Sasol Limited (SSL) 6-K 23 Feb 21 2021 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Dec. 31, 2020
Document and Entity Information
Entity Registrant Name	SASOL LTD
Entity Central Index Key	0000314590
Document Type	6-K
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

Income Statement

Income Statement - ZAR (R) R in Millions		6 Months Ended		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Income Statement
Turnover		R 91,968	R 99,170	R 190,367
Materials, energy and consumables used		(41,247)	(46,373)	(90,109)
Selling and distribution costs		(4,128)	(3,831)	(8,388)
Maintenance expenditure		(5,695)	(5,265)	(10,493)
Employee-related expenditure		(14,396)	(16,445)	(30,667)
Exploration expenditure and feasibility costs		(131)	(381)	(608)
Depreciation and amortization		(9,048)	(10,977)	(22,575)
Other expenses and income		1,652	(6,584)	(27,376)
Translation gains/(losses)		4,619	(227)	(6,542)
Other operating expenses and income		(2,967)	(6,357)	(20,834)
Equity accounted profits/(losses), net of tax		156	370	(347)
Operating profit/(loss) before remeasurement items		19,131	9,684	(196)
Remeasurement items affecting operating profit	[1]	2,519	169	(110,834)
Earnings/(loss) before interest and tax (EBIT/(LBIT))		21,650	9,853	(111,030)
Finance income		421	381	922
Finance costs	[2]	(3,833)	(2,636)	(7,303)
Earnings/(loss) before tax		18,238	7,598	(117,411)
Taxation		(2,950)	(3,092)	26,139
Earnings/(loss) for the period	[3]	15,288	4,506	(91,272)
Attributable to
Owners of Sasol Limited		14,491	4,053	(91,109)
Non-controlling interests in subsidiaries		797	453	(163)
Earnings/(loss) for the period	[3]	R 15,288	R 4,506	R (91,272)
Per share information
Basic earnings/(loss) per share (in rand per share)		R 23.41	R 6.56	R (147.45)
Diluted earnings/(loss) per share (in rand per share)		R 23.29	R 6.53	R (147.45)
[1]	Remeasurement items affecting operating profit includes:•Loss on disposal of R1.1 billion (proceeds R30.2 billion, net assets sold R31.3 billion) and a corresponding gain on reclassification of foreign currency translation reserve of R3.1 billion relating to the sale of 50% of our interest in the US LCCP Base Chemicals business. The divestment was successfully concluded on 1 December 2020 through the creation of the 50/50 owned Louisiana Integrated Polyethylene JV LLC (LIP). Sasol’s 50% interest in LIP is accounted for as a joint operation and Sasol’s share of assets and liabilities held jointly, revenue from the sale of its share of output and expenses were reflected within the Sasol results from 1 December 2020 in terms of IFRS 11 ‘Joint Arrangements’; and•Profit on disposal of R719 million (proceeds R5.9 billion, net assets sold R5.2 billion) and a corresponding gain on reclassification of foreign currency translation reserve of R246 million relating to the sale of our 50% equity interest in the Gemini HDPE LLC.
[2]	The increase in finance costs is due to R1.4 billion lower finance cost capitalised to assets under construction as the LCCP units reached beneficial operation.
[3]	Earnings increased by more than 100% to R15.3 billion from R4.5 billion in the prior period. These results were underpinned by a strong cash cost and working capital performance in response to the challenging environment, as well as the gains of R4.6 billion on the translation of monetary assets and liabilities and gains of R5.0 billion on the valuation of financial instruments and derivative contracts due to a 15% strengthening of the closing rand/US dollar exchange rate compared to June 2020; and R3.3 billion gain on the reclassification of the foreign currency translation reserve (FCTR), mainly on the divestment of 50% interest in the US LCCP Base Chemicals business. Remeasurement items in the prior year included the impairment of R72.6 billion (US$4.2 billion) of our Base Chemicals portfolio within Sasol Chemicals USA which have been classified as disposal groups held for sale at 30 June 2020 and impaired to its fair value less cost to sell, the impairment of the Synfuels liquid fuels refinery and Sasolburg liquid fuels refinery CGUs of R3.8 billion and R8.6 billion respectively, our Base Chemicals foundation business in the Southern African value chain of R18.1 billion and our South African wax business and Eurasian wax businesses of R4.6 billion and R2.8 billion respectively.

Income Statement (Parenthetical

Income Statement (Parenthetical) R in Millions, $ in Billions		6 Months Ended	12 Months Ended
		Dec. 31, 2020ZAR (R)	Jun. 30, 2020USD ($)	Jun. 30, 2020ZAR (R)
Statement
Proceeds on disposals	[1]	R 33,963		R 4,285
Gain on reclassification of foreign currency translation on disposal		3,300
Decrease in finance cost capitalised		(1,400)
Earnings/(loss) for the period	[2]	15,288		(91,272)
Gain from translation of monetary assets and liabilities		R 4,619		(6,542)
Strengthening of closing rand/US dollar exchange rate		15.00%
Gain on valuation of financial instruments and derivative contracts		R 5,000
Minimum
Statement
Increase in earnings (as a percent)		100.00%
Gemini HDPE LLC
Statement
Profit (loss) on disposal of investments, excluding release of foreign currency translation		R 719
Proceeds on disposals		5,900
Net assets sold		5,200
Gain on reclassification of foreign currency translation on disposal		R 246
Proportion of equity interest disposed of		50.00%
Base Chemicals | Lake Charles Chemicals Project
Statement
Profit (loss) on disposal of investments, excluding release of foreign currency translation		R (1,100)
Proceeds on disposals		30,200
Net assets sold		31,300
Gain on reclassification of foreign currency translation on disposal		R 3,100
Proportion of equity interest disposed of		50.00%
Synfuels liquid fuels refinery
Statement
Impairment loss recognised in profit or loss				3,800
Sasolburg liquid fuels refinery
Statement
Impairment loss recognised in profit or loss				8,600
South Africa value chain foundation business | Base Chemicals
Statement
Impairment loss recognised in profit or loss				18,100
South Africa Wax business
Statement
Impairment loss recognised in profit or loss				4,600
Eurasia Wax business
Statement
Impairment loss recognised in profit or loss				2,800
US Chemicals assets | Base Chemicals
Statement
Impairment loss recognised in profit or loss			$ 4.2	R 72,600
[1]	Includes proceeds received from the disposal of a portion of our US LCCP Base Chemicals business, as well as our 50% equity interest in the Gemini HDPE LLC (approximately R33 billion
[2]	Earnings increased by more than 100% to R15.3 billion from R4.5 billion in the prior period. These results were underpinned by a strong cash cost and working capital performance in response to the challenging environment, as well as the gains of R4.6 billion on the translation of monetary assets and liabilities and gains of R5.0 billion on the valuation of financial instruments and derivative contracts due to a 15% strengthening of the closing rand/US dollar exchange rate compared to June 2020; and R3.3 billion gain on the reclassification of the foreign currency translation reserve (FCTR), mainly on the divestment of 50% interest in the US LCCP Base Chemicals business. Remeasurement items in the prior year included the impairment of R72.6 billion (US$4.2 billion) of our Base Chemicals portfolio within Sasol Chemicals USA which have been classified as disposal groups held for sale at 30 June 2020 and impaired to its fair value less cost to sell, the impairment of the Synfuels liquid fuels refinery and Sasolburg liquid fuels refinery CGUs of R3.8 billion and R8.6 billion respectively, our Base Chemicals foundation business in the Southern African value chain of R18.1 billion and our South African wax business and Eurasian wax businesses of R4.6 billion and R2.8 billion respectively.

