better together ... we deliver
for the
six months ended
31 December 2013
Sasol Limited financial results
better together ... we deliver 2
Forward-looking statements
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.
better together ... we deliver
Introduction
David E. ConstableChief Executive Officer
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What you will hear today
Key messages
• Creating long-term shareholder value
• Delivering and growing sustainably
• Strong headline earnings growth
• Taking decisive management action
• Excellent overall financial and operational performance
• Advancing key capital projects
• Compelling investment proposition
Lake Charles, Louisiana Sasol Synfuels, Secunda
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Creating long-term shareholder value
Delivering results through decisive leadership
1. Share price movements based off 30 Jun 2012 EV/EBIT multiple, applied to movements in operating profit for the 20 month period ended 7 Mar 2014.
Analysis excludes effects of depreciation, once-offs and impairments
2. Includes exchange rates, oil and product prices, inflation as well as risks associated with investing in emerging markets
3. Includes focused leadership and strategic direction, optimising volumes and maintaining reliable operations, enhancing organisational structures and
systems, executing strategic growth projects and driving business performance improvements
340
146
96 582
0
100
200
300
400
500
Share price2 Jul 12¹
Macro/externalfactors²
Controllablefactors³
Share price7 Mar 14
Ran
d
Factors influencing the share price
Supported by progressive
dividend policy
Medium
term catalyst:
US cracker
Short term catalyst:
business performance
improvements
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Delivering and growing sustainably
Our broader contributions to South Africa in 1H14
• Invested R10,8 billion (54%) of our CAPEX spend
• Contributed R205 million to date through the Ikusasa initiative
– R800 million total commitment
• Invested R165 million in socioeconomic development
• Spent R353 million on skills development
• Contributed over R15 billion in direct and indirect taxes
Sasol Gas Engine Power Plant, Sasolburg Sasol training, Secunda
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Delivering and growing sustainably
Key milestones in 1H14
• Robust safety performance - RCR 0,30
• Successful completion of largest shutdown in Synfuels’ history
• ORYX GTL plant continues to achieve production records - 94% utilisation rate
• Extension of Secunda mining rights to support our 2050 strategy
• Ethylene purification unit successfully commissioned
• Sasol turbodiesel™ ULS 10ppm launched
Sasol forecourt, Secunda Lake Charles, Louisiana
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Strong headline earnings growth
Delivering shareholder returns
• Solid contributions across the value chain
• Synfuels’ normalised production volumes up by 3%
• Normalised cash fixed costs below SA PPI of 6,4%
• Operating profit up 33%, excluding once-off items
• Headline earnings per share up by 26% to R30,19 off a record base
• Cash generated from operations up 50%
• Record interim dividend of R8,00 per share - up by 40%
Lake Charles, Louisiana Sasol Synfuels, Secunda
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Taking decisive management action
Business Performance Enhancement Programme
• Notable progress made on right-sizing and repositioning the organisation
• Implementing new operating model on 1 July 2014
• Top management decision-making layers significantly reduced
• Simplified governance framework
• First tranche of bankable savings driven by optimising external spend
• FY14 savings trending above R200 million
• On track to deliver more than R3 billion annually by FY16
Sasol retail site, South Africa Sasol Polymers, Secunda Gas Engine Power Plant, Sasolburg
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Financial and operational performance
Paul VictorActing Chief Financial Officer
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Supported by weakening rand
Favourable macro environment
Prices reflect international commodities or baskets of commodities and are not necessarily Sasol specific
Sources: RSA Department of Energy, ICIS-LOR, Reuters, Platts, World Scale Association, McCloskey, International Energy Agency
US
$1
= R
an
d
Weakening currency
$/m
mb
tu(g
as p
rice
)
US
$/b
bl
Higher US gas pricesBrent
Product price
Henry Hub
1H13 1H14
R8,48
R10,08
1H13 1H14
$128 $124
$110 $110
$3,14$3,71
$/m
mb
tu(g
as p
rice
)
US
$/t
on
Improved chemical prices
Solvents basket
Polymers basket
1H13 1H14
$1 220
$1 368
$1 146$1 198
Commodity prices
Rand/unit
Average
1H14
% ∆ vs
1H13
Brent/bbl 1 107 19▲
Fuel products/bbl 1 245 15▲
Polymers/ton 13 791 33▲
