Edgar Filing: SASOL LTD

Page 1

NITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K for September 07, 2015

Commission File Number 1-31615

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 __X__ Form 40-F _____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-
T Rule 101(b)(1): ____

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted
solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-
T Rule 101(b)(7): ____

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to
furnish a report or other document that the registrant foreign private issuer must furnish and make public
under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized
(the registrant’s “home country”), or under the rules of the home country exchange on which the
registrant’s securities are traded, as long as the report or other document is not a press release, is not
required to be and has not been distributed to the registrant’s security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also
thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.

Yes _____ No __X__

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b):
82-_______________.

Enclosures:

Audited financial results for the year ended

30 June 2015

MAINTAINING
MOMENTUM

Sasol Limited
Audited Financial Results

for the year ended 30 June 2015

Safety Recordable
Case Rate,
excluding illnesses,
improved to

increase in liquid
fuels sales volumes
for Energy business
in Southern Africa

Performance
Chemicals and
normalised Base
Chemicals sales
volumes up

Normalised
cash fixed costs
increased by

Sasol is an international integrated chemicals and energy
company that leverages the talent and expertise of about
31 000 people working in 37 countries. We develop and
commercialise technologies, and build and operate world-
scale facilities to produce a range of high-value product
streams, including liquid fuels, chemicals and low-carbon
electricity.

Salient features

0,32

Business
Performance
Enhancement
Programme cost
savings of

R2,5bn

exceeded 2015
financial year target
by R1 billion

Response Plan
achieved a

R8,9bn

cash conservation
benefit at upper end
of guidance

Headline earnings
per share down

Lake Charles
Chemical
Project making
good progress,
with

80%

of funding
secured

17%

R49,76

despite a 33%
decline in oil price

Sasol Limited Group Audited Financial Results 2015

Segment report

for the year ended 30 June

Turnover

Profit/(loss) from operations

R million

2013

2014

2015

Segment analysis

2015

2014

2013

15 958

19 342

20 859

Operating Business Units

1 173

(3 527)

328

12 324

14 134

15 687

■

Mining

4 343

2 453

2 214

3 634

5 208

5 172

■

Exploration and
Production International

(3 170)

(5 980)

(1 886)

171 004

204 666

187 312

Strategic Business Units

45 448

50 013

38 074

71 952

86 052

75 800

■

Energy

22 526

31 423

26 973

43 637

45 040

39 728

■

Base Chemicals

10 208

6 742

4 146

55 415

73 574

71 784

■

Performance Chemicals

12 714

11 848

6 955

221

■

Group Functions

(72)

(668)

2 443

186 975

224 061

208 392

46 549

45 818

40 845

(17 084)

(21 378)

(23 126)

Intersegmental turnover

169 891

202 683

185 266

2015

2014

Contribution to group proﬁt from operations (%)

2015

2014

Contribution to group turnover (%)

Change in reportable segment information

Our new operating model, and a simplified and consolidated legal structure, came into effect on 1 July
2014. Our new group structure supports a value chain-based operating model, which organises our business
according to capability, and standardises the group functions required to support and enable these activities.
It aligns the components of Sasol – Operating Business Units, Regional Operating Hubs, Strategic Business
Units, and Group Functions – according to a single value chain, focused on the production of liquid fuels,
high-value chemicals and low-carbon electricity. The new operating model structure reflects how the results
are reported to the Chief Operating Decision Maker (CODM). The CODM for Sasol is the President and Chief
Executive Officer. Accordingly, the segment information for the prior years has been restated.

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group

Overview

Maintaining momentum

President and Chief Executive Officer, David E. Constable says:

“With a new operating model, underpinned by streamlined corporate and management structures, simplified
governance and decision-making processes, and new ways of working, Sasol is a redefined, resilient,
integrated chemicals and energy company.

The launch of a significant change programme in 2012, at a time when we were delivering record profits,
enabled us to place the company in the strongest position possible to respond to a turbulent macroeconomic
environment.

Ultimately, our ability to sustainably reduce costs and fundamentally reposition Sasol for long-term growth
and longevity is testament to the tenacity of our people who rallied behind the company’s call to maintain
momentum and remain focused on driving shareholder value for the benefit of all our stakeholders.”

Financial results overview*

Earnings attributable to shareholders for the year ended 30 June 2015 increased to R29,7 billion from
R29,6 billion in the prior year. Headline earnings per share decreased by 17% to R49,76 and earnings per share
increased by 0,3% to R48,71 compared to the prior year.

Profit from operations of R46,5 billion increased by 2% compared to the prior year. This achievement was
due to a strong overall operational performance with increased sales volumes, resilient margins and cost
increases contained to below inflation. Conversely, the group’s profitability was adversely impacted by a
33% decline in average Brent crude oil prices (average dated Brent was US$73,46/barrel for the year ended
30 June 2015 compared with US$109,40/barrel in the prior year). This decrease was partly off-set by a 10%
weaker average rand/US dollar exchange rate (R11,45/US$ for the year ended 30 June 2015 compared with
R10,39/US$ in the prior year).

In addition, Sasol’s profitability for the 2015 financial year was also positively impacted by the following
notable once-off and significant items:

a cash-settled share-based payment credit to the income statement of R1,4 billion compared to an
expense of R5,4 billion in the prior year, largely due to a 29% lower share price (closing share price of
R450,00 compared to R632,36 in the prior year), partially negated by the increase in the number of share
options exercised during the year;

the extension of the useful life of our operating assets in South Africa resulting in a decrease in
depreciation of R1,4 billion and environmental rehabilitation provisions of R1,8 billion; and

net remeasurement items expense of R0,8 billion in the current year compared to a R7,6 billion expense in
the prior year. These items relate mainly to the full reversal of the previous R2,0 billion impairment of the
FT Wax Expansion Project, the partial impairment of our Canadian shale gas assets of R1,3 billion and the
partial impairment of our Etame assets in Gabon of R1,3 billion.

Excluding the impact of these remeasurement items, net once-off charges and movements in our share-
based payment expense, normalised earnings attributable to shareholders decreased by 30% from the prior
year.

* All comparisons refer to the prior year ended 30 June 2014. Except for earnings attributable to shareholders and the

Response Plan cash conservation measures, all numbers are quoted on a pre-tax basis.

Sasol Limited Group Audited Financial Results 2015

Notwithstanding a tough macroeconomic environment, we maintained a strong operational
performance across our global integrated value chain over the year. Our Energy Business in Southern Africa
increased its liquid fuels sales volumes by 5% to 61,5 million barrels compared to the prior year. Our Chemicals
Business delivered an exceptional performance, having consistently reported increased sales volumes over
the past two years. Normalising for the impact of the sale of our Solvents Germany and Sasol Polymer Middle
East (SPME) businesses and through focused marketing and sales initiatives, sales volumes for Performance
Chemicals and Base Chemicals both increased by 2% from the prior year.

Internationally, our ORYX GTL facility sustained a solid performance, with an average utilisation rate of
90% for the year, in line with market guidance provided, despite an earlier than planned shutdown during
December 2014 to January 2015.

Cash fixed costs remained flat, in nominal terms, compared to the prior year. Our Business Performance
Enhancement Programme (BPEP) and Response Plan reduced our cash fixed costs, net of the implementation
of the BPEP, by 5%, which was offset by the South African producers’ price index (SA PPI). This was achieved
despite a difficult South African cost environment in respect of labour and electricity charges.

Our company-wide BPEP made significant progress in sustainably reducing our cost base. We delivered actual
cost savings of R2,5 billion, well ahead of our target of R1,5 billion for the 2015 financial year. Implementation
costs for the programme were approximately R200 million below an expected R2,1 billion.

In turn, our Response Plan achieved a R8,9 billion cash conservation benefit, which is at the upper end of our
R6 billion to R10 billion target range for the 2015 financial year.

