| Tue 12 Sep 2006, 7:00 | | Sasol Limited - Reviewed consolidated results for |
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SOL
SOL
Sasol Limited - Reviewed consolidated results for the year ended 30 June
2006 and declaration of dividend
Sasol Limited
(Company registration number: 1979/003231/06)
(Incorporated in the Republic of South Africa)
JSE NYSE
Share code: SOL SSL
ISIN code: ZAE000006896 US8038663006
Reviewed consolidated results
and declaration of dividend number 54 of Sasol Limited for the year ended 30
June 2006
- record headline earnings per share - up 33%
- sasol O&S written down to fair value
- attributable earnings per share - up 9%, excluding O&S - up 40%
- major capital projects advanced - R13 billion
- gearing reduces from 37% to 29%
- total dividend up 31% to R7,10 per share
Balance sheet
2006 2005
Restated
at 30 June Rm Rm
Assets
Property, plant and equipment 62 587 57 334
Goodwill 266 509
Intangible assets 834 1 116
Post-retirement benefit assets 80 300
Deferred tax assets 691 409
Other long-term assets 2 293 2 106
Non-current assets 66 751 61 774
Assets held for sale 12 115 41
Inventories 8 003 9 995
Trade and other receivables 12 067 12 370
Short-term financial assets 180 178
Restricted cash 584 1 002
Cash 3 102 2 509
Current assets 36 051 26 095
Total assets 102 802 87 869
Equity and liabilities
Shareholders" equity 52 352 43 533
Minority interest 379 253
Total equity 52 731 43 786
Long-term debt 15 021 12 845
Long-term provisions 3 463 2 954
Post-retirement benefit obligations 2 461 2 970
Long-term deferred income 1 698 763
Deferred tax liabilities 6 053 6 286
Non-current liabilities 28 696 25 818
Liabilities in disposal group held for sale 5 479 -
Short-term debt 2 721 5 614
Short-term financial liabilities 514 792
Other current liabilities 12 219 11 572
Bank overdraft 442 287
Current liabilities 21 375 18 265
Total equity and liabilities 102 802 87 869
Income statement
2006 2005
Restated
for the year ended 30 June Rm Rm
Continuing operations
Turnover 63 850 52 497
Cost of sales and services rendered (33 093) (28 493)
Gross profit 30 757 24 004
Non-trading income 191 233
Marketing and distribution expenditure (3 561) (3 477)
Administrative expenditure (3 070) (3 031)
Other operating expenditure (3 839) (3 439)
Translation gains 254 93
Operating profit 20 732 14 383
Dividends and interest received 317 106
Income from associates 135 185
Borrowing costs (net of amounts capitalised) ( 456) ( 427)
Profit before tax 20 728 14 247
Taxation (6 819) (4 411)
Profit from continuing operations 13 909 9 836
Discontinued operations
Net loss from discontinued operations (3 360) ( 289)
Profit 10 549 9 547
Attributable to
Shareholders 10 373 9 437
Minority interests in subsidiaries 176 110
10 549 9 547
Rand Rand
Basic earnings per share
Attributable earnings basis 16,73 15,37
from continuing operations 22,15 15,85
from discontinued operations (5,42) (0,48)
Headline earnings basis 22,93 17,27
from continuing operations 22,47 16,94
from discontinued operations 0,46 0,33
Diluted earnings per share (1)
Attributable earnings basis 16,42 15,11
from continuing operations 21,74 15,58
from discontinued operations (5,32) (0,47)
Headline earnings basis 22,50 16,97
from continuing operations 22,05 16,65
from discontinued operations 0,45 0,32
Dividends per share
- interim 2,80 2,30
- final 4,30 (2) 3,10
7,10 5,40
(1). Taking the Sasol Share Incentive Scheme into account.
(2). Declared subsequent to 30 June 2006 and has been presented for
information purposes only. No provision regarding this final dividend
has been recognised.
