Comprehensive additional information is available on our website:
www.sasol.com JOHANNESBURG, South Africa, Sept. 10
/PRNewswire-FirstCall/ -- * Operating profit, excluding Sasol
O&S, - up 18% * Headline earnings per share - up 10% * Final
dividend - up 37% to R5,90 per share * Oryx GTL producing on
specification product * Several major capital projects nearing
completion - expenditure of R12 billion, 54% in South Africa *
Sasol O&S retained - turnaround in progress * BEE
transformation progressing well - 10% ownership transaction at
Sasol limited announced Overview "This has been a year with good
results and significant strides on safety, transformation, improved
stakeholder relations and major capital projects, which together
with our strong balance sheet provides a solid foundation for
sustainable long-term growth," says chief executive Pat Davies.
Earnings attributable to shareholders for the year ended 30 June
2007 increased by 64% to R17,0 billion from R10,4 billion. Our
earnings per share of R27,35 and headline earnings per share of
R25,37 were respectively 63% and 10% higher than those of the
previous year. Operating profit of R25,6 billion was 49% higher
than the prior year. The increase in operating profit resulted from
a 12% weakening in the average exchange rate and a 2% increase in
the average dated Brent crude oil price. The increase was partly
offset by the combined effect of the two planned maintenance
shutdowns of our Synfuels operations, the starting up of the
selective catalytic cracker (SCC), production interruptions and
lower sales volumes. "The pleasing earnings growth, despite the
negative impact of the Synfuels maintenance shutdowns, together
with our strong cash flows have enabled us to deliver on our
financial targets and build value for our shareholders," says
Christine Ramon, chief financial officer. These results include the
Sasol Olefins & Surfactants (O&S) business which was
reclassified as a continuing operation from March 2007. Operating
profit would have increased by 18% and earnings by 15%, had the
impact of Sasol O&S been excluded. Our cash generated by
operating activities of R28,5 billion represents a 16% increase on
the prior year. The directors have declared a final dividend of
R5,90 per share. The total dividend declared for the year of R9,00,
including the interim dividend, reflects a 27% increase on the
previous year and translates into a dividend cover of 3 times.
Safety focus delivering results Safety remains a top priority for
the group. Our recordable case rate (RCR), covering employees and
service providers, including injuries and illnesses, has improved
from 0,91 at 30 June 2006 to 0,73 at 30 June 2007. It is very
pleasing to report that Sasol Gas achieved an RCR of zero for the
year and that most businesses recorded significant improvements in
their respective RCRs. Major capital projects advancing Cash spent
on capital projects amounted to R12,0 billion, of which R6,5
billion (54%) was invested in our South African operations. Several
of our major capital projects are nearing completion and we expect
to see initial contributions in our 2008 financial year. Major
projects advanced during the year included the following. -- Our
fuel quality enhancement and polymer expansion project (Project
Turbo) is almost complete. The polyethylene plant has concluded its
warranty runs and the SCC was started up. The SCC was subsequently
taken out of operation for modifications following initial
performance tests. -- Oryx GTL has produced and sold product.