The reduction in the effective corporate tax rate from 32,6% to 31,7% was impacted by the R1,3 billion partial
impairment of our Canadian shale gas assets.

Cash flow generated from operating activities decreased by 5,6% to R61,8 billion, compared with R65,5 billion
in the prior year. Our net cash position improved by 39% from R38 billion in June 2014 to R53 billion at
30 June 2015, driven largely by the stronger than expected operational business performance.

As previously announced, our revised dividend policy is a dividend cover range based on headline earnings
per share. The dividend cover was 2,7 times at 30 June 2015 (30 June 2014: 2,8 times). Taking into account the
current volatile macroeconomic environment, capital investment plans, our cash conservation initiative, the
current strength of our financial position, and the dividend cover range, the Sasol Limited board of directors
has declared a final gross dividend of R11,50 per share (15% lower than the prior year).

Chief Financial Officer, Bongani Nqwababa says:

“Our strong results for the 2015 financial year are testament to the resilience of our company, the diversity
in our asset portfolio and our ability to decisively respond to the volatile and uncertain global economic
environment.

Through our tailored business planning, we are making steady progress in mitigating the challenges of a low
oil price environment.

Our Business Performance Enhancement Programme is delivering sustainable cost savings ahead of
expectations, while our Response Plan allows us to conserve cash in a volatile environment. Cash flow
generation remains robust, which, together with our solid, ungeared balance sheet, enables us to execute our
growth projects in Southern Africa and the United States. Our US$8,9 billion world-scale ethane cracker and
downstream derivatives complex in Lake Charles, Louisiana remains on track to reach beneficial operation in
2018.”

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group
Overview

(continued)

Business Performance Enhancement Programme delivering results

As part of our BPEP, the process of implementing redesigned organisational structures, and subsequent
employee placements, was largely concluded by 30 June 2015.

At the end of the reporting period, nearly 2 500 voluntary separations and early retirement applications were
approved by the company, with our overall headcount reducing from 33 400 to 30 919 employees, a net
reduction of 7,4%. Our headcount includes natural attrition over the period, the conversion of approximately
300 temporary employees to permanent positions and the addition of nearly 300 employees for our growth
projects. The remaining restructuring processes will be completed early in the 2016 financial year.

The BPEP’s actual cost savings at 30 June 2015 amounted to R2,5 billion, which is R1 billion higher than the
forecasted savings of R1,5 billion previously communicated. The actual savings represent an annual run rate
of R2,8 billion.

We continue to drive sustainable cost savings of R4,0 billion by the end of the 2016 financial year (off a 2013
cost base), with an exit run rate of at least R4,3 billion. Cost trends are still forecast to track SA PPI from the
2017 financial year.

Implementation costs for the programme amounted to R1,9 billion for the full financial year, R200 million
lower than planned. These costs included separation packages as well as the enterprise resource planning
system implementation costs relating to our SAP project which was successfully implemented in July 2015 for
our South African Chemicals Business, Supply Chain, Payroll, Global Human Resources and Safety, Health and
Environment business processes.

Response to lower oil prices

Our 30-month cash conservation target, using 31 December 2014 as the baseline, is between R30 billion and
R50 billion and, as previously communicated, comprises of the following key areas:

capital portfolio phasing and reductions – target of R13 billion to R22 billion;

capital structuring – target of R8 billion to R12 billion;

further cash cost reductions – target of R4 billion to R7 billion; and

working capital and margin improvements – target of R5 billion to R9 billion.

To date, these areas have delivered a cash conservation benefit amounting to R8,9 billion, which is at the
upper end of our R6 billion to R10 billion target range for the 2015 financial year.

As part of our Response Plan to a lower-for-longer oil price environment, we are currently working to deliver
further sustainable cash cost savings of R1 billion annually by the 2018 financial year. These savings will be
achieved through already implemented organisational structure refinements, and the freezing of at least
1 000 non-critical vacancies and focused Supply Chain cost spend reductions.

Strong operational performance supported by resilient margins and
effective cost management

Operating Business Units

Mining – unit costs significantly below inflation and improved productivity

Profit from operations of R4 343 million was 77% higher than the prior year. This was mainly as a result
of a 2% increase in productivity, the optimisation of production opportunities, benefits of the BPEP of
R569 million and higher export coal volumes, which was partially negated by lower export coal prices.
Normalised mining unit costs of production decreased by 2% compared to the prior year. Production volumes
remained solid, while achieving an 18% improvement in the safety Recordable Case Rate (RCR).

Sasol Limited Group Audited Financial Results 2015

Exploration and Production International – increased gas volumes and impairment charges

Exploration and Production International (E&PI) recorded a loss from operations of R3 170 million compared
to a loss from operations of R5 980 million in the prior year.

Our E&PI business generated a profit of R26 million, excluding the partial impairment of our Canadian shale
gas operations of R1 296 million, the partial impairment reported during the first half of the financial year of
R1 331 million of our Etame assets in Gabon, and a loss of R569 million on exiting the Nigerian upstream
licences.

Our Mozambican producing operations recorded a profit of R1 847 million, principally due to favourable gas
prices and a 13% increase in gas volumes, coupled with increased cost containment initiatives. Our Gabon
assets recorded a loss of R1 124 million compared to a profit of R827 million in the prior year due to lower oil
prices. Oil production in Gabon was slightly lower and averaged 16 284 barrels of oil per day (on a gross basis).

Our Canadian shale gas assets in Montney generated a loss from operations of R2 449 million compared to a
loss of R7 003 million in the prior year, which included the partial impairment of the assets of R5 308 million
(CAD540 million). Due to a further decline in gas prices in North America, we recognised an additional partial
impairment of R1 296 million (CAD133 million) on our Canadian shale gas operations during this year. Excluding
the effect of the impairment, the loss decreased to R1 153 million compared to R1 695 million in the prior year,
mainly due to a lower depreciation rate and operational costs. Our Canadian gas volumes were higher than
the prior year.

Despite the impact of lower gas prices and weaker oil prices affecting the profitability of the business, E&PI
was able to contribute more than R3 billion to Sasol’s cash conservation initiatives during the current year
through reduced capital cash flow and exploration spend and cash fixed cost savings.

Strategic Business Units

Energy – improved volumes and cost performance, margins under pressure

Profit from operations of R22 526 million decreased by R8 897 million or 28% compared to the prior year.
Production volumes at Secunda Synfuels Operations (SSO) and Natref increased by 2% and 6%, respectively,
in comparison with the prior year. SSO produced its highest throughput levels since 2004 and Natref
improved production on the back of improved operations stability compared to the prior year.

In South Africa, our Energy Strategic Business Unit (SBU) profitability was enhanced by a 5% increase in liquid
fuels sales volumes, compared to the prior year, and higher refining margins on the back of strong product
differentials. Despite the 33% decrease in oil prices, our gross margins in this business decreased by only
19% for the year. Through our BPEP, we managed to contain our normalised cash cost increase per unit for
the full year to below SA PPI. Gas sales were 1% higher compared to the prior year and our Central Termica de
Ressano Garcia joint operation in Mozambique delivered 206 452 megawatt-hours of electricity.

The Energy SBU’s share of profit from equity accounted joint ventures of R1 941 million decreased from
R3 710 million in the prior year. This was primarily due to lower oil prices and an earlier than planned
shutdown at our ORYX GTL facility. The plant achieved an average utilisation rate of 90%, while maintaining a
world class safety RCR of 0. In Nigeria, the Escravos gas-to-liquids (EGTL) plant achieved beneficial operation
(BO), with its first train achieving BO in June 2014, followed by the second train during November 2014. The
EGTL plant continues to ramp up towards design capacity.

