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Sasol Limited - Trading Statement and cautionary announcement
Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
(ISIN: ZAE000006896)
Share codes:
JSE - SOL
NYSE - SSL
(`Sasol` or `the Company`)
Trading Statement and cautionary announcement: second half earnings expected to
be substantially better than first half earnings
When Sasol Limited released its consolidated interim financial results for the
six months ended 31 December 2003 on 8 March 2004 it advised in its profit
outlook that `the prevailing volatility of the Rand continues to make
forecasting difficult. While relatively high oil prices are expected to continue
and certain international chemical prices have strengthened, it remains likely
that earnings for the full financial year will be substantially lower than the
previous year. It is anticipated, however, that earnings in the second half-year
will be better than the first six months`.
While less volatile, the Rand : US Dollar Exchange rate has been stronger than
expected during the second six months of the financial year. However, the
adverse effect of the strong Rand was more than offset by the benefit of higher
international oil prices, an improvement in the performance of the chemical
businesses and reduced costs.
Accordingly, shareholders are advised that the result of the second half year
ending 30 June 2004 is expected to be substantially better than the first six
months of the financial year. As a result, the result for the year ended 30 June
2004, is now forecast to be materially, as opposed to substantially, lower than
the comparable result of the previous financial year.
In accordance with the rules of the JSE Securities Exchange, South Africa, the
word `material` in this context means a variance of between 10% and 30%, whereas
`substantial` means a variance of 30% or more.
The financial information on which this trading statement is based has not been
reviewed or reported on by the Group`s auditors. Shareholders are accordingly
advised to exercise caution when dealing in Sasol securities until the
publication of its financial results for the year ended 30 June 2004 during
early September 2004.
Forward-looking statement: 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 and estimates of amounts not yet determinable,
relating, amongst other things, exchange rates fluctuation to volume growth,
increases in market share, total shareholder return and cost reductions. 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`, `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, 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 October 27, 2003 and in
other filings with the United States Securities and Exchange Commission.
7 June 2004
Sponsor: Deutsche Securities (SA) (Pty) Ltd
Date: 07/06/2004 02:00:04 PM Produced by the JSE SENS Department
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