During start-up all systems and process units were successfully
tested and demonstrated their design intent. Technical challenges,
reported during May 2007, are in the process of being resolved. --
Construction of our Escravos GTL joint venture project in Nigeria
continues, with beneficial operation expected during 2010. -- We
are making good progress in Arya Sasol Polymer Company with
commissioning of the ethane cracker having started and the plant
expected to be producing to specification in the last quarter of
2007. The two polyethylene plants should be in beneficial operation
by the first quarter of calendar 2008. -- Construction of our third
Octene train in Secunda is expected to be completed later this
calendar year, with start-up towards the end of the first quarter
of 2008. The severe global shortage of engineering and construction
resources for large contracts continues. We carefully monitor
developments and have taken appropriate mitigating actions, where
possible, to curb the impact of these resource constraints on both
the timing and costs of our projects. These include a revision to
our contracting strategy, an almost 25% increase in our own staff
at Sasol Technology and closer collaboration with our strategic
engineering and construction contractors. Plans are underway to
increase Sasol Synfuels' capacity by 20% within the next decade,
mostly based on additional natural gas imported from Mozambique. We
are exploring the feasibility of constructing another sizeable
inland coal-to-liquids refinery, of about 80 000 barrels per day,
to serve South Africa's growing inland fuel requirements in close
co-operation with the South African government. The pre-feasibility
study will take into account a variety of factors including project
economics, the potential environmental footprint and safety
standards. Black economic empowerment progressing well We are
making good progress in our transformation activities. These
include: -- The sale of 25% of Sasol Oil (Pty) Limited to
Tshwarisano LFB Investments (Pty) Limited with effect from 1 July
2006. -- Announcement of the first terms of our proposed
broad-based black economic empowerment (BEE) transaction for a
proposed 10% ownership at Sasol Limited level. -- Expected
finalisation of the first phase of our Sasol Mining empowerment
deal and an announcement on a second empowerment transaction to be
made later this calendar year. -- Continuing investment in skills
development of both our own employees and through our corporate
social investment programme. -- Increased procurement from BEE
entities, now at R4,2 billion. -- Improvements in our overall
employment equity statistics with additional focus at managerial
levels in the organisation. Operational review During the past year
we formalised the group's structure into three focused business
clusters - South African Energy Cluster, International Energy
Cluster and Global Chemicals Cluster. Each business cluster will
work together to set strategic goals, improve safety, identify
synergies and reduce costs. South African energy cluster Sasol
Mining - lower production volumes The operating profit of Sasol
Mining of R1 171 million was 5% lower than the prior year primarily
due to planned higher coal purchases from an external supplier,
Anglo Coal's Isibonelo Colliery, lower production volumes as a
result of the Synfuels shutdowns and the effect of a strike in
December 2006. Sasol Gas - increased sales volumes A 7% increase in
sales volumes, higher sales prices and the profit of R346 million
on the sale of 25% of Republic of Mozambique Pipeline Investments
Company (Pty) Limited (Rompco) resulted in Sasol Gas increasing its
operating profit by 27% to R1 936 million. We are making good
progress in the expansion of our pipeline gas network. During the
year, a second pipeline-gas co-generation plant, for the production
of electricity and steam, was commissioned in Newcastle,
KwaZulu-Natal. Sasol Synfuels - record year despite reduced sales
volumes Sasol Synfuels had another record year, achieving an
increase in operating profit of 20% to R16 251 million due to
higher oil prices and a weaker rand. Production volumes were 2,8%
lower than last year as a result of the shutdowns, production
instabilities during the start up of the SCC and some production
interruptions. Operating costs have increased as a result of the
need to import high-octane fuel blending components to meet demand
during shutdowns, as well as higher coal and natural gas costs.
Sasol Oil - operating profit maintained despite increased imports
Operating profit declined marginally by 1% to R2 417 million mainly
as a result of lower volumes from Sasol Synfuels due to the
shutdowns and an increased level of imported petrol, diesel and
fuel components. We are making progress in retail network expansion
under the Sasol and Exel brands with 394 service stations in
operation. This exceeds industry growth. International energy
cluster Sasol Synfuels International (SSI) - first GTL production,
focused on resolving the remaining technical challenges The Oryx
GTL facility was started up during the year and produced on
specification product. We are confident that we will resolve the
remaining technical challenges and steadily increase production
throughput. Sasol Chevron continues to evaluate GTL opportunities
in other locations including Australia. SSI continues to
investigate coal-to-liquids opportunities in China, India and in
the USA. Operating losses increased to R763 million during the year
as a consequence of increased activity. Sasol Petroleum
International - higher exploration activity Operating profit
declined by 50% to R300 million for the year primarily due to a
significant increase in exploration costs offset by higher selling
prices, a weaker rand/US dollar exchange rate and increased sales
volumes. Global chemicals cluster Sasol Polymers - increased
operating profit despite impact of shutdown Operating profit
increased by 32% to R1 089 million on the back of higher margins,
despite higher oil-related feedstock costs and the reduced volumes
stemming from the Synfuels shutdown. Sasol Solvents - stronger
product prices negate the impact of lower volumes Operating profit
increased by 27% to R1 106 million due to stronger product prices
and a weaker rand whilst the Synfuels shutdowns and operational
issues led to lower production levels during the year. Sasol
Olefins & Surfactants - divestiture cancelled, turnaround in
progress In March 2007, we terminated the divestiture process and
announced our intention to retain and restructure Sasol O&S. In
the first phase of our turnaround, we have shut down unprofitable
production facilities in Baltimore, USA and Porto Torres, Italy.
