 173    79 245                 
Assets under construction           35 437     23 038    29 752                 
Goodwill                            792        701       747                    
Other intangible assets             1 104      1 101     1 265                  
Investments in associates           3 718      2 978     3 071                  
Post-retirement benefit assets      902        768       792                    
Deferred tax assets                 1 241      1 003     1 101                  
Other long-term assets              2 997      2 042     2 218                  
Non-current assets                  132 757    105 804   118 191                
Assets held for sale                343        121       54                     
Inventories                         21 712     16 337    18 512                 
Trade and other receivables         23 975     20 487    23 174                 
Short-term financial assets         408        40        22                     
Cash restricted for use             7 817      2 489     3 303                  
Cash                                8 857      13 330    14 716                 
Current assets                      63 112     52 804    59 781                 
Total assets                        195 869    158 608   177 972                
                                                                                
Equity and liabilities                                                          
Shareholders` equity                120 503    95 876    107 649                
Non-controlling interest            2 790      2 550     2 691                  
Total equity                        123 293    98 426    110 340                
Long-term debt                      14 162     14 319    14 356                 
Long-term financial liabilities     39         59        103                    
Long-term provisions                9 405      7 588     8 233                  
Post-retirement benefit             5 144      4 529     4 896                  
obligations                                                                     
Long-term deferred income           404        360       498                    
Deferred tax liabilities            13 834     11 189    12 272                 
Non-current liabilities            42 988      38 044    40 358                 
Liabilities in disposal groups                                                  
held for sale                                                                   
36        4          -                       
Short-term debt                     3 097      1 239     1 602                  
Short-term financial liabilities    127        289       136                    
Other current liabilities           26 044     20 393    25 327                 
Bank overdraft                      284        213       209                    
Current liabilities                 29 588     22 138    27 274                 
Total equity and liabilities        195 869    158 608   177 972                
Income statement                                                                
for the period ended                                                            
                              half year   half year  full year                  
                              31 Dec 11   31 Dec 10   30 Jun 11                 
                              Reviewed    Reviewed   Audited                    
Rm          Rm         Rm                         
Turnover                        83 303      67 232     142 436                  
Cost of sales and services      (53 936)    (42 901)   (90 467)                 
rendered                                                                        
Gross profit                    29 367      24 331     51 969                   
Other operating income          613         292        1 088                    
Marketing and distribution      (3 589)     (3 350)    (6 796)                  
expenditure                                                                     
Administrative expenditure      (5 331)     (5 612)    (9 887)                  
Other operating expenditure     (584)       (3 643)    (6 424)                  
Competition related fines       -           (112)      (112)                    
Effect of crude oil hedges      50          (25)       (118)                    
Share-based payment expenses    (721)       (1 196)    (2 071)                  
Effect of remeasurement items   (303)       (177)      (426)                    
Translation gains/(losses)      1 642       (919)      (1 016)                  
Other expenditure               (1 252)     (1 214)    (2 681)                  
Operating profit                20 476      12 018     29 950                   
Finance income                  428         565        991                      
Share of profits of             269         137        292                      
associates (net of tax)                                                         
Finance expenses                (972)       (983)      (1 817)                  
Profit before tax               20 201      11 737     29 416                   
Taxation                        (5 927)     (3 953)    (9 196)                  
Profit for the period           14 274      7 784      20 220                   
Attributable to                                                                 
Owners of Sasol Limited         13 894      7 601      19 794                   
Non-controlling interest in     380         183        426                      
subsidiaries                                                                    
14 274      7 784      20 220                    
                              Rand        Rand       Rand                       
Earnings per share                                                              
Basic earnings per share        23,05       12,68      32,97                    
Diluted earnings per share1     22,91       12,69      32,85                    
1 Diluted earnings per share are calculated taking the Sasol Share              
Incentive Scheme and Sasol Inzalo share transaction into account.               
