Go Back Email this Link to a friend

SASOL LIMITED - Sasol Chief Financial Officer Update

Release Date: 25/11/2013 07:05:00      Code(s): SOL SOLBE1     
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


25 November 2013


Salient features for the period

-   Solid performance from Sasol Synfuels ? largest shutdown

    in history successfully completed

-  ORYX GTL continues to produce above design capacity

-   US projects progress well on track

-   Business performance enhancement programme on target ?

    group executive committee and related management

    structures announced

-   Divestiture from Iran completed

-   Normalised cash fixed cost above indicative South African


Dear stakeholder

In the first three months of the 2014 financial year*, we

have delivered solid financial results, despite the ongoing

global economic uncertainty and industrial action in South

Africa. Sasol Synfuels delivered a strong operational

performance, despite a planned total and phase shutdown of

the east factory, which took place in September 2013. Our

ORYX gas-to-liquids (GTL) operations continue to exceed our

expectations and the utilisation rate for the period

remained above 100% during the first three months of 2014.

Our other foundation businesses continue to perform in line

with 2014 targets. The disposal of our investment in Arya

Sasol Polymer Company (ASPC) became effective on 16 August

2013 and Sasol no longer has any investments in Iran.

The group benefited from a weaker rand/US dollar exchange

rate as well as improved product prices. The average Brent

crude oil price for the three months improved slightly and

chemical prices were also higher compared to the prior year

comparable period. The demand in the chemicals market

continues to remain soft.

We continue to focus on those factors within our control

including cost containment, operational efficiencies and

margin improvement. Our current cost inflation is expected

to be above the indicative South African producers? price

index trends for the 2014 financial year. We are making real

progress on our business performance enhancement programme,

as evidenced by the recent announcement we made regarding

our revised group executive committee (GEC) and related

management structures. The announcement of these structures

is an essential step towards transitioning to our new

operating model to ensure that Sasol is fit for the future.

More detail on the business case, progress and

implementation costs of the project will be provided at our

interim results announcement in March 2014.

The front-end engineering and design (FEED) phase of our US

mega-projects and specifically our ethane cracker are

progressing according to plan. During the period, we have

made sufficient progress on the FEED phase of the Uzbekistan

GTL project with all technical activities having been


We were saddened by the news of three fatalities at our

operations during the month of October. One fatality related

to an employee at our Sasol Mining operations, while the

others related to service providers. We convey our deepest

sympathy to their family, friends and colleagues. Safety

remains a primary focus across our business.

We remain confident that, based on a solid business

performance of the group and favourable macroeconomics, we

will deliver strong earnings growth for the 2014 financial

year compared to the reported attributable earnings of R26,3

billion in the 2013 financial year.

Best regards,

Paul Victor

25 November 2013


*This update is based on information for the three months

ended 30 September 2013, however, where practical,

information to 31 October 2013 has been included to indicate

business performance.

1. Macroeconomics remain volatile


                               Oct      Sept     Sept   in % 2013     

                               2013     2012      2012   Sept

                                YTD      YTD      YTD    YTD

  Macroeconomic indicators

  Average rand/US$             9,98     10,00    8,26     (21%)

  Brent crude oil (US$/b)      110,04   110,37   109,64   1%

  Henry Hub gas price

  (US$/mmbtu)                  3,52     3,50     2,88     22%

  Product prices

  SA fuel price (US$/b)        124      125      129     (3%)

  Ethylene (US$/ton)           1 624    1 609    1 468   10%

  Propylene (US$/ton)          1 466    1 450    1 317   10%

  Polymers basket (US$/ton)    1 349    1 337    1 195   12%

  Solvents basket (US$/ton)    1 192    1 182    1 144   3%

Prices reflect international commodities or baskets of

commodities and are not necessarily Sasol specific.

Sources: RSA Department of Energy, ICIS-LOR, Reuters, Platts,

International Energy Agency

Global economic conditions improved modestly during the

first quarter of our current financial year. US economic

growth accelerated from the preceding quarter, even as

the budget funding and debt ceiling disagreements

gathered momentum. Indicators out of the euro zone

suggest that the underlying growth momentum was

sustained, while economic growth in the United Kingdom

generally surprised to the upside. In Asia, Chinese

economic growth remained relatively robust during the

quarter. In contrast, South Africa?s economic performance

was negatively impacted by industrial action in parts of

the manufacturing and mining industries.

