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Sasol Limited - Reviewed Interim Financial Results For The Six Months Ended 31 December 2014

Release Date: 09/03/2015 07:05:00      Code(s): SOL SOLBE1     
Sasol Limited

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" or "the Group")


Reviewed interim financial results for the six months ended
31 December 2014

Sasol is an international integrated energy and chemicals company that leverages
the talent and expertise of our more than 32 400 people working in 37 countries. We
develop and commercialise technologies, and build and operate world-scale facilities
to produce a range of high-value product streams, including liquid fuels, chemicals
and low-carbon electricity.

Salient features
   - Strong group-wide operational performance
   - 3% increase in liquid fuels sales volumes for Energy business in
     Southern Africa
   - Performance Chemicals and Base Chemicals sales volumes up 5%
     and 1% respectively
   - Normalised cash fixed costs 0,7% below inflation
   - Headline earnings per share up by 6% to R32,00
   - Business Performance Enhancement Programme annual cost savings
     target increased to at least R4,3 billion
   - Decisive management action taken in response to lower international
     oil prices
   - Safety Recordable Case Rate (RCR) excluding illnesses improved to 0,32
   - Lake Charles Chemicals Project making good progress

Maintaining momentum
President and Chief Executive Officer, David E. Constable says:
"The changes made to our business since 2011, have resulted in a more effective
and cost-conscious organisation. Through the various improvements that have been
introduced, we are not only more resilient as a company, but far better equipped to
maintain momentum and respond decisively to an evolving global
landscape.

Overall, we continued to deliver strong operational and cost performance despite the
volatile macro-economic environment. With oil prices moving dramatically lower over
the last six months, the management team has formulated a comprehensive
Response Plan to conserve cash and further refine our organisational structures and
near-term strategies.

The benefits of the detailed work we are doing now will ensure that Sasol emerges
from the current challenging environment as an even leaner and
more focused business."

Interim financial results overview*
Earnings attributable to shareholders for the six months ended 31 December 2014
increased by 54% to R19,5 billion from R12,7 billion in the prior period. Headline
earnings per share increased by 6% to R32,00 and earnings per share increased by
53% to R32,04 compared to the prior period.

However, excluding the impact of remeasurement items, net once-off charges,
movements in our share-based payment expense and lower unrealised profit in
inventory, earnings attributable to shareholders decreased by 23% from the prior
period.

Profit from operations of R30,0 billion increased by 39% compared to the prior
period. This achievement was due to an overall strong operational performance from
our Regional Operating Hubs (ROHs) coupled with increased sales volumes and
improved margins in our Performance Chemicals and Base Chemicals Strategic
Business Units. The group's profitability was further enhanced by a 9% weaker
average rand/US dollar exchange rate (R10,99/US$ for the six months ended
31 December 2014 compared with R10,08/US$ in the prior period). This benefit was
partially offset by a 19% decline in average Brent crude oil prices (average dated
Brent was US$89,00/barrel for the six months ended 31 December 2014 compared
with US$109,83/barrel in the prior period).

In addition, Sasol's profitability for the first half of the 2015 financial year was also
impacted by the following notable once-off and significant charges:
    - Reversal of the share-based payment expense of R2,5 billion due to a 32%
      decline in the share price closing at R431,01.
    - The positive movement in unrealised profit in inventory of approximately
      R2,0 billion, given our updated operating model and lower international oil
      prices.
    - Extension of the useful life of our Southern African operations amounting to a
      decrease in depreciation of R0,7 billion and environmental rehabilitation
      provisions of R1,8 billion respectively.
    - Net impairments of R0,2 billion for the six months under review compared to
      the prior period of R6,0 billion (which included the R5,3 billion partial
      impairment of our Canadian shale gas assets).
    - Remeasurement items relating primarily to the R1,3 billion partial impairment
      reversal of the FT Wax Expansion Project and the partial impairment of our
      Etame assets in Gabon of R1,3 billion.

Over the period, we maintained a strong operational performance across our ROHs.
In tandem, our Energy business in Southern Africa increased its liquid fuels sales
volumes by 3% compared to the prior period. Furthermore, our Chemicals
businesses delivered an exceptional performance, having consistently reported
increased sales volumes over the past two years. Normalising for the impact of the
sale of our Solvents Germany and Sasol Polymer Middle East (SPME) businesses
and due to focused marketing and sales initiatives, sales volumes for Performance
Chemicals and Base Chemicals increased by 5% and 1%, from the prior period.

Our ORYX GTL plant sustained a solid performance, with an average utilisation rate
of 91% for the period, despite an earlier than planned shutdown during December
2014.

Normalised cash fixed costs increased by only 6,1%, 0,7% below the South African
producers' price index (SA PPI) of 6,8% for the period. This was achieved despite a
challenging South African cost environment in respect of labour, maintenance and
electricity charges. A key focus area for the management team since 2013 has been
delivering on our company-wide Business Performance Enhancement Programme,
where we have made significant progress in reducing our cost base sustainably.

The reduction in the effective corporate tax rate from 37,5% to 31,8% resulted mainly
from the impact of the R5,3 billion partial impairment of our Canadian shale gas
assets in the prior period.

Cash flow generated from operations increased by 21% to R34,0 billion compared
with R28,1 billion in the prior period. This includes a decrease in working capital of
R1,8 billion in the current period, due to lower commodity prices. Our net cash
position improved by 29% from R38,0 billion in June 2014 to R48,9 billion as at
31 December 2014. Capital expenditure over the period amounted to R22,1 billion,
which is in line with our expectations.

As previously announced, our revised dividend policy is a dividend cover range which
will be based on headline earnings per share. The interim dividend cover was 4,6
times at 31 December 2014 (31 December 2013: 3,8 times). Taking into account the
current volatile macro-economic environment, capital investment plans, our cash
conservation initiative, the current strength of our financial position, and the dividend
cover range, the Sasol Limited board of directors has declared an interim dividend of
R7,00 per share (12,5% lower compared to the prior period).

* All comparisons refer to the prior period as the six months ended 31 December 2013. Except for
  earning attributable to shareholders, all numbers are quoted on a pre-tax basis.

Group Financial Controller, Paul Victor says:

"Despite the headwinds of economic uncertainty and persisting geo-political tensions,
the underlying fundamentals of our business remain robust over the long-term. In the
near term, we expect tough trading conditions to prevail for the remainder of calendar
year 2015. This notwithstanding, we are determined to build on our solid operational
platform and improve the effectiveness, simplicity and efficiency of our organisation.

Mitigating the challenges of low international oil prices and continuing to deliver
maximum sustainable value to our shareholders remains one of our top priorities.

As previously announced, our new operating model, and a simplified and
consolidated legal structure, came into effect on 1 July 2014. The interim financial
results reflect the performance of our six reportable business segments organised
along an integrated value chain."

Business Performance Enhancement Programme delivering results
As part of our Business Performance Enhancement Programme, the process of
implementing organisational structures and employee placements to align with our
updated operating model will be concluded by the end of June 2015. As at
31 December 2014, nearly 1 500 voluntary separations and early retirements were
approved by the company.

We still expect cost savings of R4,0 billion by financial year 2016 off a 2013 cost
base. We have identified further savings opportunities and now forecast an exit run
rate of at least R4,3 billion by the end of financial year 2016. Cost trends are still
forecast to track SA PPI from financial year 2017.

At 31 December 2014, the programme realised actual sustainable benefits of 
R991 million. For the end of the financial year we expect sustainable savings to
increase to approximately R1,5 billion. 

