Sasol Ltd (SSL) 2012 Q4 法說會逐字稿

Okay, good afternoon, everyone. And welcome to Sasol Ltd's results presentation. I'm Raj Naidu, Executive, Investor Relations. Today David Constable, Chief Executive Officer and Christine Ramon, Chief Financial Officer will present our results for the financial year, ended 30th June 2012. They're also joined by Nolita Fakude, Leon Strauss, Andre De Ruyter and Bernard Klingenberg as well as other members of our group executive committee as well as our managing directors and functional leaders.

好的，各位下午好。歡迎參加薩索爾有限公司的業績發表會。我是投資者關係主管拉吉‧奈杜 (Raj Naidu)。今天，執行長戴維康斯特布爾 (David Constable) 和財務長克里斯汀拉蒙 (Christine Ramon) 將發布截至2012年6月30日的財年業績。出席的還有諾麗塔·法庫德 (Nolita Fakude)、萊昂·施特勞斯 (Leon Strauss)、安德烈·德·魯伊特 (Andre De Ruyter) 和伯納德·克林根貝格 (Bernard Klingenberg)，以及我們集團執行委員會的其他成員、董事總經理和各職能部門負責人。

Before we proceed, in the case of an emergency, please exit via the main auditorium doors and follow the exit signs -- the emergency exit signs to the left and the right of the auditorium and there will be safety marshals to also guide your along the process.

在我們繼續之前，如果發生緊急情況，請通過禮堂主門離開並按照出口標誌 - 禮堂左側和右側的緊急出口標誌，並且會有安全人員指導您完成整個過程。

Before David takes the podium we want to showcase some of our recent projects in a short video.

在大衛上台演講之前，我們想透過一段簡短的影片展示我們最近的一些項目。

(Video playing)

（影片播放）

Well, good afternoon, everyone. Thank you for joining us for Sasol's yearend results presentation today. As you see from the video Sasol is a great organization and it is delivering results, not only here in South Africa but also as we expand globally.

大家下午好。感謝大家今天參加薩索爾的年終業績發表會。正如大家在影片中看到的，薩索爾是一家優秀的企業，不僅在南非，而且在全球擴張的過程中也取得了豐碩的成果。

As a company we are committed to exercise excellence in all we do. And we know that in working in partnership with others we are better able to deliver exceptional results on an ongoing basis. I've been at Sasol just over a year now and it has certainly been both an eventful and exhilarating first year. Today we will be announcing record full-year earnings as you know. And before I begin I would like to recognize, and congratulate and thank all Sasol people throughout the world for their dedication, hard work and perseverance in the past financial year.

作為一家公司，我們致力於在一切工作中追求卓越。我們深知，與各方攜手合作，才能更好地持續創造卓越成果。我加入薩索爾公司才一年多，這無疑是充滿變數、令人振奮的第一年。正如各位所知，今天我們將宣布創紀錄的全年業績。首先，我想對全球所有薩索爾員工在過去財年所展現的奉獻、辛勤工作和堅持不懈表示認可、祝賀和感謝。

We've been through a lot together from strikes to plant instabilities from a continuing global economic crisis to sanctions and from volatile commodity prices to softening product demand, especially in our chemicals businesses. Notwithstanding year of ups and downs, as an organization we ended our 24th financial year on a solid platform.

我們共同經歷了許多挑戰，從罷工到工廠不穩定，從持續的全球經濟危機到製裁，從大宗商品價格波動到產品需求疲軟，尤其是在我們的化學業務領域。儘管經歷了起伏，我們仍然以穩固的平台結束了第24個財年。

Let me start with an overview of what you're going to hear today. First of all our record full-year earnings are due to the fact that notwithstanding the challenges we've faced, particularly in the first half of the financial year, we delivered on several key milestones, both in South Africa and abroad, and significantly improved our operational performance in the second half. We'll expand on both of these areas later in the presentation.

首先，我先概述一下今天要講的內容。首先，我們全年獲利創紀錄，是因為儘管我們面臨挑戰，尤其是在本財年上半年，但我們在南非和海外都實現了幾個關鍵里程碑，並且在下半年顯著提升了營運業績。我們將在稍後的演講中詳細闡述這兩個面向。

Next we'll highlight how our strategic agenda is better aligning the organization and how we intend to execute on our agenda through our FY13 priorities. We'll wrap this afternoon's session by summarizing why Sasol remains an extremely compelling investment proposition.

接下來，我們將重點介紹我們的策略議程如何更好地協調組織架構，以及我們規劃如何透過2013財年的優先事項來執行這些議程。今天下午的會議結束時，我們將總結薩索爾為何仍然是一個極具吸引力的投資選擇。

To frame our key messages today I'll begin by providing you with a high level overview of what we've delivered in FY12. Christine Ramon, our CFO, will go into more detail in the financial and operational performance of our businesses. I'll then come back up to talk you through Sasol's strategies and initiatives in the near to medium term. In particular I will highlight why we see North America as our next frontier. We'll then open it up for any questions you'd like to ask us.

為了概括我們今天的核心訊息，我將首先概述我們在2012財年所取得的成就。我們的財務長Christine Ramon將更詳細地介紹我們各業務的財務和營運績效。之後，我將再次向大家介紹Sasol的中短期策略和計畫。我將特別強調我們為何將北美視為下一個發展前線。之後，我們將開放提問環節，歡迎大家提問。

Looking now at the graph on the screen you'll note that in the past 20 years we've seen strong growth in the emerging countries, which in turn has fueled demand for many resources including oil. And as a result and not surprisingly since 1990 oil consumption has grown rapidly in India and China and in other emerging countries. As these countries develop and their populations expand their demand for energy will continue to increase.

現在看看螢幕上的圖表，你會發現，過去20年，新興國家經濟強勁成長，這反過來又刺激了對包括石油在內的多種資源的需求。因此，自1990年以來，印度、中國和其他新興國家的石油消費量迅速增長，這並不令人意外。隨著這些國家的發展和人口的成長，其能源需求將持續成長。

However we should not lose sight of the fact that the current per capita consumption in these countries remains a fraction of OECD levels, which will also continue to grow. Furthermore, as global income levels increase so too will the demand for oil.

然而，我們不應忽視，這些國家目前的人均石油消費量仍遠低於經合組織國家的平均水平，而且這一水平還將繼續增長。此外，隨著全球收入水準的提高，石油需求也將隨之成長。

If these trends are to persist by 2030 India and China's oil consumption will increase to about 11 million barrels per day, which is equivalent to Saudi Arabia's current oil production. Clearly the anticipated supply gap this situation creates must be bridged. Globally there are abundant supplies of natural gas which can be developed at relatively low cost. Given our current reality gas development is the path to take.

如果這些趨勢持續下去，到2030年，印度和中國的石油消耗量將增加約1,100萬桶/日，相當於沙烏地阿拉伯目前的石油產量。顯然，這種情況造成的預期供應缺口必須得到彌補。全球天然氣資源豐富，開發成本相對較低。鑑於我們目前的現實，天然氣開發是必經之路。

To this mix of forces we add the delinking of the oil/gas price ratio and the abundance of gas at relatively low prices in North America. With natural gas front and center the energy future looks bright and Sasol is well positioned to capitalize on this growth in demand.

除了這些因素之外，我們還需要考慮油氣比價的脫鉤，以及北美天然氣儲量豐富且價格相對較低的優勢。天然氣佔據主導地位，能源前景一片光明，而薩索爾已做好準備，充分利用這一需求成長。

Turning to the contributions we make globally as an international integrated energy and chemicals company we leverage the talent and expertise of our more than 34,000 people working in 38 countries. We develop and commercialize technologies and build and operate world-scale facilities to produce a range of fine value price streams including liquid, fuels, chemicals and lower carbon electricity.

作為一家國際綜合能源和化學公司，我們在全球範圍內做出貢獻，充分利用遍布38個國家的34,000多名員工的才華和專業知識。我們開發和商業化技術，建造和營運世界級的設施，以生產一系列物美價廉的產品，包括液體燃料、燃料、化學品和低碳電力。

Sasol's operations have become a catalyst for socioeconomic development far beyond the employment we provide. We have strong relationships with the business communities and the governments of the countries in which our people live and work. Working together we deliver first of all energy supply and socioeconomic development, secondly a viable alternative to ensure cost-effective energy security and downstream manufacturing growth, and third in-country investment and use of resources. These in turn lead to significant skills transferred to the local workforce while delivering world-class products.

薩索爾的業務已成為社會經濟發展的催化劑，其角色遠超過我們所提供的就業機會。我們與員工生活和工作所在國的商界和政府保持著密切的聯繫。透過攜手合作，我們首先提供能源供應和社會經濟發展；其次提供可行的替代方案，以確保經濟高效的能源安全和下游製造業的成長；第三，促進國內投資和資源利用。這些反過來又將重要的技能轉移到當地勞動力身上，同時提供世界級的產品。

More specifically in South Africa, our home base, Sasol makes a positive contribution on many fronts. We remain one of the largest corporate taxpayers in the country. In financial year 2012 we paid ZAR28.2 billion in direct and indirect assets to the South African government. Notwithstanding our international growth aspirations we continue to invest the majority of our CapEx spend in South Africa.

更具體地說，在我們的總部南非，薩索爾在許多領域做出了積極貢獻。我們仍然是全國最大的企業納稅人之一。 2012財年，我們向南非政府支付了282億南非蘭特的直接和間接資產。儘管我們志在國際化發展，但我們仍將大部分資本支出投資於南非。

This past financial year we increased our income to CapEx by 14% to ZAR18.8 billion. We invested ZAR819 million in skills development, not only to up skill Sasol people, but also the people who live in the communities we operate in. And we've committed close to ZAR310 million to socioeconomic development initiatives in South Africa in FY12 alone.

上一財年，我們的營收與資本支出比成長了14%，達到188億南非蘭特。我們投資了8.19億南非蘭特用於技能開發，不僅提升了薩索爾員工的技能，也提升了我們營運所在社區居民的技能。光是2012財年，我們就已為南非的社會經濟發展項目投入了近3.1億南非蘭特。

As part of our ongoing commitment to our home base we are equally dedicated to the country's transformation agenda. Following the Department of Mineral Resources' recognition of our employee share ownership program today Sasol Mining BEE ownership is in excess of 40%, clearly surpassing the mining charter requirement of 26% with 2014.

作為我們對本土持續承諾的一部分，我們同樣致力於推動國家轉型議程。繼礦產資源部今天認可我們的員工持股計畫後，薩索爾礦業的BEE持股比例已超過40%，遠超2014年礦業特許證規定的26%的持股比例要求。

And finally we were proud to be a team sponsoring the 2012 South African Olympic and Paralympic teams. Certainly well done goes out to the men and women in green and gold who did both South Africa and their sponsor companies very proud.

最後，我們很榮幸成為2012年南非奧運會和殘奧會代表團的贊助商之一。我們衷心祝賀這些身穿綠金兩色戰袍的男女運動員，他們為南非和他們的贊助商公司帶來了無比的榮耀。

As much as we continue to touch many facets of life through our contributions globally, we are also delivering on our key milestones both in South Africa and abroad. Let's first look at what we delivered in terms of our global projects in the second half of this past financial year.

我們不僅持續透過全球貢獻觸及生活的各個層面，還在南非和海外不斷實現重要里程碑。首先，讓我們回顧一下我們在過去財年下半年在全球專案中所取得的成就。

In Uzbekistan the FEED work for our GTL project, Oltin Yo'l, which means golden road in the local language in Uzbekistan, references the old trading routes of the 7th century BC that FEED project is progressing according to schedule. The FEED phase is expected to be completed during the second half of the 2013 calendar year.

在烏茲別克斯坦，我們GTL專案Oltin Yo'l（在烏茲別克當地語言中意為「黃金之路」）的前端工程設計（FEED）工作正在按計劃推進。該項目參考了公元前7世紀的古老貿易路線，預計將於2013年下半年完成。

On to Canada we've completed the feasibility study for our GTL project. We're currently assessing the outcomes of the study and we'll make a decision as to whether to proceed to FEED in the coming months.