Global leading indicators suggest that the gradual

economic recovery is likely to be sustained over the next

three to six months, even as the risks to the outlook

remain tilted to the downside. In the US, the risk of

another budget and debt-ceiling standoff in early 2014

poses a risk to the country?s growth prospects, while the

timing and pace of the start to a gradual withdrawal of

quantitative easing and its potential impact on capital

flows to emerging markets remains unclear. This is of

particular concern for South Africa given its current

relatively large current account financing need. It is

expected that Europe?s economic upturn will continue to

improve at a slow and uneven pace. China?s underlying

growth momentum appears to be slowing slightly, but it is

believed that full calendar year growth of about 7,5%

will be achieved.

Given the generally uncertain global environment, we

maintain our view that commodity and exchange rate

volatility is likely to persist in the coming months.

Across our operations, we remain focused on managing all

factors within our control which include ensuring solid

and reliable operational performance, production planning

and optimisation, margin improvement, cost reduction, as

well as effective working capital management.

2. Solid operational performance

                            Oct      Sept    Sept     Change

                            2013     2013     2012    in %


                            YTD      YTD      YTD     YTD

Total production

Sasol Mining (mt)            13,2    9,7     9,6     1%

Sasol Gas (MGJ)              58,0    42,7    41,8    2%

Sasol Synfuels (kt)          2 374   1 704   1 785   (5%)

Sasol Synfuels

(kt)(normalised for full

shutdown)                    2 489   1 819   1 785   2%


Sasol Oil (mil m3 )           2 558   1 885   2 034   (7%)

Total product yield (%)      97,1    97,4    97,8    (0,4%)

ORYX GTL* (mbbl)             1,952   1,481   1,504   (2%)

Sasol O&S (kt)               729,5   530,2   471,9   12%

Sasol Petroleum

International group

(excluding Canada) (mboe)*   6,8       4,9     4,6     7%

Canada shale gas* (bscf)     6,7     4,9     5,9     (17%)

   * Sasol?s share of production

Sasol Mining?s year-to-date production for the three

months to 30 September 2013 was 9,7 million tons (mt), or

1% higher than the prior year comparable period. Sasol

Mining?s costs remain under pressure mainly due to

increasing mining costs (mainly maintenance and labour

cost). Lower export coal prices continue to affect the

business negatively. Export coal sales increased by 13%

relative to the comparable period.

Sasol Synfuels? year-to-date production for the three

months to 30 September 2013 was 1,7 mt. This represents a

5% decrease (normalised for the total shutdown up 2%)

compared to the prior year comparable period. The lower

volumes are as a result of the east factory total and

phase shutdown which took place in September 2013,

compared to a phase shutdown in the prior comparable

period. This was the largest ever shutdown at Sasol

Synfuels. The total shutdown was planned for 15 days and

the phase shutdown for 20 days. The shutdown was

completed successfully and consisted of 155 822

activities undertaken with an additional 36 000 people on

site. Sasol Synfuels? year-to-date cash cost per unit is

above the indicative South African producers? price

index, mainly due to electricity and feedstock cost

increases, the latter being internal to the group.

Sasol Oil?s year-to-date production volumes were 7% lower

than the prior period comparable volumes. This was the

result of Sasol Oil?s Natref refinery operating at lower

crude rates, in an attempt to reduce the high ULP 93

stock levels experienced at the end of 2013. Sales

volumes decreased by 3% compared to the prior year

comparable period mainly due to lower diesel supplies

resulting from the lower throughput at Natref. This

decrease was partially offset by higher sales into the

aviation market as a result of securing additional

airline contracts. Product conversion yields are within

management?s expectations.

Our ORYX gas-to-liquids (GTL) joint venture, in Qatar,

achieved 1,5 million barrels (mbbl) (Sasol?s 49% share)

cumulative production over the three month period to

30 September 2013. During this period, the plant operated

at an average of 101% of design capacity, taking into

account maintenance activities at our gas feedstock

supplier. The plant is expected to operate at an average

utilisation rate of about 90% for the current financial


The performance of our Sasol Olefins & Surfactants?

