- Operating profit up 12% JOHANNESBURG, South Africa, March 5
/PRNewswire-FirstCall/ -- Commentary Earnings attributable to
shareholders for the six months to 31 December 2006, buoyed by an
increase in the average crude oil price and the weaker rand/US
dollar exchange rate, increased by 9% to R8,0 billion from R7,3
billion for the same period in the previous financial year.
Earnings attributable to shareholders from continuing operations
have increased by 14% to R8,1 billion, from R7,1 billion. Our
earnings per share from continuing operations of R12,95 and
headline earnings per share from continuing operations of R12,03
were respectively 13% and 7% higher than those of the previous
comparable six month period. Operating profit of R12,2 billion was
12% higher than the comparable period of the prior year. The
increase in operating profit resulted from an 11% weakening in the
average exchange rate (R7,23/US$1,00 in 2006 versus R6,52/US$1,00
in 2005), and a 9% increase in the average dated Brent crude oil
price (US$64,59 in 2006 versus US$59,21 in 2005), which was partly
offset by the combined effect of the statutory total shutdown of
our Sasol Synfuels operations in September 2006, the starting up of
the Synfuels Catalytic Cracker, production interruptions and lower
sales volumes. We have continued to classify our Sasol Olefins
& Surfactants (O&S) business as a disposal group held for
sale and the results continue to be reported as discontinued
operations. The operating profit of Sasol O&S has declined when
compared with the comparable period of the previous year, primarily
as a result of depressed margins in the global detergent alcohol
market. Safety and operations Our consolidated combined recordable
case rate (RCR) has improved from 0,87 at 30 June 2006 to 0,78 at
31 December 2006. The revised RCR includes not only Sasol employees
as in the past, but also incidents relating to service providers
and, from 1 July 2006, the effect of occupational diseases. Further
progress is being made following the implementation of our Safety
Improvement Plan. Safety remains a top priority for the group. It
is very pleasing to report that Sasol Gas achieved an RCR of zero
for the six months ending 31 December 2006. Our Sasol Synfuels
operations in Secunda embarked on a statutory total shutdown in
September 2006 (postponed from the previous financial year due to
the national fuel shortage at the time). This shutdown, combined
with some production interruptions, has negatively impacted volumes
in Sasol Mining, Sasol Synfuels and in some of our chemical
businesses. A second statutory phase shutdown is planned for March
2007. Major capital projects advanced Cash flow on capital projects
amounted to R6,1 billion of which R3,4 billion (57%) was invested
in our South African operations. Major projects advanced include: -
Progress in the completion of the fuel quality enhancement and
polymer expansion project (Project Turbo), with the polyethylene
plant having concluded its warranty runs and the Synfuels Catalytic
Cracker (SCC) having started up. The SCC is, however, currently
underperforming and has been taken out of operation to make certain
modifications. Market demand for fuel will continue to be met. - At
the Oryx gas-to-liquids (GTL) joint venture with Qatar Petroleum,
following start-up challenges associated with such an integrated
and complex facility, the plant started to produce final product by
end- January 2007 and the first shipment of final product is
planned for end-March 2007. - Progress in the construction of the
Escravos GTL project in Nigeria. The worldwide increase in large
engineering and construction contracts has resulted in a global
shortage of engineering and construction resources and caused
strains in these industries. These challenges have resulted in
moderate delays and increased costs of certain projects, including
the polypropylene and octene 3 plants in Secunda and the Arya Sasol
plants in Iran. This situation has been carefully analysed and
mitigation steps aimed to secure greater owner influence on time
schedules and the overall cost of ownership have been implemented.
