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 March 7, 2011
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.
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.
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-_______________.
82-_______________.
Enclosures:
Sasol limited interim financial results for the six months ended 31
December 2010
SOL – Sasol - Sasol Limited interim financial results for the six months ended 31
December 2010
Sasol Limited
(Incorporated in the Republic of South Africa)
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
Sasol Ordinary Share codes:
JSE : SOL
NYSE : SSL
Sasol Ordinary ISIN codes:
ZAE000006896
US8038663006
Sasol BEE Ordinary Share code:
JSE : SOLBE1
Sasol BEE Ordinary ISIN code:
ZAE000151817
(“Sasol” or “the Company”)
sasol limited interim financial results
for the six months ended 31 December 2010
for the six months ended 31 December 2010
focused strategy delivering solid results
Driven by innovation, Sasol is an international integrated energy and chemicals
company that creates value through its proven alternative fuel technology and
company that creates value through its proven alternative fuel technology and
talented people to provide sustainable energy solutions to the world
-
Headline earnings per share increased by 22% to R12,97
- Group cash fixed costs down in real terms
- Group cash fixed costs down in real terms
-
Interim dividend increased by 11% to R3,10 per share
-
Cash generated by operations increased by 65% to R15,1 billion
- First BEE listing and Ixia BEE transaction successfully
- First BEE listing and Ixia BEE transaction successfully
concluded
-
Strengthened focus on safety
-
Local and international investments drive growth
Significant growth investments
South Africa
R billion
Wax expansion
8,4
Mine replacement
8,0
Secunda growth phase 1
7,8
Synfuels gasifiers and 17th reformer
3,4
Ethylene purification unit
1,9
Sasolburg electricity generation
1,6
International
R billion
Acquisition of Canadian gas reserves
7,5
Tetramerisation
1,5
Mozambique CPF expansion
1,4
Estimated total capital and business acquisition expenditure for 2011 – R23
billion*
Segment report
for the period ended
for the period ended
Turnover
R million
Business unit
analysis
Operating profit
R million
full
year
year
30 Jun 10
Audited
half
year
year
31 Dec 09
Reviewed
half
year
year
31 Dec 10
Reviewed
half
year
year
31 Dec 10
Reviewed
half
year
year
31 Dec 09
Reviewed
full
year
year
30 Jun
10
10
Audited
95 538
45 899
48 005
South African
energy
cluster
energy
cluster
7 447
8 097
17 808
7 863
3 623
4 263
- Mining
140
170
815
5 371
2 582
2 697
- Gas
1 282
1 178
2 479
33 893
16 370
15 664
- Synfuels
5 389
6 072
13 175
48 411
23 324
25 381
- Oil
665
680
1 364
–
–
–
- Other
(29)
(3)
(25)
3 967
1 926
2 824
International
energy
cluster
872
343
468
2 282
1 098
1 846
- Synfuels
International
539
112
131
1 685
828
978
- Petroleum
International
333
231
337
71 577
33 734
39 637
Chemical
cluster
cluster
3 453
1 463
5 496
14 321
6 408
8 234
- Polymers
574
(137)
958
15 765
7 498
8 120
- Solvents
440
204
1 154
25 283
11 507
14 636
- Olefins &
Surfactants 1 600
Surfactants 1 600
904
2 492
16 208
8 321
8 647
- Other
chemical
businesses
businesses
839
492
892
5 420
2 851
3 801
- Other
businesses
246
565
165
176 502
84 410
94 267
12 018
10 468
23 937
(54 246)
(26 338)
(27 035)
Intercompany
turnover
122 256
58 072
67 232
Overview
Chief executive, Pat Davies says:
Chief executive, Pat Davies says:
“Sasol continued to deliver on its strategy by further improving the operational
and cost performance of our existing assets, while progressing growth
and cost performance of our existing assets, while progressing growth
opportunities that are based on our proprietary technology. The recent significant
shale gas acquisition made in Canada accelerates our upstream gas and GTL growth
focus. Furthermore, our deleveraged balance sheet allows us to consider a range of
focus. Furthermore, our deleveraged balance sheet allows us to consider a range of
other growth opportunities.”
Earnings attributable to shareholders for the six months ended 31 December 2010
increased by 21% to R7,6 billion from R6,3 billion in the prior year† while
headline earnings per share and earnings per share increased by 22% to R12,97 and
by 20% to R12,68, respectively, over the same period.
Operating profit of R12,0 billion increased by 15% compared with the prior year.
Operating profit was positively impacted by higher average crude oil prices
(average dated Brent was US$81,68/barrel in 2010 compared with US$71,42/barrel in
(average dated Brent was US$81,68/barrel in 2010 compared with US$71,42/barrel in
2009) and chemical product prices. However, a 7% stronger average rand/US dollar
exchange rate (R7,11/US$ in 2010 compared with R7,64/US$ in 2009) partially offset
exchange rate (R7,11/US$ in 2010 compared with R7,64/US$ in 2009) partially offset
the benefits of the higher average crude oil prices. Overall, group production
volumes declined by 4% from the prior year primarily due to the Sasol Synfuels’
volumes declined by 4% from the prior year primarily due to the Sasol Synfuels’
major planned outage, however, the majority of our other businesses reflected
improved volumes. Cash fixed costs were down in real terms through our continued
focus on cost containment.
improved volumes. Cash fixed costs were down in real terms through our continued
focus on cost containment.
