| Mon 12 Sep 2005, 8:28 | | Sasol - Audited group results and declaration of d |
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Sasol - Audited group results and declaration of dividend number 52 of
Sasol Limited for the year ended 30 June 2005
Sasol Limited
(Incorporated in South Africa)
(Registration number: 1979/003231/06)
ISIN Code: ZAE000006896
Share Code: JSE: SOL NYSE Code: SSL
(`Sasol`)
Record headline earnings
Most businesses achieve commendable improvements
Total dividend increased by 20% to R5,40 per share
Gearing improves to 38%. Capital expenditure of R13,2 billion, with nearly R10
billion (75%) invested in South Africa
Contribution to economic wealth of South Africa increases by 22% to R21,5
billion
Sasol`s international credit rating upgraded
2004 2005 2005 2004
Turnover Operating profit
Business unit
R million (before capital items) R million
1 083 1 471 Mining 1 224 1 177
1 329 820 Synfuels 7 670 5 515
18 554 23 525 Liquid Fuels Business 1 963 1 429
1 389 1 408 Gas 932 387
7 - Synfuels International (232) (138)
17 133 18 040 Olefins and Surfactants 562 (46)
6 576 7 199 Polymers 1 496 971
5 956 8 063 Solvents 1 625 135
8 124 8 713 Other 541 (89)
60 151 69 239 15 781 9 341
Effect of capital items (1 275) (27)
14 506 9 314
2004 2005 2005 2004
Turnover Operating profit
R million Geographic analysis R million
28 954 35 395 South Africa 12 236 8 505
3 062 2 553 Rest of Africa 536 204
15 632 17 145 Europe 1 486 591
Middle East, India,
3 509 3 840 Far East 389 277
7 060 8 149 North America (221) (303)
723 760 South America (5) 4
1 211 1 397 Southeast Asia 85 36
60 151 69 239 14 506 9 314
Balance sheet at 30 June
2005 2004
Rm Rm
ASSETS
Property, plant and equipment 56 550 46 858
Goodwill (net of negative goodwill in 2004) 509 92
Intangible assets 1 900 2 236
Post-retirement benefit assets 300 239
Deferred tax assets 409 306
Other long-term assets 2 212 1 877
Non-current assets 61 880 51 608
Investments held-for-sale 41 -
Inventories 9 995 8 292
Trade and other receivables 12 384 10 971
Short-term financial assets 178 25
Restricted cash 1 002 527
Cash 2 509 2 063
Current assets 26 109 21 878
TOTAL ASSETS 87 989 73 486
EQUITY AND LIABILITIES
Shareholders` equity 43 530 35 027
Minority interest 256 373
Long-term debt 12 951 9 110
Long-term provisions 2 954 2 362
Post-retirement benefit obligations 2 970 2 724
Long-term deferred income 763 237
Deferred tax liability 6 286 5 768
Non-current liabilities 25 924 20 201
Short-term debt 3 300 3 265
Short-term financial liabilities 792 1 205
Other current liabilities 11 572 9 302
Bank overdraft (including overnight
borrowings) 2 615 4 113
Current liabilities 18 279 17 885
TOTAL EQUITY AND LIABILITIES 87 989 73 486
Income statement for the year ended 30 June
2005 2004
Rm Rm
Turnover 69 239 60 151
Cost of sales and services rendered (42 267) (38 794)
Gross profit 26 972 21 357
Non-trading income 417 343
Marketing and distribution expenditure (5 097) (4 920)
Administrative expenditure (4 075) (3 744)
Other operating expenditure (3 802) (2 687)
Translation gains/(losses) 91 (1 035)
Operating profit 14 506 9 314
Dividends and interest received 149 190
Income from associates 184 117
Borrowing costs (net of amounts capitalised) (587) (439)
Net income before tax 14 252 9 182
Taxation (4 568) (3 175)
Earnings 9 684 6 007
Attributable to
Shareholders 9 573 5 940
Minority interests in subsidiaries 111 67
9 684 6 007
Basic earnings per share (cents)
- attributable earnings basis 1 560 974
- headline earnings basis 1 749 934
Diluted earnings per share (cents)1
- attributable earnings basis 1 533 964
- headline earnings basis 1 719 925
Dividends per share (cents)
- interim 230 215
- final 310 235
540 450
1 Taking the Sasol Share Incentive Scheme into account.
2 Declared subsequent to 30 June 2005 and has been presented for information
purposes only. No provision regarding this final dividend has been recognised.