Base Chemicals – higher sales volumes and resilient margins

The Base Chemicals SBU delivered a strong performance, increasing profit from operations by 51%
to R10 208 million compared to the prior year. Sales volumes, normalised for the sale of our Solvents
Germany and SPME operations in the prior year, increased by 2%. Normalised cash fixed costs were
contained to below inflation. The negative impact on margins, as a result of a 13% decline in dollar-based
sales prices, was partly negated by the weaker rand/US dollar exchange rate. Chemical sales prices displayed
some resilience when compared to the crude oil prices over the same period. Profit from operations further
benefitted from the reversal of the administrative penalty of R534 million, which was imposed by the
Competition Tribunal in June 2014, and the lower depreciation charge amounting to R684 million, which arose
from the extension in the useful life of our operating assets in South Africa.

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group
Overview

(continued)

Performance Chemicals – resilient performance boosted by higher sales volumes

The Performance Chemicals SBU continued to deliver a strong performance, increasing profit from
operations by 7% to R12 714 million compared to R11 848 million for the prior year. The financial performance
was positively impacted by the R2 021 million impairment reversal of the FT Wax Expansion Project in
Sasolburg and the weaker rand/US dollar exchange rate. Normalising for the impairment reversal and the
R2 449 million payment received from the European Commission in the prior year, profit from operations
increased by 14% compared to the previous financial year. The positive performance is largely as a result
of a 2% increase in sales volumes mainly due to improved production output, higher demand, and resilient
gross margins, supported by a weaker rand/US dollar exchange rate. In base currency terms, cash fixed costs
were maintained within inflation. Our business in the United States (US) realised favourable margins, despite
a 33% decrease in oil prices, which negatively impacted the results of our ethylene value chain. Our
Eurasian Operations reported a 3% increase in production volumes.

Capital portfolio phasing and reductions

In line with our 30-month Response Plan targets to conserve cash of between R13 billion to R22 billion
through capital portfolio phasing and reductions, we revised our forecasted capital expenditure for the
year from R50 billion to R45 billion. Actual capital expenditure (cash flow) during the year amounted to
R45,1 billion. As a result of the weakening of the rand/US dollar exchange rate, we updated our capital
expenditure forecast to R70 billion for 2016 and R65 billion for 2017. Without compromising on safety,
reliability and the sustainability of our operations, we continuously reassess and optimise our capital
portfolio. Currently, our focus remains on optimising our capital spend on our strategic projects in North
America and Southern Africa.

Advancing projects to enable future growth

We are encouraged by the headway we are making in advancing our growth projects:

Focusing on our Operating Business Units (OBUs) which secure our feedstock supply:

–

The development of the Impumelelo and Shondoni collieries, which are part of our Mining OBU’s
R14,0 billion mine replacement programme, continue to progress steadily. The establishment of
these collieries will ensure uninterrupted coal supply to SSO. Project delays were experienced at the
Impumelelo and Shondoni collieries due to a slower than expected shaft sinking process and a four-
month labour dispute experienced by a mining contractor. BO is now expected in the second half of the
2015 and first half of the 2016 calendar years, respectively. Both projects are expected to be delivered
within budget.

–

As part of our efforts to grow our footprint in Mozambique, in February 2015, we submitted a field
development plan (FDP) for the Production Sharing Agreement (PSA) licence area to the regulatory
authorities. The PSA FDP proposes an integrated oil, liquefied petroleum gas (LPG) and gas project
adjacent to the Petroleum Production Agreement (PPA) area. As reported previously, we submitted a
proposal to enable the development of a fifth train at the Central Processing Facility (CPF) to process
additional gas from the PSA licence area, should the FDP be approved. A further update on the
investment strategy and monetisation plan will be provided once approval has been received from the
relevant authorities in Mozambique.

–

In order to sustain our operations and continue to meet contractual sales obligations in Mozambique
and in South Africa, we received approval from the Government of Mozambique to expand the annual
capacity of the CPF from 167 to 180 billion standard cubic feet of gas per annum. The final investment
decision (FID) for this project was taken during June 2015.

–

In 2015, Sasol and PetroSA (operator) were awarded an exploration right permit for Block 3A/4A, in the
offshore Orange Basin on the west coast of South Africa.

Sasol Limited Group Audited Financial Results 2015

Progressing our growth projects within our Strategic Business Units (SBUs):

Expanding our asset base in South Africa

–

The R14,2 billion Secunda growth programme is nearing completion with 16 of the 19 projects, which
include the gas heated heat exchange reformers, achieving BO. The completed projects ensured the
full realisation of the envisaged volume and electricity benefits. The remaining three projects are
smaller utility enablers and are expected to reach BO by the end of the 2015 calendar year.

–

Our Fischer-Tropsch wax facility in Sasolburg is progressing well, following the finalisation of phase
one, with the commissioning of the new slurry bed reactor successfully completed during May 2015.
Phase two commissioning is on track to take place during the first half of the 2017 calendar year. The
total project cost for both phases remains unchanged at R13,6 billion.

–

The R2,4 billion oxygen train expansion project (train 17), which involves the installation of an additional
5 000 tons/day oxygen train on our SSO site is expected to reach BO during the second half of the
2018 calendar year. We are responsible for the enabling works and outside battery limit scope as
agreed with the Air Liquide Group. In turn, Air Liquide will construct, operate and maintain the air
separation unit on site.

Growing our interests in Mozambique

–

The R1,6 billion Loop Line 1 project on the Mozambique to Secunda pipeline reached BO during the last
quarter of the 2014 calendar year, on schedule and below budget. Following approval of the pipeline
variation plan by the Mozambique regulator, Instituto Nacional de Petróleo, in July 2015, the Loop Line
2 project has progressed to an advanced stage and a FID was made in August 2015.

–

We completed the development of the US$246 million, 175 megawatt gas-fired power generation
plant in Mozambique, CTRG, in partnership with the country’s state-owned power utility, Electridade
de Moçambique at Ressano Garcia. All 18 gas engines have been commissioned and BO was reached on
27 February 2015. The plant is producing as planned.

Growing our footprint in the US

–

Following the FID to proceed with our world-scale ethane cracker and downstream derivatives complex
in Lake Charles, Louisiana (LCCP) at the end of October 2014, significant progress has been made in
detailed engineering and infrastructure work at the site. We expect to achieve BO during the 2018
calendar year. The final estimated project cost remains at US$8,9 billion (including infrastructure and
utilities). Approximately 80% of the funds required are in place through a combination of project
finance and our own equity contributions. The remainder of the funds required will be raised in a
phased manner, including accessing capital markets and further equity contributions.

–

Our joint venture high-density polyethylene plant with Ineos Olefins & Polymers USA continues to
progress on schedule and within budget. BO is expected during the second half of the 2016 calendar
year. The complex is expected to produce 470 kilotons annually.

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group
Overview

(continued)

Maintaining our focus on sustainable value creation

We continued to deliver on our broader sustainability and community contributions during the year:

Safety remains a top priority for Sasol. Our safety RCR for employees and service providers, excluding
illnesses, improved to 0,32 at 30 June 2015 (0,36 as at 30 June 2014). Tragically, we experienced one
fatality involving a service provider at a mining construction project. Our operations continue to make
steady progress in the reduction of process safety and transport incidents.

During the year, we spent R1,2 billion on skills and socio-economic development, which includes our
private/public Ikusasa partnership, bursaries, learnerships and artisan training programmes. As part
of our commitment to the communities in which we operate, we invested R152 million in Secunda and
R95 million in Sasolburg, with a further R339 million planned for the 2016 and 2017 financial years. Our
Ikusasa programme focuses on four areas, namely education, health and wellbeing, infrastructure, and
safety and security in the Secunda and Sasolburg regions.

To ensure our ongoing compliance with new air quality regulations in South Africa, Sasol applied for
certain postponements to manage our short-term challenges relating to the compliance timeframes. We
have received decisions on our postponement applications from the National Air Quality Officer, which,
while aligned with our requests, imposed stretched targets into our atmospheric emission licences. Our
R2,5 billion abatement programme remains on track to achieve our targeted reductions of volatile organic
compounds emissions by 2020.