The operating profit in the current period was negatively impacted by once-off
charges compared with the prior year. These once-off charges include competition
related administrative penalties of R112 million, the Escravos gas-to-liquids
related administrative penalties of R112 million, the Escravos gas-to-liquids
(EGTL) partial impairment of R123 million and the Ixia Coal BEE transaction share-
based payment expense of R565 million. The current period also includes a Sasol
based payment expense of R565 million. The current period also includes a Sasol
Inzalo BEE share-based payment expense of R432 million compared with R400 million
in the prior year.
in the prior year.
The decrease in the effective tax rate from 36,0% to 33,7% resulted due to
decreases in foreign tax rates, partly offset by competition related
decreases in foreign tax rates, partly offset by competition related
administrative penalties and share-based payment expenses compared with the prior
year, both of which are not deductible for tax purposes.
year, both of which are not deductible for tax purposes.
Cash flow generated by operating activities was R15,1 billion compared with R9,2
billion in the prior year. This was mainly due to increased operating profits and
reduced working capital, both as a result of price and volume effects. Progress
was made on the group’s pipeline of growth projects, resulting in capital
expenditure of R9,2 billion for the period.
†All comparisons refer to the prior year comparable period unless otherwise
stated.
Chief financial officer, Christine Ramon says:
“Amidst a recovering global economy, our continued focus on operational
efficiency, cost containment and business improvement plans has enabled us to
sustain robust businesses with healthy margins. Our strong financial position is
underpinned by strong cash generation, which allows for the advancement of
selected growth opportunities, while maintaining a buffer for volatility given
selected growth opportunities, while maintaining a buffer for volatility given
that the rand strength remains the biggest risk to our earnings. In line with our
progressive dividend policy, we have enhanced shareholder returns by increasing
the interim dividend.”
the interim dividend.”
Robust performance from existing operations
South African energy cluster
Sasol Mining – higher US dollar coal prices
Sasol Mining – higher US dollar coal prices
Operating profit of R705 million, excluding the once-off Ixia Coal transaction
share-based payment expense of R565 million, was 315% higher than the prior year.
share-based payment expense of R565 million, was 315% higher than the prior year.
Although production and sales volumes decreased due to the planned Sasol Synfuels’
outage and adverse geological conditions, higher US dollar export coal prices as
well as sales prices to Sasol Synfuels contributed to an improved operating
profit. This improvement, however, was partially offset by a stronger rand/US
dollar exchange rate and stock effects.
dollar exchange rate and stock effects.
Sasol Gas – improved sales volumes
Operating profit increased by 9% to R1 282 million compared with the prior year
Operating profit increased by 9% to R1 282 million compared with the prior year
mainly as a result of improved sales volumes, despite lower gas prices due to the
stronger rand/US dollar exchange rate. The increased sales volumes were supported
stronger rand/US dollar exchange rate. The increased sales volumes were supported
by the start-up of a new compressor in Mozambique.
Sasol Synfuels – major planned outage impacts production volumes
Sasol Synfuels’ operating profit decreased by 11% to R5 389 million compared with
the prior year. Production volumes were 7,5% lower than the prior year due to the
Sasol Synfuels’ operating profit decreased by 11% to R5 389 million compared with
the prior year. Production volumes were 7,5% lower than the prior year due to the
largest maintenance outage in Sasol Synfuels’ history as well as subsequent
instabilities experienced. Operating profits were further negatively impacted by
instabilities experienced. Operating profits were further negatively impacted by
higher feedstock and energy costs; however, these were partially offset by higher
average oil prices resulting in favourable product prices. Open cycle gas turbines
average oil prices resulting in favourable product prices. Open cycle gas turbines
were successfully commissioned during July 2010, making available an additional
200 megawatts of electricity generation capacity for the Sasol Synfuels
200 megawatts of electricity generation capacity for the Sasol Synfuels
operations, thereby significantly reducing the impact of abnormal electricity
price increases on the Sasol Synfuels’ unit cost.
price increases on the Sasol Synfuels’ unit cost.
Sasol Oil – increased sales volumes supported by higher wholesale margins
Operating profit decreased by 2% to R665 million compared with the prior year.
Operating profit decreased by 2% to R665 million compared with the prior year.
Higher sales volumes resulted from increased direct sales at service stations and
from commercial customers, in part due to the 2010 Soccer World Cup. Wholesale
from commercial customers, in part due to the 2010 Soccer World Cup. Wholesale
margins were also higher. This effect was, however, negated by the stronger
rand/US dollar exchange rate as well as by lower refining margins. During the
period, five new retail convenience centres were opened.
rand/US dollar exchange rate as well as by lower refining margins. During the
period, five new retail convenience centres were opened.
International energy cluster
Sasol Synfuels International (SSI) – increased production at Oryx GTL
SSI’s operating profit increased by 381% to R539 million compared with the prior
SSI’s operating profit increased by 381% to R539 million compared with the prior
year. This was mainly due to increased production at the Oryx gas-to-liquids (GTL)
plant in Qatar and higher crude oil prices which were partly negated by a stronger
rand/US dollar exchange rate. The Oryx GTL plant is producing well, achieving
record daily production levels, at times above 100% of design capacity, during the
first half of the 2011 financial year. The 10% debottlenecking project is being
record daily production levels, at times above 100% of design capacity, during the
first half of the 2011 financial year. The 10% debottlenecking project is being
implemented as planned.
In addition, due to various factors impacting on our participation in the EGTL
project, we have decided to partially impair our EGTL investment by R123 million
project, we have decided to partially impair our EGTL investment by R123 million
during the period.