Changes in equity statement (condensed) for the year ended 30 June
2005 2004
Rm Rm
Opening balance 35 027 33 518
Negative goodwill written off 610 -
Shares issued 311 109
Shares repurchased - (33)
Attributable earnings 9 573 5 940
Dividends paid (2 856) (2 745)
Increase/(decrease) in foreign currency
translation reserve 313 (1 217)
Increase/(decrease) in cash flow hedge
accounting reserve 552 (545)
Closing balance 43 530 35 027
Comprising
Share capital 3 203 2 892
Share repurchase programme (3 647) (3 647)
Accumulated earnings 45 643 38 236
Foreign currency translation reserve (1 336) (1 569)
Investment fair value reserve 2 2
Cash flow hedge accounting reserve (335) (887)
Shareholders` equity 43 530 35 027
Cash flow statement (condensed) for the year ended 30 June
2005 2004
Rm Rm
Cash receipts from customers 68 263 59 952
Cash paid to suppliers and employees (49 451) (44 801)
Cash generated by operating activities 18 812 15 151
Investment income 169 230
Borrowing costs paid (1 523) (1 384)
Dividends paid (2 856) (2 745)
Tax paid (3 753) (3 963)
Cash available from operating activities 10 849 7 289
Additions to property, plant and equipment* (12 414) (10 888)
Acquisition of businesses - (555)
Cash acquired on acquisition of businesses - 163
Disposal of businesses 36 283
Cash disposed of on disposal of businesses (94) (2)
Other net cash flows from investing
activities 245 (29)
Cash utilised in investing activities (12 227) (11 028)
Share capital issued 311 109
Share repurchase programme - (33)
Dividends paid to minority shareholders (64) (37)
Contributions from minority shareholders - 75
Increase in long-term debt 4 165 4 386
Decrease in short-term debt (440) (2 616)
Cash effect of financing activities 3 972 1 884
Effect of translation on cash of foreign
entities (175) (251)
Increase/(decrease) in cash and cash
equivalents 2 419 (2 106)
Cash and cash equivalents at beginning
of year (1 523) 583
Cash and cash equivalents at end of year 896 (1 523)
Comprising
- restricted cash 1 002 527
- cash 2 509 2 063
- bank overdraft (2 615) (4 113)
896 (1 523)
*After taking the effect of cash flow hedge accounting on foreign exchange
contracts (R0,6 billion) into account.
Record headline earnings
Attributable earnings increased by 61% from R5,9 billion to R9,6 billion.
Headline earnings per share increased by 87% to R17,49. In US dollar terms,
headline earnings per share of US$2,82 represent a 107% increase.
Higher oil prices - stronger rand
Operating profit increased by R5,2 billion (56%) to R14,5 billion. Higher
average international oil prices (dated Brent US$46,17/b versus US$31,30/b in
2004) boosted operating profit by about R2,5 billion. This benefit was partly
offset by the adverse impact of the stronger rand during the year (average rate
R6,21 : US$1,00 versus R6,88 : US$1,00 in 2004), which reduced operating profit
by approximately R2,7 billion. Translation effects at year-end were, however,
slightly positive compared to the significant adverse effects at 30 June 2004,
resulting in a positive turnaround of R1,1 billion. The net adverse currency
effect on operating profit amounted, therefore, to R1,6 billion, representing a
64% reduction of the benefit derived from higher oil prices.
The net adverse impact of currency effects manifested themselves across all of
Sasol`s businesses. The benefit of higher oil prices were, however, only
realised in the energy and fuel-related businesses with adverse effects being
experienced in the chemical businesses because of higher oil-derivative
feedstock costs.
Our energy and fuel-related businesses achieved a 42% increase in operating
profit.
After a few years of being depressed, international chemical prices and margins
improved substantially. Together with the benefits of productivity improvements
and selling or closing non-core or poor performing businesses, this resulted in
the operating profit of our chemical businesses increasing significantly (130%),
despite higher feedstock costs and capital write-offs relating mainly to
impairments.
The effect of capital write-offs amounted to R1,3 billion (pre-tax), most of
which arose in the chemical businesses. Significant impairments were made in
Sasol Solvents and Sasol Olefins and Surfactants and related primarily to the n-
butanol plant at Sasolburg and the linear alkyl benzene (LAB) plant in the USA.
