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Sasol Limited - Audited Financial Results For The Year Ended 30 June 2015

Release Date: 07/09/2015 07:05:00      Code(s): SOL SOLBE1     
Sasol Limited 
(Incorporated in the Republic of South Africa) 
(Registration number 1979/003231/06) 
Sasol Ordinary Share codes: JSE : SOL NYSE : SSL 
Sasol Ordinary ISIN codes: ZAE000006896 US8038663006 
Sasol BEE Ordinary Share code: JSE : SOLBE1 
Sasol BEE Ordinary ISIN code: ZAE000151817 
("Sasol" or "the Company")

Audited Financial Results
for the year ended 30 June 2015

Sasol is an international integrated chemicals and energy company that leverages the talent and expertise of about 31 000 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 

- Safety Recordable Case Rate, excluding illnesses, improved to 0,32

- 5% increase in liquid fuels sales volumes for Energy business in Southern Africa

- Performance Chemicals and normalised Base Chemicals sales volumes up 2%

- Normalised cash fixed costs increased by 0%

- Business Performance Enhancement Programme cost savings of R2,5bn exceeded 2015 financial year target by R1 billion

- Response Plan achieved a R8,9bn cash conservation benefit at upper end of guidance

- Headline earnings per share down 17% R49,76 despite a 33% decline in oil price

- Lake Charles Chemical Project making good progress, with 80% of funding secured

Segment report
for the year ended 30 June

            Turnover                                                         Profit/(loss) from operations
           R million                                                                   R million
    2013        2014       2015     Segment analysis                             2015        2014       2013
  15 958      19 342     20 859     Operating Business Units                    1 173     (3 527)        328
  12 324      14 134     15 687     Mining                                      4 343       2 453      2 214
   3 634       5 208      5 172     Exploration and Production International  (3 170)     (5 980)    (1 886)
 171 004     204 666    187 312     Strategic Business Units                   45 448      50 013     38 074
  71 952      86 052     75 800     Energy                                     22 526      31 423     26 973
  43 637      45 040     39 728     Base Chemicals                             10 208       6 742      4 146
  55 415      73 574     71 784     Performance Chemicals                      12 714      11 848      6 955
      13          53        221     Group Functions                              (72)       (668)      2 443
 186 975     224 061    208 392                                                46 549      45 818     40 845
(17 084)    (21 378)   (23 126)     Intersegmental turnover
 169 891     202 683    185 266    

Change in reportable segment information

Our new operating model, and a simplified and consolidated legal structure, came into effect on 1 July 2014. 
Our new group structure supports a value chain-based operating model, which organises our business according 
to capability, and standardises the group functions required to support and enable these activities. It aligns 
the components of Sasol ? Operating Business Units, Regional Operating Hubs, Strategic Business Units, and 
Group Functions ? according to a single value chain, focused on the production of liquid fuels, high-value 
chemicals and low-carbon electricity. The new operating model structure reflects how the results are reported 
to the Chief Operating Decision Maker (CODM). The CODM for Sasol is the President and Chief Executive Officer. 
Accordingly, the segment information for the prior years has been restated.

Overview

Maintaining momentum

President and Chief Executive Officer, David E. Constable says:

"With a new operating model, underpinned by streamlined corporate and management structures, simplified 
governance and decision-making processes, and new ways of working, Sasol is a redefined, resilient, 
integrated chemicals and energy company.

The launch of a significant change programme in 2012, at a time when we were delivering record profits, 
enabled us to place the company in the strongest position possible to respond to a turbulent macroeconomic 
environment.

Ultimately, our ability to sustainably reduce costs and fundamentally reposition Sasol for long-term growth 
and longevity is testament to the tenacity of our people who rallied behind the company's call to maintain 
momentum and remain focused on driving shareholder value for the benefit of all our stakeholders."

Financial results overview*

Earnings attributable to shareholders for the year ended 30 June 2015 increased to R29,7 billion from R29,6 billion in
the prior year. Headline earnings per share decreased by 17% to R49,76 and earnings per share increased by 0,3% to
R48,71 compared to the prior year. 

Profit from operations of R46,5 billion increased by 2% compared to the prior year. This achievement was due to a strong
overall operational performance with increased sales volumes, resilient margins and cost increases contained to below
inflation. Conversely, the group's profitability was adversely impacted by a 33% decline in average Brent crude oil
prices (average dated Brent was US$73,46/barrel for the year ended 30 June 2015 compared with US$109,40/barrel in the
prior year). This decrease was partly off-set by a 10% weaker average rand/US dollar exchange rate (R11,45/US$ for the
year ended 30 June 2015 compared with R10,39/US$ in the prior year). 

In addition, Sasol's profitability for the 2015 financial year was also positively impacted by the following notable
once-off and significant items:

-   cash-settled share-based payment credit to the income statement of R1,4 billion compared to an expense of R5,4
    billion in the prior year, largely due to a 29% lower share price (closing share price of R450,00 compared to
    R632,36 in the prior year), partially negated by the increase in the number of share options exercised during the
    year;

-   the extension of the useful life of our operating assets in South Africa resulting in a decrease in depreciation
    of R1,4 billion and environmental rehabilitation provisions of R1,8 billion; and

-   net remeasurement items expense of R0,8 billion in the current year compared to a R7,6 billion expense in the
    prior year. These items relate mainly to the full reversal of the previous R2,0 billion impairment of the FT Wax
    Expansion Project, the partial impairment of our Canadian shale gas assets of R1,3 billion and the partial
    impairment of our Etame assets in Gabon of R1,3 billion. 

Excluding the impact of these remeasurement items, net once-off charges and movements in our share-based payment
expense, normalised earnings attributable to shareholders decreased by 30% from the prior year. 

* All comparisons refer to the prior year ended 30 June 2014. Except for earnings attributable to shareholders and the
Response Plan cash conservation measures, all numbers are quoted on a pre-tax basis.

Notwithstanding a tough macroeconomic environment, we maintained a strong operational performance across our global
integrated value chain over the year. Our Energy Business in Southern Africa increased its liquid fuels sales volumes by
5% to 61,5 million barrels compared to the prior year. Our Chemicals Business 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 through focused marketing and sales
initiatives, sales volumes for Performance Chemicals and Base Chemicals both increased by 2% from the prior year. 

Internationally, our ORYX GTL facility sustained a solid performance, with an average utilisation rate of 90% for the
year, in line with  market guidance provided, despite an earlier than planned shutdown during December 2014 to January
2015. 

