Audited Group Results and Declaration of Dividend Number 50 of Sasol Limited for the Year Ended 30 June 2004.JOHANNESBURG Johannesburg (jōhăn`ĭsbörg', yōhä`nəsbörkh'), city (1991 pop. 1,574,631), Gauteng, NE South Africa, on the southern slopes of the Witwatersrand at an altitude of 5,750 ft (1,753 m). , South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. -- Sasol Sasol (originally Suid Afrikaanse Steenkool en Olie - South African Coal and Oil) is a South African company involved in mining, energy, chemicals and synfuels. In particular, they produce petrol and diesel profitably from coal and natural gas using Fischer-Tropsch Limited (NYSE NYSE See: New York Stock Exchange : SSL (Secure Sockets Layer) The leading security protocol on the Internet. Developed by Netscape, SSL is widely used to do two things: to validate the identity of a Web site and to create an encrypted connection for sending credit card and other personal data. ) Comprehensive Additional Information is Available on Our Website: www.sasol.com --Benefit of higher oil prices --Adverse impact of stronger rand substantially reduces rand attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk earnings --Attributable earnings per share expressed in US dollars equal to previous year --Capital projects successfully advanced --Significant improvement in second half of year - further earnings growth anticipated --Dividend maintained Stronger rand - lower earnings Profits were again adversely affected by the stronger rand and margin pressures in a challenging international trading environment. From an operational perspective, most of Sasol's businesses performed satisfactorily with several production records and productivity improvements being achieved. The average exchange rate during the financial year of R6,88 : US$1,00 was 24% stronger than the previous year. Including the effect of lower translation losses at the end of the period (R1,0 billion versus R1,7 billion), the net adverse impact on operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of the strong rand amounted to about R6,0 billion. The associated impact on attributable earnings was R4,2 billion or about 686 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Higher average international oil prices (dated Brent Brent, outer borough (1991 pop. 226,100) of Greater London, SE England. The area is a rail and industrial center. Its manufactures include automobile parts, clocks and watches, and electrical equipment. US$31,30 versus US$27,83) and the benefit of cost reductions and productivity improvements partly offset the drastic impact of the stronger rand. Attributable earnings per share of 974 cents was 24% lower than earnings of the previous comparable reporting period. Headline earnings Headline Earnings A basis for measuring earnings per share implemented by the Institute of Investment Management and Research. This method accounts for all the profits and losses from operational, trading, and interest activities, that have been discontinued or acquired at any per share of 934 cents was 27% lower. In US dollar terms, attributable earnings per share of 142 cents was equal to the comparable result of the previous reporting period. It was anticipated when the first half-year results were announced that the attributable earnings of the second half of the financial year would be much better than the first half. Attributable earnings in the second half was 39% higher than the first half, and 16% higher than the comparable second half of the previous financial year. During the year, impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges of R342 million were partially offset by net profits of R207 million achieved on disposal of assets, relating mainly to non-performing or non-core activities in the chemicals portfolio. This was further offset by a gain of R108 million realised on the dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. of our interest in Sasol Oil in terms of the consideration paid by way of shares for our purchase of Exel Exel plc is a British based logistics company. Its headquarters are in Bracknell to the west of London. It operates in over a hundred countries. Turnover for the year to 31 December 2004 was £6.239 billion. Petroleum. Provisions relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc environmental rehabilitation rehabilitation: see physical therapy. and likely retrenchment re·trench·ment n. The cutting away of superfluous tissue. costs amounting to R138 million were made in Sasol Nitro. Capital expenditure on property, plant and equipment amounted to R10,9 billion. The main projects advanced or completed were: --the Mozambique Mozambique, city, Mozambique Mozambique, city: see Moçambique. Mozambique, country, Africa Mozambique (mō'zəmbēk`), officially Republic of Mozambique, republic (2005 est. pop. Natural Gas project - gas reached Secunda