Operating profit for the year was R1 140 million (2006 - operating
loss of R3 567 million), taking into account the reversal of the
2006 fair value write-down amounting to R803 million and the
recognition of restructuring provisions of R406 million. Other
chemical businesses - significantly improved performance Sasol Wax
has more than doubled its operating profit to R629 million,
primarily as a result of improved product margins and a focus on
higher value- add blends. Sasol Nitro has also recorded an
improvement in operating profit of 31% to R610 million mainly due
to higher sales volumes in the fertiliser business and growth in
our explosive initiators business. Gearing - share repurchase
programme reactivated Our gearing has reduced from 29% at 30 June
2006 to 22% at 30 June 2007. This was due mainly to the increase in
cash flows from earnings and the proceeds received on the disposals
of 25% of Rompco and 25% of Sasol Oil (Pty) Limited. We reactivated
our share repurchase programme and, in the current year, have
repurchased 14,9 million shares at an average price of R245,94 per
share, which represents about 2,4% of our issued share capital.
Profit outlook - earnings will be maintained in the 2008 financial
year We will commission substantial new production capacity during
the coming financial year. This is expected to benefit our earnings
late in 2008 and into the 2009 financial year as these plants ramp
up production to full operating capacity. A specific focus in the
year ahead will be on controlling cash costs per unit of
production. This will be balanced with the need to further enhance
the on-line availability and efficiency of our facilities, and thus
the overall production rate. Taking into account our assumptions on
prices and currencies, earnings in the 2008 financial year will be
maintained at 2007 financial year levels, despite anticipated lower
product margins and costs associated with our growth programme. The
effects of our proposed empowerment equity transactions have not
been taken into account in this outlook. Basis of preparation and
accounting policies The summarised, provisional consolidated
financial results for the year ended 30 June 2007 have been
prepared in compliance with the Listings Requirements of the JSE
Limited, International Financial Reporting Standards (IFRS) and the
South African Companies Act, 1973, as amended. Except as otherwise
disclosed, the accounting policies applied in the presentation of
the financial results are consistent with those applied for the
year ended 30 June 2006. The group has, with retrospective
application, changed its accounting policy with regard to costs
incurred to develop the operations of existing, operating mines.
Under the amended accounting policy, all development expenditure
incurred after the commencement of production are capitalised to
the extent that they give rise to future economic benefits and are
amortised over the estimated useful lives of those assets. 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 ended 30 June 2007.
These summarised, provisional consolidated financial results have
been prepared in accordance with the historic cost convention,
except for certain financial instruments which are stated at fair
value. 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 Rompco was sold to Companhia de Mocambicana
de Gasoduto (CMG) and a profit of R346 million was realised. With
effect from 1 July 2006, Tshwarisano acquired a 25% shareholding in
Sasol Oil (Pty) Limited for a consideration of R1 450 million and a
profit of R315 million was realised. In October 2006, Sasol's
interest in DPI Holdings (Pty) Limited was sold to Dawn Limited for
a consideration of R51 million and a R7 million loss was realised.
In September 2006, Sasol Nitro acquired the remaining 40% of Sasol
Dyno Nobel (Pty) Limited for a consideration of US$31 million (R221
million). Post balance sheet date events Windfall tax On 6 August
2007, the Minister of Finance announced that National Treasury
would not pursue a windfall tax on the South African liquid fuels
industry. Black economic empowerment transaction Today we also
announced the first terms of our proposal to conclude a broad-based
black economic empowerment (BEE) transaction, which should result
in the transfer of 10% beneficial ownership of Sasol Limited's
issued share capital to our employees and a wide spread of black
South Africans. It is anticipated that a further announcement of
the detailed terms of the BEE transaction will be made in the first
half of 2008, after which shareholder approval will be sought.
