Sasol adopts a number of new International Financial Reporting Standards (IFRS)
JOHANNESBURG, March 3, 2014 /PRNewswire/ -- On 1 July 2013, Sasol (JSE: SOL, NYSE: SSL) adopted a number of new International Financial Reporting Standards (IFRS), which impacted the previously reported financial results of the group. These new accounting standards include IFRS 10, Consolidated Financial Statements, IFRS 11, Joint Arrangements and IFRS 12, Disclosure of Interests in Other Entities.
In accordance with the transition provisions, these standards have been applied with retrospective effect resulting in a restatement of the previously reported financial results. As part of our commitment to keep our stakeholders informed, this document provides information on the restated comparative reporting periods that will be disclosed alongside the group's results for the six months ended 31 December 2013.
This information is preliminary and has not been audited or reviewed by the Company's auditors.
Paul Victor
Acting Chief Financial Officer
28 February 2014
Johannesburg
1. Overview of reporting changes
The consolidation suite of standards, namely IFRS 10, Consolidated Financial Statements (IFRS 10), IFRS 11, Joint Arrangements (IFRS 11) and IFRS 12, Disclosure of Interests in Other Entities (IFRS 12) became effective for annual periods beginning on or after 1 January 2013. Accordingly, Sasol adopted these new accounting standards on 1 July 2013 which resulted in a restatement of the group's previously reported results for the years ended 30 June 2013 and 2012 and the six months ended 31 December 2012.
IFRS 10, Consolidated Financial Statements
IFRS 10 replaces IAS 27, Consolidated and Separate Financial Statements, that addresses the accounting for consolidated financial statements and SIC-12, Consolidation – Special Purpose Entities.
This standard provides a single basis for consolidation with new criteria to determine whether entities, in which the group has an interest should be consolidated.
The adoption of IFRS 10 has resulted in an existing subsidiary, National Petroleum Refiners of South Africa (Pty) Ltd (Natref), in which the group has a 64% interest, being accounted for as a joint operation using the line-by-line consolidation method.
No other material subsidiaries within the group were affected.
The group has applied IFRS 10 retrospectively in accordance with the transition provisions and the results for the years ended 30 June 2013 and 2012 and the six months ended 31 December 2012 has been restated accordingly.
IFRS 11, Joint Arrangements
IFRS 11 replaces IAS 31, Interests in Joint Ventures, and SIC-13, Jointly-controlled Entities – Non-monetary Contributions by Venturers and changes the classification for joint arrangements.
Under IFRS 11, a joint arrangement is classified as either a joint operation or a joint venture based on the rights and obligations of the parties to the arrangement, the legal form of the joint arrangement and when relevant, other facts and circumstances.
IFRS 11 removes the option to proportionately consolidate joint ventures and instead, all interests in joint arrangements that meet the definition of a joint venture under IFRS 11 must be accounted for using the equity method.
The adoption of IFRS 11 has resulted in the following changes:
|
Sasol's interest |
Previous classification |
Revised classification | |
|
ORYX GTL Limited |
49 |
Proportionately consolidated |
Equity accounted |
|
Sasol-Huntsman GmbH & co KG |
50 |
Proportionately consolidated |
Equity accounted |
|
Petlin (Malaysia) Sdn. Bhd |
40 |
Proportionately consolidated |
Equity accounted |
|
Uzbekistan GTL LLC |
44,5 |
Proportionately consolidated |
Equity accounted |
|
Arya Sasol Polymer Company (ASPC) 1 |
50 |
Proportionately consolidated |
Equity accounted |
|
Merisol LP 2 |
50 |
Proportionately consolidated |
Equity accounted |
1 The group disposed of its investment in Arya Sasol Polymer Company in August 2013. The comparative periods for the years ended 30 June 2013 and 2012 and the six months ended 31 December 2012 have been restated in accordance with IFRS 11 to include this investment as an equity accounted joint venture.
2 In December 2012, Sasol acquired the remaining 50% shareholding in Merisol. Accordingly, this investment was accounted for as a 100% subsidiary from 31 December 2012.
All other joint arrangements (including Sasol Canada and Natref), will continue to be accounted for using the line-by-line consolidation method.
IFRS 12, Disclosure of Interests in Other Entities
IFRS 12 sets out the requirements for disclosures relating to an entity's interest in subsidiaries, joint arrangements, associates and structured entities. These disclosures will be provided in the group's annual financial statements for the year ending 30 June 2014.
