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Equity accounted investments | 12 Months Ended
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Jun. 30, 2021
Equity accounted investments. |
Equity accounted investments |
22 | Equity accounted investments
At 30 June, the group’s interest in equity accounted investments and the total carrying values were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Country of |  |  |  | Interest |  | 2021 |  | 2020
Name | ​ | incorporation | ​ | Nature of activities | ​ | % | ​ | Rm | ​ | Rm
Joint ventures | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
ORYX GTL Limited |  | Qatar |  | GTL plant |  | 49 |  | 9 329 |  | 10 511
Sasol Dyno Nobel (Pty) Ltd |  | South Africa |  | Manufacturing and distribution of explosives |  | 50 |  | 260 |  | 255
Sasol Chevron Holdings Limited¹ |  | Bermuda |  | Marketing of Escravos GTL products |  | – |  | – |  | 159
Associates |  | ​ |  |  |  | ​ |  | ​ |  |
Enaex Africa (Pty) Ltd² |  | South Africa |  | Manufacturing and distribution of explosives |  | 23 |  | 295 |  | 512
Other equity accounted investments |  | ​ |  | ​ |  | Various |  | 258 |  | 375
Carrying value of investments |  |  |  |  |  |  |  | 10 142 |  | 11 812
| 1 | On 3 June 2021 Sasol sold its 50% shareholding in Sasol Chevron Holdings Limited.
| 2 | On 1 May 2021 Sasol sold 26% of its shareholding in Enaex Africa (Pty) Ltd.
There are no significant restrictions on the ability of the joint ventures or associate to transfer funds to Sasol Limited in the form of cash dividends or repayment of loans or advances. Impairment testing of equity accounted investments Based on impairment indicators at each reporting date, impairment tests in respect of investments in joint ventures and associates are performed. The recoverable amount of the investment is compared to the carrying amount, as described in note 10, to calculate the impairment. Summarised financial information for the group’s share of equity accounted investments which are not material* ​
​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
for the year ended 30 June | ​ | Rm | ​ | Rm
Operating profit/(loss) |  | 128 |  | (674)
Profit/(loss) before tax |  | 140 |  | (665)
Taxation |  | (45) |  | (20)
Profit/(loss) for the year** |  | 95 |  | (685)
| * | The financial information provided represents the group’s share of the results of the equity accounted investments.
| ** | Included in the 2020 results is an operating loss pertaining to the Group's investment in Escravos GTL. The group disposed of this investment in June 2020.
22 | Equity accounted investments continued
​
​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
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 |  | 622 |  | 1 936
Authorised but not yet contracted for |  | 713 |  | 1 089
Less: expenditure to the end of year |  | (348) |  | (1 748)
​ |  | 987 |  | 1 277
​ Areas of judgement: Joint ventures and associates are assessed for materiality in relation to the group using a number of factors such as investment value, strategic importance and monitoring by those charged with governance. ORYX GTL is considered to be material as it is closely monitored by and reported on to the decision makers and is considered to be a strategically material investment. ​
22 | Equity accounted investments continued
Summarised financial information for the group’s material equity accounted investments In accordance with the group’s accounting policy, the results of joint ventures and associates are equity accounted. The information provided below represents the group’s material joint venture. The financial information presented includes the full financial position and results of the joint venture and includes intercompany transactions and balances. ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Joint venture |
​ |  | ORYX GTL Limited |
​ |  | 2021 |  | 2020 |
for the year ended 30 June |  | Rm |  | Rm |
Summarised statement of financial position | ​ | ​ | ​ | ​ |
Non-current assets | ​ | 13 149 | ​ | 17 236 | ​
Deferred tax asset | ​ | 212 | ​ | 636 | ​
Current assets | ​ | 7 989 | ​ | 7 217 | ​
Total assets | ​ | 21 350 | ​ | 25 089 | ​
Other non-current liabilities | ​ | 742 | ​ | 974 | ​
Other current liabilities | ​ | 1 178 | ​ | 2 663 | ​
Tax payable | ​ | 391 | ​ | — | ​
Total liabilities | ​ | 2 311 | ​ | 3 637 | ​
Net assets | ​ | 19 039 | ​ | 21 452 | ​
Summarised income statement | ​ | ​ | ​ |  | ​
Turnover | ​ | 8 538 | ​ | 7 279 | ​
Depreciation and amortisation | ​ | (1 759) | ​ | (1 424) | ​
Other operating expenses | ​ | (4 513) | ​ | (4 707) | ​
Operating profit before interest and tax | ​ | 2 266 | ​ | 1 148 | ​
Finance income | ​ | 6 | ​ | 31 | ​
Finance cost | ​ | (48) | ​ | (84) | ​
Profit before tax | ​ | 2 224 | ​ | 1 095 | ​
Taxation | ​ | (758) | ​ | (492) | ​
Profit and total comprehensive income for the year | ​ | 1 466 | ​ | 603 | ​
The group’s share of profits of equity accounted investment | ​ | 719 | ​ | 338 | ​
49% share of profit before tax | ​ | 1 090 | ​ | 536 | ​
Taxation | ​ | (371) | ​ | (198) | ​
​ | ​ | ​ | ​ | ​ | ​
Reconciliation of summarised financial information | ​ |  | ​ |  | ​
Net assets at the beginning of the year | ​ | 21 452 | ​ | 16 893 | ​
Profit before tax for the year | ​ | 2 224 | ​ | 1 095 | ​
Taxation | ​ | (758) | ​ | (483) | ​
Foreign exchange differences | ​ | (3 879) | ​ | 3 947 | ​
Net assets at the end of the year | ​ | 19 039 | ​ | 21 452 | ​
Carrying value of equity accounted investment | ​ | 9 329 | ​ | 10 511 | ​
The year-end for ORYX GTL Limited is 31 December, however the group uses the financial information at 30 June. ​
22 | Equity accounted investments continued
The carrying value of the investment represents the group’s interest in the net assets thereof. Contingent liabilities There were no contingent liabilities at 30 June 2021 relating to our joint ventures or associates. Accounting policies: The financial results of associates and joint ventures are included in the group’s results according to the equity method from acquisition date until the disposal date. Associates and joint ventures whose financial year-ends are within three months of 30 June are included in the consolidated financial statements using their most recently audited financial results. Adjustments are made to the associates’ and joint ventures financial results for material transactions and events in the intervening period.

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- Definition The disclosure of investments accounted for using the equity method. [Refer: Investments accounted for using equity method] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2020-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_10_e&doctype=Standard -URIDate 2020-01-01 + Details
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