Sasol Dia Acrylates Sasol Chemical Industries Limited and
Mitsubishi Chemical Corporation (MCC) agreed to dissolve their
Acrylates joint venture, whereby Sasol Chemical Industries Limited
will acquire the shares held by MCC. The various agreements
relating to this transaction are well advanced. Sale of businesses
On 10 July 2007, Sasol Wax disposed of its investment in Paramelt
RMC BV, operating in the Netherlands, realising a profit of R118
million. In August 2007, Sasol Investment Company (Pty) Limited
disposed of its investment in FFS Refiners (Pty) Limited and
realised a profit of R101 million. Significant changes in
contingent liabilities since 30 June 2006 In terms of the sale of
25% in Sasol Oil (Pty) Limited to Tshwarisano, Sasol has provided
facilitation for the financing requirements of Tshwarisano. The
undiscounted maximum exposure at 30 June 2007 amounted to R1 051
million. A liability for the fair value of this guarantee at 30
June 2007, amounting to R37 million, has been recognised. Principal
foreign currency conversion rates 30 June 30 June One unit of
foreign currency equals 2007 2006 Rand/US$ (closing) 7,04 7,17
Rand/US$ (average) 7,20 6,41 Rand/euro (closing) 9,53 9,17
Rand/euro (average) 9,40 7,80 Independent audit report The
summarised, provisional consolidated balance sheet at 30 June 2007
and the related summarised, provisional consolidated statements of
income, changes in equity and cash flow for the year then ended
have been audited by KPMG Inc. Their unqualified audit report is
available for inspection at the registered office of the company.
Declaration of dividend number 56 - dividend increased by 37% The
final dividend, dividend number 56, of R5,90 per share (2006: R4,30
per share) 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 Friday, 5 October 2007
participate in the final dividend (cum dividend) Trading ex
dividend commences Monday, 8 October 2007 Record date Friday, 12
October 2007 Dividend payment date (electronic and certificated
register). Electronic payment will be undertaken simultaneously
Monday, 15 October 2007 To holders of American Depositary Receipts:
Ex dividend on New York Stock Exchange Wednesday, 10 October 2007
(NYSE) Record date Friday, 12 October 2007 Approximate date for
currency conversion Tuesday, 16 October 2007 Approximate dividend
payment date Thursday, 25 October 2007 On Monday, 15 October 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
credited on Monday, 15 October 2007. Share certificates may not be
dematerialised or rematerialised between Monday, 8 October 2007 and
Friday, 12 October 2007, both days inclusive. On behalf of the
board Pieter Cox Pat Davies Christine Ramon Chairman Chief
executive Chief financial officer Sasol Limited 10 September 2007
2006 2007 2007 2006 Turnover Business unit analysis Operating
profit R million R million 67,111 77,019 SA Energy cluster 21,775
18,684 5,466 6,042 Mining 1,171 1,227 25,649 29,084 Synfuels 16,251
13,499 32,787 38,191 Oil 2,417 2,432 3,209 3,702 Gas 1,936 1,526
1,398 1,465 International energy cluster (463) (42) 161 65 Synfuels
International (763) (642) 1,237 1,400 Petroleum International 300
600 49,284 58,881 Global chemicals cluster 4,293 (1,471) 7,639
9,410 Polymers 1,089 822 11,666 13,766 Solvents 1,106 873 19,095
22,582 Olefins & Surfactants 1,140 (3,567) 10,884 13,123 Other
chemicals 958 401 1,450 2,843 Other 16 41 119,243 140,208 25,621
17,212 (36,848) (42,081)Intercompany turnover Capital items (1,140)
4,272 82,395 98,127 24,481 21,484 Turnover Geographic analysis
Operating profit R million R million 42,909 50,908 South Africa
22,259 18,541 5,150 5,747 Rest of Africa 701 1,254 17,836 22,448
Europe 1,757 (1,632) 3,992 4,489 Middle East, India, Far East 4 116
9,839 11,258 North America 691 (1,220) 1,249 1,387 South America
(5) (18) 1,420 1,890 Southeast Asia 214 171 82,395 98,127 25,621
17,212 balance sheet at 30 June 2007 2006 Restated Rm Rm ASSETS