Statement of comprehensive inco

Statement of comprehensive income - ZAR (R) R in Millions		6 Months Ended		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Statement of comprehensive income
Earnings/(loss) for the period	[1]	R 15,288	R 4,506	R (91,272)
Other comprehensive income, net of tax
Items that can be subsequently reclassified to the income statement		(14,061)	(1,866)	24,123
Effect of translation of foreign operations		(11,069)	(1,743)	26,720
Effect of cash flow hedges		384	(156)	(2,192)
Foreign currency translation reserve on disposal of business reclassified to the income statement	[2]	(3,313)		(801)
Tax on items that can be subsequently reclassified to the income statement		(63)	33	396
Items that cannot be subsequently reclassified to the income statement		(144)	(35)	(205)
Remeasurements on post-retirement benefit obligations		(245)	(128)	(147)
Fair value of investments through other comprehensive income		(30)	75	(112)
Tax on items that cannot be subsequently reclassified to the income statement		131	18	54
Total comprehensive income/(loss) for the period		1,083	2,605	(67,354)
Attributable to
Owners of Sasol Limited		307	2,155	(67,220)
Non-controlling interests in subsidiaries		776	450	(134)
Total comprehensive income/(loss) for the period		R 1,083	R 2,605	R (67,354)
[1]	Earnings increased by more than 100% to R15.3 billion from R4.5 billion in the prior period. These results were underpinned by a strong cash cost and working capital performance in response to the challenging environment, as well as the gains of R4.6 billion on the translation of monetary assets and liabilities and gains of R5.0 billion on the valuation of financial instruments and derivative contracts due to a 15% strengthening of the closing rand/US dollar exchange rate compared to June 2020; and R3.3 billion gain on the reclassification of the foreign currency translation reserve (FCTR), mainly on the divestment of 50% interest in the US LCCP Base Chemicals business. Remeasurement items in the prior year included the impairment of R72.6 billion (US$4.2 billion) of our Base Chemicals portfolio within Sasol Chemicals USA which have been classified as disposal groups held for sale at 30 June 2020 and impaired to its fair value less cost to sell, the impairment of the Synfuels liquid fuels refinery and Sasolburg liquid fuels refinery CGUs of R3.8 billion and R8.6 billion respectively, our Base Chemicals foundation business in the Southern African value chain of R18.1 billion and our South African wax business and Eurasian wax businesses of R4.6 billion and R2.8 billion respectively.
[2]	R3.3 billion gain on the reclassification of the foreign currency translation reserve (FCTR), on the divestments of 50% interest in the US LCCP Base Chemicals business and our 50% share in the Gemini HDPE LLC.

Statement of comprehensive in_2

Statement of comprehensive income (Parenthetical) - ZAR (R) R in Millions	Dec. 31, 2020	Dec. 01, 2020	Dec. 31, 2020
Statement
Gain on reclassification of the foreign currency translation reserve			R 3,300
Gemini HDPE LLC
Statement
Gain on reclassification of the foreign currency translation reserve			R 246
Proportion of equity interest disposed of	50.00%		50.00%
Base Chemicals | Gemini HDPE LLC
Statement
Proportion of equity interest disposed of	50.00%
Base Chemicals | Lake Charles Chemicals Project
Statement
Gain on reclassification of the foreign currency translation reserve			R 3,100
Proportion of equity interest disposed of		50.00%	50.00%

Statement of financial position

Statement of financial position - ZAR (R) R in Millions		Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Assets
Property, plant and equipment		R 208,245	R 204,470	R 282,349
Assets under construction		26,648	27,802	83,474
Right of use assets		14,356	13,816	16,475
Goodwill and other intangible assets		2,374	2,800	3,299
Equity accounted investments		10,303	11,812	10,276
Post-retirement benefit assets		599	467	1,151
Deferred tax assets		26,626	31,665	9,686
Other long-term assets		6,583	8,361	7,181
Non-current assets		295,734	301,193	413,891
Inventories		26,565	27,801	30,475
Trade and other receivables		29,576	30,516	25,724
Short-term financial assets		1,188	645	2,279
Cash and cash equivalents	[1]	27,758	34,739	12,674
Current assets		85,087	93,701	71,152
Assets in disposal groups held for sale	[2]	16,695	84,268	1,302
Total assets		397,516	479,162	486,345
Equity and liabilities
Shareholders' equity		155,553	154,307	222,645
Non-controlling interests		5,490	4,941	6,001
Total equity		161,043	159,248	228,646
Long-term debt	[3]	108,391	147,511	121,287
Lease liabilities		14,917	15,825	15,939
Long-term provisions	[4]	18,104	21,857	17,974
Post-retirement benefit obligations		14,465	14,691	12,850
Long-term deferred income		342	842	560
Long-term financial liabilities		2,980	5,620	2,142
Deferred tax liabilities		19,486	20,450	28,791
Non-current liabilities		178,685	226,796	199,543
Short-term debt	[3]	19,554	43,468	18,380
Short-term financial liabilities		1,113	4,271	1,348
Other current liabilities		32,394	39,203	38,013
Bank overdraft		150	645	4
Current liabilities		53,211	87,587	57,745
Liabilities in disposal groups held for sale	[2]	4,577	5,531	411
Total equity and liabilities		R 397,516	R 479,162	R 486,345
[1]	Cash and cash equivalents decreased mainly as a result of the settlement of our ZAR banking facilities that were drawn down at 30 June 2020 (R4 billion).
[2]	The decrease compared to 30 June 2020 relates mainly to the disposal of 50% interest in the US LCCP Base Chemicals business that was classified as a disposal group held for sale at 30 June 2020. Refer to page 12 for disposal groups held for sale.
[3]	The decrease mainly relates to proceeds from our asset divestments utilised to repay the US Dollar syndicated loan, a portion of the Revolving Credit Facility as well as settlement of our outstanding ZAR banking facilities. This movement is included within the Group Functions segment. The stronger closing rand/US dollar exchange rate also reduced debt by approximately R23 billion.
[4]	The decrease in long-term provisions relates to the change in discount rates applied and the effect of the stronger closing rand/US dollar exchange rate.

Statement of financial positi_2

Statement of financial position (Parenthetical) R in Billions	6 Months Ended
	Dec. 31, 2020ZAR (R)
Statement
Decrease in borrowings due to strengthening of rand/US dollar exchange rate	R (23)
ZAR banking facilities
Statement
Repayments of borrowings	R 4
Base Chemicals | Lake Charles Chemicals Project
Statement
Proportion of equity interest disposed of	50.00%

Statement of changes in equity

Statement of changes in equity - ZAR (R) R in Millions		Shareholders' equity	Share capital	Retained earnings	Share-based payment reserve	Foreign currency translation reserve	Remeasurement on post-retirement benefits	Investment fair value reserve	Cash flow hedge accounting reserve	Non-controlling interests	Total
Balance at beginning of period at Jun. 30, 2019											R 225,795
Adjustment on initial application of IFRS 16, net of tax at Jun. 30, 2019	[1]										(290)
Restated balance at beginning of period at Jun. 30, 2019											225,505
Movement in share-based payment reserve											881
Share-based payment expense											396
Deferred tax											(7)
Sasol Khanyisa transaction											492
Total comprehensive income for the period											2,605
Dividends paid to shareholders											(11)
Dividends paid to non-controlling shareholders in subsidiaries											(334)
Balance at end of period at Dec. 31, 2019		R 222,645	R 9,888	R 186,036	R 713	R 28,240	R (2,286)	R 180	R (126)	R 6,001	228,646
Balance at beginning of period at Jun. 30, 2019											225,795
Adjustment on initial application of IFRS 16, net of tax at Jun. 30, 2019	[1]										(290)
Restated balance at beginning of period at Jun. 30, 2019											225,505
Movement in share-based payment reserve											1,938
Share-based payment expense											878
Deferred tax											(8)
Sasol Khanyisa transaction											1,068
Total comprehensive income for the period											(67,354)
Dividends paid to shareholders											(31)
Dividends paid to non-controlling shareholders in subsidiaries											(810)
Balance at end of period at Jun. 30, 2020		154,307	9,888	90,890	1,734	55,849	(2,332)	49	(1,771)	4,941	159,248
Restated balance at beginning of period at Jun. 30, 2020											159,248
Taxation impact on disposal of investment	[2]										48
Movement in share-based payment reserve											899
Share-based payment expense											425
Sasol Khanyisa transaction											474
Total comprehensive income for the period											1,083
Dividends paid to shareholders											(8)
Dividends paid to non-controlling shareholders in subsidiaries											(227)
Balance at end of period at Dec. 31, 2020		R 155,553	R 9,888	R 106,166	R 1,889	R 41,499	R (2,456)	R 28	R (1,461)	R 5,490	R 161,043
[1]	The adjustment on initial application of IFRS 16 'Leases' relates the derecognition of the IAS 17 finance lease of Oxygen Train 17 and the recognition of the embedded derivative in the Oxygen Train 17 service contract with Air Liquide.
[2]	Taxation impact recognised directly in retained earnings related to the disposal of our investment in Aethylen-Rohrleitungs-Gesellschaft mbH & Co. KG and the related ARG Verwaltunsgesellschaft mbH carried at fair value through other comprehensive income.