In the case of the n-butanol plant, this write-off is a consequence of the
investment having been made in previous years, when the weaker rand negatively
impacted capital costs, and its revenue streams are now based on a much stronger
rand than originally envisaged.
Operating profit was increased by R1,3 billion as a result of changes in
International Financial Reporting Standards (IFRS) relating to depreciation and
goodwill. During the year, the expected remaining useful lives of our assets
were reviewed and - as a consequence - depreciation was reduced by R1,5 billion.
This amount was reduced by R0,2 billion because of the change in the accounting
treatment of goodwill whereby goodwill is no longer amortised over the remaining
life of the asset to which it is related, but is subject to an annual impairment
test.
The decrease in the South African company tax rate from 30% to 29% resulted in a
reduction of the tax charge of approximately R0,3 billion.
Capital expenditure amounted to R13,2 billion. Major projects advanced included
the fuel quality enhancement and polymer expansion project (Project Turbo) in
South Africa, the Oryx gas-to-liquids (GTL) venture in Qatar and the Arya Sasol
Polymers project in Iran.
Gearing (net debt as a percentage of shareholders` equity) reduced from 41% at
30 June 2004 to 38% and was well within our targeted range of 30% to 50%.
Moody`s assigned Sasol Aa3.za long-term and prime-1.za short-term South African
national scale credit ratings. Standard and Poor`s also upgraded Sasol`s credit
rating to BBB+ during the year.
The total dividend declared of R5,40 represents a 20% increase compared to the
previous year. The dividend cover of 2,9 is suitably within our target range of
2,5 to 3,5 times.
Sasol mining
The operating profit of Sasol Mining of R1 247 million was 4% better than the
previous year despite sales volumes being 9% lower because of the closure of the
coal-fired gasifiers at Sasolburg following the introduction of natural gas from
Mozambique.
Sasol synfuels
Primarily because of higher oil prices, net of the oil hedge which expired at
the end of May 2005, Sasol Synfuels achieved an increase in operating profit of
37% to R7 560 million. Production volumes decreased slightly (3%) because of the
adverse impact of unplanned shutdowns, which was partly offset by the benefit of
introducing natural gas to improve plant operational stability.
Sasol liquid fuels business
Higher refinery margins resulted in our liquid fuels business increasing
operating profit by 33% to R1 900 million. Sales volumes transacted through
Sasol and Exel retail fuel outlets exceeded expectations and market share
objectives were met.
The proposed merging of our liquid fuels business with Engen was conditionally
recommended during the year by the South African Competition Commission to the
Competition Tribunal. The envisaged formation of the merged entity (Uhambo Oil)
will be considered at the Competition Tribunal during October 2005. The
announcement of our significant equity empowerment transaction in this business
is imminent.
Sasol gas
Primarily driven by higher sales of natural gas both to external customers and
Sasol businesses, operating profit increased by 141% to R932 million. Post-
commissioning problems were experienced with the newly-installed auto thermal
reformers in Sasolburg resulting in supply problems which have since been
resolved.
Sasol synfuels international
This business hosts the growth ambitions of the group relating to GTL and coal-
to-liquid ventures. Its costs are associated with advancing the Qatar and
Nigeria GTL projects and evaluating others in accordance with our strategic
objective to build these global businesses. Costs rose to R199 million in the
year as a direct consequence of increased activity in this respect, net of
receipts of R33 million.
Sasol olefins and surfactants
The operating loss of Sasol Olefins and Surfactants of R221 million includes
capital write-offs of R783 million which arose mainly because of impairments.
The significant assets impaired include the LAB plant in the USA and the zeolite
plant in Italy. Sunk costs associated with the proposed octene-3 plant in South
Africa have also been impaired.
Excluding these capital write-offs, the operating profit of R562 million also
includes a net benefit of R374 million from accounting standard changes,
resulting in an operating profit of R188 million which compares with an
operating loss incurred in the previous year of R46 million.
While significantly higher oil-derivative feedstock costs were recovered through
higher selling prices, the comparable improvement in operating performance
materialised mainly because of continuing successes in cost reductions and
productivity improvements.