Cash flow statement
2006 2005
Restated
for the year ended 30 June Rm Rm
Cash receipts from customers 80 853 68 263
Cash paid to suppliers and employees (56 473) (49 451)
Cash generated by operating activities 24 380 18 812
Investment income 444 169
Borrowing costs paid (1 745) (1 523)
Tax paid (5 389) (3 753)
Dividends paid (3 660) (2 856)
Cash available from operating activities 14 030 10 849
Additions to property, plant and (13 026) (12 420)
equipment
Acquisition of businesses (147) -
Cash acquired on acquisition of (113) -
businesses
Disposal of businesses 587 36
Cash disposed of on disposal of (1) (94)
businesses
Cash in disposal group held for sale (472) -
Other investing activities 572 251
Cash utilised in investing activities (12 600) (12 227)
Share capital issued 431 311
Dividends paid to minority shareholders (75) (64)
Increase in long-term debt 1 305 4 165
Decrease in short-term debt (2 938) (2 144)
Cash effect of financing activities (1 277) 2 268
Effect of translation of cash of foreign (133) (175)
operations
Increase in cash and cash equivalents 20 715
Cash and cash equivalents at beginning 3 224 2 509
of year
Cash and cash equivalents at end of year 3 244 3 224
Comprising
- restricted cash 584 1 002
- cash 3 102 2 509
- bank overdraft (442) (287)
3 244 3 224
Changes in equity statement
2006 2005
Restated
for the year ended 30 June Rm Rm
Opening balance as previously reported 43 530 35 027
Share based payment - prior year adjustment 3 2
Restated opening balance 43 533 35 029
Negative goodwill written off - 610
Shares issued 431 311
Attributable earnings 10 373 9 437
- as previously reported 9 573
- effects of changes in accounting policies (136)
Increase in share based payment reserve 169 137
Dividends paid (3 660) (2 856)
Increase in foreign currency translation 1 147 313
reserve
Increase in cash flow hedge accounting 359 552
reserve
Closing balance 52 352 43 533
Comprising
Share capital 3 634 3 203
Share repurchase programme (3 647) (3 647)
Retained earnings 51 748 45 035
Share based payment reserve 780 611
Foreign currency translation reserve (189) (1 336)
Investment fair value reserve 2 2
Cash flow hedge accounting reserve 24 (335)
Shareholders" equity 52 352 43 533
Headline earnings
2006 2005
Restated
for the year ended 30 June Rm Rm
Profit from continuing operations 13 909 9 836
Less minority interest (176) (110)
Effect of capital items of continuing 129 703
operations
Impairment of assets 155 556
Reversal of impairment (140) -
Profit on disposal of assets (146) (94)
Scrapping of property, plant and 260 274
equipment
Profit on sale of participation rights - (33)
in GTL project
Tax effects 67 (31)
Headline earnings of continuing operations 13 929 10 398
Net loss from discontinued operations (3 360) (289)
Effect of capital items of discontinued 4 143 572
operations
Impairment of assets 912 522
Fair value write-down 3 196 -
Profit on disposal of assets 14 34
Scrapping of property, plant and 21 16
equipment
Tax effects (498) (204)
Deferred tax asset written off - 122
Headline earnings of discontinued 285 201
operations
Headline earnings 14 214 10 599
Capital items per business unit
Mining (16) 23
Synfuels (187) (110)
Oil (8) (63)
Gas 138 -
Synfuels International - 33
Polymers (17) (12)
Solvents 105 (593)
Other businesses (144) 19
Continuing operations (129) (703)
Discontinued operation - Olefins & (4 143) (572)
Surfactants
(4 272) (1 275)
Salient features
2006 2005
for the year ended 30 June Restated
Selected ratios
Return on equity % 21,6 24,0
Return on total assets % 18,5 18,2
Operating margin % 32,5 27,4
Borrowing cost cover times 10,1 9,7
Dividend cover times 2,3 2,8
Dividend cover from continuing times 3,1 2,9
operations
Share statistics
Total shares in issue million 683,0 676,9
Treasury shares (share repurchase million 60,1 60,1
programme)
Weighted average number of shares million 620,0 613,8
Diluted weighted average number million 631,7 624,4
of shares
Share price (closing) Rand 275,00 180,80
Market capitalisation Rm 187 825 122 379
Net asset value per share Rand 84,05 70,58
Other financial information
Total debt (including bank
overdraft)
- interest bearing Rm 17 884 18 745
- non-interest bearing Rm 300 1
Borrowing costs capitalised Rm 1 439 1 106
Capital commitments 13 866 19 169
- authorised and contracted Rm 28 060 26 679
- authorised, not yet contracted Rm 6 306 7 740
- less expenditure to date Rm (20 500) (15 250)
Guarantees and contingent
liabilities
- total amount Rm 33 212 33 122
- liability included on balance Rm 12 106 11 230
sheet
Significant items in operating
profit
- employee costs Rm 7 647 6 845
- depreciation and amortisation
of
non-current assets Rm 3 399 3 177
- operating lease charges Rm 319 232
Directors" remuneration Rm 33 26
Share options granted to "000 1 506 1 205
directors - cumulative
Effective tax rate % 32,9 31,0
Employees number 31 460 30 004
Average crude oil price - dated US$/barrel 62,45 46,17
Brent
Average Rand/US$ exchange rate 1US$ = Rand 6,41 6,21
The reader is referred to the definitions contained in the 2005
Sasol Limited annual financial statements.
