UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K for 8 March 2010
Commission File Number 1-31615
Sasol Limited
1 Sturdee Avenue
Rosebank 2196
South Africa
(Name and address of registrant’s principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or
Form 40-F.
Form 20-F __X__ Form 40-F _____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-
T Rule 101(b)(1): ____
T Rule 101(b)(1): ____
Note
: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted
solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-
T Rule 101(b)(7): ____
T Rule 101(b)(7): ____
Note
: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to
furnish a report or other document that the registrant foreign private issuer must furnish and make public
under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized
(the registrant’s “home country”), or under the rules of the home country exchange on which the
registrant’s securities are traded, as long as the report or other document is not a press release, is not
required to be and has not been distributed to the registrant’s security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized
(the registrant’s “home country”), or under the rules of the home country exchange on which the
registrant’s securities are traded, as long as the report or other document is not a press release, is not
required to be and has not been distributed to the registrant’s security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also
thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes _____ No __X__
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b):
82-_______________.
12g3-2(b):
82-_______________.
Enclosures: Interim financial results for the six months ended 31 December 2009
Sasol Limited
(Incorporated in the Republic of South Africa)
Registration number 1979/003231/06
(Incorporated in the Republic of South Africa)
Registration number 1979/003231/06
JSE
NYSE
Share code:
SOL
SSL
ISIN code:
ZAE000006896
US8038663006
(“Sasol” or “the company”)
Interim financial results for the six months ended 31 December
2009
Sasol Limited is the world’s leader in the conversion of coal and
gas to transportation fuels and chemicals.
Positioned for future growth despite challenging markets
Headline earnings per share decreased by 51% to R10,67
Overall group production volumes up
Cash fixed costs reduced
Interim dividend increased by 12% to R2,80 per share
Full pipeline of capital projects progressing well
Focused response to climate change imperative
Overview
Chief executive, Pat Davies says: “Our deliberate, intense
efforts on operational improvement and cost reduction have
resulted in an overall improvement in volumes and a reduction in
unit cash costs. This is particularly true of Sasol Synfuels
which is our biggest business unit. Economic conditions however
remain challenging, with a stronger rand/US dollar exchange rate
and product prices that were significantly lower than the record
prices achieved in the prior year comparable period. While there
have been some signs of improvements in both demand and prices,
we remain committed to further improving operating efficiencies
and maintaining cost control throughout the group. We continue to
rigorously review our portfolio of projects, keeping focus on
capital discipline, in order to position the company for
sustainable, long-term profitability and growth.”
Earnings attributable to shareholders for the six months ended 31
December 2009 decreased by 52% from R13,2 billion in the prior
year comparable period to R6,3 billion, while earnings per share
and headline earnings per share decreased by 52% to R10,54 and by
51% to R10,67, respectively, over the same period.
Operating profit of R10,5 billion declined by 51% compared with
the prior year comparable period. Operating profit was negatively
impacted by lower average crude oil prices (average dated Brent
was US$71,42/barrel in 2009 compared with US$84,75/barrel in
2008) and chemical product prices, as well as a 14% stronger
average rand/US dollar exchange rate (R7,64/US$ in 2009 compared
with R8,88/US$ in 2008).
Interim financial results for the six months ended 31 December
2009
Sasol Limited is the world’s leader in the conversion of coal and
gas to transportation fuels and chemicals.
Positioned for future growth despite challenging markets
Headline earnings per share decreased by 51% to R10,67
Overall group production volumes up
Cash fixed costs reduced
Interim dividend increased by 12% to R2,80 per share
Full pipeline of capital projects progressing well
Focused response to climate change imperative
Overview
Chief executive, Pat Davies says: “Our deliberate, intense
efforts on operational improvement and cost reduction have
resulted in an overall improvement in volumes and a reduction in
unit cash costs. This is particularly true of Sasol Synfuels
which is our biggest business unit. Economic conditions however
remain challenging, with a stronger rand/US dollar exchange rate
and product prices that were significantly lower than the record
prices achieved in the prior year comparable period. While there
have been some signs of improvements in both demand and prices,
we remain committed to further improving operating efficiencies
and maintaining cost control throughout the group. We continue to
rigorously review our portfolio of projects, keeping focus on
capital discipline, in order to position the company for
sustainable, long-term profitability and growth.”
Earnings attributable to shareholders for the six months ended 31
December 2009 decreased by 52% from R13,2 billion in the prior
year comparable period to R6,3 billion, while earnings per share
and headline earnings per share decreased by 52% to R10,54 and by
51% to R10,67, respectively, over the same period.
Operating profit of R10,5 billion declined by 51% compared with
the prior year comparable period. Operating profit was negatively
impacted by lower average crude oil prices (average dated Brent
was US$71,42/barrel in 2009 compared with US$84,75/barrel in
2008) and chemical product prices, as well as a 14% stronger
average rand/US dollar exchange rate (R7,64/US$ in 2009 compared
with R8,88/US$ in 2008).
The average oil price achieved during the prior year comparable
period was positively impacted by the effect of the oil hedges
which resulted in a net gain of R5,1 billion. Similar oil hedges
have not been entered into during the current period.
The operating profit in the current period has been positively
affected as a result of fewer large once-off charges compared
with the prior year comparable period. The prior year comparable
period’s once-off charges included competition related
administrative penalties of R3,9 billion and Sasol Inzalo share-
based payment expenses of R3,0 billion. The current period
includes a much lower Sasol Inzalo share-based payment expense of
R400 million.
