| Mon 9 Sep 2002, 0:00 | | Sasol Limited - Audited Profit Statement And Decla |
|
Sasol Limited - Audited Profit Statement and Declaration of Dividend Number 46
for the Year Ended 30 June 2002
Sasol Limited
Reaching new frontiers
Audited Profit Statement and Declaration of Dividend Number 46 for the Year
Ended 30 June 2002
exhilarating growth and performance
- Sales up 49% to R61,6 billion (up 13% to USD6,1 billion)
- Operating profit up 38% to R14,9 billion (up 4% to USD1,5 billion)
- Attributable earnings per share up 38% to 1550 cents (up 5% to US 153 cents)
- Major cost reductions and productivity improvements achieved
- R34 billion committed to capital projects
- Total dividend per share declared increased by 41% to 450 cents
sales (R billion) 1998 1999 2000 2001 2002
16,7 19,2 25,8 41,3 61,6
operating profit (R billion) 1998 1999 2000 2001 2002
3,1 3,7 6,3 10,8 14,9
attributable earnings (R billion) 1998 1999 2000 2001 2002
2,1 2,5 4,1 7,0 9,5
attributable earnings per share
and dividend per share (cents) 1998 1999 2000 2001 2002
dividend per share 147 151 220 320 450
attributable earnings per share 326 409 620 1120 1550
gearing (%) 1998 1999 2000 2001 2002
0 0,9 5,6 29,3 25,1
value added per employee (R`000) 1998 1999 2000 2001 2002
291 342 457 589 861
(Data as per graphs in the press announcement)
sales - strategic business units (R billion)
June 2002 June 2001
sasol oil and gas 6,1 7,1
sasol chemical industries 41,3 21,1
sasol synfuels 12,6 12,3
sasol mining 1,3 0,8
other 0,3
sales - geographic (R billion)
June 2002 June 2001
rest of Africa 2,1 1,8
Europe 17,8 6,5
Middle and Far East 2,4 1,4
North America 10,1 4,2
South America 0,7 0,5
South East Asia 1,8 1,1
South Africa 26,7 25,8
operating profit - geographic (R billion)
based on location of customers
June 2002 June 2001
South Africa 12,2 9,4
Europe 1,5 0,4
Middle and Far East 0,5 0,3
North America 0,5 0,4
South America 0,1 0,1
South East Asia 0,1 0,1
Rest of Africa 0,1
(Data as per pie charts in the press announcement)
Please note: The principal reporting currency of Sasol is the rand. The figures
expressed in US dollars represent a convenience translation made in accordance
with International Accounting Standards` (IAS) guidelines.
A billion is defined as one thousand million.
Financial overview
All major businesses achieved record profits resulting in another outstanding
performance for the Group, following the trend-breaking results of the previous
two financial years. Compound earnings growth per annum in rands over the last
five years was 30% and in US dollar terms was a creditable 10%.
Operating profit increased by 38% to R14,9 billion (4% to USD1,5 billion). About
60% of the rand increase arose from the net benefit of a weaker exchange rate
offset by lower oil and commodity chemical prices. The balance was realised from
management initiatives and, more specifically, from acquisition benefits and
productivity improvements.
During the year, international oil prices averaged USD 23,24 per barrel and were
18% below those of the previous financial year. Similarly, commodity chemical
prices in US dollars across the Group`s range of products were approximately 20%
lower.
Notwithstanding this depressed pricing environment and the uncertainty that
prevailed in world markets, especially following the ruinous events in America
in September 2001, these pleasing results were achieved because of the following
key factors:
- The weakening of the rand: US dollar exchange rate by 32% from an average of
R7,65 in the previous financial year to R10,13.
- Capacity increases in various plants and the resulting beneficial impact on
sales volumes.
- Cost reductions, productivity gains and conversion efficiency improvements
across the Group.
- The contribution of Sasol Chemie (previously Condea) for a full year, and its
pleasing performance.
- The ability of those businesses trading internationally to leverage well-
established customer relationships and distribution channels in difficult
markets.