Property, plant, equipment 50 515 39 826 Assets under construction
24 611 23 176 Goodwill 586 266 Other intangible assets 629 775
Post-retirement benefit assets 363 80 Deferred tax assets 845 691
Other long-term assets 3 140 2 293 Non-current assets 80 689 67 107
Assets held for sale 334 12 115 Inventories 14 399 8 003 Trade and
other receivables 16 994 12 067 Short-term financial assets 16 180
Restricted cash 646 584 Cash 5 987 3 102 Current assets 38 376 36
051 TOTAL ASSETS 119 065 103 158 EQUITY AND LIABILITIES
Shareholders' equity 61 617 52 605 Minority interest 1 652 379
Long-term debt 13 359 15 021 Long-term financial liabilities 53 -
Long-term provisions 3 788 3 463 Post-retirement benefit
obligations 3 661 2 461 Long-term deferred income 2 765 1 698
Deferred tax liabilities 8 304 6 156 Non-current liabilities 31 930
28 799 Liabilities in disposal group held for sale 35 5 479
Short-term debt 5 621 2 721 Short-term financial liabilities 383
514 Other current liabilities 17 282 12 219 Bank overdraft 545 442
Current liabilities 23 866 21 375 TOTAL EQUITY AND LIABILITIES 119
065 103 158 Note: The comparative periods have been restated for
the effects of a change in accounting policy and the
reclassification of assets under construction from property, plant
and equipment and other intangible assets. income statement for the
year ended 30 June 2007 2006 Restated Rm Rm Turnover 98 127 82 395
Cost of sales and services rendered (59,997) (48,547) Gross profit
38 130 33 848 Non-trading income 639 533 Marketing and distribution
expenditure (5,818) (5,234) Administrative expenditure (6,094)
(4,316) Other operating expenditure (1,004) (7,862) Translation
(losses)/gains (232) 243 Operating profit 25 621 17 212 Dividends
and interest received 825 341 Income from associates 405 134
Borrowing costs (net of amounts capitalised) (1,148) (571) Profit
before tax 25 703 17 116 Taxation (8,153) (6,534) Profit 17 550 10
582 Attributable to Shareholders 17 030 10 406 Minority interests
in subsidiaries 520 176 17 550 10 582 Basic earnings per share
(Rand) 27.35 16.78 Diluted earnings per share (Rand)1 27.02 16.51
1. Diluted earnings per share is calculated taking the Sasol Share
Incentive Scheme into account Note: The income statement has been
restated for the effect of the reclassification of Sasol O&S as
a continuing operation. changes in equity statement (abridged) for
the year ended 30 June 2007 2006 Restated Rm Rm Opening balance as
previously reported 52 352 43 533 Effect of change in accounting
policy 253 220 Restated opening balance 52 605 43 753 Shares issued
332 431 Shares repurchased (3,669) - Attributable earnings 17 030
10 406 as previously reported 10 373 effect of change in accounting
policy 33 Dividends paid (4,613) (3,660) Increase in share based
payment expense 186 169 Movement in foreign currency translation
reserve (254) 1 147 Movement in cash flow hedge accounting reserve
- 359 Closing balance 61 617 52 605 Comprising Share capital 3 628
3 634 Share repurchase programme (3,669) (3,647) Retained earnings
61 109 52 001 Share based payment reserve 966 780 Foreign currency
translation reserve (443) (189) Investment fair value reserve 2 2
Cash flow hedge accounting reserve 24 24 Shareholders' equity 61
617 52 605 cash flow statement for the year ended 30 June 2007 2006
Restated Rm Rm Cash receipts from customers 97,339 80,229 Cash paid
to suppliers and employees (68,914) (55,702) Cash generated by
operating activities 28,425 24,527 Investment income 1,059 444
Borrowing costs paid (1,816) (1,745) Tax paid (7,251) (5,389)
Dividends paid (4,613) (3,660) Cash available from operating
activities 15,804 14,177 Additions to non-current assets (12,045)
(13,296) Acquisition of businesses (285) (147) Cash acquired on
acquisition of businesses - (113) Disposal of businesses 2,200 587
Cash disposed of on disposal of businesses 33 (1) Other net cash