Cash flow generated by operating activities of R9,2 billion was
healthy despite the economic crisis but was 70% lower than the
prior year comparable period. This was mainly due to reduced
operating profits and increased working capital, both as a result
of price and volume effects. Progress on the group’s pipeline of
growth projects was sustained, resulting in capital expenditure
of R6,6 billion for the period.
Chief financial officer, Christine Ramon says: “Our corporate
initiatives to reduce costs commenced and achieved more than
R500 million savings in cash fixed costs for the period. This has
resulted in cost increases being well within inflationary levels
across our businesses. Furthermore, our business improvement
plans aim to ensure that our businesses remain resilient and
deliver sustainable performance through the cycles. Our cash
position remains strong, cushioning the group against short-term
volatility and positioning us well for long-term growth. We
continue to plan prudently for a slow and volatile period of
economic recovery. We will maintain a flexible approach to our
capital expenditure programme to deliver long-term acceptable
returns to shareholders.”
Improved operation performance
South African energy cluster
Sasol Mining – higher production volumes due to improved
operational efficiencies
Operating profit of R170 million was 88% lower than the prior
year comparable period. While production volumes increased due to
operational efficiencies achieved, lower rand export coal prices
resulted in lower operating profits, compared to a spike in
export coal prices in the prior year comparable period.
Sasol Gas – lower sales volumes at lower gas prices
Operating profit decreased by 19% to R1 178 million compared with
the prior year comparable period mainly as a result of lower
sales volumes and lower gas prices. The decline in gas prices was
due to lower crude oil prices and the stronger rand/US dollar
exchange rate.
period was positively impacted by the effect of the oil hedges
which resulted in a net gain of R5,1 billion. Similar oil hedges
have not been entered into during the current period.
The operating profit in the current period has been positively
affected as a result of fewer large once-off charges compared
with the prior year comparable period. The prior year comparable
period’s once-off charges included competition related
administrative penalties of R3,9 billion and Sasol Inzalo share-
based payment expenses of R3,0 billion. The current period
includes a much lower Sasol Inzalo share-based payment expense of
R400 million.
Cash flow generated by operating activities of R9,2 billion was
healthy despite the economic crisis but was 70% lower than the
prior year comparable period. This was mainly due to reduced
operating profits and increased working capital, both as a result
of price and volume effects. Progress on the group’s pipeline of
growth projects was sustained, resulting in capital expenditure
of R6,6 billion for the period.
Chief financial officer, Christine Ramon says: “Our corporate
initiatives to reduce costs commenced and achieved more than
R500 million savings in cash fixed costs for the period. This has
resulted in cost increases being well within inflationary levels
across our businesses. Furthermore, our business improvement
plans aim to ensure that our businesses remain resilient and
deliver sustainable performance through the cycles. Our cash
position remains strong, cushioning the group against short-term
volatility and positioning us well for long-term growth. We
continue to plan prudently for a slow and volatile period of
economic recovery. We will maintain a flexible approach to our
capital expenditure programme to deliver long-term acceptable
returns to shareholders.”
Improved operation performance
South African energy cluster
Sasol Mining – higher production volumes due to improved
operational efficiencies
Operating profit of R170 million was 88% lower than the prior
year comparable period. While production volumes increased due to
operational efficiencies achieved, lower rand export coal prices
resulted in lower operating profits, compared to a spike in
export coal prices in the prior year comparable period.
Sasol Gas – lower sales volumes at lower gas prices
Operating profit decreased by 19% to R1 178 million compared with
the prior year comparable period mainly as a result of lower
sales volumes and lower gas prices. The decline in gas prices was
due to lower crude oil prices and the stronger rand/US dollar
exchange rate.
Sasol Synfuels – improved plant stability results in increased
production volumes
Sasol Synfuels’ operating profit decreased by 70% to R6 072
million compared with the prior year comparable period. Improved
plant stability resulted in 3% higher production volumes and a 5%
reduction in unit cash costs. However, the decrease in operating
profits resulted largely from stronger rand/US dollar exchange
rates and lower average oil prices as well as increased
electricity costs. In addition, the operating profit of the prior
year comparable period included a gain of R4 904 million relating
to the oil hedge.
Sasol Oil – increased sales volumes resulting in operating
profits
Sasol Oil recorded an operating profit of R680 million compared
with an operating loss of R1 626 million for the prior year
comparable period. The improvement in operating profit is largely
due to increased production and sales volumes during the current
period supported by less volatile crude oil prices. This is in
contrast with the rapid decline in crude oil prices experienced
during the comparable period of the prior year which led to
negative stock effects.
International energy cluster
Sasol Synfuels International (SSI) – Oryx GTL performing well
subsequent to shutdown
SSI’s operating profit decreased by 90% to R112 million compared
with the prior year comparable period. This was mainly due to
lower production at the Oryx gas-to-liquids (GTL) plant (R133
million), lower crude oil prices and a stronger rand/US dollar
exchange rate. In addition, a once-off profit of R509 million was
realised on the reduction of our economic interest in the
Escravos GTL project in the prior year comparable period.
The Oryx GTL plant is producing well, following the unplanned
shutdown during the second quarter of 2010. A planned statutory
shutdown for maintenance work is scheduled to take place in the
fourth quarter of 2010.