Gearing reduced Our gearing (net debt as a percentage of
shareholders' equity) reduced from 29% at 30 June 2006 to 21% at 31
December 2006, due mainly to the increase in earnings and the
proceeds received on the disposal of 25% of Republic of Mozambique
Pipeline Investments Company (Pty) Limited (ROMPCO) and 25% of
Sasol Oil (Pty) Limited. Dividend increased The interim dividend
declared of R3,10 per share represents an 11% increase compared
with the previous year's interim dividend. The dividend cover is
4,2 times which is consistent with the interim dividend cover of
last year. We expect to maintain our dividend cover within our
targeted range of 2,5 to 3,5 times for the full year. South African
energy cluster Sasol Mining The operating profit of Sasol Mining of
R411 million was 38% lower than the prior comparable period
primarily because of higher coal purchases from Anglo Coal's
Isibonelo Colliery, lower production volumes as a result of the
Sasol Synfuels shutdown and the effect of a strike in December
2006, and increases, within inflationary levels, in operating
costs. Furthermore, the production build-up at Mooikraal Colliery
was slower than planned. Sasol Synfuels Sasol Synfuels achieved an
increase in operating profit of 14% to R8 360 million primarily
because of higher oil prices and a weaker rand. Production volumes
were 7% lower as a result of the four-yearly shutdown of one half
of the total plant, the start-up of the Synfuels Catalytic Cracker
and some production interruptions. Operating costs have increased
as a result of the need to import fuel components, as well as
higher coal and natural gas costs. Sasol Oil Operating profit
reduced by 17% to R931 million mainly as a result of lower refining
margins, off a high base, and an increased level of imported
petrol, diesel and fuel components. Pleasing progress in retail
expansion under the Sasol and Exel brands is being made and our
market objectives have been met. With effect from 1 July 2006, we
sold a 25% interest in Sasol Oil (Pty) Limited (Sasol Oil) to
Tshwarisano LFB Investment (Pty) Limited (Tshwarisano). Sasol Gas A
12% increase in sales volumes (both to Sasol Synfuels and external
customers), higher sales prices and the profit on the sale of 25%
of ROMPCO resulted in Sasol Gas increasing its operating profit by
50% to R1 167 million. The business finalised the sale of a 25%
shareholding in ROMPCO, which owns the natural gas pipeline between
Mozambique and South Africa, to Companhia Mocambicana de Gasoduto
(CMG), a state-owned company in Mozambique, realising a profit of
R346 million. International energy cluster Sasol Synfuels
International This business hosts the growth ambitions of the group
relating to GTL and coal-to-liquids (CTL) ventures. Costs increased
to R366 million during the period as a consequence of increased
activity. Representative offices were established in China and
India to pursue CTL opportunities with potential business partners
in both countries. Pre- feasibility studies in the USA are
progressing. Our joint venture, Sasol Chevron, continues to
evaluate GTL opportunities in other locations including Australia
and Algeria. Sasol Petroleum International Operating profit
increased by 33% to R352 million for the six months primarily due
to higher selling prices and a weaker rand/US dollar exchange rate
as well as increased sales volumes. Chemical cluster Sasol Polymers
Margin pressure at the beginning of the period under review has
been alleviated through lower feedstock costs and selling price
increases. Production volumes and operating efficiencies were
however negatively affected by the Sasol Synfuels shutdown with
operating profit of R262 million being 34% lower than the result of
the previous comparable period. Sasol Solvents Stronger product
prices and a weaker rand contributed to the positive performance of
Sasol Solvents. However, the effect of the R140 million reversal of
the impairment of the octene 3 plant in the previous comparable
period resulted in operating profit decreasing by 13% to R490
million. On a comparable basis, before taking the effect of capital
items into account, operating profit improved by 27%. Other
chemical businesses Sasol Wax has realised a significant
