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SASOL LIMITED - Trading statement for the six months ended 31 December 2014

Release Date: 06/02/2015 14:00:00      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
("Sasol" or "the Company")

Trading statement for the six months ended 31 December 2014

Sasol?s headline earnings per share (HEPS) for the six months
ended 31 December 2014 is expected to increase by between 3% and
9% (approximating R0,91 to R2,72) and earnings per share (EPS)
for the same period is expected to increase by between 51% and
57% (approximating R10,65 to R11,90), off a 2014 half year base
of R30,19 and R20,88 respectively. Excluding the impact of
notable once-off items, net impairments charges, stock movements
and the share-based payment expense, EPS would have decreased by
between 21% and 27%.

Sasol?s profitability for the first half of the 2015 financial
year was positively impacted by the following factors:
? A   solid   operational   performance  through   increases   in
  production and sales volumes across the majority of Sasol?s
  integrated value chain;
? Normalised cash fixed costs continue to trend below inflation;
? 9% weaker average rand/US dollar exchange rate;
? Notable once-off charges prompted by volatile macro-economic
  factors, changes to the share price and decisive management
   ? Reversal of share-based payment expense of R2,5 billion due
     to a 32% lower share price;
   ? Positive impact arising from the movement in unrealised
     profit in inventory of approximately R2,0 billion at period
   ? Net impairments of R0,2 billion for the six months under
     review compared to the comparable period of R6,0 billion,
     which included the R5,3 billion partial impairment of our
     Canadian shale gas assets; and
   ? Extension of the useful life of our Southern African
     operations amounting to R2,5 billion.

Conversely, Sasol?s profitability was negatively impacted by 19%
lower average Brent crude oil prices (average dated Brent was
US$89/barrel for the six months ended 31 December 2014 compared
to US$109,83 in the prior comparable period).

We maintained a strong group-wide operational performance, with
our Southern Africa Energy business increasing white and black
product volumes by 3%. Our Base Chemicals and Performance
Chemicals businesses increased their sales volumes by 1% and 7%
respectively, on a comparable basis. In addition, our ORYX GTL
facility sustained its solid performance, with an average
utilisation rate of 91% for the period under review. A detailed
production summary and key business performance metrics have
been made available on our website, www.sasol.com.

Our company-wide business performance enhancement programme is
progressing well and we are set to deliver on our targets for
the 2015 financial year in terms of both sustainable cost
savings and implementation costs.

On 1 July 2014, we operationalised our Project 2050 initiative
to extend the lifespan of our South African operations to the
middle of the century, further demonstrating our commitment to
South Africa and the region. The Sasolburg and Natref operations
are extended to 2034. This resulted in a decrease in
depreciation of R0,7 billion and a decrease in environmental
provisions   of   R1,8  billion  for   the   six  months   ended
31 December 2014.

The most significant remeasurement items for this period are
? Reversal of the impairment of the FT Wax Expansion Project of
  R1,3 billion, which was mainly due to the extension of the
  useful life of the asset from 2029 to 2034 and a weaker
  rand/US dollar exchange rate; and
? Partial impairment of our Etame assets in Gabon of R1,3
  billion, primarily as a result of    the decrease in the oil

On 28 January 2015, Sasol announced that it is formulating a
comprehensive plan to conserve cash, in response to the lower
international oil prices. The response plan targets, related
organisational structure refinements and key policy changes will
be communicated at our results announcement on 9 March 2015.

Our results for the first half of the 2015 year may be further
affected by any adjustments resulting from our half-year end
closure process. This may lead to a change in the estimated
earnings noted above.

This trading statement only deals with the comparison to the
first half of the 2014 financial year. Guidance will be provided
on the full 2015 financial year?s results when there is a
reasonable degree of certainty in this regard.

We expect that there will be a further negative impact on our
results for the remainder of the 2015 financial year due to
lower oil prices.

The financial information on which this trading statement is
based has not been reviewed or reported on by the Company's
external auditors. Sasol's financial results for the six months
ended 31 December 2014 will be announced on Monday, 9 March

6 February 2015

Sponsor: Deutsche Securities (SA) Proprietary Limited

Disclaimer - 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 29 September
2014 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.

Date: 06/02/2015 02:00:00 Supplied by www.sharenet.co.za                     
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