2. Impact of new accounting standards on the group results
The impact of adopting IFRS 10 and IFRS 11 on the group results for the comparative periods is indicated in the tables to follow:
Restated comparatives - 31 December 2012
Condensed consolidated statement of financial position at 31 December 2012
|
As previously reported R'm |
Effect of adopting IFRS 10 and IFRS 11 R'm |
Restated R'm | ||
|
ASSETS |
||||
|
Property, plant and equipment |
99 149 |
(8 637) |
90 512 | |
|
Assets under construction |
38 452 |
(761) |
37 691 | |
|
Investments in equity accounted joint ventures |
- |
8 502 |
8 502 | |
|
Investments in associates |
2 487 |
14 |
2 501 | |
|
Other long-term assets |
6 306 |
(270) |
6 036 | |
|
Non-current assets |
146 394 |
(1 152) |
145 242 | |
|
Inventories |
24 069 |
(1 716) |
22 353 | |
|
Trade and other receivables |
26 128 |
(918) |
25 210 | |
|
Cash |
28 147 |
(2 238) |
25 909 | |
|
Other current assets |
864 |
31 |
895 | |
|
Current assets |
79 208 |
(4 841) |
74 367 | |
|
Total assets |
225 602 |
(5 993) |
219 609 | |
|
EQUITY AND LIABILITIES |
||||
|
Shareholders' equity |
132 428 |
(38) |
132 390 | |
|
Non-controlling interests |
3 294 |
(338) |
2 956 | |
|
Total equity |
135 722 |
(376) |
135 346 | |
|
Long-term debt |
21 402 |
(1 626) |
19 776 | |
|
Long-term provisions |
10 991 |
(235) |
10 756 | |
|
Other non-current liabilities |
23 135 |
(694) |
22 441 | |
|
Non-current liabilities |
55 528 |
(2 555) |
52 973 | |
|
Trade payables and accrued expenses |
24 245 |
(1 707) |
22 538 | |
|
Other current liabilities |
10 107 |
(1 355) |
8 752 | |
|
Current liabilities |
34 352 |
(3 062) |
31 290 | |
|
Total equity and liabilities |
225 602 |
(5 993) |
219 609 | |
Consolidated income statement for the period ended 31 December 2012
|
As previously reported R'm |
Effect of adopting IFRS 10 and IFRS 11 R'm |
Restated R'm | ||
|
Turnover |
85 440 |
(5 590) |
79 850 | |
|
Materials, energy and consumables used |
(37 001) |
468 |
(36 533) | |
|
Selling and distribution costs |
(2 479) |
131 |
(2 348) | |
|
Maintenance expenditure |
(4 427) |
729 |
(3 698) | |
|
Employee related expenditure |
(9 915) |
503 |
(9 412) | |
|
Exploration expenditure and feasibility costs |
(777) |
(4) |
(781) | |
|
Depreciation and amortisation |
(5 445) |
431 |
(5 014) | |
|
Other expenses, net |
(3 841) |
715 |
(3 126) | |
|
Translation gains / (losses) |
(299) |
982 |
683 | |
|
Other operating expenses |
(4 151) |
(128) |
(4 279) | |
|
Other operating income |
609 |
(139) |
470 | |
|
Operating profit before remeasurement items |
21 555 |
(2 617) |
18 938 | |
|
Remeasurement items |
(2 621) |
1 963 |
(658) | |
|
Operating profit after remeasurement items |
18 934 |
(654) |
18 280 | |
|
Share of profits of equity accounted joint ventures, net of tax |
- |
592 |
592 | |
|
Share of profits of associates, net of tax |
204 |
- |
204 | |
|
Profit from operations, associates and joint ventures |
19 138 |
(62) |
19 076 | |
|
Net finance income |
(654) |
93 |
(561) | |
|
Profit before tax |
18 484 |
31 |
18 515 | |
|
Taxation |
(5 876) |
(63) |
(5 939) | |
|
Profit for the period |
12 608 |
(32) |
