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Trading statement for the financial year ended 30 June 2012
Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
Sasol Ordinary Share codes: JSE : SOL NYSE : SSL
Sasol Ordinary ISIN codes: ZAE000006896 US8038663006
Sasol BEE Ordinary Share code: JSE : SOLBE1
Sasol BEE Ordinary ISIN code: ZAE000151817
(“Sasol” or “the Company”)
Trading statement for the financial year ended 30 June 2012 –
Expected headline earnings per share for the financial year
ended 30 June 2012 to increase by between 20% and 30%, and
earnings per share to increase by between 14% and 24%, compared
to the prior financial year
In the update from the chief financial officer released on 28
June 2012, we stated that we remained confident that, based on
production guidance and macro-economic indicators, we will
deliver solid operational results and increased earnings for the
2012 financial year compared to the prior financial year. At the
time, the currency and commodity price volatility to which our
earnings are particularly sensitive, as well as any adjustments
arising from our year end closure process, made it difficult to
be more precise in our profit outlook statement.
Sasol’s profitability for the financial year ended 30 June 2012
compared to the previous financial year has improved due to an
overall solid production performance as well as a 17% increase
in the average Brent crude oil price, and an 11% weakening of
the rand/US dollar exchange rate.
These positive factors have been partially offset by an
impairment of R964 million (CAD120 million) and depreciation of
R1 324 million (CAD171 million) (at a rate of approximately 24%
per annum) in respect of our Canadian shale gas assets, where we
have been more conservative in the valuation and depreciation,
ahead of our future gas-to-liquids (“GTL”) investment decision.
This approach is in line with other companies that have exposure
to North American shale gas assets. We have lowered our long
term North American gas price estimate to take cognisance of the
unpredictability relating to the current oversupply of gas and
the resultant potential impact on the long term North American
gas market. We remain committed to developing the Canadian shale
gas assets and will reassess our position once we have taken a
GTL investment decision in North America. We will continue to
review the valuation of these assets in light of changes in the
North American gas prices.
Sasol remains a strong cash generator and maintains a solid
financial position.
Shareholders are accordingly advised that Sasol’s headline
earnings per share (HEPS) for the year ended 30 June 2012 are
expected to increase by between 20% and 30%, and earnings per
share (EPS) for the year ended 30 June 2012 are expected to
increase by between 14% and 24%, compared to the previous
financial year.
Our results may be further affected by any adjustments resulting
from our year end closure process. This may result in a change
in the estimated earnings.
The financial information on which this trading statement is
based has not been reviewed and reported on by the Company’s
external auditors.
Sasol's financial results for the year ended 30 June 2012 will
be announced on Monday, 10 September 2012.
8 August 2012
Johannesburg
Issued by sponsor: Deutsche Securities (SA) (Proprietary)
Limited
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 7 October 2011 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: 08/08/2012 03:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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