Implementation costs for the programme amount to R1,5 billion for the first half of
the year, and are expected to increase to approximately R2,1 billion for the full
financial year. The savings and implementation costs reported are all in line with
previous guidance.

As part of our Response Plan actions, we plan to deliver further cash cost
sustainable savings of R1 billion annually. These savings will be achieved through
additional organisational structural refinements, a 30-month freezing of between 500
and 1 000 vacancies, and focused supply chain cost base reduction initiatives.

Response to lower international oil prices
In response to a lower-for-longer oil price environment, we announced our Response
Plan on 28 January 2015. We have set a 30-month cash conservation target range of
between R30 billion to R50 billion, using 31 December 2014 as the baseline. This
cash conservation target range supplements our current Business Performance
Enhancement Programme sustainable cost savings target of at least R4,3 billion per
year, from financial year 2017.

Our Response Plan target of R30 billion to R50 billion will be realised from the
following key areas:
- capital portfolio phasing and reductions - target of R13 billion to R22 billion;
- capital structuring - target of R8 billion to R12 billion;
- further cash cost reductions - target of R4 billion to R7 billion of which R1 billion
  per annum will be considered sustainable at the end of the 30-month period; and
- working capital and margin improvements - target of R5 billion to R9 billion.

As previously announced, decisive measures have already been agreed to and key
decisions have been taken to conserve cash, including the delay of our gas-to-liquids
(GTL) plant in the US, the change to our dividend policy as well as the further
optimisation of our organisational structures.

Advancing projects to enable future growth
We are encouraged by the headway we are making in delivering on our project
pipeline:

-   Focusing on our Operating Business Units (OBUs) which secure our feedstock
    supply:
     - The development of the Impumelelo and Shondoni collieries, which are part of
       our Mining OBU's R14,0 billion mine replacement programme, continues to
       progress steadily. The establishment of these collieries will ensure
       uninterrupted coal supply to our Secunda Synfuels Operations. Beneficial
       operation for both collieries is on track for the first and second half of the 2015
       calendar year respectively. Both projects are expected to be delivered on
       budget.
     - The full field development plan for the Production Sharing Agreement (PSA)
       was submitted to the Mozambican authorities for approval by the
       February 2015 deadline. A further update on the investment strategy and
       monetisation plan will be provided once approval is received from the relevant
       authorities in Mozambique.
     - Offshore Gabon, we are maturing and developing additional proven oil
       reserves to maintain production in the non-operated Etame Marin Permit. The
       Etame Expansion Project and the South East Etame and North Tchibala
       Project are expected to achieve beneficial operation in the 2015 calendar
       year. Both projects are expected to be delivered on schedule and within
       budget.

-   Looking at the growth projects within our Strategic Business Units (SBUs):
    Growing our Energy business in Mozambique
     - The R1,6 billion Loop Line on the Mozambique to Secunda pipeline reached
       beneficial operation during the last quarter of the 2014 calendar year, on
       schedule and below budget.
     - We completed the development of the US$246 million, 175 megawatt gas-
       fired power generation plant in Mozambique, in partnership with the country's
       state-owned power utility, Electridade de Mocambique (EDM) at Ressano
       Garcia. All 18 gas engines have been commissioned and beneficial operation
       is expected within budget during the first half of the 2015 calendar year.
     - In Mozambique, a joint pre-feasibility study for a large-scale GTL plant, which
       will be based on gas from the Rovuma Basin in Northern Mozambique, is
       underway. The study, which is being conducted in conjunction with
       Mozambique's national oil company, Empresa Nacional de Hidrocarbonetos
       (ENH) and Italian multinational, Eni S.p.A. (Eni), will assess the viability and
       benefits of such a plant in the region.

    Expanding our Energy, Base Chemicals and Performance Chemicals SBUs
    in South Africa and in the United States
    - The R14,2 billion Secunda growth programme is nearing completion with 14
      of the 19 projects, which include the gas heated heat exchange reformers,
      achieving beneficial operation. The completed projects have ensured that the
      volume and electricity benefits of the programme were fully realised. The
      remaining five projects are smaller environmental enablers and are expected
      to reach beneficial operation by the end of the 2015 calendar year.
    - The expansion of our FT wax facility in Sasolburg is progressing well with the
      commissioning of the new slurry bed reactor expected to take place during
      the first half of the 2015 calendar year. Commissioning of phase two of the
      project is on track to take place during the second half of the 2016 calendar
      year. The total project cost for both phases remains unchanged at
      R13,6 billion. In 2013, we partially impaired the project by R2 billion. At
      31 December 2014, we recognised a partial reversal of the impairment of
      R1,3 billion, mainly due to the extension of the useful life of the asset from
      2029 to 2034, supported by the weaker rand/US dollar exchange rate.
    - We are making steady progress with the advancement of our US$8,9 billion
      ethane cracker and downstream derivatives complex (including infrastructure
      and utilities) in Lake Charles, Louisiana. Site preparation is underway, and we
      expect that the plant will achieve beneficial operation during the 2018
      calendar year. In December 2014, we established a US$4,0 billion banking
      facility which will be used to finance the project. Approximately 80% of the
      funds required are in place through a combination of project finance and our
      own equity contributions. The remainder of the funds required will be raised in
      a phased manner, including accessing capital markets and further equity
      contributions.
    - On 7 August 2014, Sasol and Ineos Olefins & Polymers USA successfully
      concluded a toll manufacturing joint venture, Gemini HDPE LLC. Construction
      of the US$269 million (Sasol's share) high density polyethylene facility
      commenced and plant start-up is planned towards the end of the 2016
      calendar year. The complex is expected to produce 470 kilotons per annum.

Strong operational performance on the back of effective cost
management

Operating Business Units
Mining - increased production, unit cost below inflation
Profit from operations of R2 241 million was 66% higher than the prior period. This
was mainly as a result of a 5% increase in production volumes due to the sustained
improvement in underground infrastructure, higher export volumes and the benefit of
increased cost control measures. In addition, the benefits of our Business
Performance Enhancement Programme, coupled with further operational flexibility
created by the mine replacement programme, have resulted in the unit costs from our
operations being contained to below inflation.

Exploration and Production International - impacted by once-off items
Exploration and Production International recorded a loss from operations of
R1 748 million compared to a loss from operations of R6 137 million in the prior
period.

Our businesses excluding Canada, reflected a loss from operations of R1 164 million
which includes a partial impairment of our Etame assets in Gabon of R1 331 million
due to a decline in international oil prices and a loss of R565 million on the exiting of
the Nigerian upstream licences. Excluding these charges, we generated a profit of
R732 million mainly due to favourable gas prices in Mozambique. Gas volumes
remained at similar levels compared to the prior period. Our oil production in Gabon
was slightly lower and averaged 15 000 barrels of oil per day.

Our Canadian shale gas asset in Montney generated a loss from operations of
R584 million compared to R6 484 million in the prior period, which included the
partial impairment of the asset of R5 308 million. Excluding the effect of the prior
period impairment, the loss decreased from R1 176 million to R584 million in the
current period mainly due to lower depreciation and operational costs. We are
actively de-risking this asset, with specific emphasis on the Cypress A acreage.

Strategic Business Units
Energy - improved volumes and cost performance, margins under pressure
Profit from operations of R14 818 million decreased by R1 556 million compared to
the prior period. Production volumes at Secunda Synfuels Operations (SSO) and
Natref Operations, increased by 2% and 6% respectively in comparison with the prior
period. This was mainly due to the total factory shutdown at SSO in the prior period
and improved production throughput at Natref Operations.