We continue to measure our comprehensive climate change response in accordance with our key
performance indicators. Our total greenhouse gas (GHG) emissions globally decreased to 69,8 million
tons compared to 72,3

(1)

million tons in the prior year, notwithstanding the inclusion of an additional

source of GHG emissions. Our GHG emissions intensity (measured in carbon dioxide equivalent per ton of
production) increased to 3,60 compared to 3,28

(2)

in the prior year.

The 2015 utility Energy Intensity Index (EII) for our operations in South Africa improved by 10,2% on
a cumulative basis. The EII, adjusted by 6,4% for growth and own electricity generation, equates to a
significant improvement of 16,6%. This exceeds our voluntary Energy Efficiency Accord target of 15% by
1,6 percentage points and demonstrates our commitment to continued energy efficiency.

During the year, we paid R34,7 billion in direct and indirect taxes to the South African government. Sasol
remains one of the largest corporate taxpayers in South Africa, contributing significantly to the country’s
economy.

We view broad-based black economic empowerment (BBBEE) in South Africa as a business imperative. Our
commitment to transformation has seen us record strong BBBEE contributor status ratings. For the 2015
financial year, we reported a level 4 BBBEE contributor status. However, we expect this to decline (likely
to level 8) in accordance with the Department of Trade and Industry’s revised Codes of Good Practice. We
have embarked on a project to assess our BBBEE strategies.

(1) Restated to exclude the ORYX GTL facility’s data and the sale of our Sasol Germany operations.

(2) Restated due to the inclusion of an additional source through the natural evolution of GHG inventories.

Sasol Limited Group Audited Financial Results 2015

Proposed carbon tax for South Africa

South Africa’s carbon emissions are not expected to increase before 2022, and the implementation of a
carbon tax will have a limited effect on emissions. Instead, this carbon regulation will add a further cost
burden to the economy.

Although the details of a proposed draft carbon tax legislation is unclear, our concern remains that the
proposed carbon tax will diminish South Africa’s international competitiveness and result in a range of other
unintended consequences. In our view, South Africa needs appropriate incentives to invest in new, more
energy efficient processes and projects that will improve our energy security. Sasol continues to engage with
the South African Government on the carbon tax issue.

Competition law compliance

On 5 June 2014, the South African Competition Tribunal (the Tribunal) released its decision relating to Sasol
Polymers’ pricing of propylene and polypropylene. In its decision, the Tribunal found against Sasol Polymers in
relation to the pricing of both propylene and polypropylene, for the period in question. The Tribunal imposed
an administrative penalty of R534 million. The Tribunal also ordered revised future pricing of propylene and
polypropylene. Sasol appealed the Tribunal’s ruling to the Competition Appeal Court (CAC).

On 17 June 2015, the CAC delivered its judgement in which it upheld Sasol’s appeal and set aside the decision
of the Tribunal.

On 23 July 2015, the Competition Commission served its application on the Constitutional Court in which it is
seeking leave to appeal the decision of the CAC. Sasol filed its responding affidavit on 6 August 2015. We now
await the outcome of this appeal process.

Separately, the Competition Commission is conducting investigations into several industries in which Sasol
operates, including the petroleum and polymer industries and has initiated a market inquiry in the South
African LPG market. We continue to cooperate with the Competition Commission in these investigations. To
the extent appropriate, further announcements will be made in future.

Proﬁt outlook

– solid production performance and cost reductions

to continue

The global economic environment remains very volatile and uncertain with global economic growth expected
to continue at a moderate and uneven pace over the near-term. We expect oil prices to remain low until the
end of the 2017 calendar year. The rand exchange rate is expected to be under pressure mainly as a result
of the pace of interest rate increases in the US, as well as concerns regarding the South African economy
and local growth rate. Foreign exchange and oil price movements are outside of our influence, hence our
focus remains firmly on factors within our control, which include volume growth, margin improvement, cost
optimisation and cash conservation. In addition, oil and other commodity price risk hedging are continuously
evaluated.

# The financial information contained in this profit outlook is the responsibility of the directors and in accordance with

standard practice, it is noted that this information has not been audited and reported on by the company’s auditors.

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group
Overview

(continued)

Disposal of a business

In September 2014, we notified our partners in the Nigerian licences OML-140 and OML-145, of our withdrawal
from both licences as part of an ongoing restructuring of our asset base. Accordingly, we recognised a loss on
disposal of R569 million.

Subsequent events

On 22 July 2015, Sasol entered into an interest rate swap to convert 50% of a US$4 billion term loan facility
from a variable interest rate to a fixed interest rate, in terms of the loan agreement. The loan will be utilised
to fund the capital expenditure of the LCCP in the US.

Change in Director

Mr Bongani Nqwababa assumed office as Executive Director and Chief Financial Officer of Sasol on 1 March
2015. Mr Paul Victor resigned as Executive Director and acting Chief Financial Officer and returned to his
permanent role of Senior Vice President: Financial Control Services on 1 March 2015.

Declaration of cash dividend number 72

A final gross cash dividend of South African 1 150,00 cents per ordinary share (30 June 2014 – 1 350,00 cents
per ordinary share) has been declared for the year ended 30 June 2015. The final cash dividend is payable
on the ordinary shares and the Sasol BEE ordinary shares. The dividend has been declared out of retained
earnings (income reserves). The South African dividend withholding tax rate is 15%. At the declaration date,
there are 651 195 116 ordinary, 25 547 081 preferred ordinary and 2 838 565 Sasol BEE ordinary shares in issue.
The net dividend amount payable to shareholders, who are not exempt from the dividend withholding tax, is
977,50 cents per share, while the dividend amount payable to shareholders who are exempt from dividend
withholding tax is 1 150,00 cents per share.

We expect an overall strong production performance for the 2016 financial year, with:

Liquid fuels product volumes for the Energy SBU in Southern Africa to be above 60 million barrels;

The average utilisation rate at ORYX GTL in Qatar to be above 87% of nameplate capacity, taking a
statutory shutdown into account;

Chemicals sales volumes to be slightly higher than the prior year, with margins in Base Chemicals under
pressure and in Performance Chemicals, varied margins expected for our different product streams;

Average Brent crude oil prices to remain between US$50 and US$60 during the next financial year;

Cash fixed costs to be below SA PPI, taking into account the R4,0 billion cash cost savings, as a result of
the BPEP, with an exit run rate of at least R4,3 billion by the end of financial year 2016;

Capital expenditure of R70 billion for 2016 and R65 billion in 2017, as we progress with the execution of our
growth plan and strategy

;

Our balance sheet gearing up to a level of between 15% and 30%; and

The Response Plan cash flow contribution to range between R10 billion and R16 billion.

## These estimates may be impacted by further exchange rate volatility or the rate of progress of our LCCP project in the US.

Sasol Limited Group Audited Financial Results 2015

The salient dates for holders of ordinary shares and Sasol BEE ordinary shares are:

Declaration date

Monday, 7 September 2015

Last day for trading to qualify for and participate in the final dividend
(cum dividend)

Friday, 2 October 2015

Trading ex dividend commences

Monday, 5 October 2015

Record date

Friday, 9 October 2015

Dividend payment date

Monday, 12 October 2015

The salient dates for holders of our American Depository Receipts are

Ex dividend on New York Stock Exchange (NYSE)

Wednesday, 7 October 2015

Record date

Friday, 9 October 2015

Approximate date for currency conversion

Tuesday, 13 October 2015

Approximate dividend payment date

Thursday, 22 October 2015

1. All dates are approximate as the NYSE sets the record date after receipt of the dividend declaration.

On Monday, 12 October 2015, dividends due to certificated shareholders on the South African registry will
either be electronically transferred to shareholders’ bank accounts or, in the absence of suitable mandates,
dividend cheques will be posted to such shareholders. Shareholders who hold dematerialised shares will have
their accounts held by their CSDP or broker credited on Monday, 12 October 2015.