Sasol Petroleum International (SPI) – higher oil and gas prices, improved
Mozambican volumes
Operating profit increased by 44% to R333 million compared with the prior year,
Operating profit increased by 44% to R333 million compared with the prior year,
mainly due to higher oil and gas prices and positive foreign exchange translation
effects from foreign operations. Sales volumes from our Temane operations
effects from foreign operations. Sales volumes from our Temane operations
increased; however, the favourable impact was partially offset by lower sales
volumes from our Etame venture. Exploration expenditure was higher during the
volumes from our Etame venture. Exploration expenditure was higher during the
period. Work on the expansion of the onshore gas production facilities in Pande
and Temane, Mozambique, to increase the current annual production capacity from
120 million gigajoules to 183 million gigajoules, is progressing according to
schedule.
Chemical cluster
Sasol Polymers – international polymer prices recovering
Sasol Polymers reflected an operating profit of R574 million compared with an
Sasol Polymers reflected an operating profit of R574 million compared with an
operating loss of R137 million for the prior year. Operating profit was positively
impacted by a 9% increase in production volumes from our local operations and a
impacted by a 9% increase in production volumes from our local operations and a
26% increase from our offshore operations. The recovery in international polymer
prices also contributed positively to the increase in operating profit, which was
prices also contributed positively to the increase in operating profit, which was
partially offset by the stronger rand/US dollar exchange rate. Arya Sasol Polymer
Company contributed positively with an average capacity utilisation of 71% for the
period. Our offshore operations contributed R761 million to the operating profit.
Company contributed positively with an average capacity utilisation of 71% for the
period. Our offshore operations contributed R761 million to the operating profit.
Included in operating profit is a once-off administrative penalty of R112 million
payable to the South African Competition Commission.
payable to the South African Competition Commission.
Sasol Solvents – improved margins
Operating profit increased by 116% to R440 million compared with the prior year.
This is mainly due to improved margins, resulting from higher prevailing product
This is mainly due to improved margins, resulting from higher prevailing product
prices coupled with cost savings. The increased operating profit was, however,
partially offset by a stronger rand against the US dollar. Production volumes
partially offset by a stronger rand against the US dollar. Production volumes
reflected a decline compared with the prior year as a result of scheduled outages
at production facilities.
Sasol Olefins & Surfactants (Sasol O&S) – robust demand and improved margins
Operating profit increased by 77% to R1 600 million compared with the prior year,
Operating profit increased by 77% to R1 600 million compared with the prior year,
mainly as a result of robust demand in most of the Sasol O&S markets as well as
improved margins. The increase in operating profit from our foreign operations was
partially offset by foreign currency translation effects.
improved margins. The increase in operating profit from our foreign operations was
partially offset by foreign currency translation effects.
Other chemical businesses – improved sales volumes in European and South African
wax and explosives markets
Operating profit increased by 71% to R839 million compared with the prior year.
Operating profit increased by 71% to R839 million compared with the prior year.
Sales volumes in the European and South African wax and explosives markets
improved on the back of increased demand. Lower fertiliser sales volumes were
experienced due to the impacts associated with the required exit from the retail
fertiliser business as well as inclement weather. The improvement in operating
profits was diluted by the stronger rand/US dollar exchange rate. Cost control and
fertiliser business as well as inclement weather. The improvement in operating
profits was diluted by the stronger rand/US dollar exchange rate. Cost control and
restructuring have remained a key focus area for our other chemical businesses, in
particular for Sasol Nitro.
Competition law compliance
We continue to focus on enhancing Sasol’s competition law compliance processes and
systems throughout the group.
There are matters that remain subject to investigation. The South African
Competition Commission (the Commission) has initiated investigations in respect of
Competition Commission (the 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.
piped gas, petroleum, fertiliser, wax and polymer industries.
Subsequent to the Commission having referred complaints of excessive pricing of
polypropylene and propylene in the domestic South African market and of price
fixing in respect of polypropylene to the Competition Tribunal (the Tribunal),
Sasol Polymers, a division of Sasol Chemical Industries Limited (SCI), on 14
December 2010, concluded a settlement agreement with the Commission in relation to
December 2010, concluded a settlement agreement with the Commission in relation to
its existing propylene supply agreement (the Supply Agreement) with Safripol. At
the time of concluding the Supply Agreement in 1993, neither party understood this
pricing formula to give rise to competition law concerns. However, the Commission,
pricing formula to give rise to competition law concerns. However, the Commission,
in terms of the current Competition Act, found that the pricing formula, which
required the exchange of pricing information amounts to indirect price fixing.
required the exchange of pricing information amounts to indirect price fixing.
This contravention is technical in nature and given the uncertainty surrounding
the legal position in relation to the pricing formula and the technicality of the
the legal position in relation to the pricing formula and the technicality of the
matter, it was considered prudent to settle the matter. Sasol Polymers has
therefore agreed to pay a penalty of R112 million, which represents 3% of Sasol
Polymers’ turnover derived from its sale of polypropylene products for the 2009
therefore agreed to pay a penalty of R112 million, which represents 3% of Sasol
Polymers’ turnover derived from its sale of polypropylene products for the 2009
financial year. The settlement agreement is in full and final settlement of the
Commission's allegations that the pricing formula gave rise to indirect price
Commission's allegations that the pricing formula gave rise to indirect price
fixing. Sasol Polymers and Safripol have also reached agreement on key terms that
are to govern the future monomer supply relationship between the parties, which we
are to govern the future monomer supply relationship between the parties, which we
consider to be fully compliant from a competition law perspective. The settlement
agreement was confirmed by the Tribunal on 24 February 2011.
agreement was confirmed by the Tribunal on 24 February 2011.
