The above figures reflect the total profits the Sapia member companies earn from their oil importing, crude oil and synfuel refining and marketing activities, including their export trade. As the companies purchase their crude oil and any refined oil requirements on world markets at ruling international prices, they do not earn any further undisclosed profits. (See **below for the details of the members whose results are included in this aggregation. Note the changes in membership in the year 2000.)

COMMENTS ON 1999 FIGURES:

SALES VOLUMES were at the level of 26,6bn litres in 1999, 38% above the 1990 level but 14% below the 1998 level.

NET INCOME AFTER TAX, after declining from R1,3bn in 1993 to R0,9bn in 1995 rose to 1,9bn in 1999. After adjusting for stock profits and losses in 1996, 1997, 1998 and 1999, the figures on a replacement cost basis are:
1996 - R0.8 bn
1997 -R1.5bn
1998 -R1.2bn
1999 -R0.7bn
The decline in replacement cost in 1999 reflects the low level of refining margins that prevailed during the year.

TOTAL ASSETS increased from R19,6bn in 1998 to R20,5bn in 1999. This increase reflects the continued capital investment in the industry, amounting to R1,5bn in 1999 and higher levels of stocks and debtors in 1999 due to the rise in world oil prices.

AFTER TAX RETURN ON ASSETS recovered to 9,3% in 1999. After tax profit, expressed as cents per litre, improved from 2.9 c/l in 1998 - the the lowest level ever - to 7,2 c/l in 1999. However, adjusting to a replacement cost basis, 1999 profits represent a return on assets of 3,2 % and a margin of 2,4 c/l.

COMMENTS ON 2000 FIGURES: These figures include, for the first time, the results of Tepco and Sasol’s crude oil and synfuel refining and marketing activities and are thus not comparable with figures for the previous years.

**Sapia membership currently consists of the South African oil refining and marketing companies i. e. BP, Caltex, Engen, Mossgas, Sasol, Shell, Tepco and Total. Sasol and Tepco joined during the year 2000. As Mossgas only joined Sapia during 2001 their results are not included in the above aggregation. The aggregation of the financial results of its members oil refining and marketing activities, shown in appendices 1 and 2, has been carried out on Sapia's behalf by Deloitte and Touche. Deloitte and Touche aggregated the above financial information from amounts and statistics provided by the Sapia members concerned. Deloitte and Touche did not perform any audit on the information supplied nor was the information verified by them in any way.