Share certificates may not be dematerialised or re-materialised between Monday, 5 October and Friday,
9 October 2015, both days inclusive.

On behalf of the board

Mandla SV Gantsho

David E Constable

Bongani Nqwababa

Chairman

President and

Chief Financial Officer

Chief Executive Officer

Sasol Limited

7 September 2015

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group

The summarised financial statements are presented on a consolidated basis.

Statement of financial position

at 30 June

2015

2014

Assets

Property, plant and equipment

135 822

111 449

Assets under construction

61 977

51 320

Goodwill

590

644

Other intangible assets

1 703

1 882

Investments in equity accounted joint ventures

10 028

8 280

Investments in associates

1 842

1 877

Post-retirement benefit assets

590

487

Deferred tax assets

1 752

3 143

Other long-term assets

2 617

3 811

Non-current assets

216 921

182 893

Assets in disposal groups held for sale

1 419

Inventories

23 141

26 758

Trade and other receivables

29 973

30 374

Short-term financial assets

124

420

Cash restricted for use

5 022

1 245

Cash

48 329

37 155

Current assets

106 678

97 371

Total assets

323 599

280 264

Equity and liabilities

Shareholders' equity

191 610

170 977

Non-controlling interests

4 873

3 792

Total equity

196 483

174 769

Long-term debt

39 269

23 419

Long-term financial liabilities

Long-term provisions

13 431

15 232

Post-retirement benefit obligations

10 071

9 294

Long-term deferred income

425

293

Deferred tax liabilities

22 570

18 246

Non-current liabilities

85 774

66 501

Liabilities in disposal groups held for sale

Short-term debt

3 331

2 637

Short-term financial liabilities

198

446

Other current liabilities

37 479

35 475

Bank overdraft

319

379

Current liabilities

41 342

38 994

Total equity and liabilities

323 599

280 264

Sasol Limited Group Audited Financial Results 2015

Income statement

for the year ended 30 June

2015

2014

2013

Turnover

185 266

202 683

169 891

Materials, energy and consumables used

(80 169)

(89 224)

(76 617)

Selling and distribution costs

(6 041)

(5 762)

(5 102)

Maintenance expenditure

(7 628)

(8 290)

(7 243)

Employee-related expenditure

(22 096)

(28 569)

(22 477)

Exploration expenditure and feasibility costs

(554)

(604)

(1 369)

Depreciation and amortisation

(13 567)

(13 516)

(11 121)

Other expenses, net

(9 912)

(7 415)

(4 234)

Translation (losses)/gains

(1 115)

798

2 892

Other operating expenses

(10 164)

(12 522)

(8 889)

Other operating income

1 367

4 309

1 763

Operating proﬁt before remeasurement items

45 299

49 303

41 728

Remeasurement items

(807)

(7 629)

(2 949)

Operating proﬁt after remeasurement items

44 492

41 674

38 779

Share of profits of equity accounted joint ventures,
net of tax

2 098

3 810

1 562

Share of (losses)/profits of associates, net of tax

(41)

334

504

Proﬁt from operations

46 549

45 818

40 845

Net finance costs

(956)

(705)

(1 139)

Finance income

1 274

1 220

669

Finance costs

(2 230)

(1 925)

(1 808)

Proﬁt before tax

45 593

45 113

39 706

Taxation

(14 431)

(14 696)

(12 595)

Proﬁt for year

31 162

30 417

27 111

Attributable to

Owners of Sasol Limited

29 716

29 580

26 274

Non-controlling interests in subsidiaries

1 446

837

31 162

30 417

27 111

Earnings per share

Rand

Rand

Basic earnings per share

48,71

48,57

43,38

Diluted earnings per share

48,70

48,27

43,30

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group

Statement of comprehensive income

for the year ended 30 June

2015

2014

2013

Proﬁt for year

31 162

30 417

27 111

Other comprehensive income, net of tax

Items that can be subsequently

reclassiﬁed to the income statement

3 604

4 460

8 153

Effect of translation of foreign operations

3 590

4 477

8 114

Effect of cash flow hedges

–

(66)

Fair value of investments available-for-sale

(17)

Tax on items that can be subsequently reclassified
to the income statement

(2)

(22)

Items that cannot be subsequently

reclassiﬁed to the income statement

(593)

(22)

(338)

Remeasurements on post-retirement benefit
obligations

(847)

(80)

(497)

Tax on items that cannot be subsequently
reclassified to the income statement

254

159

Total comprehensive income for the year

34 173

34 855

34 926

Attributable to

Owners of Sasol Limited

32 727

34 002

34 073

Non-controlling interests in subsidiaries

1 446

853

34 173

34 855

34 926

Sasol Limited Group Audited Financial Results 2015

Statement of changes in equity

for the year ended 30 June

2015

2014

2013

Balance at beginning of year

174 769

152 893

127 942

Shares issued on implementation of share options

144

373

727

Share-based payment expense

501

267

374

Transactions with non-controlling shareholders
in subsidiaries

–

Total comprehensive income for the year

34 173

34 855

34 926

Dividends paid to shareholders

(12 739)

(13 248)

(10 787)

Dividends paid to non-controlling shareholders
in subsidiaries

(365)

(372)

(297)

Balance at end of year

196 483

174 769

152 893

Comprising

Share capital

29 228

29 084

28 711

Share repurchase programme

(2 641)

(2 641)

Sasol Inzalo share transaction

(22 054)

(22 054)

Retained earnings

161 078

144 126

127 996

Share-based payment reserve

9 651

9 150

8 883

Foreign currency translation reserve

18 289

14 704

10 235

Remeasurements on post-retirement benefit obligations

(1 976)

(1 413)

(1 585)

Investment fair value reserve

(3)

Cash flow hedge accounting reserve

(7)

(7)

Shareholders' equity

191 610

170 977

149 583

Non-controlling interests in subsidiaries

4 873

3 792

3 310

Total equity

196 483

174 769

152 893

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group

Statement of cash flows

for the year ended 30 June

2015

2014

2013

Cash receipts from customers

186 839

203 549

169 059

Cash paid to suppliers and employees

(125 056)

(138 100)

(117 153)

Cash generated by operating activities

61 783

65 449

51 906

Cash flow from operations

56 344

67 592

55 184

Decrease/(increase) in working capital

5 439

(2 143)

(3 278)

Finance income received

4 046

5 920

6 063

Finance costs paid

(2 097)

(499)

(523)

Tax paid

(10 057)

(13 647)

(10 367)

Dividends paid

(12 739)

(13 248)

(10 787)

Cash retained from operating activities

40 936

43 975

36 292

Additions to non-current assets

(45 106)

(38 779)

(30 414)

Increase in capital project related payables

2 461

–

Acquisition of interests in joint ventures

–

(730)

Cash acquired on acquisition of joint ventures

–

Additional investment in joint ventures

(173)

(632)

(415)

Acquisition of interests in associates

–

(519)

–

Cash acquired on acquisition of associates

–

527

–

(Additional investments)/reimbursement of capital in
associate

(415)

616

461

Disposal of businesses

738

1 353

167

Other net cash flow from investing activities

410

(379)

Cash used in investing activities

(42 085)

(37 813)

(30 833)

Share capital issued on implementation of share options

144

373

727

Contributions from non-controlling shareholders in
subsidiaries

–

Dividends paid to non-controlling shareholders in
subsidiaries

(365)

(372)

(297)

Proceeds from long-term debt

14 543

3 263

9 597

Repayments of long-term debt

(1 663)

(2 207)

(1 763)

Proceeds from short-term debt

2 686

2 346

2 049

Repayments of short-term debt

(2 280)

(2 497)

