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Sasol Limited Trading Update
Sasol Limited ("Sasol")
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
(ISIN: ZAE000006896)
Share codes: JSE - SOL
NYSE - SSL
Sasol Limited Trading Update
When Sasol announced its financial results for the year ended 30 June 2003, it
advised in its profit outlook that `a dominating influence on overall financial
performance is expected from the rand"s relationships with major currencies. If
the prevailing strength of the rand persists, it is unlikely that rand earnings
in the new financial year will match those of the 2003 financial year".
Since then the rand has strengthened considerably and for forecasting purposes
is expected to remain at around existing levels in the forthcoming months. While
international oil prices have been slightly higher than expected, the resulting
benefit to Sasol has been much less than the major adverse impact of the strong
rand.
As a result, Sasol announces that its interim results for the six months ending
31 December 2003, will be substantially lower than the comparable result of the
previous financial year, partly also because of the weaker global trading
conditions that transpired in the recent reporting period. Because of the strong
rand, the results for the full financial year ending 30 June 2004, are also
expected to be substantially below those of the financial year ended 30 June
2003.
Other than the currency impact, the operating performance of all businesses is
considered to be satisfactory. Improvements in chemicals margins have not
materialised to the extent envisaged. The Group"s capital expansion programme is
being managed within prevailing constraints and the gearing level is within the
targeted range.
This forecast has been calculated using the same International Accounting
Standards(IAS) used in the previous year.
The Independent Accountants Report on the profit forecast is available for
inspection at the offices ofthe Sasol.
Forward-looking statements disclaimer
In this announcement we have made certain 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", "expect", "will" 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
Annual Report under the Securities Exchange Act of 1934 on Form 20-F filed on
October 27, 2003 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
Friday, November 28, 2003
Issued by: Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 28/11/2003 04:15:02 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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