JOHANNESBURG, Sept. 14 /PRNewswire-FirstCall/ -- Comprehensive
additional information is available on our website:
http://www.sasol.com/ Delivering results in uncertain times -- Cash
generated by operating activities of R48 billion -- Excluding
once-off charges, operating profit maintained -- Headline earnings
per share down 33% to R25,42 -- Oil hedge cushions impact of sharp
decline in oil prices -- Deleveraged balance sheet positions
company well to fund growth -- Overall group production volumes up
-- Oryx and Arya Sasol plants performing successfully -- Growth
projects remain on course Overview Chief Executive, Pat Davies
says: "Our deleveraged balance sheet and strong cash flows continue
to serve the group well in weathering the storm and in funding our
prioritised growth programme in tough credit markets. The global
economic recession created opportunities for us to examine all our
operations. Our response has, for instance, resulted in significant
working capital improvements across our businesses, positively
impacting the group's cash position. This, together with our focus
on efficiency and operational improvements is enhancing the group's
competitiveness. Our growth strategy remains unchanged and, despite
the economic crisis, we have many opportunities which will provide
for long-term, sustainable growth. We have acted swiftly to improve
competition law compliance and will have completed our
comprehensive group-wide review by December 2009." The global
economic impacts and consequent weakening in the market for our
products affected our results. Earnings attributable to
shareholders for the year ended 30 June 2009 decreased by 39% to
R13,6 billion from R22,4 billion in the previous financial year,
while earnings per share and headline earnings per share decreased
by 39% to R22,90 and by 33% to R25,42, respectively, compared to
the prior year. Operating profit of R24,7 billion declined by 27%
compared to the previous financial year. Operating profit was
negatively impacted by lower average crude oil prices (average
dated Brent was US$68,14/barrel in 2009 compared to US$95,51/barrel
in 2008) and chemical product prices, partially offset by a 24%
weaker average rand/US dollar exchange rate (R9,04/US$ in 2009
compared to R7,30/US$ in 2008). The average oil price achieved
during the year was cushioned by the effect of the oil hedges
during the year which resulted in a realised gain of R5 056
million. The decrease in operating profit was further impacted by
large once-off charges including competition related fines of R3
947 million, the Escravos gas-to-liquids (EGTL) provision of R1 280
million and the Inzalo share-based payment expense of R3 202
million. Excluding the impact of once-off charges, operating profit
was maintained. The increase in the effective tax rate is as a
result of the competition related fines and the share-based payment
expenses which are not deductible for tax purposes. The increase in
cash fixed costs, excluding the effects of once-off costs and
growth initiatives, at 16% is well above inflationary levels. This
increase resulted mainly due to the negative impact of a weaker
exchange rate on our costs and the abnormal increase in electricity
costs at our South African operations. Whilst we are able to
generate nearly a third of our electricity requirements, the South
African state owned electricity provider, Eskom, increased average
annual electricity tariffs by 27,5% in June 2008. Cash of R48,2
billion generated by operating activities represents a 39% increase
compared to the previous financial year. The increase is mainly due
to significant working capital improvements. Chief Financial
Officer, Christine Ramon says: "Our strong cash position was
enhanced by the cash conservation approach instituted last October
at the onset of the global economic crisis. We have reprioritised
capital expenditure for the next two years to about R15 billion per
annum. We continue to maintain a flexible approach to our capital
expenditure programme, ensuring that our pipeline of growth
projects is not affected, and our investment in growth continues
unabated. Signs of economic recovery are visible with improved
market sentiment reflected in the uptick in oil and product prices.
However, we remain cautious on the shorter term outlook for oil
prices and product prices and continue to plan prudently for an
extended period of global economic recovery." Sustained performance
from our existing businesses South African energy cluster Sasol
Mining - increased turnover despite lower sales volumes Operating
profit of R1 593 million was 14% higher than the previous year.