Cash fixed costs remained flat, in nominal terms, compared to the prior year. Our Business Performance Enhancement
Programme (BPEP) and Response Plan reduced our cash fixed costs, net of the implementation of the BPEP, by 5%, which was
offset by the South African producers' price index (SA PPI). This was achieved despite a difficult South African cost
environment in respect of labour and electricity charges. 

Our company-wide BPEP made significant progress in sustainably reducing our cost base. We delivered actual cost savings
of R2,5 billion, well ahead of our target of R1,5 billion for the 2015 financial year. Implementation costs for the
programme were approximately R200 million below an expected R2,1 billion.

In turn, our Response Plan achieved a R8,9 billion cash conservation benefit, which is at the upper end of our R6
billion to R10 billion target range for the 2015 financial year. 

The reduction in the effective corporate tax rate from 32,6% to 31,7% was impacted by the R1,3 billion partial
impairment of our Canadian shale gas assets.

Cash flow generated from operating activities decreased by 5,6% to R61,8 billion, compared with R65,5 billion in the
prior year. Our net cash position improved by 39% from R38 billion in June 2014 to R53 billion at 30 June 2015, driven
largely by the stronger than expected operational business performance.

As previously announced, our revised dividend policy is a dividend cover range based on headline earnings per share. The
dividend cover was 2,7 times at 30 June 2015 (30 June 2014: 2,8 times). Taking into account the current volatile
macroeconomic 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 a final gross
dividend of R11,50 per share (15% lower than the prior year). 

Chief Financial Officer, Bongani Nqwababa says:

"Our strong results for the 2015 financial year are testament to the resilience of our company, the diversity 
in our asset portfolio and our ability to decisively respond to the volatile and uncertain global economic 
environment.

Through our tailored business planning, we are making steady progress in mitigating the challenges of a low 
oil price environment.

Our Business Performance Enhancement Programme is delivering sustainable cost savings ahead of 
expectations, while our Response Plan allows us to conserve cash in a volatile environment. Cash flow 
generation remains robust, which, together with our solid, ungeared balance sheet, enables us to execute our 
growth projects in Southern Africa and the United States. Our US$8,9 billion world-scale ethane cracker and 
downstream derivatives complex in Lake Charles, Louisiana remains on track to reach beneficial operation in 2018."

Business Performance Enhancement Programme delivering results

As part of our BPEP, the process of implementing redesigned organisational structures, and subsequent employee
placements, was largely concluded by 30 June 2015. 

At the end of the reporting period, nearly 2 500 voluntary separations and early retirement applications were approved
by the company, with our overall headcount reducing from 33 400 to 30 919 employees, a net reduction of 7,4%. Our
headcount includes natural attrition over the period, the conversion of approximately 300 temporary employees to
permanent positions and the addition of nearly 300 employees for our growth projects. The remaining restructuring
processes will be completed early in the 2016 financial year.

The BPEP's actual cost savings at 30 June 2015 amounted to R2,5 billion, which is R1 billion higher than the forecasted
savings of R1,5 billion previously communicated. The actual savings represent an annual run rate of R2,8 billion.

We continue to drive sustainable cost savings of R4,0 billion by the end of the 2016 financial year (off a 2013 cost
base), with an exit run rate of at least R4,3 billion. Cost trends are still forecast to track SA PPI from the 2017
financial year. 

Implementation costs for the programme amounted to R1,9 billion for the full financial year, R200 million lower than
planned. These costs included separation packages as well as the enterprise resource planning system implementation
costs relating to our SAP project which was successfully implemented in July 2015 for our South African Chemicals
Business, Supply Chain, Payroll, Global Human Resources and Safety, Health and Environment business processes.

Response to lower oil prices

Our 30-month cash conservation target, using 31 December 2014 as the baseline, is between R30 billion and R50 billion
and, as previously communicated, comprises of 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; and
-   working capital and margin improvements ? target of R5 billion to R9 billion.

To date, these areas have delivered a cash conservation benefit amounting to R8,9 billion, which is at the upper end of
our R6 billion to R10 billion target range for the 2015 financial year. 

As part of our Response Plan to a lower-for-longer oil price environment, we are currently working to deliver further
sustainable cash cost savings of R1 billion annually by the 2018 financial year. These savings will be achieved through
already implemented organisational structure refinements, and the freezing of at least 1 000 non-critical vacancies and
focused Supply Chain cost spend reductions. 

Strong operational performance supported by resilient margins and effective cost management

Operating Business Units

Mining ? unit costs significantly below inflation and improved productivity 

Profit from operations of R4 343 million was 77% higher than the prior year. This was mainly as a result of a 2%
increase in productivity, the optimisation of production opportunities, benefits of the BPEP of R569 million and higher
export coal volumes, which was partially negated by lower export coal prices. Normalised mining unit costs of production
decreased by 2% compared to the prior year. Production volumes remained solid, while achieving an 18% improvement in the
safety Recordable Case Rate (RCR).

Exploration and Production International ? increased gas volumes and impairment charges

Exploration and Production International (E&PI) recorded a loss from operations of R3 170 million compared to a loss
from operations of R5 980 million in the prior year. 

Our E&PI business generated a profit of R26 million, excluding the partial impairment of our Canadian shale gas
operations of R1 296 million, the partial impairment reported during the first half of the financial year of R1 331
million of our Etame assets in Gabon, and a loss of R569 million on exiting the Nigerian upstream licences. 

Our Mozambican producing operations recorded a profit of R1 847 million, principally due to favourable gas prices and a
13% increase in gas volumes, coupled with increased cost containment initiatives. Our Gabon assets recorded a loss of R1
124 million compared to a profit of R827 million in the prior year due to lower oil prices. Oil production in Gabon was
slightly lower and averaged 16 284 barrels of oil per day (on a gross basis). 

Our Canadian shale gas assets in Montney generated a loss from operations of R2 449 million compared to a loss of R7 003
million in the prior year, which included the partial impairment of the assets of R5 308 million (CAD540 million). Due
to a further decline in gas prices in North America, we recognised an additional partial impairment of R1 296 million
(CAD133 million) on our Canadian shale gas operations during this year. Excluding the effect of the impairment, the loss
decreased to R1 153 million compared to R1 695 million in the prior year, mainly due to a lower depreciation rate and
operational costs. Our Canadian gas volumes were higher than the prior year. 

