Edgar Filing: SASOL LTD

Page 1

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 9 March 2009

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): ____

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): ____

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.

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.

Yes _____ No __X__

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b):
82-_______________.

Enclosures: Interim financial results for the six months ended 31 December 2008

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

Interim financial results for the six
months ended 31 December 2008

Solid performance in deteriorating markets

Operating profit up 53% to R21,5 billion

Headline earnings per share up 51% to R21,92

Oil hedge cushions the impact of sharp decline in oil prices

Strong balance sheet – gearing lower at 2%

Overall group production volumes up

Oryx GTL, Arya Sasol Polymers ramp up production

Competition law compliance under review

Overview
Chief executive Pat Davies says:
“Sasol’s deleveraged balance sheet, cash flows and liquidity
position place the company in a favourable position to weather
the global economic crisis. Sasol is a solid company supported by
comprehensive compliance and risk management processes and a very
committed management team. Despite the uncertainty in global
markets, our overarching long term strategy remains unchanged: to
ensure that we prudently manage our businesses and pursue growth
projects that are in the best interests of our shareholders and
other valued stakeholders.”

Earnings attributable to shareholders for the six months ended 31
December 2008 increased by 45% to R13,2 billion from R9,1 billion
in the prior year comparable period, while earnings per share and
headline earnings per share increased by 47% to R22,17 and by 51%
to R21,92, respectively, over the same period.

Operating profit of R21,5 billion was 53% higher than the prior
year comparable period. The increase in operating profit was
buoyed by higher average crude oil prices (average dated Brent
was US$84,75/barrel in 2008 compared to US$81,83/barrel in 2007)
and chemical product prices, and a 28% weakening in the average
rand/US dollar exchange rate (R8,88/US$ in 2008 compared to
R6,94/US$ in 2007). The average crude oil price achieved during
the period was cushioned by the effect of the oil hedges during
the period which resulted in a net gain of R5 064 million. The
recognition of the fair value of the oil hedges resulted in an
unrealised fair value gain of R3 334 million at the end of the
period owing to the significant decrease in crude oil prices
towards the end of December 2008. The increase in operating
profit was partially reduced by the European Commission fine on
Sasol Wax of R3 678 million (€318,2 million).

Cash of R30,8 billion generated by operating activities
represents a 118% increase over the prior year comparable period.

Chief financial officer Christine Ramon says:
“Sasol has a positive cash position and a strong balance sheet,
and has entered a cash conservation mode. Given that we do not
expect oil and product prices to recover in the short-term, we
believe that it is wise to plan for an extended period of
suppressed and volatile market conditions. Accordingly we have
renewed our focus on cost containment, improving operational
efficiencies, working capital improvement and capital expenditure
reprioritisation. We will adopt a flexible approach to our
capital expenditure programme and have, at this stage, reduced
our capital expenditure forecast for the next three years by
approximately 40%. Importantly we are continuing with the pre-
feasibility and feasibility studies relating to our large growth
projects. We are fortunate to have many attractive growth
projects from which to choose.”

Competition law compliance
As announced on 19 January 2009, Sasol is engaged in a
comprehensive group-wide review of its compliance with
competition law, has lodged a number of leniency applications
with the South African Competition Commission and is involved in
settlement discussions with the Competition Commission in respect
of certain matters pertaining to Sasol Nitro. The Competition
Commission has also announced investigations into a number of
industries in which Sasol businesses participate. Sasol is still
engaged in a group-wide review of its compliance with competition

law and continues to interact and co-operate with the Competition
Commission in respect of the subject matter of its leniency
applications and settlement discussions as well as in the areas
that are subject to Competition Commission investigations. The
company is continuing to evaluate and enhance its legal
compliance controls by the competition law compliance review and
remedial steps taken in the process. Certain aspects arising from
the competition compliance review have already been announced
and, to the extent appropriate, further announcements will be
made in future.

Continued performance from our existing businesses
South African energy cluster
Sasol Mining – higher coal export US dollar sales prices achieved
Operating profit of R1 434 million was 154% higher than the prior
year comparable period, primarily due to higher coal export US
dollar sales prices, which were partially offset by lower sales
volumes to Sasol Synfuels and the termination of certain coal
supply contracts.