Statement of cash flows                                                         
for the period ended                                                            
                                half year  half year  full year                 
                                31 Dec 11  31 Dec 10  30 Jun 11                 
                                Reviewed   Reviewed   Audited                   
Rm         Rm         Rm                        
Cash receipts from customers      83 633     66 651     138 955                 
Cash paid to suppliers and        (60 975)   (51 558)   (100 316)               
employees                                                                       
Cash generated by operating       22 658     15 093     38 639                  
activities                                                                      
Finance income received           639        719        1 380                   
Finance expenses paid             (343)      (778)      (898)                   
Tax paid                          (5 163)    (2 238)    (6 691)                 
Dividends paid                    (6 090)    (4 713)    (6 614)                 
Cash retained from operating      11 701     8 083      25 816                  
activities                                                                      
Additions to non-current assets   (14 540)   (9 217)    (20 665)                
Acquisition of interest in        (28)       -          (3 823)                 
joint ventures                                                                  
Disposal of businesses            33         -          22                      
Additional investments in         (80)       -          (91)                    
associate                                                                       
Other net cash flows from         (36)       76         92                      
investing activities                                                            
Cash utilised in investing        (14 651)   (9 141)    (24 465)                
activities                                                                      
Share capital issued              217        248        430                     
Contributions from non-           -          27         27                      
controlling shareholders in                                                     
subsidiaries                                                                    
Dividends paid to non-            (288)      (313)      (419)                   
controlling shareholders in                                                     
subsidiaries                                                                    
(Decrease)/increase in long-      (913)      672        545                     
term debt                                                                       
Increase/(decrease) in short-     1 503      (215)      (295)                   
term debt                                                                       
Cash effect of financing          519        419        288                     
activities                                                                      
Translation effects on cash and   1 011      (347)      (421)                   
cash equivalents of foreign                                                     
operations                                                                      
(Decrease)/increase in cash and   (1 420)    (986)      1 218                   
cash equivalents                                                                
Cash and cash equivalents at      17 810     16 592     16 592                  
beginning of period                                                             
Cash and cash equivalents at      16 390     15 606     17 810                  
end of period                                                                   
Statement of comprehensive income                                               
for the period ended                                                            
                                half year  half year  full year                 
                                31 Dec 11  31 Dec 10  30 Jun 11                 
Reviewed   Reviewed   Audited                   
                                Rm         Rm         Rm                        
Profit for the period             14 274     7 784      20 220                  
Other comprehensive income                                                      
Effect of translation of          4 575      (2 813)    (2 031)                 
foreign operations                                                              
Effect of cash flow hedges        38         (41)       111                     
Investments available-for-sale    (4)        -          -                       
Tax on other comprehensive        (9)        19         (23)                    
income                                                                          
Other comprehensive income for    4 600      (2 835)    (1 943)                 
the period, net of tax                                                          
Total comprehensive income for    18 874     4 949      18 277                  
the period                                                                      
Attributable to                                                                 
Owners of Sasol Limited           18 487     4 768      17 849                  
Non-controlling interests in      387        181        428                     
subsidiaries                                                                    
                                 18 874     4 949      18 277                   
Statement of changes in equity                                                  
for the period ended                                                            
                                half year  half year  full year                 
                                31 Dec 11  31 Dec 10  30 Jun 11                 
                                Reviewed   Reviewed   Audited                   
Rm         Rm         Rm                        
Opening balance                   110 340    97 242     97 242                  
Shares issued during period       217        248        430                     
Share-based payment expenses      240        1 017      1 428                   
Disposal of businesses            -          (4)        (4)                     
Total comprehensive income for    18 874     4 949      18 277                  
the period                                                                      
Dividends paid                    (6 090)    (4 713)    (6 614)                 
Dividends paid to non-            (288)      (313)      (419)                   
controlling shareholders in                                                     
subsidiaries                                                                    
Closing balance                   123 293    98 426     110 340                 

Comprising                                                                      
Share capital                     27 876     27 477     27 659                  
Share repurchase programme        (2 641)    (2 641)    (2 641)                 
Sasol Inzalo share transaction    (22 054)   (22 054)   (22 054)                
Retained earnings                 106 394    88 298     98 590                  
Share-based payment reserve       8 264      7 613      8 024                   
Foreign currency translation      2 674      (2 676)    (1 895)                 
reserve                                                                         
Investment fair value reserve     2          5          5                       
Cash flow hedge accounting        (12)       (146)      (39)                    
reserve                                                                         
Shareholders` equity              120 503    95 876     107 649                 
Non-controlling interest in       2 790      2 550      2 691                   
subsidiaries                                                                    
Total equity                      123 293    98 426     110 340                 
Salient features                                                                
for the period ended                                                            
                                 half      half year  full year                 
                                 year      31 Dec 10  30 Jun 11                 
31 Dec                                         
                                 11                                             
Selected ratios                                                                 
Return on equity      %            25,7*     16,7*      19,6                    
Return on total       %            23,9*     16,6*      18,7                    
assets                                                                          
Operating margin      %            24,6      17,9       21,0                    
Finance expense       times        61,7      16,3       34,8                    
cover                                                                           
Dividend cover        times       4,1        4,2        2,5                     