Despite the impact of lower gas prices and weaker oil prices affecting the profitability of the business, E&PI was able
to contribute more than R3 billion to Sasol's cash conservation initiatives during the current year through reduced
capital cash flow and exploration spend and cash fixed cost savings.

Strategic Business Units

Energy ? improved volumes and cost performance, margins under pressure

Profit from operations of R22 526 million decreased by R8 897 million or 28% compared to the prior year. Production
volumes at Secunda Synfuels Operations (SSO) and Natref increased by 2% and 6%, respectively, in comparison with the
prior year. SSO produced its highest throughput levels since 2004 and Natref improved production on the back of improved
operations stability compared to the prior year. 

In South Africa, our Energy Strategic Business Unit (SBU) profitability was enhanced by a 5% increase in liquid fuels
sales volumes, compared to the prior year, and higher refining margins on the back of strong product differentials.
Despite the 33% decrease in oil prices, our gross margins in this business decreased by only 19% for the year. Through
our BPEP, we managed to contain our normalised cash cost increase per unit for the full year to below SA PPI. Gas sales
were 1% higher compared to the prior year and our Central Termica de Ressano Garcia joint operation in Mozambique
delivered 206 452 megawatt-hours of electricity.

The Energy SBU's share of profit from equity accounted joint ventures of R1 941 million decreased from R3 710 million in
the prior year. This was primarily due to lower oil prices and an earlier than planned shutdown at our ORYX GTL
facility. The plant achieved an average utilisation rate of 90%, while maintaining a world class safety RCR of 0. In
Nigeria, the Escravos gas-to-liquids (EGTL) plant achieved beneficial operation (BO), with its first train achieving BO
in June 2014, followed by the second train during November 2014. The EGTL plant continues to ramp up towards design
capacity.

Base Chemicals ? higher sales volumes and resilient margins

The Base Chemicals SBU delivered a strong performance, increasing profit from operations by 51% to R10 208 million
compared to the prior year. Sales volumes, normalised for the sale of our Solvents Germany and SPME operations in the
prior year, increased by 2%. Normalised cash fixed costs were contained to below inflation. The negative impact on
margins, as a result of a 13% decline in dollar-based sales prices, was partly negated by the weaker rand/US dollar
exchange rate. Chemical sales prices displayed some resilience when compared to the crude oil prices over the same
period. Profit from operations further benefitted from the reversal of the administrative penalty of R534 million, which
was imposed by the Competition Tribunal in June 2014, and the lower depreciation charge amounting to R684 million, which
arose from the extension in the useful life of our operating assets in South Africa. 

Performance Chemicals ? resilient performance boosted by higher sales volumes

The Performance Chemicals SBU continued to deliver a strong performance, increasing profit from operations by 7% to R12
714 million compared to R11 848 million for the prior year. The financial performance was positively impacted by the R2
021 million impairment reversal of the FT Wax Expansion Project in Sasolburg and the weaker rand/US dollar exchange
rate. Normalising for the impairment reversal and the R2 449 million payment received from the European Commission in
the prior year, profit from operations increased by 14% compared to the previous financial year. The positive
performance is largely as a result of a 2% increase in sales volumes mainly due to improved production output, higher
demand, and resilient gross margins, supported by a weaker rand/US dollar exchange rate. In base currency terms, cash
fixed costs were maintained within inflation. Our business in the United States (US) realised favourable margins,
despite a 33% decrease in oil prices, which negatively impacted the results of our ethylene value chain. Our Eurasian
Operations reported a 3% increase in production volumes. 

Capital portfolio phasing and reductions 

In line with our 30-month Response Plan targets to conserve cash of between R13 billion to R22 billion through capital
portfolio phasing and reductions, we revised our forecasted capital expenditure for the year from R50 billion to R45
billion. Actual capital expenditure (cash flow) during the year amounted to R45,1 billion. As a result of the weakening
of the rand/US dollar exchange rate, we updated our capital expenditure forecast to R70 billion for 2016 and R65 billion
for 2017. Without compromising on safety, reliability and the sustainability of our operations, we continuously reassess
and optimise our capital portfolio. Currently, our focus remains on optimising our capital spend on our strategic
projects in North America and Southern Africa.

Advancing projects to enable future growth 

We are encouraged by the headway we are making in advancing our growth projects:

-   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, continue to progress steadily. The establishment of these collieries will ensure
        uninterrupted coal supply to SSO. Project delays were experienced at the Impumelelo and Shondoni collieries
        due to a slower than expected shaft sinking process and a four-month labour dispute experienced by a mining
        contractor. BO is now expected in the second half of the 2015 and first half of the 2016 calendar years,
        respectively. Both projects are expected to be delivered within budget.

    -   As part of our efforts to grow our footprint in Mozambique, in February 2015, we submitted a field development
        plan (FDP) for the Production Sharing Agreement (PSA) licence area to the regulatory authorities. The PSA FDP
        proposes an integrated oil, liquefied petroleum gas (LPG) and gas project adjacent to the Petroleum Production
        Agreement (PPA) area. As reported previously, we submitted a proposal to enable the development of a fifth
        train at the Central Processing Facility (CPF) to process additional gas from the PSA licence area, should the
        FDP be approved. A further update on the investment strategy and monetisation plan will be provided once
        approval has been received from the relevant authorities in Mozambique.

    -   In order to sustain our operations and continue to meet contractual sales obligations in Mozambique and in
        South Africa, we received approval from the Government of Mozambique to expand the annual capacity of the CPF
        from 167 to 180 billion standard cubic feet of gas per annum. The final investment decision (FID) for this
        project was taken during June 2015. 

    -   In 2015, Sasol and PetroSA (operator) were awarded an exploration right permit for Block 3A/4A, in the
        offshore Orange Basin on the west coast of South Africa. 

-   Progressing our growth projects within our Strategic Business Units (SBUs):

    Expanding our asset base in South Africa

    -   The R14,2 billion Secunda growth programme is nearing completion with 16 of the 19 projects, which include the
        gas heated heat exchange reformers, achieving BO. The completed projects ensured the full realisation of the
        envisaged volume and electricity benefits. The remaining three projects are smaller utility enablers and are
        expected to reach BO by the end of the 2015 calendar year. 

    -   Our Fischer-Tropsch wax facility in Sasolburg is progressing well, following the finalisation of phase one,
        with the commissioning of the new slurry bed reactor successfully completed during May 2015. Phase two
        commissioning is on track to take place during the first half of the 2017 calendar year. The total project
        cost for both phases remains unchanged at R13,6 billion. 