Sasol Polymers does not agree with the Commission's contention that the prices at
which Sasol Polymers supplies propylene and polypropylene are excessive and
consequently, the Commission's allegations in respect of excessive pricing do not
form any part of the settlement agreement concluded between the parties.
form any part of the settlement agreement concluded between the parties.
On 30 October 2009, after being advised that certain provisions in a suite of
agreements concluded between Sasol Gas, Coal, Energy and Power Resources Limited
(CEPR) and Spring Lights Gas (Pty) Limited (Spring Lights) constituted
contraventions of the Competition Act (the Act), Sasol Gas applied for leniency in
(CEPR) and Spring Lights Gas (Pty) Limited (Spring Lights) constituted
contraventions of the Competition Act (the Act), Sasol Gas applied for leniency in
terms of the Commission’s corporate leniency policy and obtained conditional
leniency. On 20 August 2010, Spring Lights concluded a settlement agreement with
the Commission in terms of which Spring Lights acknowledged the mentioned
contraventions and agreed to pay an administrative penalty of R10,8 million. The
contraventions and agreed to pay an administrative penalty of R10,8 million. The
settlement agreement was referred to the Tribunal on 1 September 2010 for
confirmation but the matter was postponed sine die to enable the Commission to
make a ruling on an exemption application of Spring Lights.
We continue to interact and cooperate with the Commission in respect of the
We continue to interact and cooperate with the 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 July 2010, we concluded an agreement with Gassnova SF, a
- In July 2010, we concluded an agreement with Gassnova SF, a
Norwegian state-owned enterprise responsible for managing
carbon capture and storage (CCS). This agreement allows us to
carbon capture and storage (CCS). This agreement allows us to
participate in the European CO2
Technology Centre Mongstad,
currently under construction in Norway.
-
In September 2010, we concluded the Ixia Coal transaction in
line with Sasol Mining’s empowerment strategy and its
commitment to comply with the objectives of the Mineral and
Petroleum Resources Development Act as well as the Mining
Charter. This transaction results in Ixia Coal Funding (Pty)
Limited, a subsidiary of Ixia Coal (Pty) Limited, acquiring a
20% shareholding in Sasol Mining for a purchase consideration
20% shareholding in Sasol Mining for a purchase consideration
of R1,8 billion.
- The recordable case rate for employees and service providers,
including injuries and illnesses, improved by 8% from 0,51 at
30 June 2010 to 0,47 at 31 December 2010. However, we have had
too many tragic incidents and a new and substantial safety
too many tragic incidents and a new and substantial safety
improvement plan is currently being implemented.
- In February 2011, we listed the Sasol BEE Ordinary shares on
the JSE Limited’s main board. This trading facility provides
many Sasol Inzalo shareholders access to a regulated market in
line with our commitment to broad-based shareholder
many Sasol Inzalo shareholders access to a regulated market in
line with our commitment to broad-based shareholder
development.
Acquisitions and projects progressing
Acquisitions in support of our GTL proposition are advancing, supported by our
Acquisitions in support of our GTL proposition are advancing, supported by our
strong cash flow generation and balance sheet which provide a solid platform for
growth:
growth:
- In December 2010, Sasol signed an agreement with Talisman
Energy Inc. (Talisman), a Canadian-based company, to acquire a
50% stake in their Farrell Creek shale gas assets located in
the Montney Basin, of British Columbia, for an amount of R7,1
billion. Talisman will retain the remaining 50% interest and
billion. Talisman will retain the remaining 50% interest and
continue as operator of the Farrell Creek assets which cover
over 51 000 acres of land and which also include associated gas
over 51 000 acres of land and which also include associated gas
gathering systems and processing facilities.
- In December 2009, the Project Application Report for the China
coal-to-liquids (CTL) plant was submitted to the Chinese
Government for approval. Pending the outcome of this decision,
all further project activities have been delayed.
- The feasibility study for the Uzbekistan GTL plant is
continuing and is expected to be completed by the end of the
third quarter of the 2011 financial year.
- The pre-feasibility study in respect of our Indian CTL project
is in its final stages.
- Sasol Solvents will begin construction of the world’s first
commercial ethylene tetramerisation unit at the Sasol O&S, Lake
Charles production site in the United States. The planned
capacity for this facility is 100 000 tons per annum of
combined 1-octene and 1-hexene which are co-monomers used in
the plastics industry. Construction is expected to begin in the
the plastics industry. Construction is expected to begin in the
2011 calendar year, with beneficial operation expected by the
middle of the 2013 calendar year.
- Construction on the wax production facility in Sasolburg, South
Africa, is progressing according to plan.
Balance sheet remains strong
Gearing at 31 December 2010 of 2,5% (30 June 2010: 1,0%) remained low as a result
Gearing at 31 December 2010 of 2,5% (30 June 2010: 1,0%) remained low as a result
of improved cash flow generation. This low level of gearing is expected to be
maintained in the short-term, but is likely to return to within our targeted range
maintained in the short-term, but is likely to return to within our targeted range
of 20% to 40% in the medium term as our large capital intensive growth programme
and gas acquisition strategy gains momentum. At the annual general meeting of 26
November 2010, shareholders renewed their authority to the Sasol directors to buy
back up to 10% of Sasol’s issued share capital (excluding the preferred ordinary
and Sasol BEE ordinary shares) for a further 12 months. No shares were repurchased
and Sasol BEE ordinary shares) for a further 12 months. No shares were repurchased
during the current period.
