SASOL LTD — Interim / Quarterly Report 2003

Mar 10, 2003

6-K 1 j8308_6k.htm 6-K

*SECURITIES AND EXCHANGE COMMISSION*

*Washington, D.C. 20549*

*FORM 6-K*

*Report of Foreign Private Issuer*

*Pursuant to Rule 13a -16 or 15d -16 of*

*the Securities Exchange Act of 1934*

*Report on Form 6-K for February 4, 2003*

*Sasol Limited*

*1 Sturdee Avenue*

*Rosebank 2196*

*South Africa*

(Name and address of registrant’s principal executive office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F ý Form 40-F o

Enclosures:

Consolidated interim results of Sasol Limited and declaration of dividend number 47 for the half-year ended 31 December 2002

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*SOLID PERFORMANCE OFF HIGH BASE*

• operating profit before translation effects up 35%

• world acclaim for Sasol’s high-achiever mines

• Gas-to-liquid (GTL) projects advance

• world-scale alcohols plant successfully commissioned

• New York Stock Exchange Listing

• Sasol’s corporate credit rating upgraded

**Consolidated interim results of Sasol Limited and declaration of dividend number 47 for the half-year ended 31 December 2002 reviewed by the auditors KPMG****

**Financial Overview****

Following the Sasol Group’s surging financial performances over the last three years, operating profit for the six-month interim period ended 31 December 2002 increased by a modest 4% to R7,3 billion (decreased 4% to US$728 million), compared to the result of the same reporting period in the previous year.

Attributable earnings of R4,6 billion were almost equal to, and basic earnings per share (EPS) of 751 cents, were slightly above those achieved in the previous reporting period. In US$ terms, attributable earnings decreased by 8% to US$456 million and EPS by 6% to 75 cents.

Basic headline earnings per share increased by 3% to 752 cents (decreased by 5% to US75 cents). Impairment charges of R203 million relating to the explosives facility at Brandon, Canada, and investments within Sasol Wax International were largely offset by R88 million profit after tax on the disposal of sundry assets and (net) negative goodwill amortised of R110 million.

Derived crude oil prices averaged US$22,35 and were 2% lower than in the previous reporting period. Pervasive global political and economic uncertainty adversely impacted on petrochemical markets. Margins, particularly in Europe, came under pressure and dropped significantly. The detrimental effects of these conditions affected particularly the Olefins and Surfactants business.

The rand/US$ exchange rate weakened by 8% from an average of R9,29 in the comparable reporting period to R10,03 in this reporting period. While the weaker rate had a beneficial effect on sales, the closing rate on 31 December 2002 of R8,57 was much stronger than the closing rate of preceding months and 28% stronger than the closing rate of R11,95 on 31 December 2001. This resulted in net translation losses of R974 million being charged to the income statement as a result of the revaluation of financial assets and liabilities at 31 December 2002. This compares to net translation gains in the previous reporting period of R922 million.

This represents a swing of R1,9 billion in the operating results of the group. Before taking these translation effects into account, operating profit increased by 35% from R6,1 billion to

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R8,3 billion (by 25% to US$825 million) for the six months ended 31 December 2002, compared to the results of the same reporting period in the previous year.

Financing costs rose by 23% to R529 million, mainly as a result of higher capital expenditure, which increased from R3,6 billion to R5,7 billion during the comparable periods. Financing cost cover remained satisfactory at 14 times. The increase in capital expenditure arose primarily from the Mozambique natural gas project, the Qatari and Nigerian gas-to-liquid (GTL) projects and the n-Butanol and acrylic acid projects at Sasolburg. Capital commitments at 31 December 2002 amounted to R18,7 billion.

Previous plans for a major chemical business acquisition have been shelved as the Group concentrates its resources on advancing capital projects that are focused strategically on beneficiating highly competitive feedstocks and linking the Group’s proprietary technology to low-cost hydrocarbon reserves at various locations around the world.

The share buyback programme continued, taking cognisance of Sasol’s cash position. At 31 December 2002, 8,8% (58,9 million shares) of Sasol issued share capital had been purchased at an average price of R60 per share.

Gearing, defined as interest-bearing debt less cash as a percentage of total shareholders’ equity, was 32% at 31 December 2002. Notwithstanding the Group’s exciting and aggressive growth programme, this was comfortably within the target range of 20% to 40%. During the reporting period Sasol’s corporate credit rating on long-term foreign currency was upgraded by Standard and Poor’s to BBB, which was above South Africa’s sovereign rating.

An interim dividend of 215 cents per share has been declared. This represents an increase of 7,5% over the previous interim declaration.