Statement of cash flows

Statement of cash flows - ZAR (R) R in Millions		6 Months Ended			12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019	Jun. 30, 2020
Statement of cash flows
Cash receipts from customers		R 88,890		R 102,955	R 196,798
Cash paid to suppliers and employees		(77,144)		(83,322)	(154,414)
Cash generated by operating activities	[1]	11,746		19,633	42,384
Dividends received from equity accounted investments		3		15	208
Finance income received		406		363	792
Finance costs paid		(3,192)		(2,999)	(7,154)
Tax paid		(1,575)		(3,301)	(5,659)
Cash available from operating activities		7,388		13,711	30,571
Dividends paid		(8)		(11)	(31)
Dividends paid to non-controlling shareholders in subsidiaries		(227)		(334)	(810)
Cash retained from operating activities		7,153		13,366	29,730
Total additions to non-current assets	[2]	(9,554)		(25,295)	(41,935)
Additions to non-current assets		(7,509)		(21,442)	(35,164)
Decrease in capital project related payables		(2,045)		(3,853)	(6,771)
Cash movements in equity accounted investments				(137)	(284)
Proceeds on disposals and scrappings	[3]	33,963		2,032	4,285
Acquisition of interest in equity accounted investments					(512)
Purchase of investments		(67)		(72)	(121)
Other net cash flow from investing activities		5		(459)	17
Cash generated by/(used in) investing activities		24,347		(23,931)	(38,550)
Proceeds from long-term debt		21		18,504	36,487
Repayment of long-term debt	[4]	(15,365)		(23,987)	(28,335)
Repayment of lease liabilities		(1,175)		(1,110)	(2,061)
Proceeds from short-term debt		17		15,136	19,998
Repayment of short-term debt	[4]	(20,578)		(1,270)	(977)
Cash (used in)/generated by financing activities		(37,080)		7,273	25,112
Translation effects on cash and cash equivalents		(543)		132	3,607
(Decrease)/increase in cash and cash equivalents		(6,123)		(3,160)	19,899
Cash and cash equivalents at the beginning of period		34,094	[5]	15,819	15,819
Reclassification to disposal groups held for sale and other long-term investments		(363)		11	(1,624)
Cash and cash equivalents at the end of the period	[5]	R 27,608		R 12,670	R 34,094
[1]	Cash generated by operating activities decreased by 40% to R11.7 billion compared to the prior period. Our cash flows were impacted by low crude oil prices, softer chemical prices, plant downtime and the impact of COVID-19, partly negated by our cash conservation initiative.
[2]	The movement is mainly as a result of the completion of the LCCP and decreased capital expenditure due to cash conservation initiatives.
[3]	Includes proceeds received from the disposal of a portion of our US LCCP Base Chemicals business, as well as our 50% equity interest in the Gemini HDPE LLC (approximately R33 billion
[4]	During the period, we utilised proceeds from our asset divestments to repay the US dollar syndicated loan and a portion of our Revolving credit facility. Furthermore, we repaid all our ZAR banking facilities.
[5]	Includes bank overdraft.

Statement of cash flows (Parent

Statement of cash flows (Parenthetical) R in Millions, $ in Billions	6 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020ZAR (R)
Statement
Increase (decrease) in cash generated by operating activities (as a percent)	40.00%	40.00%
Cash generated by operating activities		R 11,746	[1]
Proceeds on disposals		33,963	[2]
US Base Chemicals and Gemini HDPE LLC
Statement
Proceeds on disposals	$ 2.4	R 33,000
Gemini HDPE LLC
Statement
Proportion of equity interest disposed of	50.00%	50.00%
Proceeds on disposals		R 5,900
[1]	Cash generated by operating activities decreased by 40% to R11.7 billion compared to the prior period. Our cash flows were impacted by low crude oil prices, softer chemical prices, plant downtime and the impact of COVID-19, partly negated by our cash conservation initiative.
[2]	Includes proceeds received from the disposal of a portion of our US LCCP Base Chemicals business, as well as our 50% equity interest in the Gemini HDPE LLC (approximately R33 billion