Profit outlook* – improved operational performance, uncertain macro economic
conditions
Signs of recovery have been seen in some developed economies, albeit at a sluggish
Signs of recovery have been seen in some developed economies, albeit at a sluggish
pace, and downside risks remain. Financial stability experienced a setback as
market volatility increased and investor confidence decreased, especially in the
market volatility increased and investor confidence decreased, especially in the
European markets with the selling off of sovereign debt. However product prices
and the demand for chemical products have shown significant improvement. Crude oil
prices have been increasing steadily supported by geopolitics in the Middle
and the demand for chemical products have shown significant improvement. Crude oil
prices have been increasing steadily supported by geopolitics in the Middle
East/North Africa and growing risks to supply, offsetting the negative impact of
the rand/US dollar exchange rate. The further strengthening of the rand/US dollar
the rand/US dollar exchange rate. The further strengthening of the rand/US dollar
exchange rate remains the single biggest external factor exerting pressure on our
profitability.
profitability.
We remain on track to deliver on our expectations for an improved operational
performance and to contain cost increases to within inflationary levels for the
full year. We anticipate that Sasol Synfuels’ production volumes will be
full year. We anticipate that Sasol Synfuels’ production volumes will be
marginally lower than that of the previous year, taking into account the major
planned maintenance outage which was undertaken in September 2010. We expect to
maintain Oryx GTL and Arya Sasol Polymer Company’s operating rates for the full
maintain Oryx GTL and Arya Sasol Polymer Company’s operating rates for the full
year. However, in light of the continuing uncertain macro economic conditions and
our assumptions in respect of improved crude oil and product prices, weaker
our assumptions in respect of improved crude oil and product prices, weaker
refining margins as well as the stronger rand/US dollar exchange rate, our focus
remains on factors within our control: volume growth, margin improvement and cost
containment. The current volatility and uncertainty of global markets makes it
remains on factors within our control: volume growth, margin improvement and cost
containment. 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 taking into account the
ongoing strength of our financial position and current capital investment plans,
ongoing strength of our financial position and current capital investment plans,
as well as the increased earnings and the improved market and economic conditions.
This approach is in line with our progressive dividend policy and our commitment
to return value to shareholders.
* In accordance with standard practice, it is noted that this information has not
been reviewed or reported on by the company’s auditors.
* 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 September 2010, we concluded the Ixia Coal transaction. This transaction
results in Ixia Coal Funding (Pty) Limited, a subsidiary of Ixia Coal (Pty)
results in Ixia Coal Funding (Pty) Limited, a subsidiary of Ixia Coal (Pty)
Limited, acquiring a 20% shareholding in Sasol Mining for a purchase consideration
of R1,8 billion. The transaction resulted in a non-controlling interest for the
Sasol group of an effective 10,2% being recognised.
Sasol group of an effective 10,2% being recognised.
Subsequent events
In January 2011, the Commission withdrew its investigation into the South African
coal mining industry.
coal mining industry.
On 1 March 2011, the suspensive conditions pertaining to the agreement with
Talisman in respect of the acquisition of a 50% stake in their Farrell Creek shale
gas assets, were fulfilled and the transaction was completed.
Changes of directors and company secretary
On 26 November 2010, Mr A Jain retired as a non-executive director of Sasol
Limited. On 1 January 2011, Messrs BP Connellan and TA Wixley retired as non-
executive directors of Sasol Limited. The company secretary, Dr NL Joubert, has
executive directors of Sasol Limited. The company secretary, Dr NL Joubert, has
been appointed the country president, Sasol Canada, and Mr VD Kahla has been
appointed as company secretary with effect from 14 March 2011.
appointed as company secretary with effect from 14 March 2011.
Declaration of cash dividend number 63
An interim cash dividend of South African R3,10 per ordinary share (2009: R2,80
per share) has been declared for the six months ended 31 December 2010. The
interim cash dividend is payable on all ordinary shares (including the Sasol BEE
per share) has been declared for the six months ended 31 December 2010. The
interim cash dividend is payable on all ordinary shares (including the Sasol BEE
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
The salient dates for holders of ordinary shares are:
Last day for trading to qualify for and
participate in the interim dividend
(cum dividend)
Friday, 1 April 2011
Trading ex dividend commences
Monday, 4 April 2011
Record date
Friday, 8 April 2011
Dividend payment date
Monday, 11 April 2011
Holders of American Depositary Receipts
1
Ex dividend on New York Stock Exchange
(NYSE)
(NYSE)
Wednesday, 6 April 2011
Record date
Friday, 8 April 2011
Approximate date for currency conversion
Tuesday, 12 April 2011
Approximate dividend payment date
Thursday, 21 April 2011
1
All dates are approximate as the NYSE sets the record date after receipt of the
dividend declaration.
On Monday, 11 April 2011, 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
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, 11 April 2011.
Share certificates may not be dematerialised or re-materialised between Monday,
4 April 2011 and Friday, 8 April 2011, both days inclusive.
On behalf of the board
Ms Hixonia Nyasulu
Chairman
Mr Pat Davies Chief executive
Mr Pat Davies Chief executive
Ms Christine Ramon
Chief financial officer
Sasol Limited
7 March 2011
The interim financial statements are presented on a condensed consolidated basis.