(1 834)

Cash generated by ﬁnancing activities

13 065

909

8 516

Translation effects on cash and cash equivalents of
foreign operations

3 095

455

583

Increase in cash and cash equivalents

15 011

7 526

14 558

Cash and cash equivalents at beginning of year

38 021

30 555

15 997

Net reclassification to held for sale

–

(60)

–

Cash and cash equivalents at end of year

53 032

38 021

30 555

Sasol Limited Group Audited Financial Results 2015

Salient features

for the year ended 30 June

2015

2014

2013

Selected ratios

Return on equity

16,4

18,5

19,1

Return on total assets

15,8

17,9

18,7

Operating profit margin

24,0

20,6

22,8

Finance costs cover

times

22,8

94,3

79,4

Dividend cover – Attributable basic earnings per
share

times

2,6

2,3

Dividend cover – Headline earnings per share

times

2,7

2,8

Share statistics

Total shares in issue

million

679,5

678,9

677,2

Sasol ordinary shares in issue

million

651,1

650,6

648,8

Treasury shares (share repurchase programme)

million

8,8

8,8

Weighted average number of shares

million

610,1

609,0

605,7

Diluted weighted average number of shares

million

610,2

620,8

606,8

Share price (closing)

Rand

450,00

632,36

431,54

Market capitalisation – Sasol ordinary shares

292 995

411 413

279 983

Market capitalisation – Sasol BEE ordinary shares

994

1 330

871

Net asset value per share

Rand

315,36

281,68

247,12

Dividend per share

Rand

18,50

21,50

19,00

– interim

Rand

7,00

8,00

5,70

– final

Rand

11,50

13,50

13,30

Other ﬁnancial information

Total debt (including bank overdraft)

42 919

26 435

23 653

– interest bearing

42 187

25 830

22 863

– non-interest bearing

732

605

790

Finance expense capitalised

1 118

530

300

Capital commitments (subsidiaries and joint
operations)

116 236

59 058

66 061

– authorised and contracted

109 448

66 491

62 330

– authorised, not yet contracted

66 266

44 951

44 244

– less expenditure to date

(59 478)

(52 384)

(40 513)

Capital commitments (equity accounted
joint ventures)

648

764

617

– authorised and contracted

716

1 152

880

– authorised, not yet contracted

691

438

– less expenditure to date

(759)

(826)

(701)

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group
Salient features

(continued)

1 In addition to these costs, an additional R224 million (2014 – R148 million) of internal resources was allocated to the project,

bringing the total spend for the year to R1 906 million (2014 – R1 279 million).

Includes a share-based payment expense of R280 million relating to the partial refinancing of the Sasol Inzalo transaction.

Guarantees, indemnities and contingent liabilities

– total amount

114 926

42 552

42 721

– liability included in the statement of

financial position

41 268

23 733

21 321

Significant items in profit from operations

– Restructuring costs related to our business

performance enhancement programme

1 682

1 131

Retrenchment packages provided for

165

269

–

Retrenchment packages settled during the year

1 002

–

Accelerated share-based payments

157

417

–

Consultancy costs

328

320

System implementation costs

–

– Share-based payment expenses

(881)

5 652

2 038

Sasol share incentive schemes

(1 382)

5 385

1 666

Sasol Inzalo share transaction

501

267

372

2015

2014

2013

Other ﬁnancial information

Directors' remuneration, excluding long-term
incentives

Share options granted to directors – cumulative

000

–

Share appreciation rights with no performance
targets granted to directors – cumulative

000

Share appreciation rights with performance targets
granted to directors – cumulative

000

535

535

780

Long-term incentive rights granted to directors –
cumulative

000

195

157

198

Sasol Inzalo share rights granted to directors –
cummulative

000

Effective tax rate

31,7

32,6

31,7

Number of employees

number

30 919

33 400

33 746

Average crude oil price – dated Brent

US$/barrel

73,46

109,40

108,66

Average rand/US$ exchange rate

1US$ = Rand

11,45

10,39

8,85

Closing rand/US$ exchange rate

1US$ = Rand

12,17

10,64

9,88

The total number of employees includes permanent and non-permanent employees and the group's share of employees
within joint operations, but excludes contractors, equity accounted joint ventures' and associates' employees.

Sasol Limited Group Audited Financial Results 2015

2015

2014

2013

Reconciliation of headline earnings

Earnings attributable to owners of Sasol Limited

29 716

29 580

26 274

Effect of remeasurement items for subsidiaries and
joint operations

807

7 629

2 949

Impairment of property, plant and equipment

294

3 289

206

Impairment of assets under construction

2 555

2 625

2 096

Impairment of investment in equity accounted
joint venture

–

275

–

Impairment of other intangible assets

166

Other impairments

Reversal of impairment

(2 036)

(1)

(33)

(Profit)/loss on disposal of non-current assets

(93)

Loss/(profit) on disposal of investment
in businesses

410

747

(85)

Fair value gain on acquisition of businesses

–

(110)

(233)

Scrapping of non-current assets

549

634

339

Write off of unsuccessful exploration wells

–

469

Realisation of foreign currency translation reserve

(876)

–

Tax effects and non-controlling interests

(165)

(582)

(752)

Effect of remeasurement items for equity
accounted joint ventures and associates

Gross remeasurement items

(1)

3 538

Tax effects

–

(140)

Headline earnings

30 357

36 640

31 869

Headline earnings adjustments per above

Mining

Exploration and Production International

3 126

5 472

428

Energy

(104)

122

Base Chemicals

1 765

3 983

Performance Chemicals

(1 804)

254

1 835

Group Functions

(535)

112

Remeasurement items

806

7 642

6 487

Headline earnings per share

Rand

49,76

60,16

52,62

Diluted headline earnings per share

Rand

49,75

59,64

52,53

The reader is referred to the definitions contained in the 2014 Sasol Limited financial statements.

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group

Basis of preparation

The summarised consolidated financial statements are prepared in accordance with the JSE Limited's (JSE)
requirements for summary financial statements, and the requirements of the Companies Act applicable to
summary financial statements. The JSE requires summary financial statements to be prepared in accordance
with the framework concepts and the measurement and recognition requirements of International Financial
Reporting Standards, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee
and Financial Pronouncements as issued by the Financial Reporting Standards Council and to also, as a
minimum, contain the information required by IAS 34, Interim Financial Reporting.

The summarised consolidated financial statements do not include all the disclosure required for complete
annual financial statements prepared in accordance with IFRS as issued by the International Accounting
Standards Board.

These summarised consolidated financial statements have been prepared in accordance with the historic cost
convention except that certain items, including derivative instruments, liabilities for cash-settled share-based
payment schemes, financial assets at fair value through profit or loss and available-for-sale financial assets,
are stated at fair value.

The summarised consolidated financial statements are presented in South African rand, which is Sasol
Limited’s functional and presentation currency.

The summarised consolidated financial statements appearing in this announcement are the responsibility
of the directors. The directors take full responsibility for the preparation of the summarised consolidated
financial statements. Bongani Nqwababa CA(Z), Chief Financial Officer, is responsible for this set of
summarised consolidated financial statements and has supervised the preparation thereof in conjunction
with the Senior Vice President: Financial Control Services, Paul Victor CA(SA).

Accounting policies

The accounting policies applied in the preparation of these summarised consolidated financial statements are
in terms of IFRS and are consistent with those applied in the consolidated annual financial statements for the
year ended 30 June 2014.

Related party transactions

The group, in the ordinary course of business, entered into various sale and purchase transactions on an
arm’s length basis at market rates with related parties.

Sasol Limited Group Audited Financial Results 2015

Reassessment of useful lives of assets

On 1 July 2014, we operationalised our Project 2050 initiative to extend the lifespan of Sasolburg and Natref
operations to 2034 and our Secunda operations to 2050. The extension of useful lives has been accounted
for as a change in estimate and has been applied prospectively.