Sasol Gas – increased sales volumes at higher gas prices
Operating profit increased by 57% to R1 448 million compared to
the prior year comparable period as a result of increased sales
volumes at higher gas prices, partially negated by higher cash
fixed costs due to increased safety initiatives and preparation
for the construction of new compressor stations at Komatipoort.

Sasol Synfuels – decreased production volumes
Sasol Synfuels’ operating profits increased by 163% to R20 562
million, despite 3,8% lower production volumes compared to the
prior year comparable period as a result of plant instability.
The increase in profits associated with higher average oil prices
and weaker exchange rates were, however, partially offset by
costs associated with the pre-feasibility of the Secunda Growth
Programme and significant feedstock price escalations. Included
in the operating profit is a gain of R4 909 million relating to
the oil hedge.

Sasol Oil – sharp decline in product prices
Sasol Oil recorded an operating loss of R1 626 million compared
to an operating profit of R2 031 million for the prior year
comparable period as a result of the sharp decline in product
prices on the back of fast falling crude oil prices which
resulted in negative stock effects and pressure on refining
margins.

International energy cluster
Sasol Synfuels International (SSI) – successful production ramp
up of Oryx GTL plant
SSI reflected an operating profit of R1 072 million compared to
an operating loss of R274 million in the prior year comparable
period. This increase was mainly due to the successful ramp up in
production of the Oryx gas-to-liquids (GTL) plant and a profit of
R509 million realised on the reduction of our economic interest
in the Escravos gas-to-liquids (EGTL) Project. Sasol has retained
a 10% economic interest in EGTL which is recognised as an
investment in an associate. Production at the Oryx GTL plant in
Qatar has been increasing steadily and the plant achieved an
average production of almost 22 000 barrels a day (b/d) for the
six months ended 31 December 2008. For the month of December
2008, the plant achieved an average production of just more than
26 000 b/d.

Sasol and Chevron have reviewed and optimised their business
model for co-operation regarding their GTL ambitions and have
agreed, in future, to work together directly and on a case by
case basis.

Sasol Petroleum International (SPI) – increased oil and gas sales
volumes
Operating profit increased by 224% to R1 001 million compared to
the prior year comparable period, mainly due to higher oil and
gas prices and the weakening of the rand/US dollar exchange rate,
as well as higher Etame oil and Temane gas sales volumes.
Although exploration expenditure decreased, this was partially
offset by expenditure on new business development. The operating
profit includes a gain of R155 million relating to the oil hedge.

Chemical cluster
Sasol Polymers – additional production capacity at Arya Sasol
Polymers
Operating profit increased by 123% to R1 107 million compared to
the prior year comparable period, due mainly to additional
production volumes at the Arya Sasol Polymers plant,
substantially higher margins at our Petlin joint venture in
Malaysia and foreign exchange translation gains. This increase in
operating profit was partially offset by decreasing polymer sales
prices at our South African operations in the latter part of the
period.

Sasol Solvents – higher margins, however, reduced sales volumes
Operating profit increased by 146% to R1 366 million compared to
the prior year comparable period due to improved sales prices and
margins, as well as a weakening rand/US dollar exchange rate
resulting in translation gains of R556 million, partially negated
by lower sales volumes. We are in the process of reviewing, and
if necessary, restructuring the European solvents business as
part of our business improvement plan.

Sasol Olefins & Surfactants (Sasol O&S) – lower sales volumes
Operating profit decreased by 71% to R135 million compared to the
prior year comparable period, mainly as a result of reduced sales
volumes due to the economic downturn, especially in global
automotive and construction sectors. Due to its position in the
European and US markets, this business was exposed more quickly
to the deteriorating worldwide economic conditions.

Despite the general downturn due to the economic crisis, the
turnaround process has already improved the robustness of the
business. Seven plants with a total production capacity in excess
of half a million tons per annum were shut down and headcount was
reduced by approximately 300.