    -   The R2,4 billion oxygen train expansion project (train 17), which involves the installation of an additional 5
        000 tons/day oxygen train on our SSO site is expected to reach BO during the second half of the 2018 calendar
        year. We are responsible for the enabling works and outside battery limit scope as agreed with the Air Liquide
        Group. In turn, Air Liquide will construct, operate and maintain the air separation unit on site.

    Growing our interests in Mozambique

    -   The R1,6 billion Loop Line 1 project on the Mozambique to Secunda pipeline reached BO during the last quarter
        of the 2014 calendar year, on schedule and below budget. Following approval of the pipeline variation plan by
        the Mozambique regulator, Instituto Nacional de Petroleo, in July 2015, the Loop Line 2 project has progressed
        to an advanced stage and a FID was made in August 2015.

    -   We completed the development of the US$246 million, 175 megawatt gas-fired power generation plant in
        Mozambique, CTRG, in partnership with the country's state-owned power utility, Electridade de Mocambique at
        Ressano Garcia. All 18 gas engines have been commissioned and BO was reached on 27 February 2015. The plant is
        producing as planned.

    Growing our footprint in the US

    -   Following the FID to proceed with our world-scale ethane cracker and downstream derivatives complex in Lake
        Charles, Louisiana (LCCP) at the end of October 2014, significant progress has been made in detailed
        engineering and infrastructure work at the site. We expect to achieve BO during the 2018 calendar year. The
        final estimated project cost remains at US$8,9 billion (including infrastructure and utilities). 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.

    -   Our joint venture high-density polyethylene plant with Ineos Olefins & Polymers USA continues to progress on
        schedule and within budget. BO is expected during the second half of the 2016 calendar year. The complex is
        expected to produce 470 kilotons annually.

Maintaining our focus on sustainable value creation 

We continued to deliver on our broader sustainability and community contributions during the year:

-   Safety remains a top priority for Sasol. Our safety RCR for employees and service providers, excluding illnesses,
    improved to 0,32 at 30 June 2015 (0,36 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 and transport incidents. 

-   During the year, we spent R1,2 billion on skills and socio-economic development, which includes our private/public
    Ikusasa partnership, bursaries, learnerships and artisan training programmes. As part of our commitment to the
    communities in which we operate, we invested R152 million in Secunda and R95 million in Sasolburg, with a further
    R339 million planned for the 2016 and 2017 financial years. Our Ikusasa programme focuses on four areas, namely
    education, health and wellbeing, infrastructure, and safety and security in the Secunda and Sasolburg regions. 

-   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 received
    decisions on our postponement applications from the National Air Quality Officer, which, while aligned with our
    requests, imposed stretched targets into our atmospheric emission licences. Our R2,5 billion abatement programme
    remains on track to achieve our targeted reductions of volatile organic compounds emissions by 2020.

-   We continue to measure our comprehensive climate change response in accordance with our key performance
    indicators. Our total greenhouse gas (GHG) emissions globally decreased to 69,8 million tons compared to 72,3(1)
    million tons in the prior year, notwithstanding the inclusion of an additional source of GHG emissions. Our GHG
    emissions intensity (measured in carbon dioxide equivalent per ton of production) increased to 3,60 compared to
    3,28(2) in the prior year. 

-   The 2015 utility Energy Intensity Index (EII) for our operations in South Africa improved by 10,2% on a cumulative
    basis. The EII, adjusted by 6,4% for growth and own electricity generation, equates to a significant improvement
    of 16,6%. This exceeds our voluntary Energy Efficiency Accord target of 15% by 1,6 percentage points and
    demonstrates our commitment to continued energy efficiency.

-   During the year, we paid R34,7 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.

-   We view broad-based black economic empowerment (BBBEE) in South Africa as a business imperative. Our commitment to
    transformation has seen us record strong BBBEE contributor status ratings. For the 2015 financial year, we
    reported a level 4 BBBEE contributor status. However, we expect this to decline (likely to level 8) in accordance
    with the Department of Trade and Industry's revised Codes of Good Practice. We have embarked on a project to
    assess our BBBEE strategies.

(1)  Restated to exclude the ORYX GTL facility's data and the sale of our Sasol Germany operations. 
(2)  Restated due to the inclusion of an additional source through the natural evolution of GHG inventories.

Proposed carbon tax for South Africa 

South Africa's carbon emissions are not expected to increase before 2022, and the implementation of a carbon tax will
have a limited effect on emissions. Instead, this carbon regulation will add a further cost burden to the economy. 

Although the details of a proposed draft carbon tax legislation is unclear, our concern remains 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 will improve our energy security. Sasol continues to engage with the South African Government 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. 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 (CAC). 

On 17 June 2015, the CAC delivered its judgement in which it upheld Sasol's appeal and set aside the decision of the
Tribunal. 

On 23 July 2015, the Competition Commission served its application on the Constitutional Court in which it is seeking leave to
appeal the decision of the CAC. Sasol filed its responding affidavit on 6 August 2015. We now await the outcome of this
appeal process.

Separately, the Competition 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 LPG market. We continue to
cooperate with the Competition Commission in these investigations. To the extent appropriate, further announcements will be made in
future.

Profit outlook(#) ? solid production performance and cost reductions to continue

The global economic environment remains very volatile and uncertain with global economic growth expected to continue at
a moderate and uneven pace over the near-term. We expect oil prices to remain low until the end of the 2017 calendar
year. The rand exchange rate is expected to be under pressure mainly as a result of the pace of interest rate increases
in the US, as well as concerns regarding the South African economy and local growth rate. Foreign exchange and oil price
movements are outside of our influence, hence our focus remains firmly on factors within our control, which include
volume growth, margin improvement, cost optimisation and cash conservation. In addition, oil and other commodity price
risk hedging are continuously evaluated.

(#) 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 audited and reported on by the company's
auditors.

We expect an overall strong production performance for the 2016 financial year, with: 

-   Liquid fuels product volumes for the Energy SBU in Southern Africa to be above 60 million barrels;

-   The average utilisation rate at ORYX GTL in Qatar to be above 87% of nameplate capacity, taking a statutory
    shutdown into account;

-   Chemicals sales volumes to be slightly higher than the prior year, with margins in Base Chemicals under pressure
    and in Performance Chemicals, varied margins expected for our different product streams; 

-   Average Brent crude oil prices to remain between US$50 and US$60 during the next financial year;

-   Cash fixed costs to be below SA PPI, taking into account the R4,0 billion cash cost savings, as a result of the
    BPEP, with an exit run rate of at least R4,3 billion by the end of financial year 2016;

-   Capital expenditure of R70 billion for 2016 and R65 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 15% and 30%; and

-   The Response Plan cash flow contribution to range between R10 billion and R16 billion.

