21 Interest in joint operations

At 30 June, the group’s interest in material joint operations were:

			% of equity owned
			2018	2017
Name	Country of incorporation	Nature of activities	Rm	Rm
Gemini HDPE LLC	United States of America	Manufactures high density polyethylene chemicals	50	50
Sasol Canada	Canada	Development of shale gas reserves and production and marketing of shale gas	50	50
Natref	South Africa	Refining of crude oil	64	64

The information provided is Sasol’s share of joint operations (excluding unincorporated joint operations) and includes intercompany transactions and balances.

	Gemini		Sasol						Total		Total
	HDPE LLC		Canada*		Natref		Other**		2018		2017
for the year ended 30 June	Rm		Rm		Rm		Rm		Rm		Rm
Statement of financial position
External non-current assets	4 386		3 455		3 276		1 938		13 055		16 236
External current assets	75		118		245		1 065		1 503		1 157
Intercompany current assets	20		1 013		29		84		1 146		1 029

Total assets	4 481		4 586		3 550		3 087		15 704		18 422

Shareholders’ equity	1 644		2 890		231		624		5 389		8 893
Long-term liabilities	2 594		740		2 657		1 719		7 710		6 476
Interest-bearing current liabilities	134		784		206		284		1 408		799
Non-interest-bearing current liabilities	109		171		309		182		771		635
Intercompany current liabilities	—		1		147		278		426		1 619

Total equity and liabilities	4 481		4 586		3 550		3 087		15 704		18 422

Income statement
Turnover	213		284		1 886		1 277		3 660		3 782
Operating (loss)/profit	(144	)	(3 583	)	379		259		(3 089	)	(345	)
Other expenses	(80	)	(6	)	(203	)	(149	)	(438	)	(394	)

Net (loss)/profit before tax	(224	)	(3 589	)	176		110		(3 527	)	(739	)
Taxation	—		—		(59	)	10		(49	)	(50	)

Attributable (loss)/profit	(224	)	(3 589	)	117		120		(3 576	)	(789	)

Statement of cash flows
Cash flow from operations	(74	)	89		762		412		1 189		1 433
Movement in working capital	(77	)	73		531		(130	)	397		190
Tax paid	—		—		(1	)	(4	)	(5	)	(14	)
Other expenses	(115	)	—		(197	)	(173	)	(485	)	(526	)

Cash available from operations	(266	)	162		1 095		105		1 096		1 083
Dividends paid	—		—		(111	)	—		(111	)	(170	)

Cash retained from operations	(266	)	162		984		105		985		913
Cash flow from investing activities	275		(66	)	(873	)	(48	)	(712	)	(2 192	)
Cash flow from financing activities	(57	)	—		(72	)	1 704		1 575		594

Decrease/(increase) in cash requirements	(48	)	96		39		1 761		1 848		(685	)

*Includes the carry of CAD75 million (R780 million) which was repaid on 3 July 2018.

**Includes Central Térmica de Ressano Garcia (CTRG) and Sasol Wilmar Alcohol Industries (Lianyungang) Co Ltd.

At 30 June 2018, the group’s share of the total capital commitments of joint operations amounted to R427 million (2017 – R992 million).