We remain of the view that greater shareholder value can be
unlocked by continuing to focus on the turnaround process of the
Sasol O&S business and by exploring selected group cost
optimisation and growth opportunities. While we will continue to
carefully monitor and review the performance of all assets in the
Sasol O&S portfolio, we do not intend to sell Sasol O&S at this
stage and will therefore retain and further optimise this
business.

Other chemical businesses – improved performance
Other chemical businesses recorded an operating loss of R2 741
million compared to an operating profit of R885 million for the
prior year comparable period due to the inclusion of the European
Commission fine on Sasol Wax of R3 678 million (€318,2 million).
Excluding this once-off item, operating profit increased by 6%
compared to the prior year comparable period resulting from
improved product margins.

Sustaining Sasol into the future
Pursuing sustainable development opportunities remains a focus
area for Sasol:

– The recordable case rate for employees and service providers,
including injuries and illnesses, was 0,52 at 31 December 2008
compared to 0,50 at 30 June 2008.

– Energy-efficiency projects under construction at our operations
include the investment in power generating plants consisting of
two new open-cycle gas turbines, to be fuelled by gas otherwise
flared or wasted.

– The black public funded and cash invitations of the Sasol
Inzalo share transaction were concluded successfully in September
2008. Preference share debt of R4,3 billion related to the funded
invitation was issued.

– Sasol group was rated level 6 by Empowerdex in respect of our
black economic empowerment (BEE) procurement process, meaning
that for each R1,00 spent on Sasol products, customers receive
R0,60 BEE preferential procurement recognition.

– In support of reducing our carbon footprint we have established
a New Energy business with a focus on identifying and developing
lower carbon emission technology and renewable energy sources.

Growth projects achieving objectives
Our investment in the pre-feasibility and feasibility studies of
large capital projects has not been impacted at this stage.
Major projects advanced include:

– Our feasibility study into an 80 000 b/d coal-to-liquids (CTL)
plant in China is on track to be completed during the first half
of 2010.

– The Sasol Synfuels progressive expansion project in South
Africa, the Secunda Growth Programme, will be phased in over a
period longer than originally planned. Phase one, based on
natural gas, is in progress and is expected to increase
production by 3% by 2012 compared to the 4% to be achieved by
2010 previously reported. Phase two of the expansion programme is
still in the pre-feasibility stage.

– In South Africa, our pre-feasibility study into developing
another inland CTL plant (Project Mafutha) near Lephalale in the
Limpopo West area with a capacity of about 80 000 b/d has gained
momentum. A memorandum of understanding has been signed with the

state-owned Industrial Development Corporation of South Africa
regarding its participation in Project Mafutha.

– In October 2008, SPI commenced seismic work on four onshore
blocks in Papua New Guinea (PNG) as part of a gas exploration
campaign in partnership with a PNG company.

– Beneficial operation has been achieved for the entire Arya
Sasol Polymers complex. This includes a 1 000 kilo tons per annum
(ktpa) ethylene cracker, a 300 ktpa low density polyethylene
plant and a 300 ktpa high density polyethylene plant.

– In offshore Blocks 16/19 in Mozambique, two exploration wells
were successfully drilled in the period October 2008 to January
2009. Both wells were found to be gas-bearing, however due to
technical complexity, a significant amount of follow-up work will
be required to assess the commerciality of the discoveries.

Cash conservation and targeted gearing range lowered
Gearing decreased from 20,5% at 30 June 2008 to 2,3% at 31
December 2008, primarily due to the suspension of the share
repurchase programme and entering a cash conservation mode. In
response to the global economic crisis, we have lowered our
targeted gearing (net debt to equity ratio) from the previous
range of 30% – 50% to 20% – 40%. The deleveraged financial
position at 31 December 2008 positions the group well to execute
its medium-term capital expenditure programme given uncertain
credit markets.

During the current period, the company repurchased a total of
3 216 769 Sasol ordinary shares at an average price of R346,45
per share. Total shares repurchased since the inception of the
programme in March 2007 represents about 6,4% of the issued share
capital at 31 December 2008, excluding the shares issued in terms
of the Sasol Inzalo share transaction. 31 500 000 ordinary shares
of the repurchased shares were cancelled during the period for a
total value of R7,9 billion. 8 809 889 Sasol ordinary shares
remain held by Sasol Investment Company (Pty) Limited. At the
Annual General Meeting of 28 November 2008, shareholders renewed
the authority for up to 15 months to buy back up to 4% of the
issued share capital of the company.

