Annual Financial Statements for the year ended 30 June 2021 0 - Book - Page 101
At 30 June, the group’s interest in equity accounted investments and the total carrying values were:
Country of
incorporation Nature of activities
Name
Interest
%
2021
Rm
2020
Rm
Joint ventures
ORYX GTL Limited
Qatar
GTL plant
49
9 329
10 511
Sasol Dyno Nobel (Pty) Ltd
South Africa
50
260
255
Sasol Chevron Holdings Limited¹
Bermuda
Manufacturing and
distribution of explosives
Marketing of Escravos GTL
products
–
–
159
Manufacturing and
distribution of explosives
23
295
512
Various
258
375
10 142
11 812
SASOL LIMITED GROUP
CONSOLIDATED FINANCIAL STATEMENTS
22 Equity accounted investments
Enaex Africa (Pty) Ltd²
South Africa
Other equity accounted investments
Carrying value of investments
1 On 3 June 2021 Sasol sold its 50% shareholding in Sasol Chevron Holdings Limited.
2 On 1 May 2021 Sasol sold 26% of its shareholding in Enaex Africa (Pty) Ltd.
There are no significant restrictions on the ability of the joint ventures or associate to transfer funds to Sasol Limited in the form of
cash dividends or repayment of loans or advances.
Impairment testing of equity accounted investments
Based on impairment indicators at each reporting date, impairment tests in respect of investments in joint ventures and associates
are performed. The recoverable amount of the investment is compared to the carrying amount, as described in note 10, to calculate
the impairment.
NOTES TO THE FINANCIAL STATEMENTS
Associates
Summarised financial information for the group's share of equity accounted investments which are not material*
Operating profit/(loss)
Profit/(loss) before tax
Taxation
Profit/(loss) for the year**
*
2020
Rm
128
140
(45)
(674)
(665)
(20)
95
(685)
The financial information provided represents the group's share of the results of the equity accounted investments.
** Included in the 2020 results is an operating loss pertaining to the Group's investment in Escravos GTL. The group disposed of this investment in
June 2020.
Capital commitments relating to equity accounted investments
Capital commitments, excluding capitalised interest, include all projects for which specific board
approval has been obtained up to the reporting date. Projects still under investigation for which
specific board approvals have not yet been obtained are excluded from the following:
Authorised and contracted for
Authorised but not yet contracted for
Less: expenditure to the end of year
2021
2020
Rm
Rm
622
713
(348)
1 936
1 089
(1 748)
987
1 277
SASOL LIMITED COMPANY
2021
Rm
for the year ended 30 June
Areas of judgement:
Joint ventures and associates are assessed for materiality in relation to the group using a number of factors such as investment
value, strategic importance and monitoring by those charged with governance.
OTHER
ORYX GTL is considered to be material as it is closely monitored by and reported on to the decision makers and is considered to be
a strategically material investment.
99
Sasol Annual Financial Statements 2021