Value added statement
2006 2005
Restated
for the year ended 30 June Rm Rm
Turnover 63 850 52 497
Purchased materials and services (32 072) (28 092)
Value added 31 778 24 405
Investment income 452 291
Wealth created 32 230 24 696
Employees 7 647 6 845
Providers of equity capital 3 836 2 966
Providers of loan capital 1 638 1 361
Government 6 584 4 177
Reinvested in the group 12 525 9 347
Wealth distribution 32 230 24 696
Turnover Operating profit
2005 2006 2006 2005
Restated Restated
Rm Rm Business unit Rm Rm
1 471 1 517 Mining 1 180 1 239
820 915 Synfuels 13 499 7 546
23 525 32 243 Oil 2 432 1 892
1 408 1 663 Gas 1 526 931
- 161 Synfuels (642) (201)
International
7 199 7 537 Polymers 822 1 475
9 361 10 485 Solvents 873 1 021
8 713 9 329 Other businesses 1 042 480
52 497 63 850 Per income statement 20 732 14 383
16 742 18 545 Discontinued (3 567) (14)
operation - O&S
69 239 82 395 17 165 14 369
Turnover Operating profit
2005 2006 2006 2005
Restated Restated
Rm Rm Geographic analysis Rm Rm
35 312 42 845 South Africa 18 589 12 190
2 442 4 991 Rest of Africa 1 265 543
8 197 8 280 Europe 583 1 141
2 716 2 864 Middle East, India, 71 325
Far East
2 165 3 032 North America 20 91
371 504 South America 30 8
1 294 1 334 Southeast Asia 174 85
52 497 63 850 20 732 14 383
A strong performance
Our attributable earnings for the financial year that ended on 30 June 2006
increased by 10% from R9,4 billion to R10,4 billion. Our earnings per share
of R16,73 and headline earnings per share of R22,93 were respectively 9% and
33% higher than those of the previous year.
We have, with effect from 30 June 2006, in accordance with International
Financial Reporting Standard(IFRS) 5, classified our Sasol Olefins and
Surfactants (O&S) business as a disposal group held for sale. On 5 September
2006, we announced a write-down of the value of O&S amounting to R2,8
billion, after tax, to reflect its fair value at 30 June 2006. This write-
down follows due consideration of valuations undertaken and bids received
from interested parties as part of the envisaged divestiture of the
business. Excluding O&S (including the write-down and impairments during the
year of R0,9 billion), attributable earnings increased by 41% to R13,7
billion and earnings per share increased by 40% to R22,15.
Safety and operations
The group"s consolidated recordable case rate (RCR) improved significantly
from 1,2 on 30 June 2005 to 0,7 on 30 June 2006, following the substantial
interventions that were progressed during the year to improve our safety
performance to world-class standards. The RCR measurement is recognised as
the foremost safety performance metric in the global oil and petrochemical
industries.
Generally, our plants operated efficiently during the year.
Higher international oil prices
Operating profit increased by R6,3 billion (44%) to R20,7 billion during the
year under review. Higher international oil prices (average dated Brent
US$62,45/b in 2006 versus US$46,17/b in 2005) boosted our operating profit
by about R5,6 billion, taking into account the negative effect of the Sasol
Synfuels oil production hedge of R1,0 billion incurred in the previous
financial year. This benefit was further enhanced by the positive impact of
a slightly weaker rand (average rate R6,41: US$1,00 in 2006 versus R6,21:
US$1,00 in 2005), which increased our operating profit by approximately R1,3
billion, including positive year-end currency translation effects.
Major capital projects advanced
Cash flow on capital projects amounted to R13,0 billion of which R8,4
billion (65%) was invested in our South African operations. The major
projects advanced include the fuel quality enhancement and polymer expansion
project (Project Turbo) in South Africa, the Oryx gas-to-liquid (GTL)
venture in Qatar and the Arya Sasol Polymers project in Iran.