Solvents/ton 12 072 24▲
Export coal/ton 751 2▲
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1H14 1H131 % ∆
SA Energy 21,2 16,5 28▲
International Energy (6,6) (1,2) 467▼
Chemicals 3,6 1,8 100▲
Other 1,1 1,1 -
Operating profit (Rbn) 19,3 18,2 6▲
Income from equity
accounted investments (Rbn)2,2 0,8 175▲
Earnings per share (R) 20,88 20,10 4▲
Headline earnings
per share (R)30,19 24,01 26▲
Dividend per share (R) 8,00 5,70 40▲
Cash flow from operations
(Rbn)33,2 24,4 36▲
Group profitability
1. Restated – refer to the financial results booklet for reporting changes
• Strong overall performance from SA Energy
despite largest shutdown in Synfuels’ history
• Improved volumes and recovering product
prices boosted chemical operations
profitability
• Operating profit negatively impacted by
once-off items of R5,7 billion
• Operating profit margin, excluding once-off
items, of 26%
Underpinned by SA Energy
109%
(34%)
19%6%
Operating profit split (%)
SA Energy International Energy Chemicals Other
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Increase within inflation
Costs and
volumes
Macro
environment
Cash fixed costs
1. Restated – refer to the financial results booklet for reporting changes
2. Includes the impact of inflation (6%) and exchange rate effects (5%)
3. Includes business restructuring costs of R190 million
17 948
19 853 19 993(10,6%) (0,4%) (0,4%)
0
3 000
6 000
9 000
12 000
15 000
18 000
21 000
24 000
1H13¹ Uncontrollablefactors²
Period-on-periodnormalised
Growth andstudy costs
Businessenhancement³
1H14
Ra
nd
mill
ion
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Notwithstanding once-off items and year-end adjustments
Macro
environment
Costs and
volumes
Improved operating profit
1. Restated - refer to the financial results booklet for reporting changes
2. Includes gains on forward exchange contracts
3. Includes Canada impairment (-R5,3bn) and other remeasurement items, as well as adjustments for provision for share-based payment expenses (-R0,7bn)
4. Includes incremental depreciation for Canada (-R0,6bn), for shutdowns and statutory maintenance (-R0,4bn) and new plants (-R0,2bn)
5. Includes cost inflation and growth and study costs
18 28019 381
37%7%
7%
(32%)
(8%)(5%)
0
5 000
10 000
15 000
20 000
25 000
30 000
1H13¹ Exchangerate²
Crude oiland product
prices
Once-offitems andyear-end
adjustments³
Depre-ciation⁴
Costsand other⁵
Salesvolumes
1H14
Ran
d m
illio
n
FY13 sales
volumes up 7%
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Solid performance underpins group profit
SA Energy
Natref, Sasolburg Sasol Mining, Secunda
1. Restated – refer to the financial results booklet for reporting changes
• Mining impacted by recovery of export market
and higher operating costs
• Gas includes profit on sale of SLG, with
improved volumes and sales prices
• Synfuels
• Marginally lower volumes, despite
largest shutdown in history
• Cash unit costs increase contained to
6,9%, despite higher feedstock, labour
and electricity cost
• Oil benefited from higher margins coupled
with improved volumes
Operating profit (Rm) 1H14 1H131 % ∆
Mining 1 351 1 302 4▲
Gas 2 626 1 967 34▲
Synfuels 16 223 12 458 30▲
Oil 989 809 22▲
Total cluster 21 189 16 536 28▲
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International Energy
Sasol CPF, Mozambique ORYX GTL, Qatar
1. Restated – refer to the financial results booklet for reporting changes
• SSI impacted by lower US GTL study costs
and higher once-off charges
• SPI
• Volumes up 6%
• Canada – R5,3 billion partial impairment,
higher depreciation of R1,3 billion
• Exploration and growth costs include
PSA development costs
• ORYX GTL higher volumes, exceeding guided
utilisation range of 90%
ORYX GTL excels in performance
Operating profit (Rm) 1H14 1H131 % ∆
SSI (435) (452) 4▲
SPI (6 137) (707) 768▼
Production
Mozambique and Gabon 1 187 985 21▲
Canada upstream (6 484) (713) 809▼
Exploration, growth and
well write-offs(840) (979) 14▲
Total cluster (6 572) (1 159) 467▼
ORYX GTL 1 903 1 732 10▲
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Canadian shale gas assets
Impairment overview
• Impairment triggers
• Talisman’s sale of its 50% share of the Montney asset to Progress
(CAD1 320 million for its share of Farrell Creek and Cypress A)
• Other factors considered
• Further decline of conditions in the North American gas market
• Canadian LNG opportunities still in planning horizon – not yet impacting future
gas prices
• Further decrease in the group’s outlook on gas prices in the short to medium term
• Impairment
• Carrying value of CAD1,6 billion impaired by CAD540 million to CAD1,1 billion
• Additional future risks
• Reserves – timing and execution of development plans subject to gas price recovery
• Further decline in North American gas prices