12 576 | |
|
Attributable to |
||||
|
Owners of Sasol Limited |
12 157 |
- |
12 157 | |
|
Non-controlling interests in subsidiaries |
451 |
(32) |
419 | |
|
12 608 |
(32) |
12 576 | ||
|
Salient features for the period ended 31 December 2012 |
||||
|
As previously reported |
Effect of adopting IFRS 10 and IFRS 11 |
Restated | ||
|
Operating profit margin |
% |
22,2 |
0,7 |
22,9 |
|
Return on equity |
% |
19,3 |
(0,1) |
19,2 |
|
Return on total assets |
% |
18,6 |
0,3 |
18,9 |
|
Gearing |
% |
6,6 |
(2,2) |
4,4 |
|
Capital commitments |
R'm |
64 299 |
(609) |
63 690 |
Condensed consolidated statement of cash flow for the period ended 31 December 2012
|
As previously reported R'm |
Effect of adopting IFRS 10 and IFRS 11 R'm |
Restated R'm | |
|
Cash generated by operating activities |
21 435 |
(2 716) |
18 719 |
|
Net finance income received / paid |
154 |
1 910 |
2 064 |
|
Tax paid |
(4 745) |
40 |
(4 705) |
|
Dividends paid |
(7 267) |
- |
(7 267) |
|
Cash retained from operating activities |
9 577 |
(766) |
8 811 |
|
Additions to non-current assets |
(14 350) |
533 |
(13 817) |
|
Acquisition of new or additional interests in joint ventures |
(721) |
(361) |
(1 082) |
|
Acquisition of new or additional investments in associates |
(199) |
- |
(199) |
|
Other net cash flows from investing activities |
906 |
(43) |
863 |
|
Cash utilised in investing activities |
(14 364) |
129 |
(14 235) |
|
Share capital issued on implementation of share options |
227 |
- |
227 |
|
Contributions from non-controlling shareholders in subsidiaries |
27 |
- |
27 |
|
Dividends paid to non-controlling shareholders in subsidiaries |
(248) |
28 |
(220) |
|
Net movement in long-term debt |
7 522 |
269 |
7 791 |
|
Net movement in short-term debt |
6 513 |
- |
6 513 |
|
Cash effect of financing activities |
14 041 |
297 |
14 338 |
|
Translation effects on cash and cash equivalents of foreign operations |
249 |
(57) |
192 |
|
Increase in cash and cash equivalents |
9 503 |
(397) |
9 106 |
|
Cash and cash equivalents at beginning of the period |
17 838 |
(1 841) |
15 997 |
|
Net reclassification to held for sale |
(29) |
- |
(29) |
|
Cash and cash equivalents at end of the period |
27 312 |
(2 238) |
25 074 |
Restated comparatives - 30 June 2013
Condensed consolidated statement of financial position at 30 June 2013
|
As previously reported R'm |
Effect of adopting IFRS 10 and IFRS 11 R'm |
Restated R'm | |
|
ASSETS |
|||
|
Property, plant and equipment |
108 070 |
(7 081) |
100 989 |
|
Assets under construction |
41 244 |
(1 379) |
39 865 |
|
Investments in equity accounted joint ventures |
- |
8 636 |
8 636 |
|
Investments in associates |
2 676 |
12 |
2 688 |
|
Other long-term assets |
7 903 |
22 |
7 925 |
|
Non-current assets |
159 893 |
210 |
160 103 |
|
Inventories |
24 056 |
(1 437) |
22 619 |
|
Trade and other receivables |
29 003 |
(663) |
28 340 |
|
Cash |
32 713 |
(1 410) |
31 303 |
|
Other current assets |
3 830 |
(30) |
3 800 |
|
Current assets |
89 602 |
(3 540) |
86 062 |
|
Total assets |
249 495 |
(3 330) |
246 165 |
|
EQUITY AND LIABILITIES |
|||
|
Shareholders' equity |
149 625 |
(42) |
149 583 |
|