The cost and scheduled commissioning dates of various projects completed or
being advanced have been adversely affected by the shortage of engineering,
fabrication and construction resources, as a consequence of the significant
increase in projects in execution around the world. The commissioning of the
Oryx GTL plant has been delayed to the fourth quarter 2006 following damage
during early commissioning to a supporting utility system.
Gearing reduced
Our gearing (net debt as a percentage of shareholders" equity) reduced from
37% at 30 June 2005 to 29% (excluding O&S) at 30 June 2006.
Dividend increased
The final dividend declared of R4,30 per share brings the total dividend to
R7,10 per share which represents a 31% increase compared to the previous
year. The dividend cover of 2,3 is outside of our target range of 2,5 to 3,5
times, but when measured against earnings from continuing operations
(excluding the O&S write-down) is 3,1, which is within our target range.
Sasol Mining
The operating profit of Sasol Mining of R1 180 million was 5% lower than the
previous year primarily because of lower coal export prices. Costs continued
to be controlled to well within inflationary levels.
Sasol Synfuels
Primarily because of higher oil prices, Sasol Synfuels achieved an increase
in operating profit of 79% to R13 499 million. Production volumes were 1%
higher than the previous year and we successfully met the national
requirement for all fuels to be lead free from 1 January 2006.
Sasol Oil
Sasol Oil achieved a 29% increase in operating profit to R2 432 million,
mainly because of higher refining margins. Our empowerment transaction with
Tshwarisano LFB Investments (Pty) Limited (Tshwarisano) was finalised
following the prohibition by the Competition Tribunal of the proposed merger
of our liquid fuels business with Engen. As a result, Tshwarisano acquired a
25% shareholding in Sasol Oil with effect from 1 July 2006. Pleasing
progress was made during the year with the continued expansion of our retail
network under both our Sasol and Exel brands.
Sasol Gas
Primarily driven by higher sales revenues, operating profit increased by 64%
to R1 526 million, including a capital profit of R205 million. We achieved
higher sales volumes both from an increase in consumption by our existing
customers as well as through expanding our customer base.
On 1 July 2005, the South African Government - through its gas pipeline
development company iGas - acquired a 25% shareholding in Republic of
Mozambique Pipeline Investments Company (Pty) Limited (ROMPCO), which owns
the natural gas pipeline between Mozambique and South Africa. Companhia
Mocambicana de Gasoduto (CMG), a state owned company in Mozambique, is also
far advanced in exercising its option to acquire a 25% shareholding in
ROMPCO. We expect this transaction to be finalised before the end of the
calendar year.
Sasol Synfuels International
This business hosts the growth ambitions of the group relating to GTL and
coal-to-liquid (CTL) ventures. Its costs are associated with establishing
and advancing the various opportunities that Sasol has to commercialise its
proprietary Fischer Tropsch technology. An operating loss of R642 million
was incurred in the year as a direct consequence of our increased activity
in this respect.
The highlights of the year were the inauguration of the Oryx GTL joint
venture in Qatar, the commencement of construction for the GTL venture in
Nigeria and the signing of agreements to proceed with feasibility studies
into two CTL projects in China.
Sasol Polymers
The higher cost of oil-related feedstock procured from Sasol Synfuels could
not be fully recovered through higher polymer selling prices resulting in
significantly lower margins. In difficult trading conditions, Sasol Polymers
achieved an operating profit of R822 million, which was 44% below the result
of the previous year.
Sasol Solvents
Following the unprecedented fly-up in international solvents selling prices
in the previous financial year, prices normalised this year and our
operating profits reduced by 14% to R873 million. Productivity improvements
and cost savings partly compensated for higher feedstock costs.
Other businesses
Sasol Nitro"s performance improved because of higher ammonia prices and
pleasing results from our explosives business. The fertiliser business
experienced trading difficulties because of lower sales volumes resulting
from high maize inventories held by our customers and the delayed summer
rains.
The performance of Sasol Wax improved relative to the previous year because
of more stable production and strong global demand for all grades of our
waxes.
Sasol Petroleum International achieved a very pleasing performance with
operating profits increasing from R280 million to R600 million.
Profit outlook
We anticipate satisfactory growth in earnings in the new financial year
assuming continuing high oil prices, a slightly weaker rand and no major
disruptions in the markets in which we conduct our business. We will
commission substantial new production capacity (polymers and GTL) during the
year which is expected to benefit our earnings in the 2008 financial year.