Secunda is a fairly new town built around coalfields in Mpumalanga, South Africa. It was named for being the second extraction refinery for oil from coal after Sasolburg. and Sasolburg Sasolburg is a large industrial town in the Free State province of South Africa. The town was established in the 1950s in order to provide housing and facilities for Sasol (South African Coal, Oil and Gas) employees. through the 865 kilometre pipeline from Mozambique, in February February: see month. and June June: see month. 2004, respectively; --Project Turbo - the fuels enhancement and polymers expansion project which is scheduled for commissioning as from the last quarter of 2005; --the GTL GTL - Gunning Transceiver Logic fuels projects - in Qatar Qatar or Katar (both: kŭ`tər, gŭ–, kətär`), officially State of Qatar, independent emirate (2005 est. pop. 863,000), c. , which is scheduled for start-up Start-up The earliest stage of a new business venture. during the first quarter of 2006, and in Nigeria Nigeria (nījĭr`ēə), officially Federal Republic of Nigeria, republic (2006 provisional pop. 140,003,542), 356,667 sq mi (923,768 sq km), W Africa. where the engineering bids are presently being evaluated; --the Arya ARYA Atherosclerosis Risk in Young Adults Sasol Polymers joint venture to build a world-scale ethane ethane (ĕth`ān), CH3CH3, gaseous hydrocarbon. It is a continuous-chain alkane. As a constituent of natural gas, it is used for fuel. It can be prepared by cracking and fractional distillation of petroleum. cracker (1) A person who breaks into a computer system without authorization, whose purpose is to do damage (destroy files, steal credit card numbers, plant viruses, etc.). Because a cracker uses low-level hacker skills to do cracking, the terms "cracker" and "hacker" have become and polyethylene polyethylene (pŏl'ēĕth`əlēn), widely used plastic. It is a polymer of ethylene, CH2=CH2, having the formula (-CH2-CH2-)n plants in Iran, which are scheduled for commissioning from the fourth quarter of 2005; and --the acrylic acid acrylic acid /acryl·ic ac·id/ a readily polymerizing liquid used as a monomer for acrylic polymers. project at Sasolburg which was commissioned during the first quarter of 2004. At 30 June 2004, gearing (net debt as a percentage of shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. ) was 41% which was within the company's targeted range of 30% to 50%. The total dividend declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. for the year of R4,50 is equivalent to that of the previous reporting period and reflects a dividend cover of 2,2. Operating profit of R9 314 million was 22% below the comparable result of the previous year. The contribution of the major businesses is summarised as follows: Sasol Mining The operating profit of Sasol Mining of R1 177 million was slightly lower than the previous year. The benefit of higher export coal prices was more than offset by the adverse impact of the stronger rand. Coal production was higher mainly because of increased demand from Sasol Synfuels. Continuous miner productivity improved by 4% and unit cash cost per ton mined was again well controlled and equal to the previous year. Sasol Synfuels The operating profit of Sasol Synfuels of R5 515 million was severely impacted by adverse currency effects, partly offset by the benefit of higher oil prices. Output increased by about 5% partly because of improved operational stability resulting from natural gas from Mozambique being introduced to supplement synthesis gas synthesis gas n. A mixture of gases made as feedstock, especially a fuel produced by controlled combustion of coal in the presence of water vapor. feed. After some years of rand cash costs per unit of production increasing, new initiatives resulted in these costs reducing on a year-on-year basis by about 3%. Sasol Liquid Fuels Business The benefit of high oil prices was offset by the adverse effect of the stronger rand. The operating profit of R1 429 million was only slightly higher than the previous financial year. New supply arrangements to replace the Main Supply Agreements that expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. at the end of 2003 were put into place with the other oil companies. The roll-out of the new Sasol retail network progressed according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. plan. Sasol Gas The operating profit of Sasol Gas reduced by 14% to R387 million. While sales were satisfactory, once-off costs were incurred in changing the gas supply networks to customers from hydrogen-rich gas to natural gas piped from Mozambique. Sasol Synfuels International The roll-out of the GTL fuels strategy continued during the year. Start-up of our first facility in Qatar is expected during the first quarter of 2006. The operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of R138 million is less than the previous year mainly because of a reduction in overhead costs overhead costs see fixed costs. . Sasol Olefins and Surfactants The poor performance of the alkylates and monomers business seriously impacted the division and an operating loss of R46 million was incurred. The alkylates business again could not fully recover the increased cost of oil-derivative feedstocks which reached unprecedented levels in the year. The monomers business, which is primarily South Africa-based, was adversely affected by the strong rand and also incurred an operating loss. The other businesses in the division performed satisfactorily. Sasol Polymers The operating profit of R971 million was 9% higher than the previous reporting period. The benefits of higher international polymer prices, productivity improvements and the better performance of the division's Malaysian investments were mostly offset by the adverse effects of the stronger rand. Sasol Solvents Primarily because of its significant exports, the division's performance was materially affected by adverse currency effects and operating profit dropped by 69% to R135 