在加拿大，我們已經完成了GTL專案的可行性研究。目前正在評估研究結果，並將在未來幾個月內決定是否進行FEED（前端工程設計）。

Turning to our projects in Louisiana in the US the feasibility studies for our integrated GTL and chemicals facility as well as our world-scale ethane cracker they're progressing well and coming to closure, expect news flow on these exciting projects towards the end of this calendar year.

談到我們在美國路易斯安那州的項目，我們的綜合 GTL 和化學品設施以及世界級乙烷裂解裝置的可行性研究進展順利並即將完成，預計這些令人興奮的項目將在今年年底前公佈消息。

In Mozambique we've successfully expanded the capacity of our onshore central processing facility in Temane from 120 million to 183 million gigajoules. Building on the success of the expansion efforts in Mozambique our Sasol new energy business is developing additional gas-fired electricity generation in partnership with the country's state-owned power utility, EDM, and the final investment decision expected in the second half in the 2012 calendar year on this initiative.

在莫三比克，我們已成功將位於泰瑪尼的陸上中央處理設施的產能從1.2億吉焦耳提升至1.83億吉焦耳。在莫三比克擴建項目成功的基礎上，我們的薩索爾新能源業務正在與莫三比克國有電力公司EDM合作開發更多燃氣發電項目，預計該項目的最終投資決定將於2012年下半年公佈。

Next moving on to our key milestones in South Africa this past half year our ZAR14 billion mine replacement project in Secunda is making good progress. In May we inaugurated a ZAR3.4 billion Thubelisha mine shaft at our Twistdraai colliery. The shaft will extend the length of the colliery beyond 2039 and will support the long-term coal supply for Sasol Synfuels as well as the export market.

接下來，回顧過去半年我們在南非取得的關鍵里程碑：塞昆達 (Secunda) 礦場替換項目，該項目投資 140 億南非蘭特，進展順利。今年五月，我們在 Twistdraai 煤礦啟用了一座投資 34 億南非蘭特的 Thubelisha 礦井。該礦井將延長煤礦的使用壽命至 2039 年後，並將為薩索爾合成燃料公司 (Sasol Synfuels) 以及出口市場提供長期煤炭供應。

This past year the Synfuels growth program has delivered positive initial results with the commissioning of two new gasifiers, the 17th reformer and the gas turbines. And that follows the successful startup of the 10th Sasol advanced synthol reactor and the 16th oxygen train. All of this new installed equipment has already played a part in assisting to improve plant efficiencies during the second half of FY12 as you saw in the numbers.

去年，合成燃料業務成長計畫取得了積極的初步成果，兩台新氣化爐、第17台重整器和燃氣渦輪機投入使用。此前，薩索爾第10台先進合成醇反應器和第16套氧氣機組也成功啟動。正如您在數據中看到的那樣，所有這些新安裝的設備在2012財年下半年已經發揮了作用，幫助工廠提高了效率。

Our gas-fired power project in Sasolburg which will produced 140 megawatts of power using natural gas is well on track. The project will replace coal-fired power generation and enable Sasol to reduce its CO2 emissions by another 1 million tons per unit. That's a total reduction of 11 million tons annually for the Group off the 2004 base.

我們在薩索爾堡的燃氣發電計畫進展順利，該計畫將利用天然氣生產140兆瓦電力。該計畫將取代燃煤發電，使薩索爾每單位發電量再減少100萬噸二氧化碳排放量。這意味著集團在2004年的基礎上每年將共減少1,100萬噸二氧化碳排放量。

As a result of these and other projects we will be able to generate 60% of our electricity requirements in South Africa by next year. The common theme that runs through all of our projects is the importance of working closing with our partners, be they joint venture partners, suppliers, government's regulators or our own Sasol men and women throughout the world.

透過這些項目以及其他項目，到明年，我們將能夠滿足南非60%的電力需求。我們所有計畫的共同主題是與合作夥伴緊密合作的重要性，無論是合資夥伴、供應商、政府監管機構，或是我們遍布全球的薩索爾員工。

Turning to operations highlights, and as I said earlier Sasol delivered a solid operational performance despite some challenges. Our international operations delivered improved production performance. The ORYX GTL plant continues to achieve new production records coupled with an impressive safety recorded rate of 0.0 in the last 365 days.

談到營運亮點，正如我之前所說，儘管面臨一些挑戰，薩索爾仍然保持了穩健的營運表現。我們的國際業務提高了生產業績。 ORYX GTL 工廠繼續創下新的生產紀錄，同時在過去 365 天中，安全記錄率高達 0.0，令人印象深刻。

In April and May the monthly average production of 34,000 barrels per day surpassed the plant's nameplate capacity of 32,400. Yesterday I had the opportunity to briefly meet with the Qatari Minister of Energy, Minister Al-Sada, who's in South Africa for the board meets tomorrow evening. We'll be hosting a dinner to officially recognize the outstanding production safety performance of our flagship GTL venture.

4月和5月，該工廠的月均產量為3.4萬桶/日，超過了其3.24萬桶的額定產能。昨天，我有幸與卡達能源部長薩達（Al-Sada）進行了短暫會面，他將於明晚在南非參加董事會會議。我們將舉辦晚宴，正式表彰我們旗艦GTL計畫卓越的生產安全表現。

And our own Arya Polymer has achieved a utilization rate of 84%. Our discussions relating to the sale of our Arya facility is at an advanced stage. And we hope to be able to update later this year on these discussions.

我們自己的Arya Polymer工廠的利用率已達84%。我們關於出售Arya工廠的談判目前已進入後期階段。我們希望在今年稍晚能夠更新談判進展。

At Synfuels in South Africa decisive management action in improved plant efficiencies during the second half resulted in a production performance of 7.2 million tons. Also encouraging is the fact that the production run rate of 7.6 million tons in the second half is the best in five years at Synfuels.

南非合成燃料公司下半年採取果斷的管理措施，提高了工廠效率，產量達720萬噸。同樣令人鼓舞的是，下半年760萬噸的產能運轉率創下了合成燃料公司五年來的最高紀錄。

Lastly but most critically, safety improvement remains a strategic imperative for sustainable and competitive operations as we've talked about before. At the end of June 2012 our recordable rate excluding illnesses for employees and service providers was 0.35. This is comparable to our recordable rate last year of 0.37.

最後，也是最關鍵的一點，正如我們之前提到的，安全改善仍然是實現永續和競爭性營運的戰略要務。截至2012年6月底，我們的可記錄事故率（不包括員工和服務提供者的疾病）為0.35。這與去年的0.37相當。

The steady improvement in our safety records is testament to the collective efforts of our people, notwithstanding the implementation of business unit specific safety improvement plans delivering these positive outcomes in all safety categories. We're making every effort to maintain this trend and to keep our people and service providers safe.

我們安全記錄的穩定提升，證明了全體員工的共同努力，儘管我們實施了各業務部門特定的安全改進計劃，並在所有安全類別中取得了積極的成果。我們正在竭盡全力保持這一趨勢，並確保我們員工和服務提供者的安全。

Before I head over to Christine, in terms of our overall FY12 results let me just again summarize we saw a significant improvement in the production performance for the second half. Cash fixed costs in FY12 were in line with inflation.

在向Christine提問之前，就我們2012財年的整體業績而言，我再總結一下，下半年的生產業績顯著提升。 2012財年的現金固定成本與通膨率持平。

Our operating profit was up by 23% to ZAR36.8 billion. Now an influencing factor here as you saw was the impairment and incremental depreciation charges we incurred on our Canadian gas assets in the second half. Christine's going to give us more color on these impacts in a few minutes.

我們的營業利潤成長了23%，達到368億南非蘭特。正如您所看到的，一個影響因素是我們下半年加拿大天然氣資產的減損和增量折舊費用。 Christine稍後會詳細介紹這些影響。

Headline earnings per share were up 25% to ZAR42.28, a new record high for the full year. And cash generated by our operations were up 24% to ZAR47.9 billion, enabling an increase in the dividend of 35% to ZAR17.50 per share, a new record also, and which remains aligned with our progressive dividend policy.

每股收益成長25%，達到42.28南非蘭特，創下全年新高。營運現金流成長24%，達到479億南非蘭特，帶動股利成長35%，達到每股17.50南非蘭特，創下新高，這與我們漸進式股利政策保持一致。

With that let me hand over to Christine who will unpack our results in a little more detail. Christine? Thanks.

接下來，請 Christine 為我們詳細解讀我們的研究成果。 Christine？謝謝。

Thanks, David, and good afternoon, everyone, certainly my pleasure to present another solid set of results to you today amidst a rather challenging environment. Before discussing the results in detail I'd like to make some introductory remarks. Firstly, management's continued focus on costs and operational performance has enabled delivery on our stated performance targets.

謝謝，David，大家下午好。今天，在充滿挑戰的環境下，我很榮幸能再次向大家報告一組紮實的業績。在詳細討論業績之前，我想做一些開場白。首先，管理層持續專注於成本和營運績效，這使我們能夠實現既定的績效目標。

Second, our second half profits were significantly impacted by once-off charges and extraordinary effects exacerbated by lower chemical prices and depressed US prices. And finally, our strong balance sheet continues to position Sasol well to fund growth amidst this full volatile and uncertain global macroeconomic environment as well as to the superior returns to our shareholders through our progressive dividend policy.

其次，我們下半年的利潤受到一次性費用和非經常性費用的顯著影響，而化學品價格下跌和美國價格低迷加劇了這些影響。最後，我們強勁的資產負債表繼續為薩索爾在當前動盪不定的全球宏觀經濟環境中提供充足的資金，並確保我們透過漸進式股利政策為股東帶來豐厚的回報。

The past year was characterized by a predominantly favorable, but volatile macroeconomic environment. The global economy remained weak with the European deep crisis taking its toll. China has experienced lower growth whilst there has been a slowdown in the US recovery.

過去的一年，宏觀經濟環境整體向好，但波動較大。全球經濟持續疲軟，歐洲深度危機持續發酵。中國經濟成長放緩，美國經濟復甦放緩。

Despite this oil and commodity prices were strong throughout most of the financial year with the rand on the exchange rate being 11% weaker than last year. The chemicals market was however challenging with chemical prices softening on the back of weaker demand in downstream markets.

儘管如此，石油和大宗商品價格在本財年的大部分時間裡依然堅挺，蘭特匯率較上年下跌了11%。然而，化學品市場充滿挑戰，下游市場需求疲軟導致化學品價格走低。

Coupled with higher feed stock prices this led to an industry-wide margin squeeze. Henry Hub gas prices were lower, reflecting the ever increasing disconnect between crude oil and gas prices in the US. Although this did have a negative impact on our Canadian operations in the short term, it certainly remains positive for our GTL value proposition in the longer term.

加之原料價格上漲，導致全產業利潤率受到擠壓。亨利港天然氣價格下跌，反映出美國原油和天然氣價格之間日益加劇的脫節。雖然短期內這對我們的加拿大業務造成了負面影響，但從長遠來看，這無疑對我們的GTL價值主張有利。

South African PPI for the past year averaged at 8.6% whilst CPI was 5.9%, and although a weaker rand on the exchange rate is overall positive for our profitability and contributed to an already challenging South African cost environment. As you -- we remain -- we do remain sensitive to changes in the oil prices and the rand on exchange rate. And I'll remind you of our sensitivities that follow.

南非去年的PPI平均為8.6%，而CPI為5.9%。儘管蘭特匯率走弱，但總體上對我們的獲利能力有利，並加劇了南非本已充滿挑戰的成本環境。正如您——我們——仍然對油價和蘭特匯率的變化保持敏感。我將在下文中提醒您我們的敏感性。

And I think quite importantly is that we do issue this with a health warning in volatile markets. For every $0.10 changed in the annual average rand/US dollar exchange rate it will affect our operating profit by approximately ZAR800 million. And for every dollar per barrel change in the annual average crude oil price it will affect our operating profit by approximately ZAR580 million.