The change in useful lives estimate of the affected assets has impacted the following lines in the financial
statements:

Decrease in depreciation charge*

Decrease in the rehabilitation

provision**

Profit

before tax

Tax

after tax

before tax

Tax

after tax

Mining

(23)

–

Exploration and Production
International

–

Energy

486

(136)

350

1 178

(330)

848

Base Chemicals

684

(192)

492

502

(141)

361

Performance Chemicals

115

(32)

145

(41)

104

Group Functions

(1)

–

Total operations

1 369

(384)

985

1 825

(512)

1 313

*The expected impact of the reassessment of useful lives on depreciation in future periods is limited to the recognition

of the assets over their extended useful lives and is accordingly R1 369 million per year, assuming all the other variables
remain unchanged.

**The expected future impact on the rehabilitation provision will be recognised through the unwinding of the provision over

a longer period. Accordingly, before consideration of future expansion and assuming no changes in discount rates or other
assumptions, the future impact is R1 825 million.

Financial Instruments

Fair value

Valuation techniques and assumptions utilised for the purpose of calculating fair value

The group does not hold any financial instruments traded in an active market, except for the investment
in listed equity instruments. Fair value is determined using valuation techniques as outlined below. Where
possible, inputs are based on quoted prices and other market determined variables.

Fair Value hierarchy

The following table is provided representing the assets and liabilities measured at fair value at reporting date,
or for which fair value is disclosed at 30 June 2015. The calculation of fair value requires various inputs into
the valuation methodologies used. The source of the inputs used affects the reliability and accuracy of the
valuations. Significant inputs have been classified into the hierarchical levels in line with IFRS 13, as shown
below:

Quoted prices in active markets for identical assets or liabilities.

Level 2

Inputs other than quoted prices that are observable for the asset or liability (directly or indirectly).

Level 3

Inputs for the asset or liability that are unobservable.

Level 1

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group
Accounting policies

(continued)

Instrument

IFRS 13
fair value
hierarchy

Fair Value

Valuation method

Significant inputs

Financial

Assets

Investments in
listed securities;
cash and cash
equivalents

Level 1

53 571

Fair Value

Quoted market price for the
same or similar instruments

Derivative assets Level 2

124

Forward rate interpolator
model, using an appropriate
currency specific discount
curve

Forward exchange contracted
rates, market foreign exchange
rates, forward contract
rates, market commodity prices

Investments
in unlisted
securities; long-
term receivables;
other long-term
instruments;
trade and other
receivables

Level 3

26 538

Discounted cash flow
valuation

Market related interest rates

Financial

Liabilities

Listed long-term
debt

Level 1

12 292

Fair Value

Quoted market price for the
same or similar instruments

Derivative
liabilities

Level 2

206

Forward rate interpolator
model, using an appropriate
currency specific discount
curve

Forward exchange contracted
rates, market foreign exchange
rates, forward contract
rates, market commodity prices

Unlisted long-
term debt;
short-term debt;
trade and other
payables

Level 3

52 635

Discounted cash flow
valuation

Market related interest rates

Independent auditor’s report on summary ﬁnancial statements

To the shareholders of Sasol Limited

The summary consolidated financial statements of Sasol Limited, set out on pages 1 and 12 to 22 of the
Sasol Limited Financial Results for the year ended 30 June 2015, which comprise the summary consolidated
statement of financial position as at 30 June 2015, and the summary consolidated income statement, the
summary consolidated statements of comprehensive income, changes in equity and cash flows for the year
then ended, and related notes, are derived from the audited consolidated financial statements of Sasol
Limited for the year ended 30 June 2015. We expressed an unmodified audit opinion on those consolidated
financial statements in our report dated 4 September 2015. Our auditor’s report on the audited consolidated
financial statements contained an Other Matter paragraph: “Other Reports Required by the Companies Act”
(refer below).

Sasol Limited Group Audited Financial Results 2015

The summary consolidated financial statements do not contain all the disclosures required by International
Financial Reporting Standards and the requirements of the Companies Act of South Africa as applicable to
annual financial statements. Reading the summary consolidated financial statements, therefore, is not a
substitute for reading the audited consolidated financial statements of Sasol Limited.

Directors’ Responsibility for the Summary Consolidated Financial Statements

The directors are responsible for the preparation of a summary of the audited consolidated financial
statements in accordance with the JSE Limited’s (JSE) requirements for summary financial statements, set
out in the “Basis of preparation and accounting policies” section on page 20 of the summary consolidated
financial statements, and the requirements of the Companies Act of South Africa as applicable to summary
financial statements, and for such internal control as the directors determine is necessary to enable the
preparation of summary consolidated financial statements that are free from material misstatement,
whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on the summary consolidated financial statements based on
our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810,
Engagements to Report on Summary Financial Statements.

Opinion

In our opinion, the summary consolidated financial statements derived from the audited consolidated
financial statements of Sasol Limited for the year ended 30 June 2015 are consistent, in all material respects,
with those consolidated financial statements, in accordance with the JSE’s requirements for summary
financial statements, set out in the “Basis of preparation and accounting policies” section on page 20 of the
summary consolidated financial statements, and the requirements of the Companies Act of South Africa as
applicable to summary financial statements.

Other Reports Required by the Companies Act

The “Other Reports Required by the Companies Act” paragraph in our audit report dated 4 September 2015
states that as part of our audit of the consolidated financial statements for the year ended 30 June 2015, we
have read the Directors’ Report, the Audit Committee’s Report and the Company Secretary’s Certificate for
the purpose of identifying whether there are material inconsistencies between these reports and the audited
consolidated financial statements. These reports are the responsibility of the respective preparers. The
paragraph also states that, based on reading these reports, we have not identified material inconsistencies
between these reports and the audited consolidated financial statements. The paragraph furthermore states
that we have not audited these reports and accordingly do not express an opinion on these reports. The
paragraph does not have an effect on the summary consolidated financial statements or our opinion thereon.

Other Matter

We have not audited future financial performance and expectations expressed by the directors, the ratios
and share statistics (market capitalisation and net asset value per share) on page 17, or the non-financial
information included in the accompanying summary consolidated financial statements, and accordingly do
not express a conclusion thereon.

PricewaterhouseCoopers Inc

Director: PC Hough

Registered Auditor

Sunninghill

4 September 2015

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group

Segmental analysis

for the year ended 30 June 2014

Operating Business Units

Mining

Exploration

and

Production

International

Turnover

External

2 154

2 990

Intersegment

11 980

2 218

Total turnover

14 134

5 208

Operating profit/(loss) before remeasurement items and translation
gains/(losses)

2 463

(378)

Translation gains/(losses)

(3)

(130)

Operating profit/(loss) before remeasurement items

2 460

(508)

Remeasurement items

(7)

(5 472)

Operating proﬁt/(loss) after remeasurement items

2 453

(5 980)

Share of profits of equity accounted joint ventures, net of tax

–

Share of profits/(losses) of associates, net of tax

–

Proﬁt/(loss) from operations

2 453

(5 980)

Depreciation of property, plant and equipment

1 211

2 654

Amortisation of intangibles

–

EBITDA

3 664

(3 303)

Statement of ﬁnancial position

Property, plant and equipment

10 578

10 496

Assets under construction

6 380

7 888

Other intangible assets

Other non-current assets

527

–

Current assets

1 726

2 869

Total external assets

19 220

21 317

Non-current liabilities

4 360

3 287

Current liabilities

2 402

1 486

Total external liabilities

6 762

4 773

Cash ﬂow information

Cash flow from operations

3 921

2 659

Additions to non-current assets

5 837

4 564

Capital commitments

Subsidiaries and joint operations

7 532

6 639

Equity accounted joint ventures and associates

–

Total capital commitments

7 532

6 639

Number of employees

8 435

527

1 Excludes deferred tax asset, deferred tax liability, tax receivable, tax payable and post-retirement benefit assets.

2 Includes permanent and non-permanent employees.

Restated segments

To reflect our new operating model, our financial reporting has been updated and new reportable segments
have been restated accordingly. The restated reportable segments are presented below.