Sasol Petroleum International (SPI) – additional exploration
acreage acquired
Operating profit decreased by 77% to R231 million compared with
the prior year comparable period, mainly due to lower oil and gas
prices and a stronger rand/US dollar exchange rate. Significant
exploration acreage of 15 547 square kilometres and 500 square
kilometres was added to SPI’s existing Mozambican and Australian
holdings respectively, during the period. SPI’s project to expand
the Central Processing Facility in Temane, Mozambique from the
current annual rate of 120 million gigajoules to 183 million
gigajoules is progressing and remains on schedule for completion
in 2011.
production volumes
Sasol Synfuels’ operating profit decreased by 70% to R6 072
million compared with the prior year comparable period. Improved
plant stability resulted in 3% higher production volumes and a 5%
reduction in unit cash costs. However, the decrease in operating
profits resulted largely from stronger rand/US dollar exchange
rates and lower average oil prices as well as increased
electricity costs. In addition, the operating profit of the prior
year comparable period included a gain of R4 904 million relating
to the oil hedge.
Sasol Oil – increased sales volumes resulting in operating
profits
Sasol Oil recorded an operating profit of R680 million compared
with an operating loss of R1 626 million for the prior year
comparable period. The improvement in operating profit is largely
due to increased production and sales volumes during the current
period supported by less volatile crude oil prices. This is in
contrast with the rapid decline in crude oil prices experienced
during the comparable period of the prior year which led to
negative stock effects.
International energy cluster
Sasol Synfuels International (SSI) – Oryx GTL performing well
subsequent to shutdown
SSI’s operating profit decreased by 90% to R112 million compared
with the prior year comparable period. This was mainly due to
lower production at the Oryx gas-to-liquids (GTL) plant (R133
million), lower crude oil prices and a stronger rand/US dollar
exchange rate. In addition, a once-off profit of R509 million was
realised on the reduction of our economic interest in the
Escravos GTL project in the prior year comparable period.
The Oryx GTL plant is producing well, following the unplanned
shutdown during the second quarter of 2010. A planned statutory
shutdown for maintenance work is scheduled to take place in the
fourth quarter of 2010.
Sasol Petroleum International (SPI) – additional exploration
acreage acquired
Operating profit decreased by 77% to R231 million compared with
the prior year comparable period, mainly due to lower oil and gas
prices and a stronger rand/US dollar exchange rate. Significant
exploration acreage of 15 547 square kilometres and 500 square
kilometres was added to SPI’s existing Mozambican and Australian
holdings respectively, during the period. SPI’s project to expand
the Central Processing Facility in Temane, Mozambique from the
current annual rate of 120 million gigajoules to 183 million
gigajoules is progressing and remains on schedule for completion
in 2011.
Chemical cluster
Sasol Polymers – increase in sales volumes
Sasol Polymers reflected an operating loss of R137 million
compared with an operating profit of R1 107 million for the prior
year comparable period mainly due to foreign exchange translation
differences incurred in our international businesses and lower
polymer sales prices which prevailed in the markets. Sales
volumes were marginally higher in both local and foreign
businesses as a result of capital investments made in recent
years.
Sasol Solvents – sales volumes stabilising
Operating profit decreased by 85% to R204 million compared with
the prior year comparable period following certain production and
plant interruptions coupled with lower selling prices. Sales
volumes are gradually returning to pre-economic crisis levels. A
stronger rand against the US dollar has, however, resulted in
significantly lower margins being achieved.
Sasol Olefins & Surfactants (Sasol O&S) – turnaround bearing
fruit
Operating profit increased by 570% to R904 million compared with
the prior year comparable period, mainly as a result of improved
margins and positive stock effects which were partially offset by
foreign exchange impacts. In addition, Sasol O&S’s turnaround and
restructuring activities, including an ongoing focus on cost
containment and asset restructuring, have continued to provide a
strong foundation for sustainable business recovery.
Other chemical businesses – improved sales volumes in European
wax market and the fertilisers market
Other chemical businesses recorded an operating profit of
R492 million compared with an operating loss of R2 741 million
for the prior year comparable period. The prior year included
once-off items such as the European Commission administrative
penalty relating to Sasol Wax GmbH and the administrative penalty
payable by Sasol Nitro to the South African Competition
Commission. Improved sales volumes were achieved in the European
wax market and the fertiliser markets, although the South African
operations were impacted negatively by a stronger rand/US dollar
exchange rate.
Competition law compliance
Regarding competition law, we are focused on further enhancing
Sasol’s competition law compliance processes and systems
throughout the group.
There are matters that remain subject to investigation. As
previously announced, the South African Competition Commission
has initiated investigations in respect of some of the industries
in which Sasol participates, including the South African piped
gas, petroleum, fertiliser, wax and polymer industries.
Sasol Polymers – increase in sales volumes
Sasol Polymers reflected an operating loss of R137 million
compared with an operating profit of R1 107 million for the prior
year comparable period mainly due to foreign exchange translation
differences incurred in our international businesses and lower
polymer sales prices which prevailed in the markets. Sales
volumes were marginally higher in both local and foreign
businesses as a result of capital investments made in recent
years.
Sasol Solvents – sales volumes stabilising
Operating profit decreased by 85% to R204 million compared with
the prior year comparable period following certain production and
plant interruptions coupled with lower selling prices. Sales
volumes are gradually returning to pre-economic crisis levels. A
stronger rand against the US dollar has, however, resulted in
significantly lower margins being achieved.
Sasol Olefins & Surfactants (Sasol O&S) – turnaround bearing
fruit
Operating profit increased by 570% to R904 million compared with
the prior year comparable period, mainly as a result of improved
margins and positive stock effects which were partially offset by
foreign exchange impacts. In addition, Sasol O&S’s turnaround and
restructuring activities, including an ongoing focus on cost
containment and asset restructuring, have continued to provide a
strong foundation for sustainable business recovery.
