JSE: SOL - SOLBE1 - Trading statement for the financial half year ending 31 December 2018

Publication Date: 
Wednesday, November 21, 2018

Trading statement for the financial half year ending 31 December 2018

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” or “the Company”)

Trading statement for the financial half year ending 31 December 2018

Sasol is expected to deliver a solid set of results, underpinned by higher Brent crude oil
and product prices, a weaker average rand exchange rate, a satisfactory performance
of its global assets and much lower remeasurement items during the six months ending
31 December 2018. Our underlying cash flow performance and earnings are expected
to be much stronger than the period ended 31 December 2017 (prior period).

Headline earnings per share (HEPS) for the six months ending 31 December 2018 are
expected to increase by between 12% and 29% (approximating R2,12 to R5,12 per
share) compared to the prior period HEPS of R17,67. Earnings per share (EPS) for the
same period are also expected to increase by between 80% and 100% (approximating
R9,03 to R11,29 per share) from the prior period EPS of R11,29.

Earnings before interest, tax, depreciation and amortisation (EBITDA*) are expected to
increase by between 10% and 30% largely driven by stronger macroeconomics and
core** headline earnings per share (CHEPS) are expected to increase by between 15%
and 35% (approximating R2,73 to R6,38 per share) compared to the prior period
CHEPS of R18,22. The difference between CHEPS and EBITDA is largely due to
depreciation and employee share-based payment expenses.

A detailed production summary and key business performance metrics for the financial
half year for all our businesses will be available on our website, <Origin Href="Link">www.sasol.com on
24 January 2019 and an announcement will be published on SENS notifying
shareholders accordingly. We will at this date include a more detailed analysis on our
earnings performance including the impact of the closing rate at 31 December 2018.

Our results for the six months ending 31 December 2018 may be further affected by
actual trading results in the remaining period and any further adjustments resulting from
our half year-end closure process. This may result in a change in the estimated
earnings noted above. This trading statement only deals with the comparison to the
prior period.

The financial information on which this trading statement is based has not been
reviewed and reported on by the Companys external auditors. Sasol will be releasing its
audited results for the six months ending 31 December 2018 on Monday, 25 February

* EBITDA is calculated by adjusting operating profit for depreciation, amortisation,
remeasurement items, share-based payments and unrealised gains and losses on our
hedging activities.
** Core HEPS are calculated by adjusting headline earnings with once-off items, period
close adjustments and depreciation and amortisation of capital projects, exceeding R4
billion which have reached beneficial operation and are still ramping up and share-
based payments on implementation of B-BBEE transactions. Period close adjustments
in relation to the valuation of our derivatives at period end are to remove volatility from
earnings as these instruments are valued using forward curves and other market factors
at the reporting date and could vary from period to period. We believe core headline
earnings are a useful measure of the group’s sustainable operating performance.
However, this is not a defined term under IFRS and may not be comparable with
similarly titled measures reported by other companies. The aforementioned adjustments
are the responsibility of the directors of Sasol. The adjustments have been prepared for
illustrative purposes only and due to their nature, may not fairly present Sasol’s financial
position, changes in equity, results of operations or cash flows.

21 November 2018

Sponsor: Deutsche Securities (SA) Proprietary Limited

Date: 21/11/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (JSE).
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