sasol inzalo public limited

Transcription

1 sasol inzalo public limited Registration number 2007/030646/06 Interim financial results for the six months ended 3 December 2009 (the interim financial results are presented on a condensed consolidated basis)

2 is the holding company of Sasol Inzalo Public Funding (Pty) Limited. The interim financial results of the Group comprise the financial results of and its subsidiary (the Group). Statement of compliance The condensed consolidated interim financial results for the six months ended 3 December 2009 have been prepared in compliance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (in particular International Accounting Standard 34 Interim Financial Reporting) and the South African Companies Act, 973, as amended. The condensed consolidated interim financial results were approved for issue by the Sasol Inzalo Public Limited Board of Directors on 6 March Basis of preparation and accounting policies The accounting policies applied in the presentation of the condensed consolidated interim financial results are consistent with those applied for the year ended 30 June 2009, except as follows: The Group has early adopted the following standards, which did not have a significant impact on the financial results: IFRS 24 (Amendment), Related Parties. Various improvements to IFRSs. These condensed consolidated interim financial results have been prepared in accordance with the historic cost convention except that certain items, including derivatives and availableforsale financial assets, are stated at fair value. The condensed consolidated interim financial results are presented in rand, which is Sasol Inzalo Public Limited s functional and presentation currency. Related party transactions The Group, in the ordinary course of business, entered into transactions on an arm s length basis at market rates with related parties. Independent review by the auditors The condensed consolidated interim statement of financial position at 3 December 2009 and the related condensed consolidated interim income statement, statements of comprehensive income, changes in equity and cash flows for the six months then ended have been reviewed by Mr C Basson of KPMG Inc. Their unmodified review report is available for inspection at the registered address of the company.

3 Registered office Sturdee Avenue, Rosebank, Johannesburg, 296 P O Box 5486, Johannesburg, 2000, South Africa Directors DNM Mokhobo (Chairperson), T Boikhutso, V Doo, A Haroon, S Koyana, T Modikoe, B Ngonyama, RT Nhlapo, K Njobe, L Ntsebeza, BL Sibiya Company secretary Sasol Group Services (Pty) Limited Director Director

4 statement of financial position at ASSETS Investment in security Longterm financial asset Deferred tax asset Noncurrent assets Cash and cash equivalents Current asset Total assets EQUITY AND LIABILITIES Shareholders deficit Longterm debt Noncurrent liability Shortterm debt Current liability Total equity and liabilities ( 052) ( 009) ( 305) income statement Interest rate derivative cost (Loss) / gain on revaluation of derivative instrument Operating expenditure Operating loss Finance income Finance expenses Loss before tax Taxation Loss for period () () 29 (262) (35) (35) (3) 4 () (0) 6 (95) (89) (9) (3) () (3) 44 (477) (346) (348)

5 statement of comprehensive income Loss for period Other comprehensive income / (loss) Investment availableforsale Deferred tax on other comprehensive income Other comprehensive income / (loss) for the period, net of tax Total comprehensive income / (loss) for the period (35) 45 (63) (9) ( 383) 94 ( 89) ( 380) (348) ( 544) 26 ( 328) ( 676) statement of changes in equity Opening balance Shares issued Total comprehensive income / (loss) for the period Closing balance Comprising Shares capital and share premium Investment fair value reserve Accumulated loss Shareholders deficit nominal amount ( 305) 253 ( 052) 37 (94) (482) ( 052) 37 ( 380) ( 009) 37 ( 89) (9) ( 009) 37 ( 676) ( 305) 37 ( 328) (348) ( 305)

6 statement of cash flows Cash utilised in operating activities Finance income received Finance expenses paid Tax paid Cash retained from / (utilised in) operating activities () 29 (23) 5 (4) 6 (39) (39) (4) 44 (6) (33) Purchase of investment Cash utilised in investing activities (5 887) (5 887) (5 887) (5 887) Share capital issued Proceeds from longterm debt Repayment of longterm debt Cash effect of financing activities (5) (5) (6) 5 92 Movement in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period

7 Major transactions for the six months ended 3 December 2009 Dividend income A dividend of R8,00 per share was received on the 6, million Sasol Limited preferred ordinary shares on October 2009 for a total amount of R29 million. Finance expenses Interest payable on the preference shares is accounted for according to the effective interest rate method and amounted to R262 million for the period under review. Investment in security The investment in Sasol Limited was revalued at 3 December 2009 at a closing market price of R298,00 per share to an amount of R4 793 million (R4 504 million at 3 December 2008 at a closing market price of R280,02 per share and R4 343 million at 30 June 2009 at a closing market price of R269,98 per share). Longterm/shortterm debt A summary of the terms and conditions of the preference shares at 3 December 2009 is set out in the attached Annexure A.

8 longterm / shortterm debt Terms of repayment Security Secured debt A preference shares repayable in semiannual instalments by September 208 B preference shares repayable in September 208 C preference shares repayable in September 208 Unsecured debt D preference shares repayable in September 208 Non participating preference share Secured by Sasol preferred ordinary shares held by the Group Secured by Sasol preferred ordinary shares held by the Group Secured by a guarantee from Sasol Limited Unamortised loan costs (amortised over period of debt using the effective interest rate method) Repayable within one year included in shortterm debt nominal amount Sisonke Printers: (0) Interest rate at Fixed 0,2% Fixed 2,% Variable 7,7% Variable 7,7% (60) (22) 5 72 (72) Annexure A (22) (58) 5 808