Annual Financial Statements for the year ended 30 June 2021 0 - Book - Page 23
As at 30 June 2021, our liquidity headroom was R84 billion (US$5,9 billion) well above our outlook to maintain liquidity in excess
of US$1 billion, with available Rand and US dollar-based funds improving as we advance our focused management actions. We continue
to assess our mix of funding to ensure that we have funding from a range of sources and a balanced debt maturity profile. We have no
significant debt maturities before November 2022 when the US$1 billion bond becomes due.
We continue to manage the balance sheet with the objective of maintaining a healthy liquidity position and a balanced debt maturity
SASOL LIMITED GROUP
CONSOLIDATED FINANCIAL STATEMENTS
Our gearing decreased from 117,0% at 30 June 2020 to 61,5% at 30 June 2021 mainly due to repayment of US dollar debt and a stronger
closing rand/US dollar exchange rate.
Year under review
COVID-19 was declared a global pandemic in March 2020. Management's response to the pandemic has been guided by the relevant
national authorities and international guidelines issued by the World Health Organization. The Group continues to operate under strict
conditions across all operations. Management's efforts to mitigate the COVID-19 pandemic have resulted in minimal disruption across all
our operations this year. Management continues to prioritise the health and safety of all employees.
The following asset disposals were completed during the year:
US LCCP Base Chemicals
The divestment of 50% of our US LCCP Base Chemicals business for approximately R30 billion (US$2 billion). The transaction successfully
closed on 1 December 2020 and the 50/50 Louisiana Integrated Polyethylene joint venture ("JV") with LyondellBasell was established,
where LyondellBasell operates the JV assets on behalf of the JV and markets the polyethylene products.
Gemini HDPE LLC
Divestment of our 50% equity interest in the Gemini HDPE LLC for a consideration of R5,9 billion (US$404 million). This was successfully
closed on 31 December 2020.
Air Separation Units (ASUs)
NOTES TO THE FINANCIAL STATEMENTS
The sale of Sasol’s sixteen air separation units (ASUs) and associated business in Secunda to Air Liquide Large Industries South Africa
Proprietary Limited ("Air Liquide") for a consideration of approximately R8,1 billion. The transaction successfully closed on 24 June 2021
and Air Liquide has taken full ownership and overall responsibility for managing the ASUs to maintain the agreed quantity and quality of
gases supplied to Sasol.
The Company disposed of Sasol’s 27,8% working interest in the Etame Marine block offshore Gabon (producing asset with proven
reserves), as well as Sasol’s 40% non-operated participating interest in Block DE-8 offshore Gabon (exploration permit). The Etame
transaction closed on 25 February 2021 and the DE-8 transaction closed on 4 May 2021 with a total cash consideration for both assets of
R663 million (US$44 million) including a US$5 million contingent payment related to the Etame transaction.
A number of assets were furthermore classified as disposal groups held for sale at 30 June 2021, refer to note 12 of the financial
Share repurchase programme
No shares were repurchased during the year.
SASOL LIMITED COMPANY
Gabon oil producing assets
Shares held in reserve
680 163 235 (2020: 682 041 814) authorised but unissued ordinary shares of the company are held in reserve.
Note 16 of the consolidated financial statements provides further details regarding the share capital of Sasol Limited.
American depositary shares
At 30 June 2021, Sasol’s ADR program (managed by J.P. Morgan Chase Bank, and listed on the NYSE) had 38 357 534 (2020 – 52 112 426)
American depositary shares (ADS) in issue. Each ADS represents one ordinary share.
Details on the material shareholdings for the group, including any shareholdings of directors, are provided under shareholder’s
information on pages 18 to 19.
Sasol Annual Financial Statements 2021
Note 36 provides detail on the various share-based payment schemes in place, including the Sasol Share Incentive schemes and Sasol