In South Africa, our Energy SBU's profitability was enhanced by a 3% increase in
liquid fuels sales volumes compared to the prior period and higher refining margins,
on the back of strong product differentials. The increased cost of production resulting
from higher than inflationary increases in feedstock and utilities, as well as the
reduction in the basic fuel price, on the back of lower international crude oil prices,
resulted in an 18% negative impact on our gross margin. Through our Business
Performance Enhancement Programme, we expect normalised cash costs per unit
for the full year to be below SA PPI.

The Energy SBU's share of profit from equity accounted joint ventures of
R1 291 million decreased from R1 901 million in the prior period. This was mainly
due to lower international oil prices and an earlier than planned shutdown at our
ORYX GTL facility. The plant achieved a utilisation rate of 91%, while maintaining a
world class safety incident RCR of 0,0.

Base Chemicals - increased profit from operations, higher sales volumes and
lower costs
The Base Chemicals SBU delivered a strong performance, increasing profit from
operations by 42% to R5 818 million compared to the prior period. Sales volumes,
normalised for the sale of our Solvents Germany and SPME operations in the prior
period, increased by 1%. Normalised cash fixed costs were contained within inflation.
Profit from operations further benefited from the extension of the useful life of
operating assets in South Africa amounting to R899 million, once-off items in the
prior period and a weaker rand/US dollar exchange rate. This was partially negated
by lower sales prices. For the six months ended 31 December 2014, our chemical
basket dollar prices have declined by 5% in comparison with a 19% decline in
average Brent crude oil prices.

Performance Chemicals - improved performance boosted by higher sales
volumes
The Performance Chemicals SBU continued to deliver a solid performance,
increasing profit from operations by 60% to R7 365 million compared to
R4 614 million for the prior period. Sales volumes increased by 5% from the prior
period, mainly due to improved production output, supported by higher demand. In
Euro terms, costs were maintained within inflation. Although still realising healthy
margins in our US business, the decrease in the oil price resulted in a corresponding
decrease in polyethylene prices. Our European ROH continued to report improved
volumes. The financial performance was positively impacted by the R1 336 million
partial impairment reversal of the Wax Expansion Project in Sasolburg, the impact of
the weaker rand/Euro exchange rate, and a 6% increase in operating margin.

Maintaining our focus on sustainable value creation
We continued to deliver on our broader sustainability and community contributions
during the period:
- Safety remains a top priority for Sasol. We have shown steady progress in our
  safety performance in the first six months of the year with the RCR for employees
  and service providers improving to 0,32 (excluding illnesses) at
  31 December 2014 (0,36 as at 30 June 2014). Including illnesses, our RCR
  improved to 0,40 (0,42 as at 30 June 2014). Tragically, we experienced one
  fatality involving a service provider at a mining construction project. Our
  operations continue to make steady progress in the reduction of process safety
  incidents.
- During the six months ended 31 December 2014, we spent over R0,5 billion on
  skills and socio-economic development, which includes our public/private Ikusasa
  initiative, bursaries, learnerships and artisan training programmes.
- To ensure our ongoing compliance with new air quality regulations in
  South Africa, Sasol applied for certain postponements to manage our short-term
  challenges relating to the compliance timeframes. We have now received
  decisions on our postponement applications from the National Air Quality Officer,
  which, while aligned with our requests, impose stretched targets. Our focus is
  now on the alignment of our licences to reflect these postponement decisions,
  and on implementing our air quality roadmaps, including community-based
  offsets to sustainably improve ambient air quality in the areas where we operate.
- During the period, we paid R16,2 billion in direct and indirect taxes to the
  South African government. Sasol remains one of the largest corporate taxpayers
  in South Africa, contributing significantly to the country's economy.
- The Sasol Inzalo transaction, Sasol's landmark broad-based black economic
  empowerment (B-BBEE) transaction, has been partially refinanced, which will
  significantly contribute to reducing the scheme's financing costs. The refinancing
  will also return increased value to its shareholders.

Proposed carbon tax for South Africa
South Africa's carbon emissions are not expected to increase before 2020, and the
implementation of a carbon tax will have a limited effect on emissions, but will,
instead, add a further cost burden to the economy.

At the same time, we are concerned that the proposed carbon tax will diminish
South Africa's international competitiveness and result in a range of other unintended
consequences. In our view, South Africa needs appropriate incentives to invest in
new, more energy efficient processes and projects that improve our energy security.
Sasol continues to engage with the Department of Environmental Affairs and
National Treasury in South Africa on the carbon tax issue.

Competition law compliance
On 5 June 2014, the South African Competition Tribunal (the Tribunal) released its
decision relating to Sasol Polymers' pricing of propylene and polypropylene. This
matter was initiated at the end of 2007, when the South African Competition
Commission (Commission) commenced its investigation into the South African
monomers and polymers industries. The Commission's complaint was referred to the
Tribunal in 2010, contending that Sasol Polymers had, between January 2004 and
December 2007, charged excessive prices for propylene and polypropylene supplied
into the South African market. In its decision, the Tribunal found against Sasol
Polymers in relation to the pricing of both propylene and polypropylene, for the period
in question. The Tribunal imposed an administrative penalty of R534 million. The
Tribunal also ordered revised future pricing of propylene and polypropylene. Sasol
appealed the Tribunal's ruling to the Competition Appeal Court. The appeal was
heard in December 2014. At this stage, it is not known when the Competition Appeal
Court will make its ruling.

Separately, the Commission is conducting investigations into several industries in
which Sasol operates, including the petroleum and polymer industries and has
initiated a market inquiry in the South African liquefied petroleum gas (LPG) market.
We continue to cooperate with the Commission in these investigations. To the extent
appropriate, further announcements will be made in future.

Profit outlook+ - strong production performance and cost reductions to
continue
The global economic environment remains volatile and uncertain. We expect oil
prices to remain low for the rest of the 2015 calendar year. We also expect the rand
exchange rate to be impacted by quantitative easing in the Eurozone, uncertainties
relating to the interest rate normalisation by key central banks and infrastructure
constraints in South Africa. Both oil price and rand exchange rate developments are
outside of our influence, and therefore our focus remains firmly on factors within our
control, which include volume growth, margin improvement and cost optimisation.

Oil and other commodity price risk hedging are evaluated on an ongoing basis. The
market is constantly monitored for risk management opportunities, taking cognisance
of integration benefits and the strength of Sasol's balance sheet.

We expect an overall strong production performance for the 2015 financial year, with:
- Liquid fuels product volumes for the Energy SBU in Southern Africa to be
  approximately 59 million barrels;
- The average utilisation rate at ORYX GTL in Qatar to be above 90% of
  nameplate capacity;
- Base Chemicals normalised sales volumes to be slightly higher than the previous
  financial year with margins under pressure due to lower international oil prices;
- Performance Chemicals sales volumes to outperform the previous financial year
  on the back of increased market demand;
- Average Brent crude oil prices to be at least 30% lower during the second half of
  the financial year compared to the first half;
- Normalised cash fixed costs to follow SA PPI;
- Capital expenditure of R45 billion for 2015, R65 billion in 2016 and R60 billion in
  2017 as we progress with the execution of our growth plan and strategy;
- Our balance sheet gearing up to a level of between 2% and 7% at year-end; and
- The Response Plan cash flow contribution from all streams to range between
  R6 billion and R10 billion.
 
+ The financial information contained in this profit outlook is the responsibility of the directors and in
accordance with standard practice, it is noted that this information has not been reviewed and reported
on by the company's auditors.