Segment report

Segment report	6 Months Ended
	Dec. 31, 2020
Segment report
Segment report	Segment report for the period ended Turnover Earnings before interest and tax Full year Half year Half year Half year Half year Full year 30 Jun 20 31 Dec 19 31 Dec 20 31 Dec 20 31 Dec 19 30 Jun 20 Rm Rm Rm Segment analysis Rm Rm Rm 25 095 12 983 12 795 Operating Business Units 2 629 2 397 3 953 19 891 10 348 10 807 Mining 1 732 1 374 2 756 5 204 2 635 1 988 Exploration and Production International 1 023 1 197 189 781 98 781 91 337 Strategic Business Units 10 476 6 549 (101 937) 67 901 41 206 30 178 Energy 5 098 6 743 (6 678) 52 683 24 642 27 409 Base Chemicals 3 624 (1 488) (70 804) 69 197 32 933 33 750 Performance Chemicals 1 754 1 294 (24 455) – Group Functions 8 545 (13 046) 214 906 111 764 104 138 Group performance 21 650 9 853 (111 030) (24 539) (12 594) (12 170) Intersegmental turnover 190 367 99 170 91 968 External turnover Revenue by major product line Half year Half year Full year 31 Dec 20 31 Dec 19 30 Jun 20 Rm Rm Rm Base Chemicals 27 023 24 183 51 868 Polymers 16 491 13 974 30 275 Solvents 7 256 5 965 13 226 Fertilisers and explosives 1 163 2 240 3 820 Other base chemicals 2 113 2 004 4 547 Performance Chemicals 33 318 32 452 68 316 Organics 24 692 24 790 52 189 Waxes 4 943 3 927 8 927 Advanced materials 3 683 3 735 7 200 Upstream, Energy and Other Coal 1 343 Liquid fuels and crude oil 25 929 36 884 59 775 Gas (methane rich and natural gas) and condensate 3 203 3 134 5 953 Other (Technology, refinery services) 1 154 1 148 2 313 Revenue from contracts with customers 91 562 98 707 189 568 Revenue from other contracts (franchise rentals, use of fuel tanks and fuel storage) Total external turnover 91 968 99 170 190 367 Segmental earnings performance i,ii,iii Mining – maintaining steady safe production Productivity improved by 2% to 1 162 tons per continuous miner per shift (t/cm/s) compared to the prior period due to planned management actions, operational efficiencies and a steady improvement in the safety and reliability of our operations. Our COVID-19 mitigation measures remained in force during the period, ensuring minimal impact on our operations. The higher productivity rates have enabled us to temporarily suspend additional external coal purchases, as our stockpile levels reached our target range of 1,5 million tons to 2,0 million tons. Encouragingly, we have a strong recovery in demand from both our internal and external customers. Our export sales increased by 8% compared to the prior period and we anticipate external sales of approximately 3,2 million tons for the full year, similar to pre-COVID-19 levels. We are targeting a full year productivity rate of approximately 1 160 – 1 210 t/cm/s. We remain committed to implementing the next phases of our Business Improvement Programme, aimed at maintaining safe and reliable operations and improved productivity through the conversion to a 365-day continuous shift system. EBIT increased by 26% for the period to R1,7 billion compared to the prior period, mainly due to higher sales volumes, lower external coal purchases and lower cash fixed costs than the prior period. Our normalised mining unit cost increased with 2% to R351/ton due to higher maintenance costs, above inflation utility cost increases which was partly offset by lower labour costs. We expect our mining unit cost for 2021 to be between R340 to R360/ton. Exploration and Production International (E&PI) – consistent operational performance, adversely impacted by lower sales prices and volumes EBIT decreased by 12% to R897 million compared to the prior period. Our Mozambican operations recorded an EBIT of R1,4 billion, a 4% increase compared to the prior period mainly due to lower cash fixed costs and the impact of a weaker closing rand/US dollar exchange rate on translation of foreign operations which was partly offset by lower sales prices and volumes. Gas production volumes of 58,7 bscf were slightly lower than the prior period due to lower demand from our Sasolburg and Secunda Operations due to the COVID-19 impact and production instabilities. Despite this, we still expect gas production volumes from the Petroleum Production Agreement in Mozambique to be 114 - 118 bscf, in line with previous market guidance. Our Gabon producing asset benefitted from higher production volumes, however softer oil prices and lower sales volumes associated with COVID-19 resulted in a LBIT of R85 million. We expect a strong sales performance in the second half of the year. In line with our strategy, we are making good progress with the divestment of our interest in the Gabon assets which is expected to be completed by the end of June 2021. Our Canadian shale gas asset in Montney recorded a lower LBIT of R95 million, compared to the prior period LBIT of R142 million, mainly due to higher prices. Canadian gas volumes were lower due to the natural decline in the production wells. We remain committed to divest from this asset as part of our strategic portfolio optimisation. Energy – liquid fuels recovery following a challenging past six months due to lower demand We continue to see a strong recovery in demand for our liquid fuels in South Africa following the easing of COVID-19 lockdown restrictions. Encouragingly, in December 2020, we recorded our highest sales volumes for the period despite the second wave of the virus starting to escalate. The demand for diesel is currently almost at pre-COVID-19 levels whilst petrol is between 90% - 95% of pre-COVID-19 levels. However, jet fuel demand continues to remain under pressure and is expected to be below pre-COVID-19 levels for at least the next 12 months. Liquid fuels sales volumes have declined by 11% compared to the prior period as a consequence, we have reduced the forecast run rate of Natref whilst running Secunda Synfuels at full rates to maximize margins. Natural gas sales volumes increased by 6% compared to the prior period, as customers ramped up production to recoup lockdown related production losses and undertook unplanned shutdown activities resulting in higher natural gas consumption. SSO production volumes were 1% higher compared to the prior period due to the postponement of the September 2020 shutdown. Natref production was, as expected, 12% lower than the prior period as a result of the decrease in demand, particularly in jet fuel, due to the COVID-19 lockdown. Consequently, Natref achieved a crude rate of 512 m³/h due to the refinery being run on low production rates. EBIT decreased by 24% to R5,1 billion compared to the prior period EBIT of R6,7 billion. The COVID-19 impact saw reduced sales volumes, lower average Brent crude oil prices and softer refining margins and was partially offset by the impact of a weaker rand/US dollar exchange rate. Our gross margin percentage increased from 42% to 45% compared to the prior period mainly due to Synfuels producing at full rates and the benefit of Natref procuring crude at much lower prices at the start of the year. Cash fixed costs were 12% lower due to focused management actions and cash conservation. ORYX GTL contributed R118 million to EBIT, a R583 million decrease from R701 million in the prior period and achieved an average utilisation rate of 69%. An average utilisation rate of 90,7% was achieved in second quarter of the financial year compared to 48% achieved in the first quarter as train 2 returned to operation post the extended shutdown. Both trains are currently operating at full capacity, achieving a higher than 100% utilisation rate in both November and December 2020. Performance Chemicals – 2021 still negatively impacted by COVID-19 and US Hurricanes The Performance Chemicals business faced a challenging period with sales volumes 3% lower compared to the prior period. COVID-19 related restrictions are still negatively impacting many of our key markets, and we experienced an unplanned outage at our US operations due to Hurricanes Laura and Delta. Our Organics division experienced a 10% decrease in sales volumes compared to the prior period impacted by the lost production at our US operations as well as the continuing weak macroeconomic environment, especially in Europe and Asia. Our Wax division delivered a strong performance for the period with sales increasing by 20% benefitting from high demand especially in the furniture, construction, candles and packaging markets. Our Advanced Materials sales volumes were 20% higher than the prior period driven by carbon sales. Whilst margins are still healthy, demand in our Aluminas business is currently lower due to the COVID-19 constraints in certain markets. We remain at our previous market guidance and estimate our Performance Chemicals full year 2021 sales volumes to be in line with 2020. The continued COVID-19 pandemic may impact margins and sales volumes during the second half of 2021. EBIT of R1 754 million increased by 36% compared to the prior period’s result mainly as a result of the the positive effect on the weakening of the average rand/US dollar exchange rate, the profit on disposal of 50% of our US LCCP Base Chemicals business and lower costs, offset by lower product prices. Total external sales volumes for the period normalised for LCCP, the Heat Transfer Fuels and the China Oleochemicals alcohols divestitures were lower compared to the corresponding period’s results, mainly due to a soft macro environment exacerbated by the spread of COVID-19 and the effects of hurricanes on the US business. The hurricanes also impacted the ramp up of our LCCP plants negatively which caused the sales volumes from the new units to remain on the same level as in the prior period. Additional costs were incurred for the repairs of the units that were damaged during the hurricanes which will be reimbursed by our insurance, covering a large part of property damage as well as some of our operational losses. Losses attributable to the LCCP while in the final ramp-up phase were R1 595 million (US$98 million). COVID-19 is still impacting our demand and logistics and in some industry applications, e.g. our Aluminas business, markets remain depressed with healthy margins but lower volumes than the prior year. However, overall many markets are showing slow recoveries. Low natural oil prices continued to affect alcohols and surfactants volumes adversely as well as margins across our portfolio in the beginning of the period. However, our businesses will benefit from the latest surge in prices. Base Chemicals – higher foundation business sales volumes and prices lifting overall profitability The Base Chemicals foundation business (excluding Polymers US products) sales volumes for the period were 8% higher than the prior period, due to improved demand. The Polymers US sales volumes for the period were 15% higher than the prior period due to the new ethylene cracker achieving beneficial operation in August 2019. However, Polymers US second quarter sales volumes were 23% lower than the first quarter due to Hurricanes Laura and Delta as well as the divestment of our 50% interest in the US LCCP Base Chemicals business. The divestment was successfully concluded on 1 December 2020 through the creation of the 50/50 owned Louisiana Integrated Polyethylene JV LLC. Sasol also disposed of its 50% interest in the Gemini HDPE LLC to INEOS Gemini HDPE LLC, a wholly owned subsidiary of INEOS LLC. This divestment was successfully closed on 31 December 2020. Average sales prices were 6% lower compared to the prior period largely due to weaker oil prices and the global COVID-19 pandemic. Polymers US basket prices for the period decreased by 11% compared to the prior period with margins under further pressure due to the ethane price increasing by 19% compared to the prior period. EBIT for the six months ended 31 December 2020 of R3 624 million increased by R5 112 million compared to the prior period largely due the higher sales volumes, the positive effect on the weakening of the average rand/US dollar exchange rate, the profit on disposal of 50% of our US LCCP Base Chemicals business and the profit on disposal of the Gemini HDPE LLC, offset by lower sales prices. Losses attributable to the LCCP while in the final ramp-up phase were R451 million while a R438 million impairment was recognised on the US Phenolics assets. During the prior period impairments of R465 million were recognised on MIBK and Blends and Minchem. The introduction of the Sasol cash conservation initiative in 2020 assisted in keeping cash fixed costs lower than the prior period. i Forward-looking statements are the responsibility of the Directors and in accordance with standard practice, it is noted that this statement has not been reviewed and reported on by the Company’s auditors. ii All comparisons to the prior period refer to the six months ended 31 December 2019. All numbers are quoted on a pre-tax basis, except for earnings attributable to shareholders. iii All other operational and financial measures (such as cash fixed cost) have not been reviewed and reported on by the Company’s auditors.