Sasol polymers
Higher international polymer prices and margins, together with ongoing benefits
arising from productivity improvements, offset much higher oil-derivative
feedstock costs. Sasol Polymers achieved a pleasing 44% improvement in operating
profit to R1 484 million.
Sasol solvents
Various plant outages experienced throughout the industry and strong
international demand resulted in global supply shortfalls which caused
unprecedented high solvent selling prices and margins. As a result, and aided by
the benefits of stringent cost management, Sasol Solvents increased operating
profit from R117 million to R1 243 million after taking into account the
impairment of n-butanol.
Other businesses
Sasol Wax experienced a slight reduction in operating profit to R212 million
because of not being able to recover higher oil-derivative feedstock costs
through higher selling prices, primarily in Europe because of intense
competition from Chinese producers.
Sasol Nitro had an excellent year with its operating profit increasing more than
twelve-fold to over R400 million, mainly because of improved margins and higher
volumes in both the fertilizers and explosives businesses and non-recurring
capital items in the previous year.
Sasol Petroleum International benefited from the contribution of increased gas
production in Mozambique and its oil revenues from off-shore West Africa. It
achieved an operating profit of R281 million. This is the first year this
fledgling business has been profitable. This performance augers well for the
future.
Profit outlook
International oil and commodity chemical markets and prices are unstable and so
forecasting these with confidence is not possible. Nevertheless, assuming no
major disruptions in world currency and energy markets, we anticipate
satisfactory growth in earnings in the year ahead.
Basis of preparation and accounting policies
The condensed consolidated financial statements for the year ended 30 June 2005
have been prepared in compliance with the Listings Requirements of the JSE
Limited, IFRS and the South African Companies Act, 1973, as amended.
The accounting policies applied in the presentation of the condensed
consolidated financial statements are consistent with those applied for the year
ended 30 June 2004 except for the accounting treatment of goodwill and property,
plant and equipment which have been amended following the adoption of IFRS3
Business Combinations and IAS16 Property, Plant and Equipment. The result of
these changes is that goodwill is no longer amortised, negative goodwill at 30
June 2004 is written off against accumulated earnings and the useful lives of
property, plant and equipment have been reassessed resulting in an increase in
operating profit of R1,3 billion and a related increase in earnings per share of
139 cents.
These condensed consolidated financial statements have been prepared in
accordance with the historic cost convention except for certain financial
instruments which are stated at fair value.
The principal reporting currency of the Sasol group is rand. This currency
reflects the economic substance of the underlying events and circumstances of
the group.
Related party transactions
The group, in the ordinary course of business, enters into various sale and
purchase transactions on an arm`s length basis at market rates with related
parties.
Significant acquisitions and disposals of businesses
Subsidiaries
On 9 November 2004, Sasol Oil (Pty) Limited invested in Namibian Liquid Fuel
(Pty) Limited (NLF). The main purpose of NLF is to supply various petroleum
products into the Namibian market. In terms of the agreement entered into
between the shareholders of NLF, for the 2005 financial year, Sasol effectively
controlled this entity and was entitled to 90% of the income from this business.
NLF has accordingly been consolidated as a subsidiary for the 2005 financial
year.
On 24 December 2004, the group sold its investments in two South African captive
insurance companies for R17 million, which was equal to their carrying value.
On 1 March 2005, Sasol Wax International AG underwent a restructuring. The
result of the restructuring was the disposal of its investment in Euro Schumann
Sasol Wax GmbH, the acquisition of 100% of the investment in Sasol Wax Danmark
APS and an acquisition of a direct 31,25% interest in Paramelt RMC BV.
Significant influence in this entity has been retained. This was a non-cash,
share-for-share exchange transaction. Paramelt is reflected in the 2005 results
as an equity accounted associate and Sasol Wax Danmark is consolidated as a
subsidiary.
Joint venture
On 24 September 2004, the group disposed of its investment in Sasol Southwest
Energy LLC for R20 million. Following an impairment charge in the prior year,
the final disposal of the investment realised a profit of R28 million.
Associate
During the year, the group reclassified its investment in FFS Refiners (Pty)
Limited from an investment in associate to an investment held-for-sale as it is
anticipated that the disposal of this entity will be completed within the next
year.
Post-balance sheet date events
In May 2005, the Competition Commission conditionally recommended the approval
of the proposed joint venture between Sasol Limited and Petroliam Nasional
Berhad of their respective liquid fuels businesses, Sasol Oil (Pty) Limited and
Engen Limited, to be called Uhambo Oil Limited, to the Competition Tribunal.
