Equity accounted investments (Tables)

12 Months Ended

Jun. 30, 2023


	Country of		Interest	2023	2022
Name	incorporation	Nature of activities	%	Rm	Rm
Joint ventures
ORYX GTL Limited	Qatar	GTL plant	49	10 693	8 920
Sasol Dyno Nobel (Pty) Ltd	South Africa	Manufacturing and distribution of explosives	50	304	267
Associates
Enaex Africa (Pty) Ltd	South Africa	Manufacturing and distribution of explosives	23	402	309
The Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO)	South Africa	Owning and operating of the natural gas transmission pipeline between Temane in Mozambique and Secunda in South Africa for the transportation of natural gas produced in Mozambique to markets in Mozambique and South Africa	20	2 823	2 753
Other equity accounted investments			Various	582	435
Carrying value of investments				14 804	12 684

The financial information provided represents the Group’s share of the results of the equity accounted investments.


	2023	2022
Capital commitments relating to equity accounted investments	Rm	Rm
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	1 357	688
Authorised but not yet contracted for	972	884
Less: expenditure to the end of year	(981)	(562)
	1 348	1 010


	Joint venture
	ORYX GTL Limited
	2023		2022
for the year ended 30 June	Rm		Rm
Summarised statement of financial position
Non-current assets		14 621	13 723
Deferred tax asset		423	292
Cash and cash equivalents		2 897	4 208
Other current assets		7 905	7 775
Total assets		25 846	25 998
Non-current liabilities		751	704
Other current liabilities		1 629	4 594
Tax payable		1 642	2 496
Total liabilities		4 022	7 794
Net assets		21 824	18 204
Summarised income statement
Turnover		13 761	16 620
Depreciation and amortisation		(2 148)	(1 625)
Other operating expenses		(5 434)	(5 497)
Operating profit before interest and tax		6 179	9 498
Finance income		154	33
Finance cost		(43)	(42)
Profit before tax		6 290	9 489
Taxation		(2 193)	(3 329)
Profit and total comprehensive income for the year		4 097	6 160
The Group’s share of profits of equity accounted investment		2 007	3 019
49% share of profit before tax		3 082	4 650
Taxation		(1 075)	(1 631)

Reconciliation of summarised financial information
Net assets at the beginning of the year		18 204	19 039
Earnings before tax for the year		6 290	9 489
Taxation		(2 193)	(3 329)
Foreign exchange differences		2 934	2 438
Dividends paid¹		(3 411)	(9 433)
Net assets at the end of the year		21 824	18 204
Carrying value of equity accounted investment		10 693	8 920

In 2022 ORYX GTL Limited declared a dividend of R4,6 billion (Sasol’s share) of which R3 billion was received by 30 June 2022.


	Associate
	The Republic of
	Mozambique Pipeline
	Investment Company
	(Pty) Ltd (ROMPCO)
	2023	2022
for the year ended 30 June	Rm	Rm
Summarised statement of financial position
Non-current assets	4 334	3 881
Cash and cash equivalents	1 070	1 056
Other current assets	613	373
Total assets	6 017	5 310
Non-current liabilities	736	812
Other current liabilities	116	125
Tax payable	493	51
Total liabilities	1 345	988
Net assets	4 672	4 322
Summarised income statement
Turnover	4 270	—
Depreciation and amortisation	(563)	—
Other operating expenses	(266)	—
Operating profit before interest and tax	3 441	—
Finance income	85	—
Finance cost	(10)	—
Profit before tax	3 516	—
Taxation	(1 330)	—
Earnings and total comprehensive income for the period	2 186	—
The Group’s share of profits of equity accounted investment	437	—
20% share of profit before tax	703	—
Taxation	(266)	—
Reconciliation of summarised financial information
Net assets at the beginning of the year	4 322	—
Acquisition	—	4 322
Earnings before tax for the year	3 516	—
Taxation	(1 330)	—
Other movements	140	—
Dividends paid	(1 976)	—
Net assets at the end of the year	4 672	4 322
Carrying value of equity accounted investment¹	2 823	2 753
Historical net asset value	934	864
Fair value adjustment on acquisition of investment	1 889	1 889

Carrying value comprising 20% of historical net asset value, as well as the fair value adjustment on acquisition of investment.


	2023	2022	2021
for the year ended 30 June	Rm	Rm	Rm
Transactions with joint ventures and associates
Total sales and services rendered from subsidiaries to joint ventures and associates	3 667	2 737	2 635
Total purchases by subsidiaries from joint ventures and associates*	3 448	157	108

* Includes purchases from ROMPCO which is accounted for as an associate from 29 June 2022.