Sales increased by 49% to R61,6 billion (13% to USD 6,1 billion). Foreign and
export sales amounted to 56% of total sales, resulting in a strategic objective
that these should exceed 50% by 2005 being achieved three years ahead of
schedule.
Oil prices were relatively stable for the first few months of the financial year
but dropped after the terrorist attacks in America and only partly recovered in
the first quarter of 2002. On average, they were significantly lower than in the
previous financial year.
Although commodity chemical prices recovered early in 2002 after weakening
considerably during the second half of 2001, they nevertheless were on average
substantially below those of the previous financial year.
Productivity improvement and renewal programmes progressed through the year as
focus on continuous improvement heightened and meaningful contribution to
profits in various businesses was achieved. Simultaneously, ongoing safety and
environmental management initiatives showed pleasing results.
Net working capital at year-end was slightly higher than anticipated because of
higher inventories at Sasol Chemie and the need to build up stocks in advance of
the Natref shutdown.
Authorised capital projects amounted to R34,3 billion and R10,3 billion was
expended to 30 June 2002. Chemical projects approved included the n-Butanol
plant, a detergent-range alcohols plant and an acrylic acid and acrylates
complex. The Mozambique Natural Gas Project and the exciting Nigeria and Qatar
gas-to-liquids (GTL) ventures were also sanctioned.
Following the acquisition of Sasol Chemie on 1 March 2001, and the pleasing
progress made with its integration into Sasol, it was announced last year that
Sasol was again alert to acquisition opportunities that would add value and
substance to its strategically focused business portfolios. A stringent set of
qualifying criteria was established and a global search for an appropriate
acquisition commenced. To date, a suitable purchase has not been identified.
A long-term objective to acquire full ownership of Schmann Sasol International
AG materialised during the year and this global wax business was incorporated as
a wholly-owned subsidiary of Sasol with effect from 1 January 2002.
The Group`s share buyback programme continued, taking proper cognisance of
Sasol`s gearing and expected cash flow requirements. During the financial year,
10,8 million shares were repurchased, bringing the total treasury shares bought
by Sasol to 57,9 million or 8,7% of the Group`s issued shared capital. The
average price paid for all shares bought to date was R59,27.
Net financing costs increased from R276 million to R635 million primarily
because of higher capital expenditure and the annualised impact of Sasol Chemie,
partially offset by higher cash flow from operations. Financing cost cover at
year-end exceeded 17 times.
Basic attributable earnings per share of 1 550 cents were 38% higher than the
record-breaking earnings per share achieved in the previous financial year.
Basic headline earnings per share increased by 25% to 1 544 cents. The
difference of 6 cents per share (R41 million after tax), relates to the
impairment and write-off of assets and the amortisation of goodwill and negative
goodwill.
Gearing at 30 June 2002 was 25%. This is within the targeted range of 20% to
40%.
A final dividend of 250 cents per share has been declared. This brings the total
dividend declared to 450 cents per share, which represents an increase of 41%. A
dividend cover of 3,4 was applied which is within the targeted range of 2,5 to
3,5.
Sasol Mining
In yet another year of remarkable progress, Sasol Mining increased its operating
profit to a record R1 340 million which is 152% higher than the previous year.
Adjusting for a market-related change implemented at the beginning of the year
in the price of coal sold to Sasol Synfuels, its operating profit more than
doubled.
The renewal programme implemented four years ago has delivered benefit to the
extent that the business exceeded its targeted rate of return. This programme
has resulted in mining cost per ton being reduced by 11% in real terms over four
years, which equates to a cumulative reduction in operating cost of about R1,0
billion. Machine productivity has increased by 87% since the start of the
renewal programme.
These excellent achievements resulted in Sasol Mining being shortlisted as one
of the five top companies in the 2001 Global Coal Company of the Year Award,
presented as part of the Financial Times Global Energy Awards in New York City
in December 2001.
Sasol Synfuels
Despite lower oil prices and higher coal input costs, Sasol Synfuels had a
pleasing year and achieved record results. Operating profit increased by 3% to
R8 048 million.
