Submitted by admin on Tue, 01/23/2018 - 00:00

Trading statement for the six months ended 31 December 2017

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 “Company”)

Trading statement for the six months ended 31 December 2017

Sasol’s headline earnings per share (HEPS) for the six months ended 31
December 2017 are expected to increase by between 12% and 17%
(approximating R1,81 to R2,57 per share) compared to the 2017 financial
half year (prior period) HEPS of R15,12. Core HEPS 1 are expected to
increase by between 1% and 6% compared to the prior period CHEPS of R17,41.
Earnings per share (EPS) for the same period are expected to decrease by
between 20% and 25% (approximately R2,84 to R3,55 per share) from the prior
period EPS of R14,21.

Sasol is expected to deliver a largely strong set of results, underpinned
by a satisfactory operational performance across most of the value chain,
higher crude oil and product prices and increased demand for our specialty
chemicals products. Our results were however constrained by poor economic
conditions in South Africa, which impacted on demand for our products, a
less than satisfactory operational performance at our Natref operations, a
much stronger closing rand/US dollar exchange rate and the negative impact
of remeasurement and once-off item charges.

Average Brent crude oil prices moved higher by 19% and since December 2017,
spot prices have moved closer to the US$70/bbl mark, which if sustained at
these levels, are expected to positively impact our results during the
second half of financial year 2018. Similarly, our refining margins
increased by 16% to US$9,73/bbl. We have also seen a steady increase in
most commodity chemical prices. Despite the volatile macro-economic
environment, average margins for most of our specialty chemicals products
increased over the first six months ended 31 December 2017.

Sales and production performance are summarised as follows:
- Normalised sales volumes increased by 3% for our Performance
Chemicals business spurred by increased market demand;
- Base Chemicals business reported a 1% decrease in normalised sales
volumes attributable to delays at a port in South Africa and the
impact of Hurricane Harvey in the US. Sales volumes lost as a result
of the port constraint are expected to be recovered during the second
half of the financial year;
- Production volumes from our Secunda Synfuels Operations decreased by
1% due to a planned shutdown. The Secunda Synfuels production volume
trend is still in line with our planned 2018 production targets;
- Our Eurasian Operations increased production volumes by 2% on the
back of stronger product demand and increased plant availability;
- Production volumes of 63kt from our FT Wax facility were achieved and
are in line with market guidance;
- Natref’s production volumes were down 21% owing to plant shutdowns
and an unexpected Eskom electricity supply interruption at the start
of the financial period. This, together with softer market demand,
lowered our liquid fuels sales volumes by 3%;
- ORYX GTL continued to deliver an exceptional performance, with an
average utilisation rate of 99%;
- Our mining operations were interrupted in December 2017 due to a
tragic fatality at our Syferfontein Colliery which resulted in lower
than expected production volumes. We are currently restoring the
coal stockpile through our own production and additional external
purchases to ensure continued supply to the Sasol integrated value
chain.
- We are making steady progress with our LCCP project in Lake Charles.
At 31 December 2017, capital expenditure amounted to US$8,8 billion,
and the overall project completion was 81%. The total forecast
capital cost for the project remains within the previous market
guidance of US$11,13 billion and project progress is tracking the
approved schedule. The recent tax reform changes in the US will have
a positive impact on the returns of the asset and are expected to
provide increased value to shareholders. More detail on the impact of
the tax reform changes will be shared with the interim results to be
released on 26 February 2018.

1
Core headline earnings 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 is 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 afore-mentioned
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.

Sasol´s earnings for the six months ended 31 December 2017 will be impacted
by the following notable once off and period close items:

HEPS EPS
Rand Rand
per per
share share

Translation losses arising from a stronger closing (R1,34) (R1,34)
rand/US dollar market exchange rate at 31 December
2017
Mark-to-market valuation of commodity and foreign R0,79 R0,79
exchange hedges using a forward rate at 31 December
2017
Net remeasurement items - (R6,37)

Included in remeasurement items is an impairment of our US GTL project
amounting to R1,1 billion (US$83 million) and a partial impairment of our
Canadian shale gas assets of R2,8 billion (CAD281 million), driven mainly
by the depressed gas market outlook.