我認為非常重要的是，我們確實在動盪的市場中發出了健康警告。蘭特兌美元年平均匯率每變動0.10美元，就會影響我們約8億南非蘭特的營業利益。原油年平均價格每變動1美元/桶，就會影響我們約5.8億南非蘭特的營業利潤。

We see that the Group achieved a 23% increase in operating profit despite plant incidents and an industrial action in Secunda during the first six months of the financial year. And this was compounded by various once-off and exceptional charges which I'll actually talk through in the next slide.

我們看到，儘管本財年上半年塞昆達工廠發生了事故和罷工，集團的營業利潤仍增加了23%。此外，各種一次性費用和特殊費用也加劇了這一增長，我將在下一張投影片中詳細討論。

Importantly, our second half profitability reduced by approximately ZAR4 billion compared to the first half. Our international energy cluster was negatively impacted by noncash costs relating to our Canadian upstream operations which shadowed the strong performance from RX GTL.

值得注意的是，我們下半年的獲利能力較上半年下降了約40億南非蘭特。加拿大上游業務相關的非現金成本對我們的國際能源集群產生了負面影響，掩蓋了RX GTL的強勁表現。

Our chemical businesses experienced challenging market conditions, as I alluded to previously, but despite this they delivered an overall solid performance and continued to sustain a meaningful contribution to the Group operating profit of about 17%. Overall, contribution from our international businesses amounted to 25%, which includes the Mozambique and value chain to group operating profit with Europe, North America and the Middle East being the main contributors.

正如我之前提到的，我們的化學業務經歷了充滿挑戰的市場環境，但儘管如此，它們仍然整體表現穩健，並繼續為集團營業利潤貢獻約17%。整體而言，我們國際業務的貢獻率達到了25%，其中包括莫三比克業務以及價值鏈對集團營業利潤的貢獻，其中歐洲、北美和中東是主要貢獻者。

This certainly reinforces the robustness of our geographic diversification strategy, which brings good balance to our portfolio. As mentioned, our operating profit was significantly impacted by once-off charges. And if one had to exclude the impact of these items operating profit would have been 9% higher.

這無疑增強了我們地域多元化策略的穩健性，使我們的投資組合保持了良好的平衡。如前所述，我們的營業利潤受到一次性費用的顯著影響。如果排除這些項目的影響，營業利潤將成長9%。

During the second half, although we achieved good operational performance, operating profit was significantly impacted by reduced chemical process, translation losses, once-off charges and yearend adjustments. Chemical profits were down 50% in the second half of the financial year.

下半年，儘管我們取得了良好的營運業績，但營業利潤卻受到化學流程減少、翻譯損失、一次性費用以及年終調整的嚴重影響。本財年下半年，化工利潤下降了50%。

Discussing the bars then moving from left to right on the chart, we see that exchange rate adjustments included positive yearend closing rate adjustments which were offset by forward exchange losses and an extraordinary negative market rate adjustment in respect of our assets in Iran. With regards to once-offs, yearend adjustments and depreciation, these include mainly the partial impairment and higher depreciation charge of our Canadian shale gas assets, as well as the impact of yearend stock movements, other measurement items and an increase in our provisions for rehabilitation of about ZAR700 million.

討論圖表上從左到右的長條圖，我們發現匯率調整包括正的年末收盤匯率調整，但被遠期匯兌損失以及我們伊朗資產的特別負市場匯率調整所抵消。關於一次性支出、年末調整和折舊，主要包括我們加拿大頁岩氣資產的部分減值和更高的折舊費用，以及年末庫存變動、其他計量項目以及我們約7億南非蘭特的修復撥備增加的影響。

Finally, the study in growth costs relate to our feasibility study costs. And that was primarily attributable to our growth projects. And these costs are usually expensed before an investment decision is made.

最後，成長成本研究與我們的可行性研究成本有關。這主要歸因於我們的成長項目。這些成本通常在投資決策之前就已計入費用。

Moving on to cash fixed costs, which is a key driver for us, we see that normalized cash fixed costs have been contained to South African PPI inflation of 8.6%. And that was despite a challenging cost environment. And that was even taking into account the extraordinary plant maintenance and related increased electricity costs.

說到現金固定成本，這是我們的一個關鍵驅動因素。我們發現，正常化的現金固定成本已控制在南非8.6%的PPI通膨率範圍內。這還是在成本環境充滿挑戰的情況下實現的。這甚至還考慮到了額外的工廠維護費用以及由此產生的電力成本上漲。

The impact of the weaker rand added about 2% to total cash fixed costs. As you know, the main drivers in our business are labor, the main cost drivers rather are labor and energy costs with labor comprising approximately 60% of our total cash fixed cost base. Labor costs per head increased by about 7.6% per employee and energy inflation in the past year was 22.9%. Wage agreements with the labor unions for financial year '13 range from 7.5% to 8%.

蘭特貶值的影響導致總現金固定成本增加了約2%。如您所知，我們業務的主要驅動力是勞動力，而主要的成本驅動力是勞動力和能源成本，其中勞動力約占我們總現金固定成本的60%。人均勞動成本上漲了約7.6%，去年能源通膨率為22.9%。 2013財年與工會達成的薪資協議漲幅在7.5%至8%之間。

One of our key strategies to contain electricity costs in the future is to become more self-sufficient by generating more electricity for our own requirements. We have the capacity to generate about 50% of our own electricity requirements and we will be ramping this up to 60% in calendar year 2013, as David mentioned earlier.

我們未來控制電力成本的關鍵策略之一是提高自給自足水平，生產更多電力滿足自身需求。目前，我們的發電能力可以滿足約50%的電力需求，正如David先前提到的，我們將在2013年將這一比例提升至60%。

In addition to improving production reliability, further cost savings will be achieved through our financial excellence program, which is in a stabilization phase, and has to date delivered in excess of ZAR1.2 billion in cost savings. Our set consolidation project is critical to sustaining these savings going forward.

除了提高生產可靠性外，我們還將透過財務卓越計畫進一步節省成本。該計劃目前處於穩定階段，迄今已節省超過12億南非蘭特的成本。我們的設備整合專案對於未來維持這些成本節約至關重要。

The South African energy cluster underpins the Group's profit and cash flow generation, contributing almost 80% to Group profitability. The ESA energy business has improved profitability by 45% and mostly expanded operating margins.

南非能源集群是集團利潤和現金流的基石，貢獻了集團近80%的獲利能力。 ESA能源業務的獲利能力提升了45%，且營業利潤率大幅提升。

Moving on to Sasol mining we see that excluding the prior year impact of the Ixia BEE share-based payment, mining's profit increased by 41% on the back of higher sales volumes and prices to Sasol Synfuels. Production volumes in this business were maintained despite industrial action and adverse geological conditions.

再來看看薩索爾礦業，我們發現，剔除上年Ixia BEE股權支付的影響，礦業利潤成長了41%，這得益於薩索爾合成燃料公司（Sasol Synfuels）的銷售和價格上漲。儘管遭遇了罷工和地質條件不利，但該業務的產量仍保持穩定。

Synfuels contributed three quarters of the SA energy's clusters operating profit and boasted an operating margin of 45%. As David said earlier, Synfuels benefitted from an exceptional production performance. We came out at the top end of our guidance given and higher average rand oil prices. The cash costs per unit in Synfuels increased by 16% largely as a result of higher feedstock costs, which is largely internal to the Group, in addition to normal business inflation and additional maintenance.

合成燃料業務貢獻了南非能源集群四分之三的營業利潤，營業利益率高達45%。正如David之前所說，合成燃料業務受惠於卓越的生產績效。我們的業績達到了預期的最高水平，平均蘭特油價上漲。合成燃料業務的單位現金成本上漲了16%，這主要是由於原料成本上漲（這主要是集團內部因素），以及正常的業務通膨和額外的維護成本。

The international energy cluster is our growth engine and we continue the investment for growth in the form of feasibility studies and exploration expenditure. ORYX remains the flagship for our GTL technology, driving Synfuels International's profit higher on the back of both increased volumes and higher oil and product prices.

國際能源集群是我們的成長引擎，我們將繼續以可行性研究和勘探支出的形式進行成長投資。 ORYX 仍然是我們 GTL 技術的旗艦產品，憑藉產量成長以及油價和產品價格上漲，推動了 Synfuels International 的利潤成長。

David spoke about the production records achieved at ORYX exceeding design capacity and thereby reinforcing our GTL value proposition. SPI's results were negatively impacted by depreciation and impairment charges relating to Canada, as well as the write-off of expiration assets in Mozambique and Australia.

David 表示，ORYX 的產量記錄超出了設計產能，從而強化了我們的 GTL 價值主張。 SPI 的表現受到加拿大相關折舊和減損費用以及莫三比克和澳洲到期資產的核銷的負面影響。

Although we are delighted with the additional volumes of about 14 billion [scaffs] produced from our Canadian shale gas venture, the assets in Canada remain under pressure in the short term due to depressed natural gas prices in the North American market. Depreciation is based on actual production and the proved developed reserve estimate, and had a material impact adding about ZAR1.3 billion to SPI's total depreciation.

儘管我們對加拿大頁岩氣計畫新增約140億南非蘭特的產量感到欣喜，但由於北美市場天然氣價格低迷，加拿大的資產短期內仍面臨壓力。折舊基於實際產量和已探明開發儲量估算，並產生了重大影響，導致SPI的總折舊增加了約13億南非蘭特。

We also accounted for a partial impairment of ZAR964 million, amounting to approximately 8% of the carrying value of the Canadian gas assets. We have been more conservative in the valuation and depreciation ahead of our future gas to liquids investments decision. And this approach is in line with other oil and gas measures that have exposure to the North American shale gas assets. We will continue to review the valuation of these assets, taking into account the key drivers being changes in the North American gas prices, our drilling and exploration program and the rate of production.

我們也提列了9.64億南非蘭特的部分減值，約佔加拿大天然氣資產帳面價值的8%。在未來的氣轉液投資決策之前，我們在估值和折舊方面一直較為保守。這種做法與其他涉及北美頁岩氣資產的油氣資產管理公司的做法一致。我們將繼續審查這些資產的估值，並將北美天然氣價格變化、我們的鑽探和勘探計劃以及產量等關鍵驅動因素納入考慮。

Moving on to our chemicals business performance we see that chemicals optimized margins despite the challenging market conditions reflecting weaker demand. Margins were under pressure as input costs have increased. And as a result most chemical companies have seen a decline in profitability.

再來看看我們化學品業務的業績，我們發現，儘管市場環境充滿挑戰，需求疲軟，但化學品業務的利潤率仍然有所提升。由於投入成本上升，利潤率面臨壓力。因此，大多數化學企業的獲利能力均有所下降。

The risk to the chemicals business remains in how Europe responds to the deep crisis and the outlook remains uncertain in that regard. Chemicals reported a 25% decline in operating profit and a contraction in operating margins. The biggest negative effect of our profits were realized in the second half of the financial year.

化學品業務的風險依然在於歐洲如何應對這場深度危機，而前景仍充滿不確定性。化學品業務營業利潤下降25%，營業利益率也出現萎縮。利潤的最大負面影響體現在本財年下半年。

Our polymers business was hardest hit by poor gross margins with the average margin about oil for the Far East polymer basket being $300 below the established long-term trend. Sasol polymers operating profit declined due to the local polymers business loss in excess of ZAR1 billion being under pressure as a result of lower international polymer prices.

我們的聚合物業務受到毛利率低迷的嚴重打擊，遠東聚合物產品的平均石油利潤比既定的長期趨勢低300美元。由於國際聚合物價格下跌導致本地聚合物業務虧損超過10億南非蘭特，薩索爾聚合物的營業利潤也下滑。

Despite lower production achieved during the first half of the year, the second half saw a number of production records being achieved in the South African business, resulting in an increase in sale volumes for the year. Both the EPU5 and the C3 stabilization capital projects, which are expected to come on stream at the end of calendar years 2013 and 2014 respectively, will improve the feedstock availability for the local business.