Total production increased by 5% to 7,7 million tons, mainly because of stable
operations, higher product yields and the reliable performance of the Sasol
Advanced Synthol (SAS) reactors. Average per capita production rose in the year
by 5% to 1 344 tons. Throughout the year, opportunities to reduce product
flaring and other forms of waste were exploited and, as a result, yields and
plant integrity improved.
The business optimisation process initiated in the previous financial year
gathered momentum. This process includes better information management and
productivity improvement as key objectives. It follows previous initiatives
which, together with the beneficial impact of a weaker rand, have resulted in
unit costs in US dollars being halved since 1998. It is estimated that about 30%
of this improvement is directly attributable to management intervention through
these initiatives.
Complementing these initiatives are investments in new and expanded production
facilities, including a R595 million project to construct a fifteenth air-
separation unit that is scheduled to be brought into beneficial operation in
February 2004.
The ninth SAS reactor completed its first full year of operation and performed
to full specification, converting synthesis gas into a range of hydrocarbons.
The R345 million Synthol light oil capacity expansion project was completed
successfully in September 2001.
Sasol Chemical Industries (SCI)
In a global environment of weaker commodity chemical prices and demand
pressures, SCI performed well and achieved a record operating profit of R3 686
million, which is 167% higher than the previous year. The operating profit of
the South African-based businesses increased by 38%.
The financial results of Sasol Chemie were consolidated for a full year for the
first time. The integration of this business into Sasol and extraction of
synergies progressed satisfactorily. The business has been restructured into two
global divisions (Sasol Olefins and Surfactants, and Sasol Solvents) through the
merging of Sasol Chemie operations with the South African divisions of Alpha
Olefins, and Solvents.
Sasol Olefins and Surfactants
In the Sasol Olefins and Surfactants division, solid performances were achieved
by most business units and notably the Surfactants, Alcohols, Alkylates and
Monomers units. Plants worldwide ran efficiently and plant turnarounds were
successfully completed. The detergent-range alcohols plant was successfully
commissioned.
Final agreement was reached with RWE-DEA whereby the division will acquire 100%
of the shareholding in Condea Nanjing Chemical Co (China), including the 30%
share previously held by the Nanjing Surfactants Factory. This transaction is
expected to be completed by 30 September 2002.
Sasol Solvents
In the Sasol Solvents division, new production capacity contributed to a
pleasing increase in profits. Considerable focus was dedicated during the year
to enhancing the division`s global supply chain with emphasis on strengthening
customer support and logistics.
The larger business units within the division of Ketones, Ethanol and Alcohols
performed well despite the softening of solvent prices and the associated impact
on margins.
Ethanol production capacity at Herne in Germany was almost doubled during the
year. Construction remains on schedule for the commissioning of a world-scale
plant to produce 150 000 tpa of n-butanol and 15 000 tpa of iso-butanol before
the end of 2002. The associated complex for the production of acrylic acid and
acrylates is scheduled to start beneficial operation towards the end of 2003.
Sasol Polymers
Sasol Polymers achieved a record operating profit despite difficult
international markets. Stable plant productions were achieved throughout the
year and the division continued with its successful productivity improvement
programmes that were initiated a few years ago. In seven years, cash fixed costs
per ton in real terms have reduced by 50% and output per employee has more than
doubled.
The division`s investments in Malaysia were commissioned during the financial
year. A six-month delay in commissioning the Optimal ethylene plant, in which a
12% equity position is held, was followed by protracted start-up difficulties
experienced on the Petlin polyethylene plant, in which a 40% equity position is
held. These problems have since been resolved.
Nitrogen Businesses
The nitrogen cluster of businesses, incorporating Sasol Ammonia, Sasol Agri and
Sasol Explosives, surged ahead and achieved a record operating profit. The
greater integration of this value chain has proved most worthwhile through, for
example, the sharing of services. Better margin management and productivity
enhancements also added to the sound performance of this cluster.
Sasol Oil and Gas
Although sales decreased because of the production volumes lost following the
Natref fire in June 2001, insurance proceeds compensated for this loss. The
business achieved a record operating profit of
R1 840 million which is 41% higher than the previous year, primarily because of
the rand`s weakening against the US dollar. The reconstruction of the fire-
damaged crude distillation unit was successfully completed and the refinery
again operated at capacity following its restart in October 2001.
