kvorak wrote: Finally... somebody agrees. The reason people can't answer this question objectively is because it's the WRONG QUESTION, lol. Well said.
Feb. 5, 2010 03:47 PM EST
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Sasol Limited Interim Financial Results for the Six Months Ended 31 December 2008
By: PR Newswire
Mar. 9, 2009 01:17 AM
Comprehensive additional information is available on our website: www.sasol.com
Overview Chief executive "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 Cash of R30,8 billion generated by operating activities represents a 118% increase over the prior year comparable period. Chief financial officer "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 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 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 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 ( Sustaining Sasol into the future Pursuing sustainable development opportunities remains a focus area for Sasol:
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:
Cash conservation and targeted gearing range lowered Gearing decreased from 20,5% at 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 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 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 With effect from Subsequent events On On On 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, Share certificates may not be dematerialised or re-materialised between Friday, On behalf of the board
Hixonia Nyasulu Pat Davies Christine Ramon
Chairman Chief executive Chief financial officer
Sasol Limited Registered office: Sasol Limited, 1 Sturdee Avenue, Rosebank, Share registrars: Computershare Investor Services (Pty) Limited, 70 Marshall Street, 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*, Company secretary: NL Joubert Company registration number: 1979/003231/06, incorporated in the Republic of
JSE NYSE
Share code: SOL SSL
ISIN code: ZAE000006896 US8038663006
American depositary receipts (ADR) program: Cusip number 803866300 ADR to ordinary share 1:1 Depositary: The Bank of 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 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 The accounting policies applied in the presentation of the interim financial results are consistent with those applied for the year ended Sasol Limited has early adopted the following standards, except if otherwise stated, which did not have a 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. 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 On European Commission on Sasol Wax, who has appealed the quantum of the fine. The liability has been recognised at 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
For more information, please contact the Sasol Investor Relations team.
Sasol Investor Relations
Tel.: +27 11 441 3113 / 3563 / 3321
investor.relations@sasol.com
The interim financial statements are presented on a condensed
consolidated basis.
SASOL LIMITED GROUP
STATEMENT OF FINANCIAL POSITION
at
31-Dec-08 31-Dec-07 30-Jun-08
Reviewed Reviewed Audited
Rm Rm Rm
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 31 6 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 67
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
SASOL LIMITED GROUP
INCOME STATEMENT
for the period ended
half year half year full year
31-Dec-08 31-Dec-07 30-Jun-08
Reviewed Reviewed(2) Audited
Rm Rm Rm
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) (77) (1 782)
Effect of remeasurement items 320 304 (698)
Translation gains/(losses) 1 501 (29) 300
Other expenditure (2 935) (2 347) (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 Rand Rand
Basic earnings per share 22,17 15,05 37,30
Diluted earnings per share(1) 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
SASOL LIMITED GROUP
STATEMENT OF COMPREHENSIVE INCOME
for the period ended
half year half year full year
31-Dec-08 31-Dec-07 30-Jun-08
Reviewed Reviewed Audited
Rm Rm Rm
Profit for the period 12 974 9 567 23 528
Other comprehensive income
Effect of translation of foreign
operations 2 073 53 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 20 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
SASOL LIMITED GROUP
STATEMENT OF CHANGES IN EQUITY
for the period ended
half year half year full year
31-Dec-08 31-Dec-07 30-Jun-08
Reviewed Reviewed Audited
Rm Rm Rm
Opening balance 78 995 63 269 63 269
Net shares issued during period 1 089 262 387
