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SOL - Sasol Limited - Trading update for the six months ended 31 December 2010
Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/03)
ISIN: ZAE000006896 US8038663006
Share codes: JSE - SOL NYSE - SSL
("Sasol" or "the Company")
Sasol Limited: Trading update for the Six Months Ended 31 December 2010
1. Introduction
Product prices have remained quite resilient with higher oil prices, refining
margins and chemical prices being realised. Although the relatively strong rand
has put pressure on the group`s earnings, the year-on-year improvement in
product prices has largely mitigated this negative effect. The sustained
strength of the currency remains a key challenge to the group although there has
recently been a slight weakening. We are therefore maintaining our focus on the
factors within our control, such as cost management and operational efficiency.
As announced in December 2010, Sasol has made a significant investment in
upstream shale gas resources in support of its gas-to-liquids (GTL) value
proposition in North America.
2. Expected earnings for the six months ended 31 December 2010
Sasol`s earnings per share and headline earnings per share for the six months
ended 31 December 2010 are estimated to increase by 17% - 27% compared with the
prior year comparable reporting period. The expected increase in earnings is
mainly due to a strong focus on cost containment as well as an improvement in
crude oil prices and product prices, partially offset by the continued strength
of the rand against the US dollar.
The Ixia empowerment transaction announced last year resulted in WIPCoal
Investments owning effectively 10,2% of the equity in Sasol Mining. The once-
off non-cash share based payment expense relating to the transaction resulted in
an impact of approximately R1 on both headline earnings per share and earnings
per share.
Our half-year closure process is currently in progress and further adjustments
may arise including remeasurement effects.
This trading update deals only with the first half of the 2011 financial year
comparison.
Sasol`s financial results for the six months ended 31 December 2010 will be
announced on or about Monday, 7 March 2011.
The above information has not been reviewed or reported on by the Company`s
external auditors.
Johannesburg
4 February 2011
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited
Forward looking statements
In this document we 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 28 September 2010 and
in other filings with the United States Securities and Exchange Commission. The
list of factors discussed therein is not exhaustive; when relying on forward-
looking statements to make investment decisions, you should carefully consider
both these factors and other uncertainties and events. Forward-looking
statements apply only as of the date on which they are made, and we do not
undertake any obligation to update or revise any of them, whether as a result of
new information, future events or otherwise.
Date: 04/02/2011 08:30:03 Supplied by www.sharenet.co.za
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