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Salient features (Tables) | 6 Months Ended
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Dec. 31, 2018
Salient features |
Summary of selected ratios and share statistics |
|  | Half year | Half year | Full year
|  | 31 Dec 18 | 31 Dec 17 | 30 Jun 18
Selected ratios |  |  |  |
Earnings before interest and tax margin | % | 20,2 | 13,4 | 9,8
Finance costs cover | times | 8,5 | 7,0 | 4,1
Net borrowings to shareholders’ equity (gearing) | % | 48,9 | 38,0 | 42,4
Net debt to EBITDA (annualised) | times | 2,2 | 1,7 | 1,8
Dividend cover¹ | times | 3,6 | 3,6 | 2,8
Share statistics |  |  |  |
Total shares in issue | million | 630,9 | 681,4 | 645,6
Sasol ordinary shares in issue | million | 624,6 | 653,0 | 623,1
Sasol BEE ordinary shares in issue | million | 6,3 | 2,8 | 6,4
Sasol preferred ordinary shares in issue | million | – | 25,6 | 16,1
Treasury shares (share repurchase programme) | million | – | 8,8 | –
Weighted average number of shares | million | 616,2 | 611,5 | 612,2
Diluted weighted average number of shares | million | 620,5 | 613,8 | 615,9
Share price (closing) | Rand | 425,00 | 428,18 | 502,86
Market capitalisation - Sasol ordinary shares | Rm | 265 455 | 279 602 | 313 323
Market capitalisation - Sasol BEE ordinary shares | Rm | 1 302 | 1 107 | 1 918
Net asset value per share | Rand | 379,70 | 346,10 | 359,60
Dividend per share | Rand | 5,90 | 5,00 | 12,90
- interim | Rand | 5,90 | 5,00 | 5,00
- final | Rand | – | – | 7,90
1 With effect from 23 February 2018, the Board approved a change in the base of the dividend policy from HEPS to CHEPS.
Summary of other financial information |
|  | Half year | Half year | Full year
|  | 31 Dec 18 | 31 Dec 17 | 30 Jun 18
Other financial information |  |  |  |
Total debt (including bank overdraft) | Rm | 131 578 | 96 119 | 111 489
- interest-bearing | Rm | 130 800 | 94 952 | 110 052
- non-interest-bearing | Rm | 778 | 1 167 | 1 437
Finance expense capitalised 1 | Rm | 3 440 | 1 634 | 3 568
Capital commitments (subsidiaries and joint operations) | Rm | 58 640 | 69 813 | 63 276
- authorised and contracted | Rm | 187 515 | 150 520 | 179 172
- authorised, not yet contracted | Rm | 40 555 | 46 322 | 40 687
- less expenditure to date | Rm | (169 430) | (127 029) | (156 583)
Capital commitments (equity accounted investments) | Rm | 1 018 | 717 | 893
- authorised and contracted | Rm | 618 | 404 | 536
- authorised, not yet contracted | Rm | 620 | 652 | 623
- less expenditure to date | Rm | (220) | (339) | (266)
Guarantees (excluding treasury facilities) |  |  |  |
- maximum potential exposure | Rm | 77 469 | 75 528 | 80 260
- related debt recognised on the balance sheet | Rm | 74 328 | 70 676 | 76 199
Effective tax rate | % | 24,1 | 31,6 | 35,4
Adjusted effective tax rate 2 | % | 29,0 | 26,4 | 27,3
Number of employees 3 | number | 31 430 | 31 000 | 31 270
Average crude oil price - dated Brent | US$/barrel | 71,33 | 56,74 | 63,62
Average rand/US$ exchange rate | 1US$ = Rand | 14,20 | 13,40 | 12,85
Closing rand/US$ exchange rate | 1US$ = Rand | 14,36 | 12,37 | 13,73
1 Finance expense capitalised increased due to the adoption of the amendment to IAS 23 ‘Borrowing Costs’ on 1 July 2018. 2 Effective tax rate adjusted for equity accounted investments, remeasurement items and once-off items. 3 The total number of employees includes permanent and non-permanent employees and the group’s share of employees within joint operations, but excludes contractors and equity accounted investments’ employees.
Summary of reconciliation of headline earnings |
|  | Reviewed | Review | Audited
|  | Half year | Half year | Full year
|  | 31 Dec 18 | 31 Dec 17 | 30 Jun 18
|  | Rm | Rm | Rm
Reconciliation of headline earnings |  |  |  |
Earnings attributable to owners of Sasol Limited |  | 14 740 | 6 901 | 8 729
Effect of remeasurement items for subsidiaries and joint operations¹ |  | (599) | 4 244 | 9 901
| Impairment of property, plant and equipment |  | 2 | 2 715 | 7 623
| Impairment of assets under construction |  | – | 50 | 1 492
| Impairment of other assets |  | – | 15 | –
| Reversal of impairment² |  | (957) | (69) | (354)
| (Profit)/loss on disposal of non-current assets |  | (27) | (36) | 7
| Loss/(profit) on disposal of investment in businesses |  | – | 83 | (833)
| Scrapping of non-current assets |  | 376 | 1 453 | 1 654
| Write-off of unsuccessful exploration wells |  | 7 | 36 | 312
| Realisation of foreign currency translation reserve |  | – | (3) | –
Tax effects and non-controlling interests |  | 168 | (339) | (1 843)
Effect of remeasurement items for equity accounted investments |  | 15 | (1) | 11
Headline earnings |  | 14 324 | 10 805 | 16 798
Headline earnings adjustments by segment |  |  |  |
■ | Mining |  | 7 | (7) | 34
■ | Exploration and Production International |  | 7 | 2 835 | 4 241
■ | Energy |  | 122 | 1 249 | 971
■ | Base Chemicals |  | (820) | 148 | 4 499
■ | Performance Chemicals |  | 85 | 1 | 116
■ | Group Functions |  | – | 18 | 40
Remeasurement items |  | (599) | 4 244 | 9 901
Headline earnings per share | Rand | 23,25 | 17,67 | 27,44
Diluted headline earnings per share | Rand | 23,08 | 17,60 | 27,27
1 Included in the prior period is the scrapping of our US gas-to-liquids (GTL) project amounting to R1,1 billion (US$83 million) and a partial impairment of our Canadian shale gas assets of R2,8 billion (CAD281 million). 2 Includes the impact of the partial reversal of the previous impairment of the Chlor Vinyls cash generating unit as a result of the Sasolburg useful life structural change in the integrated ethylene value chain. The performance of this CGU is highly sensitive to the rand/US dollar exchange rate and US$ product prices. Macroeconomic factors are outside of the control of management and as such we continue to monitor these assets. The reader is referred to the definitions contained in the 2018 Sasol Limited financial statements.

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