Statement of financial position
at
at
31 Dec
10
Reviewed
Rm
31 Dec
09
Reviewed
Rm
30 Jun
10
Audited
Rm
Assets
Property, plant and equipment
74 173
68 807
72 523
Assets under construction
23 038
18 832
21 018
Goodwill
701
790
738
Other intangible assets
1 101
1 026
1 193
Investments in associates
2 978
3 015
3 573
Post-retirement benefit assets
768
782
789
Deferred tax assets
1 003
959
1 099
Other long-term assets
2 042
2 148
1 828
Non-current assets
105 804
96 359
102 761
Assets held for sale
121
19
16
Inventories
16
337
15
898
16
472
Trade and other receivables
20 487
18 962
20 474
Short-term financial assets
40
456
50
Cash restricted for use
2 489
972
1 841
Cash
13 330
15 822
14 870
Current assets
52 804
52 129
53 723
Total assets
158 608
148 488
156 484
Equity and liabilities
Shareholders’ equity
95 876
86 317
94 730
Non-controlling interest
2 550
2 374
2 512
Total equity
98 426
88 691
97 242
Long-term debt
14 319
14 119
14 111
Long-term financial liabilities
59
66
75
Long-term provisions
7 588
5 977
7 013
Post-retirement benefit
obligations
obligations
4
529
4
565
4
495
Long-term deferred income
360
277
273
Deferred tax liabilities
11 189
9 578
10 406
Non-current liabilities
38 044
34 582
36 373
Liabilities in disposal groups
held for sale
held for sale
4
5
4
Short-term debt
1 239
4 671
1 542
Short-term financial liabilities
289
303
357
Other current liabilities
20 393
20 020
20 847
Bank overdraft
213
216
119
Current liabilities
22 138
25 215
22 869
Total equity and liabilities
158 608
148 488
156 484
Statement of cash flows
for the period ended
for the period ended
half year 31
Dec 10
Reviewed
Rm
half year 31
Dec 09
Reviewed
Rm
full year 30
Jun 10 Audited
Rm
Cash receipts from customers
66 651
55 868
118 129
Cash paid to suppliers and employees
(51 558)
(46 679)
(90 791)
Cash generated by operating
activities
activities
15 093
9 189
27 338
Finance income received
719
616
1 372
Finance expenses paid
(778)
(811)
(1 781)
Tax paid
(2 238)
(2 783)
(6 040)
Dividends paid
(4 713)
(3 654)
(5 360)
Cash retained from operating
activities
activities
8 083
2 557
15 529
Additions to non-current assets
(9 217)
(6 573)
(16 108)
Disposal of businesses
–
13
–
Additional investments in associate
–
–
(1 248)
Other net cash flows from investing
activities
activities
76
(528)
652
Cash utilised in investing
activities
(9 141)
(7 088)
(16 704)
Share capital issued
248
110
204
Contributions from non-controlling
shareholders
shareholders
27
5
9
Dividends paid to non-controlling
shareholders
(313)
(222)
(318)
Increase/(decrease) in long-term
debt
672
631
(2 567)
Decrease in short-term debt
(215)
(3)
(29)
Cash effect of financing activities
419
521
(2 701)
Translation effects on cash and cash
equivalents of foreign operations
equivalents of foreign operations
(347)
(4)
(124)
Decrease in cash and cash
equivalents
(986)
(4 014)
(4 000)
Cash and cash equivalents at
beginning of period
beginning of period
16 592
20 592
20 592
Cash and cash equivalents at end of
period
15 606
16 578
16 592
Income statement
for the period ended
half year 31
Dec 10
Reviewed Rm
half year 31
Dec 09
Reviewed Rm
full year 30
Jun 10 Audited
Rm
Turnover
67 232
58 072
122 256
Cost of sales and services rendered
(42 901)
(37 529)
(79 183)
Gross profit
24 331
20 543
43 073
Other operating income
292
264
854
Marketing and distribution
expenditure
(3 350)
(3 195)
(6 496)
Administrative expenditure
(5 612)
(4 311)
(9 451)
Other operating expenditure
(3 643)
(2 833)
(4 043)
Competition related fines
(112)
–
–
Effect of crude oil hedges
(25)
(73)
(87)
Share-based payment expenses
(1 196)
(524)
(943)
Effect of remeasurement items
(177)
(105)
46
Translation losses
(919)
(781)
(1 007)
Other expenditure
(1 214)
(1 350)
(2 052)
Operating profit
12 018
10 468
23 937
Finance income
565
626
1 332
Share of profits of associates (net
of tax)
137
57
217
Finance expenses
(983)
(996)
(2 114)
Profit before tax
11 737
10 155
23 372
Taxation
(3 953)
(3 654)
(6 985)
Profit for the period
7 784
6 501
16 387
Attributable to
Owners of Sasol Limited
7 601
6 297
15 941
Non-controlling interest in
subsidiaries
subsidiaries
183
204
446
7 784
6 501
16 387
Earnings per share
Rand
Rand
Rand
Basic earnings per share
12,68
10,54
26,68
Diluted earnings per share1
12,69
10,57
26,54
1 Diluted earnings per share are calculated taking the Sasol Share Incentive
Scheme and Sasol Inzalo share transaction into account.
Scheme and Sasol Inzalo share transaction into account.