**Sasol Mining****

Following its spectacular profit increases in recent years, Sasol Mining increased operating profit (including capital gains of R6 million) by 10% to R708 million. Productivity improvement processes continued with vigour. It is most gratifying that this business was recently recognised at The Platts-Business Week Global Energy Awards in New York as the global coal company of the year for 2002.

**Sasol Synfuels****

Sasol Synfuels increased its operating profit by a pleasing 36% from R3 688 million to R5 023 million. While the business benefited from the weaker rand/US$ exchange rate, ongoing productivity improvement initiatives and better conversion efficiencies and yields also made a meaningful contribution. Monthly records for the production of pure synthesis gas were achieved in August and December 2002, and total production per day during the reporting period reached an all-time high.

**Sasol Chemical Industries (SCI)****

Generally, businesses within SCI experienced difficult trading conditions with some of them being exposed to severe margin pressures because of intense competition and higher energy-related feedstock costs. Before the impact of translation effects, SCI’s operating profit increased by 43% from R1 330 million to R1 898 million. Because this division carried a large portion of Sasol’s translation losses, its consolidated operating profit after translation effects decreased by 27% to R1 381 million (including capital losses of R201 million).

A highlight was the performance of Sasol Polymers, which increased operating profit by 91% to R434 million. Sasol Solvents maintained trading margins but was substantially impacted by

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translation effects. Sasol Olefins and Surfactants was adversely affected by prevailing cyclical market conditions and substantial margin pressure in its alkylates business, resulting in a material profit reduction.

Despite arduous conditions, it is noteworthy that most businesses retained or improved their customer service standards and achieved pleasing progress in terms of quality accreditation and safety performance. They are all poised to deliver more substantially once trading conditions improve and commodity chemical prices and margins recover.

**Sasol Oil and Sasol Gas****

Sasol Oil’s results were disappointing. Operating profit (including capital gains of R84 million) decreased by 39% to R565 million. The main reasons for this reduction were lower production at the Natref refinery as a result of a planned shutdown (R200 million) and unforeseen problems and delays experienced with the refinery expansion project (R200 million). Close scrutiny of circumstances during the execution of this complex expansion project highlighted role clarification and competency shortcomings within project management and the managing contractor. The refinery has since been operating at satisfactory production rates.

Sasol Gas performed according to expectations. National pipeline gas sales volumes were about 11% higher than those of the previous reporting period and profit targets were met.

**Profit Outlook****

Widespread uncertainty in global markets has been exacerbated by looming war in the Middle East and most of the world’s major economies have slowed. Predicting oil and petrochemical prices with confidence in these circumstances is challenging and perhaps imprudent. At the same time, the unexpected further strengthening of the rand to levels last experienced prior to the calamitous events of 11 September 2001, makes currency forecasting equally complex. This is evidenced by the disparate views offered by pre-eminent economists from reputable institutions whose forecasts of the rand/US$ exchange rate vary significantly.

In these depressed and volatile trading circumstances, it is likely that attributable earnings for the full financial year ending 30 June 2003 will be less than those of the previous financial year. This forecast should be viewed in the context of the highly efficient and value-adding base of financial 2002, which, for the third successive year, was a commendable record performance. Based on current views of oil prices and currencies, it is anticipated that the total dividend for the year will be the same as in the previous financial year.

The group remains poised for long-term growth.

**New York Stock Exchange Listing****

It is also announced today that Sasol Limited has filed a registration statement on Form 20F with the Securities and Exchange Commission (SEC). This registration statement has been declared effective by the SEC. Sasol Limited will therefore comply with the ongoing filing requirements of the SEC from this point. Sasol Limited intends to list on the New York Stock Exchange on 9 April 2003.

**Corporate Governance****

The Group subscribes to, affirms its commitment to and complies, in all material respects with the code on Corporate Practices and Conduct as contained in the second King Report on Corporate Governance for South Africa. Strong corporate governance structures and mechanisms are in place at Sasol and are constantly being reviewed to reflect internal corporate changes, legislative changes and national and international developments in relation to corporate governance.

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All the key principles underlying responsible and effective corporate governance practices and conduct are reflected in Sasol’s corporate governance structures and practices.

**Declaration of Interim Dividend Number 47****

The directors of Sasol Limited have declared an interim dividend of 215 cents per share (2001: 200 cents per share) for the half-year to 31 December 2002. The dividend has been declared in the currency of the Republic of South Africa.