儘管上半年產量有所下降，但南非業務在下半年卻創下了多項產量紀錄，帶動全年銷售成長。 EPU5和C3穩定資本項目預計將分別於2013年和2014年底投產，這將改善當地業務的原料供應。

Arya Sasol, our joint venture in Iran, contributed about ZAR1.6 billion to operating profit with the total international operations operating profit being ZAR1.864 million. Arya Sasol's profit, sorry, Arya Sasol polymers ramped up to design capacity during the year and reported an average capacity utilization rate of 84% for the year. And that was well within our targeted range.

我們在伊朗的合資企業Arya Sasol貢獻了約16億南非蘭特的營業利潤，國際業務總營業利潤為186.4萬南非蘭特。 Arya Sasol的利潤，抱歉，是Arya Sasol聚合物業務，在年內已達到設計產能，全年平均產能利用率為84%。這完全符合我們的目標範圍。

David spoke about the divestiture process in relation to this asset and we will make announcements in that regard at the appropriate time. Although this operation's contribution is significant to polymers, it remains a relatively small contributor at group level, contributing about 3% to group operating profit, with carrying value of assets of around ZAR4 billion at yearend. And that includes a foreign currency translation reserve of $120 million, which is subject to exchange rate fluctuations. The carrying value of these assets will increase by additional profits post yearend, and dependent on our further negotiations will determine if impairment is necessary once the disposal process has been finalized.

David 談到了與該資產相關的剝離流程，我們將在適當的時候發佈公告。儘管該業務對聚合物業務的貢獻巨大，但在集團層面，其貢獻仍然相對較小，僅佔集團營業利潤的 3% 左右，年末資產帳面價值約為 40 億南非蘭特。其中包括 1.2 億美元的外幣折算準備金，該準備金受匯率波動影響。這些資產的帳面價值將在年末增加，具體金額取決於我們後續的談判，我們將在處置程序完成後確定是否需要提列減損準備。

O&S remained the largest contributor to the chemicals cluster's profit, contributing about half of the profit. Despite weaker market conditions the business reflected a healthy operating margin of 8.5%, well within our targeted or our guided range previously of 7% to 11% operating margin through the cycle.

營運與銷售業務仍然是化工板塊利潤的最大貢獻者，貢獻了約一半的利潤。儘管市場環境疲軟，但該業務仍維持了8.5%的健康營業利潤率，遠低於我們先前7%至11%的預期或指導範圍。

Our growth strategy is gaining momentum, as reflected in our increased capital investments for the financial year of ZAR29.2 billion. We have maintained our capital investment estimate for 2013 of ZAR32 billion and estimate capital expenditure for 2014 at ZAR34 billion.

我們的成長策略正在蓬勃發展，這體現在我們本財年資本投資增加至292億南非蘭特。我們維持2013年320億南非蘭特的資本投資預期，預計2014年資本支出為340億南非蘭特。

Approximately two thirds or 68% of these capital investments will be spent in South Africa. And a large portion of future growth capital investments will be allocated to growth projects in the international energy business which is in line with our accelerated GTL growth strategy.

這些資本投資中約三分之二（68%）將用於南非。未來成長資本投資的很大一部分將用於國際能源業務的成長項目，這符合我們加速的GTL成長策略。

In line with our strategic agenda is also the growing of chemicals based on feedstock market and/or technology advantage. And we see growth in the capital allocation for chemicals in this regard.

這也符合我們的策略議程，即基於原料市場和/或技術優勢，以實現化學品業務的成長。我們也看到，在這方面，化學品的資本配置正在成長。

Through our capital excellence program we are applying world-class practices in areas of portfolio management, project execution support and we are establishing a project academy. We are pleased to note significant early gains especially in terms of avoiding capital costs and improving project benefits.

透過我們的資本卓越計劃，我們正在投資組合管理、專案執行支援等領域應用世界一流的實踐，並正在建立專案學院。我們很高興地看到，在避免資本成本和提高專案效益方面，我們取得了顯著的早期成果。

Our healthy cash generation ability certainly positions Sasol quite uniquely to fund our capital investments without having to dispose of assets, as well as grow dividends. In addition, in the current climate we continue focusing on strengthening our working capital management and monitoring credit exposure and counterparty risks.

我們穩健的現金產生能力無疑地使薩索爾擁有得天獨厚的優勢，能夠在不處置資產的情況下為資本投資提供資金，並實現股息成長。此外，在當前情況下，我們將繼續致力於加強營運資本管理，並監控信貸風險敞口和交易對手風險。

Our gearing remains low at 2.7% and we have sufficient headroom in our balance sheet to provide for a buffer against volatility, fund selected growth opportunities as well as grow dividends to shareholders. As reflected in the chart on the right, we remain committed to deliver on our stated targeted returns for capital investment, which is evident from our track record of exceeding our ROIC target for the past three years in a row.

我們的負債比率維持在2.7%的低位，資產負債表擁有充足的空間，足以緩衝波動性，為特定成長機會提供資金，並增加股東股利。如右圖所示，我們始終致力於實現既定的資本投資回報目標，這從我們過去三年連續超額完成投資回報率目標的績效中可見一斑。

Our record dividend of ZAR17.50, up 35% from last year, beat market consensus expectations and reflects our commitment to our progressive dividend policy. This translates into a dividend yield in excess of 5%, positions, and positions us quite competitively with our peer group, reinforcing our commitment as a blue chip company to deliver superior shareholder returns. This is also evidenced by our leading total shareholder return of 53% in rand terms as calculated over the past five years.

我們創紀錄的股利為17.50南非蘭特，較去年成長35%，超越市場普遍預期，體現了我們對漸進式股利政策的承諾。這意味著股息殖利率超過5%，使我們在同業中保持相當的競爭力，並強化了我們作為藍籌公司致力於提供卓越股東回報的承諾。過去五年，我們領先的股東總回報率（以蘭特計算）高達53%，也印證了這一點。

Ending with the FY13 profit outlook, we certainly continue to focus on the factors within our control in a continuing challenging environment. In terms of production guidance, Synfuels remains on track to deliver between 7.2 million to 7.4 million tons of product, factoring in a phased shutdown. And this is in line with our production guidance given previously.

最後，在2013財年獲利展望的最後，在持續充滿挑戰的環境中，我們當然會繼續關注我們所能掌控的因素。就生產預期而言，考慮到分階段停產的影響，合成燃料公司仍有望交付720萬至740萬噸產品。這與我們之前給出的生產預期一致。

Internationally ORYX is expected to maintain full year utilization rates of between 80% and 90% of nameplate capacity while Arya Sasol polymers will exceed 80% utilization rates. Importantly we will be growing our volumes in Canada once gas prices trigger further economic development. Although the South African cost environment remains challenging, our aim remains to contain normalized cash fixed costs within South African PPI inflation.

ORYX 的國際產能利用率預計將維持在 80% 至 90% 之間，而 Arya Sasol 聚合物的產能利用率將超過 80%。重要的是，一旦油價推動加拿大經濟進一步發展，我們將擴大在加拿大的產量。儘管南非的成本環境依然充滿挑戰，但我們的目標仍然是將現金固定成本控制在南非 PPI 通膨水準以內。

On the macro environment we are certainly cautious because of the volatility and uncertainty, although we believe that there could be potential upside on the oil price given geopolitical activities. The Eurozone uncertainty is certainly being closely monitored by us and mitigating steps have been taken when necessary.

鑑於宏觀環境的波動性和不確定性，我們當然持謹慎態度，但我們認為，鑑於地緣政治活動，油價可能存在上漲空間。我們正密切關注歐元區的不確定性，並在必要時採取了緩解措施。

In conclusion, management's strong focus on cost containment, operational performance and controllable margin improvement has delivered improved profitability and ensured sustainable performance. Our strong balance sheet and healthy cash flows positions Sasol uniquely to withstand the current volatility as well as fund selective growth opportunities and deliver attractive returns to shareholders.

總而言之，管理層高度重視成本控制、營運績效和可控利潤率的提升，從而提升了盈利能力並確保了業績的可持續性。我們強勁的資產負債表和健康的現金流使薩索爾具備獨特的優勢，能夠抵禦當前的市場波動，並為選擇性成長機會提供資金，並為股東帶來豐厚的回報。

Thank you and over to you, David.

謝謝你，大衛，一切都交給你了。

Thanks, Christine. Our strategic agenda continues to serve us well obviously. At David Constable our primary strategic focus is to increase shareholder returns on a sustainable basis. We achieve this by first enhancing our existing operations, which form an integral part of our foundation pillar you see there, and second accelerate our growth aspirations under our sustainable growth pillar.

謝謝，Christine。我們的策略議程顯然繼續發揮良好的作用。在David Constable，我們的主要策略重點是永續地提高股東回報。我們實現這一目標的途徑包括：首先，強化現有業務，這些業務是我們基礎支柱的重要組成部分；其次，在永續成長支柱下加速我們的成長目標。

Our group imperatives down the side describe what we it is we must focus on to ensure our overarching definition of victory is secured operations excellent. Here we continue our drive to ensure the reliability, stability and maintain the ability of all of our facilities.

下方的集團要務闡述了我們必須重點關注哪些方面，以確保我們「勝利」的首要定義是確保卓越營運。在此，我們將繼續努力確保所有設施的可靠性、穩定性和持續性。

As Christine mentioned earlier, through capital excellence we strive to obtain excellence in capital allocation and world-class product execution delivery. With business excellence we look to enhance our overall approach to doing business. This will ensure that we know exactly what levers to pull to maximize financial impact.

正如Christine之前提到的，透過卓越的資本，我們力求實現卓越的資本配置和世界級的產品執行交付。透過卓越的業務，我們希望提升整體的業務運作方式。這將確保我們確切地知道應該採取哪些措施來最大化財務效益。

And to embed a value driven organization this imperative has been expanded to now focus on our shared values being drive by everyone in the Company. To execute on our strategic and our annual top priorities are key. Looking at FY13 you'll note that our priorities cover five areas, number one, improving safety performance, number two, enhancing operations performance, number three accelerating growth, four, driving a high performance culture in Sasol, and five strengthening stakeholder relationships.

為了打造一個以價值為導向的組織，這項要求現已擴展至公司全體員工共同實踐的價值觀。執行我們的策略和年度首要任務至關重要。回顧2013財年，您會發現我們的優先事項涵蓋五個領域：第一，提升安全績效；第二，提升營運績效；第三，加速成長；第四，推動薩索爾的高績效文化；第五，加強與利害關係人的關係。

Looking at safety in FY13 we're looking to further improve recordable case rate to the less than 0.32 through our leading indicator metrics and our safety and improvements plans. We believe that zero harm is achievable.

展望2013財年的安全，我們希望透過領先指標以及安全改善計劃，進一步將可記錄事故率降至0.32以下。我們相信，零傷害是可以實現的。

Next we are looking to further enhance our operational performance to improve the efficiencies and cost optimization. Here in the third row to accelerate sustainable growth we are capitalizing on current projects and continuously identifying new ones as we go. Importantly we seek to take final decisions on key projects in FY13.

接下來，我們致力於進一步提升營運績效，提高效率並優化成本。第三行，為了加速永續發展，我們正在利用現有項目，並不斷尋找新項目。重要的是，我們力爭在2013財年就關鍵專案做出最終決策。

Next to support us to drive a high performance culture we need to have the right talent and the right roles at the right time delivering business results. To drive this culture of high performing individuals, high performing teams, we are number one instilling a culture of teamwork and collaboration across the entire organization as One Sasol. And two we're increasing the focus on performance management and recognition that seeks to acknowledge outstanding performance.

其次，為了支持我們打造高績效文化，我們需要在適當的時間將合適的人才安排在合適的職位，以創造業務成果。為了推動這種高績效個人和高績效團隊的文化，我們首先要在整個組織中灌輸「一個薩索爾」的團隊合作文化。其次，我們更重視績效管理和表彰，以表彰傑出員工。

Moving to our final top priority we deliver better results by working in partnership with our colleagues and our partners. Strengthening our relationships with key stakeholders is critical to our ongoing success that underpins all of our activities.