Non-controlling interests |
3 650 |
(340) |
3 310 |
|
Total equity |
153 275 |
(382) |
152 893 |
|
Long-term debt |
22 357 |
(1 017) |
21 340 |
|
Long-term provisions |
12 397 |
(169) |
12 228 |
|
Other non-current liabilities |
25 341 |
(631) |
24 710 |
|
Non-current liabilities |
60 095 |
(1 817) |
58 278 |
|
Trade payables and accrued expenses |
33 477 |
(985) |
32 492 |
|
Other current liabilities |
2 648 |
(146) |
2 502 |
|
Current liabilities |
36 125 |
(1 131) |
34 994 |
|
Total equity and liabilities |
249 495 |
(3 330) |
246 165 |
Consolidated income statement for the year ended 30 June 2013
|
As previously reported R'm |
Effect of adopting IFRS 10 and IFRS 11 R'm |
Restated R'm | ||
|
Turnover |
181 269 |
(11 378) |
169 891 | |
|
Materials, energy and consumables used |
(77 538) |
921 |
(76 617) | |
|
Selling and distribution costs |
(5 371) |
269 |
(5 102) | |
|
Maintenance expenditure |
(7 544) |
301 |
(7 243) | |
|
Employee related expenditure |
(23 476) |
999 |
(22 477) | |
|
Exploration expenditure and feasibility costs |
(1 354) |
(15) |
(1 369) | |
|
Depreciation and amortisation |
(12 030) |
909 |
(11 121) | |
|
Other expenses, net |
(6 841) |
2 607 |
(4 234) | |
|
Translation gains |
899 |
1 993 |
2 892 | |
|
Other operating expenses |
(9 692) |
803 |
(8 889) | |
|
Other operating income |
1 952 |
(189) |
1 763 | |
|
Operating profit before remeasurement items |
47 115 |
(5 387) |
41 728 | |
|
Remeasurement items |
(6 487) |
3 538 |
(2 949) | |
|
Operating profit after remeasurement items |
40 628 |
(1 849) |
38 779 | |
|
Share of profits of equity accounted joint ventures, net of tax |
- |
1 562 |
1 562 | |
|
Share of profits of associates, net of tax |
445 |
59 |
504 | |
|
Profit from operations, associates and joint ventures |
41 073 |
(228) |
40 845 | |
|
Net finance costs |
(1 294) |
155 |
(1 139) | |
|
Profit before tax |
39 779 |
(73) |
39 706 | |
|
Taxation |
(12 597) |
2 |
(12 595) | |
|
Profit for year |
27 182 |
(71) |
27 111 | |
|
Attributable to |
||||
|
Owners of Sasol Limited |
26 278 |
(4) |
26 274 | |
|
Non-controlling interests in subsidiaries |
904 |
(67) |
837 | |
|
27 182 |
(71) |
27 111 | ||
|
Salient features for the year ended 30 June 2013 |
||||
|
As previously reported |
Effect of adopting IFRS 10 and IFRS 11 |
Restated | ||
|
Operating profit margin |
% |
22,4 |
0,4 |
22,8 |
|
Return on equity |
% |
19,1 |
- |
19,1 |
|
Return on total assets |
% |
18,4 |
0,3 |
18,7 |
|
Gearing |
% |
(0,3) |
(0,8) |
(1,1) |
|
Capital commitments |
R'm |
67 752 |
(405) |
67 347 |
Restated comparatives - 30 June 2012
Condensed consolidated statement of financial position at 30 June 2012
|
As previously reported R'm |
Effect of adopting IFRS 10 and IFRS 11 R'm |
Restated R'm | |
|
ASSETS |
|||
|
Property, plant and equipment |
95 872 |
(10 658) |
85 214 |
|
Assets under construction |
33 585 |
(473) |
33 112 |
|
Investments in equity accounted joint ventures |
- |
9 588 |
9 588 |
|
Investments in associates |
2 560 |
11 |
2 571 |
|
Other long-term assets |
6 265 |
(337) |
5 928 |
|
Non-current assets |
138 282 |
(1 869) |
136 413 |
|
Inventories |
20 668 |
(1 748) |
18 920 |
