Annual Financial Statements for the year ended 30 June 2021 0 - Book - Page 64
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SASOL LIMITED GROUP
Reporting Segments continued
1
Statement of compliance continued
As reported on
30 June 2020
Rm
for the year ended 30 June
Reclassification
Rm
Restatement*
Rm
As restated on
30 June 2020
Rm
Statement of financial position
204 470
27 802
Property, plant and equipment
Assets under construction
27 802
(27 802)
(4 627)
–
227 645
–
Non-current assets
301 193
–
(4 627)
296 566
Deferred tax liability
20 450
–
(1 296)
19 154
226 796
–
(1 296)
225 500
Retained earnings**
90 890
–
(3 331)
87 559
Total equity
159 248
–
(3 331)
155 917
(22 575)
–
248
(22 327)
(196)
(110 834)
–
–
248
(1 144)
52
(111 978)
(111 030)
26 139
–
–
(896)
251
(111 926)
26 390
(91 272)
–
(645)
(91 917)
(67 354)
–
(645)
(67 999)
Non-current liabilities
Statement of changes in equity
Income statement
Depreciation and amortisation
Operating (loss)/profit before
remeasurement items
Remeasurement items
Loss before interest and tax (LBIT)
Taxation
Loss for the year
Statement of comprehensive income
Total comprehensive loss for the year
Rand
Rand
(147,45)
(11,79)
(147,45)
(11,79)
Basic loss per share
Headline loss per share
Dilute loss per share
Diluted headline loss per share
–
–
–
–
Rand
(1,04)
0,29
(1,04)
0,29
Rand
(148,49)
(11,50)
(148,49)
(11,50)
* Including impact of 2019 error. The impact of the Ammonia error was R1,3 billion (R937 million net of tax).
** Cumulative error of R1 777 million for financial years preceding 2019 have been corrected by restating the 1 July 2019 opening retained earnings.
The restatement had no impact on earnings attributable to non-controlling shareholders. The reclassification and restatement are
non-cash adjustments and therefore do not impact any other line items on the statement of cash flows. The restatement impacted
the results of the Chemicals Africa segment which have been restated accordingly, refer to page 56.
Accounting policies
The accounting policies applied in the preparation of these consolidated financial statements are in terms of IFRS and are consistent
with those applied in the consolidated annual financial statements for the year ended 30 June 2020, except for the adoption of
certain amendments to existing standards as detailed below. These accounting policies are consistently applied throughout the
group.
Accounting standards, interpretations and amendments to published accounting standards
In the prior financial year, the group early adopted the Interest Rate Benchmark Reform Phase 1 Amendments to IFRS 9 ‘Financial
Instruments’, IAS 39 ‘Financial Instruments: Recognition and Measurement’ and IFRS 7 ‘Financial Instruments: Disclosures’
(Phase 1). These amendments modify specific hedge accounting requirements to allow hedge accounting to continue for
affected hedges during the period of uncertainty before the hedged items or hedging instruments are amended as a result of the
interest rate benchmark reform.
In the current year, the group has elected to early adopt the Interest Rate Benchmark Reform – Phase 2 Amendments to IFRS 9
‘Financial Instruments’, IAS 39 ‘Financial Instruments: Recognition and Measurement’, IFRS 7 ‘Financial Instruments: Disclosures’,
IFRS 4 ‘Insurance Contracts’ and IFRS 16 ‘Leases’ (Phase 2) which was issued in August 2020. In accordance with the transition
provisions, the amendments have been adopted retrospectively to hedging relationships and financial instruments. The adoption
of the amendments had no impact on the comparative period, and therefore comparative amounts have not been restated, which
resulted in no impact on the current period opening reserves amounts on adoption.
Both the Phase 1 and Phase 2 amendments are relevant to the group as the group has exposure to the variable US dollar London
Interbank Overnight Rate (LIBOR) through various instruments including term loans, revolving credit facilities, as well as an interest
rate swap which has been designated as a hedging instrument in a cash flow hedge.
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Sasol Annual Financial Statements 2021