The effective corporate tax rate increased from 28% in the prior year to
31% mainly due to the impairment of our Canadian shale gas assets. The tax
litigation matter in respect of our crude oil procurement process is
ongoing and there are no further significant developments.
Core HEPS(1) are expected to range between an increase by 1% and 6% compared
to the prior period, mainly as a result of higher crude oil and product
prices, higher margins in specialty chemicals and improved refining
margins, partially offset by the stronger rand/US dollar exchange rate. The
increase/(decrease) to Core HEPS is as follows:
Half Half
year year
2018 2017
Rand Rand per
per share
share
Translation impact of closing exchange rate R1,34 R0,37
Mark-to-market valuation of oil and foreign exchange (R0,79) R1,44
hedges
Once-off Uzbekistan licence fee - (R0,58)
Strike action at Sasol Mining and related costs - R1,06

A detailed summary of production and key business performance metrics for
the financial half year for all our businesses is available on our website,
<a href="http://www.sasol.com&quot; target="_blank">www.sasol.com</a&gt;.

Key macro-economic summary
Half Half
year year %
2018 2017 change
Rand/US dollar average exchange rate 13,40 13,99 (4)
Rand/US dollar closing exchange rate 12,37 13,74 (10)
Average dated brent crude oil price (US 56,74 47,68 19
dollar / bbl)
Refining margin (US dollar / bbl) 9,73 8,42 16
Henry Hub gas price (US dollar / million 2,93 2,95 (1)
British thermal unit)

Our results for the first half of the 2018 financial year may be further
affected by adjustments resulting from our half year-end closure process.
This could result in a change in the estimated earnings noted above. This
trading statement only deals with the comparison to the first half of the
2017 financial year.

The financial information on which this trading statement is based has not
been reviewed and reported on by the Company's external auditors. Sasol's
financial results for the six months ended 31 December 2017 will be
announced on Monday, 26 February 2018.

23 January 2018
Johannesburg

Sponsor: Deutsche Securities (SA) Proprietary Limited

Date: 23/01/2018 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

Ticker
SOL,SOLBE1
Headline Date
Publish Time
08:30:00
Source
Johannesburg Stock Exchange - SENS NEWS DELAYED
Year
2018

Trading statement for the six months ended 31 December 2017

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 “Company”)

Trading statement for the six months ended 31 December 2017

Sasol’s headline earnings per share (HEPS) for the six months ended 31
December 2017 are expected to increase by between 12% and 17%
(approximating R1,81 to R2,57 per share) compared to the 2017 financial
half year (prior period) HEPS of R15,12. Core HEPS 1 are expected to
increase by between 1% and 6% compared to the prior period CHEPS of R17,41.
Earnings per share (EPS) for the same period are expected to decrease by
between 20% and 25% (approximately R2,84 to R3,55 per share) from the prior
period EPS of R14,21.

Sasol is expected to deliver a largely strong set of results, underpinned
by a satisfactory operational performance across most of the value chain,
higher crude oil and product prices and increased demand for our specialty
chemicals products. Our results were however constrained by poor economic
conditions in South Africa, which impacted on demand for our products, a
less than satisfactory operational performance at our Natref operations, a
much stronger closing rand/US dollar exchange rate and the negative impact
of remeasurement and once-off item charges.

Average Brent crude oil prices moved higher by 19% and since December 2017,
spot prices have moved closer to the US$70/bbl mark, which if sustained at
these levels, are expected to positively impact our results during the
second half of financial year 2018. Similarly, our refining margins
increased by 16% to US$9,73/bbl. We have also seen a steady increase in
most commodity chemical prices. Despite the volatile macro-economic
environment, average margins for most of our specialty chemicals products
increased over the first six months ended 31 December 2017.