million. Excluding currency effects, the division's performance in US dollar terms met expectations. The new acrylates complex at Sasolburg was successfully commissioned during the year. Other The significant reduction in the operating profit of this segment was mainly due to effects of the stronger rand, as well as environmental rehabilitation and retrenchment expenses provided for in Sasol Nitro. Profit outlook It is likely that the momentum of the improvement achieved in the second half of the financial year ended 30 June 2004 will continue and a material increase in earnings in the new financial year is probable, although our performance will remain sensitive and vulnerable to the volatility of currencies, oil prices and chemical margins. This profit outlook has not been reviewed by our auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together . Basis of preparation and accounting policies The group's condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for the year ended 30 June 2004 have been prepared in compliance with the Listings Requirements of the JSE JSE See: Johannesburg Stock Exchange Securities Exchange South Africa, International Financial Reporting Standards International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). (IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System ) and the South African Companies This is a list of companies in South Africa. Accounting
v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . The accounting policies applied are consistent with those applied in the previous year and have been prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the historic cost convention except for certain financial instruments which are stated at fair value. The principal reporting currency Reporting Currency The currency used in published reports and financial documents. Notes: All annual and quarterly reports state the currency in which their results are listed. of the Sasol group is rand. This currency reflects the economic substance of the underlying events and circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or of the group. US$ figures are presented for the balance sheet and income statement for convenience purposes only. Financial statements in accordance with US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). will be included in the Annual Report under Form 20-F filed under the Securities and Exchange Act of 1934 which will be distributed to holders of American Depositary Receipts American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. by the end of October October: see month. 2004. Related party transactions The group, in the ordinary course of business, enters into various sale and purchase transactions on an arm's length arm's length adj. the description of an agreement made by two parties freely and independently of each other, and without some special relationship, such as being a relative, having another deal on the side or one party having complete control of the other. basis at market rates with related parties. Significant acquisitions and disposals of businesses Subsidiaries: With effect from 1 July July: see month. 2003 Sasol Italy Italy (ĭt`əlē), Ital. Italia, officially Italian Republic, republic (2005 est. pop. 58,103,000), 116,303 sq mi (301,225 sq km), S Europe. S.p.A. acquired the remaining 48% shares in G.D. Portbury Limited (Dubai Dubai (d  bī`), sheikhdom (1995 pop. 674,101), c.1,500 sq mi (3,890 sq km), part of the federation of seven United Arab Emirates, SE Arabia, on the Persian Gulf. ) trading as Sasol
Gulf.With effect from 1 January January: see month. 2004 Sasol acquired the remaining 77,5% of Naledi Petroleum Holdings (Pty) Limited, the holding company of Exel Petroleum (Pty) Limited. The purchase price was settled by the issue of 22 shares in Sasol Oil (Pty) Limited (representing 2% of the issued shares of the company) to some of the previous shareholders of Naledi Petroleum Holdings (Pty) Limited and a cash consideration. On 30 June 2004, Sasol Chemie GmbH GmbH Gesellschaft mit Beschränkter Haftung (German: limited liability company; business entity) and Co KG disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. of its interest in Sasol Servo An electromechanical device that uses feedback to provide precise starts and stops for such functions as the motors on a tape drive or the moving of an access arm on a disk. B.V. Joint ventures: With effect from 1 November November: see month. 2003 Sasol acquired a 50% interest in Sasol Huntsman GmbH & Co KG. This transaction formed part of the original acquisition of the Sasol Chemie business from RWE-DEA. Sasol Investment Company (Pty) Ltd sold its 50% interest in Sasol Roche n. 1. Rock. Blasting Services Pty Ltd PTY LTD Propriety Limited (company structure in Australia) to Roche Mining Pty Ltd effective February 2004. Post-balance sheet date events During April 2004, 30 000 barrels of crude oil a day (being approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 20% of Synfuels volume production) was sold forward for the period June 2004 to May 2005 at a weighted average price of US$31,85/bbl by way of over-the-counter (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ) Brent crude Brent Crude is one of the major classifications of oil consisting of Brent Crude, Brent Sweet Light Crude, Oseberg and Forties. Brent Crude is sourced from the North Sea. The Brent Crude oil marker is also known as Brent Blend, London