Repurchase of shares (1 114) (7 300) (7 300)
Share-based payment expense 3 004 77 1,574
Disposal of business 414 - -
Acquisition of businesses - - (100)
Change in shareholding of
subsidiaries 402 73 306
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) (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
SASOL LIMITED GROUP
STATEMENT OF CASH FLOWS
for the period ended
half year half year full year
31-Dec-08 31-Dec-07 30-Jun-08
Reviewed Reviewed Audited
Rm Rm Rm
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 19 - -
Disposal of businesses 3 487 686 693
Cash disposed of on disposal of
businesses - (31) (31)
Other net cash flows from investing
activities 100 41 (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) (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 6 088
Net reclassification to held for
sale - - (772)
Cash and cash equivalents at end of
period 22 681 2 821 4 335
SASOL LIMITED GROUP
SEGMENT REPORT
for the period ended
Turnover Business Operating profit
R million unit analysis R million
full year half-year half-year half-year half-year full year
30-Jun-08 31-Dec-07 31-Dec-08 31-Dec-08 31-Dec-07 30-Jun-08
Audited Reviewed Reviewed Reviewed Reviewed Audited
South African
104 790 45 315 64 275 energy cluster 21 754 11 334 28 048
7 479 3 387 4 692 Mining 1 434 565 1 393
4 697 2 173 3 276 Gas 1 448 923 1 785
39 616 16 987 24 456 Synfuels 20 562 7 815 19 416
52 998 22 768 31 851 Oil (1 626) 2 031 5 507
- - - Other (64) - (53)
International
3 764 1 407 3 022 energy cluster 2 073 35 383
Synfuels
1 793 577 1 764 International 1 072 (274) (621)
Petroleum
1 971 830 1 258 International 1 001 309 1 004
Chemical
73 696 31 804 48 682 Cluster (133) 2 396 6 605
11 304 4 749 8 643 Polymers 1 107 497 1 511
17 182 7 331 10 568 Solvents 1 366 556 2 382
Olefins &
28 780 12 175 18 253 Surfactants 135 458 1 512
Other chemical
16 430 7 549 11 218 businesses (2 741) 885 1 200
Other
4 273 2 616 2 613 businesses* (2 210) 245 (1 220)
186 523 81 142 118 592 21 484 14 010 33 816
Intercompany
(56 580) (25 625) (35 474) turnover
129 943 55 517 83 118
* Includes share-based payment expense related to the Sasol Inzalo share
transaction
SASOL LIMITED GROUP
SALIENT FEATURES (1)
for the period ended
half-year 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 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 Rm 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 Rm 22 742 22 661 19 455
- non-interest bearing Rm 645 600 637
Finance expense capitalised Rm 42 660 1 586
Capital commitments Rm 25 983 21 605 25 048
- authorised and
contracted Rm 23 489 27 095 24 457
- authorised, not yet
contracted Rm 18 202 14 340 17 722
- less expenditure to date Rm (15 708) (19 830) (17 131)
Guarantees and contingent
liabilities
- total amount Rm 37 524 31 479 37 381
- liability included on the
statement of financial
position Rm 9 874 12 931 10 730
Significant items in
operating profit
- employee costs Rm 8 373 6 465 14 443
- depreciation and
amortisation of non-
current assets Rm 3 028 2 355 5 212
- share-based payment
expenses Rm 3 044 118 1 782
Effective tax rate(1) % 38,9 31,5 30,1
Number of employees number 34 023 32 893 33 928
Average crude oil price - US$/bar
dated Brent rel 84,75 81,83 95,51
Average rand / US$ exchange 1US$ =
rate Rand 8,88 6,94 7,30
Closing rand / US$ exchange 1US$ =
rate Rand 9,49 6,87 7,83
(1)Increase in effective tax rate as a result of the European paraffin
wax fine an share-based payment expenses which are not deductible for
tax.
SASOL LIMITED GROUP
SALIENT FEATURES (2)
for the period ended
half-year half-year full year
31-Dec-08 31-Dec-07 30-Jun-08
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 27 821
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 - 34 34
Loss on realisation of foreign
currency translation reserve - - 557
Scrapping of non-current assets 42 26 107
Tax effects and non-controlling
interest 167 7 (225)
Headline earnings 13 063 8 851 22 890
Remeasurement items per above
Mining (1) (3) 7
Gas 6 - 104
Synfuels 21 - 25
Oil - (26) (20)
Synfuels International (509) 34 396
Petroleum International - - (27)
Polymers (3) - (12)
Solvents 43 23 104
Olefins & Surfactants 79 6 (27)
Other chemical businesses 34 (229) 229
Nitro 30 (114) (199)
Wax 4 (118) 426
Other - 3 2
Other businesses 10 (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.
SOURCE Sasol Limited
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