It is expected that the decline in sales of petrol through Sasol-branded fuel
pumps at service stations operated by other South African oil companies will be
regained through the development of new partnership service stations. The target
to establish 300 service stations in high-volume urban areas is progressing well
and more than 100 service stations have been acquired or built and presently are
being leased to other oil companies.
The ultra-low-sulphur Sasol TurboDieselT launched in February 2002 was well
received by South African motorists because of its superior quality. It has the
lowest sulphur content of all commercial diesels in the country.
Continuing with its strong growth trend of recent years, Sasol Gas increased
sales by 22% to a record R1,3 billion. The higher sales were achieved through
improved volumes into the KwaZulu-Natal market and firmer gas prices.
This high-potential division is well advanced with pre-marketing of Mozambique
natural gas among potential new South African customers. Sasol Gas completed a
successful expansion project at Babelegi in Gauteng during the year and has
further exciting growth plans for the KwaZulu-Natal hinterland.
Construction of the Mozambique Natural Gas Project pipeline is on schedule.
Sasol Petroleum International (SPI)
SPI continued to concentrate its West African exploration and production
interests in Gabon and Equatorial Guinea. The company is a 30% shareholder in
Gabon`s promising Etame oilfield, from which first commercial volumes of oil are
expected to start flowing before November 2002 at a gross output rate of more
than 15 000 barrels a day.
In Mozambique, SPI is assisting to advance the Mozambique Natural Gas Project
and, through its Mozambican subsidiary, is the appointed field operator and is
working in a 70:30 partnership with the state-owned Companhia Mozambicana
Hidrocarbonetos (CMH) of Mozambique.
Sasol Synfuels International (SSI)
Assisted by Sasol Technology, SSI advanced the development of the Group`s first
two GTL plants that will incorporate the fully integrated Sasol Slurry Phase
Distillate (SPD) process. SSI is developing a GTL plant in Qatar in partnership
with Qatar Petroleum. Sasol`s joint venture with Chevron Texaco of America,
Sasol Chevron, is spearheading the development of a GTL plant in Nigeria.
The main commercial agreements for the Qatari GTL venture have been finalised
and front-end engineering and design (FEED) has been completed. Likewise, FEED
has been completed for the Nigerian plant and contractor selection has
commenced.
The international commercialisation of Sasol`s GTL technology to produce cleaner
burning fuels from natural gas will in future years play a major role in both
Sasol`s international expansion and the consumption globally of low-emission
fuels.
Profit outlook
Contrasting views proliferate over the forecast performance of global economies
and particularly that of the United States. Nevertheless, it appears that
conditions have stabilised and most of the world`s larger economies seem poised
for a mild recovery towards the end of 2002 or early 2003.
Although oil prices have improved slightly in recent months, they are expected
on average to be lower in the year ahead compared with the year under review.
Many commodity chemical prices have improved slightly and the rand is steadier.
Because of these factors, and assuming there will be no dramatic shifts in world
oil, petrochemical and allied markets in the year ahead or unforeseen
disruptions in financial markets, earnings in the new financial year are
expected to reflect a modest increase on the excellent results of the past year.
Over the last three years Sasol has repositioned its performance capability and
has exceeded its targeted rate of return as determined by the Group`s weighted
average cost of capital (WACC). It is from this significantly improved and
shareholder value-creating platform that modest gains are anticipated.
Sasol`s international growth strategy has progressed successfully and is
confidently expected to serve the Group well in years ahead. The advancement of
the GTL ventures and other major projects such as the Mozambique Natural Gas
Project are planned to herald a further era of exciting growth when they are
commissioned in the middle of the decade.
Corporate Governance
Strong corporate governance structures and mechanisms are in place at Sasol and
are constantly reviewed to reflect internal corporate changes, legislative
changes and national and international developments in relation to corporate
governance. In particular, Sasol subscribes to the Code of Corporate Practices
and Conduct contained in the King II Report on Corporate Governance for South
Africa released in the first quarter of 2002.