Other chemical businesses – improved sales volumes in European
wax market and the fertilisers market
Other chemical businesses recorded an operating profit of
R492 million compared with an operating loss of R2 741 million
for the prior year comparable period. The prior year included
once-off items such as the European Commission administrative
penalty relating to Sasol Wax GmbH and the administrative penalty
payable by Sasol Nitro to the South African Competition
Commission. Improved sales volumes were achieved in the European
wax market and the fertiliser markets, although the South African
operations were impacted negatively by a stronger rand/US dollar
exchange rate.
Competition law compliance
Regarding competition law, we are focused on further enhancing
Sasol’s competition law compliance processes and systems
throughout the group.
There are matters that remain subject to investigation. As
previously announced, the South African Competition Commission
has initiated investigations in respect of some of the industries
in which Sasol participates, including the South African piped
gas, petroleum, fertiliser, wax and polymer industries.
We continue to interact and cooperate with the Competition
Commission in respect of the leniency applications as well as in
the areas that are subject to Competition Commission
investigations. As and when appropriate, we will make further
announcements in respect of material matters.
Sustaining Sasol into the future
Developments in the sustainable development area include the
following:
- In November 2009, we signed a memorandum of understanding
with Gassnova SF, a Norwegian state-owned enterprise
responsible for managing carbon capture and storage (CCS),
which will allow us to explore the possibility of becoming a
participant in the European CO2 Technology Centre Mongstad,
currently under construction in Norway.
- The recordable case rate for employees and service providers,
including injuries and illnesses, was 0,51 at 31 December
2009 compared to 0,54 at 30 June 2009. Although this is
within global industry norms, we remain committed to further
improvement.
- The group was rated a level 5 contributor by Empowerdex in
respect of our broad-based black economic empowerment (BBBEE)
procurement process, meaning that for each R1,00 spent on
Sasol products, customers receive R0,80 BBBEE preferential
procurement recognition. We are making good progress toward
becoming a level 4 contributor.
Commission in respect of the leniency applications as well as in
the areas that are subject to Competition Commission
investigations. As and when appropriate, we will make further
announcements in respect of material matters.
Sustaining Sasol into the future
Developments in the sustainable development area include the
following:
- In November 2009, we signed a memorandum of understanding
with Gassnova SF, a Norwegian state-owned enterprise
responsible for managing carbon capture and storage (CCS),
which will allow us to explore the possibility of becoming a
participant in the European CO2 Technology Centre Mongstad,
currently under construction in Norway.
- The recordable case rate for employees and service providers,
including injuries and illnesses, was 0,51 at 31 December
2009 compared to 0,54 at 30 June 2009. Although this is
within global industry norms, we remain committed to further
improvement.
- The group was rated a level 5 contributor by Empowerdex in
respect of our broad-based black economic empowerment (BBBEE)
procurement process, meaning that for each R1,00 spent on
Sasol products, customers receive R0,80 BBBEE preferential
procurement recognition. We are making good progress toward
becoming a level 4 contributor.
Growth projects advancing
Our cash flow has allowed the pipeline of capital projects to
advance:
- In December 2009, the Project Application Report for the
China coal-to-liquids (CTL) plant was submitted to the
Chinese Government for approval. Applications will also be
submitted for the mines and catalyst plants required for the
project during the 2010 calendar year.
- In line with our strategy to acquire natural gas assets for
potential GTL feedstock, progress has been made in three
areas:
-
In November 2009, SPI acquired exploration rights for two
offshore licenses in Mozambique adjacent to the offshore
Block 16/19, namely Sofala and M-10 in which SPI holds
participating interests of 100% and 50%, respectively.
Success in these areas will allow for the possible
development of the entire area, including Block 16/19.
- In December 2009, SPI signed a Farm-in Agreement with
Finder Exploration Pty Limited for a 45% participating
interest in Block AC/P 52 situated in the gas-rich Browse
Basin of the North Western Shelf of Australia. This
transaction was approved by the Australian Government in
January 2010.
offshore licenses in Mozambique adjacent to the offshore
Block 16/19, namely Sofala and M-10 in which SPI holds
participating interests of 100% and 50%, respectively.
Success in these areas will allow for the possible
development of the entire area, including Block 16/19.
- In December 2009, SPI signed a Farm-in Agreement with
Finder Exploration Pty Limited for a 45% participating
interest in Block AC/P 52 situated in the gas-rich Browse
Basin of the North Western Shelf of Australia. This
transaction was approved by the Australian Government in
January 2010.
-
SPI submitted a joint application with Statoil ASA and
Chesapeake Energy Corporation, in November 2009, for an
onshore petroleum exploration right in the Karoo Basin in
the central region of South Africa. The application, for
the proposed exploration of shale gas resources, is
expected to take about 12 months to process.
Chesapeake Energy Corporation, in November 2009, for an
onshore petroleum exploration right in the Karoo Basin in
the central region of South Africa. The application, for
the proposed exploration of shale gas resources, is
expected to take about 12 months to process.
-
In South Africa, coal blasting and extraction of the 170 000
ton sample of coal on Project Mafutha (a proposed greenfields
CTL facility) commenced in November 2009. Coal gasification
trials are planned for the middle of the 2010 calendar year.
The cost thereof is included in the R1 billion already
committed for the pre-feasibility study.
- Sasol Wax will invest R8,4 billion to double hard wax
production at our Sasolburg facilities in South Africa. The
first phase of this project, which will increase capacity by
about 40%, will come into operation during the 2012 calendar
year. Completion of the second phase is expected in the 2014
calendar year.