While turnover increased due to higher coal prices achieved in the
first half of the year, this was partially offset by lower sales
volumes to Sasol Synfuels and to the coal export market coupled
with higher operating costs per unit in light of lower production
volumes. Sasol Gas - stable sales volumes at higher gas prices
Operating profit increased by 36% to R2 424 million compared to the
previous year as a result of higher gas prices and stable sales
volumes. Higher cash fixed costs were experienced due to a focus on
safety initiatives and preparation for the commissioning of a new
compressor station at Komatipoort. Sasol Synfuels - increased
operating profit despite lower production volumes Sasol Synfuels'
operating profits increased by 30% to R25 188 million, despite 4,1%
lower production volumes compared to the previous year as a result
of instability in key plants. The increase in profits resulting
from weaker exchange rates was, however, partially offset by lower
average oil prices and significant feedstock price escalations.
Included in the operating profit is a gain of R4 904 million
relating to the oil hedge. Sasol Oil - declining product prices
resulting in losses Sasol Oil recorded an operating loss of R351
million compared to an operating profit of R5 507 million for the
prior year as a result of the steep decline in product prices on
the back of fast falling crude oil prices. This resulted in
negative stock effects and pressure on refining margins during the
first half of the year. Improved performance in the latter part of
the year did not fully offset the earlier losses. International
energy cluster Sasol Synfuels International (SSI) - successful
production ramp up of Oryx GTL plant SSI reflected an operating
loss of R235 million compared to an operating loss of R621 million
in the previous year. This improvement was mainly due to the
successful ramp up in production of the Oryx gas-to-liquids (GTL)
plant, offset by higher study costs to assess the commercial
viability of a number of opportunities together with a loss of R771
million realised on the reduction of our economic interest in the
EGTL project. Following negotiations with Chevron Nigeria Limited,
Sasol reduced its economic interest from 37,5% to 10% for which a
consideration of R3 486 million (US$360 million) was received. Due
to uncertainties that have recently arisen from the fiscal
arrangements for the project, management reassessed the impact on
its commitments relating to the project. This resulted in a
provision of R1 280 million being recognised. Sasol's retained 10%
economic interest in EGTL is now recognised as an investment in an
associate. Production at the Oryx GTL plant in Qatar increased
steadily and the average daily production more than doubled since
the previous year. Sasol Petroleum International (SPI) - increasing
upstream capacity Operating profit increased by 11% to R1 115
million compared to the previous year, mainly due to higher sales
volumes and the weakening of the rand/US dollar exchange rate. Gas
production levels in Mozambique were maintained, while oil and
condensate production levels increased slightly compared to the
prior year. During the year, SPI extended its global footprint and
made entries into Papua New Guinea and Australia. With the
commissioning of the Pande gas field in Mozambique as well as the
execution of a second gas sales agreement, SPI achieved a 5 year
average proved reserve replacement ratio of 167%. Chemical cluster
Sasol Polymers - positive contribution from offshore operations
Operating profit decreased by 37% to R946 million compared to the
previous year, mainly due to the sharp decline in polymer sales
prices in the latter part of the year. The resulting margin squeeze
was partially offset by additional production volumes at Arya Sasol
Polymers plants, which made a positive contribution to our
operating profit. Sasol Solvents - lower sales volumes and margins
Operating profit decreased by 79% to R495 million compared to the
previous year due to reduced sales volumes following market-related
cutbacks in production. Sales prices and, to a lesser extent,
margins were lower in the second half, than in the first half of
the year. Sasol Olefins & Surfactants (Sasol O&S) -
inventory revaluations leads to operating loss Sasol O&S
reported an operating loss of R160 million compared to an operating
profit of R1 512 million for the previous year, mainly as a result
of the revaluation of inventory at lower international product
prices. In addition, the business experienced reduced sales volumes
and margins due to the economic downturn, especially in the global
automotive and construction sectors. Sasol O&S's turnaround and
restructuring is well on track and has already positioned the
business to better respond to the economic downturn. Other chemical
businesses - competition related penalties, reduced sales volumes
and inventory revaluations result in operating losses Other
chemical businesses recorded an operating loss of R3 525 million
compared to an operating profit of R1 200 million for the previous
year due to the European Commission fine on Sasol Wax GmbH of R3
678 million (euro 318,2 million) and the administrative penalty
payable by Sasol Nitro to the South African Competition Commission
of R251 million. Additionally, an amount of R242 million is
provided for the closure of the Sasol Nitro Phalaborwa and Polyfos
operations. Excluding these once-off items, operating profit
decreased by 44% compared to the previous year resulting from
reduced sales volumes and inventory revaluations. Competition law
compliance As announced previously, we initiated a comprehensive
group-wide competition law compliance review in July 2008, which is
still ongoing. We will, in the course of conducting these reviews,
adopt appropriate remedial and/or mitigating steps and make
disclosures on material findings as and when appropriate. The
competition law compliance review has revealed and may still reveal
competition law contraventions or potential contraventions in
respect of which we have taken or will take appropriate remedial
and/or mitigating steps including lodging leniency applications.