Disposals of businesses
In September 2014, we notified our partners in the Nigerian licenses OML-140 and
OPL-214, of our withdrawal from both licenses as part of an ongoing restructuring of
our asset base. Accordingly, we recognised a loss on disposal of R565 million
relating to these licences for the six months ended 31 December 2014.

On 1 November 2014, the sale of our marketing business, Exel Lesotho (Pty) Ltd,
was concluded for a purchase consideration of R164 million, realising a profit on
disposal of R84 million.

Subsequent events
On 9 February 2015, Sasol announced changes to its top management structures.
Sasol has also decided to combine two of its reportable segments, Southern Africa
Energy and International Energy, and their associated management structures, into
one segment, now referred to as Energy. Given this decision, Sasol's segmental
reporting now consists of six reportable segments: Mining, Exploration and
Production International, Energy, Base Chemicals, Performance Chemicals, and
Group Functions.

On 4 March 2015, the FTSE/JSE Advisory Committee approved changes to the
FTSE/JSE Index series, resulting in Sasol being reclassified from an 'Integrated Oil &
Gas' company to a 'Speciality Chemicals' company. This change will be effective
from 23 March 2015.

Change in directors
Ms Nomgando Matyumza was appointed as an independent non-executive director
of Sasol with effect from 8 September 2014 and a member of the audit committee
with effect from 26 September 2014.

Mr Bongani Nqwababa resigned as a non-executive director and member of the audit
committee with effect from 26 September 2014, and was appointed as executive
director and Chief Financial Officer of Sasol with effect from 1 March 2015.
Mr Paul Victor returned to his permanent role of Group Financial Controller with
effect from 1 March 2015.

Declaration of cash dividend number 71
An interim gross cash dividend of South African 700,00 cents per ordinary share
(31 December 2013 - 800,00 cents per ordinary share) has been declared for the six
months ended 31 December 2014. The interim cash dividend is payable on the
ordinary shares and the Sasol BEE ordinary shares. The dividend has been declared
out of retained earnings (income reserves). The South African dividend withholding
tax rate is 15% and no credits in terms of secondary tax on companies have been
utilised. At the declaration date, there are 650 879 016 Sasol ordinary, 25 547 081 Sasol
preferred ordinary and 2 838 565 Sasol BEE ordinary shares in issue. The net
dividend amount payable to shareholders, who are not exempt from the dividend
withholding tax, is 595,00 cents per share, while the dividend amount payable to
shareholders who are exempt from dividend withholding tax is 700,00 cents per share.

The salient dates for holders of ordinary shares and Sasol BEE ordinary shares are:
Declaration date                                                 Monday, 9 March 2015
Last day for trading to qualify for and participate in the final
dividend (cum dividend)                                          Wednesday, 1 April 2015
Trading ex dividend commences                                    Thursday, 2 April 2015
Record date                                                      Friday, 10 April 2015
Dividend payment date                                            Monday, 13 April 2015

The salient dates for holders of our American Depository Receipts are 1:
Ex dividend on New York Stock Exchange (NYSE)                    Wednesday, 8 April 2015
Record date                                                      Friday, 10 April 2015
Approximate date of currency conversion                          Tuesday, 14 April 2015
Approximate dividend payment date                                Thursday, 23 April 2015

1. All dates are approximate as the NYSE sets the record date after receipt of the dividend declaration.

On Monday, 13 April 2015, 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, 13 April 2015.

Share certificates may not be dematerialised or re-materialised between Thursday,
2 April 2015 and Friday, 10 April 2015, both days inclusive.

On behalf of the board


Mandla SV Gantsho        David E Constable         Paul Victor
Chairman                 President and             Group Financial Controller
                         Chief Executive Officer   (Acting Chief Financial
                                                   Officer for the period)


Sasol Limited
9 March 2015

Basis of preparation
The condensed consolidated interim financial statements for the six months ended
31 December 2014 have been prepared in accordance with International Financial
Reporting Standards (IFRS), IAS 34, Interim Financial Reporting, the SAICA
Financial Reporting Guides as issued by the Accounting Practices Committee and
Financial Pronouncements as issued by the Financial Reporting Standards Council,
as well as the requirements of the South African Companies Act, 2008, as amended
and the Johannesburg Stock Exchange Listings Requirements.

The condensed consolidated interim financial statements do not include all the
disclosure required for complete annual financial statements prepared in accordance
with IFRS as issued by the International Accounting Standards Board.

These condensed consolidated interim financial statements 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,
financial assets at fair value through profit or loss and available-for-sale financial
assets, are stated at fair value.

The condensed consolidated interim financial statements are presented in
South African rand, which is Sasol Limited's functional and presentation currency.

The condensed consolidated interim financial statements appearing in this
announcement are the responsibility of the directors. The directors take full
responsibility for the preparation of the condensed consolidated interim financial
statements. Paul Victor CA(SA), in his capacity as the Acting Chief Financial Officer
for the period has taken responsibility for this set of condensed consolidated interim
financial statements and has supervised the preparation thereof in conjunction with
the Vice President: Financial Reporting, Nina Stofberg CA(SA).

Accounting policies
The accounting policies applied in the preparation of these condensed consolidated
interim financial statements are in terms of IFRS and are consistent with those
applied in the consolidated annual financial statements for the year ended
30 June 2014.

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.

Reassessment of useful lives of assets
On 1 July 2014, we operationalised our Project 2050 initiative to extend the lifespan
of Sasolburg and Natref operations to 2034 and our Secunda operations to the
middle of the century. The extension of useful lives has been accounted for as a
change in estimate and has been applied prospectively.

The change in useful lives estimate of the affected assets has impacted the following
lines in the financial statements:

                                                 Half year                   Half year
                                          2015 - including        2015 - excluding the
                                       effect of change in         effect of change in         Difference due to
                                                  estimate                    estimate        change in estimate
                                                                                              Increase/(Decrease)
                                                        Rm                          Rm                        Rm
 Depreciation *                                      6 393                       7 095                      (702)
 Mining                                                651                         691                       (40)
 Exploration and                                     1 301                       1 301                         -
 Production International
 Energy                                              1 527                       1 745                      (218)
 Base Chemicals                                      1 443                       1 823                      (380)
 Performance Chemicals                               1 285                       1 347                       (62)
 Group Functions                                       186                         188                        (2)

 Rehabilitation                                     10 617                      12 433                    (1 816)
 provision *
 Mining                                              1 125                       1 125                         -
 Exploration and                                     4 097                       4 097                         -
 Production International
 Energy                                              2 609                       3 672                    (1 063)
 Base Chemicals                                      1 482                       2 001                      (519)
 Performance Chemicals                               1 304                       1 538                      (234)

* The expected impact of the reassessment of the useful lives on depreciation in future periods is limited
to the recognition of the assets over their extended useful lives and is accordingly R702 million. The
expected future impact on the rehabilitation provision will be through the unwinding of the provision over
a longer period. Accordingly, before consideration of future expansion and assuming no changes in
discount rates or other assumptions, the future impact is R1 816 million.

Financial Instruments
Fair value
Valuation techniques and assumptions utilised for the purpose of calculating fair
value
The group does not hold any financial instruments traded in an active market, except
for the investment in listed equity instruments. Fair value is determined using
valuation techniques as outlined below. Where possible, inputs are based on quoted
prices and other market determined variables.