(##) These estimates may be impacted by further exchange rate volatility or the rate of progress of our LCCP project in the US. 

Disposal of a business

In September 2014, we notified our partners in the Nigerian licences OML-140 and OML-145, of our withdrawal from both
licences as part of an ongoing restructuring of our asset base. Accordingly, we recognised a loss on disposal of R569
million.

Subsequent events

On 22 July 2015, Sasol entered into an interest rate swap to convert 50% of a US$4 billion term loan facility from a
variable interest rate to a fixed interest rate, in terms of the loan agreement. The loan will be utilised to fund the
capital expenditure of the LCCP in the US.

Change in Director

Mr Bongani Nqwababa assumed office as Executive Director and Chief Financial Officer of Sasol on 1 March 2015. Mr Paul
Victor resigned as Executive Director and acting Chief Financial Officer and returned to his permanent role of Senior
Vice President: Financial Control Services on 1 March 2015. 

Declaration of cash dividend number 72

A final gross cash dividend of South African 1 150,00 cents per ordinary share (30 June 2014 ? 1 350,00 cents per
ordinary share) has been declared for the year ended 30 June 2015. The final 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%. At the declaration date, there are 651 195 116 ordinary, 25 547 081 
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 977,50 cents per share, while the dividend amount payable 
to shareholders who are exempt from dividend withholding tax is 1 150,00 cents per share.

The salient dates for holders of ordinary shares and Sasol BEE ordinary shares are:

Declaration date                                                                           Monday, 7 September 2015
Last day for trading to qualify for and participate in the final dividend (cum dividend)   Friday, 2 October 2015
Trading ex dividend commences                                                              Monday, 5 October 2015
Record date                                                                                Friday, 9 October 2015
Dividend payment date                                                                      Monday, 12 October 2015
The salient dates for holders of our American Depository Receipts are (1):
Ex dividend on New York Stock Exchange (NYSE)                                              Wednesday, 7 October 2015
Record date                                                                                Friday, 9 October 2015
Approximate date for currency conversion                                                   Tuesday, 13 October 2015
Approximate dividend payment date                                                          Thursday, 22 October 2015

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

On Monday, 12 October 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, 12 October 2015.

Share certificates may not be dematerialised or re-materialised between Monday, 5 October and Friday, 9 October 2015,
both days inclusive.

On behalf of the board

Mandla SV Gantsho     David E Constable           Bongani Nqwababa
Chairman              President and               Chief Financial Officer
                      Chief Executive Officer

Sasol Limited
7 September 2015

The summarised financial statements are presented on a consolidated basis.

Statement of financial position
at 30 June
                               
                                                                                   2015         2014
                                                                                     Rm           Rm
Assets                                        
Property, plant and equipment                                                   135 822      111 449
Assets under construction                                                        61 977       51 320
Goodwill                                                                            590          644
Other intangible assets                                                           1 703        1 882
Investments in equity accounted joint ventures                                   10 028        8 280
Investments in associates                                                         1 842        1 877
Post-retirement benefit assets                                                      590          487
Deferred tax assets                                                               1 752        3 143
Other long-term assets                                                            2 617        3 811
Non-current assets                                                              216 921      182 893
Assets in disposal groups held for sale                                              89        1 419
Inventories                                                                      23 141       26 758
Trade and other receivables                                                      29 973       30 374
Short-term financial assets                                                         124          420
Cash restricted for use                                                           5 022        1 245
Cash                                                                             48 329       37 155
Current assets                                                                  106 678       97 371
Total assets                                                                    323 599      280 264
Equity and liabilities                                        
Shareholders' equity                                                            191 610      170 977
Non-controlling interests                                                         4 873        3 792
Total equity                                                                    196 483      174 769
Long-term debt                                                                   39 269       23 419
Long-term financial liabilities                                                       8           17
Long-term provisions                                                             13 431       15 232
Post-retirement benefit obligations                                              10 071        9 294
Long-term deferred income                                                           425          293
Deferred tax liabilities                                                         22 570       18 246
Non-current liabilities                                                          85 774       66 501
Liabilities in disposal groups held for sale                                         15           57
Short-term debt                                                                   3 331        2 637
Short-term financial liabilities                                                    198          446
Other current liabilities                                                        37 479       35 475
Bank overdraft                                                                      319          379
Current liabilities                                                              41 342       38 994
Total equity and liabilities                                                    323 599      280 264


Income statement
for the year ended 30 June  
                                                                      2015         2014         2013
                                                                        Rm           Rm           Rm
Turnover                                                           185 266      202 683      169 891
Materials, energy and consumables used                            (80 169)     (89 224)     (76 617)
Selling and distribution costs                                     (6 041)      (5 762)      (5 102)
Maintenance expenditure                                            (7 628)      (8 290)      (7 243)
Employee-related expenditure                                      (22 096)     (28 569)     (22 477)
Exploration expenditure and feasibility costs                        (554)        (604)      (1 369)
Depreciation and amortisation                                     (13 567)     (13 516)     (11 121)
Other expenses, net                                                (9 912)      (7 415)      (4 234)
Translation (losses)/gains                                         (1 115)          798        2 892
Other operating expenses                                          (10 164)     (12 522)      (8 889)
Other operating income                                               1 367        4 309        1 763
Operating profit before remeasurement items                         45 299       49 303       41 728
Remeasurement items                                                  (807)      (7 629)      (2 949)
Operating profit after remeasurement items                          44 492       41 674       38 779
Share of profits of equity accounted joint ventures, net of tax      2 098        3 810        1 562
Share of (losses)/profits of associates, net of tax                   (41)          334          504
Profit from operations                                              46 549       45 818       40 845
Net finance costs                                                    (956)        (705)      (1 139)
Finance income                                                       1 274        1 220          669
Finance costs                                                      (2 230)      (1 925)      (1 808)
Profit before tax                                                   45 593       45 113       39 706
Taxation                                                          (14 431)     (14 696)     (12 595)
Profit for year                                                     31 162       30 417       27 111
Attributable to     
Owners of Sasol Limited                                             29 716       29 580       26 274
Non-controlling interests in subsidiaries                            1 446          837          837
                                                                    31 162       30 417       27 111
Earnings per share                                                    Rand         Rand         Rand
Basic earnings per share                                             48,71        48,57        43,38
Diluted earnings per share                                           48,70        48,27        43,30