- Sasol Solvents commenced basic engineering for the first
commercial installation of its tetramerisation technology in
the United States. The initial commercial unit will have a
combined capacity of 100 000 tons per annum of 1-octene and
1-hexene which are co-monomers used in the plastics industry.
Construction is expected to begin in the 2011 calendar year.
ton sample of coal on Project Mafutha (a proposed greenfields
CTL facility) commenced in November 2009. Coal gasification
trials are planned for the middle of the 2010 calendar year.
The cost thereof is included in the R1 billion already
committed for the pre-feasibility study.
- Sasol Wax will invest R8,4 billion to double hard wax
production at our Sasolburg facilities in South Africa. The
first phase of this project, which will increase capacity by
about 40%, will come into operation during the 2012 calendar
year. Completion of the second phase is expected in the 2014
calendar year.
- Sasol Solvents commenced basic engineering for the first
commercial installation of its tetramerisation technology in
the United States. The initial commercial unit will have a
combined capacity of 100 000 tons per annum of 1-octene and
1-hexene which are co-monomers used in the plastics industry.
Construction is expected to begin in the 2011 calendar year.
Continued cash conservation maintains low gearing
Gearing at 31 December 2009 of 3,7% (30 June 2009: negative 1,2%)
remained low as a result of capital expenditure reprioritisation.
This low level of gearing is expected to be maintained in the
short-term, but is likely to return to within our targeted range
of 20% to 40% in the medium to long term as our large capital
intensive growth programme gains momentum. At the annual general
meeting of 27 November 2009, shareholders renewed the authority
to buy back up to 4% of the issued share capital for a further 12
months. No shares have been repurchased during the current
period.
Profit outlook* – we remain cautious in our outlook
There has been some stability in global chemical markets and it
is anticipated that this will continue in the second half of the
year. Although the current levels of chemical product demand and
product prices currently lag behind crude oil prices, the
strength of the rand/US dollar exchange rate remains the single
biggest external factor exerting pressure on our profitability.
Crude oil prices have increased from the lows of a year ago and
have remained stable in the US$70-80 per barrel range.
We are anticipating some improvement in overall production
volumes for the full year. Taking into account, however, the
continuing challenging economic conditions and our assumptions in
respect of crude oil and product prices, tight refining margins
as well as the stronger rand/US dollar exchange rate, we remain
cautious in our outlook for the full year compared with 2009. The
current volatility and uncertainty of global markets makes it
difficult to be more precise in this outlook statement.
The board has decided to increase the interim dividend given the
signals of recovery seen in the global economy and the proactive
measures taken by management in response to the global economic
crisis. Focus remains on the company’s growth strategy in the
interest of the preservation of long-term shareholder value. We
expect to maintain our dividend policy within the targeted range
of 2,5 times to 3,5 times annual earnings cover for the full year
dividend.
*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
With effect from 30 September 2009, Sasol O&S disposed of its
inorganics business in Italy for a consideration of EUR0,6
million.
With effect from 24 November 2009, SPI acquired a participation
right in the Sofala and M-10 Blocks in Mozambique for a purchase
consideration of US$7,4 million.
Declaration of cash dividend number 61
An interim cash dividend of South African R2,80 per ordinary
share (2008: R2,50 per share) has been declared. The interim 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 interim dividend (cum
dividend) Wednesday, 31 March 2010
Trading ex dividend commences Thursday, 1 April 2010
Record date Friday, 9 April 2010
Dividend payment date Monday, 12 April 2010
Holders of American Depositary Receipts*
Ex dividend on New York Stock Exchange Wednesday, 7 April 2010
Record date Friday, 9 April 2010
Date for currency conversion Tuesday, 13 April 2010
Dividend payment date Friday, 23 April 2010
volumes for the full year. Taking into account, however, the
continuing challenging economic conditions and our assumptions in
respect of crude oil and product prices, tight refining margins
as well as the stronger rand/US dollar exchange rate, we remain
cautious in our outlook for the full year compared with 2009. The
current volatility and uncertainty of global markets makes it
difficult to be more precise in this outlook statement.
The board has decided to increase the interim dividend given the
signals of recovery seen in the global economy and the proactive
measures taken by management in response to the global economic
crisis. Focus remains on the company’s growth strategy in the
interest of the preservation of long-term shareholder value. We
expect to maintain our dividend policy within the targeted range
of 2,5 times to 3,5 times annual earnings cover for the full year
dividend.
*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
With effect from 30 September 2009, Sasol O&S disposed of its
inorganics business in Italy for a consideration of EUR0,6
million.
With effect from 24 November 2009, SPI acquired a participation
right in the Sofala and M-10 Blocks in Mozambique for a purchase
consideration of US$7,4 million.
Declaration of cash dividend number 61
An interim cash dividend of South African R2,80 per ordinary
share (2008: R2,50 per share) has been declared. The interim 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 interim dividend (cum
dividend) Wednesday, 31 March 2010
Trading ex dividend commences Thursday, 1 April 2010
Record date Friday, 9 April 2010
Dividend payment date Monday, 12 April 2010
Holders of American Depositary Receipts*
Ex dividend on New York Stock Exchange Wednesday, 7 April 2010
Record date Friday, 9 April 2010
Date for currency conversion Tuesday, 13 April 2010
Dividend payment date Friday, 23 April 2010
* All dates are approximate as the NYSE approves the record date after receipt
of the dividend declaration.
of the dividend declaration.
On Monday, 12 April 2010, 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 hold dematerialised shares
will have their accounts held by their CSDP or broker credited on
Monday, 12 April 2010.