Trading in the STRATE environment requires settlement within five business days. In accordance with the settlement procedures of STRATE, the following dates will apply to the interim dividend:

| Last day for trading to qualify for and participate
in the interim dividend (cum dividend) | Friday, 4 April 2003 |
| --- | --- |
| Trading ex dividend commences | Monday, 7 April 2003 |
| Record date | Friday, 11 April 2003 |
| Dividend payment date (electronic and certificated
register) | Monday, 14 April 2003 |

Dividend cheques in payment of this dividend to certificated shareholders will be posted to shareholders on or about Monday, 14 April 2003. Electronic payment to certificated shareholders will be undertaken simultaneously.

Shareholders who have dematerialised their share certificates will have their accounts at their Central Securities Depository Participant or Broker credited on Monday, 14 April 2003.

In the case of certificated shareholders, notice of any change of address of shareholders must reach the transfer secretaries, Computershare Investor Services Limited, on or before Friday, 4 April 2003. Share certificates may not be dematerialised or rematerialised between Monday, 7 April 2003 and Friday, 11 April 2003, both days inclusive.

By order of the board
P du P Kruger	P V Cox
Chairman	Deputy chairman and chief executive
Sasol Limited
10 March 2003

TRANSFER SECRETARIES:

Computershare Investor Services Limited

PO Box 61051 Marshalltown 2107

70 Marshall Street Johannesburg 2001

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**Notes to the Condensed Consolidated Interim Financial Statements****

A billion is defined as one thousand million.

The principal reporting currency of the Group is rand. US$ figures are presented for convenience purposes only and are translated on a line by line basis in accordance with International Financial Reporting Standards.

| Principal foreign currency conversion
rates | Half-year December 2002 | Half-year December 2001 | Year June 2002 |
| --- | --- | --- | --- |
| Rand/USD (closing) | 8,57 | 11,95 | 10,27 |
| Rand/USD (average) | 10,03 | 9,29 | 10,13 |
| Rand/euro (closing) | 9,00 | 10,63 | 10,19 |
| Rand/euro (average) | 9,95 | 8,31 | 9,08 |

**Basis of Preparation****

The condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards and in particular with the provisions of IAS 34 “Interim Financial Reporting”, the requirements of the South African Companies Act, 1973, as amended and the Listing Requirements of the JSE Securities Exchange South Africa. The policies adopted are consistent with those applied in the annual financial statements for the year ended 30 June 2002. These interim results should be read in conjunction with the 2002 annual financial statements.

These condensed consolidated interim financial statements have been prepared in accordance with the historic cost convention except for certain financial instruments which are stated at fair value. Comparative amounts have been restated where necessary to conform to current period presentation and to allow for a more meaningful comparison of performance.

The principal reporting currency of the Sasol Group is rand. This currency reflects the economic substance of the underlying events and circumstances of the Group. Figures presented in United States dollars are presented for convenience purposes only.

**Related Party Transactions****

During the period under review the company and its subsidiaries, in the ordinary course of business, entered into various sale and purchase transactions with related parties. The Group enters into these transactions on an arm’s-length basis at market rates.

*Independent review by the Auditors*

The Group’s condensed consolidated interim financial statements at 31 December 2002 and for the six months then ended have been reviewed by our auditors, KPMG Inc., who have performed their review in accordance with the statement of South African Auditing Standards applicable to review engagements. The scope of their review was to enable the auditors to report that nothing came to their attention that caused them to believe that the accompanying condensed consolidated interim financial statements are not fairly presented, in all material respects, in accordance with International Financial Reporting Standards applicable to Interim Financial Reporting and the South African Companies Act. KPMG Inc.’s unmodified review report on the condensed consolidated interim financial statements is available for inspection at the registered office of the company.

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*balance sheet*

30 June 2002 USDm		31 Dec 2001 USDm		31 Dec 2002 USDm			31 Dec 2002 Rm		31 Dec 2001 Rm		30 June 2002 Rm
						ASSETS
3 570		2 842		4 461		Property, plant and equipment	38 231		33 960		36 667
(51	)	(62	)	(43	)	Goodwill and negative goodwill	(365	)	(737	)	(518	)
180		120		220		Intangible assets	1 886		1 429		1 852
226		170		254		Other long-term assets	2 172		2 029		2 327
3 925		3 070		4 892		Non-current assets	41 924		36 681		40 328
878		751		1 096		Inventories	9 392		8 972		9 013
1 024		1 007		1 151		Trade and other receivables	9 869		12 041		10 515
23		51		8		Short-term financial assets	68		609		232
367		278		375		Cash	3 215		3 323		3 769
2 292		2 087		2 630		Current assets	22 544		24 945		23 529
6 217		5 157		7 522		TOTAL ASSETS	64 468		61 626		63 857
						EQUITY AND LIABILITIES
2 928		2 373		3 726		Total shareholders’ equity	31 931		28 363		30 070
25		13		30		Minority interest	255		156		262
529		555		567		Long-term loans	4 859		6 622		5 427
552		492		619		Long-term provisions	5 309		5 882		5 670
6		–		12		Long-term deferred income	105		–		65
531		424		594		Deferred tax	5 089		5 063		5 444
1 618		1 471		1 792		Non-current liabilities	15 362		17 567		16 606
338		431		700		Short-term loans	6 003		5 154		3 474
1 135		869		983		Other current liabilities	8 421		10 386		11 671
173		–		291		Bank overdraft	2 496		–		1 774
1 646		1 300		1 974		Current liabilities	16 920		15 540		16 919
6 217		5 157		7 522		TOTAL EQUITY AND LIABILITIES	64 468		61 626		63 857