說到我們最後的首要任務，我們致力於與同事和合作夥伴攜手合作，以取得更佳成果。加強與關鍵利害關係人的關係對於我們持續取得成功至關重要，而這正是我們所有活動的基礎。

Of course to attain our overarching goal we must have a healthy and focused project pipeline. I've already highlighted our key product milestones in FY12. What I'd like to do now is just talk about one of our non-GTL US activities that you can see in the second row of our project pipeline.

當然，為了實現我們的整體目標，我們必須擁有健康且專注的專案儲備。我已經重點介紹了我們2012財年的關鍵產品里程碑。現在我想談談我們在非GTL美國業務的其中一項，您可以在專案儲備的第二行看到。

Last year we announced that we were commencing a feasibility study into a world-scale ethane cracker and derivatives complex at our operating site in Louisiana. Extracting additional value from related businesses such as chemicals is vital by making the most of the entire suite of products and optimizing integration opportunities risk is spread and value is maximized.

去年，我們宣布將在路易斯安那州的營運基地啟動一項世界級乙烷裂解及衍生性商品綜合設施的可行性研究。充分利用全套產品，優化整合機會，從化學品等相關業務中獲得額外價值至關重要，這樣才能分散風險，並實現價值最大化。

We maintain that by pursuing growth, chemicals growth in the US we can take full advantage of the natural gas opportunities along the US Gulf Coast. Once realized we believe this will further strengthen Sasol's overall portfolio.

我們堅信，透過在美國追求成長，特別是化學品的成長，我們可以充分利用美國墨西哥灣沿岸的天然氣機會。一旦實現，我們相信這將進一步增強薩索爾的整體產品組合。

So why are we driving North American opportunities? At the start of today's presentation I explained that the growth in oil demand is signaling in to below oil prices. One has to contrast high global crude oil prices with the advent of the shale gas boom in North America where natural gas prices are obviously kept low.

那麼，我們為什麼要推動北美的機會呢？在今天的演講開始時，我解釋過，石油需求的成長預示著油價將走低。我們必須將全球高油價與北美頁岩氣繁榮的到來進行對比，北美的天然氣價格顯然被壓得很低。

Also the advances in the development of shale reserves this has brought about a new era of hydrocarbon production that has an impact on both global energy markets and related industries including chemicals, particularly in North America. By 2013 we anticipate that the growth in gas production would have increased by approximately 40%, followed by a 60% increase in associated liquid fuels production.

頁岩油氣儲量開發的進展也開啟了碳氫化合物生產的新時代，對全球能源市場及相關產業（包括化學工業，尤其是在北美）都產生了影響。我們預計，到2013年，天然氣產量將成長約40%，隨之而來的是相關液體燃料產量將增加60%。

Sasol as we stand here today is in a position to benefit from both developments because, number one, our detailed value proposition benefits from increased gas volumes at a discount to an equivalent oil price, increasing arbitrage for double-digit returns. And number two our chemicals growth aspirations benefit from the availability of advanced ethane feedstock.

如今，薩索爾能夠從這兩項發展中受益，因為首先，我們具體的價值主張受益於以低於同等油價的價格增加天然氣產量，從而增加了兩位數回報的套利空間。其次，我們化學品業務的成長願景受惠於先進乙烷原料的供應。

This is why the majority of our volume growth in the next eight years is expected to come from North America. It's true that other players have also refocused their investment plans and asset placement strategies to leverage the increasing supply of cost, competitive natural gas and ethane. In terms of us addressing the competition we've managed to establish an early mover advantage on our key projects. And we plan to exercise our competitive advantage of proprietary technologies, favorable market positions and our existing site in Lake Charles.

正因如此，我們預計未來八年的大部分產量成長將來自北美。誠然，其他參與者也重新調整了投資計畫和資產配置策略，以利用成本不斷增加且競爭激烈的天然氣和乙烷供應。在應對競爭方面，我們已成功在關鍵專案上建立了先發優勢。我們計劃充分利用專有技術、有利的市場地位以及位於查爾斯湖的現有工廠的競爭優勢。

Of course North America is not the only region that will provide Sasol with this type of growth opportunity. As many of us heard last week here in South Africa, our cabinet announced the lifting of the moratorium on crude shale gas exploration. Sasol fully supported that moratorium, which allowed the government to evaluate best practices in the unconventional gas industry. We are keen not only to review those findings, but to also evaluate the potential of producing large quantities of shale gas in an environmentally friendly fashion here in South Africa.

當然，北美並非唯一能為薩索爾提供此類成長機會的地區。正如我們許多人上週在南非聽到的消息，我們的內閣宣布解除對原油頁岩氣勘探的禁令。薩索爾全力支持這項禁令，這使得政府能夠評估非常規天然氣產業的最佳實踐。我們不僅渴望回顧這些發現，也希望評估在南非以環保方式大量生產頁岩氣的潛力。

So to close clearly Sasol remains a compelling investment proposition. The reasons for this can be best summarized in these three columns shown on the screen, first looking at our foundation business. This remains solid.

總而言之，薩索爾仍然是一個極具吸引力的投資選擇。原因可歸納為螢幕上顯示的三欄：首先，我們的基礎業務依然穩健。

Here we're as Christine said we're continually improving our GTL technology, specifically at our ORYX GTL plant in Qatar. We've demonstrated impressive gains in throughput and efficiencies.

正如Christine所說，我們正在不斷改進我們的GTL技術，尤其是在卡達的ORYX GTL工廠。我們的產量和效率都取得了顯著的提升。

Now as you've heard today our businesses remain highly cash generative, supported by our continuous focus on cost containment, meaning driving operations excellence. We have a proven track record built up over more than six decades in the alternative energy business and remain second to none in this arena.

正如大家今天所聽到的，我們的業務依然保持著較高的現金流創造能力，這得益於我們持續關注成本控制，即追求卓越營運。我們在替代能源領域擁有超過六十年的輝煌業績，在這一領域依然首屈一指。

Next our growth strategy is an attractive one. There continues to be a growing need for countries to secure supply of energy and this need will only grow over time for many countries including the US. In-country conversion of natural resources into high value products not only improves energy security, but also improves the country's economy.

其次，我們的成長策略極具吸引力。各國對能源供應保障的需求持續成長，而且包括美國在內的許多國家的需求只會隨著時間的推移而成長。在國內將自然資源轉化為高價值產品，不僅能提高能源安全，還能促進國家經濟發展。

We have the ability to monetize hydrocarbon resources using our GTL proprietary technology. Our project pipeline already includes projects that are geared to take advantage of the demand for liquid fuels and chemicals while capitalizing on low feedstock prices.

我們有能力利用我們的專有GTL技術將碳氫化合物資源貨幣化。我們的專案儲備已包含一些旨在利用低廉原料價格，同時滿足液體燃料和化學品需求的專案。

And finally we delivered leading shareholder returns. Strong balance sheet, healthy cash, flow generation continue to support our progressive dividend policy and the funding of our growth aspirations. Sasol continues to achieve leading long-term share price performance, as Christine showed you. Total shareholder return over a five-year period assuming dividends are reinvested is 53% in rand terms and 32% in US dollar terms.

最後，我們實現了領先的股東回報。強勁的資產負債表、健康的現金流和持續的現金流成長，繼續支持我們漸進式的股息政策，並為實現成長目標提供資金。正如克里斯汀所展示的，薩索爾的股價長期表現持續領先。假設股利再投資，五年期股東總報酬率以蘭特計算為53%，以美元計算為32%。

Like many other companies Sasol has been through tough times with the global economic downturn and volatile market conditions, but unlike other companies and thanks to the efforts of our people Sasol has been able to successfully head off these challenges. Today our strong balance sheet, targeted priorities and exciting product pipeline provides us with many unique opportunities.

與許多其他公司一樣，薩索爾也經歷了全球經濟衰退和市場動盪的艱難時期。但與其他公司不同的是，憑藉著全體員工的努力，薩索爾成功應對了這些挑戰。如今，我們強勁的資產負債表、精準的重點業務和令人振奮的產品線為我們帶來了許多獨特的機會。

Tough times may lie ahead, but we fully expect to weather any storm out there. And we will continue to deliver on all of our stakeholders' expectations.

未來或許充滿挑戰，但我們堅信能夠安然度過一切風雨。我們將繼續滿足所有利害關係人的期望。

So to conclude we believe that Sasol is a company that offers a compelling investment proposition and has as you know over the years repeatedly delivered results. The management team and I are both excited and confident about the opportunities which lie ahead, so with that I think we have gone through fairly quickly. So we'd be happy to open it up from questions from the floor or I think on the phone lines as well. So thanks again for your attendance today, everyone.

總而言之，我們相信薩索爾是一家提供極具吸引力的投資方案的公司，而且正如大家所知，多年來一直業績斐然。我和公司管理團隊都對未來的機會充滿期待和信心，因此我認為我們已經討論得相當快了。我們很樂意透過現場提問或電話提問的方式進行討論。再次感謝各位今天的出席。

Thanks, David. We'll now open to the floor for a few minutes and then cross over to the conference call. Can I take the call, Alex, on the right?

謝謝，大衛。現在我們先進入幾分鐘的現場發言，然後進入電話會議。右邊的亞歷克斯，我可以接電話嗎？

Yes. It's Alex from JPMorgan, a couple of questions if I may. Just on your employee costs, given that this tends to be what's going on with regard to the mines, are you seeing any impact from those problems in your own business? And also while I'm on the topic, the ZAR1.1 billion for the future provisions, what exactly is that? That's the first question.

是的。我是摩根大通的亞歷克斯，如果可以的話，我有幾個問題想問。就你們的員工成本而言，考慮到礦場的情況，您是否認為這些問題對您們的業務有任何影響？另外，既然我談到這個話題，那11億南非蘭特的未來撥備到底是多少？這是第一個問題。

And then I was just wondering with regard to Canada, you've quite high levels of CapEx, but you don't seem to be growing that really well. What else is the money going into? And then with regard to the polymers business, seems to be struggling without a great deal of confidence of a recovery. Is it time to restructure that business? Those are my three questions.

然後，我想問一下，關於加拿大，你們的資本支出很高，但成長似乎不太好。資金還流向了哪裡？關於聚合物業務，你們似乎在苦苦掙扎，對復甦缺乏信心。現在是時候重組這項業務了嗎？以上就是我的三個問題。

Thanks, Alex. Let me just make sure I've got the first one, right. You asked about the current mine issues in the country and how that may be affecting us?

謝謝，亞歷克斯。我先確認第一個問題我是否理解。你問到的是目前國內的礦場問題以及這些問題可能對我們造成的影響？

Yes. Your comments on your wage inflation, I think 7.5% to 8% is pretty good. Are you happy -- everybody's happy with that and there's not going to be any ongoing problems given obviously the strike last year?

是的。您說的薪資通膨率，我認為7.5%到8%已經很不錯了。您滿意嗎？大家都對此感到滿意，考慮到去年的罷工，應該不會再有任何問題。

Okay thanks. And then we'll get into the future provisions and the Canada CapEx and polymers. Let me just start on the mining issue.

好的，謝謝。然後我們會討論未來的準備金、加拿大資本支出和聚合物。我先從採礦問題開始。

We're -- we've successfully completed all of our agreements with our three collective bargaining unions, chemicals, and mining and petroleum. And that was completed in early August, and with both sides very comfortable. Mining ended up in a range of I believe about 7.75% if you total it all up, 7.75% over the -- over FY13.

我們已成功與化工、採礦和石油三個集體談判工會達成所有協議。這些協議已於8月初完成，雙方都非常滿意。採礦業最終的利潤率約為7.75%，如果把所有利潤加起來，那麼與2013財年相比，利潤率約為7.75%。

And we have a very good relationship right now with all of our unions, met with all the Sasol trade union representatives August 14th, just before the Americana incident and had a great session with them talking about strategy, and the way forward, and what we're trying to achieve with One Sasol approach and moving away from us and them and getting a much more open dialogue with all of our union representatives, including with the CEO office and getting good feedback, making sure everyone's voices are heard. And I think it's going quite well and we're certainly optimistic that we can continue that. We're going to double up our focus on our stakeholder relationship and focus, so positive there.