* Annualised                                                                    
                                                                                
Share statistics                                                                
Total shares in       million      672,5     669,7      671,0                   
issue                                                                           
Treasury              million      8,8       8,8        8,8                     
shares(share                                                                    
repurchase                                                                      
programme)                                                                      
Weighted average      million      602,7     599,6      600,4                   
number of shares                                                                
Diluted weighted      million      615,0     614,4      614,5                   
average number of                                                               
shares                                                                          
Share price           Rand         385,50    346,28     355,98                  
(closing)                                                                       
Market                               259        231        238                  
capitalization        Rm          247       904        863                      
- Total Sasol shares                                                            
- Sasol BEE ordinary  Rm           710       -          742                     
shares                                                                          
Net asset value per   Rand         200,64    160,38     179,68                  
share                                                                           
Dividend per share    Rand        5,70       3,10       13,00                   
- interim             Rand        5,70       3,10       3,10                    
- final               Rand         -         -          9,90                    

Other financial                                                                 
information                                                                     
Total debt                                                                      
(including bank                                                                 
overdraft)                                                                      
- interest bearing    Rm           16 895    15 142     15 522                  
- non-interest        Rm           648       629        645                     
bearing                                                                         
Capital commitments   Rm           49 692    43 662     48 321                  
- authorised and      Rm           46 973    31 840     41 367                  
contracted                                                                      
- authorised, not     Rm           33 892    34 440     33 458                  
yet contracted                                                                  
- less expenditure    Rm           (31       (22 618)   (26 504)                
to date                           173)                                          
Guarantees and                                                                  
contingent                                                                      
liabilities                                                                     
- total amount        Rm           39 073   17 371      30 991                  
- liability included  Rm           11 401   10 286      10 734                  
in the statement of                                                             
financial position                                                              
Significant items in                                                            
operating profit                                                                
- employee costs      Rm           9 182     8 676      18 756                  
- depreciation and    Rm           4 393     3 537      7 400                   
amortisation of non-                                                            
current assets                                                                  
- share-based         Rm           721       1 196      2 071                   
payment expenses                                                                
Sasol share           Rm           490       199        676                     
incentive schemes                                                               
Sasol Inzalo share    Rm           231       432        830                     
transaction                                                                     
Ixia Coal             Rm           -         565        565                     
transaction                                                                     
Effective tax rate1    %           29,3      33,7       31,3                    
Number of employees   number       34 626    33 550     33 708                  
Average crude oil     US$/barrel   111,41    81,68      96,48                   
price - dated Brent                                                             
Average rand/US$      1US$ =       7,63      7,11       7,01                    
exchange rate         Rand                                                      
Closing rand/US$      1US$ =       8,09      6,62       6,77                    
exchange rate         Rand                                                      
1 Decrease in effective tax rate as a result of the absence of                  
competition related administrative penalties and lower share-based              
payment expenses which are not deductible for tax.                              
Reconciliation of headline       Rm         Rm         Rm                       
earnings                                                                        
Profit for the period             13 894     7 601      19 794                  
attributable to owners of Sasol                                                 
Limited                                                                         
Effect of remeasurement items     303        177        426                     
Impairment of assets              208        161        171                     
Reversal of impairment            (23)       (31)       (516)                   
Profit on disposal of business    (120)      (3)        (9)                     
Profit on disposal of associate   (6)        (6)        (6)                     
Profit on disposal of assets      (4)        (10)       (14)                    
Scrapping of non-current assets   240        66         359                     
Write off of unsuccessful         8          -          441                     
exploration wells                                                               
Tax effects and non-controlling   (36)       (3)        106                     
interests                                                                       
Headline earnings                 14 161     7 775      20 326                  
                                                                                
Remeasurement items per                                                         
above                                                                           
Mining                            54         (1)        3                       
Gas                               -          7          6                       
Synfuels                          108        34         197                     
Oil                               4          (7)        17                      
Synfuels International            33         133        126                     
Petroleum International           9          1          442                     
Polymers                          45         10         46                      
Solvents                          61         32         63                      
Olefins & Surfactants             102        (23)       (500)                   
Other chemical businesses         (119)      (14)       (11)                    
Nitro                             (113)      (8)        (1)                     
Wax                               (1)        (6)        (3)                     
Infrachem                         5          -          (8)                     
Merisol                           (10)       -          1                       
Other businesses                  6          5          37                      
Remeasurement items               303        177        426                     
Rand   23,50      12,97      33,85                    
Headline earnings per                                                           
share                                                                           
Diluted headline earnings  Rand   23,34      12,98      33,72                   
per share                                                                       
The reader is referred to the definitions contained in the 2011                 
Sasol Limited annual financial statements.                                      