Statement of comprehensive income
for the period ended
for the period ended
half
year 31
Dec 10
Reviewed
Rm
half
year 31
Dec 09
Reviewed
Rm
full
year 30
Jun 10
Audited
Rm
Profit for the period
7 784
6 501
16 387
Other comprehensive income
Effect of translation of foreign
operations
operations
(2 813)
(755)
(802)
Effect of cash flow hedges
(41)
50
13
Investments available-for-sale
–
4
4
Tax on other comprehensive income
19
3
8
Other comprehensive income for
the period, net of tax
the period, net of tax
(2 835)
(698)
(777)
Total comprehensive income for
the period
4 949
5 803
15 610
Attributable to
Owners of Sasol Limited
4 768
5 594
15 171
Non-controlling interests in
subsidiaries
181
209
439
4 949
5 803
15 610
Statement of changes in equity
for the period ended
half year
31 Dec 10
31 Dec 10
Reviewed
Rm
half year 31
Dec 09
Reviewed Rm
full year 30
Jun 10
Audited
Rm
Opening balance
97 242
86 217
86 217
Shares issued during period
248
110
204
Share-based payment expenses
1 017
432
880
Disposal of businesses
(4)
–
–
Change in shareholding of
subsidiaries
–
5
9
Total comprehensive income for
the period
the period
4 949
5 803
15 610
Dividends paid
(4 713)
(3 654)
(5 360)
Dividends paid to non-controlling
shareholders in subsidiaries
shareholders in subsidiaries
(313)
(222)
(318)
Closing balance
98 426
88 691
97 242
Comprising
Share capital
27 477
27 135
27 229
Share repurchase programme
(2 641)
(2 641)
(2 641)
Sasol Inzalo share transaction
(22 054)
(22 054)
(22 054)
Retained earnings
88 298
77 525
85 463
Share-based payment reserve
7 613
6 265
6 713
Foreign currency translation
reserve
reserve
(2 676)
184
137
Investment fair value reserve
5
6
5
Cash flow hedge accounting
reserve
reserve
(146)
(103)
(122)
Shareholders’ equity
95 876
86 317
94 730
Non-controlling interest in
subsidiaries
2 550
2 374
2 512
Total equity
98 426
88 691
97 242
Salient features
for the period ended
half year
31 Dec 10
31 Dec 10
half year
31 Dec 09
31 Dec 09
full year 30
Jun 10
Selected ratios
Return on equity
%
16,7*
14,8*
17,9
Return on total assets
%
16,6*
15,2*
16,9
Operating margin
%
17,9
18,0
19,6
Finance expense cover
times
16,3
13,7
14,3
Dividend cover
times
4,2
3,9
2,5
*Annualised
Share statistics
Total shares in issue
million
669,7
666,8
667,7
Treasury shares (share
repurchase programme)
repurchase programme)
million
8,8
8,8
8,8
Weighted average number of
shares
million
599,6
597,2
597,6
Diluted weighted average
number of shares
number of shares
million
614,4
614,8
615,5
Share price (closing)
Rand
346,28
298,00
274,60
Market capitalisation
Rm
231 904
198 706
183 350
Net asset value per share
Rand
160,38
145,09
159,00
Dividend per share
Rand
3,10
2,80
10,50
Other financial information
Total debt (including bank
overdraft)
overdraft)
– interest bearing
Rm
15 142
18 373
15 047
– non-interest bearing
Rm
629
633
725
Finance expense capitalised Rm
28
20
58
Capital commitments
Rm
43 662
34 202
46 497
– authorised and contracted Rm
31 840
27 272
31 553
– authorised, not yet
contracted
contracted
Rm
34 440
25 341
35 769
– less expenditure to date
Rm
(22 618)
(18 411)
(20 825)
Guarantees and contingent
liabilities
– total amount
– total amount
Rm
20 284
27 856
22 003
– liability included in the
statement of financial
position
position
Rm
10 207
14 200
10 288
Significant items in
operating profit
– employee costs
Rm
8 676
8 151
17 546
– depreciation and
amortisation of non-current
assets
assets
Rm
3 537
3 153
6 712
– share-based payment
expenses
Rm
1
196
524
943
Sasol share incentive
schemes Rm
schemes Rm
199
124
119
Sasol Inzalo share
transaction
Rm
432
400
824
Ixia Coal transaction
Rm
565
–
–
Effective tax rate1
%
33,7
36,0
29,9
Number of permanent
employees
number
32 874
33 318
33 339
Average number of employees2
number
33 845
34 118
33 394
Average crude oil price –
dated Brent
dated Brent
US$/
barrel 81,68
barrel 81,68
71,42
74,37
Average rand/US$ exchange
rate
1US$ =
Rand
7,11
7,64
7,59
Closing rand/US$ exchange
rate
rate
1US$ =
Rand 6,62
Rand 6,62
7,41
7,67
1 Decrease in effective tax rate as
a result of the decrease in foreign
tax rates in the current period.
2 Average employees’ numbers include
executive directors, employees of
subsidiary companies and our share
subsidiary companies and our share
of proportionately consolidated
entities and operations. Part time
entities and operations. Part time
employees and hired labour are
included on a full time equivalent
included on a full time equivalent
basis. People employed by
contractors are not included.