|
Trade and other receivables |
26 299 |
(656) |
25 643 |
|
Cash |
18 060 |
(1 897) |
16 163 |
|
Other current assets |
444 |
- |
444 |
|
Current assets |
65 471 |
(4 301) |
61 170 |
|
Total assets |
203 753 |
(6 170) |
197 583 |
|
EQUITY AND LIABILITIES |
|||
|
Shareholders' equity |
125 234 |
(38) |
125 196 |
|
Non-controlling interests |
3 080 |
(334) |
2 746 |
|
Total equity |
128 314 |
(372) |
127 942 |
|
Long-term debt |
12 828 |
(1 239) |
11 589 |
|
Long-term provisions |
10 518 |
(234) |
10 284 |
|
Other non-current liabilities |
21 204 |
(859) |
20 345 |
|
Non-current liabilities |
44 550 |
(2 332) |
42 218 |
|
Trade payables and accrued expenses |
27 460 |
(1 548) |
25 912 |
|
Other current liabilities |
3 429 |
(1 918) |
1 511 |
|
Current liabilities |
30 889 |
(3 466) |
27 423 |
|
Total equity and liabilities |
203 753 |
(6 170) |
197 583 |
Consolidated income statement for the year ended 30 June 2012
|
As previously reported R'm |
Effect of adopting IFRS 10 and IFRS 11 R'm |
Restated R'm | ||
|
Turnover |
169 446 |
(10 332) |
159 114 | |
|
Materials, energy and consumables used |
(80 410) |
1 699 |
(78 711) | |
|
Selling and distribution costs |
(4 621) |
435 |
(4 186) | |
|
Maintenance expenditure |
(7 421) |
274 |
(7 147) | |
|
Employee related expenditure |
(19 465) |
857 |
(18 608) | |
|
Exploration expenditure and feasibility costs |
(1 045) |
2 |
(1 043) | |
|
Depreciation and amortisation |
(9 651) |
809 |
(8 842) | |
|
Other expenses, net |
(8 215) |
1 164 |
(7 051) | |
|
Translation gains |
243 |
496 |
739 | |
|
Other operating expenses |
(9 874) |
683 |
(9 191) | |
|
Other operating income |
1 416 |
(15) |
1 401 | |
|
Operating profit before remeasurement items |
38 618 |
(5 092) |
33 526 | |
|
Remeasurement items |
(1 860) |
83 |
(1 777) | |
|
Operating profit after remeasurement items |
36 758 |
(5 009) |
31 749 | |
|
Share of profits of equity accounted joint ventures, net of tax |
- |
4 545 |
4 545 | |
|
Share of profits of associates, net of tax |
479 |
(63) |
416 | |
|
Profit from operations, associates and joint ventures |
37 237 |
(527) |
36 710 | |
|
Net finance costs |
(1 234) |
227 |
(1 007) | |
|
Profit before tax |
36 003 |
(300) |
35 703 | |
|
Taxation |
(11 746) |
245 |
(11 501) | |
|
Profit for year |
24 257 |
(55) |
24 202 | |
|
Attributable to |
||||
|
Owners of Sasol Limited |
23 583 |
(2) |
23 581 | |
|
Non-controlling interests in subsidiaries |
674 |
(53) |
621 | |
|
24 257 |
(55) |
24 202 | ||
|
Salient features for the year ended 30 June 2012 |
||||
|
As previously reported |
Effect of adopting IFRS 10 and IFRS 11 |
Restated | ||
|
Operating profit margin |
% |
21,7 |
(1,7) |
20,0 |
|
Return on equity |
% |
20,3 |
- |
20,3 |
|
Return on total assets |
% |
20,0 |
0,2 |
20,2 |
|
Gearing |
% |
2,7 |
(2,4) |
0,3 |
|
Capital commitments |
R'm |
45 819 |
(299) |
45 520 |
3. Other elements of the financial statements
The adoption of IFRS 10 and IFRS 11 did not have a significant impact on the statement of changes in equity or the statement of comprehensive income for the years ended 30 June 2013 and 2012 and the six months ended 31 December 2012.