(Sasol O&S) business for the three month period continues

to highlight the contrasting supply and market conditions

that prevail between our US and European operations. Our

US operations continued to benefit from low US ethane

prices, while our European based businesses remained

under pressure as a result of reduced volumes and lower

margins. Following further optimisation of our product

lines, the co-monomers product portfolio has been

transferred into Sasol O&S from Sasol Solvents, effective

1 July 2013. With the co-monomers results now included,

total production and sales volumes for the three months

to 30 September 2013 were 12% and 22% higher,

respectively, compared to the prior year comparable

period. Total gross margin for the Sasol O&S business

also exceeded the 2013 comparable level, on the back of

improved unit margins in the US. This performance

compensated for weaker sales volumes achieved,

specifically in Europe. Start-up of the 100 000 tons per

annum ethylene tetramerisation unit, at the Lake Charles,

Louisiana site in the US, remains on schedule and is

currently being commissioned. The project is on budget

and schedule.

Sasol Solvents has recorded a pleasing result this

quarter due to improved margins, higher sales volumes as

well as benefits realised from the implementation of a

turnaround plan in 2013. The rand weakness has further

supported the solvents business and negated the effect of

losses incurred in our German business. The restructuring

of our German businesses to improve the performance of

Sasol Solvents Germany is underway.

Our South African polymers business is still experiencing

margin pressure due to higher than anticipated feedstock

prices, and lower yields. We anticipate the operating

loss for the full 2014 financial year to be around R800

million (2013 - R1 785 million loss). Average sales

prices have, however, improved on the back of increased

US dollar based prices and a weaker exchange rate.

Production and sales volumes were 2% and 1% higher,

respectively, compared to the prior year comparable

period. Our projects identified to improve production

performance remain on track. The Ethylene Purification

Unit (EPU5) project, which increases ethylene available

for our polyethylene plants by approximately 48 kilotons

per annum, successfully achieved beneficial operation on

18 October 2013. The C3 stabilisation project will

achieve beneficial operation during the middle of the

2014 calendar year.

In our other chemical businesses, the gross margin,

including hard wax, of our Sasol Wax business for the

three months ended 30 September 2013 was 24% higher than

the prior year comparable period, despite 1% lower sales

volumes. This increase was mainly driven by the further

weakening of the rand against the US dollar and euro,

supported by continuous business and efficiency

improvements. Sasol Nitro experienced good growth in

production and sales volumes during the first three

months of the financial year. However, market conditions

remain challenging mainly due to the margin squeeze in

our fertiliser business as a result of the lower urea?

ammonia differential prices. The explosives business is

running well and market conditions are starting to

improve following the recent industrial action in the

mining industry.

In order to ensure long-term security of gas feedstock

supply, Sasol Petroleum International (SPI) is actively

managing a significant acreage position in the southern

part of Mozambique, which includes exploration,

appraisal, development and production.

In anticipation of the growing market in Mozambique, as

well as increasing demand in South Africa, SPI and its

partners have continuously increased the capacity of the

Central Processing Facility (CPF) and the pipeline to

match the growing demand for gas. Currently, we are

progressing two major projects to align with market

demand following the expansion of the CPF to 183 million

gigajoules per annum (MGJ/a):

- Sasol Gas Holdings, together with its partners, will

  be increasing the capacity of the current pipeline

  from a total of 170 MGJ/a to 188 MGJ/a through the

  addition of a 26 inch loop line at a cost of R1,98

  billion. Beneficial operation is expected during the

  middle of the 2014 calendar year.

- In 2013, we reached a final investment decision (FID)

  for a low pressure compression project at the CPF to

  compensate for the depletion of reservoir pressure in

  the fields as a result of production. The project is

  currently in the engineering, procurement, and

  construction (EPC) phase. Construction commenced

  during the first half of the 2014 financial year, with

  beneficial operation scheduled for the first half of

  the 2015 calendar year at an estimated total end of

  job cost of US$135 million.

