JSE: SOL | NYSE: SSL
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 12 October 2012 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.
introduction
David E. Constable Chief Executive Officer
better together… we deliver 4
what you will hear today
key messages
● Solid full year earnings notwithstanding global uncertainty
● Delivering and growing sustainably
● Driving enhanced business effectiveness
● Further enhanced operational and financial performance
● Full project pipeline and refined top priorities
● Strong investment case
Lake Charles, Louisiana Sasol Synfuels, Secunda
better together… we deliver 5
notwithstanding global challenges
solid full year earnings
4,1
7,1
9,7
7,7
5,8
9,4
10,4
17,0
22,4
13,6
15,9
19,8
23,6
26,3
0
5
10
15
20
25
30
FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13
Rb
n
Sasol’s attributable earnings
Attributable earnings Linear (Attributable earnings)
Global
recession
better together… we deliver 6
Sasol Water reticulation, Secunda Sasol Polymers, Secunda
delivering and growing sustainably
our broader contributions in FY13
● Contributed R135 million of the R800 million committed through the Ikusasa initiative
● Invested R627,3 million in socioeconomic development
● Spent R837 million on skills development
● Progress made on environmental initiatives including water stewardship
● Contributed R30,8 billion to direct and indirect taxes in South Africa
● Invested 59% of CAPEX spend in South Africa
● Achieved level 3 B-BBEE contributor status
better together… we deliver 7
delivering and growing sustainably
key milestones in 2H13 in Southern Africa
● First set of Gas Heated Heat Exchange Reformers successfully commissioned at Synfuels
● Ethylene Purification Unit (EPU5) being commissioned in Sasolburg
● Construction of Mozambican Gas Engines Power Plant on track
● Construction underway of R2 billion Gas Loop Line in Mozambique
● Mine replacements on time and within budget
Sasol Mining, Secunda Sasol Central Processing Facility, Mozambique
better together… we deliver 8
delivering and growing sustainably
key milestones in 2H13 abroad
● Progressed our world-scale ethane cracker
• Appointed key EPC contractors
• Orders placed for long-lead items
• Submitted permit applications
• Approval granted for incentives
● US GTL project progressing according to plan
● Progressing the reduction of our shareholding in Uzbekistan GTL project to 25,5%
GTL site visit, Uzbekistan Lake Charles, Louisiana
better together… we deliver 9
solid operational performance
operations highlights
● Safety performance
• Group RCR 0,31 - lowest annual result in our 63 year history
● Sasol Synfuels delivered production for the year of 7,443 mt
• Highest production volumes since 2006 financial year
● ORYX GTL plant continues to achieve production records
• Average utilisation rate 80% of design capacity despite extended shutdown
• Average run rate for May and June equalled 106% of design capacity
● Total of R5,1 billion spent to date on self-generation of low-carbon electricity
Gas Engine Power Plant, Sasolburg ORYX GTL, Qatar Sasol Synfuels, Secunda
better together… we deliver 10
strong financial performance
delivering shareholder returns
● Sasol Synfuels’ production up 4%
● Operating profit up by 26% (excluding once-offs) to R40,6 billion
● Headline earnings per share up by 25% to R52,62
● Cash flow from operations up by 24% to R59,3 billion
● Total dividend of R19,00 per share - up by 9%
Sasol Synfuels, Secunda Lake Charles, Louisiana
better together… we deliver 11
driving enhanced business effectiveness
focusing on sustainable savings
● Cost optimisation and simplified operating model to ensure enhanced business effectiveness
● Expected to generate sustainable annual savings of at least R3 billion
● Savings to be delivered within the next 2 to 3 years
● Key savings drivers
• Efficiency gains from new operating model
• Operational productivity improvements
• Redesigned fit-for-purpose functions
• Procurement cost reductions
Lake Charles, Louisiana
Lake Charles, Louisiana
Sasol Retail Site, South Africa Sasol Polymers, Secunda Gas Engine Power Plant, Sasolburg
financial and operational
performance
Christine Ramon
Chief Financial Officer
better together… we deliver 13
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
favourable currency effects
despite weaker commodity prices U
S$/ton
Softening chemical prices
Polymers basket
Solvents basket
US
$1 =
ZA
R
Weakening currency
$1 241
$1 362
$1 251
$1 174
FY12 FY13
