Equity accounted investments (Tables)

12 Months Ended

Jun. 30, 2026

Schedule of interest in equity accounted investments and total carrying values


	Country of			Interest		2026		2025
Name	incorporation	Nature of activities		%		Rm		Rm
Joint ventures
ORYX GTL Limited	Qatar	GTL plant		49		6 619		8 530
Sasol Dyno Nobel (Pty) Ltd	South Africa	Manufacturing and distribution of explosives		50		456		400
Associates
Enaex Africa (Pty) Ltd	South Africa	Manufacturing and distribution of explosives		23		639		562
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		20		2 669		2 737
Other equity accounted investments				Various*		332		730
Carrying value of investments						10 715		12 959

Decrease in Other equity accounted investment relates mainly to the impairment of Central Térmica de Temane (CTT) (refer to note 8).

Summarised financial information for the Group's share of equity accounted investments which are not material


		2026		2025
for the year ended 30 June		Rm		Rm
Summarised financial information for the Group’s share of equity accounted investments which are not material*
Operating profit		192		233
Profit before tax		239		284
Taxation		(92)		(109)
Profit for the year*		147		175
Other comprehensive (loss)/income		(70)		13

The financial information provided represents the Group's share of the results of the equity accounted investments. The impairment of CTT is not included the results above and is separately disclosed (refer to note 8).

Schedule of capital commitments relating to equity accounted investments


		2026		2025
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		2 105		2 188
Authorised but not yet contracted for		1 334		491
Less: expenditure to the end of year		(1 628)		(1 731)
		1 811		948

Summarised financial information for the Group's material joint ventures


		Joint venture
		ORYX GTL Limited***
		2026			2025
for the year ended 30 June		Rm			Rm
Summarised statement of financial position
Non-current assets*			14 217		17 784
Deferred tax asset			1 065		490
Cash and cash equivalents			1 024		861
Other current assets			6 132		6 833
Total assets			22 438		25 968
Non-current liabilities			6 320		6 602
Current liabilities			2 610		1 350
Tax payable			—		608
Total liabilities			8 930		8 560
Net assets			13 508		17 408
Summarised income statement
Turnover			8 848		14 475
Depreciation and amortisation			(3 072)		(3 316)
Other operating expenses			(6 369)		(7 728)
Operating (loss)/profit before interest and tax			(593)		3 431
Finance income			24		49
Finance cost			(325)		(189)
(Loss)/profit before tax			(894)		3 291
Taxation			(65)		(1 357)
(Loss)/profit and total comprehensive income for the year			(959)		1 934
The Group’s share of (loss)/profits of equity accounted investment			(470)		948
49% share of (loss)/profit before tax			(438)		1 613
Taxation			(32)		(665)

Reconciliation of summarised financial information
Net assets at the beginning of the year			17 408		21 181
(Loss)/earnings before tax for the year			(894)		3 291
Taxation			(65)		(1 357)
Foreign exchange differences			(1 227)		(440)
Dividends paid**			(1 714)		(5 267)
Net assets at the end of the year			13 508		17 408
Carrying value of equity accounted investment			6 619		8 530

Non-current assets mainly include property plant and equipment.

In 2026 ORYX GTL Limited declared a dividend of R1,7 billion (R5,3 billion in 2025).

***The year-end for ORYX GTL Limited is 31 December, the Group uses the financial information based on management accounts at 30 June.

Summarised financial information for the Group's material associates


		Associate
		The Republic of
		Mozambique Pipeline
		Investment Company
		(Pty) Ltd (ROMPCO)**
		2026	2025
for the year ended 30 June		Rm	Rm
Summarised statement of financial position
Non-current assets*		2 055	2 658
Cash and cash equivalents		866	964
Other current assets		2 814	2 219
Total assets		5 735	5 841
Non-current liabilities		561	514
Current liabilities		140	220
Tax payable		84	166
Total liabilities		785	900
Net assets		4 950	4 941
Summarised income statement
Turnover		4 372	4 777
Depreciation and amortisation		(641)	(651)
Other operating expenses		(433)	(442)
Operating profit before interest and tax		3 298	3 684
Finance income		211	231
Finance cost		(13)	(17)
Profit before tax		3 496	3 898
Taxation		(1 137)	(1 051)
Profit and total comprehensive income for the period		2 359	2 847
The Group’s share of profits of equity accounted investment
20% share of profit before tax		699	780
Taxation		(227)	(210)
		472	570
Amortisation of fair value adjustment on acquisition of investment		(70)	(70)
Share of profits of equity accounted investment		402	500
Reconciliation of summarised financial information
Net assets at the beginning of the year		4 941	5 020
Earnings before tax for the year		3 496	3 898
Taxation		(1 137)	(1 051)
Dividends paid		(2 350)	(2 926)
Net assets at the end of the year		4 950	4 941
Carrying value of equity accounted investment		2 669	2 737
Historical net asset value		990	988
Group’s share of fair value adjustment on acquisition of investment		1 679	1 749

18Equity accounted investments continued

Non-current assets mainly include property plant and equipment.

Based on management accounts.

Schedule of material related party transactions


	2026	2025	2024
for the year ended 30 June	Rm	Rm	Rm
Transactions with joint ventures
Total sales and services rendered from subsidiaries to joint ventures	813	335	3
Total purchases by subsidiaries from joint ventures	14	10	18
Transactions with associates
Total sales and services rendered from subsidiaries to associates	2 577	2 214	2 574
Total purchases by subsidiaries from associates	3 089	3 991	4 332