Share certificates may not be dematerialised or re-materialised
between Thursday, 1 April 2010 and Friday, 9 April 2010, both
days inclusive.
On behalf of the board
Hixonia Nyasulu Pat Davies Christine Ramon
Chairman Chief executive Chief financial officer
Sasol Limited
5 March 2010
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 9 October 2009 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.
Please note: A billion is defined as one thousand million. All
references to years refer to the financial year ended 30 June.
Any reference to a calendar year is prefaced by the word
“calendar”.
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 *Independent †Lead independent director
Company secretary: NL Joubert
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
Segment report
for the period ended
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.
Please note: A billion is defined as one thousand million. All
references to years refer to the financial year ended 30 June.
Any reference to a calendar year is prefaced by the word
“calendar”.
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 *Independent †Lead independent director
Company secretary: NL Joubert
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
Segment report
for the period ended
Turnover R million
Business unit analysis
full year
30 Jun 09
Audited
30 Jun 09
Audited
half year
31 Dec 08
Reviewed
31 Dec 08
Reviewed
half
year 31
Dec 09
Reviewed
year 31
Dec 09
Reviewed
South African energy cluster
103 358
64 275
45 899
Mining 8 297 4 692 3 623
Gas 5 666 3 276 2 582
Synfuels 37 701 24 456 16 370
Oil 51 694 31 851 23 324
Mining 8 297 4 692 3 623
Gas 5 666 3 276 2 582
Synfuels 37 701 24 456 16 370
Oil 51 694 31 851 23 324
Other
–
–
–
International energy cluster
5 166
3 022
1 926
Synfuels International
3 027
1 764
1 098
Petroleum International
2 139
1 258
828
Chemical cluster
81 913
48 682
33 734
Polymers
15 525
8 643
6 408
Solvents
18 115
10 568
7 498
Olefins & Surfactants
29 534
18 253
11 507
Other chemical businesses
18 739
11 218
8 321
Other businesses*
5 209
2 613
2 851
195 646
118 592
84 410
Intercompany company turnover
(57 810)
(35 474)
(26
338)
137 836
83 118
58 072
Operating profit R million
Business unit analysis
half year
31 Dec 09
Audited
31 Dec 09
Audited
half year
31 Dec 08
Reviewed
31 Dec 08
Reviewed
full
year 30
Jun 09
Reviewed
year 30
Jun 09
Reviewed
South African energy cluster
8 097
21 754
28 684
Mining
170
1 434
1 593
Gas
1 178
1 448
2 424
Synfuels
6 072
20 562
25 188
Oil
680
(1 626)
(351)
Other
(3)
(64)
(170)
International energy cluster
343
2 073
880
Synfuels International
112
1 072
(235)
Petroleum International
231
1 001
1 115
Chemical cluster
1 463
(133)
(2 244)
Polymers
(137)
1 107
946
Solvents
204
1 366
495
Olefins & Surfactants
904
135
( 160)
Other chemical businesses
492
(2 741)
(3 525)
Other businesses*
565
(2 210)
(2 654)
10 468
21 484
24 666
* Includes share-based payment expenses related to the Sasol
Inzalo share transaction.
The interim financial statements are presented on a condensed
consolidated basis.
Statement of financial position at
31 Dec 09
31 Dec
08
08
30 Jun
09
09
Reviewed
Reviewed
Audited
Rm
Rm
Rm
Assets
Property, plant and equipment
68 807
68 198
70 370
Assets under construction
18 832
16 366
14 496
Goodwill
790
937
805
Other intangible assets
1 026
911
1 068
Investments in associates
3 015
2 102
2 170
Post-retirement benefit assets
782
781
716
Deferred tax assets
959
1 662
1 184
Other long-term assets
2 148
3 360
2 045
Non-current assets
96 359
94 317
92 854
Assets held for sale
19
31
86
Inventories
15 898
19 190
14 589
Trade and other receivables
18 962
22 605
17 117
Short-term financial assets
456
4 401
520
Cash restricted for use
972
1 651
1 247
Cash
15 822
21 360
19 425
Current assets
52 129
69 238
52 984
Total assets
148 488
163 555
145 838
Equity and liabilities
Shareholders’ equity
86 317
89 638
83 835
Non-controlling interest
2 374
2 142
2 382
Total equity
88 691
91 780
86 217
Long-term debt
14 119
21 224
13 615
Long-term financial liabilities
66
48
143
Long-term provisions
5 977
5 526
5 729
Post-retirement benefit
obligations
obligations
4 565
4 976
4 454
Long-term deferred income
277
354
297
Deferred tax liabilities
9 578
10 247
9 168
Non-current liabilities
34 582
42 375
33 406
Liabilities in disposal groups
held for sale
held for sale
5
–
65
Short-term debt
4 671
1 833
4 762
Short-term financial liabilities
303
193
354
Other current liabilities
20 020
27 044
20 954
Bank overdraft
216
330
80
Current liabilities
25 215
29 400
26 215
Total equity and liabilities
148 488
163 555
145 838
Statement of cash flows
for the period ended
half year
31 Dec 09
Reviewed
Rm
31 Dec 09
Reviewed
Rm
half year
31 Dec 08
Reviewed
Rm
31 Dec 08
Reviewed
Rm
full year
30 Jun 09
Audited
Rm
30 Jun 09
Audited
Rm
Cash receipts from customers
55 868
86 255
144 963
Cash paid to suppliers and employees
(46 679)
(55 447)
(96 776)
