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SOL
SOL
SOL - Sasol Expects Attributable Earnings Per Share To Increase By Between 40%
And 50%
Sasol Limited
(Incorporated in South Africa)
(Registration number: 1979/003231/06)
ISIN Code: ZAE000006896
Share Code: SOL
NYSE Code: SSL
("Sasol" or "the Company")
Sasol expects attributable earnings per share to increase by between 40% and 50%
Sasol`s attributable earnings per share for the year ended 30 June 2008 are
estimated to increase by between 40% and 50% on the comparable previous
reporting period with headline earnings per share increasing between 50% and
60%.
The increase over the guidance given at the time of the announcement of our
interim results on 10 March 2008 of `good growth compared with the 2007
financial year` is due to the weakening of the rand against the US dollar, an
increase in crude oil and product prices from the time of the announcement of
the interim results and an improvement in the overall production rate. However,
Synfuels volumes, while still envisaged to be higher than the prior year, are
expected to be lower than previously foreseen.
As pointed out in March, the earnings guidance does not take into account the
non-cash charges which will result from the Sasol Inzalo BEE transaction. As
set out in the circular dated 24 April 2008, this transaction will be presented
to shareholders for approval at a general meeting scheduled for 16 May 2008. Due
to the closing date for the Black Public invitations being extended to 5 July
2008, a large portion of the non-cash charges, previously expected to have
impacted the current year`s earnings, will now impact Sasol`s financial year
2009 earnings.
Several assumptions have been made in estimating the expected earnings increase.
These assumptions are based on the best information currently available, and
will be clarified and reviewed over the remainder of the financial year, and may
result in a change in the estimated earnings. In particular, we reported that a
material increase in capital expenditure is expected in respect of the
construction of the gas-to-liquids plant at Escravos in Nigeria in which Sasol
has a 37,5% economic interest. Recent estimates indicate an increase of the
capital cost of the project to approximately US$6 billion and a project
completion date of 2011. However, a review of the increased capital expenditure
as well as changes to other factors that impact the project economics have not
yet been completed. The outcome of this review could have an impact on this
earnings guidance.
As previously disclosed, it is reasonably possible that the European Commission
will impose a fine on members of the European paraffin wax industry including
Sasol Wax for collective anti-competitive behaviour. If such a fine is imposed
in the current financial year it could have an impact on this earnings guidance.
As indicated in the past, it is not possible to reliably estimate the quantum of
the fine at this stage.
Sasol`s financial results for the year ended 30 June 2008 will be announced on
Monday, 8 September 2008.
The above information has not been reviewed and reported on by the Company`s
auditors.
Johannesburg
13 May 2008
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited
Sasol may, in this document, make statements that are not historical facts and
relate to analyses and other information based on forecasts of future results
and estimates of amounts not yet determinable. These are forward-looking
statements as defined in the U.S. Private Securities Litigation Reform Act of
1995. Words such as "believe", "anticipate", "expect", "intend", "seek", "will",
"plan", "could", "may", "endeavor" 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 predictions,
forecasts, projections and other forward-looking statements will not be
achieved. If one or more of these risks materialize, 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 the plans, objectives, expectations, estimates and intentions
expressed in such forward-looking statements are discussed more fully in our
registration statement under the Securities Exchange Act of 1934 on Form 20-F
filed on 21 November 2007 and in other filings with the United States Securities
and Exchange Commission. Forward-looking statements apply only as of the date on
which they are made, and we do not undertake any obligation to update or revise
any of them, whether as a result of new information, future events or otherwise.
Date: 13/05/2008 10:39:01 Produced by the JSE SENS Department.
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