Fair Value hierarchy
The following table is provided representing the assets and liabilities measured at fair
value at reporting date, or for which fair value is disclosed at 31 December 2014. The
calculation of fair value requires various inputs into the valuation methodologies
used. The source of the inputs used affects the reliability and accuracy of the
valuations. Significant inputs have been classified into the hierarchical levels in line
with IFRS 13, as shown below:

Level 1           Quoted prices in active markets for identical assets or liabilities.
Level 2           Inputs other than quoted prices that are observable for the asset or
                  liability (directly or indirectly).
Level 3           Inputs for the asset or liability that are unobservable.

                                    Fair                                                               Fair Value
                                   Value                                                               hierarchy
 Financial instrument                 Rm   Valuation method          Significant inputs                of inputs
 Financial Assets
 Investments in                      888   Fair value                Quoted market price for           Level 1
 securities - measured                                               the same or similar
 at fair value                                                       instruments
 Investments in                      140   Discounted cash           Market related interest           Level 3
 securities - measured                     flow                      rates
 at amortised cost
 Investments in                       **   **                                                          **
 securities - measured
 at cost**
 Long-term receivables             1 856   Discounted cash           Market related interest           Level 3
                                           flow                      rates
 Financial assets                    863   Forward rate              Forward exchange                  Level 2
 (derivatives)                             interpolator model,       contracted rates, market
                                           appropriate currency      foreign exchange rates,
                                           specific discount         forward contract rates,
                                           curve.                    market commodity prices
 Trade receivables                20 231   *                         *                                 Level 3*
 Other receivables                 2 239   *                         *                                 Level 3*
 Cash and cash                    48 921   *                         *                                 Level 1*
 equivalents

 Financial liabilities
 Long-term debt                   35 115   Discounted cash           Quoted market price for           Level 3
                                           flow                      the same or similar
                                                                     instruments or on the
                                                                     current rates available for
                                                                     debt with the same
                                                                     maturity profile and with
                                                                     similar cash flows
 Short-term debt                    447    *                         *                                 Level 3*
 Financial liabilities              164    Forward rate              Forward exchange                  Level 2
 (derivatives)                             interpolator model,       contracted rates, market
                                           appropriate currency      foreign exchange rates,
                                           specific discount         forward contract rates,
                                           curve.                    market commodity prices
  Trade payables                 16 254    *                         *                                 Level 3*
  Other payables                  1 947    *                         *                                 Level 3*

* The fair value of these instruments approximates their carrying value, due to their short-term nature.

** These investments are held in equity instruments which do not have quoted prices, as they are not
listed on an exchange. Fair value therefore cannot be measured reliably. As a result, these instruments
are held at cost.

Restated segments
To reflect our new operating model, our financial reporting has been updated and
new reportable segments have been restated accordingly. The restated reportable
segments are presented on the next two pages.

SASOL LIMITED GROUP
SEGMENT ANALYSIS
for the six months ended 31 December 2013


                                                                                                                                Operating Business Units                Strategic Business Units                    Other



                                                                                                                                            Exploration and
                                                                                                                                                 Production                                    Performance
                                                                                                                              Mining          International    Energy       Base Chemicals       Chemicals     Group Functions  Total operations

                                                                                                                                  Rm                     Rm        Rm                   Rm              Rm                  Rm                Rm
 Turnover
 external                                                                                                                      1 103                  1 482    41 432               21 017          33 234                   -            98 268
 intersegment                                                                                                                  5 875                    926       724                1 337           1 497                   -            10 359
 Total turnover                                                                                                                6 978                  2 408    42 156               22 354          34 731                   -           108 627

 Operating profit/(loss) before remeasurement items and translation gains/(losses)                                             1 344                   (551)   14 128                4 207           4 597                 331            24 056
 Translation gains/(losses)                                                                                                        2                   (108)      (86)                 244              91                 912             1 055
 Operating profit/(loss) before remeasurement items                                                                            1 346                   (659)   14 042                4 451           4 688               1 243            25 111
 Remeasurement items                                                                                                               5                 (5 478)      429                 (604)            (75)                 (7)           (5 730)
 Operating profit/(loss) after remeasurement items                                                                             1 351                 (6 137)   14 471                3 847           4 613               1 236            19 381
 Share of profit of equity accounted joint ventures, net of tax                                                                     -                     -     1 901                   96               -                   -             1 997
 Share of profit/(loss) of associates, net of tax                                                                                   -                     -         2                  164               1                 (11)              156
 Profit/(loss) from operations                                                                                                 1 351                 (6 137)   16 374                4 107           4 614               1 225            21 534
 Depreciation of property, plant and equipment                                                                                   561                  1 628     1 508                1 544           1 120                 173             6 534
 Amortisation of intangibles                                                                                                       -                     10        14                   12              44                  69               149
 EBITDA                                                                                                                        1 912                 (4 499)   17 896                5 663           5 778               1 467            28 217

 Statement of financial position
 Property, plant and equipment                                                                                                 9 380                 10 412    28 126               32 540          21 734               2 132           104 324
 Assets under construction                                                                                                     4 831                  6 826     9 919                8 268          15 949                 944            46 737
 Other Intangible assets                                                                                                           7                     66        98                   83             816                 481             1 551
 Other non-current assets 1                                                                                                      495                      -     9 034                2 802           1 489               1 115            14 935
 Current assets 1                                                                                                              1 306                  2 843    21 417               15 240          21 780              23 408            85 994
 Total external assets 1                                                                                                      16 019                 20 147    68 594               58 933          61 768              28 080           253 541
 Non-current liabilities 1                                                                                                     2 121                  2 825     6 836                3 446           7 647              20 736            43 611
 Current liabilities 1                                                                                                         1 685                  1 564    12 953                4 617           7 725               4 135            32 679
 Total external liabilities 1                                                                                                  3 806                  4 389    19 789                8 063          15 372              24 871            76 290

 Cash flow information
 Additions to non-current assets                                                                                               2 345                  2 925     5 251                4 051           5 115                209             19 896

 Capital commitments
 Subsidiaries and joint operations                                                                                             9 178                  6 265    18 790                9 144          15 755                665             59 797
 Equity accounted joint ventures and associates                                                                                    -                      -       895                   58               -                  -                953
 Total Capital commitments                                                                                                     9 178                  6 265    19 685                9 202          15 755                665             60 750
 Number of employees 2                                                                                                         8 279                    483     5 168                6 478           6 157               7 196            33 761
 
 1 Excludes deferred tax asset, deferred tax liability, tax receivable, tax payable and post-retirement benefit assets.
 2 Includes permanent and non-permanent employees.