All the key principles underlying responsible and effective corporate governance
practices and conduct are reflected in Sasol`s corporate governance structures
and practices.
Sasol`s business conduct guide commits the Group to the highest standard of
compliance with laws and regulations, and to integrity, and sound behaviour and
ethics in dealing with all its stakeholders. An ethics "Hot Line" has been
established in order for stakeholders to anonymously report fraud and other
crimes and irregularities.
STRATE
The dematerialisation of Sasol shares, under STRATE, commenced on 19 November
2001. Trading for electronic settlement began on 10 December 2001 and the first
electronic settlement took place on 18 December 2001.
The dematerialisation process commenced and was completed successfully without
material occurrences being reported.
Declaration of final dividend number 46
The directors of Sasol Limited have declared a final dividend of 250 cents per
share (2001: 180 cents per share) for the year to 30 June 2002. The dividend has
been declared in the currency of the Republic of South Africa.
Trading in the STRATE environment requires settlement within five business days.
In accordance with the settlement procedures of STRATE, the following dates will
apply to the final dividend:
Last day for trading to qualify for and participate in the final dividend (cum
dividend) - Friday, 4 October 2002
Trading ex dividend commences - Monday, 7 October 2002
Record date - Friday, 11 October 2002
Dividend payment date (electronic and certificated register) - Monday, 14
October 2002
Dividend cheques in payment of this dividend to certificated shareholders will
be posted to shareholders on or about 14 October 2002. Electronic payment to
certificated shareholders will be undertaken simultaneously.
Shareholders who have dematerialised their share certificates will have their
bank accounts, which are linked to their Central Securities Depository
Participant or Broker`s safe custody accounts, credited on Monday, 14 October
2002.
In the case of certificated shareholders, notice of any change of address of
shareholders must reach the transfer secretaries, Computershare Investor
Services Limited, on or before Friday, 4 October 2002.
Shareholdings may not be dematerialised or rematerialised between Monday, 7
October 2002 and Friday, 11 October 2002, both days inclusive.
The Annual General Meeting will be held in the Sasol Limited Auditorium on 29
November 2002 at 09:00.
By order of the board
P du P Kruger
Chairman
PVCox
Deputy chairman and chief executive
6 September 2002
Notes to the financial statements
This profit statement has been prepared in compliance with the Listings
Requirements of the JSE Securities Exchange South Africa, in accordance with
International Accounting Standards and the requirements of the South African
Companies Act.
The results were audited by KPMG Inc. and a copy of their unqualified audit
opinion is available for inspection at the registered office of the company.
Where appropriate, comparative figures have been restated to facilitate improved
disclosure.
The financial statements have been prepared on the historic cost basis except
for certain financial instruments which are stated at fair value. The
accounting policies applied are consistent with those applied in the previous
year, except for IAS39 Financial Instruments - Recognition and Measurement and
IAS40 investment properties (with no material effect) which were adopted in the
current year.
IAS39 requires that all financial assets and financial liabilities are
recognised on the balance sheet at fair value. Fair value adjustments on non-
trading financial assets are reported in equity. Hedge accounting has been
applied to certain capital projects and certain long-term external loans.
The financial year end of the Group has been changed from 25 June to 30 June
with effect from the 2002 financial year. This change has had no material impact
on the financial results.