Public hearings are scheduled for October 2005 whereafter the Competition
Tribunal will give its ruling.
On 1 July 2005, a 25% interest in the Republic of Mozambique Pipeline
Investments Company (Pty) Limited was sold to iGas (Pty) Limited (owned by the
South African Government) for R609 million realising a profit of R189 million.
On 1 August 2005, Sasol announced that it is considering the divestment from its
Olefins and Surfactants business including its Safol plant but excluding its co-
monomers activities in South Africa. The potential divestment is subject to an
acceptable selling price being attained.
Principal foreign currency conversion rates
One unit of foreign currency equals: 30 June 2005 30 June 2004
Rand/US$ (closing - at end of year) 6,67 6,62
Rand/US$ (average - for the year) 6,21 6,88
Rand/euro (closing - at end of year) 8,07 7,57
Rand/euro (average - for the year) 7,89 8,19
Independent audit by KPMG Inc
The group`s condensed consolidated financial statements have been derived from
the audited consolidated financial statements at 30 June 2005 and for the year
then ended. Our auditors, KPMG Inc, have audited the consolidated financial
statements in accordance with International Standards on Auditing. A copy of
their unqualified audit report is available for inspection at the registered
office of Sasol Limited.
Declaration of dividend number 52
The directors of Sasol Limited have declared a final dividend of 310 cents per
share (2004: 235 cents per share) for the year ended 30 June 2005. The dividend
has been declared in the currency of the Republic of South Africa. The salient
dates are:
To holders of ordinary shares
Last day for trading to qualify for and
participate in the dividend (cum dividend) Friday, 7 October 2005
Trading ex dividend commences Monday, 10 October 2005
Record date Friday, 14 October 2005
Dividend payment date (electronic and
certificated register) Monday, 17 October 2005
On 17 October 2005, dividends due to certificated shareholders on the South
African Registry will either be electronically transferred to shareholders` bank
accounts or, in the absence of suitable mandates, dividend cheques will be
posted to such shareholders.
Shareholders who have dematerialised their share certificates will have their
accounts at their Central Securities Depository Participant or Broker credited
on Monday, 17 October 2005. Share certificates may not be dematerialised or
rematerialised between Monday, 10 October 2005 and Friday, 14 October 2005, both
days inclusive.
To holders of American Depositary Receipts
Ex dividend on New York Stock Exchange Wednesday, 12 October 2005
Record date Friday, 14 October 2005
Approximate date for currency conversion Tuesday, 18 October 2005
Approximate dividend payment date Thursday, 27 October 2005
On behalf of the board
P du P Kruger L P A Davies T S Munday
Chairman Chief executive Deputy chief executive &
Sasol Limited chief financial officer
12 September 2005
Sasol expresses regret relating to the tragic incidents experienced during the
past financial year. We again extend our sincere condolences to all those
affected and assure every stakeholder of our unequivocal commitment to a zero-
harm working environment.
Forward-looking statements: In this report we make certain statements that are
not historical facts and relate to analyses and other information based on
forecasts of future results not yet determinable, relating, amongst other
things, to exchange rate fluctuations, volume growth, increases in market share,
total shareholder return and cost reductions. These are forward-looking
statements as defined in the United States Private Securities Litigation Reform
Act of 1995. Words such as `believe`, `anticipate`, `intend`, `seek`, `will`,
`plan`, `could`, `may`, `endeavour` and `project` and similar expressions are
intended to identify such forward-looking statements, but are not the exclusive
means of identifying such statements. Forward-looking statements involve
inherent risks and uncertainties and, if one or more of these risks materialise,
or should underlying assumptions prove incorrect, actual results may be very
different from those anticipated. The factors that could cause our actual
results to differ materially from such forward-looking statements are discussed
more fully in our most recent annual report under the Securities Exchange Act of
1934 on Form 20-F filed on 29 October 2004 and in other filings with the United
States Securities and Exchange Commission. Forward-looking statements apply only
as of the date on which they are made, and Sasol does not undertake any
obligation to update or revise any of them, whether as a result of new
information, future events or otherwise.
Please note: A billion is defined as one thousand million. The financial
statements are presented on a condensed consolidated basis.