improvement in its operating profit from R67 million to R268
million, primarily as a result of improved product margins. Sasol
Nitro has also recorded an improvement in operating profit of 7% to
R323 million, mainly due to higher sales volumes in the fertiliser
business. Profit outlook Assuming slightly lower oil and commodity
chemical prices and a marginally stronger rand relative to the
first six months, earnings in the second half are expected to be
lower than those of the first half. Satisfactory earnings growth
for the full financial year is, however, expected. We will
commission substantial new production capacity (polymers and GTL)
during the year which is expected to benefit our earnings in the
2008 financial year. Basis of preparation and accounting policies
The condensed consolidated interim financial report for the six
months ended 31 December 2006 has been prepared in compliance with
the Listings Requirements of the JSE Limited, International
Financial Reporting Standards (IFRS) (in particular International
Accounting Standard 34 Interim Financial Reporting) and the South
African Companies Act, 1973, as amended. Except as otherwise
disclosed, the accounting policies applied in the presentation of
the interim financial report are consistent with those applied for
the year ended 30 June 2006. The group has changed its accounting
policy with regard to costs incurred to develop the operations of
existing, operating mines. Under the amended accounting policy, all
development expenditures incurred after the commencement of
production are capitalised to the extent that they give rise to
future economic benefits and are amortised over their estimated
useful lives. This policy has been adopted with retrospective
effect and prior year figures restated. The effect on earnings and
headline earnings per share is an increase of 1 cent for the year
ended 30 June 2006. Further details will be provided in the annual
report for the year ending 30 June 2007. These condensed
consolidated interim financial statements have been prepared in
accordance with the historic cost convention except for certain
financial instruments which are stated at fair value. The
consolidated interim financial results are presented in rand, which
is Sasol Limited's functional and presentation currency. 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. Acquisition and
disposals of businesses With effect from 1 July 2006, a 25%
interest in Republic of Mozambique Pipeline Investment Company
(Pty) Ltd was sold to Companhia de Mocambicana de Gasoduto in terms
of the shareholders' agreement. This transaction was finalised
during the current period and a profit of R346 million realised on
this transaction. With effect from 1 July 2006 Tshwarisano acquired
a 25% shareholding in Sasol Oil for a consideration of R1 450
million. Sasol is providing facilitation and support for
Tshwarisano's financing requirements. A profit of R315 million was
realised on this transaction. In October 2006, Sasol's interest in
DPI Holdings (Pty) Limited was sold to Dawn Limited for a
consideration of R51 million. The proceeds are receivable in 2008.
A R7 million loss was realised on this sale. In September 2006,
Sasol Nitro acquired the remaining 40% of Sasol Dyno Nobel (Pty)
Limited for a consideration of US$ 31 million (R221 million).
Disposal group held for sale and discontinued operations With
effect from 30 June 2006, Sasol O&S was classified as a
disposal group held for sale and the results reported as
discontinued operations. Comparative information in the income
statement has been restated accordingly. The estimated fair value
less costs to sell Sasol O&S remain largely unchanged from that
recognised at 30 June 2006. However, when an asset is classified as
held for sale, depreciation may no longer be recognised. The net
asset value of Sasol O&S in the balance sheet has increased by
the earnings of Sasol O&S (which excludes any depreciation
expense). As this increased net asset value exceeds the estimated
fair value less costs to sell the business, it is necessary to
recognise a further write-down. The amount of the write-down of
R420 million approximates the unrecognised depreciation charge.
