At 30 June, the group’s interest in equity accounted investments and the total carrying values were:

On 3 June 2021 Sasol sold its 50% shareholding in Sasol Chevron Holdings Limited.

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.