Gas investments remain a strategic resource for our downstream GTL plans
and provide a natural hedge
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Chemicals
Lake Charles, Louisiana Sasol Solvents, Secunda
1. Restated – refer to the financial results booklet for reporting changes
• Polymers improved margins and sales
volumes – stability benefits from EPU 5
• Solvents higher solvents sales volumes and
improved margins
• O&S US operations benefit from low ethane
prices coupled with 5% increase in volumes,
continued margin pressure in Europe
• Other chemicals wax up 24% but challenging
market conditions for fertiliser and ammonia
businesses
Improved volumes and margins
Operating profit (Rm) 1H14 1H131 % ∆
Polymers (351) (1 124) 69▲
Solvents 358 29 1134▲
O&S 2 749 1 568 75▲
Other 888 1 350 34▼
Total cluster 3 644 1 823 100▲
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Investing for sustainable growth
54% of capital spend in South Africa
30,4
42,0
50,0
0
10
20
30
40
50
60
2013 act 2014 est 2015 est
Ran
d b
illio
n
Estimated capital investments
Sustenance Growth
54%
7%
5%
34%
Capital expenditure for 1H14 by region(R20 billion)
South Africa Rest of Africa
Europe North America
Capital spend reflects execution of our global strategy
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We remain committed to delivering valueto shareholders
Record interim dividend
1. Source: Bloomberg 31 December 2012 to 31 December 2013, assuming dividends are reinvested in securities
2. Source: Bloomberg 31 December 2008 to 31 December 2013, assuming dividends are reinvested in securities
3. Restated – refer to the financial results booklet for reporting changes
0
10
20
30
40
50
60
2010 2011 2012 2013 1H13 1H14
Ran
d
Growth in headline earnings per share
Headline earnings per share³ Dividend per share
0
5
10
15
20
2010 2011 2012 2013 1H14
Ran
d
Progressive dividend for growth
Interim Final
Rand one year TSR¹ 48%
Rand five year TSR² 122%
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FY14 profit outlook
Strong operational performance underpinned by volatile macroeconomic
conditions
Macro Financial and operational
• Rand remains biggest external factor impacting
profitability
• Weaker rand will improve profitability
• Oil price expected to remain stable in the near term
• Slightly improved US natural gas prices
• Product prices expected to remain volatile
• European market conditions improving slowly
• Production
• Synfuels FY14 target of 7,3 mt to 7,5 mt
(total shutdown year)
• ORYX GTL average utilisation rate to exceed 90%
• Canada to marginally decrease production
• Cost optimisation
• Expect normalised cash fixed costs to
slightly exceed indicative South African PPI
• Focus on volume growth, margin
improvement and cost reduction
• Improvement in Polymers’ profitability expected
to be above previous guidance
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2014 2015 2016 2017 2018
Ran
d b
illio
n
Project implementation cost (FY14 - R1,2bn) R3bn annual savings (real)
Business Performance Enhancement Programme
Cost savings realisation timeline
Sustainable R3 billion savings per annum
Sustainable savings on FY12 base
Final
implementation
stage
Potential upside
to be confirmed
Peak
Initial
ramp-up
Cost trend from FY16
to follow inflation
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Strong investment case
David E. ConstableChief Executive Officer
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Advancing key capital projects
Upcoming project milestones in the 2014 calendar year
• Progressing our world-scale ethane cracker and US GTL projects in Louisiana
• Project financing on track for Uzbekistan GTL project
• Commissioning activities underway at Escravos GTL in Nigeria
• C3 stabilisation project on target in Secunda
• Start up of first-of-a-kind tetramerisation project in Louisiana
• Completing our gas-fired power generation plant in Mozambique
Southern Africa upstream near-term opportunities
EGTL, Escravos, Nigeria Lake Charles, Louisiana
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Compelling investment proposition
Creating sustainable value
• Excellent operational
performance
• Mining licences granted
to 2040
• Increased contribution
by chemicals business
to cash generated by
operations
• Continued research
and development in our
technologies
• Capitalising on gas
monetisation options
in Southern Africa and
North America
• US mega-projects
advancing
• Progress on other GTL
projects – Nigeria and
Uzbekistan
• Solid balance sheet
underpinning growth
• Progressive dividend
policy
• Long-term shareholder
value
Existing asset base Growth opportunities Value creation
better together ... we deliver
Questions and answers
better together ... we deliver
for the
six months ended
31 December 2013
Sasol Limited financial results