Salient features

Salient features	6 Months Ended
	Dec. 31, 2020
Salient features
Salient features	Salient features for the period ended Half year Half year Full year 31 Dec 20 31 Dec 19 30 Jun 20 Other financial information Total debt (including bank overdraft) Rm 126 341 137 974 189 730 interest-bearing Rm 126 341 137 910 189 730 non-interest-bearing Rm – – Finance expense capitalised¹ Rm 1 974 3 520 Capital commitments (subsidiaries and joint operations)¹ Rm 28 720 49 394 31 950 authorised and contracted Rm 224 246 217 047 260 620 authorised, not yet contracted Rm 20 031 37 827 21 136 less expenditure to date Rm (215 557) (205 480) (249 806) Capital commitments (equity accounted investments) Rm 1 957 1 277 authorised and contracted Rm 1 936 authorised, not yet contracted Rm 1 912 1 089 less expenditure to date Rm (1 748) Effective tax rate² % Number of employees³ number 29 187 31 363 31 001 1 Finance expense capitalised and capital commitments decreased as a result of all LCCP units achieving beneficial operation. 2 The decrease in effective corporate tax rate is mainly as a result of tax losses utilised in the current year which are allowed to be set off against 2021 foreign exchange gains, and the Foreign Currency Translation Reserve (FCTR) reclassified on the disposal of business for which no tax is calculated. 3 The total number of employees includes permanent and non-permanent employees and the Group's share of employees within joint operations, but excludes contractors and equity accounted investments' employees. Half year Half year Full year 31 Dec 20 31 Dec 19 30 Jun 20 Rm Rm Rm Reconciliation of headline earnings Earnings/(losses) attributable to owners of Sasol Limited 14 491 4 053 (91 109) Effect of remeasurement items for subsidiaries and joint operations (2 519) 110 834 Impairment of property, plant and equipment 94 032 Impairment of assets under construction – 13 399 Impairment of right of use assets – 3 322 Impairment of goodwill and other intangible assets – Impairment of other assets¹ – Profit on disposal of businesses² (2 957) (1 684) (Profit)/loss on disposal of non-current assets (Profit)/loss on disposal of other assets – Scrapping of non-current assets Write-off of unsuccessful exploration wells Tax effects and non-controlling interests (27 010) Effect of remeasurement items for equity accounted investments – – Headline earnings/(loss) 11 858 3 670 (7 285) Headline earnings/(loss) adjustments by segment Mining Exploration and Production International Energy 11 987 Base Chemicals (1 840) 70 670 Performance Chemicals 27 863 Group Functions Remeasurement items (2 519) 110 834 Headline earnings/(loss) per share³ Rand Diluted headline earnings/(loss) per share Rand 1 Relates mainly to an impairment of R438 million (US$29,8 million) on the US Phenolic assets which were impaired to its fair value less costs to sell. 2 Included is a loss on disposal of R1,1 billion and a corresponding gain on reclassification of foreign currency translation reserve of R3,1 billion relating to the sale of a portion of our US LCCP Base Chemicals business, as well as a profit on disposal of R719 million and a corresponding gain on reclassification of foreign currency translation reserve of R246 million relating to the sale of our 50% equity interest in the Gemini HDPE LLC. 3 Headline earnings per share refers to disclosure made in terms of the JSE Limited Listing Requirements.

Basis of preparation

Basis of preparation	6 Months Ended
	Dec. 31, 2020
Basis of preparation
Basis of preparation	Basis of preparation The condensed consolidated interim financial statements for the six months ended 31 December 2020 have been prepared in accordance with International Financial Reporting Standard (IFRS), IAS 34 ‘Interim Financial Reporting’, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa, 2008, as amended, and the JSE Limited Listings Requirements. The condensed consolidated interim financial statements do not include all the disclosures required for complete annual financial statements prepared in accordance with IFRS as issued by the International Accounting Standards Board. The condensed consolidated interim financial statements are prepared on a going concern basis. Refer to page 12 for more detail on the going concern. The Board is satisfied that the liquidity and solvency of the company is sufficient to support the current operations for the next 12 months. These condensed consolidated interim financial statements have been prepared in accordance with the historic cost convention except that certain items, including derivative financial instruments, liabilities for cash-settled share-based payment schemes, financial assets at fair value through profit or loss and financial assets designated at fair value through other comprehensive income, are stated at fair value. The condensed consolidated interim financial statements are presented in South African rand, which is Sasol Limited’s functional and presentation currency. The accounting policies applied in the preparation of these condensed consolidated interim financial statements are in terms of IFRS and are consistent with those applied in the consolidated annual financial statements for the year ended 30 June 2020, except for the adoption of amendments to certain standards as discussed in more detail below. The condensed consolidated interim financial statements appearing in this announcement are the responsibility of the directors. The directors take full responsibility for the preparation of the condensed consolidated interim financial statements. Paul Victor CA(SA), Chief Financial Officer, is responsible for this set of condensed consolidated interim financial statements and has supervised the preparation thereof in conjunction with the Senior Vice President: Financial Controlling and Governance, Feroza Syed CA(SA). The condensed consolidated interim financial statements were approved by the Sasol Limited Board on 19 February 2021. Amendments to International Financial Reporting Standards adopted The following amendments to IFRS were effective for the first time from 1 July 2020: • Amendments to IFRS 3 ‘Business Combinations’; • Amendments to IAS 1 ‘Presentation of Financial Statements’; and • Amendments to IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’. No material impact on the condensed consolidated interim financial statements was identified resulting from the adoption of these amendments. In the prior financial year, the group early adopted the Interest Rate Benchmark Reform Phase 1 Amendments to IFRS 9 ‘Financial Instruments’, IAS 39 ‘Financial Instruments: Recognition and Measurement’ and IFRS 7 ‘Financial Instruments: Disclosures’ (Phase 1). These amendments modify specific hedge accounting requirements to allow hedge accounting to continue for affected hedges during the period of uncertainty before the hedged items or hedging instruments are amended as a result of the interest rate benchmark reform. In the current year, the group has elected to early adopt the Interest Rate Benchmark Reform – Phase 2 Amendments to IFRS 9 ‘Financial Instruments’, IAS 39 ‘Financial Instruments: Recognition and Measurement’, IFRS 7 ‘Financial Instruments: Disclosures’, IFRS 4 ‘Insurance Contracts’ and IFRS 16 ‘Leases’ (Phase 2) which was issued in August 2020. In accordance with the transition provisions, the amendments have been adopted retrospectively to hedging relationships and financial instruments. Comparative amounts have not been restated, and there was no impact on the current period opening reserves amounts on adoption. Both the Phase 1 and Phase 2 amendments are relevant to the group as the group has exposure to the variable US dollar London Interbank Overnight Rate (LIBOR) through various instruments including term loans, revolving credit facilities, as well as an interest rate swap which has been designated as a hedging instrument in a cash flow hedge. The group will continue to apply the Phase 1 amendments until the uncertainty arising from the interest rate benchmark reform with respect to the timing and the amount of the underlying cash flows to which the group is exposed ends. The group expects this uncertainty will continue until the contracts that reference Interbank Overnight Rates (IBORs) are amended to specify the date on which the interest rate benchmark will be replaced and the basis for the cash flows of the alternative benchmark rate are determined. As a result of the Phase 2 amendments: • When the contractual terms of the group’s borrowings are amended as a direct consequence of the interest rate benchmark reform and the new basis for determining the contractual cash flows is economically equivalent to the basis immediately preceding the change, the group changes the basis for determining the contractual cash flows prospectively by revising the effective interest rate. If additional changes are made, which are not directly related to the reform, the applicable requirements of IFRS 9 are applied to the other amendments. • When changes are made to the hedging instruments, hedged item and hedged risk as a result of the interest rate benchmark reform, the group will update the hedge documentation without discontinuing the hedging relationship and the cumulative gain or loss in the cash flow hedge accounting reserve will be deemed to be based on the alternative benchmark rate. As at 31 December 2020 no modifications to any of the group’s derivative or non-derivative financial instruments have been made in response to the reform, however, negotiations with counterparties on appropriate changes and resetting of rates are expected to commence in the near future. The following table contains details of all of our financial instruments at 31 December 2020 which reference the US LIBOR and have not yet transitioned to an alternative interest rate benchmark: Carrying value Half year 31 Dec 20 Rm Financial liabilities measured at amortised cost US Dollar term loans 26 650 US Dollar Revolving credit facility 47 491 Derivative liability Interest rate swap 2 955 Total 77 096