We have continued with the development of our Production

Sharing Agreement (PSA) licence, which will supplement

current production from the Petroleum Production

Agreement (PPA) licence area. In 2013, we declared

commerciality on four oil and gas reservoirs including

the Inhassoro light oil prospect. We are on track to

submit the Field Development Plan (FDP) by February 2015

in accordance with applicable regulations.

Although gas prices have improved compared to the prior

year comparable period, the profitability of our Canadian

shale gas assets (Farrell Creek and Cypress A) continue

to remain under pressure resulting from these low gas

prices. We anticipate a continuation of the current loss

position for the full 2014 financial year. At 30

September 2013, our share of the capital expenditure on

the Canadian shale gas assets amounted to R1 280 million

(CAD133 million) for the three month period. At that

date, there were a total of 104 wells on stream in

Farrell Creek and six wells on stream in Cypress A. On

8 November 2013, our partner, Talisman, announced their

intention to dispose of their 50% share of the Montney

Basin shale gas assets. We are evaluating the impact

thereof on our Canadian shale gas assets.

Through Sasol New Energy (SNE), we continue to advance

the development of our 49% share of the US$246 million,

140 megawatt gas-fired power generation plant in

Mozambique, in partnership with the country's state-owned

power utility Electricidade de Mocambique (EDM). EDM will

be the sole off-taker of the electricity under a long-

term power purchase agreement. Beneficial operation is

expected during the first half of the 2014 calendar year.

Located at Ressano Garcia, this will be the first large

scale gas based industrial project in Mozambique designed

for long-term power supply.

3. Financial performance

Weaker rand increases inflationary cost pressures

A 21% weaker average rand/US dollar exchange rate (R8,26/US$

at 30 September 2012) negatively impacted cash fixed costs for

the three months ended 30 September 2013. Cash fixed costs,

excluding once-off items, growth costs and the impact of

exchange rates, reflect continued inflationary pressure,

resulting primarily from increased labour costs. Normalised

cash fixed costs are trending slightly above the indicative

South African producers? price index (PPI).

Strong cash generation continues to fund growth

Free cash flow for the three months to 30 September 2013 is

23% lower as compared to the prior year comparable period, due

to higher capital expenditure. We continue to maintain a

strong cash position, underpinned by a strong balance sheet,

enabling us to successfully sustain our current operations and

fund our growth aspirations, while still delivering attractive

returns to our shareholders.

Business performance enhancement programme progressing

We continue to make steady progress on our business

performance enhancement programme. On 1 November 2013, we

announced that, while detailed design work on Sasol's new

operating model continues, the Sasol board approved a new

group executive committee (GEC) structure to align the group?s

top management with our new operating platform. The

organisation will be defined by value chain, into four

distinct groupings:

  -   Operating business units, which comprise our mining and

      upstream oil and gas activities;

  -   Regional operating hubs, which include our operations in

      Southern Africa, North America and Eurasia;

  -   Strategic business units, which focus on our commercial and

      enhanced customer interfaces within the energy and chemicals

      arenas; and

  -   Group functions, which will deliver fit-for-purpose business

      support services and solutions.

The new GEC structure will not impact the segmental reporting

until 1 July 2014. Current financial reporting will therefore

continue for our 2014 financial year.

Our business performance enhancement programme remains on

track. Further details on the savings target, the sources of

these savings, as well as the cost of implementation, will be

provided at our interim results announcement in March 2014.

4. Projects update

US integrated ethane cracker complex and GTL complex

We are executing the front-end engineering and design (FEED)

phases of a world-scale ethane cracker and GTL facility to be

located in Westlake, Louisiana. A series of engineering and

technology providers have been appointed to support the ethane

cracker project. Fluor Corporation is the main FEED contractor

for the ethane cracker. Individual engineering services

agreements for the development of basic engineering packages,

as well as for the various technologies, have also been

concluded with a number of contractors. Worley Parsons Limited

has been contracted to support Sasol?s own project execution

team as part of an Integrated Project Management Team. We

expect the FID for the ethane cracker to be taken during the

middle of the 2014 calendar year, with beneficial operation to

be achieved during the 2017 calendar year. We still expect to

take FID for the US GTL 18 to 24 months after FID of the

ethane cracker.