Additionally, we have reached a settlement agreement with the
Competition Commission in respect of previously disclosed matters
pertaining to Sasol Nitro. The South African Competition Commission
is conducting investigations into the South African piped gas,
petroleum, wax and polymer industries. We continue to interact and
co-operate with the Competition Commission in respect of the
subject matter of the leniency applications as well as in the areas
that are subject to Competition Commission investigations. The
company is continuing to evaluate and enhance its legal compliance
controls mainly by way of the competition law compliance review. To
the extent appropriate, further announcements will be made in
future. Sustaining Sasol into the future Pursuing sustainable
development opportunities remains a focus area for Sasol: -- The
recordable case rate for employees and service providers, including
injuries and illnesses, was 0,54 at 30 June 2009 compared to 0,50
at 30 June 2008. -- We have updated our challenging targets to
reduce our carbon dioxide (CO2) emissions. Existing operations will
emit 15% less CO2 per unit of production by 2020 than they did in
2005. New coal-to-liquids (CTL) plants will emit 20% less CO2 by
2020 and 30% less by 2030 than the average 2005 CTL design
baseline. -- We regularly review the group's long-term (i.e.
towards 2050) absolute green house gas (GHG) emission targets, as
developments in the global climate change arena take place. Such
targets are also contingent on technological advances, such as
carbon capture and storage (CCS), increased utilisation of
renewable energy as well as developments in the regulatory and
fiscal environments in which we operate. -- The first phase of the
Sasol Mining black economic empowerment (BEE) strategy received a
setback when a notice of intention to withdraw from the Igoda
transaction was given by our partner, Exxaro Coal Mpumalanga. Sasol
Mining is actively pursuing alternatives to ensure that its BEE
strategy remains intact. Sasol Mining remains in compliance with
the Mining Charter and will be compliant with the Charter by 2014.
Growth projects achieving objectives Our flexible approach to our
capital expenditure programme allows us to continuously
reprioritise and ensure that our pipeline of growth projects is
advanced. -- Our feasibility study into a CTL plant in China is
progressing according to schedule. -- In April 2009, SSI signed a
heads of agreement for the possible construction of a 1,3 million
tonnes per annum GTL plant in Uzbekistan with our partners,
Uzbekneftegaz and Petronas. -- In India, the SSI and Tata joint
venture for a CTL facility has progressed to the pre-feasibility
stage following the award of a coal block in the eastern state of
Orissa. -- Gas production capacity in Mozambique has increased with
SPI's commissioning of the onshore Pande gas field, and we are well
on track to increase the capacity of our upstream production
facilities from 120 to 183 million giga joules per annum. -- In
Gabon, SPI's Ebouri offshore oil field was successfully
commissioned. -- Preparatory work for phase one of the Sasol
Synfuels progressive expansion project in South Africa, the Secunda
Growth Programme, is progressing. Phase one, based on natural gas,
is expected to increase production by 3% by 2012 and will improve
energy efficiency through internal electricity generation capacity
increasing by 33%. -- In South Africa, Project Mafutha is scheduled
to start bulk sample mining before the end of the 2009 calendar
year in order to commence large scale gasification trials in one of
Sasol Synfuels' gasifiers. The environmental impact study is
scheduled to start in the third quarter of the 2009 calendar year.
