Annual Financial Statements for the year ended 30 June 2021 0 - Book - Page 102
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SASOL LIMITED GROUP
Investing activities (continued)
22 Equity accounted investments continued
Summarised financial information for the group’s material equity accounted investments
In accordance with the group’s accounting policy, the results of joint ventures and associates are equity accounted. The information
provided below represents the group’s material joint venture. The financial information presented includes the full financial position
and results of the joint venture and includes intercompany transactions and balances.
Joint venture
ORYX GTL Limited
2021
Rm
2020
Rm
Non-current assets
Deferred tax asset
Current assets
13 149
212
7 989
17 236
636
7 217
Total assets
21 350
25 089
Other non-current liabilities
Other current liabilities
Tax payable
742
1 178
391
974
2 663
–
Total liabilities
2 311
3 637
19 039
21 452
for the year ended 30 June
Summarised statement of financial position
Net assets
Summarised income statement
Turnover
Depreciation and amortisation
Other operating expenses
8 538
(1 759)
(4 513)
7 279
(1 424)
(4 707)
Operating profit before interest and tax
Finance income
Finance cost
2 266
6
(48)
1 148
31
(84)
Profit before tax
Taxation
2 224
(758)
1 095
(492)
Profit and total comprehensive income for the year
1 466
603
719
338
The group’s share of profits of equity accounted investment
1 090
(371)
536
(198)
Net assets at the beginning of the year
Profit before tax for the year
Taxation
Foreign exchange differences
21 452
2 224
(758)
(3 879)
16 893
1 095
(483)
3 947
Net assets at the end of the year
19 039
21 452
9 329
10 511
49% share of profit before tax
Taxation
Reconciliation of summarised financial information
Carrying value of equity accounted investment
The year-end for ORYX GTL Limited is 31 December, however the group uses the financial information at 30 June.
The carrying value of the investment represents the group’s interest in the net assets thereof.
Contingent liabilities
There were no contingent liabilities at 30 June 2021 relating to our joint ventures or associates.
Accounting policies:
The financial results of associates and joint ventures are included in the group’s results according to the equity method from
acquisition date until the disposal date. Associates and joint ventures whose financial year-ends are within three months of
30 June are included in the consolidated financial statements using their most recently audited financial results. Adjustments
are made to the associates’ and joint ventures financial results for material transactions and events in the intervening period.
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Sasol Annual Financial Statements 2021