Brent and Brent petroleum. oil swaps. Subsequent to year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. , the hedge was extended by a further 15 000 barrels a day for the period August 2004 to May 2005. The total hedging activity amounts to 45 000 barrels a day (equivalent to approximately 30% of Synfuels' production) at a weighted average Brent crude oil price of US$33,12/bbl. Further to the cautionary announcement below, it is envisaged that the new liquid fuels business will be effected by way of a joint venture in which Sasol and Petrolium Nasional Berhad (Petronas) will each have an equal 37,5 percent interest and in which Black Economic Empowerment Black Economic Empowerment (BEE) is a program launched by the South African government to redress the inequalities of Apartheid by giving previously disadvantaged groups (black Africans, Coloureds and Indians) economic opportunities previously not available to them. (BEE bee, name for flying insects of the superfamily Apoidea, in the same order as the ants and the wasps. Bees are characterized by their enlarged hind feet, typically equipped with pollen baskets of stiff hairs for gathering pollen. ) partners (both existing and new) will hold a combined 25 percent interest. The parties plan to conclude definitive agreements concerning the joint venture during the last quarter of 2004. A further announcement will be made at the conclusion of this process. Definitive agreements will be subject to regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approval which it is hoped will be completed during the first quarter of 2005. On 1 September September: see month. 2004, an explosion at the Sasol Polymers' ethylene ethylene (ĕth`əlēn') or ethene (ĕth`ēn), H2C=CH2, a gaseous unsaturated hydrocarbon. It is the simplest alkene. plant in Secunda occurred for which we again express our sympathy to those affected. This will not affect fuel production although polymers production will be affected in the short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. . The incident is being investigated and further information will be issued once it becomes available. Principal foreign currency conversion rates ---------------------------------------------------------------------- One unit of foreign currency equals rand: 30 June 2004 30 June 2003 ---------------------------------------------------------------------- Rand/US$ (closing) 6,21 7,50 ---------------------------------------------------------------------- Rand/US$ (average) 6,88 9,03 ---------------------------------------------------------------------- Rand/euro (closing) 7,57 8,63 ---------------------------------------------------------------------- Rand/euro (average) 8,19 9,41 ---------------------------------------------------------------------- Independent audit by KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen Inc. The group's condensed consolidated financial statements have been derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from the group's audited consolidated financial statements at 30 June 2004 and for the year then ended. Our auditors, KPMG Inc., have audited the consolidated financial statements in accordance with Statements of South African Auditing Standards. A copy of their unqualified audit report is available for inspection at the registered office of the company. Declaration of dividend number 50 The directors of Sasol Limited have declared a final dividend of 235 cents per share (2003: 235 cents per share) for the year ended 30 June 2004. The dividend has been declared in the currency of the Republic of South Africa. The salient dates are: To holders of ordinary shares: ---------------------------------------------------------------------- Last day for trading to qualify for and participate in the dividend (cum dividend) Friday, 1 October 2004 ---------------------------------------------------------------------- Trading ex dividend commences Monday, 4 October 2004 ---------------------------------------------------------------------- Record date Friday, 8 October 2004 ---------------------------------------------------------------------- Dividend payment date(electronic and certificated register) Monday, 11 October 2004 ---------------------------------------------------------------------- On 11 October 2004, dividends due to certificated shareholders on the South African Registry The configuration database in all 32-bit versions of Windows that contains settings for the hardware and software in the PC it is installed in. The Registry is made up of the SYSTEM.DAT and USER.DAT files. Many settings previously stored in the WIN.INI and SYSTEM. will either be electronically transferred to shareholders' bank accounts or, in the absence of suitable mandates, dividend cheques will be posted to such shareholders. Shareholders who have dematerialised their share certificates will have their accounts at their Central Securities Depository Participant In India, a depository participant is a market intermediary between the depository (generally NSDL) and investors. References
Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , 8 October 2004, both days inclusive (theory) inclusive - In domain theory, a predicate P : D -> Bool is inclusive iff For any chain C, a subset of D, and for all c in C, P(c) => P(lub C) In other words, if the predicate holds for all elements of an increasing sequence then it holds for their least upper .