Cash generated by operating activities
9 189
30 808
48 187
Finance income received
616
1 236
2 264
Finance expenses paid
(811)
(1 155)
(2 168)
Tax paid
(2 783)
(5 697)
(10 252)
Dividends paid
(3 654)
(5 674)
(7 193)
Cash retained from operating activities
2 557
19 518
30 838
Additions to non-current assets
(6 573)
(6 952)
(15 672)
Acquisition of businesses
–
(53)
(30)
Cash obtained on acquisition of
businesses
businesses
–
19
19
Disposal of businesses
13
3 487
3 486
Other net cash flows from investing
activities
activities
(528)
100
(321)
Cash utilised in investing activities
(7 088)
(3 399)
(12 518)
Share capital issued
110
1 089
1 154
Share repurchase programme
–
(1 114)
(1 114)
Contributions from non-controlling
shareholders
shareholders
5
369
406
Dividends paid to non-controlling
shareholders
shareholders
(222)
(526)
(583)
Increase in long-term debt
631
3 896
755
Decrease in short-term debt
(3)
(1 758)
(1 811)
Cash effect of financing activities
521
1 956
(1 193)
Translation effects on cash and cash
equivalents of foreign operations
(4)
271
(870)
Movement in cash and cash equivalents
(4 014)
18 346
16 257
Cash and cash equivalents at beginning
of period
of period
20 592
4 335
4 335
Cash and cash equivalents at end of
period
period
16 578
22 681
20 592
Income statement
for the period ended
half year
31 Dec 09
Reviewed
Rm
31 Dec 09
Reviewed
Rm
half year
31 Dec 08
Reviewed
Rm
31 Dec 08
Reviewed
Rm
full year
30 Jun 09
Audited
Rm
30 Jun 09
Audited
Rm
Turnover
58 072
83 118
137 836
Cost of sales and services rendered
(37 529)
(50 747)
(88 508)
Gross profit
20 543
32 371
49 328
Other operating income
264
454
1 021
Marketing and distribution expenditure
(3 195)
(4 018)
(7 583)
Administrative expenditure
(4 304)
(4 114)
(9 050)
Other operating expenditure
(2 840)
(3 209)
(9 050)
Competition related administrative
penalties
penalties
–
(3 678)
(3 947)
Effect of crude oil hedges
(73)
4 627
4 603
Share-based payment expenses
(524)
(3 044)
(3 325)
Effect of remeasurement items
(105)
320
(1 469)
Translation (losses)/gains
(781)
1 501
(166)
Other expenditure
(1 357)
(2 935)
(4 746)
Operating profit
10 468
21 484
24 666
Finance income
626
836
1 790
Share of profits of associates (net of
tax)
tax)
57
233
270
Finance expenses
(996)
(1 321)
(2 531)
Profit before tax
10 155
21 232
24 195
Taxation
(3 654)
(8 258)
(10 480)
Profit for the period
6 501
12 974
13 715
Attributable to
Owners of Sasol Limited
6 297
13 216
13 648
Non-controlling interest in
subsidiaries
subsidiaries
204
(242)
67
6 501
12 974
13 715
Earnings per share
Rand
Rand
Rand
Basic earnings per share
10,54
22,17
22,90
Diluted earnings per share ¹
11,14
21,79
22,80
1 Diluted earnings per share are calculated taking the Sasol
Share Incentive Scheme and Sasol Inzalo share transaction into
account.
Statement of comprehensive income
for the period ended
half year
31 Dec 09
Reviewed
Rm
31 Dec 09
Reviewed
Rm
half year
31 Dec 08
Reviewed
Rm
31 Dec 08
Reviewed
Rm
full year
30 Jun 09
Audited
Rm
30 Jun 09
Audited
Rm
Profit for the period
6 501
12 974
13 715
Other comprehensive income
Effect of translation of foreign
operations
operations
(755)
2 073
(2 485)
Effect of cash flow hedges
50
146
(497)
Investments available-for-sale
4
(3)
–
Tax on other comprehensive income
3
–
101
Other comprehensive income for the
period, net of tax
period, net of tax
(698)
2 216
(2 881)
Total comprehensive income for the
period
period
5 803
15 190
10 834
Attributable to
Owners of Sasol Limited
5 594
15 445
10 796
Non-controlling interests in
subsidiaries
subsidiaries
209
(255)
38
5 803
15 190
10 834
Statement of changes in equity
for the period ended
half year
31 Dec 09
Reviewed
Rm
31 Dec 09
Reviewed
Rm
half year
31 Dec 08
Reviewed
Rm
31 Dec 08
Reviewed
Rm
full year
30 Jun 09
Audited
Rm
30 Jun 09
Audited
Rm
Opening balance
86 217
78 995
78 995
Shares issued during period
110
1 089
1 154
Repurchase of shares
–
(1 114)
(1 114)
Share-based payment expenses
432
3 004
3 293
Disposal of businesses
–
414
425
Change in shareholding of subsidiaries
5
402
406
Total comprehensive income for the
period
period
5 803
15 190
10 834
Dividends paid
(3 654)
(5 674)
(7 193)
Dividends paid to non-controlling
shareholders in subsidiaries
shareholders in subsidiaries
(222)
(526)
(583)
Closing balance
88 691
91 780
86 217
Comprising
Share capital
27 135
26 957
27 025
Share repurchase programme
(2 641)
(2 641)
(2 641)
Sasol Inzalo share transaction
(22 054)
(22 051)
(22 054)
Retained earnings
77 525
75 958
74 882
Share-based payment reserve
6 265
5 544
5 833
Foreign currency translation reserve
184
5 488
939
Investment fair value reserve
6
(2)
2
Cash flow hedge accounting reserve
(103)
385
(151)
Shareholders’ equity
86 317
89 638
83 835
Non-controlling interest in
subsidiaries
subsidiaries
2 374
2 142
2 382
Total equity
88 691
91 780
86 217
Salient features
for the period ended
Selected ratios
half
year 31
Dec 09
year 31
Dec 09
half
year 31
Dec 08
year 31
Dec 08
full