Basis of preparation and accounting policies
The condensed provisional consolidated financial statements for the year
ended 30 June 2006 have been prepared in compliance with the Listings
Requirements of the JSE Limited, International Financial Reporting Standards
(IFRS) and the South African Companies Act, 1973, as amended.
Except where otherwise disclosed, the accounting policies applied in the
presentation of the condensed consolidated financial statements for the year
ended 30 June 2006 are consistent with those applied for the year ended 30
June 2005.
Full details of the accounting policies applied, changes in comparative
information and comprehensive notes will be set out in the audited
consolidated financial statements for the year ended 30 June 2006.
The following accounting standards have been adopted with retrospective
application:
- IFRS2 Share based payment, which requires that the effects of share based
payments be charged to income. Earnings and diluted earnings per share were
reduced by R0,23 and R0,22 respectively for the year ended
30 June 2005; and
- IFRS6 Exploration for and evaluation of mineral resources, which was
adopted before it became mandatory and resulted in the reclassification of
intangible assets attributable to exploration and development to property,
plant and equipment. The reclassification did not have any effect on
reported earnings.
The effects of these changes have been applied retrospectively and
consequently comparative information for the 2005 and 2004 financial years
has been restated.
A number of other accounting standards were also adopted by the group during
the year. The adoption of these standards did not have a significant impact
on the financial results and financial position of the group.
The following comparative information for the 2005 financial year has been
restated:
- Short-term loans with fixed maturity dates, previously classified as bank
overdraft, have been reclassified as short-term debt; and
- Costs attributable to the arrangement of long-term debt financing,
previously classified as long-term prepaid expenses, have been set off
against long-term debt.
These condensed provisional 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 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 acquisitions and disposals of businesses
Subsidiaries
On 1 July 2005, a 25% interest in Republic of Mozambique Pipeline
Investments Company (Pty) Limited was sold to iGas Limited (owned by the
South African Government) for a consideration of R595 million and a profit
of R205 million was realised.
In terms of a loan and security agreement with Lux International
Corporation, Sasol Wax International AG obtained effective control of the
business. The business was previously accounted for as an associate and has,
with effect from January 2006, been consolidated.
With effect from 30 November 2005, Sasol Limited acquired the remaining 2%
in Sasol Oil (Pty) Limited for a consideration of R146 million.
Joint ventures
On 23 February 2006, the South African Competition Tribunal prohibited the
proposed merger of Sasol Oil (Pty) Limited and Engen Limited.
In terms of the joint operating agreement entered into between Sasol
Petroleum Temane (SPT) and Companhia Moambicana De Hidrocarbenetos S.A.R.L.
(CMH), CMH acquired a 30% participating interest in the central processing
facility assets held by SPT on 1 April 2006 for a consideration of US$65
million (R399 million) and SPT realised a loss of R82 million.
Disposal groups held for sale and discontinued operation
With effect from 30 June 2006, the O&S business unit was classified as a
disposal group held for sale and the results reported as a discontinued
operation. The income statement has been restated for all periods to exclude
O&S from continuing operations and report these results as a single line
item. In the 2006 balance sheet the assets and liabilities of O&S have been
classified as held for sale. The cash flow statement and 2005 balance sheet
include both continuing and discontinued operations.
On classification as held for sale, the net assets of the business were
written down by R3,2 billion (R2,8 billion after tax) to the estimated fair
value less costs to sell. The sale of the O&S business is expected to be
completed within the next financial year.
We continue to classify our investment in FFS Refiners (Pty) Limited as an
asset held for sale as progress has been made in advancing the sale of this
business and it is anticipated that the disposal of this entity will be
completed within the next financial year.
Post balance sheet date events
On 30 June 2006, Sasol announced that the R1,45 billion Tshwarisano broad
based black economic empowerment transaction had been successfully
concluded. In terms of the agreement, Tshwarisano has, with effect from 1
July 2006, acquired a 25% shareholding in Sasol Oil (Pty) Limited. Sasol is
providing facilitation and support for Tshwarisano"s financing requirements
which will significantly lower Tshwarisano"s cost of borrowing.
In addition, Sasol is also establishing and funding trusts within
Tshwarisano for the benefit of the under-privileged.
The Sasol Polymers board approved the disposal of Sasol"s 50% share in DPI
Holdings (Pty) Limited to Dawn Limited for a consideration of R51 million.