To holders of American Depositary Receipts
----------------------------------------------------------------------
Ex dividend on New York Stock Exchange Wednesday, 6 October 2004
----------------------------------------------------------------------
Record date Friday, 8 October 2004
----------------------------------------------------------------------
Approximate date for currency conversion Thursday, 12 October 2004
----------------------------------------------------------------------
Approximate dividend payment date Thursday, 21 October 2004
----------------------------------------------------------------------
On behalf of the board
P du P Kruger P V Cox
Chairman Deputy chairman & chief executive
Sasol Limited, 7 September 2004
Cautionary announcement Further to the cautionary announcement dated 19 February 2004 by Sasol and Petronas concerning the proposed combination of their respective interests in Sasol's liquid fuels business and Engen ENGEN Enabling Next Generation Mechanical Design in a joint venture to create a leading South African liquid fuels business, Sasol shareholders are advised that the parties are still involved in negotiations which, if successfully concluded, may have a material effect on the price of Sasol's securities. Shareholders are accordingly advised to continue exercising caution when dealing in Sasol securities until a full announcement is made. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : In this report we make certain statements that are not historical facts and relate to analyses and other information based on forecasts of future results not yet determinable Liable to come to an end upon the happening of a certain contingency. Susceptible of being determined, found out, definitely decided upon, or settled. determinable adj. , relating, amongst other things, to exchange rate fluctuations, volume growth, increases in market share, total shareholder return and cost reductions. These are forward-looking statements as defined in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Words such as "believe", "anticipate", "intend", "seek", "will", "plan", "could", "may", "endeavour" and "project" and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. Forward-looking statements involve inherent risks and uncertainties and, if one or more of these risks materialise Verb 1. materialise - come into being; become reality; "Her dream really materialized" materialize, happen hap, happen, occur, come about, take place, go on, pass off, fall out, pass - come to pass; "What is happening?"; "The meeting took place off without , or should underlying assumptions prove incorrect, actual results may be very different from those anticipated. The factors that could cause our actual results to differ materially from such forward-looking statements are discussed more fully in our most recent annual report under the Securities Exchange Act of 1934 on Form 20-F filed on 27 October 2003 and in other filings with the United States Securities and Exchange Commission. Please note: A billion is defined as one thousand million
Registered office: Sasol Limited, 1 Sturdee Avenue, Rosebank,
Johannesburg 2196, PO Box 5486, Johannesburg 2000
Share registrars: Computershare Investor Services 2004 (Pty) Limited,
70 Marshall Street, Johannesburg 2001. PO Box 1053, Johannesburg 2000,
South Africa. Tel: +27 11 370-7700. Fax: +27 11 370 5271/2
Company registration number: 1979/003231/06 , Incorporated in the
Republic of South Africa
ISIN code: ZAE000006896
Share codes: JSE-SOL NYSE-SSL
American depositary receipt (ADR) program: Cusip number 543210 ADR to
ordinary share 1:1
Depositary: The Bank of New York, 22nd floor, 101 Barclay Street, New
York, N.Y. 10286, U.S.A.