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*income statement*

year June 2002 USDm — 6 078		half-year December 2001 USDm — 2 997		half-year December 2002 USDm — 3 392		Sales	half-year December 2002 Rm — 34 015		half-year December 2001 Rm — 27 863		year June 2002 Rm — 61 578
(3 621	)	(1 829	)	(1 960	)	Cost of sales	(19
657	)	(16 994	)	(36 688	)
2 457		1 168		1 432		Gross profit	14 358		10 869		24 890
(1 042	)	(509	)	(607	)	Operating expenses	(6 079	)	(4 744	)	(10 551	)
1 415		659		825		Operating profit before translation
effects	8 279		6 125		14 339
55		99		(97	)	Translation
(losses / gains)	(974	)	922		556
1 470		758		728		Operating profit	7 305		7 047		14 895
23		13		9		Dividends and interest received	93		119		230
3		3		3		Income from associates	30		27		31
(85	)	(46	)	(53	)	Finance costs	(529	)	(430	)	(863	)
1 411		728		687		Net income before tax	6 899		6 763		14 293
(471	)	(231	)	(223	)	Taxation	(2 241	)	(2 144	)	(4 769	)
940		497		464		Net income after tax	4 658		4 619		9 524
(3	)	(3	)	(8	)	Minority interest	(82	)	(24	)	(28	)
937		494		456		Attributable earnings	4 576		4 595		9 496
3		1		1		Goodwill amortised	13		11		33
(28	)	(13	)	(12	)	Negative goodwill amortised	(123	)	(119	)	(282	)
24		–		21		Impairment of assets	203		–		240
–		–		(9	)	(Profit)/loss on disposal of assets	(90	)	–		(4	)
(3	)	–		–		Tax effect thereon	2		–		(28	)
933		482		457		Headline earnings	4 581		4 487		9 455
						Basic
earnings per share (cents)
153		80		75		– attributable earnings basis	751		748		1 550
152		79		75		– headline earnings basis	752		731		1 544
						Diluted
earnings per share (cents)
150		79		74		– attributable earnings basis	738		737		1 519
149		77		74		– headline earnings basis	739		720		1 513
						Dividends
per share (cents)
20		20		25		– interim	215		200		200
24						– final					250
						Dividends are translated at actual rates on date of
payment. The current year is an
indicative rate only.

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*changes in equity statement*

| Balance
at beginning | half-year December 2002 Rm — 30 070 | | half-year December 2001 Rm — 22 217 | | year June 2002 Rm — 22 217 | |
| --- | --- | --- | --- | --- | --- | --- |
| Shares issued | 57 | | 37 | | 76 | |
| Shares purchased | (112 | ) | (567 | ) | (1 020 | ) |
| Attributable earnings | 4 576 | | 4 595 | | 9 496 | |
| Dividends paid | (1 524 | ) | (1 101 | ) | (2 325 | ) |
| (Decrease) /
increase in foreign currency translation reserve | (1 135 | ) | 2 636 | | 1 865 | |
| Increase in
non-trading financial assets reserve | – | | – | | 2 | |
| (Decrease) /
increase in cash flow hedge accounting reserve | (1 | ) | 546 | | (241 | ) |
| Balance
at end of year | 31 931 | | 28 363 | | 30 070 | |
| Comprising | | | | | | |
| Share capital | 2 763 | | 2 667 | | 2 706 | |
| Share buyback
programme | (3 541 | ) | (2 976 | ) | (3 429 | ) |
| Accumulated
profit | 31 869 | | 25 140 | | 28 817 | |
| Foreign currency
translation reserve | 1 080 | | 2 986 | | 2 215 | |
| Non-trading
financial assets reserve | 2 | | – | | 2 | |
| Cash flow hedge
accounting reserve | (242 | ) | 546 | | (241 | ) |
| Total
shareholders’ equity | 31 931 | | 28 363 | | 30 070 | |