FY12 FY13 FY12 FY13
R7,78
R8,85
Commodity prices
Rand/unit
Average
FY13
% ∆ vs
FY12
Brent/bbl 962 ▲ 10
Fuel products/bbl 1 132 ▲ 11
Polymers/ton 11 072 ▲ 11
Solvents/ton 10 396 ▼ 2
Export coal/ton 749 ▼ 9
0
5
10
0
100
200
$/m
mb
tu (
ga
s p
rice)
US
$/b
bl
Higher US gas prices, lower fuel and oil
Brent
Product price
Henry Hub
$112
$128
$109
$3,05 $3,44
$131
better together… we deliver 14
2013 2012 % ∆
SA Energy 37,0 29,0 ▲ 28
International Energy (0,3) (0,1) ▼ 418
Chemicals 1,9 6,5 ▼ 70
Other 2,0 1,4 ▲ 43
Operating profit (Rbn) 40,6 36,8 ▲ 11
Operating margin (%) 22,4 21,7 ▲ 1
Earnings per share (R) 43,38 39,10 ▲ 11
Headline earnings
per share (R) 52,62 42,28 ▲ 25
Dividend per share (R) 19,00 17,50 ▲ 9
Cash flow from
operations (Rbn) 59,3 47,9 ▲ 24
group profitability underpinned by SA energy
● Synfuels production improvement enhances
performance from SA Energy
● International energy negatively impacted by ORYX
GTL extended statutory shutdown
● Chemicals remain under pressure – Arya & FTWEP
partial impairments
● Operating profit negatively impacted by once-off
charges of R8,5 billion – operating profit up by 26%
excluding once-offs
● Other includes Merisol fair value adjustment and
Canada FEC gains
91%
4%
5%
Operating profit split
SA Energy Intl Energy Chemicals Other
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36 758
27% 1% (13%)
(9%)
∆ 11% 40 628
2% (4%)
0
10 000
20 000
30 000
40 000
50 000
FY12 Exchangerate¹
Crude oiland prices
Once-offs² Year-endadjust-ments³
Depre- ciation⁴
Costs and other⁵
Salesvolumes
FY13
Rm
Operating profit
7%
Macro environment Costs and volumes
1. Includes gains on forward exchange contracts (R0,8bn) and ASPC translation losses (-R2,0bn)
2. Includes ASPC (-R3,6bn) and FTWEP (-R2,0bn) partial impairments and other remeasurement items
3. Includes adjustments for provision for rehabilitation (R2,1bn), share-base payment expenses (-R1,3bn)
4. Includes incremental depreciation for Canada (-R0,7bn)
5. Includes growth and study costs (-R0,4bn)
operating profit impacted by once-off charges
and year-end adjustments
36 758
27% 1% (13%)
(9%) ∆ 11% 40 628
2% (4%)
0
10 000
20 000
30 000
40 000
50 000
FY12 Exchangerate¹
Crude oiland prices
Once-offs² Year-endadjust-ments³
Depre- ciation⁴
Costs and other⁵
Salesvolumes
FY13
Rm
Operating profit
7%
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1. Includes the impact of inflation (6%), exchange rate effects (3%) and electricity price increases above normal inflation
2. Relates mainly to higher labour costs, cost reclassifications from variable to fixed cost and increased maintenance and utility costs
cash fixed costs increase compounded
by challenging environment
35 568
39 066 (10%) (1%) (7%)
0
10 000
20 000
30 000
40 000
50 000
FY12 Uncontrollablefactors¹
Period-on-periodnormalised
Growth andstudy costs
Other² FY13
Rm
Cash fixed costs
∆ (18%)
41 992
7% increase in
cash fixed costs
in real terms,
excluding exchange
rate effects
better together… we deliver 17
Operating profit (Rm) 2013 2012 % ∆
Mining 2 213 2 287 ▼ 3
Gas 4 069 2 985 ▲ 36
Synfuels 28 624 22 095 ▲ 30
Oil 2 072 1 592 ▲ 30
Other - (2) ▲ 100
Total cluster 36 978 28 957 ▲ 28
SA energy:
Synfuels production exceeds expectations
● Mining impacted by lower export prices and higher
operating costs
● Gas volumes continue to grow
● Synfuels
• Production volumes up by 4% coupled with higher
rand product prices
• Cash unit costs increased by 13%, mainly due to
labour and energy costs as well as higher
feedstock costs (largely internal)
● Oil benefited from higher margins and product prices
despite lower sales volumes
• Natref volumes lower due to extended shutdown
and lower demand
Sasol Mining, Secunda Natref, Sasolburg
better together… we deliver 18
international energy:
ORYX GTL delivers lower production volumes
● ORYX GTL lower volumes due to extended planned
statutory shutdown, within guided range
● SPI
• Volumes from Mozambique, Gabon and Canada
up 16% in aggregate
• Canada remains cash positive
- However, assets remain under pressure due
to low gas prices and high depreciation
• Exploration and growth costs include Mupeji-1 dry
well write-off of R442 million
Operating profit (Rm) 2013 2012 % ∆
SSI 1 601 1 881 ▼ 15
ORYX GTL 2 670 2 856 ▼ 7
Funding growth (1 069) (975) ▼ 10
SPI (1 886) (1 936) ▲ 3
Mozambique and Gabon 1 638 1 699 ▼ 4
Canada upstream (1 815) (2 226) ▲ 18
Exploration and growth (1 709) (1 409) ▼ 21
Total cluster (285) (55) ▼ 418
Total cluster ex Canada 1 530 2 171 ▼ 30