Profit outlook* – reduction in earnings for the full 2009
financial year

In line with the sharp downturn in worldwide chemical markets, we
expect our chemical businesses to be significantly weaker in the
second half of the year compared to the first six months, in
contrast to our 2008 performance.
Taking into account the overall deterioration in market
conditions, with significantly lower than expected crude oil and
product prices, as well as lower product demand, partially
negated by a weakening in the rand/US dollar exchange rate, the
crude oil hedges and increased production volumes at Arya and
Oryx, the earnings for the financial year to 30 June 2009 are
expected to reflect a reduction compared to the 2008 financial
year. The current volatility and uncertainty of global markets
makes it difficult to be more precise in this outlook statement.

The board considered it prudent to reduce the interim dividend
given the volatility and uncertainty in the current economic
climate in the interests of the company’s growth strategy and the
preservation of long-term shareholder value.

At this stage we expect to maintain our dividend policy within
the targeted range of 2,5 times to 3,5 times annual earnings
cover. However, consideration will be given to a capitalisation
award for the final 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
In July 2008, Exel Petroleum (Pty) Limited acquired the remaining
50,1% of Exelem Aviation (Pty) Limited for a purchase
consideration of US$1,7 million.

With effect from 23 December 2008, SSI reduced its economic
interest in the Escravos GTL Project in Nigeria for a
consideration of US$360 million, retaining a 10% economic
interest.

Subsequent events
On 7 January 2009, Sasol Wax settled the amount of €318,2 million
payable to the European Commission in respect of the fine imposed
due to anti-competitive activities. Sasol has appealed the
quantum of this fine.

On 4 February 2009, Mr MJN Njeke was appointed as a non-executive
director of Sasol Limited as well as a member of the Audit
Committee.

On 27 February 2009, Sasol together with its partners agreed with
lenders to repay the Oryx GTL loan balance.

Declaration of interim cash dividend number 59
An interim cash dividend of South African R2,50 per ordinary
share (2008: R3,65 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)

Thursday, 2 April 2009

Trading ex dividend commences

Friday, 3 April 2009

Record date

Thursday, 9 April 2009

Dividend payment date

Tuesday, 14 April 2009

Holders of American Depositary Receipts*

Ex dividend on New York Stock

Exchange

Tuesday, 7 April 2009

Record date

Thursday, 9 April 2009

Date for currency conversion

Wednesday, 15 April 2009

Dividend payment date

Friday, 24 April 2009

All dates are approximate as the NYSE approves the record date after receipt of the dividend
declaration.

On Tuesday, 14 April 2009, dividends due to certificated
shareholders on the South African registry will either be
electronically transferred to shareholders’ bank accounts or, in
the absence of suitable mandates, dividend cheques will be posted
to such shareholders. Shareholders who have dematerialised their
share certificates will have their accounts credited on Tuesday,
14 April 2009.

Share certificates may not be dematerialised or re-materialised
between Friday, 3 April 2009 and Thursday, 9 April 2009, both
days inclusive.

On behalf of the board

Hixonia Nyasulu

Pat Davies

Christine Ramon

Chairman

Chief executive

Chief financial officer

Sasol Limited
9 March 2009

Registered office: Sasol Limited, 1 Sturdee Avenue, Rosebank,
Johannesburg 2196 PO Box 5486, Johannesburg 2000, South Africa

Share registrars: Computershare Investor Services (Pty) Limited,
70 Marshall Street, Johannesburg 2001 PO Box 61051, Marshalltown
2107, South Africa Tel: +27 11 370-7700 Fax: +27 11 370-5271/2

Sponsor: Deutsche Securities (SA)(Pty) Limited

Directors (non-executive): TH Nyasulu (Chairman), 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, AMB Mokaba *Independent