-- Sasol Wax to continue with basic engineering and environmental
approvals for the project to double hard wax production at our
Sasolburg facilities in South Africa. Cash conservation contributes
to deleveraged balance sheet The deleveraged balance sheet
reflected an under-geared position of 1,2% at 30 June 2009 compared
to a gearing level of 20,5% at 30 June 2008. This resulted from our
cash conservation drive, the suspension of the share repurchase
programme and capital prioritisation. A low level of gearing is
expected to be maintained in the short-term, but we expect that it
will return to within our targeted range of 20% to 40% in the
medium to long term as a result of our large capital intensive
growth programme. During the current year, the company repurchased
a total of 3 216 769 Sasol ordinary shares at an average price of
R346,45 per share. Total shares repurchased since the inception of
the programme in March 2007 represents about 6,4% of the issued
share capital at 30 June 2009, excluding the shares issued in terms
of the Sasol Inzalo share transaction. During the period, 31 500
000 ordinary shares of the repurchased shares were cancelled for a
total value of R7,9 billion. Sasol Investment Company (Pty) Limited
holds 8 809 886 Sasol ordinary shares. At the Annual General
Meeting of 28 November 2008, shareholders renewed the authority to
buy back up to 4% of the issued share capital for a further 15
months. Profit outlook* - reduction in earnings for the full 2010
financial year The decline in global chemical markets seen in the
second half of the year is expected to stabilise, although
increasing feedstock costs are expected to have a negative impact
on our chemical businesses. While there has been some recovery in
the markets of late, the crude oil price and rand/US dollar
exchange rate remains volatile. Taking into account the overall
market conditions and our assumptions in respect of crude oil and
product prices which are expected to remain at levels seen in the
latter part of the 2009 financial year, as well as the current
levels of lower chemical product demand, an expected significantly
stronger rand/US dollar exchange rate and some improvement in
overall production volumes, the earnings for the 2010 financial
year are expected to reflect a reduction compared to the 2009
financial year. The current volatility and uncertainty of global
markets makes it difficult to be more precise in this outlook
statement. The board considered it prudent to declare the final
dividend in line with our dividend policy and targeted earnings
cover range of 2,5 times to 3,5 times given the volatility and
uncertainty in the current economic climate in the interests of the
company's growth strategy and the preservation of long-term
shareholder value. Accordingly, the dividend for the full 2009
financial year reflects the lower earnings achieved for the year.
In future, we expect to maintain our dividend policy within the
targeted range of 2,5 times to 3,5 times annual earnings cover. *In
accordance with standard practice, it is noted that this
information has not been reviewed or reported on by the company's
auditors. Acquisitions and disposals of businesses In July 2008,
Exel Petroleum (Pty) Limited acquired the remaining 50,1% of Exelem
Aviation (Pty) Limited for a purchase consideration of US$1,7
million. With effect from 20 August 2008, Sasol Properties (Pty)
Limited acquired accommodation for staffing for the Sasol Synfuels
growth initiative for a purchase consideration of R17,3 million.
With effect from 23 December 2008, SSI reduced its interest in the
Escravos GTL Project in Nigeria for a consideration of US$360
million, retaining a 10% interest. On 24 December 2008, Sasol Group
Services (Pty) Limited acquired a 40% interest in Thin Film Solar
Technologies (Pty) Limited in South Africa, for a purchase
consideration of R40 million. Subsequent events On 9 July 2009, Mr.