Sales and production performance are summarised as follows:
- Normalised sales volumes increased by 3% for our Performance
Chemicals business spurred by increased market demand;
- Base Chemicals business reported a 1% decrease in normalised sales
volumes attributable to delays at a port in South Africa and the
impact of Hurricane Harvey in the US. Sales volumes lost as a result
of the port constraint are expected to be recovered during the second
half of the financial year;
- Production volumes from our Secunda Synfuels Operations decreased by
1% due to a planned shutdown. The Secunda Synfuels production volume
trend is still in line with our planned 2018 production targets;
- Our Eurasian Operations increased production volumes by 2% on the
back of stronger product demand and increased plant availability;
- Production volumes of 63kt from our FT Wax facility were achieved and
are in line with market guidance;
- Natref’s production volumes were down 21% owing to plant shutdowns
and an unexpected Eskom electricity supply interruption at the start
of the financial period. This, together with softer market demand,
lowered our liquid fuels sales volumes by 3%;
- ORYX GTL continued to deliver an exceptional performance, with an
average utilisation rate of 99%;
- Our mining operations were interrupted in December 2017 due to a
tragic fatality at our Syferfontein Colliery which resulted in lower
than expected production volumes. We are currently restoring the
coal stockpile through our own production and additional external
purchases to ensure continued supply to the Sasol integrated value
chain.
- We are making steady progress with our LCCP project in Lake Charles.
At 31 December 2017, capital expenditure amounted to US$8,8 billion,
and the overall project completion was 81%. The total forecast
capital cost for the project remains within the previous market
guidance of US$11,13 billion and project progress is tracking the
approved schedule. The recent tax reform changes in the US will have
a positive impact on the returns of the asset and are expected to
provide increased value to shareholders. More detail on the impact of
the tax reform changes will be shared with the interim results to be
released on 26 February 2018.

1
Core headline earnings 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 is 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 afore-mentioned
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.

Sasol´s earnings for the six months ended 31 December 2017 will be impacted
by the following notable once off and period close items:

HEPS EPS
Rand Rand
per per
share share

Translation losses arising from a stronger closing (R1,34) (R1,34)
rand/US dollar market exchange rate at 31 December
2017
Mark-to-market valuation of commodity and foreign R0,79 R0,79
exchange hedges using a forward rate at 31 December
2017
Net remeasurement items - (R6,37)

Included in remeasurement items is an impairment of our US GTL project
amounting to R1,1 billion (US$83 million) and a partial impairment of our
Canadian shale gas assets of R2,8 billion (CAD281 million), driven mainly
by the depressed gas market outlook.

The effective corporate tax rate increased from 28% in the prior year to
31% mainly due to the impairment of our Canadian shale gas assets. The tax
litigation matter in respect of our crude oil procurement process is
ongoing and there are no further significant developments.
Core HEPS(1) are expected to range between an increase by 1% and 6% compared
to the prior period, mainly as a result of higher crude oil and product
prices, higher margins in specialty chemicals and improved refining
margins, partially offset by the stronger rand/US dollar exchange rate. The
increase/(decrease) to Core HEPS is as follows:
Half Half
year year
2018 2017
Rand Rand per
per share
share
Translation impact of closing exchange rate R1,34 R0,37
Mark-to-market valuation of oil and foreign exchange (R0,79) R1,44
hedges
Once-off Uzbekistan licence fee - (R0,58)
Strike action at Sasol Mining and related costs - R1,06

A detailed summary of production and key business performance metrics for
the financial half year for all our businesses is available on our website,
<a href="http://www.sasol.com&quot; target="_blank">www.sasol.com</a&gt;.

Key macro-economic summary
Half Half
year year %
2018 2017 change
Rand/US dollar average exchange rate 13,40 13,99 (4)
Rand/US dollar closing exchange rate 12,37 13,74 (10)
Average dated brent crude oil price (US 56,74 47,68 19
dollar / bbl)
Refining margin (US dollar / bbl) 9,73 8,42 16
Henry Hub gas price (US dollar / million 2,93 2,95 (1)
British thermal unit)

Our results for the first half of the 2018 financial year may be further
affected by adjustments resulting from our half year-end closure process.
This could result in a change in the estimated earnings noted above. This
trading statement only deals with the comparison to the first half of the
2017 financial year.

The financial information on which this trading statement is based has not
been reviewed and reported on by the Company's external auditors. Sasol's
financial results for the six months ended 31 December 2017 will be
announced on Monday, 26 February 2018.

23 January 2018
Johannesburg

Sponsor: Deutsche Securities (SA) Proprietary Limited

Date: 23/01/2018 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.