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

Forward-looking statements: In this document we make certain
statements that are not historical facts and relate to analyses
and other information which are based on forecasts of future
results and estimates of amounts not yet determinable. These
statements may also relate to our future prospects, developments
and business strategies. Examples of such forward-looking
statements include, but are not limited to, statements regarding
exchange rate fluctuations, volume growth, increases in market
share, total shareholder return and cost reductions. Words such
as "believe", "anticipate", “expect”, "intend", "seek", "will",
"plan", "could", "may", "endeavour" and "project" and similar
expressions are intended to identify such forward-looking
statements, but are not the exclusive means of identifying such
statements. By their very nature, forward-looking statements

involve inherent risks and uncertainties, both general and
specific, and there are risks that the predictions, forecasts,
projections and other forward-looking statements will not be
achieved. If one or more of these risks materialise, or should
underlying assumptions prove incorrect, our actual results may
differ materially from those anticipated. You should understand
that a number of important factors could cause actual results to
differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking
statements. These factors are discussed more fully in our most
recent annual report under the Securities Exchange Act of 1934 on
Form 20-F filed on 7 October 2008 and in other filings with the
United States Securities and Exchange Commission. The list of
factors discussed therein is not exhaustive; when relying on
forward-looking statements to make investment decisions, you
should carefully consider both these factors and other
uncertainties and events. Forward-looking statements apply only
as of the date on which they are made, and we do not undertake
any obligation to update or revise any of them, whether as a
result of new information, future events or otherwise.

Sasol Limited is the world’s leader in the conversion of coal and
gas to transportation fuels and chemicals
Segment report

Business unit analysis

Turnover
Rmillion

full year

half year

30 Jun 08

31 Dec 07

31 Dec 08

Audited

Reviewed

South African energy

cluster

104 790 45 315 64 275

Mining

7 479 3 387 4 692

Gas

4 697 2 173 3 276

Synfuels

39 616 16 987 24 456

Oil

52 998

22 768

31 851

Other

–

International energy

cluster

3 764 1 407 3 022

Synfuels International

1 793

577

1 764

Petroleum International

1 971

830

1 258

Chemical cluster

73 696

31 804

48 682

Polymers

11 304 4 749 8 643

Solvents

17 182

7 331

10 568

Olefins & Surfactants

28 780

12 175

18 253

Other chemical businesses

16 430

7 549

11 218

Other businesses*

4 273

2 616

2 613

186 523

81 142

118 592

Intercompany turnover

(56 580)

(25 625)

(35 474)

129 943 55 517 83 118

Business unit analysis

Operating Profit

Rmillion

half year half year

full year

31 Dec 08 31 Dec 07

30 Jun 08

Reviewed

Audited

South African energy

cluster

21 754

11 334

28 048

Mining

1 434

565

1 393

Gas

1 448

923

1 785

Synfuels

20 562

7 815

19 416

Oil

(1 626)

2 031

5 507

Other

(64)

–

(53)

International energy

cluster 2 073

383

Synfuels International

1 072

(274)

(621)

Petroleum International

1 001

309

1 004

Chemical cluster

(133)

2 396

6 605

Polymers

1 107

497

1 511

Solvents

1 366

556

2 382

Olefins & Surfactants

135

458

1 512

Other chemical

businesses (2 741)

885

1 200

Other businesses*

(2 210)

245

(1 220)

21 484

14 010

33 816

* Includes share-based payment expense of R2 953 million related
to the Sasol Inzalo share transaction