Statement of comprehensive income
for the year ended 30 June
                                                                      2015         2014         2013
                                                                        Rm           Rm           Rm
Profit for year                                                     31 162       30 417       27 111
          
Other comprehensive income, net of tax         
         
Items that can be subsequently          
reclassified to the income statement                                 3 604        4 460        8 153
Effect of translation of foreign operations                          3 590        4 477        8 114
Effect of cash flow hedges                                               ?         (66)           78
Fair value of investments available-for-sale                            16           34         (17)
Tax on items that can be subsequently reclassified           
to the income statement                                                (2)           15         (22)
          
Items that cannot be subsequently          
reclassified to the income statement                                 (593)         (22)        (338)
Remeasurements on post-retirement benefit obligations                (847)         (80)        (497)
Tax on items that cannot be subsequently          
reclassified to the income statement                                   254           58          159
         
Total comprehensive income for the year                             34 173       34 855       34 926
Attributable to          
Owners of Sasol Limited                                             32 727       34 002       34 073
Non-controlling interests in subsidiaries                            1 446          853          853
                                                                    34 173       34 855       34 926

Statement of changes in equity
for the year ended 30 June    
                                                                      2015         2014         2013
                                                                        Rm           Rm           Rm
Balance at beginning of year                                       174 769      152 893      127 942
Shares issued on implementation of share options                       144          373          727
Share-based payment expense                                            501          267          374
Transactions with non-controlling shareholders in subsidiaries           ?            1            8
Total comprehensive income for the year                             34 173       34 855       34 926
Dividends paid to shareholders                                    (12 739)     (13 248)     (10 787)
Dividends paid to non-controlling shareholders in subsidiaries       (365)        (372)        (297)
Balance at end of year                                             196 483      174 769      152 893
Comprising         
Share capital                                                       29 228       29 084       28 711
Share repurchase programme                                         (2 641)      (2 641)      (2 641)
Sasol Inzalo share transaction                                    (22 054)     (22 054)     (22 054)
Retained earnings                                                  161 078      144 126      127 996
Share-based payment reserve                                          9 651        9 150        8 883
Foreign currency translation reserve                                18 289       14 704       10 235
Remeasurements on post-retirement benefit obligations              (1 976)      (1 413)      (1 585)
Investment fair value reserve                                           42           28          (3)
Cash flow hedge accounting reserve                                     (7)          (7)           41
Shareholders' equity                                               191 610      170 977      149 583
Non-controlling interests in subsidiaries                            4 873        3 792        3 310
Total equity                                                       196 483      174 769      152 893

Statement of cash flows
for the year ended 30 June

                                                                      2015         2014         2013
                                                                        Rm           Rm           Rm
Cash receipts from customers                                       186 839      203 549      169 059
Cash paid to suppliers and employees                             (125 056)    (138 100)    (117 153)
Cash generated by operating activities                              61 783       65 449       51 906
Cash flow from operations                                           56 344       67 592       55 184
Decrease/(increase) in working capital                               5 439      (2 143)      (3 278)
Finance income received                                              4 046        5 920        6 063
Finance costs paid                                                 (2 097)        (499)        (523)
Tax paid                                                          (10 057)     (13 647)     (10 367)
Dividends paid                                                    (12 739)     (13 248)     (10 787)
Cash retained from operating activities                             40 936       43 975       36 292
Additions to non-current assets                                   (45 106)     (38 779)     (30 414)
Increase in capital project related payables                         2 461            ?            ?
Acquisition of interests in joint ventures                               ?            ?        (730)
Cash acquired on acquisition of joint ventures                           ?            ?            9
Additional investment in joint ventures                              (173)        (632)        (415)
Acquisition of interests in associates                                   ?        (519)            ?
Cash acquired on acquisition of associates                               ?          527            ?
(Additional investments)/reimbursement of capital in       
associate                                                            (415)          616          461
Disposal of businesses                                                 738        1 353          167
Other net cash flow from investing activities                          410        (379)           89
Cash used in investing activities                                 (42 085)     (37 813)     (30 833)
Share capital issued on implementation of share options                144          373          727
Contributions from non-controlling shareholders in       
subsidiaries                                                             ?            3           37
Dividends paid to non-controlling shareholders in       
subsidiaries                                                         (365)        (372)        (297)
Proceeds from long-term debt                                        14 543        3 263        9 597
Repayments of long-term debt                                       (1 663)      (2 207)      (1 763)
Proceeds from short-term debt                                        2 686        2 346        2 049
Repayments of short-term debt                                      (2 280)      (2 497)      (1 834)
Cash generated by financing activities                              13 065          909        8 516
Translation effects on cash and cash equivalents of       
foreign operations                                                   3 095          455          583
Increase in cash and cash equivalents                               15 011        7 526       14 558
Cash and cash equivalents at beginning of year                      38 021       30 555       15 997
Net reclassification to held for sale                                    ?         (60)            ?
Cash and cash equivalents at end of year                            53 032       38 021       30 555

Salient features
for the year ended 30 June
                                                                                   2015         2014         2013
Selected ratios
Return on equity                                                         %         16,4         18,5         19,1
Return on total assets                                                   %         15,8         17,9         18,7
Operating profit margin                                                  %         24,0         20,6         22,8
Finance costs cover                                                  times         22,8         94,3         79,4
Dividend cover ? Attributable basic earnings per share               times          2,6          2,3          2,3
Dividend cover ? Headline earnings per share                         times          2,7          2,8          2,8

Share statistics
Total shares in issue                                              million        679,5        678,9        677,2
Sasol ordinary shares in issue                                     million        651,1        650,6        648,8
Treasury shares (share repurchase programme)                       million          8,8          8,8          8,8
Weighted average number of shares                                  million        610,1        609,0        605,7
Diluted weighted average number of shares                          million        610,2        620,8        606,8
Share price (closing)                                                 Rand       450,00       632,36       431,54
Market capitalisation ? Sasol ordinary shares                           Rm      292 995      411 413      279 983
Market capitalisation ? Sasol BEE ordinary shares                       Rm          994        1 330          871
Net asset value per share                                             Rand       315,36       281,68       247,12
Dividend per share                                                    Rand        18,50        21,50        19,00
? interim                                                             Rand         7,00         8,00         5,70
? final                                                               Rand        11,50        13,50        13,30