Disposal groups held for sale

Disposal groups held for sale	6 Months Ended
	Dec. 31, 2020
Disposal groups held for sale
Disposal groups held for sale	Disposal groups held for sale The table below depicts the disposal groups held for sale at 31 December 2020: Half year Full year 31 Dec 20 30 Jun 20 Rm Rm Assets in disposal groups held for sale Segment US Base Chemicals Assets Base and Performance Chemicals – 71 001 Secunda Synfuels Operations Air Separation Units Energy, Base and Performance Chemicals 5 889 5 675 Investment in Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO) Energy 5 999 5 951 Investment in Central Termica De Ressane Garcia S.A. (CTRG) Energy 3 099 – Interests in Etame Marin block and Block DE-8 offshore Gabon Exploration and Production International 1 148 – Other 1 641 16 695 84 268 Liabilities in disposal groups held for sale Segment US Base Chemicals Assets Base and Performance Chemicals – (2 425) Secunda Synfuels Operations Air Separation Units Energy, Base and Performance Chemicals Investment in Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO) Energy (2 136) (2 604) Investment in Central Termica De Ressane Garcia S.A. (CTRG) Energy (1 256) – Interests in Etame Marin block and Block DE-8 offshore Gabon Exploration and Production International – Other (4 577) (5 531)

Going concern

Going concern	6 Months Ended
	Dec. 31, 2020
Going concern
Going concern	Going concern Introduction In determining the appropriate basis of preparation of the condensed consolidated interim financial statements for the six months ended 31 December 2020, the Board is required to consider whether the Sasol Group (Group) can continue in operational existence for the foreseeable future. Financial performance during the year Sasol has delivered a strong set of results for the period, underpinned by a strong cash cost, working capital and capital expenditure performance in response to the effects of the COVID-19 pandemic, a severe decline in crude oil prices and softer chemical product prices. In addition, our Lake Charles production was impacted by hurricanes experienced in the US Gulf Coast, resulting in lost production of approximately 300kt for the period. At 31 December 2020, the balance sheet saw an improvement in the gearing at 76% (30 June 2020: 114,5%) and Net debt: EBITDA (based on the bank definition) of 2,6 times (30 June 2020: 4,3 times), well below the negotiated December 2020 covenant level of 4,0 times. The ability of the Group to meet its debt covenant requirements at 30 June 2021 and repay debt as it becomes due is dependent on the timing and quantum of cash flows from operations and the ability to realise cash through a combination of asset disposals, or part thereof. The Group reported earnings for the six months of R15,3 billion, which compares to earnings of R4,5 billion for the prior period. These results were underpinned by a good operational performance and effective cost management in response to the challenging environment, as well as the following non-cash adjustments: • Translation gains of R4,6 billion on the translation of monetary assets and liabilities due to a 15% strengthening of the closing rand/US dollar exchange rate compared to June 2020; • R5,0 billion gain on the valuation of financial instruments and derivative contracts; and • R3,3 billion gain on the reclassification of the foreign currency translation reserve (FCTR), mainly on the divestment of a 50% interest in the US LCCP Base Chemicals business. The Board has no intention to cease trading, curtail operations or liquidate the businesses, other than planned asset disposals which are aligned with the Group’s revised strategy to create a more focused portfolio. Timing and success of asset disposals Since June 2020 the Group has made good progress on the expanded and accelerated asset divestment programme by securing R33 billion (US$2,4 billion) of proceeds by 31 December 2020. During the six months we completed the sale of 50% of our US LCCP Base Chemicals business and our 50% equity interest in the Gemini HDPE LLC. Proceeds from these disposals were used to settle the syndicated loan of R15,5 billion (US$1 billion) as well R12,3 billion (US$840 million) of the RCF. A further R3,7 billion (US$250 million) of the RCF was settled in January 2021. The next debt maturity is the R2,2 billion (US$150 million) term loan which matures in November 2021. The Group has classified R12,1 billion as net assets and liabilities in disposal groups held for sale at 31 December 2020. Sale and purchase agreements amounting to approximately R11 billion (US$750 million) have already been concluded on a number of these assets. The disposal groups that were classified as held for sale at 30 June 2020, which have not yet been disposed of, remain classified as held for sale at 31 December 2020. It is highly probable that these disposals will be completed by 30 June 2021. It is highly probable that the disposal groups classified as held for sale subsequent to 30 June 2020, will be sold by 31 December 2021. Refer to the “disposal groups held for sale” note on page 12 for more information. Rights issue A decision was made not to pursue a rights issue given the current macroeconomic outlook, and the significant progress made on our response plan initiatives. The balance sheet deleveraging pathway will continue to be prioritised to ensure that we operate within our financial covenants and maintain adequate liquidity headroom, whilst delivering the Sasol 2.0 transformation programme. Repositioning the business In repositioning the business to be sustainably profitable, we introduced a new operating model. The transition to this new operating model commenced from 1 November 2020, providing greater autonomy to the chemicals and energy businesses. We see Future Sasol as a business focused on areas in which we have competitive advantages and moving towards leading the energy transition in Southern Africa. The financial targets for Future Sasol will be delivered over the next 3 to 4 years. This will give us a business that is competitive, highly cash generative and able to deliver attractive returns even in a US$45/bbl oil price environment. The milestones allocated to each target, with an objective of delivering most of these targets by the end of 2023, are: • A cash fixed cost reduction by the end of 2025 of 15% to 20% (R8 billion to R10 billion); • A gross margin improvement of 5% to 10% (R6 billion to R8 billion); • A 30% reduction in capital expenditure on sustenance capital, which equates to an annualised spend rate of R20 billion to R25 billion; and • A working capital target of 14% of revenue which is an improvement of 1% from 2019. Solvency and liquidity Solvency At 31 December 2020, after impairments, the valuations of the Group’s assets indicate that their fair values exceed their carrying values as well as the external debt. The asset base of the Group comprises mainly tangible assets with significant value, reflected in the records of the underlying businesses. As such, the Board is of the view that given the significant headroom in the fair value of the assets over the fair value of the liabilities (including contingent liabilities), the Group is solvent as at 31 December 2020 and at the date of this report. Liquidity management At 31 December 2020, the Group had cash and cash equivalents of R27,6 billion (30 June 2020: R34,1 billion) and available facilities of R27,0 billion (30 June 2020: R10,5 billion). Settlement of debt with proceeds received from the asset disposals and the adjustments as agreed with the lenders for the impact of Hurricanes Laura and Delta resulted in Net Debt: EBITDA of 2,6 times against a covenant level of 4 times at 31 December 2020. Sasol will be released from the covenant amendment agreement signed in November 2020 once the December 2020 covenant compliance certificate is delivered to the lenders indicating a Net Debt: EBITDA of below 4 times, however Sasol still has the obligation to pay down the RCF from proceeds of asset disposals and debt or equity issuances. Increased cash generation, through improved earnings, delivery of Sasol’s self-help measures and asset disposals remain critical to balance sheet de-leveraging and reducing financial and credit ratings risks. The ability of the Group to meet its debt covenant requirements at 30 June 2021 and repay debt as it becomes due is dependent on the timing and quantum of cash flows from operations and the ability to realise cash through a combination of asset disposals, or part thereof. We continue to actively manage the balance sheet with the objective of maintaining a healthy liquidity position and a balanced debt maturity profile. Management has prepared updated forecasts for the remainder of 2021 and 2022 and continues to use a robust liquidity model which includes detailed cash flow forecasts covering a period of nine months from the date of the condensed consolidated interim financial statements. The Group liquidity model is a monthly consolidation of the Group’s individual business cash flow forecasts. The cash flow forecasts are based on estimated free cash flow from operations, on a monthly basis, for the upstream Mining and Oil and Gas Exploration entities, the manufacturing operations globally and the selling business units, being Base Chemicals, Performance Chemicals and Energy. The cash flow forecasts have been adjusted for planned disposals over the next 12 months. The cash flow forecasts are prepared monthly and reviewed by management. They are evaluated against forecasted expectations and variances are monitored and scrutinised. Various scenarios and stress testing analysis are performed to test the robustness of the cash flow forecasts. Performance and liquidity improvement initiatives undertaken during 2020 have continued into 2021 and already delivered improvements on the Group’s liquidity position. The forecasts and any variances are presented to the Board at least on a quarterly basis or more frequently as required Estimates and judgements considered within the liquidity assessment Management has considered a number of estimates, judgements and assumptions in performing the liquidity assessments, the most significant of which are listed and expanded upon below: • The Group has applied conservative macroeconomic assumptions in the cash flow forecast and has modelled a Brent crude oil price of US$45,50/bbl and a rand/US dollar exchange rate of R14,83 for the remainder of 2021 and a Brent crude oil price of US$53,58/bbl and a rand/US dollar exchange rate of R15,10 for 2022. • The Group assumed a working capital percentage of 15,6%, which is conservative in relation to the 14,9% achieved at 31 December 2020. • Continued positive results in the short-term from the comprehensive response plan for the remainder of 2021 and 2022; and • The reduction in debt through the sale of assets to meet the debt reduction milestones. We have made significant progress on divestments, with announced asset divestment proceeds totaling US$3,3 billion to date. Conclusion The Group’s ability to meet its debt covenant requirements at 30 June 2021 and repay debt as it becomes due is dependent on the timing and quantum of cash flows from operations and the ability to realise cash through a combination of asset disposals, or part thereof, that raise substantial doubt about its ability to continue as a going concern. The Group intends to realise cash through a combination of asset disposals, or part thereof. Management believes that the net proceeds of any such transactions, together with cash flows from operations of the business, will be sufficient to meet its debt covenants at 30 June 2021. There can be no assurance, however, that the Group will be able to complete these transactions. The accompanying condensed consolidated interim financial statements are prepared on a going concern basis and therefore do not include any adjustments that might result from the outcome of this uncertainty.