SASOL LIMITED GROUP
SEGMENT ANALYSIS
for the year ended 30 June 2014


                                                                                                                                  Operating Business Units                 Strategic Business Units                       Other




                                                                                                                                              Exploration and
                                                                                                                                                   Production                                       Performance
                                                                                                                                Mining          International    Energy         Base Chemicals        Chemicals      Group Functions  Total operations

                                                                                                                                    Rm                     Rm        Rm                     Rm               Rm                   Rm                Rm
 Turnover
 external                                                                                                                        2 154                  2 990    84 632                 42 262           70 592                   53           202 683
 intersegment                                                                                                                   11 980                  2 218     1 420                  2 778            2 982                    -            21 378
 Total turnover                                                                                                                 14 134                  5 208    86 052                 45 040           73 574                   53           224 061

 Operating profit/(loss) before remeasurement items and translation gains/(losses)                                               2 463                   (378)   27 931                  7 802           12 074               (1 387)           48 505
 Translation gains/(losses)                                                                                                         (3)                  (130)     (179)                   255               27                  828               798
 Operating profit/(loss) before remeasurement items                                                                              2 460                   (508)   27 752                  8 057           12 101                 (559)           49 303
 Remeasurement items                                                                                                                (7)                (5 472)      (47)                (1 765)            (254)                 (84)           (7 629)
 Operating profit/(loss) after remeasurement items                                                                               2 453                 (5 980)   27 705                  6 292           11 847                 (643)           41 674
 Share of profit of equity accounted joint ventures, net of tax                                                                      -                      -     3 710                    100                -                    -             3 810
 Share of profit/(loss) of associates, net of tax                                                                                    -                      -         8                    350                1                  (25)              334
 Profit/(loss) from operations                                                                                                   2 453                 (5 980)   31 423                  6 742           11 848                 (668)           45 818
 Depreciation of property, plant and equipment                                                                                   1 211                  2 654     3 174                  3 281            2 497                  382            13 199
 Amortisation of intangibles                                                                                                         -                     23        27                     26               91                  150               317
 EBITDA                                                                                                                          3 664                 (3 303)   34 624                 10 049           14 436                 (136)           59 334

 Statement of financial position
 Property, plant and equipment                                                                                                  10 578                 10 496    29 378                 33 466           25 124                2 407           111 449
 Assets under construction                                                                                                       6 380                  7 888    11 029                  8 945           16 088                  990            51 320
 Other Intangible assets                                                                                                             9                     64       123                    309              882                  495             1 882
 Other non-current assets 1                                                                                                        527                      -     8 140                  2 938            1 685                1 322            14 612
 Current assets 1                                                                                                                1 726                  2 869    19 893                 13 393           27 497               31 443            96 821
 Total external assets 1                                                                                                        19 220                 21 317    68 563                 59 051           71 276               36 657           276 084
 Non-current liabilities 1                                                                                                       4 360                  3 287     6 775                  3 848            8 287               21 698            48 255
 Current liabilities 1                                                                                                           2 402                  1 486    13 610                  4 008            8 722                7 669            37 897
 Total external liabilities 1                                                                                                    6 762                  4 773    20 385                  7 856           17 009               29 367            86 152

 Cash flow information
 Additions to non-current assets                                                                                                 5 837                  4 564     8 946                  7 940           10 358                1 134            38 779
                                                                                                                                                                                                                                                     -
 Capital commitments
 Subsidiaries and joint operations                                                                                               7 532                  6 639    18 841                 10 271           15 272                  503            59 058
 Equity accounted joint ventures and associates                                                                                      -                      -       747                     17                -                    -               764
 Total Capital commitments                                                                                                       7 532                  6 639    19 588                 10 288           15 272                  503            59 822
 Number of employees 2                                                                                                           8 435                    527     5 219                  6 220            6 112                6 887            33 400

 1 Excludes deferred tax asset, deferred tax liability, tax receivable, tax payable and post-retirement benefit assets.
 2 Includes permanent and non-permanent employees.

The interim financial statements are presented on a condensed consolidated basis.

Statement of financial position
at
                                                                    half year      half year    full year
                                                                    31 Dec 14      31 Dec 13    30 Jun 14
                                                                     Reviewed       Reviewed      Audited
                                                                           Rm             Rm           Rm
ASSETS
Property, plant and equipment                                         124 476        104 324      111 449
Assets under construction                                              55 273         46 737       51 320
Goodwill                                                                  575            631          644
Other intangible assets                                                 1 669          1 551        1 882
Investments in equity accounted joint ventures                          9 393          8 804        8 280
Investments in associates                                               2 099          2 093        1 877
Post-retirement benefit assets                                            568            452          487
Deferred tax assets                                                     1 932          2 435        3 143
Other long-term assets                                                  3 021          3 407        3 811
Non-current assets                                                    199 006        170 434      182 893

Assets in disposal groups held for sale                                   426          1 463        1 419
Inventories                                                            24 389         26 241       26 758
Trade and other receivables                                            26 560         27 352       30 374
Short-term financial assets                                               863          1 789          420
Cash restricted for use                                                 4 875          3 718        1 245
Cash                                                                   44 577         25 886       37 155
Current assets                                                        101 690         86 449       97 371


Total assets                                                          300 696        256 883      280 264

EQUITY AND LIABILITIES
Shareholders' equity                                                  183 988        158 212      170 977
Non-controlling interests                                               4 176          3 512        3 792
Total equity                                                          188 164        161 724      174 769

Long-term debt                                                         32 386         21 893       23 419
Long-term financial liabilities                                            11             19           17
Long-term provisions                                                   11 686         12 614       15 232
Post-retirement benefit obligations                                    10 577          8 783        9 294
Long-term deferred income                                                 317            302          293
Deferred tax liabilities                                               21 900         17 895       18 246
Non-current liabilities                                                76 877         61 506       66 501

Liabilities in disposal groups held for sale                               32          1 495           57
Short-term debt                                                         2 922          1 922        2 637
Short-term financial liabilities                                          164             80          446
Other current liabilities                                              32 006         29 419       35 475
Bank overdraft                                                            531            737          379
Current liabilities                                                    35 655         33 653       38 994


Total equity and liabilities                                          300 696        256 883      280 264


Income statement
for the period ended
                                                                    half year      half year    full year
                                                                    31 Dec 14      31 Dec 13    30 Jun 14
                                                                     Reviewed       Reviewed      Audited
                                                                           Rm             Rm           Rm
Turnover                                                               99 837         98 268      202 683
Materials, energy and consumables used                                (44 770)       (44 100)     (89 224)
Selling and distribution costs                                         (3 019)        (2 758)      (5 762)
Maintenance expenditure                                                (3 832)        (4 048)      (8 290)
Employee-related expenditure                                           (8 184)       (11 602)     (28 569)
Exploration expenditure and feasibility costs                            (268)          (300)        (604)
Depreciation and amortisation                                          (6 561)        (6 683)     (13 516)
Other expenses, net                                                    (4 673)        (3 666)      (7 415)
 Translation (losses)/gains                                              (416)         1 055          798
 Other operating expenses                                              (5 016)        (5 244)     (12 522)
 Other operating income                                                   759            523        4 309

Operating profit before remeasurement items                            28 530         25 111       49 303
Remeasurement items                                                      (169)        (5 730)      (7 629)
Operating profit after remeasurement items                             28 361         19 381       41 674
Share of profits of equity accounted joint ventures, net of tax         1 377          1 997        3 810
Share of profits of associates, net of tax                                296            156          334
Profit from operations                                                 30 034         21 534       45 818
Net finance costs                                                        (466)          (449)        (705)
  Finance income                                                          594            512        1 220
  Finance costs                                                        (1 060)          (961)      (1 925)

Profit before tax                                                      29 568         21 085       45 113
Taxation                                                               (9 406)        (7 900)     (14 696)
Profit for period                                                      20 162         13 185       30 417

Attributable to:
Owners of Sasol Limited                                                19 545         12 710       29 580
Non-controlling interests in subsidiaries                                 617            475          837
                                                                       20 162         13 185       30 417

Earnings per share                                                       Rand           Rand         Rand
Basic earnings per share                                                32,04          20,88        48,57
Diluted earnings per share                                              31,95          20,85        48,27

Statement of comprehensive income
for the period ended
                                                                                             half year        half year         full year
                                                                                             31 Dec 14        31 Dec 13         30 Jun 14
                                                                                              Reviewed         Reviewed           Audited
                                                                                                    Rm               Rm                Rm
Profit for period                                                                               20 162           13 185            30 417

Other comprehensive income, net of tax

Items that can be subsequently reclassified to the income statement                              2 241            3 770             4 460
   Effect of translation of foreign operations*                                                  2 235            3 772             4 477
   Effect of cash flow hedges                                                                        1              (16)              (66)
   Fair value of investments available-for-sale                                                      6               13                34
   Tax on items that can be subsequently reclassified to the income statement                       (1)               1                15

Items that cannot be subsequently reclassified to the income statement                            (856)             157               (22)
   Remeasurements on post-retirement benefit obligations                                        (1 238)             224               (80)
   Tax on items that cannot be subsequently reclassified to the income statement                   382              (67)               58

Total comprehensive income for the period                                                       21 547           17 112            34 855

Attributable to
Owners of Sasol Limited                                                                         20 926           16 629            34 002
Non-controlling interests in subsidiaries                                                          621              483               853
                                                                                                21 547           17 112            34 855

* Includes the effect of the realisation of the foreign currency translation reserve on the net investment in foreign operation of
  R547 million.