4. Investor Relations contacts
Please feel free to contact us as follows:
+27 11 441 3113
Sponsor: Deutsche Securities (SA) Proprietary Limited
Forward-looking statements:
Sasol may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return and cost reductions. Words such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may", "endeavour" and "project" and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors are discussed more fully in our most recent annual report under the Securities Exchange Act of 1934 on Form 20-F filed on 9 October 2013 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
Please note: A billion is defined as one thousand million. All references to years refer to the financial year ended 30 June. Any reference to a calendar year is prefaced by the word "calendar"
|
Supplementary information Summarised results of the group's joint arrangements - The following table contains a summary of the results of the group's share in joint arrangements at 30 June 2013, based on the new IFRS 11 classifications | ||||||||||||
|
R' million As at 30 June 2013 |
ORYX GTL |
Sasol Huntsman |
Petlin |
Uzbekistan |
ASPC1 |
Merisol2 |
Other |
Total equity accounted joint ventures |
Natref |
Sasol Canada |
Other |
Total joint operations |
|
External non-current assets |
5 095 |
945 |
550 |
344 |
- |
- |
198 |
7 132 |
2 095 |
13 899 |
980 |
16 974 |
|
Property, plant and equipment |
4 704 |
648 |
502 |
1 |
- |
- |
87 |
5 942 |
1 976 |
7 170 |
226 |
9 372 |
|
Assets under construction |
340 |
- |
39 |
343 |
- |
- |
9 |
731 |
118 |
6 668 |
542 |
7 328 |
|
Other non-current assets |
51 |
297 |
9 |
- |
- |
- |
102 |
459 |
1 |
61 |
212 |
274 |
|
External current assets |
2 008 |
333 |
484 |
358 |
- |
- |
270 |
3 453 |
329 |
2 822 |
1 449 |
4 600 |
|
Intercompany current assets |
- |
- |
- |
- |
- |
- |
- |
- |
10 |
- |
64 |
74 |
|
Total assets |
7 103 |
1 278 |
1 034 |
702 |
- |
- |
468 |
10 585 |
2 434 |
16 721 |
2 493 |
21 648 |
|
Shareholders' equity |
6 388 |
622 |
688 |
644 |
- |
- |
294 |
8 636 |
207 |
15 659 |
1 861 |
17 727 |
|
Long-term debt |
57 |
345 |
- |
- |
- |
- |
3 |
405 |
1 191 |
1 |
215 |
1 407 |
|
Intercompany long-term debt |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
62 |
62 |
|
Long-term provisions |
26 |
17 |
- |
- |
- |
- |
86 |
129 |
70 |
260 |
- |
330 |
|
Other non-current liabilities |
194 |
145 |
32 |
- |
- |
- |
11 |
382 |
441 |
- |
(5) |
436 |
|
Current liabilities |
438 |
149 |
314 |
58 |
- |
- |
74 |
1 033 |
525 |
801 |
360 |
1 686 |
|
Total liabilities and equity |
7 103 |
1 278 |
1 034 |
702 |
- |
- |
468 |
10 585 |
2 434 |
16 721 |
2 493 |
21 648 |
|
Carrying value of investment |
6 388 |
622 |
688 |
644 |
- |
- |
294 |
8 636 |
||||
|
Income statement |
||||||||||||
|
External turnover |
4 790 |
705 |
1 213 |
- |
4 134 |
401 |
(138) |
11 105 |
479 |
600 |
401 |
1 480 |
|
Operating profit / (loss) |
2 670 |
91 |
(62) |
(21) |
(1 323) |
46 |
195 |
1 597 |
327 |
(1 919) |
3 |
(1 589) |
|
Attributable earnings / (loss) |
2 656 |
49 |
(49) |
(20) |
(1 237) |
41 |
(48) |
1 392 |
113 |
(1 912) |
44 |
(1 755) |
|
1 The assets and liabilities of ASPC was classified as held for sale at 30 June 2013. | ||||||||||||
Effect of IFRS 10 and IFRS 11 on the group consolidated results for the year ended 30 June 2013
|
R' million |
IFRS 11 adjustments |
IFRS 10 adjustments |
Consolidation adjustments 1 |
Total |
|
External non-current assets |
7 132 |
1 610 |
(316) |
8 426 |
|
Property, plant and equipment |
5 942 |
1 139 |
- |
7 081 |
|
Assets under construction |
731 |
648 |
- |
1 379 |
|
Other non-current assets |
459 |
(177) |
(316) |
(34) |
|
Investments in equity accounted joint ventures |
(8 636) |
- |
- |
(8 636) |
|
Current assets |
3 453 |
202 |
(115) |
3 540 |
|
Total assets |
1 949 |
1 812 |
(431) |
3 330 |
|
Shareholders' equity |
- |
362 |
20 |
382 |
|
Long-term debt |
405 |
612 |
- |
1 017 |
|
Long-term provisions |
129 |
40 |
- |
169 |
|
Other non-current liabilities |
382 |
249 |
- |
631 |
|
Current liabilities |
1 033 |
549 |
(451) |
1 131 |
|
Total liabilities and equity |
1 949 |
1 812 |
(431) |
3 330 |
|
Income statement |
||||
|
External turnover |
11 105 |
273 |
- |
11 378 |
|
Operating profit |
1 597 |
191 |
61 |
1 849 |
|
1 Consolidation adjustments are in respect of transactions between group companies and equity accounted joint ventures that are accounted for as external transactions. | ||||
SOURCE Sasol
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