Principle foreign currency conversion rates:
One unit of foreign currency equals: 2002 2001
Rand/USD (closing) 10,27 8,02
Rand/Euro (closing) 10,19 6,89
Rand/USD (average) 10,13 7,65
Rand/Euro (average) 9,08 6,79
Consolidated balance sheet
As at As at As at As at
25.6.2001 30.6.2002 30.6.2002 25.6.2001
USD USD
million million R million R million
ASSETS
Property, plant and
3 497 3 570 equipment 36 667 28 035
Goodwill and negative
(65) (51) goodwill (518) (523)
134 180 Intangible assets 1 852 1 071
217 226 Other long-term assets 2 327 1 750
3 783 3 925 Non-current assets 40 328 30 333
899 878 Inventories 9 013 7 210
Trade and other
1 257 1 024 receivables 10 515 10 079
Short-term financial
2 23 assets 232 19
304 367 Cash 3 769 2 434
2 462 2 292 Current assets 23 529 19 742
6 245 6 217 TOTAL ASSETS 63 857 50 075
EQUITY AND LIABILITIES
Total shareholders`
2 772 2 928 equity 30 070 22 217
13 25 Minority interest 262 107
620 529 Long-term loans 5 427 4 970
542 552 Long-term provisions 5 670 4 345
Long-term deferred
- 6 income 65 -
584 531 Deferred tax 5 444 4 689
1 746 1 618 Non-current liabilities 16 606 14 004
434 338 Short-term loans 3 474 3 479
Other current
1 272 1 135 liabilities 11 671 10 204
8 173 Bank overdraft 1 774 64
1 714 1 646 Current liabilities 16 919 13 747
TOTAL EQUITY AND
6 245 6 217 LIABILITIES 63 857 50 075
Consolidated income statement
Year Year Year Year
ended ended ended ended
25.6.2001 30.6.2002 30.6.2002 25.6.2001 %
USD USD
million million R million R million increase
5 399 6 078 Sales 61 578 41 289 49
(3 363) (3 621) Cost of sales (36 688) (25 720)
2 036 2 457 Gross profit 24 890 15 569 60
Marketing and
distribution
265) (422) expenditure (4 273) (2 024)
Administrative
(339) (407) expenditure (4 125) (2 596)
Other operating
(23) (158) expenditure (1 597) (176)
Operating
409 1 470 profit 14 895 10 773 38
Dividends and
interest
31 23 received 230 244
Income from
1 3 associates 31 11
(66) (85) Finance costs (863) (509)
Net income
1 375 1 411 before tax 14 293 10 519 36
(454) (471) Taxation (4 769) (3 467)
Net income
921 940 after tax 9 524 7 052 35
Minority
(4) (3) interest (28) (27)
Attributable
917 937 earnings 9 496 7 025 35
Goodwill
2 3 amortised 33 15
Negative
goodwill
(8) (28) amortised (282) (59)
Capital items
133 24 written off 236 1 029
Impairment of
86 14 assets 138 663
(Profit)/loss
on disposal of
16 - assets (4) 118
Scrapping of
14 5 assets 52 116
Write-down of
assets in
17 5 businesses 50 132
Tax effect
(34) (3) thereon (28) (258)
Headline
1 010 933 earnings 9 455 7 752 22
Basic earnings
per share
(cents)
- attributable
146 153 earnings basis 1 550 1 120 38
- headline
161 152 earnings basis 1 544 1 236 25
Diluted earnings
per share
(cents)*
- attributable
144 150 earnings basis 1 519 1 107 37
- headline
159 149 earnings basis 1 513 1 221 24
Dividends per
share (cents)
17 20 - interim 200 140 43
22 24** - final 250 180 39
*Taking into account the Sasol Share Incentive Scheme.