我們目前與所有工會都保持著良好的關係。 8月14日，也就是「美國事件」發生前，我們與薩索爾所有工會代表會面，進行了一次非常愉快的會談，探討了戰略、未來發展方向，以及我們試圖透過「一個薩索爾」模式實現的目標，擺脫「我們」和「他們」的桎梏，與所有工會代表，包括執行長辦公室，都能獲得更加開放的對話，並確保每個人的聲音，都能被聽到。我認為進展非常順利，我們對能夠繼續保持這種狀態充滿信心。我們將加倍關注與利害關係人的關係，並在這方面保持積極態度。

The ZAR1.1 billion future provisions I think I'll ask possibly Christine to talk through that.

對於 11 億南非蘭特的未來撥款，我想我可能會請克里斯汀來談談。

Yes. Thanks for the question, Alex. I just want to confirm, are you referring to the one under one source?

是的。謝謝你的提問，Alex。我只是想確認一下，你指的是「一對一」的來源嗎？

So period it says period and incentive provisions.

所以期間說的是期間和激勵條款。

Yes, period and incentive provisions. So these are clearly incentive provisions relating to the past financial year. That gets paid in the -- clearly these are a cash flow difference because it gets paid in the new financial year, but it relates to the prior financial year 2012.

是的，包括期限和激勵條款。這些顯然是與上一個財政年度相關的激勵條款。這些條款是在…顯然，這是現金流差額，因為它是在新的財年支付的，但它與上一個財年2012相關。

Okay. So that went through the P&L and if so what [effects].

好的。這已經通過了損益表，如果是這樣，那麼[效果]是什麼？

Yes it would, and under employee costs.

是的，而且是在員工成本之下。

Okay.

好的。

That's where the number sits.

這就是數字所在的地方。

Okay. Thanks, Christine.

好的。謝謝，克里斯汀。

No. We've got some more answers first. Canada CapEx, right, we're drilling wells out there and we've got a few rigs out there, I think four rigs down to three right now or -- Leon, can you talk about where all that money is spent?

不。我們首先要回答一些問題。加拿大資本支出，對，我們在那裡鑽井，那裡有幾個鑽井平台，我想現在從四個減少到三個，或者——Leon，你能談談這些錢都花在哪裡了嗎？

Yes. Actually quite correct, we've spent quite a lot of money which we [refund] to sort of midstream/downstream. Obviously we had to do land clearance and the [pad] establishment. We built the central approaches facility for the gas, also refrigeration facility for future liquids production.

是的。實際上確實如此，我們花了不少錢，這些錢我們[返還]給了中下游企業。顯然，我們必須清理土地並建立[平台]。我們建造了用於天然氣的中央進場設施，以及用於未來液體生產的冷卻設施。

We built a lot of internal pipelines. We had a water pipeline supply system. And we built a base camp and operation room, water treatment, so a lot of pre-establishment costs that there we had to put in. And also you obviously build it for a bigger size. They're not -- this is related to production for today only. So there was a significant upfront investment.

我們修建了很多內部管道。我們有一個供水管道系統。我們還建了一個大本營、一個操作室、一個水處理系統，所以在那裡投入了大量的前期建造成本。而且，顯然，我們建造的規模更大。這並非——這只與今天的生產有關。所以，前期投資很大。

So there should be a material cut in CapEx this year then?

那麼今年的資本支出該大幅削減嗎？

We are looking forward for next year. This year's CapEx has been fixed. We do this on an annual basis with Talisman. So that was fixed for calendar year 2012, but we are looking at reducing CapEx for next year.

我們期待明年。今年的資本支出已經確定。我們每年都會與Talisman進行類似的調整。所以2012年的資本支出已經確定，但我們正在考慮減少明年的資本支出。

I think just to make the point, Alex, is that approximately 9% of the total CapEx estimates that I've given you for financial years '13 and '14 relates to Canada, so should be making changes and it's going to influence the numbers.

亞歷克斯，我想說明的是，我給你的 2013 和 2014 財年總資本支出估算中約有 9% 與加拿大有關，因此應該做出改變，這將影響數字。

Thanks, Christine.

謝謝，克里斯汀。

So the last question is on polymers and the pressure that business is under. We've certainly got some CapEx projects coming along to help with efficiency and more sales volume. Andre, can you talk about the polymers situation?

最後一個問題是關於聚合物業務以及業務面臨的壓力。我們確實有一些資本支出項目正在進行中，以幫助提高效率並增加銷售量。安德烈，您能談談聚合物業務的情況嗎？

Alex, thanks. We are doing whatever we can to improve polymers profitability in these very challenging market conditions. Christine referenced a decline in polymer pricing compared to the long-term price strains, but the real fundamental factor that's squeezing our margins relates to the fact that in rand terms feedstock prices have gone up by [13%] and our product prices have only gone up by 10%. And that's really put us under a lot of pressure in already challenging market conditions for the polymer industry globally.

亞歷克斯，謝謝。在當前極具挑戰性的市場環境下，我們正竭盡所能提高聚合物的獲利能力。克里斯汀提到，與長期價格壓力相比，聚合物價格下降，但真正擠壓我們利潤的根本因素是，以蘭特計算，原料價格上漲了[13%]，而我們的產品價格僅上漲了10%。在全球聚合物產業本已充滿挑戰的市場環境下，這確實給我們帶來了巨大的壓力。

What we are doing about is we are regularly conducting a comprehensive molecule allocation exercise to confirm that placing our elephants into polymers is still the most appropriate way to go, and the most profitable route from an overall Sasol bottom line point of view. And we regularly confirm that that is in fact the case.

我們正在進行的是定期進行全面的分子分配工作，以確認將我們的「大象」投入聚合物生產仍然是最合適的方式，並且從薩索爾整體盈利的角度來看，這也是最有利可圖的途徑。我們定期確認事實確實如此。

We've also taken a long hard look at our customer portfolio and we've eliminated some low need back customers. And we have moved into higher need back regions. And then we're also continuously looking at cost optimization.

我們也對客戶組合進行了長期認真的審視，剔除了一些回頭客需求較低的客戶，轉而進入回頭客需求較高的地區。同時，我們也持續關注成本優化。

So we are pulling the levers that we have at our disposal. If by restructuring you mean shutting down some of our South African plants that would not be in the best interests of the business. And we have investigated those options and they don't make business sense at this point in time.

所以我們正在竭盡所能。如果你所說的重組是指關閉一些不符合公司最佳利益的南非工廠，那麼我們已經調查過這些方案，目前來看，它們在商業上並不合理。

Thanks, Andre. Thank you.

謝謝，安德烈。謝謝你。

Okay correct. Just raise your hands and then the mic will come around to you, but [here are this -- some place].

好的，沒錯。只要舉起你的手，麥克風就會轉到你面前，但[這裡是－－某個地方]。

Gerhard Engelbrecht, sorry, from Renaissance Capital. I've got three questions around Synfuels, and then just maybe another one. Firstly, your production guidance for Synfuels now puts us back to where kind of where we were in 2010. My question is when do we see the growth program kick in, the additional 3% that you've invested in in recent years?

抱歉，我是復興資本的Gerhard Engelbrecht。關於合成燃料公司，我有三個問題，之後可能還會再問一個。首先，你們對合成燃料公司的產量預期現在讓我們回到了2010年的水準。我的問題是，你們近年來額外投資的3%的成長計畫什麼時候才能開始見效？

Secondly, when do you expect the additional and extraordinary maintenance that you're spending in Synfuels to come to an end? And then the last question on Synfuels is you are now extending the lives of your mines to what you're saying 2039. I think that's much longer than the Synfuels' appreciable life. Do you have an estimate of how much capital you'd need to spend at Synfuels to extend Synfuels' life to match or exceed the lives of the mines? And I've got a follow-up question.

其次，您預期合成燃料公司（Synfuels）的額外維護費用何時結束？關於合成燃料公司的最後一個問題是，你們現在正在將礦場的壽命延長到你們所說的2039年。我認為這比合成燃料公司的實際壽命要長得多。您估計一下，要延長合成燃料公司的壽命，使其達到或超過礦場的壽命，需要在合成燃料公司投入多少資金？我還有一個後續問題。

Thanks, thanks. Right so production you saw 7.2 million achieved this year on a great second half. We're guiding 7.2 million to 7.4 million tons in FY13 and guiding I believe 7.3 million to 7.5 million in FY14 which will get up very close to -- well that's we will get up to the increases that we were -- for the growth program and at FY14.

謝謝，謝謝。您說的沒錯，今年下半年產量達到了720萬噸，表現非常出色。我們2013財年的預期產量是720萬至740萬噸，2014財年的預期產量應該在730萬至750萬噸之間，這將非常接近——也就是說，我們將達到2014財年的成長計畫和增幅。

Additional extraordinary maintenance, Bernard, why don't you tell us how that's going to play out.

額外的額外維護，伯納德，你為什麼不告訴我們這將如何進行？

Yes. Thanks, David. As you know in this year we actually made a conscious decision to spend a little more money on maintenance just to improve the reliability and availability. And we've seen that deliver good results. We anticipate that for this financial year '13, the next year we'll continue with additional spend on maintenance. And then we expect that to come off going forward.

是的，謝謝，大衛。如你所知，今年我們確實做出了一個有意識的決定，在維護方面投入更多資金，以提高可靠性和可用性。我們已經看到，這項措施取得了良好的效果。我們預計，在2013財年，以及明年，我們將繼續增加維護支出。我們預計，這筆支出在未來會逐漸減少。

On the life of Synfuels we have an aspiration out there to look at Synfuels going to 2050. And that takes a lot of effort on our side as far as capital goes. And we're in those -- in that process right now of looking at the capital costs and working through that, certainly take well into in the next year to evaluate and get a better a handle on, but that's the plan right now is to look at that type of extension and the related businesses to support that type of aspiration. So that's the -- that's in the strategy right now.

關於合成燃料業務的生命週期，我們有一個願景，那就是將合成燃料業務延續到2050年。就資金而言，這需要我們付出巨大的努力。我們目前正處於評估資本成本並努力解決這一問題的過程中，當然，明年還需要進行評估並更好地掌握情況，但目前的計劃是研究這種業務擴展以及支持這一願景的相關業務。所以，這就是目前的戰略。

Okay, and then just the last question. You showed quite a bit currency translation gain in the first half I think on foreign exchange contracts related to Canada.

好的，然後是最後一個問題。我認為，上半年與加拿大相關的外匯合約顯示了相當多的貨幣折算收益。

Yes.

是的。

And then you mentioned currency translation losses of ZAR1.1 billion in the second half. Yet the rand weakened. Can you maybe explain why there were currency translation losses in the second half?

然後您提到下半年貨幣折算損失了11億南非蘭特。然而蘭特卻貶值了。您能解釋一下下半年貨幣折算損失的原因嗎？

Christine.

克里斯汀。

Yes. I think this talks to the realization of the unrealized profits that we actually booked relating to the Canadian forward exchange contracts. And clearly those would have had sort of different exchange rates factored in from what actually transpired in the first half complete to the second half.

是的。我認為這指的是我們實際確認的與加拿大遠期外匯合約相關的未實現利潤的實現。顯然，這些利潤的匯率與上半年和下半年實際發生的匯率有所不同。

And so I think clearly in the realization and the unwinding of that coming through that's where we saw the reversal complete the first half. But it clearly offsets each other. So it was really a neutrally fit. I think this clearly I'll have to give more detail on that. I think in the analyst book we actually do disclose what's open in terms of foreign exchange contracts. Can I get back to you on the actual number, but there had, do have various expiry dates. And they range right through to 2014. So clearly one would have to take what exchange rates are applicable to the different years.

所以我認為，在實現和平倉的過程中，我們看到了上半年反轉的完成。但兩者之間顯然相互抵消。所以這其實是一個中性的契合。我認為，我必須對此提供更多細節。我認為在分析師報告中，我們確實揭露了外匯合約的未平倉情況。我可以告訴你實際數量嗎？但確實存在不同的到期日，範圍一直到2014年。所以顯然，我們必須考慮不同年份適用的匯率。

Thanks.