Tax litigation and other legal

Tax litigation and other legal matters	6 Months Ended
	Dec. 31, 2020
Tax litigation and other legal matters
Tax litigation and other legal matters	Tax litigation and other legal matters Sasol Financing International (SFI) / SARS Apart from the parties exchanging further pleadings in the matter, there has been no change to the SFI/SARS matter contained in the Group’s annual financial statements for the year-ended 30 June 2020. A contingent liability of R2,54 billion (including interest and penalties) is reported in respect of this matter as at 31 December 2020. Securities class action against Sasol Limited and some of its current and former executive directors A class action lawsuit was filed against Sasol Limited and several of its current and former officers in a Federal District Court in New York (the Court). The lawsuit alleges that Sasol violated U.S. federal securities laws by allegedly making false or misleading public statements regarding the LCCP between 2015 and 2020, specifically with respect to timing, costs, and control procedures, (refer to the Group’s annual financial statements for the year ended 30 June 2020). The Court dismissed the claims based on alleged misrepresentations about the effectiveness of internal controls over financial reporting and the management of the LCCP, but found that the portions of the case related to the allegations of violations of U.S. securities laws based on alleged misrepresentations about LCCP cost estimates and schedules could move forward. On 30 October 2020, Sasol filed a Motion for Reconsideration of the Court’s order denying Sasol’s Motion to Dismiss. On 15 December 2020 Sasol filed a supplemental brief in support of its Motion. Plaintiffs filed an opposition on 19 January 2021, and Sasol filed a reply on 1 February 2021. The plaintiff has not specified any amount of damages to date. In the amended complaint, a compensatory claim for damages for the members of the class was left for the trial to be determined. Therefore, no potential loss can be reliably estimated at this stage. Consequently, no provision has been recognised at 31 December 2020. In this context, it is important to also note that Sasol’s Directors and Officers insurance has indicated coverage under the policy for this matter. Legal review of Sasol Gas National Energy Regulator of South Africa (NERSA) maximum price decision and NERSA gas transmission tariff application (March 2013) In October 2013, following the March 2013 decisions by the National Energy Regulator of South Africa (NERSA) (pursuant to the applications by Sasol Gas (Pty) Ltd), seven of the customers of Sasol Gas brought a legal review application requesting the setting aside of the Maximum Price Methodology used by NERSA in evaluating the Maximum Price Application by Sasol Gas as well as the Maximum Price decision and Gas Transmission Tariff decision. The basis of the challenge to the NERSA price decision was the allegation that the methodology used by NERSA to determine its approval of the Maximum Gas Prices was unreasonable and irrational. The original decision in the High Court was appealed to the Supreme Court of Appeal (SCA) and the matter ultimately concluded in the decision by the Constitutional Court handed down on 15 July 2019. In terms of the order, the NERSA Maximum Price decision of March 2013 has been set aside. During June 2020, IGUA, an industry association whose members include a number of large gas customers, launched an application to review and overturn the November 2017 NERSA Maximum Gas Price decision, which approved maximum gas prices for Sasol Gas for the period 1 July 2017 up to 30 June 2020. Because the basis for this NERSA decision was similar to that of the previously overturned 2013 NERSA decision, neither Sasol Gas nor NERSA will oppose the application. After the Constitutional Court judgement, NERSA completed its review of the Maximum Gas Price Methodology. Following a public participation process, in which Sasol Gas participated, NERSA adopted a new Maximum Price Methodology that was published during June 2020. After participating in the NERSA engagements with stakeholders on the implementation of the new Maximum Gas Price Methodology, Sasol Gas prepared and submitted a Maximum Gas Price application for the period from 26 March 2014 up to 30 June 2023. The Constitutional Court confirmed that the Methodology is only a guideline to be followed by NERSA in considering Maximum Gas Price applications and that all relevant facts and circumstances relating to the application by a particular licensee have to be considered. The Sasol Gas application is currently pending before NERSA and the consideration thereof will also involve a public participation process in accordance with the applicable NERSA rules. It is currently not determinable with certainty what the relation will be between the new Maximum Gas Price to be approved by NERSA for Sasol Gas and the actual gas prices charged to customers, or whether the approval by NERSA of a new Maximum Gas Price would lead to any possible change in respect of the retrospective portion of the Maximum Gas Price Period. Therefore, any liability cannot be reliably estimated. Accordingly, no provision has been raised in respect of this matter as at 31 December 2020. Other litigation and tax matters From time to time, Sasol companies are involved in other litigation and similar proceedings in the normal course of business. A detailed assessment is performed on each matter and a provision is recognised where appropriate. Although the outcome of these proceedings and claims cannot be predicted with certainty, the Company does not believe that the outcome of any of these cases would have a material effect on the Group’s financial results.