Statement of changes in equity
for the period ended
                                                                                             half year        half year         full year
                                                                                             31 Dec 14        31 Dec 13         30 Jun 14
                                                                                              Reviewed         Reviewed           Audited
                                                                                                    Rm               Rm                Rm
Balance at beginning of period                                                                 174 769          152 893           152 893
Shares issued on implementation of share options                                                    74              220               373
Share-based payment expense                                                                        387              136               267
Transactions with non-controlling shareholders in subsidiaries                                       -              (14)                1
Total comprehensive income for the period                                                       21 547           17 112            34 855
Dividends paid to shareholders                                                                  (8 376)          (8 357)          (13 248)
Dividends paid to non-controlling shareholders in subsidiaries                                    (237)            (266)             (372)
Balance at end of period                                                                       188 164          161 724           174 769

Comprising
Share capital                                                                                   29 158           28 931            29 084
Share repurchase programme                                                                      (2 641)          (2 641)           (2 641)
Sasol Inzalo share transaction                                                                 (22 054)         (22 054)          (22 054)
Retained earnings                                                                              155 295          132 349           144 126
Share-based payment reserve                                                                      9 537            9 020             9 150
Foreign currency translation reserve                                                            16 932           14 001            14 704
Remeasurements on post-retirement benefit obligations                                           (2 265)          (1 431)           (1 413)
Investment fair value reserve                                                                       32                9                28
Cash flow hedge accounting reserve                                                                  (6)              28                (7)
Shareholders' equity                                                                           183 988          158 212           170 977
Non-controlling interests in subsidiaries                                                        4 176            3 512             3 792
Total equity                                                                                   188 164          161 724           174 769

Statement of cash flows
for the period ended                                                                         half year        half year         full year
                                                                                             31 Dec 14        31 Dec 13         30 Jun 14
                                                                                              Reviewed         Reviewed           Audited
                                                                                                    Rm               Rm                Rm
Cash receipts from customers                                                                   103 188           99 409           203 549
Cash paid to suppliers and employees                                                           (69 224)         (71 301)         (138 100)
Cash generated by operating activities                                                          33 964           28 108            65 449
  Cash flow from operations                                                                     32 158           33 235            67 592
  Decrease/(increase) in working capital                                                         1 806           (5 127)           (2 143)
Finance income received                                                                          2 775            3 043             5 920
Finance costs paid                                                                                (190)            (255)             (499)
Tax paid                                                                                        (4 729)          (6 604)          (13 647)
Dividends paid                                                                                  (8 376)          (8 357)          (13 248)
Cash retained from operating activities                                                         23 444           15 935            43 975

Additions to non-current assets                                                                (21 345)         (19 896)          (38 779)
Disposal of businesses                                                                             715            2 319             1 353
Cash disposed of on disposal of businesses                                                          (9)               -                 -
Additional investment in equity accounted joint ventures                                          (137)             (55)             (632)
Acquisition of investments in associates                                                             -             (519)             (519)
Reimbursement of capital in associate                                                                -              274               616
Other net cash flow from investing activities                                                       33              390               148
Cash used in investing activities                                                              (20 743)         (17 487)          (37 813)

Share capital issued on implementation of share options                                             74              220               373
Contributions from non-controlling shareholders in subsidiaries                                      -                -                 3
Dividends paid to non-controlling shareholders in subsidiaries                                    (237)            (266)             (372)
Proceeds from long-term debt                                                                     8 023              239             3 263
Repayments of long-term debt                                                                    (1 576)            (962)           (2 207)
Proceeds from short-term debt                                                                    1 974              993             2 346
Repayments of short-term debt                                                                   (1 657)            (763)           (2 497)
Cash generated by/(used in) financing activities                                                 6 601             (539)              909

Translation effects on cash and cash equivalents of foreign
operations                                                                                       1 598              454               455
Increase/(decrease) in cash and cash equivalents                                                10 900           (1 637)            7 526
Cash and cash equivalents at beginning of period                                                38 021           30 555            30 555
Net reclassification to held for sale                                                                -              (51)              (60)
Cash and cash equivalents at end of period                                                      48 921           28 867            38 021

SEGMENT REPORT
for the period ended



                Turnover                                                                    Profit/(loss) from operations
                R million                    Business unit analysis                                    R million


 full year      half year     half year                                                   half year    half year    full year
 30 Jun 14      31 Dec 13     31 Dec 14                                                   31 Dec 14    31 Dec 13    30 Jun 14

    19 342          9 386        10 623      Operating Business Units                           493      (4 786)      (3 527)
    14 134          6 978         7 817      Mining                                           2 241        1 351        2 453
     5 208          2 408         2 806      Exploration and Production International       (1 748)      (6 137)      (5 980)
   204 666         99 241       101 211      Strategic Business Units                        28 001       25 095       50 013
    86 052         42 156        41 860      Energy                                          14 818       16 374       31 423
    45 040         22 354        21 387      Base Chemicals                                   5 818        4 107        6 742
    73 574         34 731        37 964      Performance Chemicals                            7 365        4 614       11 848

        53              -           176      Group Functions                                  1 540        1 225         (668)
   224 061        108 627       112 010                                                      30 034       21 534       45 818
   (21 378)       (10 359)      (12 173)     Intercompany turnover
   202 683         98 268        99 837

  full year     half year     half year                                                   half year    half year    full year
  30 Jun 14     31 Dec 13     31 Dec 14                                                   31 Dec 14    31 Dec 13    30 Jun 14

         9%            8%           10%      Operating Business Units                            7%           5%           5%
         6%            6%            7%      Mining                                              7%           5%           5%
         3%            2%            3%      Exploration and Production International             -            -            -
        91%           92%           90%      Strategic Business Units                           88%          91%          95%
        38%           39%           37%      Energy                                             47%          59%          60%
        20%           21%           19%      Base Chemicals                                     18%          15%          13%
        33%           32%           34%      Performance Chemicals                              23%          17%          22%

          -             -             -      Group Functions                                     5%           4%            -
       100%          100%          100%                                                        100%         100%         100%

SALIENT FEATURES
for the period ended
                                                                                                      half year             half year            full year
                                                                                                      31 Dec 14             31 Dec 13            30 Jun 14

Selected ratios
Return on equity                                                              %                            22,8 *                17,5 *               18,5
Return on total assets                                                        %                            22,0 *                18,5 *               17,9
Operating profit margin                                                       %                            30,1                  21,9                 22,6
Finance costs cover                                                           times                       161,2                  86,5                 94,3
Dividend cover - Attributable basic earnings per share                        times                         4,6                   2,6                  2,3
Dividend cover - Headline earnings per share                                  times                         4,6                   3,8                  2,8