謝謝。

Next up, Nishal. That will be followed by our last question on the floor. Nishal?

接下來是 Nishal。接下來是我們的最後一個問題。 Nishal？

Hi yes. It's Nishal from UBS, just a couple of things from my side. The one is can you maybe just give an update in terms of what's your plans in terms of upstream exploration? And maybe linked to that with your acreage that you actually had in the crew, would stopping exploration have you given up that acreage? Do you need to reapply for that or do you already hold that?

您好，是的。我是瑞銀的Nishal，我這邊想問幾個問題。首先，您能否更新一下您在上游勘探方面的計劃？再者，結合您團隊實際擁有的油田面積，停止勘探就代表您放棄了這些油田嗎？需要重新申請嗎？還是您已經擁有這些油田了？

And just maybe in Arya could you maybe just give an update in terms of the difficulty in doing business in Arya? I see you say volumes or production is quite strong, but are you able to shut that product quite easily out? And are you able to actually sell it at global prices? Or are you just pricing that a bit of a discount?

說到Arya，您能否介紹一下在Arya開展業務的困難程度？我注意到您說產量和產量都很高，但您能輕易地把這種產品拒之門外嗎？您真的能以全球價格銷售嗎？還是說您只是稍微打了個折扣？

And maybe just on CapEx for your CapEx profile for FY13 and FY14, can you maybe just indicate how much is for the growth projects? And I see you make mention of some possible acquisition of gas assets. Is that included in those figures?

就資本支出而言，您能否透露2013財年和2014財年的資本支出狀況，其中有多少用於成長項目？我看到您提到了一些可能收購天然氣資產的項目。這些數字中包括這部分內容嗎？

Okay. Thank you. Let's see, start with Leon, if you can tell us about the plans for upstream exploration and I'll take crew, and then we'll move from there.

好的。謝謝。我們先從Leon開始，你能不能跟我們講講上游勘探的計畫？我會帶上船員，然後我們再從那裡出發。

Our focus on the upstream is firstly in Mozambique. We are currently busy drilling a well in M-10. We hope to reach the target depth in this month. We are also doing seismic on Block A in Mozambique. We continue to drill in a town where we have our oil production to sustain the production. And obviously we focus on Canada to further produce and de-risk at Montney. We have one more asset in Australia, AC52, but at this stage we are still doing seismic and we have -- we will take a decision on drilling there on north probably early next year.

我們上游的重點首先在莫三比克。我們目前正忙於M-10區塊的鑽井工作。我們希望本月能達到目標深度。我們也在莫三比克A區塊進行地震勘探。我們將繼續在已有石油產出的城鎮進行鑽探，以維持產量。當然，我們也會關注加拿大，以進一步提高蒙特尼的產量並降低風險。我們在澳洲還有一項資產，AC52，但目前我們仍在進行地震勘探，並且——我們大概會在明年年初決定是否在那裡北部進行鑽探。

Thanks, Leon. On the crew acreage that was a technical cooperation permit we had between November 2010 and November 2011 with Chesapeake Energy and Stat Oil, which we did desktop studies on for that acreage, that block. And for technical reasons and economic viability that we decided to let that acreage lapse, so that's -- it wasn't right in the crew. It was in the crew basis, but as I said earlier we are extremely interested in getting involved in crew shale gas if we see that we can get the right best practices in place in the country. And we'll be looking at that very seriously going forward.

謝謝，Leon。關於團隊作業區，那是我們在2010年11月至2011年11月期間與切薩皮克能源公司和Stat石油公司獲得的技術合作許可，我們對那塊區域、那個區塊進行了案頭研究。出於技術原因和經濟可行性，我們決定讓那塊區域失效，所以——這在團隊層面上是不合適的。這在團隊層面上是合理的，但正如我之前所說，如果我們發現我們能夠在該國實施正確的最佳實踐，我們非常有興趣參與團隊頁岩氣作業。我們將非常認真地考慮未來。

Arya difficulties let's ask Andre to talk to that. Thanks Andre.

艾莉亞遇到的困難，我們找安德烈談談吧。謝謝安德烈。

Sure thanks. I think the first point to make is that Sasol is very serious about compliance with sanctions via discussion, US, EU and UN. And we regularly consult with the regulatory authorities in the US to ensure that we do in fact remain compliant.

當然，謝謝。我認為首先要強調的是，薩索爾非常重視遵守透過談判、美國、歐盟和聯合國達成的製裁協議。我們定期與美國監管機構磋商，以確保我們確實遵守規定。

We haven't had serious challenges in terms of shipping out polymer products. It is still -- and we are still able to move out that product in sort of that market related prices. And you will see that profitability of this plant is still, or this complex of plants rather is still pretty good.

我們在聚合物產品運輸方面沒有遇到嚴重挑戰。我們仍能夠以市場相關價格運送該產品。您會發現，這家工廠，或者更確切地說，這套工廠的獲利能力仍然相當不錯。

On ethane shipping there are sometimes challenges in terms of insurance on vessels, but that is as a consequence of sanctions, legislation being enforced against both insurers as well as ship owners. But all over all I think we're managing the situation. We are making progress on the divestiture process and that's about all that we can say at this stage. And further announcements will hopefully follow in due course.

乙烷運輸有時會在船舶保險方面遇到挑戰，但這是由於制裁以及針對保險公司和船東的立法執行。但總的來說，我認為我們正在掌控局面。資產剝離流程正在取得進展，目前我們能透露的就這些。希望後續能發布更多公告。

Thanks, Andre. And then on CapEx ZAR32 billion and ZAR34 billion in FY13/FY14 that does not include any gas acquisitions upstream, but from a growth perspective, Christine, can you break that down for us please? Thank you.

謝謝，安德烈。 2013/2014財年的資本支出分別為320億南非蘭特和340億南非蘭特，這還不包括任何上游天然氣收購。克莉絲汀，從成長的角度來看，您能為我們具體分析一下嗎？謝謝。

Yes. I think just off the top for FY13 approximately about ZAR19 billion worth of growth, and for FY14 ZAR22 billion with the growth projects. And some of the big projects that does relate to is clearly some of the Secunda growth program and CapEx that needs to be spent and the under the South African energy cluster, under international.

是的。我認為2013財年的成長金額約為190億南非蘭特，2014財年的成長項目則為220億南非蘭特。一些與成長項目相關的大型項目顯然與塞昆達成長計畫和需要支出的資本支出以及南非能源集群和國際計畫有關。

Clearly it includes the Canada CapEx and our [brief constitute] about 9% of the total for both financial years, so per financial year approximately ZAR3 billion relating to Canada, and then clearly driven by investment decisions Uzbekistan GTL, and Canada GTL, and USA GTL and cracker projects included in the balance. I think quite importantly is the [wex] expansion project that was also included in these capital spends here.

顯然，它包含了加拿大的資本支出，我們[簡要構成]在兩個財年總額中約佔9%，因此每個財年與加拿大相關的支出約為30億南非蘭特，然後顯然是由投資決策驅動的，烏茲別克斯坦GTL、加拿大GTL、美國GTL以及裂解項目也包含在餘額中。我認為相當重要的是[wex]擴建項目，它也包含在這些資本支出中。

Okay thanks.

好的，謝謝。

-- ticket items.

——票證項目。

Thank you, ma'am. And just to follow up on that, just that gas assay acquisitions, can you maybe give a bit more color on that?

謝謝您，女士。接下來，關於氣體分析採集，能否更詳細地介紹一下？

We're certainly evaluating natural gas acquisitions, chemical acquisitions. And we're certainly looking into all opportunities out there. Certainly with North America in the situation it's in it's certainly an interesting region for us to look at. So we are on that track, but that's about all I can tell you right now.

我們當然正在評估天然氣和化學領域的收購。我們也在探索所有機會。鑑於北美目前的情況，這對我們來說無疑是一個值得關注的地區。我們正在推進這項計劃，但目前我能告訴你的也就這些了。

Okay, a couple questions if you don't mind. First here I was just trying to explore the linkages here. If you were to cancel your Canadian GTL either before or after the feed, what do you do with your upstream assets? Maybe you could just share some of your strategy -- your strategic thinking about that. And I would ask some other questions depending on how you answer that.

好的，如果您不介意的話，我有幾個問題。首先，我只是想探討一下這其中的關聯。如果您在進料之前或之後取消了加拿大GTL項目，您會如何處理您的上游資產？或許您可以分享一些您的策略—您對此的策略思考。我會根據您的回答提出一些其他問題。

And, Leon, jump in here, but let me start with the fact that Canada is a 48,000 barrel a day GTL that we're looking at. And Lake Charles is a 96,000 barrel a day. So for the cover on that with the current assets we have is about 66%, so good coverage on feedstock for into those facilities.

Leon，請插話，首先我想說的是，我們正在考慮加拿大的GTL產能是每天4.8萬桶。而查爾斯湖的產能是每天9.6萬桶。因此，以我們目前的資產來看，GTL的覆蓋率約為66%，因此這些設施的原料覆蓋率很高。

If Canada doesn't go ahead then we're even more covered down in the US. And you could possibly look at an increase in the capacity down there, but that's where we're at right now. It's a little too early to -- we want to look at it at here at the end of the year holistically with all the projects we've got on our plate and make a decision to go forward on each of those.

如果加拿大不繼續前進，我們在美國面臨的壓力會更大。那裡的產能可能會增加，但我們現在的處境就是這樣。現在下結論還為時過早——我們希望在年底全面審視我們手頭上的所有項目，並決定是否繼續進行每個項目。

So what sort of pricing do you apply to your Lake Charles GTL feed project? If you haven't exactly stitched up the upstream sources of your gas.

那麼，如果你還沒完全連結好上游天然氣供應源，你的查爾斯湖GTL供氣計畫會採用什麼樣的定價方式呢？

Leon, you want to take that?

萊昂，你想拿走那個嗎？

We do all our economics on market related prices. So we don't do cross subsidization between plants, obviously once we've done the investment then we have an integrated plant, but we do our feasibility work on market regulated prices for gas feedstock for both Canada and Louisiana GTL projects.

我們所有的經濟分析都是基於市場價格。因此，我們不在工廠之間進行交叉補貼。顯然，一旦我們完成投資，我們就會擁有一個綜合工廠。但我們的可行性研究工作，是針對加拿大和路易斯安那州GTL計畫的天然氣原料，依照市場調節價格進行。

Okay. Maybe you could share with us a little bit as well with your power projects, you've got two power projects, one obviously down at Sasolburg and the other in Mozambique. The one down in Sasolburg are you intending merely to displace your current production from coal, electricity generation from coal? Do you have a contract with Eskom? And the same questions apply to a certain extent to the Mozambique projects.

好的。或許您可以跟我們分享一下您的電力項目。您有兩個電力項目，一個顯然在薩索爾堡，另一個在莫三比克。薩索爾堡的那個項目，您打算僅僅取代目前的煤炭生產，用煤炭發電嗎？您和南非國家電力公司（Eskom）簽了合約嗎？同樣的問題在某種程度上也適用於莫三比克的計畫。

On Sasolburg, only -- go ahead, Leon, if you want to take that.

在薩索爾堡，只有──萊昂，如果你想接受的話，那就去吧。

On Sasolburg we're going to just reduce purchases from Eskom. So we do it on the alternative of binding electricity for Eskom. So it's economical for us backing the out purchases from Eskom. And in the case of Mozambique we plan to sell the electricity in Mozambique. So it's -- and there we will have a purchase agreement from Mozambique.

關於薩索爾堡，我們只會減少從Eskom的採購。所以我們採取的替代方案是將電力綁定到Eskom。因此，支持從Eskom的採購對我們來說是經濟的。至於莫三比克，我們計劃在莫三比克銷售電力。這樣一來，我們就能與莫三比克簽訂採購協議了。

Okay. So what are you going to do with the power station in Sasolburg, the existing coal fired thermal power station?

好的。那麼您打算如何處理薩索爾堡現有的燃煤火力發電廠呢？

In the meantime we plan to still to go and operate that for as long as it's feasible.