These results and other related information are available on:
www.sasol.com

THE INTERIM FINANCIAL STATEMENTS ARE PRESENTED ON A CONDENSED
CONSOLIDATED BASIS

STATEMENT OF FINANCIAL POSITION
AT

31 Dec 08

31 Dec 07

30 Jun 08

Reviewed

Audited

Assets

Property, plant and
equipment

68 198

54 394

66 273

Assets under construction

16 366

23 424

11 693

Goodwill 937

607

874

Other intangible assets

911

586

964

Investments in associates

2 102

586

830

Post-retirement benefit
assets

781 532 571

Deferred tax assets

1 662

808

1 453

Other long-term assets

3 360

2 408

2 631

Non-current assets

94 317

83 345

85 289

Assets held for sale

3 833

Inventories

19 190

17 028

20 088

Trade and other receivables

22 605

17 780

25 323

Short-term financial assets

4 401

239

330

Cash restricted for use

1 651

768

814

Cash

21 360

3 956

4 435

Current assets

69 238

39 777

54 823

Total assets

163 555

123 122

140 112

Equity and liabilities

Shareholders' equity

89 638

60 228

76 474

Non-controlling interest

2 142

1 759

2 521

Total equity

91 780

61 987

78 995

Long-term debt

21 224

12 687

15 682

Long-term financial
liabilities

48 51 37

Long-term provisions

5 526

3 943

4 491

Post-retirement benefit
obligations

4 976

3 992

4 578

Long-term deferred income

354

2 942

376

Deferred tax liabilities

10 247

8 657

8 446

Non-current liabilities

42 375

32 272

33 610

Liabilities in disposal
group held for sale

– –

142

Short-term debt

1 833

8 671

3 496

Short-term financial
liabilities

193 1 318

Other current liabilities

27 044

16 971

22 888

Bank overdraft

330

1 903

914

Current liabilities

29 400

28 863

27 507

Total equity and liabilities

163 555

123 122

140 112

INCOME STATEMENT
FOR THE PERIOD ENDED

half year

full year

31 Dec 08 31 Dec 072

30 Jun 08

Reviewed

Audited

Turnover

83 118

55 517

129 943

Cost of sales and services
rendered

(50 747)

(32 042)

(74 634)

Gross profit

32 371

23 475

55 309

Non-trading income

454

215

635

Marketing and distribution
expenditure

(4 018)

(3 226)

(6 931)

Administrative expenditure

(4 114)

(2 986)

(6 697)

Other operating expenditure

(3 209)

(3 468)

(8 500)

European paraffin wax fine

(3 678)

–

Effect of crude oil hedges

4 627

(1 319)

(2 201)

Share-based payment
expenses

(3 044)

(118)

(1 782)

Effect of remeasurement
items 320

304

(698)

Translation gains/(losses)

1 501

(29)

300

Other expenditure

(2 935)

(2 306)

(4 119)

Operating profit

21 484

14 010

33 816

Finance income

836

273

735

Finance expenses

(1 321)

(444)

(1 148)

Share of profits of
associates (net of tax)

233

121

254

Profit before tax

21 232

13 960

33 657

Taxation

(8 258)

(4 393)

(10 129)

Profit for the period

12 974

9 567

23 528

Attributable to

Owners of Sasol Limited

13 216

9 148

22 417

Non-controlling interest in
subsidiaries

( 242)

419

1 111

12 974

9 567

23 528

Earnings per share

Rand

Basic earnings per share

22,17

15,05

37,30

Diluted earnings per share1

21,79

14,85

36,78

1 Diluted earnings per share is calculated taking the Sasol Share
Incentive Scheme and Sasol Inzalo Employee Trusts into account.

2 Comparative amounts were reclassified for consistency, which
resulted in R506 million being reclassified from cost of sales
and services rendered to administrative expenditure.

STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED

half year

full year

31 Dec 08

31 Dec 07

30 Jun 08

Reviewed

Audited

Profit for the period

12 974

9 567

23 528

Other comprehensive income

Effect of translation of
foreign operations

2 073

3 452

Effect of cash flow hedges

146

(30)

261

Available-for-sale financial
assets

(3) 1

(1)

Tax on other comprehensive
income –

(4)

(60)

Other comprehensive income
for the period, net of tax

2 216

3 652

Total comprehensive income
for the period

15 190

9 587

27 180

Attributable to

Owners of Sasol Limited

15 445

9 169

26 062

Non-controlling interest in
subsidiaries (255)

418

1 118

15 190

9 587

27 180

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED

half year

full year

31 Dec 08

31 Dec 07

30 Jun 08

Reviewed

Audited

Opening balance

78 995

63 269

Net shares issued during
period 1 089

262

387

Repurchase of shares

(1 114)

(7 300)

Share-based payment
expense

3 004

1 574

Disposal of business

414

–

Acquisition of businesses

–

(100)