Basis of preparation and accounting policies                                    
The condensed consolidated interim financial results for the six months ended 31
December 2011 have been prepared in accordance with 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,
2008, as amended.                                                               
The accounting policies applied in the presentation of the interim financial    
results are consistent with those applied for the year ended 30 June 2011 and   
are in terms of International Financial Reporting Standards (IFRS) as issued by 
the International Accounting Standards Board, except as follows:                
Sasol Limited has early adopted the following standards, which did not have a   
significant impact on the financial results:                                    
*    IFRS 7 (Amendments), Financial Instruments: Disclosures - Offsetting       
Financial Assets and Financial Liabilities.                                 
*    IAS 32 (Amendments), Financial Instruments: Presentation - Offsetting      
    Financial Assets and Financial Liabilities.                                 
*    IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine.       
These condensed consolidated interim 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     
value.                                                                          
The condensed consolidated interim financial results are presented in South     
African rand, which is Sasol Limited`s functional and presentation currency.    
Christine Ramon CA(SA), Chief Financial Officer, is responsible for this set of 
financial results and has supervised the preparation thereof in conjunction with
the Executive: Group Finance, Paul Victor CA(SA) and the General Manager: Group 
Statutory Reporting, Samantha Barnfather CA(SA).                                
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 2011                
Sasol Synfuels was in legal proceedings with regard to the operation of a plant 
in Secunda. Ashcor claimed damages of R313 million relating to their inability  
to develop their business and a projected loss of future cash flows. On 28      
September 2011, the Supreme Court of Appeal of South Africa dismissed the appeal
by Ashcor. These proceedings have been decided in favour of Sasol.              
As a result of the fine imposed on Sasol Wax GmbH in October 2008 by the        
European Commission, on 23 September 2011, Sasol Wax GmbH was served with a law 
suit in The Netherlands by a company to which potential claims for compensation 
of damages have been assigned to by eight customers. On 30 September 2011,      
another law suit has been lodged with the London High Court by 30 plaintiffs    
against Sasol Wax GmbH, Sasol Wax International AG and Sasol Holding in Germany 
GmbH. The law suits do not demand a specific amount for payment. The plaintiffs 
are trying to specify the amount of alleged damages. The result of these        
proceedings cannot be determined at present.                                    
Independent review by the auditors                                              
The condensed consolidated interim financial results for the six months ended 31
December 2011 were reviewed by KPMG Inc. The individual auditor assigned to     
perform the review is Mr CH Basson. Their unmodified review report is available 
for inspection at the registered office of the company.                         
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 11 370-7700 Fax: +27 11 370-5271/2                                     
Sponsor: Deutsche Securities (SA) (Pty) Ltd                                     
Directors (non-executive): Mrs TH Nyasulu (Chairman), Mr C Beggs*, Mr HG        
Dijkgraaf (Dutch)*, Dr MSV Gantsho*, Ms IN Mkhize*, Mr MZ Mkhize*, Mr MJN       
Njeke*, Prof JE Schrempp (German)                                               
(executive): Mr DE Constable (Chief Executive Officer) (Canadian),              
Mrs 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:                            ZAE000006896        US8038663006               
Sasol BEE Ordinary shares:                                                      
Share code:                      SOLBE1                                         
ISIN:                            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                                                                             
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 7 October 2011 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: www.sasol.com 
Date: 12/03/2012 07:05:04 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
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howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.                                          



                                        
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