Post balance sheet date events We have conducted a preliminary
study of the Task Team's report on possible reforms to the fiscal
regime applicable to windfall profits in South Africa's liquid fuel
energy sector, with particular reference to the synthetic fuel
industry. We will respond in detail to the National Treasury of
South Africa. Changes in contingent liabilities since 30 June 2006
In terms of the sale of 25% in Sasol Oil to Tshwarisano, Sasol has
provided facilitation for the financing requirements of
Tshwarisano. The undiscounted maximum exposure at 31 December 2006
amounted to R1 051 million. A liability for the fair value of this
guarantee at 31 December 2006, amounting to R39 million, has been
recognised. Principal foreign currency conversion rates 31 Dec 31
Dec 30 Jun One unit of foreign currency equals 2006 2005 2006
Rand/US$ (closing) 7,01 6,33 7,17 Rand/US$ (average) 7,23 6,52 6,41
Rand/euro (closing) 9,25 7,49 9,17 Rand/euro (average) 9,27 7,85
7,80 Independent review by the auditors The condensed consolidated
balance sheet at 31 December 2006 and the related condensed
consolidated statements of income, changes in equity and cash flow
for the six months then ended have been reviewed by our auditors,
KPMG Inc. Their unmodified review report is available for
inspection at the registered office of the company. Declaration of
dividend number 55 The directors of Sasol Limited have declared an
interim dividend of R3,10 per share (2006: R2,80 per share) for the
six months to 31 December 2006. The dividend has been declared in
the currency of the Republic of South Africa. The salient dates
are: To holders of ordinary shares: Last day for trading to qualify
for and participate in the interim dividend (cum dividend)
Thursday, 29 March 2007 Trading ex dividend commences Friday, 30
March 2007 Record date Thursday, 5 April 2007 Dividend payment date
(electronic and certificated register). Electronic payment will be
undertaken simultaneously Tuesday, 10 April 2007 On 10 April 2007,
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 have
dematerialised their share certificates will have their accounts,
at their Central Securities Depositary Participant or Broker
credited on 10 April 2007. Share certificates may not be
dematerialised or rematerialised between Friday, 30 March 2007 and
Thursday, 5 April 2007, both days inclusive. To holders of American
Depositary Receipts(i) Ex dividend on New York Stock Exchange
Tuesday, 3 April 2007 Record date Thursday, 5 April 2007 Date for
currency conversion Wednesday, 11 April 2007 Dividend payment date
Friday, 20 April 2007 (i) Subject to NYSE confirmation On behalf of
the board Pieter Cox Pat Davies Christine Ramon Chairman Chief
executive Chief financial officer Sasol Limited, 5 March 2007
Registered office: Sasol Limited, 1 Sturdee Avenue, Rosebank,
Johannesburg 2196 PO Box 5486, Johannesburg 2000, South Africa
Share registrars: Computershare Investor Services 2004 (Pty)
Limited, 70 Marshall Street, Johannesburg 2001 PO Box 61051,
Marshalltown 2107, South Africa, Tel: +27 11 370-7700 Fax: +27 11
370-5271/2 Directors (non-executive): PV Cox (Chairman), E le R
Bradley, BP Connellan, HG Dijkgraaf (Dutch), MSV Gantsho, A Jain
(Indian), IN Mkhize, S Montsi, TH Nyasulu, JE Schrempp (German)
(Executive): LPA Davies (Chief executive), KC Ramon (Chief
financial officer), VN Fakude, AM Mokaba Company secretary: NL
Joubert Company registration number: 1979/003231/06, Incorporated
in the Republic of South Africa JSE NYSE Share codes: SOL SSL ISIN
code: ZAE000006896 US8038663006 American depositary receipt (ADR)
program: Cusip number 803866300 ADR to ordinary share 1:1
Depositary: The Bank of New York, 22nd floor, 101 Barclay Street,
New York, N.Y. 10286, U.S.A. e-mail: Forward-looking statements: In
this report we make certain statements that are not historical
facts and relate to analyses and other information based on
forecasts of future results not yet determinable, relating, amongst
other things, to exchange rate fluctuations, volume growth,
increases in market share, total shareholder return and cost
reductions. These are forward-looking statements as defined in the
United States Private Securities Litigation Reform Act of 1995.