Change in shareholding of
subsidiaries 402

306

Total comprehensive
income for the period

15 190

9 587

27 180

Dividends paid

(5 674)

(3 597)

(5 766)

Dividends paid to non-
controlling shareholders

(526)

(384)

(555)

Closing balance

91 780

61 987

78 995

Comprising

Share capital

26 957

3 890

20 176

Share repurchase
programme

(2 641)

(10 969)

Sasol Inzalo share
transaction

(22 051)

–

(16 161)

Retained earnings

75 958

66 660

77 660

Share-based payment
reserve

5 544

1 043

2 540

Foreign currency
translation reserve

5 488

(389)

3 006

Investment fair value
reserve

(2) 3 1

Cash flow hedge
accounting reserve

385

(10)

221

Shareholders' equity

89 638

60 228

76 474

Non-controlling interest

2 142

1 759

2 521

Total equity

91 780

61 987

78 995

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED

half year half year full year

31 Dec 08 31 Dec 07 30 Jun 08

Reviewed

Audited

Cash receipts from customers

86 255

54 857

123 452

Cash paid to suppliers and
employees

(55 447)

(40 743)

(88 712)

Cash generated by operating
activities

30 808

14 114

34 740

Finance income

1 236

504

957

Finance expenses paid

(1 155)

(935)

(2 405)

Tax paid

(5 697)

(4 712)

(9 572)

Dividends paid

(5 674)

(3 597)

(5 766)

Cash retained from operating
activities

19 518

5 374

17 954

Additions to non-current
assets

(6 952)

(4 577)

(10 855)

Acquisition of businesses

(53)

–

(431)

Cash obtained on acquisition
of businesses

–

Disposal of businesses

3 487

686

693

Cash disposed of on disposal
of businesses

–

(31)

Other net cash flows from
investing activities

100

(220)

Cash utilised in investing
activities

(3 399)

(3 881)

(10 844)

Share capital issued

1 089

262

387

Share repurchase programme

(1 114)

(7 300)

Contributions from non-
controlling shareholders

369

–

185

Dividends paid to non-
controlling shareholders

(526) (384) (555)

Increase/(decrease) long-term
debt 3 896

(2 014)

(782)

(Decrease)/increase in short-
term debt

(1 758)

4 685

(350)

Cash effect of financing
activities

1 956

(4 751)

(8 415)

Translation effects on cash and
cash equivalents of foreign
operations 271 (9) 324

Movement in cash and cash
equivalents

18 346

(3 267)

(981)

Cash and cash equivalents at
beginning of period

4 335

6 088

Net reclassification to held
for sale

–

( 772)

Cash and cash equivalents at
end of period

22 681

2 821

4 335

SALIENT FEATURES
FOR THE PERIOD ENDED

half year

full year

31 Dec 08

31 Dec 07

30 Jun 08

Selected ratios

Return on equity

15,9

15,0

32,5

Return on total
assets

% 14,9 11,9 26,9

Operating margin

25,8

25,2

26,0

Finance expense
cover

times 19,5 15,4 14,5

Dividend cover

times

9,1

4,2

2,8

Share statistics

Total shares in
issue million

665,2

630,6

676,7

Treasury shares
(share
repurchase
programme) million

8,8

37,1

Weighted average
number of shares

million

596,0

607,7

601,0

Diluted weighted
average number
of shares

million

613,5

616,0

609,5

Share price
(closing)

Rand 280,02 339,00 461,00

Market
capitalisation

186 269

213 773

311 959

Net asset value
per share

Rand

150,35

101,48

128,44

Dividend per
share

Rand 2,50 3,65 13,00

Other financial
information

Total debt
(including bank
overdraft)

–interest
bearing

22 742

22 661

19 455

–non-interest
bearing

Rm 645 600 637

Finance expense
capitalised Rm

660

1 586

Capital
commitments

25 983

21 605

25 048

–authorised and
contracted

23 489

27 095

24 457

–authorised, not
yet contracted

18 202

14 340

17 722

–less
expenditure to
date

(15 708)

(19 830)

(17 131)