Directors (non-executive): P du P Kruger (Chairman), E le R Bradley, W
A M Clewlow, B P Connellan, J H Fourie, M S V Gantsho, A Jain
(Indian), S Montsi, S B Pfeiffer (USA), J E Schrempp (German), C B
Strauss (Executive): P V Cox (Deputy chairman and chief executive), L
P A Davies, T S Munday
Company secretary: N L Joubert
Contact Persons for Sasol:
Cavan Hill, Investor Relations Manager Tel: +27 11 441 3563/Fax: +27
11 441 3481, E-mail: cavan.hill@sasol.com
Brian Mackinnon, Manager Financial Information and Communication
Tel: +27 11 441 3321, E-mail: brian.mackinnon@sasol.com
Enrico Ganter, Investor Relations Manager
Tel: +44 7979 517 192, E-mail: enrico.ganter:sasol.com
website: www.sasol.com
general e-mail: investor.relations@sasol.com
balance sheet
at 30 June
2003 2004 2004 2003
US$ m US$ m R m R m
----------------------------------------------------------------------
ASSETS
5 652 7 545 Property, plant, equipment 46 858 42 363
(42) 15 Goodwill and negative goodwill 92 (314)
274 360 Intangible assets 2 236 2 051
60 39 Post-retirement benefit assets 239 451
26 49 Deferred tax assets 306 194
237 302 Other long-term assets 1 877 1 777
--------------- ---------------
6 207 8 310 Non-current assets 51 608 46 522
--------------- ---------------
1,167 1,335 Inventories 8 292 8 748
1,399 1,767 Trade and other receivables 10 971 10 486
2 4 Short-term financial assets 25 12
89 85 Restricted cash 527 665
425 332 Cash 2 063 3 186
--------------- ---------------
3,082 3,523 Current assets 21 878 23 097
--------------- ---------------
--------------- ---------------
9,289 11,833 TOTAL ASSETS 73 486 69 619
--------------- ---------------
EQUITY AND LIABILITIES
4,472 5,640 Shareholders' equity 35 027 33 518
--------------- ---------------
40 60 Minority interest 373 300
--------------- ---------------
611 1,467 Long-term debt 9 110 4 581
332 380 Long-term provisions 2 362 2 486
345 439 Post-retirement benefit obligations 2 724 2 589
13 38 Long-term deferred income 237 96
816 929 Deferred tax liability 5 768 6 113
--------------- ---------------
2,117 3,253 Non-current liabilities 20 201 15 865
--------------- ---------------
865 526 Short-term debt 3 265 6 481
1,359 1,692 Other current liabilities 10 507 10 187
436 662 Bank overdraft 4 113 3 268
--------------- ---------------
2,660 2,880 Current liabilities 17 885 19 936
--------------- ---------------
--------------- ---------------
9,289 11,833 TOTAL EQUITY AND LIABILITIES 73 486 69 619
--------------- ---------------
----------------------------------------------------------------------
income statement
for the year ended 30 June
2003 2004 2004 2003
US$ m US$ m R m R m
----------------------------------------------------------------------
7 149 8 747 Turnover 60 151 64 555
Cost of sales and services
(4,357) (5,641) rendered (38,794) (39,347)
--------- ---------
2 792 3 106 Gross profit 21 357 25 208
67 50 Non-trading income 343 604
Marketing and distribution
(551) (716) expenditure (4,920) (4,977)
-------- --------
(488) (544) Administrative expenditure (3,744) (4,407)
-------- --------
(312) (391) Other operating expenditure (2,687) (2,809)
-------- --------
(189) (151) Translation losses (1,035) (1,708)
--------- ---------
1 319 1 354 Operating profit 9 314 11 911
18 28 Dividends and interest received 190 167
7 17 Income from associates 117 60
Borrowing costs (net of amounts
(25) (64) capitalised) (439) (225)
--------- ---------
1 319 1 335 Net income before tax 9 182 11 913
(444) (461) Taxation (3,175) (4,007)
--------- ---------
875 874 Net income after tax 6 007 7 906
(10) (10) Minority interest (67) (89)
----------------- -----------------
865 864 Attributable earnings 5 940 7 817
----------------- -----------------
Basic earnings per share (cents)
142 142 - attributable earnings basis 974 1 283
142 136 - headline earnings basis 934 1 280
----------------- -----------------
Diluted earnings per share
(cents)*
140 140 - attributable earnings basis 964 1 262
139 134 - headline earnings basis 925 1 259
----------------- -----------------
Dividends per share (cents)
27 33 - interim 215 215
31 38 & - final 235 235
----------------- -----------------
58 71 450 450
----------------- -----------------
* Taking the Sasol Share Incentive Scheme into account.