C Beggs was appointed as a non-executive director of Sasol Limited
as well as a member of the Audit Committee. On 15 July 2009, Sasol
signed a joint venture agreement with Uzbekneftegaz, the natural
oil and gas company of Uzbekistan, and Petronas of Malaysia, and
launched a feasibility study for the development and implementation
of a GTL project in Uzbekistan. On 14 August 2009, in the
Government Gazette No 32484, a change in ad valorem duties
affecting various products in our South African chemical
businesses, especially Sasol Polymers, was announced. If the full
tariff reduction is applied to the turnover of the relevant
businesses it has a negative effect of approximately R400 million
on operating profit. On 18 August 2009, Sasol Nitro announced the
possible closure of its Phalaborwa operations due to adverse market
conditions. Declaration of cash dividend number 60 A final cash
dividend of South African R6,00 per ordinary share (2008: R9,35 per
share) has been declared. The final cash dividend is payable on all
ordinary shares, excluding the Sasol preferred ordinary shares. The
salient dates for holders of ordinary shares are: Last day for
trading to qualify for and participate in the dividend (cum
dividend) Friday, 9 October 2009 Trading ex dividend commences
Monday, 12 October 2009 Record date Friday, 16 October 2009
Dividend payment date Monday, 19 October 2009 Holders of American
Depositary Receipts: Ex dividend on New York Stock Exchange (NYSE)
Wednesday, 14 October 2009 Record date Friday, 16 October 2009
Approximate date for currency conversion Tuesday, 20 October 2009
Approximate dividend payment date Friday, 30 October 2009 On
Monday, 19 October 2009, 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, 19
October 2009. Share certificates may not be dematerialised or
re-materialised between Monday, 12 October 2009 and Friday, 16
October 2009, both days inclusive. On behalf of the board Hixonia
Nyasulu Pat Davies Christine Ramon Chairman Chief Executive Chief
Financial Officer Sasol Limited 11 September 2009 Registered
office: Sasol Limited, 1 Sturdee Avenue, Rosebank, Johannesburg
2196, PO Box 5486, Johannesburg 2000, South Africa Share
registrars: Computershare Investor Services (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 Sponsor:
Deutsche Securities (SA) (Pty) Limited Directors (non-executive):
TH Nyasulu (Chairman), C Beggs*, BP Connellan*, HG Dijkgraaf
(Dutch)*, MSV Gantsho*, A Jain (Indian), IN Mkhize*, MJN Njeke*, JE
Schrempp (German)*, TA Wixley* (executive): LPA Davies (Chief
executive), KC Ramon (Chief financial officer), VN Fakude, AM
Mokaba *Independent Company secretary: NL Joubert Company
registration number: 1979/003231/06, incorporated in the Republic
of South Africa JSE NYSE Share code: SOL SSL ISIN code:
ZAE000006896 US8038663006 American depositary receipts (ADR)
program: Cusip number 803866300 ADR to ordinary share 1:1
Depositary: The Bank of New York Mellon, 22nd floor, 101 Barclay
Street, New York, NY 10286, USA Sasol Limited is the world's leader
in the conversion of coal and gas to transportation fuels and
chemicals. 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 7 October 2008 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. The reader is referred to
the definitions contained in the 2008 Sasol Limited annual
financial statements. Basis of preparation and accounting policies
The preliminary summarised consolidated financial results for the
year ended 30 June 2009 have been prepared in compliance with the
Listings Requirements of the JSE Limited, International Financial
Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (in particular International Accounting
Standard 34 Interim Financial Reporting) and the South African
Companies Act, 1973, as amended. The accounting policies applied in
the presentation of the preliminary summarised consolidated
financial results are consistent with those applied for the year
ended 30 June 2008, except as follows: Sasol Limited has early
adopted the following standards, except if otherwise stated, which