Reconciliation of headline
earnings
Rm
Rm
Rm
Profit for the period
attributable to
attributable to
owners of Sasol Limited
7 601
6 297
15 941
Effect of remeasurement
items
items
177
105
(46)
Impairment of assets
161
47
110
Reversal of impairment
(31)
–
(365)
(Profit)/loss on disposal of
business
(3)
5
5
Profit on disposal of
associate
associate
(6)
(7)
(7)
(Profit)/loss on disposal of
assets
(10)
1
(3)
Scrapping of non-current
assets
66
59
156
Write off of unsuccessful
exploration wells
exploration wells
–
–
58
Tax effects and non-
controlling interests
(3)
(29)
(19)
Headline earnings
7 775
6 373
15 876
Remeasurement items per above
Mining
(1)
4
1
Gas
7
–
–
Synfuels
34
15
58
Oil
(7)
2
10
Synfuels International
133
–
4
Petroleum International
1
–
108
Polymers
10
16
14
Solvents
32
37
58
Olefins & Surfactants
(23)
19
(344)
Other chemical businesses
(14)
8
21
Nitro
(8)
13
26
Wax
(6)
(5)
(5)
Infrachem
–
–
(1)
Merisol
–
–
1
Other businesses
5
4
24
Remeasurement items
177
105
(46)
Headline earnings per share
Rand
12,97
10,67
26,57
Diluted headline earnings
per share
per share
Rand
12,98
10,69
26,44
The reader is referred to the definitions contained in the 2010 Sasol Limited
annual financial statements.
annual financial statements.
Basis of preparation and accounting policies
The condensed consolidated interim financial results for the six months ended 31
December 2010 have been prepared in compliance with the Listings Requirements of
December 2010 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
the International Accounting Standards Board (in particular International
Accounting Standard 34 Interim Financial Reporting), the AC500 Standards as issued
by the Accounting Practices Board or its successor and the South African Companies
Act, 1973, as amended.
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 2010 and are
in terms of IFRS, except as follows:
Sasol Limited has early adopted the following standards, which did not have a
significant impact on the financial results:
- IFRS 2 (Amendment), Group Cash-settled Share-based Payment
Transactions.
- IFRS 7, Financial Instruments: Disclosures – Transfer of
financial assets.
-
Various Improvements to IFRSs.
Sasol has adopted Various Improvements to IFRSs - IAS 27, Consolidated and
Sasol has adopted Various Improvements to IFRSs - IAS 27, Consolidated and
Separate Financial Statements, effective 1 July 2010, which did not have a
significant impact on the financial results.
significant impact on the financial results.
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.
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
purchase transactions on an arm’s length basis at market rates with related
parties.
Significant changes in contingent liabilities since 30 June 2010
Significant changes in contingent liabilities since 30 June 2010
On 12 August 2010, the Commission announced that it had referred its complaints of
excessive pricing of polypropylene and propylene in the domestic South African
market against SCI and of price fixing in respect of polypropylene against SCI and
Safripol to the Tribunal for adjudication. On 14 December 2010, Sasol Polymers, a
Safripol to the Tribunal for adjudication. On 14 December 2010, Sasol Polymers, a
division of SCI, concluded a settlement agreement with the Commission in relation
to its existing propylene supply agreement with Safripol and agreed to pay a
penalty of R112 million. A liability has been recognised in this respect at 31
December 2010. (Refer to competition law compliance matters above).
December 2010. (Refer to competition law compliance matters above).
Independent review by the auditors
The condensed consolidated statement of financial position at 31 December 2010 and
the related condensed consolidated income statement, statements of comprehensive
income, changes in equity and cash flows for the six months then ended were
income, changes in equity and cash flows for the six months then ended were
reviewed by KPMG Inc.
The individual auditor assigned to perform the review is
Mr CH Basson. Their unmodified review report is available for inspection at the
Mr CH Basson. Their unmodified review report is available for inspection at the
registered office of the company.
Forward-looking statements: Sasol may, in this document, make certain statements
that are not historical facts and relate to analyses and other information which
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,
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 28 September 2010 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 under take any obligation to update or revise
any of them, whether as a result of new information, future events or otherwise.
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 28 September 2010 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 under take 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
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
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
Tel: +27 11 370-7700 Fax: +27 11 370-5271/2
Sponsor: Deutsche Securities (SA) (Pty) Limited
Directors (non-executive): Ms TH Nyasulu (Chairman), Mr C Beggs*, Mr HG Dijkgraaf
(Dutch)*, Dr MSV Gantsho*, Mr GA Lewin (Australian)*, Ms IN Mkhize*,
Mr MJN Njeke*, Prof JE Schrempp (German)^
(executive): Mr LPA Davies (Chief executive), Ms KC Ramon (Chief financial
officer), Ms VN Fakude
*Independent ^Lead independent director
*Independent ^Lead independent director
Company secretary: Dr NL Joubert
Company registration number: 1979/003231/06, incorporated in the Republic of South
Africa
JSE
NYSE
Sasol Ordinary shares:
Share code:
SOL
SSL
ISIN code:
ZAE000006896
US8038663006
Sasol BEE Ordinary shares:
Share code:
SOLBE1
ISIN code:
ZAE000151817
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,
Depositary: The Bank of New York Mellon, 22nd floor, 101 Barclay Street, New York,
NY 10286, USA
e-mail: investor.relations@sasol.com
Comprehensive additional information is available on our website: www.sasol.com
Comprehensive additional information is available on our website: www.sasol.com
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: March 7, 2011
signed on its behalf by the undersigned, thereunto duly authorized.
Date: March 7, 2011
By:
/s/ N L Joubert
Name:
Nereus
Louis
Joubert
Title:
Company
Secretary