Guarantees and
contingent
liabilities

–total amount

37 524

31 479

37 381

–liability
included on the
statement of
financial
position

9 874

12 931

10 730

Significant
items in
operating profit

–employee costs

8 373

6 465

14 443

–depreciation
and amortisation
of non-current
assets

3 028

2 355

5 212

–share-based
payment expenses

3 044

118

1 782

Effective tax
rate1 %

38,9

31,5

30,1

Number of
employees

number

34 023

32 893

33 928

Average crude
oil price –
dated Brent

US$/barrel

84,75

81,83

95,51

Average rand/US$
exchange rate

1US$ = Rand

8,88

6,94

7,30

Closing rand/US$
exchange rate

1US$ = Rand

9,49

6,87

7,83

1 Increase in
effective tax
rate as a result
of the European
paraffin wax
fine and share-
based payment
expenses

which are not
deductible for
tax.

Reconciliation of headline
earnings

Rm Rm Rm

Profit for the period
attributable to Owners of
Sasol Limited

13 216

9 148

22 417

Effect of remeasurement items

(320)

(304)

698

Impairment of assets

156

821

Reversal of impairment

–

(381)

Profit on disposal of

business (509)

–

Profit on disposal of assets

(9)

(391)

(440)

Loss on repurchase of

participation rights in GTL
venture –

Loss on realisation of

foreign currency translation
reserve –

–

557

Scrapping of non-current

assets 42

107

Tax effects and non-
controlling interest

167

(225)

Headline earnings

13 063

8 851

22 890

Remeasurement items per above

Mining (1)

(3)

Gas 6

–

104

Synfuels 21

–

Oil –

(26)

(20)

Synfuels International

(509)

396

Petroleum International

–

(27)

Polymers (3)

–

(12)

Solvents 43

104

Olefins & Surfactants

(27)

Other chemical businesses

(229)

229

Nitro

(114)

(199)

Wax

(118)

426

Other

–

Other businesses

(109)

(81)

Remeasurement items

(320)

(304)

698

Headline earnings per share -
Rand 21,92

14,56

38,09

Diluted headline earnings per
share - Rand

21,54

14,37

37,56

The reader is referred to the definitions contained in the 2008
Sasol Limited annual financial statements.

Basis of preparation and accounting policies
The condensed consolidated interim financial results for the six
months ended 31 December 2008 have been prepared in compliance
with the Listings Requirements of the JSE Limited, International
Financial Reporting Standards (IFRS) as published 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 2008, except as follows:

– Sasol Limited has early adopted the following standards, except
if otherwise stated, which did not have a significant impact on
the financial results:

– IAS 27 (Amendment), Consolidated and Separate Financial
Statements.
– IFRS 1 and IAS 27 (Amendment), Cost of an Investment in a
Subsidiary, Jointly Controlled Entity or Associate.
– IFRS 3 (Revised), Business Combinations.
– IAS 39 (Amendment), Eligible Hedged Items.
– IAS 39 and IFRS 7 (Amendments), Reclassifications of Financial
Assets – Effective Date and Transition (effective 1 July 2008).
– IFRS 5 (Amendment), Non-current Assets Held for Sale and
Discontinued Operations.
– IFRIC 16, Hedges of a Net Investment in a Foreign Operation.
– IFRIC 18, Transfers of Assets From Customers.
– 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.

Significant changes in contingent liabilities since 30 June 2008
On 1 October 2008, the European Union found that members of the
European wax industry, including Sasol Wax GmbH, had formed a
cartel and violated antitrust laws. A fine of €318,2 million was
imposed by the European Commission on Sasol Wax, who has appealed
the quantum of the fine. The liability has been recognised at
31 December 2008.

Flowing from the group-wide competition law compliance review
certain provisions have been made where appropriate which
includes a provision in respect of the Sasol Nitro matters
(certain aspects of the Nutriflo matter referred by the
Competition Commission to the Competition Tribunal and the
phosphoric acid investigation).

Independent review by the auditors
The condensed consolidated interim statement of financial
position at 31 December 2008 and the related condensed
consolidated interim 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.

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: 9 March 2009

By:

/s/ N L Joubert

Name:

Nereus

Louis

Joubert

Title:

Company

Secretary