Annual Financial Statements for the year ended 30 June 2021 0 - Book - Page 79
2020
Rm
2019
Rm
20
7 064
1 431
1 560
12 183
(5 119)
7 184
(5 753)
8 097
(6 537)
cost
accumulated depreciation and impairment
947
179
112
1 073
(126)
276
(97)
336
(224)
Equity accounted investments
Assets in disposal groups held for sale
Inventories
Trade and other receivables
Cash and cash equivalents
Liabilities in disposal groups held for sale
Long-term debt
Long-term financial liabilities
Trade and other payables
370
67 662
814
174
57
(2 577)
(2 673)
(477)
(67)
437
2 563
–
–
–
(414)
–
–
175
–
94
–
–
–
(38)
–
–
–
Total consideration
71 294
73 426
4 371
4 285
1 728
567
43 214
116
30 096
4 285
–
–
567
–
–
Goodwill and other intangible assets
cost
accumulated amortisation and impairment
consideration received
consideration still receivable
establishment of Joint operation*
Realisation of accumulated translation effects
2 132
3 388
(86)
801
(1 161)
52
Net profit/(loss) on disposal
5 520
715
(1 109)
29 894
8 051
3 456
424
316
175
–
–
–
–
–
898
–
–
–
–
–
–
1 506
991
875
235
–
678
–
–
–
–
–
–
–
–
–
–
271
296
43 214
4 285
567
SASOL LIMITED GROUP
CONSOLIDATED FINANCIAL STATEMENTS
Disposals and scrapping
Property, plant and equipment
2021
Rm
Chemicals America – US LCCP Base Chemicals business
Fuels & Chemiclas Africa – Air separation units
Chemicals America – interest in Gemini HDPE LLC
Gas – Gabon oil producing assets
Chemicals Eurasia – ARG Investment
Chemicals Africa – Share in Enaex Africa
Chemicals Eurasia – Investment in Sasol Huntsman GmbH & co KG
Chemicals Africa – Partial disposal of Explosives business
Energy – Investment in Escravos GTL (EGTL)
Chemicals Eurasia – Sasol Wilmar Alcohol Industries
Chemicals Eurasia – Heat Transfer Fuels (HTF) business
Other
Consideration received
SASOL LIMITED COMPANY
Consideration received comprising
Significant disposals and scrappings in 2021
US LCCP Base Chemicals business*
On 1 December 2020 the sale of 50% of our interest in the US LCCP Base Chemicals business was successfully concluded through
the creation of the 50/50 owned Louisiana Integrated Polyethylene JV LLC (LIP). The proceeds on the disposal was approximately
R30 billion (US$2 billion), resulting in a loss on disposal of R1,1 billion, the loss was mainly attributable to further clarification of
the transaction perimeter subsequent to the held for sale classification. This did not impact the value of the remaining business
materially. A corresponding gain on the reclassification of foreign currency translation reserve of R3,1 billion was also recognised.
Sasol’s 50% interest in LIP is accounted for as a joint operation and Sasol’s share of assets and liabilities held jointly, revenue from
the sale of its share of output and expenses are reflected within the Sasol results from 1 December 2020 in terms of IFRS 11 ‘Joint
Arrangements. Refer note 23.
Air separation units
The sale of Sasol’s sixteen air separation units (ASU’s) and associated business located in Secunda was concluded on 24 June 2021,
resulting in a profit on disposal of R2 726 million. As part of the transaction, the Group entered into a supply contract for the
supply of gas for 15 years. In determining whether the gas supply agreement was a lease or a supply contract, management applied
judgement. The most significant judgement is that 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.
77
Sasol Annual Financial Statements 2021
OTHER
11
Note
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June