Words such as "believe", "anticipate", "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. Forward-looking statements involve inherent risks and
uncertainties and, if one or more of these risks materialise, or
should underlying assumptions prove incorrect, actual results may
be very different from those anticipated. The factors that could
cause our actual results to differ materially from such
forward-looking statements are discussed more fully in our most
recent annual report under the Securities Exchange Act of 1934 on
Form 20-F filed on 2 November 2006 and in other filings with the
United States Securities and Exchange Commission. Forward-looking
statements apply only as of the date on which they are made, and
Sasol does not undertake any obligation to update or revise any of
them, whether as a result of new information, future events or
otherwise. SASOL LIMITED GROUP BALANCE SHEET at 31-Dec-06 31-Dec-05
30-Jun-06 Reviewed Reviewed Audited Restated Restated Rm Rm Rm
ASSETS Property, plant and equipment 42,421 39,110 39,826 Assets
under construction 24,362 22,837 23,176 Goodwill 457 483 266 Other
intangible assets 664 943 775 Post-retirement benefit assets 80 275
80 Deferred tax assets 604 416 691 Other long-term assets 2,697
2,469 2,293 Non-current assets 71,285 66,533 67,107 Assets held for
sale 11,794 41 12,115 Inventories 9,004 11,001 8,003 Trade and
other receivables 12,035 12,817 12,067 Short-term financial assets
161 17 180 Restricted cash 710 598 584 Cash 6,057 2,940 3,102
Current assets 39,761 27,414 36,051 Total assets 111,046 93,947
103,158 EQUITY AND LIABILITIES Shareholders' equity 57,917 48,901
52,605 Minority interest 1,515 313 379 Total equity 59,432 49,214
52,984 Long-term debt 15,139 13,653 15,021 Long-term financial
liability 36 - - Long-term provisions 3,643 3,458 3,463
Post-retirement benefit obligations 2,591 2,998 2,461 Long-term
deferred income 2,150 1,020 1,698 Deferred tax liabilities 7,216
6,541 6,156 Non-current liabilities 30,775 27,670 28,799
Liabilities in disposal group held for sale 5,236 - 5,479
Short-term debt 2,694 2,858 2,721 Short-term financial liabilities
507 838 514 Other current liabilities 12,084 13,096 12,219 Bank
overdraft 318 271 442 Current liabilities 20,839 17,063 21,375
Total equity and liabilities 111,046 93,947 103,158 SASOL LIMITED
GROUP INCOME STATEMENT for the period ended half-year half-year
full year 31-Dec-06 31-Dec-05 30-Jun-06 Reviewed Reviewed Audited
Restated Restated Rm Rm Rm Turnover 37 640 30 971 63 850 Cost of
sales and services rendered (21 158) (15 322) (33 046) Gross profit
16 482 15 649 30 804 Other operating income 456 100 191 Marketing
and distribution expenditure (1 865) (1 715) (3 561) Administrative
expenditure (1 836) (1 343) (3 070) Other operating expenditure
(834) (1 416) (3 839) Translation losses (216) (402) 254 Operating
profit 12 187 10 873 20 779 Dividends and interest received 357 138
317 Income from associates 192 82 135 Borrowing costs (net of costs
capitalised) (448) (268) (456) Profit before tax 12 288 10 825 20
775 Taxation (3 980) (3 648) (6 833) Profit from continuing
operations 8 308 7 177 13 942 Discontinued operations Net (loss) /
profit from discontinued operations (97) 226 (3 360) Profit 8 211 7
403 10 582 Attributable to Shareholders 7 981 7 311 10 406 Minority
interest 230 92 176 8 211 7 403 10 582 Basic earnings per share -
attributable earnings basis Rand 12.79 11.82 16.78 from continuing
operations 12.95 11.45 22.20 from discontinued operations (0.16)
0.37 (5.42) - headline earnings basis Rand 12.39 11.61 22.98 from
continuing operations 12.03 11.22 22.52 from discontinued
operations 0.36 0.39 0.46 Diluted earnings per share* -
attributable earnings basis Rand 12.60 11.58 16.51 from continuing
operations 12.75 11.22 21.84 from discontinued operations (0.15)
0.36 (5.33) - headline earnings basis Rand 12.20 11.37 22.61 from