Sasol Limited Group Audited Financial Results 2015

Strategic Business Units

Other

Energy

Base

Chemicals

Performance

Chemicals

Group

Functions

Total

operations

84 632

42 262

70 592

202 683

1 420

2 778

2 982

–

21 378

86 052

45 040

73 574

224 061

27 931

7 802

12 074

(1 387)

48 505

(179)

255

828

798

27 752

8 057

12 101

(559)

49 303

(47)

(1 765)

(254)

(84)

(7 629)

27 705

6 292

11 847

(643)

41 674

3 710

100

–

3 810

350

(25)

334

31 423

6 742

11 848

(668)

45 818

3 174

3 281

2 497

382

13 199

150

317

34 624

10 049

14 436

(136)

59 334

29 378

33 466

25 124

2 407

111 449

11 029

8 945

16 088

990

51 320

123

309

882

495

1 882

8 140

2 938

1 685

1 322

14 612

19 893

13 393

27 497

31 443

96 821

68 563

59 051

71 276

36 657

276 084

6 775

3 848

8 287

21 698

48 255

13 610

4 008

8 722

7 669

37 897

20 385

7 856

17 009

29 367

86 152

31 267

13 021

14 933

1 791

67 592

8 946

7 940

10 358

1 134

38 779

18 841

10 271

15 272

503

59 058

747

–

764

19 588

10 288

15 272

503

59 822

5 219

6 220

6 112

6 887

33 400

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group

Segmental analysis

for the year ended 30 June 2013

Operating Business Units

Mining

Exploration

and

Production

International

Turnover

External

1 833

2 177

Intersegment

10 491

1 457

Total turnover

12 324

3 634

Operating profit/(loss) before remeasurement items and translation gains/
(losses)

2 216

(1 192)

Translation gains/(losses)

(266)

Operating profit/(loss) before remeasurement items

2 221

(1 458)

Remeasurement items

(7)

(428)

Operating proﬁt/(loss) after remeasurement items

2 214

(1 886)

Share of profits/(losses) of equity accounted joint ventures, net of tax

–

Share of profits/(losses) of associates, net of tax

–

Proﬁt/(loss) from operations

2 214

(1 886)

Depreciation of property, plant and equipment

999

2 511

Amortisation of intangibles

–

EBITDA

3 213

637

Statement of ﬁnancial position

Property, plant and equipment

8 816

11 642

Assets under construction

3 315

9 114

Other intangible assets

Other non-current assets

484

Current assets

1 400

4 191

Total external assets

14 022

25 007

Non-current liabilities

1 863

2 802

Current liabilities

1 902

1 580

Total external liabilities

3 765

4 382

Cash ﬂow information

Cash flow from operations

3 386

1 742

Additions to non-current assets

3 482

4 064

Capital commitments

Subsidiaries and joint operations

9 751

5 353

Equity accounted joint ventures and associates

–

Total capital commitments

9 751

5 353

Number of employees

8 140

487

1 Excludes deferred tax asset, deferred tax liability, tax receivable, tax payable and post-retirement benefit assets.

2 Includes permanent and non-permanent employees.

Sasol Limited Group Audited Financial Results 2015

Strategic Business Units

Other

Energy

Base

Chemicals

Performance

Chemicals

Group

Functions

Total

operations

71 342

41 174

53 352

169 891

610

2 463

2 063

–

17 084

71 952

43 637

55 415

186 975

24 550

4 284

8 589

389

38 836

(152)

964

159

2 182

2 892

24 398

5 248

8 748

2 571

41 728

(122)

(433)

(1 847)

(112)

(2 949)

24 276

4 815

6 901

2 459

38 779

2 694

(1 186)

–

1 562

517

–

(16)

504

26 973

4 146

6 955

2 443

40 845

2 602

2 776

1 689

335

10 912

104

209

29 601

6 948

8 685

2 882

51 966

27 097

33 786

17 443

2 205

100 989

7 120

7 686

11 586

1 044

39 865

136

674

483

1 418

9 214

3 248

1 375

784

15 106

19 285

18 032

18 551

24 423

85 882

62 775

62 888

49 629

28 939

243 260

6 959

3 954

7 109

20 019

42 706

11 145

4 601

8 663

5 701

33 592

18 104

8 555

15 772

25 720

76 298

26 745

8 263

10 444

4 604

55 184

7 959

6 156

7 885

868

30 414

20 623

12 279

17 322

733

66 061

550

–

617

21 173

12 346

17 322

733

66 678

5 254

6 727

5 918

7 220

33 746

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group

Registered office: Sasol Limited, 1 Sturdee Avenue, Rosebank, Johannesburg 2196

PO Box 5486, Johannesburg 2000, South Africa

Share registrars: Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Johannesburg 2001

PO Box 61051, Marshalltown 2107, South Africa, Tel: +27 11 370-7700 Fax: +27 11 370-5271/2

JSE Sponsor: Deutsche Securities (SA) Proprietary Limited

Directors (Non-Executive): Dr MSV Gantsho* (Chairman), Mr C Beggs*, Mr HG Dijkgraaf (Dutch)*,
Ms NNA Matyumza*, Ms IN Mkhize*, Mr ZM Mkhize*, Mr MJN Njeke*, Mr PJ Robertson (British and
American)*, Prof JE Schrempp (German)^, Mr S Westwell (British)*

Directors (Executive): Mr DE Constable (President and Chief Executive Officer) (Canadian),
Mr B Nqwababa (Chief Financial Officer), Ms VN Fakude

*Independent ^Lead independent director

Company Secretary: Mr VD Kahla

Company registration number: 1979/003231/06, incorporated in the Republic of South Africa

Income tax reference number: 9520/018/60/8

JSE NYSE

Ordinary shares

Share code:

SOL

SSL

ISIN:

ZAE000006896 US8038663006

Sasol BEE Ordinary
shares

Share code:

SOLBE1

ISIN:

ZAE000151817

American depository receipts (ADR) program:

Cusip number 803866300

ADR to ordinary share 1:1

Depositary: The Bank of New York Mellon, 22nd floor, 101 Barclay Street, New York, NY 10286,
United States of America

Sasol Limited Group Audited Financial Results 2015

Disclaimer – Forward-looking statements: Sasol may, in this document, make certain statements
that are not historical facts and relate to analyses and other information which are based on forecasts of
future results and estimates of amounts not yet determinable. These statements may also relate to our
future prospects, developments and business strategies. Examples of such forward-looking statements
include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases
in market share, total shareholder return and cost reductions. 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. By their very nature, forward-looking statements involve inherent risks and uncertainties,
both general and specific, and there are risks that the predictions, forecasts, projections and other forward-
looking statements will not be achieved. If one or more of these risks materialise, or should underlying
assumptions prove incorrect, our actual results may differ materially from those anticipated. You should
understand that a number of important factors could cause actual results to differ materially from the
plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements.
These factors are discussed more fully in our most recent annual report under the Securities Exchange Act
of 1934 on Form 20-F filed on 29 September 2014 and in other filings with the United States Securities and
Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-
looking statements to make investment decisions, you should carefully consider both these factors and other
uncertainties and events. 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.

Please note: A billion is defined as one thousand million. All references to years refer to the financial year
ended 30 June. Any reference to a calendar year is prefaced by the word “calendar”.

Comprehensive additional information is available on our website: www.sasol.com

Sasol Limited Group Audited Financial Results 2015

Sasol Limited Group

Notes

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 September 07, 2015

By:

/s/ V D Kahla

Name: Vuyo Dominic Kahla

Title:

Company

Secretary