& Subject to exchange rate ruling on payment date
The US dollar convenience translation is calculated on a line by line
basis in accordance with International Financial Reporting Standards.
----------------------------------------------------------------------
changes in equity statement (condensed)
for the year ended 30 June
2004 2003
R m R m
----------------------------------------------------------------------
Opening balance 33 518 31 315
Shares issued 109 77
Shares repurchased (33) (185)
--------
Attributable earnings 5 940 7 817
Dividends paid (2,745) (2,835)
--------
Decrease in foreign currency translation reserve (1,217) (2,570)
--------
Decrease in cash flow hedge accounting reserve (545) (101)
--------
-----------------
Closing balance 35 027 33 518
-----------------
Comprising
Share capital 2 892 2 783
Share repurchase programme (3,647) (3,614)
--------
Accumulated earnings 38 236 35 041
Foreign currency translation reserve (1,569) (352)
--------
Non-trading financial assets reserve 2 2
Cash flow hedge accounting reserve (887) (342)
--------
-----------------
Total shareholders' equity 35 027 33 518
-----------------
----------------------------------------------------------------------
cash flow statement (condensed)
for the year ended 30 June
----------------------------------------------------------------------
2004 2003
R m R m
----------------------------------------------------------------------
Cash receipts from customers 59,952 64,496
Cash paid to suppliers and employees (44,801) (48,499)
-------- --------
Cash generated by operating activities 15,151 15,997
Investment income 230 178
Borrowing costs paid (1,384) (1,286)
Dividends paid (2,745) (2,835)
Tax paid (3,963) (5,527)
-----------------
Cash available from operating activities 7,289 6,527
-----------------
Additions to property, plant and equipment (10,888) (10,272)
Acquisition of businesses (555) (155)
Cash acquired on acquisition of businesses 163 119
Disposal of businesses 283 -
Other net expenditure in investing activities (31) (413)
-----------------
Cash utilised in investing activities (11,028) (10,721)
-----------------
Share capital issued 109 77
Share repurchase programme (33) (185)
Dividends paid to minority shareholders (37) (65)
Contributions from minority shareholders 75 -
Increase in long-term loans 4,386 122
(Decrease) / increase in short-term loans (2,616) 3,088
-----------------
Cash effect of financing activities 1,884 3,037
-----------------
Effect of translation of cash of foreign entities (251) (255)
-----------------
Decrease in cash and cash equivalents (2,106) (1,412)
Cash and cash equivalents at beginning of year 583 1,995
-----------------
Cash and cash equivalents at end of year (1,523) 583
-----------------
Comprising
- restricted cash 527 665
- cash 2,063 3,186
- bank overdraft (4,113) (3,268)
-----------------
(1,523) 583
-----------------
value added statement
for the year ended 30 June
2004 2003
R m R m
----------------------------------------------------------------------
Sales 60 151 64 555
Purchased materials and services (37,085) (39,066)
-----------------
Value added 23 066 25 489
Investment income 307 227
-----------------
Wealth created 23 373 25 716
-----------------
Employees 8 731 9 055
Providers of equity capital 2 812 2 924
Providers of loan capital 439 225
Government 3 421 3 651
Reinvested in the group 7 970 9 861
-----------------
Wealth distribution 23 373 25 716
-----------------
----------------------------------------------------------------------
salient features
----------------------------------------------------------------------
2004 2003
----------------------------------------------------------------------
Selected ratios
Return on equity % 17.3 24.1
Return on total assets % 13.4 17.9
Operating margin % 15.5 18.5
Borrowing cost cover times 7.0 9.4
Dividend cover times 2.2 2.9
----------------------------------------------------------------------
Share statistics
Total shares in issue million 671.3 668.8
Treasury shares (share repurchase million
programme) 60.1 59.7
