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Interest in significant operating subsidiaries | 12 Months Ended
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Jun. 30, 2019
Interest in significant operating subsidiaries |
Interest in significant operating subsidiaries | 22 Interest in significant operating subsidiaries Sasol Limited is the ultimate parent of the Sasol group of companies. Our wholly-owned subsidiary, Sasol Investment Company (Pty) Ltd, a company incorporated in the Republic of South Africa, holds primarily our interests in companies incorporated outside of South Africa. The following table presents each of the group’s significant subsidiaries (including direct and indirect holdings), the nature of activities, the percentage of shares of each subsidiary owned and the country of incorporation at 30 June. There are no significant restrictions on the ability of the group’s subsidiaries to transfer funds to Sasol Limited in the form of cash dividends or repayment of loans or advances.
|  | Country of |  |  |  | % of equity owned |  | Investment at cost (Rm)(1) |
Name |  | incorporation |  | Nature of activities |  | 2019 |  | 2018 |  | 2019 |  | 2018 |
Significant operating subsidiaries |  |  |  |  |  |  |  |  |  |  |
Direct |  |  |  |  |  |  |  |  |  |  |  |  |
Sasol Mining Holdings (Pty) Ltd |  | South Africa |  | Holding company of the group’s mining interests |  | 100 |  | 100 |  | 9 163 |  | 9 163 |
Sasol Technology (Pty) Ltd |  | South Africa |  | Engineering services, research and development and technology transfer |  | 100 |  | 100 |  | 316 |  | 316 |
Sasol Financing Ltd |  | South Africa |  | Management of cash resources, investments and procurement of loans (for South African operations) |  | 100 |  | 100 |  | 422 |  | 422 |
Sasol Investment Company (Pty) Ltd(2) |  | South Africa |  | Holding company for foreign investments |  | 100 |  | 100 |  | 65 748 |  | 62 580 |
Sasol South Africa Ltd(3),(4) |  | South Africa |  | Integrated petrochemicals and energy company |  | 100 |  | 100 |  | 32 320 |  | 28 066 |
Sasol Middle East and India (Pty) Ltd |  | South Africa |  | Develop and implement international GTL and CTL ventures |  | 100 |  | 100 |  | 10 092 |  | 10 092 |
Sasol Africa (Pty) Ltd |  | South Africa |  | Exploration, development, production, marketing and distribution of natural oil and gas and associated products |  | 100 |  | 100 |  | 8 069 |  | 8 069 |
Sasol Oil (Pty) Ltd |  | South Africa |  | Marketing of fuels and lubricants |  | 75 |  | 75 |  | 672 |  | 657 |
Sasol New Energy Holdings (Pty) Ltd |  | South Africa |  | Developing lower-carbon energy solutions |  | 100 |  | 100 |  | 792 |  | 932 |
(1)The cost of these investments represents the holding company’s investment in the subsidiaries, which eliminate on consolidation. (2)Increase relates to equity funding of the LCCP. (3)Increase relates to notional interest relating to Khanyisa transaction. (4)Sasol Khanyisa shareholders indirectly have an 18,4% shareholding in Sasol South Africa Limited. Once the Khanyisa funding is settled, the Sasol Khanyisa ordinary shares will be exchanged for Sasol BEE Ordinary (SOLBE1) shares listed on the empowerment segment of the JSE.
|  | Country of |  |  |  | % of equity owned |
Name |  | incorporation |  | Nature of activities |  | 2019 |  | 2018 |
Significant operating subsidiaries |  |  |  |  |  |  |  |  |
Indirect |  |  |  |  |  |  |  |  |
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 |  | 50 |  | 50 |
Sasol Financing International Limited |  | South Africa |  | Management of cash resources, investment and procurement of loans (for our foreign operations) |  | 100 |  | 100 |
Sasol Germany GmbH |  | Germany |  | Production, marketing and distribution of chemical products |  | 100 |  | 100 |
Sasol Italy SpA |  | Italy |  | Trading and transportation of oil products, petrochemicals and chemical products and derivatives |  | 100 |  | 100 |
Sasol Mining (Pty) Ltd |  | South Africa |  | Coal mining activities |  | 90 |  | 90 |
Sasol Canada Holdings Limited |  | Canada |  | Exploration, development, production, marketing and distribution of natural oil and gas and associated products in Canada |  | 100 |  | 100 |
Sasol Chemicals (USA) LLC |  | United States of America |  | Production, marketing and distribution of chemical products |  | 100 |  | 100 |
Sasol Financing USA LLC |  | United States of America |  | Management of cash resources, investment and procurement of loans (for our North American operations) |  | 100 |  | — |
*Through contractual arrangements Sasol exercises control over the relevant activities of Rompco. Our other interests in subsidiaries are not considered significant. Non-controlling interests The group has a number of subsidiaries with non-controlling interests, however none of them were material to the Statement of Financial position. Guarantees Sasol Limited has guaranteed the fulfilment of various subsidiaries’ obligations in terms of contractual agreements. The group has guaranteed the borrowing facilities and banking arrangements of certain of its subsidiaries. Areas of judgement: The disclosure of subsidiaries is based on materiality taking into account the contribution to turnover, assets of the group, and the way the business is managed and reported on. Control is obtained when Sasol is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through our power over the subsidiary. The financial results of all entities that have a functional currency different from the presentation currency of their parent entity are translated into the presentation currency. Income and expenditure transactions of foreign operations are translated at the average rate of exchange for the year except for significant individual transactions which are translated at the exchange rate ruling at that date. All assets and liabilities, including fair value adjustments and goodwill arising on acquisition, are translated at the rate of exchange ruling at the reporting date. Differences arising on translation are recognised as other comprehensive income and are included in the foreign currency translation reserve.

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