Other financial information
Total debt (including bank overdraft)                                   Rm       42 919       26 435       23 653
? interest bearing                                                      Rm       42 187       25 830       22 863
? non-interest bearing                                                  Rm          732          605          790

Finance expense capitalised                                             Rm        1 118          530          300
Capital commitments (subsidiaries and joint 
operations)                                                             Rm      116 236       59 058       66 061
? authorised and contracted                                             Rm      109 448       66 491       62 330
? authorised, not yet contracted                                        Rm       66 266       44 951       44 244
? less expenditure to date                                              Rm     (59 478)     (52 384)     (40 513)

Capital commitments (equity accounted 
joint ventures)                                                         Rm          648          764          617
? authorised and contracted                                             Rm          716        1 152          880
? authorised, not yet contracted                                        Rm          691          438          438
? less expenditure to date                                              Rm        (759)        (826)        (701)

Guarantees, indemnities and contingent liabilities
? total amount                                                          Rm      114 926       42 552       42 721
? liability included in the statement of 
  financial position                                                    Rm       41 268       23 733       21 321
Significant items in profit from operations
? Restructuring costs related to our business 
  performance enhancement programme(1)                                  Rm        1 682        1 131           98
Retrenchment packages provided for                                      Rm          165          269            ?
Retrenchment packages settled during the year                           Rm        1 002           60            ?
Accelerated share-based payments                                        Rm          157          417            ?
Consultancy costs                                                       Rm          328          320           98
System implementation costs                                             Rm           30           65            ?
? Share-based payment expenses                                          Rm        (881)        5 652        2 038
Sasol share incentive schemes                                           Rm      (1 382)        5 385        1 666
Sasol Inzalo share transaction(2)                                       Rm          501          267          372
Directors' remuneration, excluding long-term 
incentives                                                              Rm           91           94           98
Share options granted to directors ? cumulative                        000            ?            ?           47
Share appreciation rights with no performance 
targets granted to directors ? cumulative                              000            7           14           63
Share appreciation rights with performance targets 
granted to directors ? cumulative                                      000          535          535          780
Long-term incentive rights granted to directors ? 
cumulative                                                             000          195          157          198
Sasol Inzalo share rights granted to directors ? 
cummulative                                                            000           25           25           50
Effective tax rate                                                       %         31,7         32,6         31,7
Number of employees(3)                                              number       30 919       33 400       33 746
Average crude oil price ? dated Brent                           US$/barrel        73,46       109,40       108,66
Average rand/US$ exchange rate                                 1US$ = Rand        11,45        10,39         8,85
Closing rand/US$ exchange rate                                 1US$ = Rand        12,17        10,64         9,88

(1) In addition to these costs, an additional R224 million (2014 ? R148 million) of internal resources was allocated to the project, 
    bringing the total spend for the year to R1 906 million (2014 ? R1 279 million).
(2) Includes a share-based payment expense of R280 million relating to the partial refinancing of the Sasol Inzalo transaction.
(3) 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.
 
                                                                                   2015         2014         2013
                                                                                     Rm           Rm           Rm
Reconciliation of headline earnings   
Earnings attributable to owners of Sasol Limited                                 29 716       29 580       26 274
Effect of remeasurement items for subsidiaries and joint operations                 807        7 629        2 949
Impairment of property, plant and equipment                                         294        3 289          206
Impairment of assets under construction                                           2 555        2 625        2 096
Impairment of investment in equity accounted joint venture                            ?          275            ?
Impairment of other intangible assets                                                 3           79          166
Other impairments                                                                     1            3           23
Reversal of impairment                                                          (2 036)          (1)         (33)
(Profit)/loss on disposal of non-current assets                                    (93)           45            1
Loss/(profit) on disposal of investment in businesses                               410          747         (85)
Fair value gain on acquisition of businesses                                          ?        (110)        (233)
Scrapping of non-current assets                                                     549          634          339
Write off of unsuccessful exploration wells                                           ?           43          469
Realisation of foreign currency translation reserve                               (876)            ?            ?
Tax effects and non-controlling interests                                         (165)        (582)        (752)
Effect of remeasurement items for equity    
accounted joint ventures and associates   
Gross remeasurement items                                                           (1)           13        3 538
Tax effects                                                                           ?            ?        (140)
Headline earnings                                                                30 357       36 640       31 869
Headline earnings adjustments per above   
Mining                                                                               31            7            7
Exploration and Production International                                          3 126        5 472          428
Energy                                                                            (104)           60          122
Base Chemicals                                                                       92        1 765        3 983
Performance Chemicals                                                           (1 804)          254        1 835
Group Functions                                                                   (535)           84          112
Remeasurement items                                                                 806        7 642        6 487  
Headline earnings per share                                           Rand        49,76        60,16        52,62
Diluted headline earnings per share                                   Rand        49,75        59,64        52,53
   
The reader is referred to the definitions contained in the 2014 Sasol Limited financial statements.

Basis of preparation

The summarised consolidated financial statements are prepared in accordance with the requirements of the JSE Limited 
Listings Requirements for preliminary reports, and the requirements of the Companies Act applicable to summary financial 
statements. The Listings Requirements require preliminary reports to be prepared in accordance with the framework concepts 
and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial 
Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting 
Standards Council and to also, as a minimum, contain the information required by IAS 34, Interim Financial Reporting. 

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

The summarised consolidated financial statements appearing in this announcement are the responsibility of the directors.
The directors take full responsibility for the preparation of the summarised consolidated financial statements. Bongani
Nqwababa CA(Z), Chief Financial Officer, is responsible for this set of summarised consolidated financial statements and
has supervised the preparation thereof in conjunction with the Senior Vice President: Financial Control Services, Paul
Victor CA(SA).

Accounting policies 

The accounting policies applied in the preparation of these summarised consolidated 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 2050. 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:

                                                                                  Decrease in the rehabilitation
                                         Decrease in depreciation charge*                    provision**
                                               Profit              Profit        Profit                    Profit
                                           before tax     Tax   after tax    before tax       Tax       after tax
                                                  Rm      Rm          Rm            Rm        Rm              Rm
Mining                                             82    (23)          59             ?         ?               ?
Exploration and Production International            ?       ?           ?             ?         ?               ?
Energy                                            486   (136)         350         1 178     (330)             848
Base Chemicals                                    684   (192)         492           502     (141)             361
Performance Chemicals                             115    (32)          83           145      (41)             104
Group Functions                                     2     (1)           1             ?         ?               ?
Total operations                                1 369   (384)         985         1 825     (512)           1 313

*  The expected impact of the reassessment of useful lives on depreciation in future periods is limited to the recognition of the assets over their extended useful
   lives and is accordingly R1 369 million per year, assuming all the other variables remain unchanged.
** The expected future impact on the rehabilitation provision will be recognised 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 825 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 30 June 2015. 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.