**Subject to exchange rate ruling on payment date.
consolidated changes in equity statement (abridged)
Year Year
ended ended
30.6.2002 25.6.2001
R million R million
Balance at beginning of year 22 217 17 715
Shares issued 76 43
Attributable earnings 9 496 7 025
Dividends paid (2 325) (1 655)
Increase in foreign currency translation
reserve 1 865 208
Increase in non-trading financial assets
reserve 2 -
Decrease in cash flow hedge accounting
reserve (241) -
Shares repurchased (1 020) (1 119)
Balance at end of year 30 070 22 217
Comprising
Share capital 2 706 2 630
Accumulated profit 28 817 21 646
Foreign currency translation reserve 2 215 350
Non-trading financial assets reserve 2 -
Cash flow hedge accounting reserve (241) -
Share buyback programme (3 429) (2 409)
Total shareholders` equity 30 070 22 217
consolidated cash flow statement (abridged)
Year Year
ended ended
30.6.2002 25.6.2001
R million R million
Cash flow from operations 19 157 14 507
Investment income 247 253
Decrease / (increase) in working capital 300 (425)
Finance costs paid (863) (509)
Tax paid (4 749) (2 972)
Dividends paid (2 325) (1 655)
Cash retained from operating activities 11 767 9 199
Additions to property, plant and equipment (7 945) (3 657)
Acquisition of businesses (565) (8 350)
Sasol Chemie purchase price adjustment 341 -
Cash acquired on acquisition of businesses 35 154
Other net expenditure in investing
activities (210) (883)
Cash utilised in investing activities (8 344) (12 736)
Cash effect of financing activities (4 524) 5 373
(Decrease)/increase in cash (1 101) 1 836
Cash
- at beginning of year 2 370 506
- arising on translation 726 28
Cash at end of year 1 995 2 370
consolidated value added statement
Year Year
ended ended
30.6.2002 25.6.2001
R million R million
Sales 61 578 41 289
Purchased materials and services 34 801 23 152
Value added 26 777 18 137
Investment income 261 255
Wealth created 27 038 18 392
Employees 7 921 4 957
Providers of equity capital 2 353 1 682
Providers of loan capital 863 509
Government 4 669 3 988
Reinvested in the Group 11 232 7 256
Wealth distribution 27 038 18 392
salient features
2002 2001
Number of shares in issue (million) 666,9 665,0
Weighted average shares in issue (million) 612,5 627,3
Market capitalisation (R million) 73 356 50 540
Net asset value per share (cents) 4 938 3 596
Depreciation charge (R million) 4 117 2 339
Dividend cover (times) 3,4 3,5
Interest cover (times) 17,6 21,7
Number of employees 31 100 30 800
Average crude oil price - (Brent)(USD/bbl) 23,24 28,38
Directors` remuneration (R million) 23 14
Share options granted to directors -
cumulative (`000) 1 508 1 255
business unit contribution to operating profit
Year Year Year Year
ended ended ended ended
25.6.2001 30.6.2002 30.6.2002 25.6.2001
USD USD
million million R million R million
75 133 Sasol Mining 1 348 577
1 029 797 Sasol Synfuels 8 066 7 871
171 182 Sasol Oil and Gas 1 845 1 309
293 384 Sasol Chemical Industries 3 889 2 243
Sasol Olefins and
64 119 Surfactants** 1 210 491
65 79 Sasol Solvents** 797 496
28 45 Nitrogen businesses 452 213
92 91 Sasol Polymers 923 703
44 50 Other Chemicals 507 340
(26) (2) Other (17) (198)
1 542 1 494 15 131 11 802
(133) (24) Capital items written off* (236) (1 029)
(6) (1) Sasol Mining (8) (46)
(11) (2) Sasol Synfuels (18) (84)
- - Sasol Oil and Gas (5) -
(112) (21) Sasol Chemical Industries (203) (865)
(4) - Other (2) (34)
1 409 1 470 Operating profit 14 895 10 773
**The operating profit included in Sasol Olefins and Surfactants and Sasol
Solvents relating to Sasol Chemie increased by 372% from R204 million to R963
million.
*Refer income statement
directors
P du P Kruger (Chairman) P V Cox (Deputy chairman and chief executive) E le R
Bradley W A M Clewlow B P Connellan L P A Davies (Executive director) J H Fourie
(Executive director) R Havenstein (Executive director) S Montsi T S Munday
(Executive director) Z Z R Rustomjee J E Schrempp (German) C B Strauss
company secretary: N L Joubert
registered office
1 Sturdee avenue, Rosebank, Johannesburg 2196
P.O. box 5486, Johannesburg 2000
Transfer Secretaries
Computershare Investor Services Limited, 11 Diagonal street, Johannesburg 2001
P.O. box 1053, Johannesburg 2000, South Africa
Tel: +27 11 370-5000 facsimile: +27 11 370 5271/2
Company registration number
1979/003231/06
Incorporated in the Republic of South Africa
ISIN code ZAE 000006896
share code SOL
www.sasol.com
email: sasolir@sasol.com
Date: 09/09/2002 07:01:00 AM Produced by the JSE SENS Department