同時，我們計劃在可行的情況下繼續經營該業務。

All right, okay. Thank you very much.

好的，好的。非常感謝。

All right, thank you. I'll now hand over to the conference coordinator. We've got two participants wanting to ask questions.

好的，謝謝。現在我將把時間交給會議協調員。我們有兩位與會者想要提問。

Thanks. Your first question comes from Caroline Learmonth from ABSA Capital. Please go ahead with your question.

謝謝。第一個問題來自ABSA Capital的Caroline Learmonth。請繼續提問。

Thank you. It's Karla and ABSA Capital. A couple of questions that I think I haven't already been addressed. On fixed cost increases so obviously you have your aspirations to keep cost inflation at a low of PPI, but including elements of cost increases which are an integral part of your business, so your steady costs, your budgeted exchange rates, what would cost inflation look like for this year for Sasol and for Synfuels in particular?

謝謝。我是 Karla 和 ABSA Capital。我想還有幾個問題還沒回答。關於固定成本上漲，顯然你們希望將成本通膨維持在 PPI 的低位，但也要考慮到成本上漲的因素，這些因素是你們業務不可或缺的一部分。那麼，你們的穩定成本、預算匯率，今年 Sasol 和 Synfuels 的成本通膨情況會如何呢？

And then the second question, on Canada GTL you've mentioned the feasibilities finished and you're looking at whether to proceed. Can you give some indication of why you haven't yet made that decision?

第二個問題，關於加拿大GTL項目，您提到可行性研究已經完成，正在考慮是否繼續進行。您能否解釋為什麼您還沒有做出決定？

And then finally just on the Synfuels production, so your risk of run rate of 7.6 million tons in the second half, but obviously looking at more conservative guidance for the full year next year, is there a reason why that 7.6 million isn't sustainable? Thank you.

最後，關於合成燃料的生產，您認為下半年的產量運行率可能達到 760 萬噸，但顯然，考慮到明年全年更為保守的預期，這 760 萬噸的產量不可持續，這其中有什麼原因嗎？謝謝。

Thanks, Caroline. Christine, let's talk about cost increases and our aspirations below PPI and how that shakes up.

謝謝，卡洛琳。克里斯汀，我們來談談成本上漲的問題，以及我們對PPI低於目標的期望，以及這將帶來哪些影響。

Yes. I just need to say that clearly we spoke to a challenging cost environment and if one actually looks at what the budgeted exchange rates look like, and clearly also taking study costs into the count, we are going to be challenged to meet PPI, but we keep that as a target and we certainly as a Group executive committee we are doing very serious cost control and incentivizing our business units on that as well.

是的。我只想說，我們清楚地談到了充滿挑戰的成本環境。如果實際看看預算匯率，顯然還要把學習成本也算進去，我們實現PPI目標將面臨挑戰。但我們會將此作為目標。作為集團執行委員會，我們正在非常嚴格地控製成本，並激勵我們的業務部門。

I think Caroline also asked --

我想卡洛琳也問過——

Synfuels.

合成燃料。

-- specifically about Synfuels.

——特別是關於合成燃料。

Yes. And then I'd like to include Synfuels in that comment.

是的。然後我想把合成燃料也納入評論。

Okay. So, Leon, on Canada GTL certainly the feasibility study looked encouraging from my perspective, but we're going to take a little longer into the end of the year as well. Can you give some color on that?

好的。 Leon，關於加拿大GTL項目，從我的角度來看，可行性研究確實令人鼓舞，但我們還需要一些時間才能在今年年底完成。能具體說明一下嗎？

Yes. Caroline, as David has indicated we will also be completing both the GTL and practice studies in Louisiana by the end of this year. And then we'll have to look at our portfolio. We are in the privileged position that we have quite a few projects here in the pipeline and I will have to prioritize and to see how can we execute it. We will have manpower challenges so we will look at the portfolio and on that basis decide which projects goes first and how do we stack it then behind each other.

是的。卡羅琳，正如大衛所說，我們還將在今年年底前完成路易斯安那州的天然氣轉油（GTL）和實踐研究。然後，我們必須審視我們的項目組合。我們處於有利地位，這裡有不少專案正在籌備中，我必須確定優先順序，並研究如何執行。我們將面臨人力方面的挑戰，因此我們將審視專案組合，並在此基礎上決定哪些專案先行，以及如何安排這些專案。

Thanks, Leon. Of course that's 7 -- Caroline, that's 7.6 million ton run rate in the second half of course excluded any shutdown. And of course we're in the middle of a large phase shutdown right now which will obviously affect our volumes in FY13. Bernard, any other comments on growth program construction that could impact?

謝謝，Leon。當然是7……Caroline，下半年的產量是760萬噸，當然不包括停工。當然，我們目前正處於大規模停工階段，這顯然會影響我們2013財年的產量。 Bernard，關於可能產生影響的成長項目建設，您還有其他評論嗎？

The -- thank you, David. The other impact is that we're implementing the GHHRs this year, which will have an impact as well on volumes.

謝謝你，大衛。另一個影響是，我們今年將實施GHHR，這也會對銷售產生影響。

Okay. Thanks. Thank you.

好的。謝謝。謝謝。

One more question on the line.

還有一個問題。

Thank you. The next question comes from Campbell Parry from Investec Securities. Please go ahead with your question.

謝謝。下一個問題來自Investec Securities的Campbell Parry。請繼續提問。

Yes. Hi, good morning. Good afternoon, everyone. So just starting with chemicals, Andre, maybe just give us an indication of what Q1 is looking like so far because I just wanted to work at -- it if it really is as soft as you say it is.

是的。大家早安。午安. Andre，先從化學品開始，能不能先介紹一下第一季目前的狀況？因為我只是想看看它是否真的像你說的那麼軟。

And secondly in the South African polymers business are you going to discount prices, there at all at the moment? And then in Synfuels, all things being equal, should you be earning better yields from gas input or coal input?

其次，在南非聚合物業務方面，你們目前會打折嗎？在合成燃料業務方面，假設其他條件相同，你們應該從天然氣投入還是煤炭投入中獲得更高的收益？

And then very lastly, at ORYX versus the end of last year when we toured the facility, has there been any improvement in the premiums earned for diesel and naphtha? And or has there been any adjustment in feedstock price? I'm just trying to get a handle on how economics might have changed at that project.

最後，與去年年底我們參觀ORYX設施時相比，柴油和石腦油的溢價有沒有改善？原料價格有沒有調整？我只是想了解一下該專案的經濟效益可能發生了怎樣的變化。

Okay. We'll start with chemicals in Q1, any comments, Andre, on that?

好的。我們將從第一季的化學物質開始，安德烈，對此有什麼評論嗎？

Okay. Well I think the position is still that until the Eurozone crisis is resolved and until consumer confidence is restored we see that conditions will remain on the softer side. It depends however on the commodity that you manufacture.

好的。我認為目前的情況仍然是，在歐元區危機解決、消費者信心恢復之前，經濟狀況仍將保持疲軟態勢。不過，這取決於你生產的商品。

What we see is the more differentiated you are the more immune you are to global demand fluctuating up and down. And that's one of the reasons why the ONS business has been able to sustain operating margins through the cycle. The more commoditized chemicals businesses however have been exposed quite badly as you would have seen from the results.

我們看到的是，差異化程度越高，就越能抵禦全球需求波動的影響。這也是ONS業務能夠在整個週期中維持營業利潤率的原因之一。然而，正如您從業績中看到的那樣，商品化程度更高的化學品業務受到了相當嚴重的衝擊。

You will also have seen in the press that the Chinese manufacturing sector is contracting. This is a major consumer of the commodity chemicals that we manufacture. So for the time being we're in the midst of a storm and we're riding it out and managing what we can manage.

大家可能也從媒體上看到，中國製造業正在萎縮。中國是我們生產的大宗化學品的主要消費國。因此，目前我們正處於風暴之中，我們正在渡過難關，並盡力控制局面。

In terms of discounting of polymers what we are seeing in the polymer market is the entry of importers of polymers in to the South African market. We meet these competitors head on. We compete with them. We compete with them not only on price. We also offer a very significant and substantial and to our customers desirable technical support service which our competitors do not. And therefore we are in fact able to charge a premium while still placing our volumes in the market, so no discounting to move volumes out of desperation, all right?

就聚合物折扣而言，我們在聚合物市場看到的是，聚合物進口商正在進入南非市場。我們與這些競爭對手正面交鋒，與他們競爭。我們不僅以價格競爭，還提供非常重要、可靠且客戶滿意的技術支援服務，而我們的競爭對手卻沒有。因此，我們實際上能夠在保證供應量的同時收取溢價，而不是為了急於求成而打折銷售，對嗎？

Thanks, Andre. I guess I would just add if you look at some of our peers or global chemical players in the marketplace and you look at their first half operating income results, you see their operating income down anywhere from 30% to 38%. So it was a tough first half and as you saw with our numbers down 25%.

謝謝，安德烈。我想補充一點，如果你看看我們一些同業或市場上的全球化工企業，看看他們上半年的營業收入，你會發現他們的營業收入下降了30%到38%。所以這是一個艱難的上半年，正如你所看到的，我們的業績下降了25%。

So next question is on Synfuels from Campbell on yields from gas input or coal input, Bernard?

那麼下一個問題是關於坎貝爾合成燃料的天然氣輸入或煤炭輸入的收益，伯納德？

Campbell, it's Bernard. If I understand the question correctly we do a lot of work through planning optimization on an ongoing basis to understand where we get the most value. And in fact until now and we foresee going forward the value we extract from coal is in place and is always going to be attractive. And we augment that with gas supplies to the facility.

坎貝爾，我是伯納德。如果我理解正確的話，我們透過持續的規劃優化做了很多工作，以了解我們在哪裡能獲得最大的價值。事實上，到目前為止，以及我們預計未來，我們從煤炭中提取的價值都是固定的，而且將始終具有吸引力。我們透過向設施供應天然氣來增強這種價值。

And we saw that last year with one or two of the instabilities. We were able to bring in more gas and so it's not an either/or. It's an on top of or an and debate. So we don't cut back on coal. In fact we've seen the gasification part of the value chain running very well with the new gasifies that we have. And so we'll continue to extract as much value as we can out of the coal value chain and we'll augment that with gas.

去年，我們看到了一兩個不穩定因素。我們能夠引入更多天然氣，所以這不是非此即彼的問題。這是一個「加一加一」的爭論。所以我們不會削減煤炭使用量。事實上，我們已經看到，隨著我們現有的新氣化爐的投入使用，價值鏈中的氣化部分運作良好。因此，我們將繼續從煤炭價值鏈中盡可能多地獲取價值，並透過天然氣來補充。

Thanks, Bernard. Thanks. Campbell, the last question was on ORYX and the naphtha. Leon, I think I'll ask you to answer that for me.

謝謝，伯納德。謝謝。坎貝爾，最後一個問題是關於ORYX和石腦油的。利昂，我想請你幫我回答。

Yes. Campbell, you would I think appreciate that you're asking some commercial sensitive information, but it's just premiums they are constant since you visited the plant, no change there. And the feedstock cost is driven by commercial contract which we don't disclose, but they are annual escalations in it which I think you can pick up from the analyst book.

是的。坎貝爾，我想你應該會理解你詢問一些商業敏感信息，但這只是溢價，自從你參觀工廠以來，溢價一直保持不變，沒有任何變化。原料成本是由商業合約決定的，我們沒有揭露，但其中每年都會上漲，我想你可以從分析師的報告中了解一下。

Thanks, Campbell.

謝謝，坎貝爾。

Now thanks very much for all your questions. I think that's all the time that we have available, but we invite you for refreshments with David and Christine and the management team where you'll have another opportunity to ask them further questions. So thanks very much.

非常感謝大家的提問。我想我們可用的時間已經夠多了，但我們邀請大家與David、Christine以及管理團隊一起享用茶點，屆時大家將有機會再次向他們提問。非常感謝。

Thanks, everyone. Thank you.

謝謝大家。謝謝。