Instrument                                      IFRS 13 fair  Fair Value Rm     Valuation method                  Significant inputs
                                                value    
                                                hierarchy    
Financial Assets    
Investments in listed securities; cash and      Level 1              53 571     Fair Value                         Quoted market price for the same or similar
cash equivalents                                                                                                   instruments
Derivative assets                               Level 2                 124     Forward rate interpolator model,   Forward exchange contracted rates, market
                                                                                using an appropriate currency      foreign exchange rates, forward contract
                                                                                specific discount curve            rates, market commodity prices
Investments in unlisted securities; long-term   Level 3              26 538     Discounted cash flow valuation     Market related interest rates
receivables; other long-term instruments;    
trade and other receivables    
Financial Liabilities    
Listed long-term debt                           Level 1              12 292     Fair Value                         Quoted market price for the same or similar
                                                                                                                   instruments
Derivative liabilities                          Level 2                 206     Forward rate interpolator model,   Forward exchange contracted rates, market
                                                                                using an appropriate currency      foreign exchange rates, forward contract
                                                                                specific discount curve            rates, market commodity prices
Unlisted long-term debt; short-term debt;       Level 3              52 635     Discounted cash flow valuation     Market related interest rates
trade and other payables

Independent audit by the auditors

These summarised consolidated financial statements, including the segment report for the year ended 30 June 2015, 
have been audited by PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon. The individual auditor 
assigned to perform the audit is Mr PC Hough. The auditor also expressed an unmodified opinion on the annual financial 
statements from which these summarised consolidated financial statements were derived. A copy of the auditor's report 
on the summarised consolidated financial statements and of the auditor's report on the annual consolidated financial 
statements are available for inspection at the company's registered office, together with the financial statements 
identified in the respective auditor's reports. The auditor's report does not necessarily report on all of the information 
contained in this announcement of 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 summarised consolidated financial statements from the company's registered office.

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 below.

Segmental analysis
for the year ended 30 June 2014

                                                                                    Operating Business Units         Strategic Business Units          Other
                                                                                                 Exploration                       
                                                                                                         and                      
                                                                                                  Production                   Base   Performance       Group        Total
                                                                                     Mining    International     Energy   Chemicals     Chemicals   Functions   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 profits of equity accounted joint ventures, net of tax                           ?                ?      3 710         100             ?           ?        3 810
Share of profits/(losses) 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          
Cash flow from operations                                                             3 921            2 659     31 267      13 021        14 933       1 791       67 592
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.

Segmental analysis
for the year ended 30 June 2013

                                                                                    Operating Business Units         Strategic Business Units          Other
                                                                                                 Exploration                       
                                                                                                         and                      
                                                                                                  Production                   Base   Performance       Group        Total
                                                                                     Mining    International     Energy   Chemicals     Chemicals   Functions   operations
                                                                                         Rm               Rm         Rm          Rm            Rm          Rm           Rm
Turnover
external                                                                              1 833            2 177     71 342      41 174        53 352          13      169 891
intersegment                                                                         10 491            1 457        610       2 463         2 063           ?       17 084
Total turnover                                                                       12 324            3 634     71 952      43 637        55 415          13      186 975
Operating profit/(loss) before remeasurement items and translation gains/                
(losses)                                                                              2 216          (1 192)     24 550       4 284         8 589         389       38 836
Translation gains/(losses)                                                                5            (266)      (152)         964           159       2 182        2 892
Operating profit/(loss) before remeasurement items                                    2 221          (1 458)     24 398       5 248         8 748       2 571       41 728
Remeasurement items                                                                     (7)            (428)      (122)       (433)       (1 847)       (112)      (2 949)
Operating profit/(loss) after remeasurement items                                     2 214          (1 886)     24 276       4 815         6 901       2 459       38 779
Share of profits/(losses) of equity accounted joint ventures, net of tax                  ?                ?      2 694     (1 186)            54           ?        1 562
Share of profits/(losses) of associates, net of tax                                       ?                ?          3         517             ?        (16)          504
Profit/(loss) from operations                                                         2 214          (1 886)     26 973       4 146         6 955       2 443       40 845
Depreciation of property, plant and equipment                                           999            2 511      2 602       2 776         1 689         335       10 912
Amortisation of intangibles                                                               ?               12         26          26            41         104          209
EBITDA                                                                                3 213              637     29 601       6 948         8 685       2 882       51 966
Statement of financial position                
Property, plant and equipment                                                         8 816           11 642     27 097      33 786        17 443       2 205      100 989
Assets under construction                                                             3 315            9 114      7 120       7 686        11 586       1 044       39 865
Other Intangible assets                                                                   7               59         59         136           674         483        1 418
Other non-current assets(1)                                                             484                1      9 214       3 248         1 375         784       15 106
Current assets(1)                                                                     1 400            4 191     19 285      18 032        18 551      24 423       85 882
Total external assets(1)                                                             14 022           25 007     62 775      62 888        49 629      28 939      243 260
Non-current liabilities(1)                                                            1 863            2 802      6 959       3 954         7 109      20 019       42 706
Current liabilities(1)                                                                1 902            1 580     11 145       4 601         8 663       5 701       33 592
Total external liabilities(1)                                                         3 765            4 382     18 104       8 555        15 772      25 720       76 298
Cash flow information                  
Cash flow from operations                                                             3 386            1 742     26 745       8 263        10 444       4 604       55 184
Additions to non-current assets                                                       3 482            4 064      7 959       6 156         7 885         868       30 414
Capital commitments                  
Subsidiaries and joint operations                                                     9 751            5 353     20 623      12 279        17 322         733       66 061
Equity accounted joint ventures and associates                                            ?                ?        550          67            ?            ?          617
Total capital commitments                                                             9 751            5 353     21 173      12 346        17 322         733       66 678
Number of employees(2)                                                                8 140              487      5 254       6 727         5 918       7 220       33 746
 
(1)   Excludes deferred tax asset, deferred tax liability, tax receivable, tax payable and post-retirement benefit assets.
(2)   Includes permanent and non-permanent employees.

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
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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