continuing operations 11.85 10.99 22.16 from discontinued
operations 0.35 0.38 0.45 Dividends per share - interim** Rand 3.10
2.80 2.80 - final Rand 4.30 * Taking the Sasol Share Incentive
Scheme into account. ** The interim dividend was declared
subsequent to 31 December 2006 and is presented for information
purposes only. No provision regarding this interim dividend has
been recognised. SASOL LIMITED GROUP SALIENT FEATURES for the
period ended half-year half-year full year 31-Dec-06 31-Dec-05
30-Jun-06 restated restated Selected ratios Operating margin % 32.4
35.1 32.5 Borrowing cost cover times 17.6 16.5 10.1 Dividend cover
times 4.2 4.2 2.3 Dividend cover from continuing operations times
4.2 4.1 3.1 Share statistics Total shares in issue million 625.2
680.5 683.0 Treasury shares (share repurchase programme) million -
60.1 60.1 Weighted average number of shares million 623.8 618.5
620.0 Restated diluted weighted average number of shares million
633.5 631.5 630.2 Share price (closing) Rand 258.79 226.50 275.00
Market capitalisation Rm 161 796 154 133 187 825 Net asset value
per share Rand 92.64 78.82 84.45 Other financial information Total
debt (including bank overdraft) - interest bearing Rm 17 551 16 482
17 884 - non-interest bearing Rm 600 300 300 Borrowing costs
capitalised Rm 384 531 1 439 Capital commitments 12 805 14 443 13
866 - authorised and contracted Rm 28 879 30 450 28 060 -
authorised, not yet contracted Rm 6 828 4 453 6 306 - less
expenditure to date Rm (22 902) (20 460) (20 500) Guarantees and
contingent liabilities - total amount Rm 33 924 32 023 33 212 -
liability included on balance sheet Rm 11 560 10 935 12 106
Significant items in operating profit (continuing operations) -
employee costs Rm 4 523 3 596 7 647 - depreciation and amortisation
of non- current assets Rm 1 887 1 643 3 499 Effective tax rate %
32.4 33.7 32.9 Number of employees (continuing & discontinued
operations) number 31 852 30 185 31 460 Average crude oil price -
US$/barre dated Brent l 64.59 59.21 62.45 Average Rand / US$ 1US$ =
exchange rate Rand 7.23 6.52 6.41 The reader is referred to the
definitions contained in the 2006 Sasol Limited annual financial
statements. SASOL LIMITED GROUP STATEMENT OF CHANGES IN EQUITY for
the period ended half-year half-year full year 31-Dec-06 31-Dec-05
30-Jun-06 Reviewed Reviewed Audited Restated Restated R m R m R m
Opening balance as previously reported 52 731 43 786 43 786 Effect
of change in accounting policy 253 220 220 Restated opening balance
52 984 44 006 44 006 Shares issued during period 160 258 431
Attributable earnings 7 981 7 311 10 406 As previously reported 7
295 10 373 Effect of change in accounting policy 16 33 Dividends
paid (2 683) (1 920) (3 660) Movement in foreign currency
translation reserve (246) (629) 1 147 Increase in share based
payment reserve 92 84 169 Increase in cash flow hedge accounting
reserve 8 44 359 Movement in minority interest 1 136 60 126 Closing
balance 59 432 49 214 52 984 Comprising Share capital 3 456 3 461 3
634 Share repurchase programme - (3 647) (3 647) Retained earnings
53 990 50 646 52 001 Share based payment reserve 872 695 780
Foreign currency translation reserve (435) (1 965) (189) Investment
fair value reserve 2 2 2 Cash flow hedge accounting reserve 32
(291) 24 Shareholders' equity 57 917 48 901 52 605 Minority
interest 1 515 313 379 Total equity 59 432 49 214 52 984 SASOL
LIMITED GROUP CASH FLOW STATEMENT for the period ended half-year
half-year full year 31-Dec-06 31-Dec-05 30-Jun-06 Reviewed Reviewed
Audited Restated Restated R m R m R m Cash receipts from customers
49 229 39 461 80 853 Cash paid to suppliers and employees (35 655)
(27 238) (56 326) Cash generated by operating activities 13 574 12
223 24 527 Investment income 600 144 444 Borrowing costs paid (724)
(688) (1 745) Tax paid (3 557) (1 732) (5 389) Dividends paid (2
