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Equity accounted investments | 12 Months Ended
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Jun. 30, 2022
Equity accounted investments. |
Equity accounted investments |
21 | Equity accounted investments
At 30 June, the group’s interest in equity accounted investments and the total carrying values were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Country of |  |  |  | Interest |  | 2022 |  | 2021
Name | ​ | incorporation | ​ | Nature of activities | ​ | % | ​ | Rm | ​ | Rm
Joint ventures | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
ORYX GTL Limited |  | Qatar |  | GTL plant |  | 49 |  | 8 920 |  | 9 329
Sasol Dyno Nobel (Pty) Ltd |  | South Africa |  | Manufacturing and distribution of explosives |  | 50 |  | 267 |  | 260
Associates |  | ​ |  |  |  | ​ |  | ​ |  |
Enaex Africa (Pty) Ltd |  | South Africa |  | Manufacturing and distribution of explosives |  | 23 |  | 309 |  | 295
The Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO)¹ | ​ | 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 | ​ | 2 753 | ​ | —
Other equity accounted investments |  | ​ |  | ​ |  | Various |  | 435 |  | 258
Carrying value of investments |  |  |  |  |  |  |  | 12 684 |  | 10 142
| 1 | Effective 29 June 2022 Sasol disposed of 30% of its shareholding in ROMPCO. The group retains 20% shareholding and the ability to appoint 4 of the 14 directors. Accordingly, the investment in ROMPCO is accounted for as an associate from the disposal date.
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.
21 | Equity accounted investments continued
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. Refer to note 9 for more information on impairment assessments performed. Summarised financial information for the group’s share of equity accounted investments which are not material* ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
for the year ended 30 June | ​ | Rm | ​ | Rm
Operating profit |  | 114 |  | 128
Profit before tax |  | 159 |  | 140
Taxation |  | (50) |  | (45)
Profit for the year |  | 109 |  | 95
| * | The financial information provided represents the group’s share of the results of the equity accounted investments.
​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
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 |  | 688 |  | 622
Authorised but not yet contracted for |  | 884 |  | 713
Less: expenditure to the end of year |  | (562) |  | (348)
​ |  | 1 010 |  | 987
​ 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 and ROMPCO are considered to be material as it is closely monitored by and reported on to the decision makers and are considered to be a strategically material investments. ​
21 | 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 and associate. 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 |
​ |  | 2022 |  | 2021 |
for the year ended 30 June |  | Rm |  | Rm |
Summarised statement of financial position | ​ |  | ​ | ​ | ​ |
Non-current assets | ​ | ​ | 13 723 | ​ | 13 149 | ​
Deferred tax asset | ​ | ​ | 292 | ​ | 212 | ​
Cash and cash equivalents* | ​ | ​ | 4 208 | ​ | 2 682 | ​
Other current assets | ​ | ​ | 7 775 | ​ | 5 307 | ​
Total assets | ​ | ​ | 25 998 | ​ | 21 350 | ​
Other non-current liabilities | ​ | ​ | 704 | ​ | 742 | ​
Other current liabilities | ​ | ​ | 4 594 | ​ | 1 178 | ​
Tax payable | ​ | ​ | 2 496 | ​ | 391 | ​
Total liabilities | ​ | ​ | 7 794 | ​ | 2 311 | ​
Net assets | ​ | ​ | 18 204 | ​ | 19 039 | ​
Summarised income statement | ​ | ​ | ​ | ​ | ​ | ​
Turnover | ​ | ​ | 16 620 | ​ | 8 538 | ​
Depreciation and amortisation | ​ | ​ | (1 625) | ​ | (1 759) | ​
Other operating expenses | ​ | ​ | (5 497) | ​ | (4 513) | ​
Operating profit before interest and tax | ​ | ​ | 9 498 | ​ | 2 266 | ​
Finance income | ​ | ​ | 33 | ​ | 6 | ​
Finance cost | ​ | ​ | (42) | ​ | (48) | ​
Profit before tax | ​ | ​ | 9 489 | ​ | 2 224 | ​
Taxation | ​ | ​ | (3 329) | ​ | (758) | ​
Profit and total comprehensive income for the year | ​ | ​ | 6 160 | ​ | 1 466 | ​
The group’s share of profits of equity accounted investment | ​ | ​ | 3 019 | ​ | 719 | ​
49% share of profit before tax | ​ | ​ | 4 650 | ​ | 1 090 | ​
Taxation | ​ | ​ | (1 631) | ​ | (371) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of summarised financial information | ​ | ​ |  | ​ |  | ​
Net assets at the beginning of the year | ​ | ​ | 19 039 | ​ | 21 452 | ​
Earnings before tax for the year | ​ | ​ | 9 489 | ​ | 2 224 | ​
Taxation | ​ | ​ | (3 329) | ​ | (758) | ​
Foreign exchange differences | ​ | ​ | 2 438 | ​ | (3 879) | ​
Dividends paid** | ​ | ​ | (9 433) | ​ | — | ​
Net assets at the end of the year | ​ | ​ | 18 204 | ​ | 19 039 | ​
Carrying value of equity accounted investment | ​ | ​ | 8 920 | ​ | 9 329 | ​
*Cash and cash equivalents was disclosed separately from other current assets in the current and prior year. **ORYX GTL Limited declared a dividend of R4,6 billion (Sasol’s share) of which R3 billion has been received at 30 June 2022. Refer to note 25. The year-end for ORYX GTL Limited is 31 December, however the group uses the financial information at 30 June. ​
21 | Equity accounted investments continued
The carrying value of the investment represents the group’s interest in the net assets thereof. ​
​ | ​ | ​ | ​ | ​
​ | ​ | Associate
​ | ​ | The Republic of
​ | ​ | Mozambique Pipeline
​ | ​ | Investment Company
​ | ​ | (Pty) Ltd (ROMPCO)
​ | ​ | 2022 | ​ | 2021
for the year ended 30 June |  | Rm |  | Rm
Summarised statement of financial position |  |  |  |
Non-current assets1 |  | 5 770 |  | —
Cash and cash equivalents |  | 1 056 |  | —
Other current assets |  | 373 |  | —
Total assets |  | 7 199 |  | —
Other non-current liabilities |  | 812 |  | —
Other current liabilities |  | 125 |  | —
Tax payable |  | 51 |  | —
Total liabilities |  | 988 |  | —
Net assets |  | 6 211 |  | —
Carrying value of equity accounted investment |  | 2 753 |  | —
1 Includes fair value adjustment on acquisition of investment. On 29 June 2022 the group disposed of 30% of its investment in ROMPCO, retaining a 20% interest. 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 2022 and 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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