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*cash flow statement*

| Cash
flow from operations | half-year December 2002 Rm — 9 139 | | half-year December 2001 Rm — 9 150 | | year June 2002 Rm — 19 157 | |
| --- | --- | --- | --- | --- | --- | --- |
| Investment
income | 103 | | 129 | | 247 | |
| (Increase) /
Decrease in working capital | (1 303 | ) | (932 | ) | 300 | |
| Finance costs paid | (529 | ) | (430 | ) | (863 | ) |
| Tax paid | (4 164 | ) | (3 178 | ) | (4 749 | ) |
| Dividends paid | (1 524 | ) | (1 101 | ) | (2 325 | ) |
| Cash
retained from operating activities | 1 722 | | 3 638 | | 11 767 | |
| Cash
utilised in investing activities | (6 215 | ) | (2 370 | ) | (8 344 | ) |
| Cash
effect of financing activities | 3 629 | | (1 247 | ) | (4 524 | ) |
| (Decrease)/increase
in cash | (864 | ) | 21 | | (1 101 | ) |
| Cash at
beginning of period | 1 995 | | 2 370 | | 2 370 | |
| Arising on
translation | (412 | ) | 932 | | 726 | |
| Cash
at end of period | 719 | | 3 323 | | 1 995 | |
| Comprising | | | | | | |
| Cash | 3 215 | | 3 323 | | 3 769 | |
| Bank overdraft | (2 496 | ) | – | | (1 774 | ) |
| | 719 | | 3 323 | | 1 995 | |

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*statement of value added*

year June 2002 USDm — 6 078		half-year December 2001 USDm — 2 997		half-year December 2002 USDm — 3 392		Sales	half-year December 2002 Rm — 34 015		half-year December 2001 Rm — 27 863		year June 2002 Rm — 61 578
(3 436	)	(1 656	)	(2 024	)	Purchased materials and services	(20
295	)	(15 382	)	(34 801	)
2 642		1 341		1 368		Value added	13 720		12 481		26 777
26		16		12		Investment income	123		146		261
2 668		1 357		1 380		Wealth created	13 843		12 627		27 038
782		391		443		Employees	4 447		3 632		7 921
229		121		160		Providers of equity capital	1 606		1 125		2 353
85		46		53		Providers of loan capital	529		430		863
461		273		228		Government	2 285		2 544		4 669
1 111		526		496		Reinvested in the Group	4 976		4 896		11 232
2 668		1 357		1 380		Wealth distribution	13 843		12 627		27 038

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*supplementary information*

		half-year December 2002	half-year December 2001	year June 2002
Selected
ratios
Return on equity	%	15,2	19,2	36,3
Return on total
assets	%	11,8	15,3	26,6
Operating profit
to sales	%	17,9	17,0	17,1
Financing cost
cover	times	14,0	16,7	17,6
Dividend cover	times	3,5	3,7	3,4
Share
statistics
Total shares in
issue	million	668,2	665,9	666,9
Net shares in
issue	million	609,3	611,8	609,0
Weighted average
number of shares	million	609,3	614,2	612,5
Fully diluted
number of shares	million	620,3	623,3	625,0
Share price (closing)	cents	10 500	10 540	11 000
Market
capitalisation	Rm	70 161	70 186	73 356
Net asset value
per share	cents	5 241	4 618	4 938
Other
financial information
Loans (including
bank overdraft)
– interest
bearing	Rm	13 310	11 766	10 612
– non-interest
bearing	Rm	48	10	63
Capital
commitments
– authorised and
contracted	Rm	7 204	8 256	7 430
– authorised,
not yet contracted	Rm	11 496	5 240	16 632
Guarantees and
contingent liabilities	Rm	11 116	9 936	10 114
Significant
items in operating profit
– employee costs	Rm	4 447	3 632	7 921
– depreciation
of property, plant and equipment	Rm	1 968	1 986	4 117
– operating
lease charges	Rm	231	194	369
Effective tax
rate	%	32,5	31,7	33,4
Number of
employees		31 100	30 250	31 100
Average crude
oil price – Brent	USD/bbl	22,35	22,84	23,24
The reader is referred to the definitions contained
in the 2002 annual financial statements.

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*Principal foreign currency conversion rates*

	Half-year December 2002	Half-year December 2001	Year June 2002
Rand/USD
(closing)	8,57	11,95	10,27
Rand/USD (average)	10,03	9,29	10,13
Rand/euro
(closing)	9,00	10,63	10,19
Rand/euro
(average)	9,95	8,31	9,08

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant, Sasol Limited, has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 7, 2003

By:
Dr N L Joubert
Company Secretary

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