Uzbekistan GTL

Our Uzbekistan GTL FEED activities are progressing well and

are expected to be completed at the end of the 2013 calendar

year. In June 2013, the Sasol board approved a decrease in

Sasol?s shareholding in the Uzbekistan GTL project from 44,5%

to 25,5% at the end of the FEED phase. Different shareholding

options are currently being evaluated and progress on this, as

well as the project financing, will be communicated in due


Escravos GTL

In Nigeria, the Escravos GTL commissioning and start-up

activities are progressing, however, a little slower than

expected. We have successfully started up all the main utility

plants and systems, with the larger processing units expected

to start up in the first half of the 2014 calendar year.

Beneficial operation is expected to be completed during the

first half of the 2014 calendar year.

Mining replacement programme

The development of the Impumelelo and Shondoni Collieries,

which are part of Sasol Mining?s R14 billion mine replacement

projects, remain on track. It is anticipated that the projects

will be completed within budget and on schedule, reaching

beneficial operation during the second half of the 2014 and

2015 calendar years, respectively.

FT wax expansion project

Construction on the FT wax expansion facility in Sasolburg,

South Africa continues to progress. During September 2013, as

per the current schedule, an important milestone of Phase 1 of

the project was achieved with the catalyst plant being

commissioned. The total project cost of Phases 1 and 2 is

estimated at R11,9 billion. There are some schedule risks to

Phase 1, which could increase the costs by 1% to 2% above the

approved amended budget. Phase 2 of the project could be

impacted by this potential delay. Increases in the cost of

labour and lower productivity commitments by construction

contractors are putting the Phase 2 costs under pressure. A

number of actions are underway in order to firm up the costs

and manage the schedule risks of the project.

Sasol Synfuels projects

The Sasol Synfuels growth programme is on track and nearing

completion. The beneficial operation of the entire programme

is expected to be reached in the second half of the 2014

calendar year. The installation of the second set of gas-

heated heat exchange reformers will mark the completion of the

growth programme.

The complex brownfields volatile organic compound (VOC)

abatement project, along with the replacement of tar tanks and

separators and the coal tar filtration (CTF) east projects are

under schedule and cost pressures.

Clean Fuels 2 update

Our estimates on the capital expenditure to comply with the

core specifications, octane and volume recovery, of Clean

Fuels 2 (CF2) regulations, is approximately R11,7 billion,

attributable to Sasol Synfuels and our share in the Natref

joint venture. Despite the South African Finance Minister?s

budget announcement on 27 February 2013, which indicated that

support mechanisms will be introduced to assist the local

refineries with the introduction of environmentally friendly

fuels, there have been no further details of a capital

recovery mechanism by the Department of Energy (DOE) and

accordingly, there is a possibility that beneficial operation

will be delayed within the oil industry. We continue to engage

with the DOE.

5. Update on strategic issues

Credit rating

Our corporate credit ratings remain unchanged from our

September 2013 results announcement. Our foreign currency

credit rating by Standard & Poor?s (S&P) is BBB/Negative/A-2,

and S&P?s local currency rating for the sovereign (South

Africa) is A-/Negative/A-2. Our foreign currency credit rating

published by Moody's Investors Service is Baa1/stable/P-2, and

our national scale issuer rating is Aa3.za/P-1.za.

The credit ratings reflect our local and international

activities, diversified along the integrated value chain, as

well as our current strong financial risk profile and prudent

financial policies.


Our balance sheet still reflects an under-geared position. The

low gearing is supported by continued healthy cash flow

generation, particularly from our foundation businesses. This

low level of gearing is expected to be maintained in the short

term, but is likely to return to within our targeted gearing

range of 20% to 40% in the medium term, taking into account

our capital investment programme as well as our progressive

dividend policy.

Polymers competition hearing

As reported previously, the South African Competition

Commission (the Commission) alleged that Sasol Chemical

Industries Limited charged excessive prices for propylene and

polypropylene in the South African market from 2004 to 2007.