The transaction is subject only to the approval of the South African
Competition authorities and will become effective at the end of the month in
which such approval is given.
The Sasol Nitro board approved the acquisition of the remaining 40% of Sasol
Dyno Nobel (Pty) Limited for a consideration of US$ 31 million
(approximately R222 million at 30 June 2006). The transaction is subject
only to the approval of the South African Competition Tribunal and has been
recommended to the Tribunal by the South African Competition Commission. The
transaction becomes effective five days after approval is received from the
Tribunal.
A discussion document was released during July 2006 by a task team appointed
by the South African Minister of Finance to assess possible reforms to the
fiscal regime applicable to windfall profits in South Africa"s Liquid Fuel
Energy Sector, with particular reference to the synthetic fuel industry. In
response to the document published by the task team, on 10 August 2006,
Sasol submitted a written submission assessing possible reforms to the
fiscal regime. Sasol participated in the public hearings held during August
2006 and is awaiting the outcome of the investigation.
Subject to the approval of shareholders at a general meeting convened for 3
October 2006, Sasol Limited proposes to acquire 60 111 477 Sasol Limited
shares held by its subsidiary, Sasol Investment Company (Pty) Limited and to
subsequently cancel these shares. Except for the related transaction costs,
the repurchase and cancellation of these shares will have no effect on the
consolidated financial position of the group.
Review by KPMG Inc.
The condensed provisional consolidated balance sheet at 30 June 2006 and the
related condensed provisional consolidated statements of income, changes in
equity and cash flow for the year then ended have been reviewed by our
auditors, KPMG Inc. Their unmodified review report is available for
inspection at the registered office of Sasol Limited.
Principal foreign currency conversion rates
30 June 30 June
one unit of foreign currency equals 2006 2005
Rand/US$ (closing) 7,17 6,67
Rand/US$ (average) 6,41 6,21
Rand/euro (closing) 9,17 8,07
Rand/euro (average) 7,80 7,89
Declaration of dividend number 54
The directors of Sasol Limited have declared a final dividend of R4,30 per
share (2005: R3,10 per share) for the year to 30 June 2006. The dividend has
been declared in the currency of the Republic of South Africa. The salient
dates are:
to holders of ordinary shares:
Last day for trading to qualify for and Friday, 6 October 2006
participate in the dividend (cum
dividend)
Trading ex dividend commences Monday, 9 October 2006
Record date Friday, 13 October 2006
Dividend payment date (electronic and Monday, 16 October 2006
certificated register)
to holders of American depositary shares:
Ex dividend on New York Stock Exchange* on or about
Wednesday, 11 October 2006
Record date Friday, 13 October 2006
Approximate date for currency conversion
Tuesday, 17 October 2006
Approximate dividend payment date Thursday, 26 October 2006
* subject to NYSE approval
On 16 October 2006, 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 16 October 2006.
Share certificates may not be dematerialised or rematerialised between
Monday, 9 October 2006 and Friday, 13 October 2006, both days inclusive.
On behalf of the board
PV Cox LPA Davies TS Munday
Chairman Chief executive Deputy chief executive
Sasol Limited
12 September 2006
Sponsor:
Deutsche Securities (SA) (Proprietary) Limited
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 26 October 2005 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 provisional financial statements are presented on a condensed
consolidated basis.
Registered office: Sasol Limited, 1 Sturdee Avenue, Rosebank, Johannesburg
2196, PO Box 5486, Johannesburg 2000
Share registrars:
Computershare Investor Services 2004 (Pty) Limited, 70 Marshall Street,
Johannesburg 2001
PO Box 61051, Marshalltown 2107, South Africa,
Tel: +27 11 370-7700 Fax: +27 11 370-5271/2
Directors
(non-executive): PV Cox (Chairman), E le R Bradley, WAM Clewlow, BP
Connellan, MSV Gantsho, A Jain (Indian), IN Mkhize, S Montsi, TH Nyasulu, JE
Schrempp (German)
(Executive): LPA Davies (Chief executive), TS Munday (Deputy chief
executive), KC Ramon (Chief financial officer), VN Fakude, AM Mokaba
Company secretary: NL Joubert
Company registration number: 1979/003231/06
Incorporated in the Republic of South Africa
JSE NYSE
Share 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,
NY 10286, USA
Date: 12/09/2006 07:00:27 AM Produced by the JSE SENS Department