year 30
Jun 09
year 30
Jun 09
Return on equity
%
14,8*
31,8*
17,0
Return on total assets
%
15,2*
29,8*
18,7
Operating margin
%
18,0
25,8
17,9
Finance expense cover
times
13,7
19,5
12,3
Dividend cover
times
3,9
9,1
2,8
*Annualised
Share statistics
Total shares in issue
million
666,8
665,2
665,9
Treasury shares (share
repurchase programme)
repurchase programme)
million
8,8
8,8
8,8
Weighted average number of
shares
shares
million
597,2
596,0
596,1
Diluted weighted average number
of shares
of shares
million
614,8
613,5
614,0
Share price (closing)
Rand
298,00
280,02
269,98
Market capitalisation
Rm
198 706
186 269
179 780
Net asset value per share
Rand
145,09
150,35
141,14
Dividend per share
Rand
2,80
2,50
8,50
Other financial information
Total debt (including bank
overdraft)
overdraft)
– interest bearing
Rm
18 373
22 742
17 814
– non-interest bearing
Rm
633
645
643
Finance expense capitalised
Rm
20
42
34
Capital commitments
Rm
34 202
25 983
25 309
– authorised and contracted
Rm
27 272
23 489
22 492
– authorised, not yet
contracted
Rm
25 341
18 202
17 038
– less expenditure to date
Rm
(18 411)
(15 708)
(14 221)
Guarantees and contingent
liabilities
liabilities
– total amount
Rm
27 856
37 524
29 545
– liability included in the
statement of financial
position
position
Rm
14 200
9 874
12 795
Significant items in operating
profit
profit
– employee costs
Rm
8 151
8 373
17 532
– depreciation and amortisation
of non-current assets
Rm
3 153
3 028
6 245
– share-based payment expenses
Rm
524
3 044
3 325
Effective tax rate1
%
36,0
38,9
43,3
Number of employees
number
33 318
34 023
33 544
Average crude oil price – dated
Brent
Brent
US$/barrel
71,42
84,75
68,14
Average rand/US$ exchange rate
1US$ = Rand
7,64
8,88
9,04
Closing rand/US$ exchange rate
1US$ = Rand
7,41
9,49
7,73
1 Decrease in effective tax
rate as a result of the absence
of competition related
administrative penalties and
lower share-based payment
expenses, both of which are not
deductible for tax.
rate as a result of the absence
of competition related
administrative penalties and
lower share-based payment
expenses, both of which are not
deductible for tax.
Reconciliation of headline
earnings
earnings
Rm
Rm
Rm
Profit for the period
attributable to owners of Sasol
Limited
attributable to owners of Sasol
Limited
6 297
13 216
13 648
Effect of remeasurement items
105
(320)
1 469
Impairment of assets
47
156
458
Loss/(profit) on disposal of
business
business
5
(509)
–
Profit on disposal of associate
(7)
–
–
Loss/(profit) on disposal of
assets
assets
1
(9)
761
Scrapping of non-current assets
59
42
234
Write off of unsuccessful
exploration wells
exploration wells
–
–
16
Tax effects and non-controlling
interests
interests
(29)
167
35
Headline earnings
6 373
13 063
15 152
Remeasurement items per above
Mining
4
(1)
3
Gas
–
6
4
Synfuels
15
21
137
Oil
2
–
(3)
Synfuels International
–
(509)
777
Petroleum International
–
–
18
Polymers
16
(3)
(1)
Solvents
37
43
158
Olefins & Surfactants
19
79
106
Other chemical businesses
8
34
246
Nitro
13
30
219
Wax
(5)
4
27
Other businesses
4
10
24
Remeasurement items
105
(320)
1 469
Headline earnings per share
Rand
10,67
21,92
25,42
Diluted headline earnings per
share
share
Rand
11,26
21,54
25,25
The reader is referred to the definitions contained in the 2009
Sasol Limited annual financial statements.
Basis of preparation and accounting policies
The condensed consolidated interim financial results for the six
months ended 31 December 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
interim financial results are consistent with those applied for
the year ended 30 June 2009, 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 23 (Revised), Borrowing Costs (effective 1 July 2009).
• IAS 24 (Amendment), Related Party Disclosures.
• Various improvements to IFRSs.
These condensed consolidated interim 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 condensed consolidated interim 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.
Independent review by the auditors
The condensed consolidated statement of financial position at
31 December 2009 and the related condensed consolidated income
statement, statements of comprehensive income, changes in equity
and cash flows for the six months then ended was reviewed by KPMG
Inc. The individual auditor assigned to perform the review is
Mr AW van der Lith. Their unmodified review report is available
for inspection at the registered office of the company.
e-mail: investor.relations@sasol.com
Comprehensive additional information is available on our website:
www.sasol.com
Johannesburg
8 March 2010
Sponsor: Deutsche Securities (SA)(Pty) Limited
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant, Sasol Limited, has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: 8 March 2010 By: /s/ N L Joubert
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: 8 March 2010 By: /s/ N L Joubert
Name:
Nereus Louis Joubert
Title:
Company Secretary