did not have a significant impact on the financial results: -- IAS
27 (Amendment), Consolidated and Separate Financial Statements. --
IFRS 1 and IAS 27 (Amendment), Cost of an Investment in a
Subsidiary, Jointly Controlled Entity or Associate. -- IFRS 3
(Revised), Business Combinations. -- IAS 39 (Amendment), Eligible
Hedged Items. -- IAS 39 and IFRS 7 (Amendments), Reclassifications
of Financial Assets - Effective Date and Transition (effective 1
July 2008). -- IFRS 5 (Amendment), Non-current Assets Held for Sale
and Discontinued Operations. -- IFRS 7 (Amendment), Financial
Instruments: Disclosures - Improving disclosures about Financial
Instruments. -- IFRIC 16, Hedges of a Net Investment in a Foreign
Operation. -- IFRIC 18, Transfers of Assets From Customers. --
Various improvements to IFRSs. These preliminary summarised
consolidated financial results have been prepared in accordance
with the historic cost convention except that certain items,
including derivatives and available-for-sale financial assets, are
stated at fair value. The preliminary summarised consolidated
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. Significant changes in contingent
liabilities since 30 June 2008 On 1 October 2008, the European
Union found that members of the European wax industry, including
Sasol Wax GmbH, had formed a cartel and violated antitrust laws. A
fine of R3 678 million (euro 318,2 million) was imposed by the
European Commission on Sasol Wax, who has appealed the quantum of
the fine. The fine was paid in January 2009. Flowing from the
group-wide competition law compliance review, an administrative
penalty of R251 million was imposed on Sasol Nitro in terms of the
settlement agreement concluded between Sasol Nitro and the
Competition Commission of South Africa in respect of certain
aspects of the Nutri-Flo matter and the sale of the phosphoric acid
production asset matters. The penalty has been provided for at 30
June 2009. Independent audit by the auditors The preliminary
summarised consolidated statement of financial position at 30 June
2009 and the related preliminary summarised consolidated income
statement, statements of comprehensive income, changes in equity
and cash flows for the year then ended was audited by KPMG Inc. The
individual auditor assigned to perform the audit is Mr. AW van der
Lith. Their unqualified audit report is available for inspection at
the registered office of the company. SASOL LIMITED GROUP SEGMENT
REPORT for the year ended 30 June Turnover Operating profit Rm
"Business unit analysis" Rm 2008 2009 2009 2008 104 790 103 358
"South African energy cluster" 28 684 28 048 7 479 8 297 Mining 1
593 1 393 4 697 5 666 Gas 2 424 1 785 39 616 37 701 Synfuels 25 188
19 416 52 998 51 694 Oil (351) 5 507 - - Other (170) (53) 3 764 5
166 "International energy cluster" 880 383 1 793 3 027 "Synfuels
International" (235) (621) 1 971 2 139 "Petroleum International" 1
115 1 004 73 696 81 913 "Chemical cluster" (2 244) 6 605 11 304 15
525 Polymers 946 1 511 17 182 18 115 Solvents 495 2 382 28 780 29
534 "Olefins & Surfactants" (160) 1 512 16 430 18 739 "Other
chemical businesses" (3 525) 1 200 4 273 5 209 "Other businesses*"
(2 654) (1 220) 186 523 195 646 24 666 33 816 (56 580) (57 810)
"Intercompany turnover" 129 943 137 836 * Includes share-based
payment expenses related to the Sasol Inzalo share transaction. The
preliminary financial statements are presented on a summarised
consolidated basis. SASOL LIMITED GROUP STATEMENT OF FINANCIAL
POSITION at 30 June 2009 2008 Rm Rm ASSETS Property, plant and
equipment 70370 66273 Assets under construction 14496 11 693
Goodwill 805 874 Other intangible assets 1 068 964 Investments in
associates 2 170 830 Post-retirement benefit assets 716 571
Deferred tax assets 1 184 1 453 Other long-term assets 2 045 2 631
Non-current assets 92854 85289 Assets held for sale 86 3 833
Inventories 14589 20088 Trade and other receivables 17117 25323
Short-term financial assets 520 330 Cash restricted for use 1 247
814 Cash 19425 4 435 Current assets 52984 54823 Total assets 145838