Weighted average number of shares million 610.0 609.3
Fully diluted number of shares million 616.2 619.6
Share price (closing) cents 9,610 8,355
Market capitalisation R m 64,509 55,878
Net asset value per share cents 5,731 5,503
----------------------------------------------------------------------
Other financial information
Total debt (incuding bank overdraft)
- interest bearing R m 16,448 14,289
- non-interest bearing R m 40 41
Capital commitments
- authorised and contracted R m 10,383 9,562
- authorised, not yet contracted R m 14,397 8,510
Guarantees and contingent liabilities
- total amount R m 25,835 16,313
- outstanding balance sheet exposure R m 9,759 5,155
Significant items in operating profit
- employee costs R m 8,731 9,055
- depreciation of property, plant and R m
equipment 4,723 4,468
- operating lease charges R m 350 378
Directors' remuneration R m 22 29
Share options granted to directors -
cumulative '000 1,451 1,450
Effective tax rate % 34.8 33.6
Employees number 30,910 31,150
Average crude oil price - dated Brent US$/bbl 31.30 27.83
Average rand/US$ exchange rate 1US$ =
rand 6.88 9.03
----------------------------------------------------------------------
Reconciliation of headline earnings
Attributable earnings 5,940 7,817
Impairment of assets 342 83
(Profit) / loss on disposal of assets (341) 90
--------
Scrapping of property, plant and equipment 26 69
Amortisation of goodwill 21 42
Amortisation of negative goodwill (225) (301)
-------- --------
Tax effect on reconciling items (65) (2)
-----------------
Headline earnings 5,698 7,798
-----------------
----------------------------------------------------------------------
The reader is referred to the definitions contained in the 2003 Sasol
Limited annual financial statements.
----------------------------------------------------------------------
2003 2004 2004 2003
----------------------------------------------------------------------
Turnover Business unit Operating profit
R million R million
----------------------------------------------------------------------
1,013 1,083 Mining 1,177 1,277
1,210 1,329 Synfuels 5,515 7,418
19,460 18,554 Liquid fuels business 1,429 1,402
1,480 1,389 Gas 387 451
7 7 Synfuels International (138) (180)
----------
19,543 17,133 Olefins & surfactants (46) 67
----------
6,245 6,576 Polymers 971 890
5,950 5,956 Solvents 135 436
9,647 8,124 Other (89) 392
--------------------- ---------------------
64,555 60,151 9,341 12,153
---------------------
Capital items (27) (242)
---------------------
9,314 11,911
---------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
Turnover Geographic analysis Operating profit
R million R million
----------------------------------------------------------------------
31,136 28,954 South Africa 7,932 10,896
1,959 3,062 Rest of Africa 204 15
17,149 15,632 Europe 1,164 781
Middle East, India, Far
3,710 3,509 East 277 453
8,809 7,060 North America (303) (229)
----------
697 723 South America 4 7
1,095 1,211 Southeast Asia 36 (12)
--------------------- ---------------------
64,555 60,151 9,314 11,911
--------------------- ---------------------
----------------------------------------------------------------------
2000 2001 2002 2003 2004
----------------------------------------------------------------------
Turnover R billion 25.8 40.8 59.6 64.6 60.2
----------------------------------------------------------------------
----------------------------------------------------------------------
Operating profit R billion 6.3 10.6 14.8 11.9 9.3
----------------------------------------------------------------------
----------------------------------------------------------------------
Attributable earnings per share cents 620 1136 1603 1283 974
Dividend per share cents 220 320 450 450 450
----------------------------------------------------------------------
----------------------------------------------------------------------
Gearing % 5.6 28.2 25.1 33.2 41.2
----------------------------------------------------------------------
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion