UNITED 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 November 25, 2013
Commission File Number 1-31615
Sasol Limited
1 Sturdee Avenue
Rosebank 2196
South Africa
(Name and address of registrant's principal executive office)
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82-_______________.
Enclosures: Sasol Chief Financial Officer Update
Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
Sasol Ordinary Share codes: JSE : SOL NYSE : SSL
Sasol Ordinary ISIN codes: ZAE000006896 US8038663006
Sasol BEE Ordinary Share code: JSE : SOLBE1
Sasol BEE Ordinary ISIN code: ZAE000151817
("Sasol")
25 November 2013
SASOL CHIEF FINANCIAL OFFICER UPDATE
Salient features for the period
* Solid performance from Sasol Synfuels - largest shutdown in
history successfully completed
* ORYX GTL continues to produce above design capacity
* US projects progress well on track
* Business performance enhancement programme on target - group
executive committee and related management structures announced
* Divestiture from Iran completed
* Normalised cash fixed cost above indicative South African PPI
Dear stakeholder
In the first three months of the 2014 financial year*, we have delivered solid
financial results, despite the ongoing global economic uncertainty and
industrial action in South Africa. Sasol Synfuels delivered a strong
operational performance, despite a planned total and phase shutdown of the
east factory, which took place in September 2013.
Our ORYX gas-to-liquids (GTL) operations continue to exceed our expectations
and the utilisation rate for the period remained above 100% during the
first three months of 2014. Our other foundation businesses continue to
perform in line with 2014 targets. The disposal of our investment in Arya Sasol
Polymer Company (ASPC) became effective on 16 August 2013 and Sasol no longer
has any investments in Iran.
The group benefited from a weaker rand/US dollar exchange rate as
well as improved product prices. The average Brent crude oil price
for the three months improved slightly and chemical prices were
also higher compared to the prior year comparable period. The
demand in the chemicals market continues to remain soft.
We continue to focus on those factors within our control including
cost containment, operational efficiencies and margin improvement.
Our current cost inflation is expected to be above the indicative
South African producers' price index trends for the 2014 financial
year. We are making real progress on our business performance
enhancement programme, as evidenced by the recent announcement we
made regarding our revised group executive committee (GEC) and
related management structures. The announcement of these
structures is an essential step towards transitioning to our new
operating model to ensure that Sasol is fit for the future. More
detail on the business case, progress and implementation costs of
the project will be provided at our interim results announcement
in March 2014.
The front-end engineering and design (FEED) phase of our US mega-
projects and specifically our ethane cracker are progressing
according to plan. During the period, we have made sufficient
progress on the FEED phase of the Uzbekistan GTL project with all
technical activities having been completed.
We were saddened by the news of three fatalities at our operations
during the month of October. One fatality related to an employee
at our Sasol Mining operations, while the others related to
service providers. We convey our deepest sympathy to their family,
friends and colleagues. Safety remains a primary focus across our
business.
We remain confident that, based on a solid business performance of
the group and favourable macroeconomics, we will deliver strong
earnings growth for the 2014 financial year compared to the
reported attributable earnings of R26,3 billion in the 2013
financial year.
Best regards,
Paul Victor
25 November 2013
Johannesburg
*This update is based on information for the three months ended 30
September 2013, however, where practical, information to 31
October 2013 has been included to indicate business performance.
1. Macroeconomics remain volatile
Oct 2013 YTD Sept 2013 YTD Sept 2012 YTD Change in
% Sept YTD
Macro-economic indicators
Average
rand/US$ 9,98 10,00 8,26 (21%)
Brent crude oil
(US$/b) 110,04 110,37 109,64 1%
Henry Hub
gas price
(US$/mmbtu) 3,52 3,50 2,88 22%
Product prices
SA fuel price 124 125 129 (3%)
(US$/b)
Ethylene
(US$/ton) 1 624 1 609 1 468 10%
Propylene
(US$/ton) 1 466 1 450 1 317 10%
Polymers
basket
(US$/ton) 1 349 1 337 1 195 12%
Solvents
basket
(US$/ton) 1 192 1 182 1 144 3%
Prices reflect international commodities or baskets of commodities
and are not necessarily Sasol specific.
Sources: RSA Department of Energy, ICIS-LOR, Reuters, Platts,
International Energy Agency
Global economic conditions improved modestly during the first
quarter of our current financial year. US economic growth
accelerated from the preceding quarter, even as the budget
funding and debt ceiling disagreements gathered momentum.
Indicators out of the euro zone suggest that the underlying
growth momentum was sustained, while economic growth in the
United Kingdom generally surprised to the upside. In Asia,
Chinese economic growth remained relatively robust during the
quarter. In contrast, South Africa's economic performance was
negatively impacted by industrial action in parts of the
manufacturing and mining industries.
Global leading indicators suggest that the gradual economic
recovery is likely to be sustained over the next three to six
months, even as the risks to the outlook remain tilted to the
downside. In the US, the risk of another budget and debt-
ceiling standoff in early 2014 poses a risk to the country's
growth prospects, while the timing and pace of the start to a
gradual withdrawal of quantitative easing and its potential
impact on capital flows to emerging markets remains unclear.
This is of particular concern for South Africa given its
current relatively large current account financing need. It is
expected that Europe's economic upturn will continue to improve
at a slow and uneven pace. China's underlying growth momentum
appears to be slowing slightly, but it is believed that full
calendar year growth of about 7,5% will be achieved.
Given the generally uncertain global environment, we maintain
our view that commodity and exchange rate volatility is likely
to persist in the coming months.
Across our operations, we remain focused on managing all
factors within our control which include ensuring solid and
reliable operational performance, production planning and
optimisation, margin improvement, cost reduction, as well as
effective working capital management.
2. Solid operational performance
Oct 2013 YTD Sept 2013 YTD Sept 2012 YTD Change
in %
Sept YTD
Total production
Sasol Mining 13,2 9,7 9,66 1%
(mt)
Sasol Gas (mt) 58,0 42,7 41,8 2%
Sasol Synfuels 2 374 1 704 1 785 (5%)
(kt)
Sasol Synfuels 2 489 1 819 1 785 2%
(kt)
(normalised
for full
shutdown)
Sasol Oil 2 558 1 885 2 034 (7%)
(mil m3)
Total product 97,1 97,4 97,8 (0,4%)
yield
ORYX GTL*(mbbl) 1,952 1,481 1,504 (2%)
Sasol O&S (kt) 729,5 530,2 471,9 12%
Sasol Petroleum 6,8 4,9 4,6 7%
International
group (exluding
Canada) (mboe)* 6,7 4,9 5,9 (17%)
Canada shale gas*
(bscf)
* Sasol's share of production
Sasol Mining's year-to-date production for the three months to
30 September 2013 was 9,7 million tons (mt), or 1% higher than
the prior year comparable period. Sasol Mining's costs remain
under pressure mainly due to increasing mining costs (mainly
maintenance and labour cost). Lower export coal prices continue
to affect the business negatively. Export coal sales increased
by 13% relative to the comparable period.
Sasol Synfuels' year-to-date production for the three months to
30 September 2013 was 1,7 mt. This represents a 5% decrease
(normalised for the total shutdown up 2%) compared to the prior
year comparable period. The lower volumes are as a result of
the east factory total and phase shutdown which took place in
September 2013, compared to a phase shutdown in the prior
comparable period. This was the largest ever shutdown at Sasol
Synfuels. The total shutdown was planned for 15 days and the
phase shutdown for 20 days. The shutdown was completed
successfully and consisted of 155 822 activities undertaken
with an additional 36 000 people on site. Sasol Synfuels' year-
to-date cash cost per unit is above the indicative South
African producers' price index, mainly due to electricity and
feedstock cost increases, the latter being internal to the
group.
Sasol Oil's year-to-date production volumes were 7% lower than
the prior period comparable volumes. This was the result of
Sasol Oil's Natref refinery operating at lower crude rates, in
an attempt to reduce the high ULP 93 stock levels experienced
at the end of 2013. Sales volumes decreased by 3% compared to
the prior year comparable period mainly due to lower diesel
supplies resulting from the lower throughput at Natref. This
decrease was partially offset by higher sales into the aviation
market as a result of securing additional airline contracts.
Product conversion yields are within management's expectations.
Our ORYX gas-to-liquids (GTL) joint venture, in Qatar, achieved
1,5 million barrels (mbbl) (Sasol's 49% share) cumulative
production over the three month period to 30 September 2013.
During this period, the plant operated at an average of 101% of
design capacity, taking into account maintenance activities at
our gas feedstock supplier. The plant is expected to operate at
an average utilisation rate of about 90% for the current
financial year.
The performance of our Sasol Olefins & Surfactants' (Sasol O&S)
business for the three month period continues to highlight the
contrasting supply and market conditions that prevail between
our US and European operations. Our US operations continued to
benefit from low US ethane prices, while our European based
businesses remained under pressure as a result of reduced
volumes and lower margins. Following further optimisation of
our product lines, the co-monomers product portfolio has been
transferred into Sasol O&S from Sasol Solvents, effective 1
July 2013. With the co-monomers results now included, total
production and sales volumes for the three months to 30
September 2013 were 12% and 22% higher, respectively, compared
to the prior year comparable period. Total gross margin for the
Sasol O&S business also exceeded the 2013 comparable level, on
the back of improved unit margins in the US. This performance
compensated for weaker sales volumes achieved, specifically in
Europe. Start-up of the 100 000 tons per annum ethylene
tetramerisation unit, at the Lake Charles, Louisiana site in
the US, remains on schedule and is currently being
commissioned. The project is on budget and schedule.
Sasol Solvents has recorded a pleasing result this quarter due
to improved margins, higher sales volumes as well as benefits
realised from the implementation of a turnaround plan in 2013.
The rand weakness has further supported the solvents business
and negated the effect of losses incurred in our German
business. The restructuring of our German businesses to improve
the performance of Sasol Solvents Germany is underway.
Our South African polymers business is still experiencing
margin pressure due to higher than anticipated feedstock
prices, and lower yields. We anticipate the operating loss for
the full 2014 financial year to be around R800 million (2013 -
R1 785 million loss). Average sales prices have, however,
improved on the back of increased US dollar based prices and a
weaker exchange rate. Production and sales volumes were 2% and
1% higher, respectively, compared to the prior year comparable
period. Our projects identified to improve production
performance remain on track. The Ethylene Purification Unit
(EPU5) project, which increases ethylene available for our
polyethylene plants by approximately 48 kilotons per annum,
successfully achieved beneficial operation on 18 October 2013.
The C3 stabilisation project will achieve beneficial operation
during the middle of the 2014 calendar year.
In our other chemical businesses, the gross margin, including
hard wax, of our Sasol Wax business for the three months ended
30 September 2013 was 24% higher than the prior year comparable
period, despite 1% lower sales volumes. This increase was
mainly driven by the further weakening of the rand against the
US dollar and euro, supported by continuous business and
efficiency improvements. Sasol Nitro experienced good growth in
production and sales volumes during the first three months of
the financial year. However, market conditions remain
challenging mainly due to the margin squeeze in our fertiliser
business as a result of the lower urea-ammonia differential
prices. The explosives business is running well and market
conditions are starting to improve following the recent
industrial action in the mining industry.
In order to ensure long-term security of gas feedstock supply,
Sasol Petroleum International (SPI) is actively managing a
significant acreage position in the southern part of
Mozambique, which includes exploration, appraisal, development
and production.
In anticipation of the growing market in Mozambique, as well as
increasing demand in South Africa, SPI and its partners have
continuously increased the capacity of the Central Processing
Facility (CPF) and the pipeline to match the growing demand for
gas. Currently, we are progressing two major projects to align
with market demand following the expansion of the CPF to 183
million gigajoules per annum (MGJ/a):
* Sasol Gas Holdings, together with its partners, will be
increasing the capacity of the current pipeline from a total
of 170 MGJ/a to 188 MGJ/a through the addition of a 26 inch
loop line at a cost of R1,98 billion. Beneficial operation is
expected during the middle of the 2014 calendar year.
* In 2013, we reached a final investment decision (FID)
for a low pressure compression project at the CPF to compensate
for the depletion of reservoir pressure in the fields as a result
of production. The project is currently in the engineering,
procurement, and construction (EPC) phase. Construction
commenced during the first half of the 2014 financial year,
with beneficial operation scheduled for the first half of the
2015 calendar year at an estimated total end of job cost of
US$135 million.
We have continued with the development of our Production
Sharing Agreement (PSA) licence, which will supplement current
production from the Petroleum Production Agreement (PPA)
licence area. In 2013, we declared commerciality on four oil
and gas reservoirs including the Inhassoro light oil prospect.
We are on track to submit the Field Development Plan (FDP) by
February 2015 in accordance with applicable regulations.
Although gas prices have improved compared to the prior year
comparable period, the profitability of our Canadian shale gas
assets (Farrell Creek and Cypress A) continue to remain under
pressure resulting from these low gas prices. We anticipate a
continuation of the current loss position for the full 2014
financial year. At 30 September 2013, our share of the capital
expenditure on the Canadian shale gas assets amounted to R1 280
million (CAD133 million) for the three month period. At that
date, there were a total of 104 wells on stream in Farrell
Creek and six wells on stream in Cypress A. On 8 November 2013,
our partner, Talisman, announced their intention to dispose of
their 50% share of the Montney Basin shale gas assets. We are
evaluating the impact thereof on our Canadian shale gas assets.
Through Sasol New Energy (SNE), we continue to advance the
development of our 49% share of the US$246 million, 140
megawatt gas-fired power generation plant in Mozambique, in
partnership with the country's state-owned power utility
Electricidade de Mozambique (EDM). EDM will be the sole off-
taker of the electricity under a long-term power purchase
agreement. Beneficial operation is expected during the first
half of the 2014 calendar year. Located at Ressano Garcia, this
will be the first large scale gas based industrial project in
Mozambique designed for long-term power supply.
3. Financial performance
Weaker rand increases inflationary cost pressures
A 21% weaker average rand/US dollar exchange rate (R8,26/US$ at
30 September 2012) negatively impacted cash fixed costs for the
three months ended 30 September 2013. Cash fixed costs,
excluding once-off items, growth costs and the impact of
exchange rates, reflect continued inflationary pressure,
resulting primarily from increased labour costs. Normalised cash
fixed costs are trending slightly above the indicative South
African producers' price index (PPI).
Strong cash generation continues to fund growth
Free cash flow for the three months to 30 September 2013 is 23%
lower as compared to the prior year comparable period, due to
higher capital expenditure. We continue to maintain a strong
cash position, underpinned by a strong balance sheet, enabling
us to successfully sustain our current operations and fund our
growth aspirations, while still delivering attractive returns to
our shareholders.
Business performance enhancement programme progressing
We continue to make steady progress on our business performance
enhancement programme. On 1 November 2013, we announced that,
while detailed design work on Sasol's new operating model
continues, the Sasol board approved a new group executive
committee (GEC) structure to align the group's top management
with our new operating platform. The organisation will be
defined by value chain, into four distinct groupings:
* Operating business units, which comprise our mining and
upstream oil and gas activities;
* Regional operating hubs, which include our operations in
Southern Africa, North America and Eurasia;
* Strategic business units, which focus on our commercial and
enhanced customer interfaces within the energy and chemicals
arenas; and
* Group functions, which will deliver fit-for-purpose business
support services and solutions.
The new GEC structure will not impact the segmental reporting
until 1 July 2014. Current financial reporting will therefore
continue for our 2014 financial year.
Our business performance enhancement programme remains on track.
Further details on the savings target, the sources of these
savings, as well as the cost of implementation, will be provided
at our interim results announcement in March 2014.
4. Projects update
US integrated ethane cracker complex and GTL complex
We are executing the front-end engineering and design (FEED)
phases of a world-scale ethane cracker and GTL facility to be
located in Westlake, Louisiana. A series of engineering and
technology providers have been appointed to support the ethane
cracker project. Fluor Corporation is the main FEED contractor
for the ethane cracker. Individual engineering services
agreements for the development of basic engineering packages, as
well as for the various technologies, have also been concluded
with a number of contractors. Worley Parsons Limited has been
contracted to support Sasol's own project execution team as part
of an Integrated Project Management Team. We expect the FID for
the ethane cracker to be taken during the middle of the 2014
calendar year, with beneficial operation to be achieved during
the 2017 calendar year. We still expect to take FID for the US
GTL 18 to 24 months after FID of the ethane cracker.
Uzbekistan GTL
Our Uzbekistan GTL FEED activities are progressing well and are
expected to be completed at the end of the 2013 calendar year.
In June 2013, the Sasol board approved a decrease in Sasol's
shareholding in the Uzbekistan GTL project from 44,5% to 25,5%
at the end of the FEED phase. Different shareholding options are
currently being evaluated and progress on this, as well as the
project financing, will be communicated in due course.
Escravos GTL
In Nigeria, the Escravos GTL commissioning and start-up
activities are progressing, however, a little slower than
expected. We have successfully started up all the main utility
plants and systems, with the larger processing units expected to
start up in the first half of the 2014 calendar year. Beneficial
operation is expected to be completed during the first half of
the 2014 calendar year.
Mining replacement programme
The development of the Impumelelo and Shondoni Collieries, which
are part of Sasol Mining's R14 billion mine replacement
projects, remain on track. It is anticipated that the projects
will be completed within budget and on schedule, reaching
beneficial operation during the second half of the 2014 and 2015
calendar years, respectively.
FT wax expansion project
Construction on the FT wax expansion facility in Sasolburg,
South Africa continues to progress. During September 2013, as
per the current schedule, an important milestone of Phase 1 of
the project was achieved with the catalyst plant being
commissioned. The total project cost of Phases 1 and 2 is
estimated at R11,9 billion. There are some schedule risks to
Phase 1, which could increase the costs by 1% to 2% above the
approved amended budget. Phase 2 of the project could be
impacted by this potential delay. Increases in the cost of
labour and lower productivity commitments by construction
contractors are putting the Phase 2 costs under pressure. A
number of actions are underway in order to firm up the costs and
manage the schedule risks of the project.
Sasol Synfuels projects
The Sasol Synfuels growth programme is on track and nearing
completion. The beneficial operation of the entire programme is
expected to be reached in the second half of the 2014 calendar
year. The installation of the second set of gas-heated heat
exchange reformers will mark the completion of the growth
programme.
The complex brownfields volatile organic compound (VOC)
abatement project, along with the replacement of tar tanks and
separators and the coal tar filtration (CTF) east projects are
under schedule and cost pressures.
Clean Fuels 2 update
Our estimates on the capital expenditure to comply with the core
specifications, octane and volume recovery, of Clean Fuels 2
(CF2) regulations, is approximately R11,7 billion, attributable
to Sasol Synfuels and our share in the Natref joint venture.
Despite the South African Finance Minister's budget announcement
on 27 February 2013, which indicated that support mechanisms
will be introduced to assist the local refineries with the
introduction of environmentally friendly fuels, there have been
no further details of a capital recovery mechanism by the
Department of Energy (DOE) and accordingly, there is a
possibility that beneficial operation will be delayed within the
oil industry. We continue to engage with the DOE.
5. Update on strategic issues
Credit rating
Our corporate credit ratings remain unchanged from our September
2013 results announcement. Our foreign currency credit rating by
Standard & Poor's (S&P) is BBB/Negative/A-2, and S&P's local
currency rating for the sovereign (South Africa) is A-
/Negative/A-2. Our foreign currency credit rating published by
Moody's Investors Service is Baa1/stable/P-2, and our national
scale issuer rating is Aa3.za/P-1.za.
The credit ratings reflect our local and international
activities, diversified along the integrated value chain, as
well as our current strong financial risk profile and prudent
financial policies.
Gearing
Our balance sheet still reflects an under-geared position. The
low gearing is supported by continued healthy cash flow
generation, particularly from our foundation businesses. This
low level of gearing is expected to be maintained in the short
term, but is likely to return to within our targeted gearing
range of 20% to 40% in the medium term, taking into account our
capital investment programme as well as our progressive dividend
policy.
Polymers competition hearing
As reported previously, the South African Competition Commission
(the Commission) alleged that Sasol Chemical Industries Limited
charged excessive prices for propylene and polypropylene in the
South African market from 2004 to 2007. We continue to dispute
the Commission's allegations. In 2010, the matter was referred
by the Commission to the South African Competition Tribunal (the
Tribunal). The trial was heard before the Tribunal during
13 May 2013 through to 7 June 2013 and closing arguments were
presented on 14 and 15 October 2013. We await the outcome of the
hearing.
Divestiture from Iran
The disposal of our investment in Arya Sasol Polymer Company
(ASPC) became effective on 16 August 2013. An amount of US$47
million is still outstanding from the purchaser. It is expected
that the loss on the final disposal, recognised in the 2014
financial year, will be less than US$100 million, as previously
communicated.
6. Guidance for the full year
The macroeconomic conditions continue to be volatile, impacting
our assumptions in respect of a stable crude oil price in the
near term, slightly improved natural gas prices and volatile
product prices, stronger refining margins as well as the weaker
rand/US dollar exchange rate. The rand/US dollar exchange rate
remains one of the biggest external factors impacting our
profitability. We continue to focus on factors within our
control: volume growth, margin improvement and cost reduction.
We expect an overall solid production performance for the 2014
financial year with our production guidance as follows:
* Sasol Synfuels' volumes will be between 7,3 to 7,5 million
tons for the full year;
* The full year average utilisation rate at ORYX GTL in Qatar
is expected to be about 90% of nameplate capacity; and
* Our shale gas venture in Canada will show marginally
increased production compared to the prior year due to new
wells coming on stream. At present, we are optimising
drilling activities, as a ramp-up remains dependent on
sustained natural gas price increases.
We remain on track to deliver on our expectations for improved
operational performance. As costs are incurred to improve plant
stability and the weaker rand continues to exert pressure on our
South African businesses, we expect that our normalised fixed
costs will increase above the indicative South African PPI
inflation. Cost reduction is a specific target within our short-
term incentive scheme and, accordingly, management continues to
focus on controllable cost elements.
An update on earnings guidance will be provided once we have a
reasonable degree of certainty on the interim results for the
2014 financial year, taking into account any adjustments arising
from our half-year reporting closure process, as well as
remeasurement effects.
The forecast financial information appearing in this update,
including the letter addressed to stakeholders from Paul Victor,
is the responsibility of the directors and has not been reviewed
or reported on by Sasol's external auditors. We will release
Sasol's half-year results on Monday, 10 March 2014.
7. Other matters
New accounting standards
Sasol has adopted IFRS 10, Consolidated Financial Statements
(IFRS 10), and IFRS 11, Joint Arrangements (IFRS 11), on 1 July
2013. Under IFRS 11, investments in joint arrangements are
classified either as joint operations or joint ventures,
depending on the contractual rights and obligations of each
investor in addition to the legal form of the joint arrangement.
The adoption of IFRS 10 and IFRS 11 had the largest impact on
the following joint arrangements:
Sasol's interest (%) Previous Revised
classification classification
ORYX GTL
Limited 49 Proportionately Equity
consolidated accounted
Sasol-Huntsman 50 Proportionately Equity
GmbH & co KG consolidated accounted
National 64 Fully Proportionately
Petroleum consolidated consolidated
Refiners of
South Africa
(Pty) Ltd
As these standards have been applied with retrospective effect
from the date of acquisition or formation of the joint
arrangement, Sasol will restate the comparative results in the
statement of financial position, income statement, statement of
comprehensive income, statement of changes in equity and the
cash flow statement as well as the relevant notes to the
financial statements when we release our interim results for the
six months ending 31 December 2013. Our comparative earnings per
share will not be affected as a result of these restatements.
8. Other events 2014
10 March Half-year 2014 financial results release
10 March Dividend declaration
6 June CFO letter
8 September Full-year 2014 financial results release
8 September Dividend declaration
21 November Sasol Limited Annual General Meeting
24 November CFO letter
9. Investor Relations contacts
Please feel free to contact us as follows:
investor.relations@sasol.com
+27 11 441 3113
The Investor Relations contact:
Sam Barnfather General Manager: Investor Relations Operations
Sponsor: Deutsche Securities (SA) Proprietary Limited
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
9 October 2013 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.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, t
he registrant, Sasol Limited, has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Date: November 25, 2013 By: /s/ V D Kahla
Name: Vuyo Dominic Kahla
Title: Company Secretary