140112 EQUITY AND LIABILITIES Shareholders' equity 83835 76474
Non-controlling interest 2 382 2 521 Total equity 86217 78995
Long-term debt 13615 15682 Long-term financial liabilities 143 37
Long-term provisions 5 729 4 491 Post-retirement benefit
obligations 4 454 4 578 Long-term deferred income 297 376 Deferred
tax liabilities 9 168 8 446 Non-current liabilities 33406 33610
Liabilities in disposal groups held for sale 65 142 Short-term debt
4 762 3 496 Short-term financial liabilities 354 67 Other current
liabilities 20954 22888 Bank overdraft 80 914 Current liabilities
26215 27507 Total equity and liabilities 145838 140112 SASOL
LIMITED GROUP INCOME STATEMENT for the year ended 30 June 2009 2008
Rm Rm Turnover 137836 129943 Cost of sales and services rendered
(88508) (74634) Gross profit 49328 55309 Other operating income 1
021 635 Marketing and distribution expenditure (7583) (6931)
Administrative expenditure (9050) (6697) Other operating
expenditure (9050) (8500) Competition related fines (3947) - Effect
of crude oil hedges 4 603 (2201) Share-based payment expenses
(3325) (1782) Effect of remeasurement items (1469) (698)
Translation (losses)/gains (166) 300 Other expenditure (4746)
(4119) Operating profit 24666 33816 Finance income 1 790 735 Share
of profits of associates (net of tax) 270 254 Finance expenses
(2531) (1148) Profit before tax 24195 33657 Taxation (10480)
(10129) Profit for the year 13715 23528 Attributable to Owners of
Sasol Limited 13648 22417 Non-controlling interest in subsidiaries
67 1 111 13715 23528 Earnings per share Rand Rand Basic earnings
per share 22.90 37,30 Diluted earnings per share(1) 22.80 36,78 (1)
Diluted earnings per share are calculated taking the Sasol Share
Incentive Scheme and Sasol Inzalo share transaction into account.
SASOL LIMITED GROUP STATEMENT OF COMPREHENSIVE INCOME for the year
ended 30 June 2009 2008 Rm Rm Profit for the year 13715 23528 Other
comprehensive income Effect of translation of foreign operations
(2485) 3 452 Effect of cash flow hedges (497) 261 Investments
available-for-sale - (1) Tax on other comprehensive income 101 (60)
Other comprehensive income for the year, net of tax (2881) 3 652
Total comprehensive income for the year 10 834 27180 Attributable
to Owners of Sasol Limited 10 796 26062 Non-controlling interests
in subsidiaries 38 1 118 10 834 27180 SASOL LIMITED GROUP STATEMENT
OF CHANGES IN EQUITY for the year ended 30 June 2009 2008 Rm Rm
Opening balance 78995 63269 Shares issued during year 1 154 387
Repurchase of shares (1114) (7300) Share-based payment expenses 3
293 1 574 Disposal of businesses 425 - Acquisition of businesses -
(100) Change in shareholding of subsidiaries 406 306 Total
comprehensive income for the year 10 834 27180 Dividends paid
(7193) (5766) Dividends paid to non-controlling shareholders in
subsidiaries (583) (555) Closing balance 86217 78995 Comprising
Share capital 27025 20176 Share repurchase programme (2641) (10969)
Sasol Inzalo share transaction (22054) (16161) Retained earnings
74882 77660 Share-based payment reserve 5 833 2 540 Foreign
currency translation reserve 939 3 006 Investment fair value
reserve 2 1 Cash flow hedge accounting reserve (151) 221
Shareholders' equity 83835 76474 Non-controlling interest in
subsidiaries 2 382 2 521 Total equity 86217 78995 SASOL LIMITED
GROUP STATEMENT OF CASH FLOWS for the year ended 30 June 2009 2008
Rm Rm Cash receipts from customers 144963 123452 Cash paid to
suppliers and employees (96776) (88712) Cash generated by operating
activities 48187 34740 Finance income received 2 264 957 Finance
expenses paid (2168) (2405) Tax paid (10252) (9572) Dividends paid
(7193) (5766) Cash retained from operating activities 30838 17954
Additions to non- current assets (15672) (10855) Acquisition of
businesses (30) (431) Cash obtained on acquisition of businesses 19
19 Disposal of businesses 3 486 693 Cash disposed of on disposal of
businesses - (31) Other net cash flows from investing activities
(321) (239) Cash utilised in investing activities (12518) (10844)