We continue to dispute the Commission?s allegations. In 2010,

the matter was referred by the Commission to the South African

Competition Tribunal (the Tribunal). The trial was heard

before the Tribunal during 13 May 2013 through to 7 June 2013

and closing arguments were presented on 14 and 15 October

2013. We await the outcome of the hearing.

Divestiture from Iran

The disposal of our investment in Arya Sasol Polymer Company

(ASPC) became effective on 16 August 2013. An amount of US$47

million is still outstanding from the purchaser. It is

expected that the loss on the final disposal, recognised in

the 2014 financial year, will be less than US$100 million, as

previously communicated.

6. Guidance for the full year

The macroeconomic conditions continue to be volatile,

impacting our assumptions in respect of a stable crude oil

price in the near term, slightly improved natural gas prices

and volatile product prices, stronger refining margins as well

as the weaker rand/US dollar exchange rate. The rand/US dollar

exchange rate remains one of the biggest external factors

impacting our profitability. We continue to focus on factors

within our control: volume growth, margin improvement and cost


We expect an overall solid production performance for the 2014

financial year with our production guidance as follows:

  -   Sasol Synfuels? volumes will be between 7,3 to 7,5 million

      tons for the full year;

  -   The full year average utilisation rate at ORYX GTL in Qatar

      is expected to be about 90% of nameplate capacity; and

  -   Our shale gas venture in Canada will show marginally

      increased production compared to the prior year due to new

      wells coming on stream. At present, we are optimising

      drilling activities, as a ramp-up remains dependent on

      sustained natural gas price increases.

We remain on track to deliver on our expectations for improved

operational performance. As costs are incurred to improve

plant stability and the weaker rand continues to exert

pressure on our South African businesses, we expect that our

normalised fixed costs will increase above the indicative

South African PPI inflation. Cost reduction is a specific

target within our short-term incentive scheme and,

accordingly, management continues to focus on controllable

cost elements.

An update on earnings guidance will be provided once we have a

reasonable degree of certainty on the interim results for the

2014 financial year, taking into account any adjustments

arising from our half-year reporting closure process, as well

as remeasurement effects.

The forecast financial information appearing in this update,

including the letter addressed to stakeholders from Paul

Victor, is the responsibility of the directors and has not

been reviewed or reported on by Sasol?s external auditors. We

will release Sasol?s half-year results on Monday, 10 March


7. Other matters

New accounting standards

Sasol has adopted IFRS 10, Consolidated Financial Statements

(IFRS 10), and IFRS 11, Joint Arrangements (IFRS 11), on 1

July 2013. Under IFRS 11, investments in joint arrangements

are classified either as joint operations or joint ventures,

depending on the contractual rights and obligations of each

investor in addition to the legal form of the joint


The adoption of IFRS 10 and IFRS 11 had the largest impact on

the following joint arrangements:

                        Sasol?s    Previous         Revised

                        interest   classification   classification


  ORYX GTL Limited      49         Proportionately Equity

                                   consolidated    accounted


  Sasol-Huntsman GmbH   50         Proportionately Equity

  & co KG                          consolidated    accounted

  National Petroleum    64         Fully            Proportionately

  Refiners of South                consolidated     consolidated

  Africa (Pty) Ltd

As these standards have been applied with retrospective effect

from the date of acquisition or formation of the joint

arrangement, Sasol will restate the comparative results in the

statement of financial position, income statement, statement

of comprehensive income, statement of changes in equity and

the cash flow statement as well as the relevant notes to the

financial statements when we release our interim results for

the six months ending 31 December 2013. Our comparative

earnings per share will not be affected as a result of these


8. Other events 2014

  10 March          Half-year 2014 financial results release

  10 March          Dividend declaration

  6 June            CFO letter

  8 September       Full-year 2014 financial results release

  8 September       Dividend declaration

  21 November       Sasol Limited Annual General Meeting

  24 November       CFO letter

9. Investor Relations contacts

  Please feel free to contact us as follows:


  +27 11 441 3113

  The Investor Relations contact:

  Sam Barnfather General Manager: Investor Relations Operations

Sponsor: Deutsche Securities (SA) Proprietary Limited

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 9 October 2013 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?.

Date: 25/11/2013 07:05:00 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             . The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2018 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.