flows from investing activities (441) 695 Cash utilised in
investing activities (10,538) (12,275) Share capital issued 332 431
Share repurchase programme (3,669) - Dividends paid to minority
shareholders (408) (75) (Decrease) / increase in long-term debt
(13) 1,305 Increase / (decrease) in short-term debt 865 (2,938)
Cash effect of financing activities (2,893) (1,277) Translation
effects of cash of foreign operations (24) (133) Increase in cash
and cash equivalents 2,349 492 Cash and cash equivalents at
beginning of year 3,244 3,224 Movement in cash in disposal group
held for sale 495 (472) Cash and cash equivalents at end of year
6,088 3,244 Comprising - restricted cash 646 584 - cash 5,987 3,102
- bank overdraft (545) (442) 6,088 3,244 value added statement for
the year ended 30 June 2007 2006 Restated Rm Rm Turnover 98 127 82
395 Purchased materials and services (56,353) (51,364) Value added
41 774 31 031 Investment income 1 230 475 Wealth created 43 004 31
506 Employees 11 695 9 551 Providers of equity capital 5 133 3 836
Providers of loan capital 1 874 1 755 Governments 6 757 6 620
Reinvested in the group 17 545 9 744 Wealth distribution 43 004 31
506 headline earnings 2007 2006 Restated Rm Rm Reconciliation of
headline earnings Profit 17,550 10,582 Less minority interests
(520) (176) Effect of capital items (1,140) 4,272 Impairment of
assets 208 1,067 Reversal of fair value write-down (803) - Reversal
of impairment - (140) Fair value write-down - 3,196 Profit on
disposal of assets (749) (132) Scrapping of property, plant and
equipment 204 281 Tax effect on reconciling items (93) (431)
Headline earnings 15,797 14,247 Capital items Mining 13 16 Synfuels
64 187 Oil 2 8 Gas (370) (138) Petroleum International - 82 Olefins
& Surfactants (707) 4,143 Polymers 9 17 Solvents 152 (105)
Other (303) 62 Capital items (1,140) 4,272 Headline earnings per
share Rand 25.37 22.98 Diluted headline earnings per share Rand
25.06 22.61 salient features 2007 2006 Restated Selected ratios
Return on equity % 29.8 21.6 Return on total assets % 24.2 18.5
Operating margin % 26.1 20.9 Borrowing cost cover times 14.5 10.1
Dividend cover times 3.0 2.3 Share statistics Total shares in issue
million 627.7 683.0 Treasury shares (share repurchase programme)
million 14.9 60.1 Weighted average number of shares million 622.6
620.0 Diluted weighted average number of shares million 630.3 630.2
Share price (closing) Rand 266.00 275.00 Market capitalisation Rm
166,968 187,825 Net asset value per share Rand 100.55 84.45
Dividend per share Rand 9.00 7.10 - interim Rand 3.10 2.80 - final
Rand 5.90 4.30 Other financial information Total debt (including
bank overdraft) - interest bearing Rm 18,925 17,966 - non-interest
bearing Rm 600 300 Borrowing costs capitalised Rm 989 1,448 Capital
commitments Rm 18,575 14,628 - authorised and contracted Rm 28,416
29,152 - authorised, not yet contracted Rm 11,720 6,875 - less
expenditure to date Rm (21,561) (21,399) Guarantees and contingent
liabilities - total amount Rm 35,110 33,212 - liability included on
balance sheet Rm 13,388 12,106 Significant items in operating
profit - employee costs Rm 11,695 9,551 - depreciation and
amortisation of non- current assets Rm 4,015 4,268 - operating
lease charges Rm 707 568 Directors' remuneration Rm 45 32 Share
options granted to directors - cumulative '000 1,124 1,506
Effective tax rate % 31.7 38.2 Employees at 30 June number 31,860
31,460 Average crude oil price - dated Brent US$/barrel 63.95 62.45
Average rand/US$ exchange rate 1US$ = rand 7.20 6.41 The reader is
referred to the definitions contained in the 2006 Sasol Limited
annual financial statements. The Sasol Investor Relations team
Tel.: +27 11 441 3113/3563/3321 DATASOURCE: Sasol Limited CONTACT:
The Sasol Investor Relations team, Tel.: +27 11 441 3113, or 3563,
or 3321, Web site: http://www.sasol.com/
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