Share capital issued 1 154 387 Share repurchase programme (1114)
(7,300) Contributions from non-controlling shareholders 406 185
Dividends paid to non-controlling shareholders (583) (555)
Increase/(decrease) in long-term debt 755 (782) Decrease in short-
term debt (1811) (350) Cash effect of financing activities (1193)
(8415) Translation effects on cash and cash equivalents of foreign
operations (870) 324 Movement in cash and cash equivalents 16257
(981) Cash and cash equivalents at beginning of year 4 335 6 088
Net reclassification to held for sale - (772) Cash and cash
equivalents at end of year 20592 4 335 SASOL LIMITED GROUP SALIENT
FEATURES for the year ended 30 June 2009 2008 Selected ratios
Return on equity % 17.0 32.5 Return on total assets % 18.7 26.9
Operating margin % 17.9 26.0 Finance expense cover times 12.3 14.5
Dividend cover times 2.8 2.8 Share statistics Total shares in issue
million 665.9 676.7 Treasury shares (share repurchase programme)
million 8.8 37.1 Weighted average number of shares million 596.1
601.0 Diluted weighted average number of shares million 614.0 609.5
Share price (closing) Rand 269.98 461.00 Market capitalisation Rm
179,780 311,959 Net asset value per share Rand 141.14 128.44
Dividend per share Rand 8.50 13.00 - interim Rand 2.50 3.65 - final
Rand 6.00 9.35 Other financial information Total debt (including
bank overdraft) - interest bearing Rm 17,814 19455 - non-interest
bearing Rm 643 637 Finance expense capitalised Rm 34 1 586 Capital
commitments Rm 25,309 25048 - authorised and contracted Rm 22,492
24457 - authorised, not yet contracted Rm 17,038 17722 - less
expenditure to date Rm (14221) (17131) Guarantees and contingent
liabilities - total amount Rm 29,545 37381 - liability included in
the statement of financial position Rm 12,795 10 730 Significant
items in operating profit - employee costs Rm 17,532 14443 -
depreciation and amortisation of non-current assets Rm 6,245 5 212
- operating lease charges Rm 1,111 887 - share-based payment
expenses Rm 3,325 1 782 Directors' remuneration Rm 50 65 Share
options granted to directors - cumulative '000 946 1 011 Share
appreciation rights granted to directors - cumulative '000 215 72
Sasol Inzalo share rights granted to directors - cumulative '000 75
75 Effective tax rate 1 % 43.3 30.1 Number of employees number
33,544 33,928 Average crude oil price - dated Brent US$/barrel
68.14 95.51 Average rand / US$ exchange rate 1US$ = Rand 9.04 7.30
Closing rand / US$ exchange rate 1US$ = Rand 7.73 7.83 (1) Increase
in effective tax rate as a result of the competition related fines
and share-based payment expenses which are not deductible for tax.
SASOL LIMITED GROUP SALIENT FEATURES (2) for the year ended 30 June
2009 2008 Reconciliation of headline earnings Rm Rm Profit for the
year attributable to owners of Sasol Limited 13,648 22,417 Effect
of remeasurement items 1,469 698 Impairment of assets 458 821
Reversal of impairment - (381) Loss/(profit) on disposal of assets
761 (440) Loss on repurchase of participation rights in GTL venture
- 34 Loss on realisation of foreign currency translation reserve -
557 Scrapping of non-current assets 234 107 Write off of
unsuccessful exploration wells 16 - Tax effects and non-controlling
interests 35 (225) Headline earnings 15,152 22,890 Remeasurement
items per above Mining 3 7 Gas 4 104 Synfuels 137 25 Oil (3) (20)
Synfuels International 777 396 Petroleum International 18 (27)
Polymers (1) (12) Solvents 158 104 Olefins & Surfactants 106
(27) Other chemical businesses 246 229 Nitro 219 (199) Wax 27 426
Other - 2 Other businesses 24 (81) Remeasurement items 1,469 698
Headline earnings per share Rand 25.42 38.09 Diluted headline
earnings per share Rand 25.25 37.56 The reader is referred to the
definitions contained in the 2008 Sasol Limited annual financial
statements. CONTACT: Investor Relations Team +27 (0)11 441 3113 /
3321 / 3420 DATASOURCE: Sasol Limited CONTACT: Investor Relations
Team, +27 (0)11 441 3113 or 3321 or 3420, Web Site:
http://www.sasol.com/
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