* Annualised
Share statistics
Total shares in issue                                                         million                     679,3                 678,2                678,9
Sasol ordinary shares in issue                                                million                     650,9                 649,9                650,6
Treasury shares (share repurchase programme)                                  million                       8,8                   8,8                  8,8
Weighted average number of shares                                             million                     610,1                 608,7                609,0
Diluted weighted average number of shares                                     million                     617,5                 609,5                620,8
Share price (closing)                                                         Rand                       431,01                514,50               632,36
Market capitalisation - Sasol ordinary shares                                 Rm                        280 533               334 374              411 413
Market capitalisation - Sasol BEE ordinary shares                             Rm                          1 011                 1 064                1 330
Net asset value per share                                                     Rand                       302,91                260,95               281,68
Dividend per share                                                            Rand                         7,00                  8,00                21,50
 - interim                                                                    Rand                         7,00                  8,00                 8,00
 - final                                                                      Rand                            -                     -                13,50

Other financial information

Total debt (including bank overdraft)                                                                    35 839                24 552               26 435
 - interest bearing                                                           Rm                         35 239                23 991               25 744
 - non-interest bearing                                                       Rm                            600                   561                  691

Finance expense capitalised                                                   Rm                            399                   250                  530

Capital commitments (subsidiaries and joint operations)                       Rm                        128 913                59 797               59 058
 - authorised and contracted                                                  Rm                         86 163                70 747               66 491
 - authorised, not yet contracted                                             Rm                         96 808                38 886               44 951
 - less expenditure to date                                                   Rm                        (54 058)              (49 836)             (52 384)

Capital commitments (equity accounted joint ventures)                                                       991                   953                  764
 - authorised and contracted                                                  Rm                          1 126                 1 221                1 152
 - authorised, not yet contracted                                             Rm                            496                   400                  438
 - less expenditure to date                                                   Rm                           (631)                 (668)                (826)

Guarantees, indemnities and contingent liabilities
- total amount                                                                Rm                         53 917                43 356               42 552
- liability included in the statement of financial position                   Rm                         32 653                21 995               23 733

Significant items in operating profit
- Restructuring costs related to our business performance
  enhancement programme1                                                      Rm                          1 365                   190                1 131
     Retrenchment packages provided for                                                                     612                     -                  269
     Retrenchment packages settled during the year                                                          205                     -                   60
     Accelerated share-based payments                                                                       395                     -                  417
     Consultancy costs                                                                                      144                   190                  320
     System implementation costs                                                                              9                     -                   65
- Share-based payment expenses                                                Rm                         (2 523)                1 210                5 652
    Sasol share incentive schemes                                             Rm                         (2 910)                1 074                5 385
    Sasol Inzalo share transaction2                                           Rm                            387                   136                  267

1 In addition to these costs, an additional R108 million of internal resources was allocated to the project, bringing the total spend for the period to
  R1 473 million.
2 Includes a share-based payment expense of R280 million relating to the partial refinancing of the Sasol Inzalo transaction.

SALIENT FEATURES
for the period ended
                                                                                                    half year    half year           full year
                                                                                                    31 Dec 14    31 Dec 13           30 Jun 14

Effective tax rate                                                         %                             31,8         37,5                32,6
Number of employees1                                                       number                      32 495       33 761              33 400

Average crude oil price - dated Brent                                      US$/barrel                   89,00       109,83              109,40
Average rand / US$ exchange rate                                           1US$ = Rand                  10,99        10,08               10,39
Closing rand / US$ exchange rate                                           1US$ = Rand                  11,57        10,50               10,64


1 The total number of employees includes permanent and non-permanent employees and the group's share of employees within joint operations,
  but excludes contractors, equity accounted joint ventures' and associates' employees.


Reconciliation of headline earnings                                                                        Rm           Rm                  Rm

Earnings attributable to owners of Sasol Limited                                                       19 545       12 710              29 580

    Effect of remeasurement items for subsidiaries and joint operations                                   169        5 730               7 629
       Impairment of property, plant and equipment                                                        456        3 265               3 289
       Impairment of assets under construction                                                          1 093        2 625               2 625
       Impairment of investment in equity accounted joint venture                                           -            -                 275
       Impairment of other intangible assets                                                                3           81                  79
       Other impairments                                                                                    -           21                   3
       Reversal of impairment                                                                          (1 353)         (10)                 (1)
       (Profit) / loss on disposal of non-current assets                                                  (81)         (10)                 45
       Loss / (profit) on disposal of investment in businesses                                            483         (255)                747
       Fair value gain on acquisition of businesses                                                         -         (110)               (110)
       Scrapping of non-current assets                                                                    120           74                 634
       Write off of unsuccessful exploration wells                                                         (5)          49                  43
       Realisation of foreign currency translation reserve                                               (547)           -                   -
    Tax effects and non-controlling interests                                                            (195)         (77)               (582)

    Effect of remeasurement items for equity accounted joint ventures and associates
       Gross remeasurement items                                                                            2           12                  13
       Tax effects                                                                                          -            -                   -

Headline earnings                                                                                      19 521       18 375              36 640




Headline earnings adjustments per above

Mining                                                                                                      8           (5)                  7
Exploration and Production International                                                                1 825        5 478               5 472
Energy                                                                                                    (48)        (417)                 60
Base Chemicals                                                                                            252          604               1 765
Performance Chemicals                                                                                  (1 318)          75                 254
Group Functions                                                                                          (548)           7                  84
                                                                                                          171        5 742               7 642


Headline earnings per share                                                Rand                         32,00        30,19               60,16
Diluted headline earnings per share                                        Rand                         31,92        30,04               59,64


The reader is referred to the definitions contained in the 2014 Sasol Limited financial statements.

Independent review by the auditors
These condensed consolidated interim financial statements, including the segment
report for the six months ended 31 December 2014 have been reviewed by
PricewaterhouseCoopers Inc., who expressed an unmodified conclusion thereon.
The individual auditor assigned to perform the review is Mr PC Hough. A copy of the
auditor's unmodified review report on the condensed consolidated interim financial
statements is available for inspection at the company's registered office, together
with the condensed consolidated interim financial statements identified in the
auditor's report. The auditor's report does not necessarily report on all of the
information contained in this announcement of interim financial results. Shareholders
are therefore advised that in order to obtain a full understanding of the nature of the
auditor's engagement they should obtain a copy of the auditor's report together with
the accompanying condensed consolidated interim financial statements from the
company's registered office.

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

JSE Sponsor: Deutsche Securities (SA) Proprietary Limited

Directors (non-executive): Dr MSV Gantsho* (Chairman), Mr C Beggs*, Mr HG Dijkgraaf (Dutch)*, 
Ms NNA Matyumza*, Ms IN Mkhize*, Mr ZM Mkhize*, Mr MJN Njeke*, Mr PJ Robertson (British and
American)*, Prof JE Schrempp (German)^, Mr S Westwell (British)*
Directors (executive): Mr DE Constable (President and Chief Executive Officer) (Canadian), 
Mr B Nqwababa (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

Income tax reference number: 9520/018/60/8

                                     JSE                              NYSE
Sasol Ordinary shares
Share code:                          SOL                              SSL
ISIN:                                ZAE000006896                     US8038663006

Sasol BEE Ordinary shares
Share code:                          SOLBE1
ISIN:                                ZAE000151817

American depository 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, United
States of America

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.

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".

Comprehensive additional information is available on our website: www.sasol.com



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