683) (1 920) (3 660) Cash retained from operating activities 7 210
8 027 14 177 Additions to non-current assets (6 050) (6 190) (13
296) Acquisition of businesses (221) (147) (147) Disposal of
businesses 2 183 596 587 Cash disposed of on disposal of businesses
33 (1) (1) Other net (expenditure in) / proceeds from investing
activities (183) (254) 582 Cash utilised in investing activities (4
238) (5 996) (12 275) Share capital issued 160 258 431 Dividends
paid to minority shareholders (218) (39) (75) (Decrease) / increase
in long-term debt (43) 335 1 305 Increase / (decrease) in
short-term debt 63 (2 452) (2 938) Cash effect of financing
activities (38) (1 898) (1 277) Translation effects on cash and
cash equivalents of foreign entities 12 (90) (133) Increase in cash
and cash equivalents 2 946 43 492 Cash and cash equivalents at
beginning of year 3 244 3 224 3 224 Cash in disposal groups held
for sale 259 - (472) Cash and cash equivalents at end of year 6 449
3 267 3 244 SASOL LIMITED GROUP RESULTS OF OPERATIONS OF
DISCONTINUED OPERATIONS - O & S for the period ended half-year
half-year full year 31-Dec-06 31-Dec-05 30-Jun-06 Reviewed Reviewed
Audited Rm Rm Rm Turnover 10 841 9 285 18 545 Cost of sales and
services rendered (9 119) (7 637) (15 501) Other operating income
122 65 342 Operating expenses (1 378) (1 450) (2 810) Capital items
(466) (19) (4 143) Operating profit / (loss) - 244 (3 567) Net
financing (costs) / income (3) 2 (92) Taxation (94) (20) 299 Net
(Loss) / profit from discontinued operations (97) 226 (3 360) SASOL
LIMITED GROUP HEADLINE EARNINGS for the period ended half-year
half-year full year 31-Dec-06 31-Dec-05 30-Jun-06 Reviewed Reviewed
Audited Restated Restated Rm Rm Rm Reconciliation of headline
earnings Profit from continuing operations 8 308 7 177 13 942 Less
minority interest (230) (92) (176) Effect of capital items of
continuing operations (628) (219) 129 Impairment of assets 40 86
155 Reversal of impairment - (140) (140) Profit on disposal of
assets (720) (211) (146) Scrapping of property, plant and equipment
52 46 260 Tax effects 53 71 67 Headline earnings of continuing
operations 7 503 6 937 13 962 Net (loss) / profit from discontinued
operations (97) 226 (3 360) Effect of capital items of discontinued
operations 466 19 4 143 Impairment of assets 74 13 912 Fair value
write-down 420 - 3 196 (Profit) / loss on disposal of assets (28) -
14 Scrapping of property, plant and equipment - 6 21 Tax effects
(146) (4) (498) Headline earnings of discontinued operations 223
241 285 Headline earnings 7 726 7 178 14 247 SASOL LIMITED GROUP
SEGMENT REPORT for the period ended half-year half-year full year
31-Dec-06 31-Dec-05 30-Jun-06 Reviewed Reviewed Audited Restated
Restated R m R m R m Contribution to group turnover Mining 769 705
1 517 Synfuels 443 462 915 Oil 18 606 15 539 32 243 Gas 1 019 814 1
663 Synfuels International 82 119 161 Polymers 4 610 3 907 7 537
Solvents 6 082 4 914 10 485 Other businesses 6 029 4 511 9 329 Per
income statement 37 640 30 971 63 850 Discontinued operation -
O&S 10 841 9 285 18 545 48 481 40 256 82 395 Operating profit
Mining 411 658 1 227 Synfuels 8 360 7 336 13 499 Oil 931 1 125 2
432 Gas 1 167 780 1 526 Synfuels International (366) (256) (642)
Polymers 262 394 822 Solvents 490 562 873 Other businesses 932 274
1 042 Per income statement 12 187 10 873 20 779 Discontinued
operation - O&S - 244 (3 567) 12 187 11 117 17 212 Capital
items per business unit Mining (8) (2) (16) Synfuels 2 (29) (187)
Oil 9 (7) (8) Gas 371 133 138 Synfuels International - - - Polymers
(5) 5 (17) Solvents (47) 140 105 Other businesses 306 (21) (144)
Continuing operations 628 219 (129) Discontinued operation -
O&S (466) (19) (4 143) 162 200 (4 272) DATASOURCE: Sasol
Limited CONTACT: Marina Bidoli, Group Communications Manager, 27 11
441 3511, for Sasol Limited
Copyright