Registered office: Sasol Limited, 1 Sturdee Avenue, Rosebank, Johannesburg 2196,
P.O. Box 5486, Johannesburg 2000
Share registrars: Computershare Investor Services 2004 (Pty) Limited, 70
Marshall Street, Johannesburg 2001
P.O. Box 61051, Marshalltown 2107, South Africa.
Tel: +27 11 370-7700. Fax: +27 11 370-5271/2
Directors (non-executive): P du P Kruger (Chairman),
P V Cox (Deputy chairman), E le R Bradley, W A M Clewlow,
B P Connellan, M S V Gantsho, A Jain (Indian), I N Mkhize,
S Montsi, J E Schrempp (German), C B Strauss
(Executive): L P A Davies (Chief executive),
T S Munday (Deputy chief executive and chief financial officer)
Company secretary: N L 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 receipt (ADR) program: Cusip number 803866300 ADR to
ordinary share 1:1
Depositary: The Bank of New York, 22nd floor, 101 Barclay Street, New York, N.Y.
10286, U.S.A.
website:www.sasol.com
e-mail:investor.relations@sasol.com
Value added statement for the year ended 30 June
2005 2004
Rm Rm
Turnover 69 239 60 151
Purchased materials and services (42 079) (37 085)
Value added 27 160 23 066
Investment income 333 307
Wealth created 27 493 23 373
South Africa 21 474 17 664
Rest of world 6 019 5 709
Wealth created 27 493 23 373
Employees 8 645 8 731
Providers of equity capital 2 967 2 812
Providers of loan capital 587 439
Government 4 326 3 421
Reinvested in the group 10 968 7 970
Wealth distribution 27 493 23 373
salient features
2005 2004
Selected ratios
Return on equity % 24,4 17,3
Return on total assets % 18,4 13,4
Operating margin % 21,0 15,5
Borrowing cost cover times 9,7 7,0
Dividend cover times 2,9 2,2
Share statistics
Total shares in issue million 676,9 671,3
Treasury shares
(share repurchase programme) million 60,1 60,1
Weighted average number
of shares million 613,8 610,0
Diluted weighted average
number of shares million 624,4 616,2
Share price (closing) rand 180,80 96,10
Market capitalisation Rm 122 379 64 509
Net asset value per share rand 70,58 57,31
Other financial information
Total debt (including bank
overdraft)
- interest bearing Rm 18 865 16 448
- non-interest bearing Rm 1 40
Borrowing costs capitalised Rm 1 116 1 105
Capital commitments Rm 19 169 24 780
- authorised and contracted Rm 26 679 18 216
- authorised, not yet
contracted Rm 7 740 14 397
- less expenditure to date (15 250) (7 833)
Guarantees and contingent
liabilities
- total amount Rm 33 122 25 835
- liability included on balance
sheet Rm 11 230 9 759
Significant items in operating
profit
- employee costs Rm 8 645 8 731
- depreciation of property,
plant and equipment Rm 3 591 4 723
- operating lease charges Rm 462 350
Directors` remuneration Rm 26 22
Share options granted to
directors - cumulative `000 1 205 1 451
Effective tax rate % 32,1 34,6
Employees number 30 004 30 910
Average crude oil price
- dated Brent US$/barrel 46,17 31,30
Average rand/US$ exchange rate 1US$ = rand 6,21 6,88
Reconciliation of headline
earnings Rm Rm
Attributable earnings 9 573 5 940
Effect of capital items 1 275 27
- Impairment of assets 1 078 342
- Profit on disposal of assets (60) (341)
- Scrapping of property, plant and equipment 290 26
- Profit on sale of participation rights in
GTL project (33) -
Amortisation of goodwill - 21
Amortisation of negative goodwill - (225)
Tax effect on reconciling items (235) (65)
Deferred tax asset written off 122 -
Headline earnings 10 735 5 698
Capital items included in operating profit Rm Rm
Mining (23) (17)
Synfuels 110 3
Liquid Fuels Business 63 -
Synfuels International (33) -
Olefins and Surfactants 783 21
Polymers 12 (59)
Solvents 382 18
Other (19) 61
1 275 27
The reader is referred to the definitions contained in the 2004 Sasol Limited
annual financial statements.
Date: 12/09/2005 07:05:13 AM
Produced by the JSE SENS Department
