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

Release Date: 17/09/2015 12:00:00      Code(s): SOL SOLBE1     
Sasol Limited 
(Incorporated in the Republic of South Africa) 
(Registration number 1979/003231/06) 
Sasol Ordinary Share codes: JSE: SOL NYSE: SSL 
Sasol Ordinary ISIN codes: ZAE000006896 US803663006 
Sasol BEE Ordinary Share code: JSE: SOLBE1 
Sasol BEE Ordinary ISIN code: ZAE000151817 
("Sasol" or "the Company")

SASOL INZALO PUBLIC LIMITED (RF) GROUP(1) 

SUMMARY OF THE AUDITED FINANCIAL RESULTS   
for the year ended 30 June 2015  

Finance income (R million)

389           497
2014          2015

Finance costs (R million)

581           570
2014          2015

Cash generated from operations (R million)

152           256
2014          2015

Investment in security (R million)

10 172        7 238
2014          2015

How we used our cash

Operating costs: R8 million 2%

Repayment of debt
(A preference): R223 million 44%

Repayment of debt
(B preference): R101 million 20%

Repayment of debt
(C preference): R183 million 37%

Security tax paid: R4 million 1%

Utilised from prior years: -R22 million -4%

Salient features
27% Increase in dividend received from R24,20 to R30,80 per share 
2% Decrease in finance costs mainly due to refinancing transaction 
68% Increase in cash generated from operations 
29% Decrease in the investment in security 

Refinancing of debt
Sasol Inzalo Public Funding (Pty) Ltd (RF) renegotiated the refinancing of the D preference shares through a subsequent
issue of C preference shares. The refinancing transaction was implemented on 17 October 2014, this being the effective
date. The refinancing transaction resulted in a subscription of additional C preference shares by the existing C
preference shareholders (R2 177 million), which was used to repay the outstanding capital and notional interest on the D
preference shares on the effective date. Consequently, the interest rate on all C preference shares reduced from 80,3%
of the prime interest rate to 68% of the prime interest rate, from the effective date. 

Commentary
The group recorded a net loss for the year of R84 million (2014: R194 million), showing an improvement of 57% from the
previous year. This was mainly driven by the 27% increase in dividend received from Sasol Limited in line with the
structure of the transaction and was partially offset by the increase in other expenses of R5 million, mainly due to
costs incurred in respect of the annual general meeting. Finance costs reduced slightly by 2% as a result of the impact
of the refinancing transaction implemented on 17 October 2015.

Our investment in Sasol Limited was revalued at the closing market price of R450,00 (2014: R632,36) per Sasol ordinary
share as at 30 June 2015, to a value of R7 238 million (2014: R10 172 million) in line with the group's accounting
policy on investment in Sasol Limited.

The group generated sufficient cash from dividends received on the investment in Sasol Limited to fund operating
activities, finance costs and to repay long-term debt during the year. Cash generated from operating activities amounted
to R256 million (2014: R152 million). The increase in cash generated from operating activities is mainly due to the
increase in dividend income received from Sasol Limited. 

                                          2015  2014
Dividend received                          495   389
Interest received                            2     ?
Wealth created                             497   389
     
Operating costs                              8   (4)
Repayment of debt                          507   356
Dividend paid                                ?    32
Security tax paid                            4     ?
Utilised from cash brought forward        (22)     ?
Reinvested in the group                      0     5
How we used our cash                       497   389

The short-form announcement is the responsibility of the directors. The summary does not contain the full audited
financial results for the year ended 30 June 2015. The full audited financial results will, from 23 October 2015, be
available on www.sasol.com/investor-centre/sasol-inzalo/sasol-inzalo-financial-results. The full set of audited
financial results will also be available for inspection at the company's registered office at no charge, during office
hours. Copies of the full set of audited financial results may be requested by contacting Computershare on 0800 000 222
or at sasolinzalo@computershare.co.za.

(1) The Sasol Inzalo Public Limited (RF) Group forms part of Sasol Limited?s 2008 broad-based BEE ownership
    transaction equal to 10% of its issued share capital at the time.  The Sasol Inzalo Public Limited (RF) Group owns 
    approximately 2,4% of Sasol Limited?s issued share capital.

Company registration number: 2007/030646/06

17 September 2015

Sponsor: Deutsche Securities (SA) Proprietary Limited
Date: 17/09/2015 12:00:00 Supplied by www.sharenet.co.za                     
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