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Sasol -- clarification of financial effect
On 30 March 2007 Sasol announced that it had terminated the planned divestiture process and would retain the O&S business. The announcement indicated that the O&S business will cease to be classified as being "held-for-sale" for accounting purposes and will be shown as part of "continuing operations". As a consequence, the results of O&S have been reincorporated into continuing operations and will no longer be disclosed as a separate line item, viz discontinued operations, in the income statement. At the time of the release of the interim financial results, Sasol O&S was still categorized as an asset "held for sale" and its results reported as a discontinued operation in the financial results. The earnings growth outlook released accordingly referred to the attributable earnings outlook on "continuing operations" only. The "satisfactory earnings growth" remains the profit outlook for the full financial year if 2006 attributable earnings on continuing operations are compared to 2007 attributable earnings excluding Sasol O&S. However, mainly due to the Sasol O&S fair value write down of R2,8 billion after tax in the 2006 financial year which is not repeated in the 2007 financial year, attributable earnings per share in the 2007 financial year are expected to be between 55% and 65% higher than those achieved in the previous financial year. Headline earnings per share (which in 2006 excluded the effect of the fair value write-down) are expected to increase by between 5% and 10%. Sasol will be reporting its financial results for the year ending 30 June 2007 on 10 September 2007.
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Sasol optimistic on Chinese fuel projects
Business Report noted that Sasol was positive that two motor fuel projects in China would proceed and would need only modest government incentives. Sasol also said that it was contemplating using nuclear power at its existing production plants to cut carbon emissions.
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Sasol to double South Africa's wax output by 2013
Business Report noted that Sasol planned to double its South African output of synthetic wax, which is used to make glue and ink, by 2013. It currently produces 150 000 tons of synthetic wax at its Sasolburg plant.
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Sasol -- update on subsidiary antitrust violation
On 1 June 2007, Sasol Wax GmbH and Sasol Wax International AG, both located in Hamburg, Germany, announced they had received a statement of objections from the European Commission on 31 May 2007, setting out the results of the European Commission’s investigation into alleged anticompetitive behaviour by members of the European paraffin wax industry. According to the European Commission’s findings, the alleged violation of antitrust laws by the paraffin wax businesses in Europe had commenced before Sasol became a shareholder in that business. Furthermore, the US Department of Justice investigation into Sasol Wax and other companies active in the wax business in the US, which was announced in April 2005, has been closed. The Department of Justice informed Sasol Wax on 2 May 2007 that it had closed the investigation and would not take action against Sasol Wax.
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Sasol has competition to build first US CTL plant
Sasol has a competitor to build the first coal-to-liquids (CTL) plant in the US, according to Business Report, after a US firm announced it would build a CTL plant in Illinois. The firm claims that it will cost only USD1 billion to construct the plant, whereas a Sasol CTL plant could cost between USD5 billion and USD7 billion to build. The US government was also looking at incentives to grow its CTL industry.
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