ORYX GTL, Qatar Sasol CPF, Mozambique
better together… we deliver 19
chemicals: remain under pressure, negative impact
of partial impairments
● Polymers improved sales volumes in South Africa
• Sales prices improved in 2H13 on the back of the
weaker exchange rate
• ASPC negatively impacted by R2 billion translation
losses and R3,6 billion partial impairment;
production within guidance of 80% utilisation rate
● Solvents trading environment remains challenging
despite higher production and sales volumes
● O&S US operations benefit from low ethane prices,
however Europe remains under margin pressure
● Other chemicals includes R2 billion partial impairment
on FT Wax expansion project
Operating profit (Rm) 2013 2012 % ∆
Polymers (2 829) 716 ▼ 495
Solvents 916 1 403 ▼ 35
O&S 3 580 3 193 ▲ 12
Other 252 1 188 ▼ 79
Total cluster 1 919 6 500 ▼ 70
Sasol Solvents, Secunda Lake Charles, Louisiana
better together… we deliver 20
investing for sustainable growth
32,3
42,0
50,0
0
10
20
30
40
50
60
2013 act 2014 est 2015 est
Rb
n
Estimated capital investments
Sustenance Growth
20,7
29,2
32,3
0
10
20
30
40
2011 2012 2013
Rb
n
Increased capital investments to fuel growth
SA Energy Int Energy Chemicals Other
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1. Cash generated by operations after payment of taxes
delivering strong returns through the cycle
0
10
20
30
40
50
Sources Uses Sources Uses
Rb
n
Sources and uses of cash
Cash gen. by ops after tax¹ Asset disposals
Dividends Acquisitions and investments
Capex
2012
2013
0
10
20
30
0
10
20
30
2010 2011 2012 2013
%
%
Delivering ROIC ahead of WACC
ROIC WACC IRR target
better together… we deliver 22
1. Source: Bloomberg 30 June 2012 to 30 June 2013, assuming dividends are reinvested in securities
2. Source: Bloomberg 30 June 2008 to 30 June 2013, assuming dividends are reinvested in securities
we remain committed to delivering value to
shareholders
0
10
20
30
40
50
2010 2011 2012 2013
ZA
R
Growth in earnings per share
Earnings per share Dividend per share
Rand one year TSR1 32%
Rand five year TSR 2 14%
0
10
20
30
2010 2011 2012 2013
ZA
R
Progressive dividend growth
Interim Final
Dividend yield of
4,4%
better together… we deliver 23
FY14 profit outlook: strong management focus on cost
optimisation and design of simplified operating model
Macro Financial and operational
● Oil price expected to remain stable
● Product prices expected to remain volatile
● Resolution of European debt crisis and US debt
ceiling remains uncertain
● Chinese growth slowing
● Rand remains biggest external factor impacting
profitability
• Weaker ZAR will improve profitability
● Production
• Synfuels FY14 target of 7,3 mt to 7,5 mt
(total shutdown year)
• ORYX GTL average utilisation rate to
exceed 85%
• Canada to marginally increase production
● Cost optimisation
• Expect normalised cash fixed costs to exceed
indicative South African PPI
• Focus on volume growth, margin
improvement and cost reduction
● Expect continued pressure on Polymers
South Africa operating margins
strong investment case
David E. Constable Chief Executive Officer
better together… we deliver 25
delivering
shareholder value
sustainably
keeping the project pipeline full
focusing on delivery
● Mozambique blocks A,
Sofala, Inhassoro
● Canada shale gas
FEED/EPC
● Escravos GTL
● Uzbekistan GTL
● US GTL and chemical value adds
● Tetramerisation
● FT wax expansion
● US ethane cracker and derivatives
● Synfuels growth
programme
● Mine replacement
programme
● Botswana, Coal Bed Methane
● Australia
● Durban, South Africa offshore
● Mozambique electricity generation
Exploration
● Ethylene purification
● Mozambique gas
pipeline
● C₃ stabilisation
Accelerate GTL growth
Grow value chain based on
feedstock, market and/or
technology advantage
Develop and grow low-carbon
power generation
Improve and grow existing
asset base
Strategic drivers
Grow related upstream
business
better together… we deliver 26
● Solid foundation
businesses
● Proven technologies
● Deliver consistent and
strong cash flows
● Platform for our
sustainable growth
strategy
● Ability to monetise
hydrocarbon resources
● Capitalise on low feedstock
prices
● Demand for high quality
fuels and chemicals
● Strong project pipeline
including US mega-projects
● Solid balance sheet
underpinning growth
● Progressive dividend
policy
● Long-term shareholder
value
strong investment case
sustainable value creation
Existing asset base Growth opportunities Value creation
questions and answers
JSE: SOL | NYSE: SSL