Related party transactions

Related party transactions	6 Months Ended
	Dec. 31, 2020
Related party transactions
Related party transactions	Related party transactions The group, in the ordinary course of business, entered into various sale and purchase transactions on an arm’s length basis at market rates with related parties.

Significant events and transact

Significant events and transactions since 30 June 2020	6 Months Ended
	Dec. 31, 2020
Significant events and transactions since 30 June 2020
Significant events and transactions since 30 June 2020	Significant events and transactions since 30 June 2020 In accordance with IAS 34 ‘Interim Financial Reporting’, we have included below explanations of events and transactions which are significant to obtain an understanding of the changes in our financial position and performance since 30 June 2020: • Sasol continued to face significant challenges during the past six months with sustained low crude oil prices, softer chemical prices, prolonged plant downtime in the Gulf Coast due to hurricanes and the continued effects of the COVID-19 pandemic on product demand. • Significant disposals were concluded during the period: • On 1 December 2020 the sale of 50% of our interest in the US LCCP Base Chemicals business was successfully concluded through the creation of the 50/50 owned Louisiana Integrated Polyethylene JV LLC (LIP). Sasol’s 50% interest in LIP is accounted for as a joint operation and Sasol’s share of assets and liabilities held jointly, revenue from the sale of its share of output and expenses were reflected within the Sasol results from 1 December 2020 in terms of IFRS 11 ‘Joint Arrangements’; and • The divestment of our 50% equity interest in the Gemini HDPE LLC successfully closed on 31 December 2020. • Significant assets and liabilities in disposal groups held for sale at 31 December 2020: • Our 16 air separation units, including the cooling tower linked to train 16, located in Secunda; • Our 50% shareholding in Republic of Mozambique Pipeline Investment Company; • Our full shareholding in Central Termica De Ressane Garcia S.A. (CTRG), the gas-to-power plant located in Ressano Garcia, Mozambique; and • Our 27,8% working interest in the Etame Marin block offshore Gabon (producing asset with proven reserves), as well as our 40% non-operated participating interest in Block DE-8 offshore Gabon (exploration permit.

Subsequent event

Subsequent event	6 Months Ended
	Dec. 31, 2020
Subsequent event
Subsequent event	Subsequent events There were no events that occurred subsequent to 31 December 2020.

Financial instruments

Financial instruments	6 Months Ended
	Dec. 31, 2020
Financial instruments
Financial instruments	Financial instruments Fair value Fair value is determined using valuation techniques as outlined unless the instrument is listed in an active market. Where possible, inputs are based on quoted prices and other market determined variables. Fair value hierarchy The table below represents significant financial instruments measured at fair value at the reporting date, or for which fair value is disclosed at 31 December 2020. This includes the US dollar bonds, interest rate swap, ethane swap, Brent crude oil put options, Brent crude oil zero-cost collars and zero-cost foreign exchange collars which were considered to be significant financial instruments for the group based on the amounts recognised in the statement of financial position and the fact that these instruments are traded in an active market. The calculation of fair value requires various inputs into the valuation methodologies used. The source of the inputs used affects the reliability and accuracy of the valuations. Significant inputs have been classified into the hierarchical levels in line with IFRS 13. Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Inputs other than quoted prices that are observable for the asset or liability (directly or indirectly). Level 3 Inputs for the asset or liability that are unobservable. Half year Full year 31 Dec 20 30 Jun 20 IFRS 13 fair value Carrying value Fair value Carrying value Fair value Instrument hierarchy Rm Rm Rm Rm Valuation method Significant inputs Listed long-term debt Level 1 50 373 52 710 56 760 50 701 Fair value Quoted market price for the same or similar instruments Derivative financial assets and liabilities¹ Level 2 2 237 2 237 7 078 7 078 Forward rate interpolator model, discounted expected cash flows, numerical approximation, as appropriate Foreign exchange rates, market commodity prices, US dollar swap curve, as appropriate Derivative financial liabilities² Level 3 2 168 2 168 Forward rate interpolator model, discounted expected cash flows, numerical approximation, as appropriate US PPI and US labour index forecast, US dollar and Rand treasury curves, Rand zero swap discount rate 1 Includes derivative financial assets of R1,2 billion (2020: R0,6 billion) and derivative financial liabilities of R3,4 billion (2020: R7,7 billion). Refer to foot note 3 on page 1 2 Relates to the embedded derivative contained in the Oxygen Train 17 service contract with Air Liquide. Refer to foot note 3 on page 1 For all other financial instruments, fair value approximates carrying value.

Basis of preparation (Policies)

Basis of preparation (Policies)	6 Months Ended
	Dec. 31, 2020
Significant accounting policies
Accounting policies followed in interim financial statements	The accounting policies applied in the preparation of these condensed consolidated interim financial statements are in terms of IFRS and are consistent with those applied in the consolidated annual financial statements for the year ended 30 June 2020, except for the adoption of amendments to certain standards as discussed in more detail below.

Segment report (Tables)

Segment report (Tables)	6 Months Ended
	Dec. 31, 2020
Segment report
Schedule of segment information	Turnover Earnings before interest and tax Full year Half year Half year Half year Half year Full year 30 Jun 20 31 Dec 19 31 Dec 20 31 Dec 20 31 Dec 19 30 Jun 20 Rm Rm Rm Segment analysis Rm Rm Rm 25 095 12 983 12 795 Operating Business Units 2 629 2 397 3 953 19 891 10 348 10 807 Mining 1 732 1 374 2 756 5 204 2 635 1 988 Exploration and Production International 1 023 1 197 189 781 98 781 91 337 Strategic Business Units 10 476 6 549 (101 937) 67 901 41 206 30 178 Energy 5 098 6 743 (6 678) 52 683 24 642 27 409 Base Chemicals 3 624 (1 488) (70 804) 69 197 32 933 33 750 Performance Chemicals 1 754 1 294 (24 455) – Group Functions 8 545 (13 046) 214 906 111 764 104 138 Group performance 21 650 9 853 (111 030) (24 539) (12 594) (12 170) Intersegmental turnover 190 367 99 170 91 968 External turnover
Schedule of revenue by major product line	Revenue by major product line Half year Half year Full year 31 Dec 20 31 Dec 19 30 Jun 20 Rm Rm Rm Base Chemicals 27 023 24 183 51 868 Polymers 16 491 13 974 30 275 Solvents 7 256 5 965 13 226 Fertilisers and explosives 1 163 2 240 3 820 Other base chemicals 2 113 2 004 4 547 Performance Chemicals 33 318 32 452 68 316 Organics 24 692 24 790 52 189 Waxes 4 943 3 927 8 927 Advanced materials 3 683 3 735 7 200 Upstream, Energy and Other Coal 1 343 Liquid fuels and crude oil 25 929 36 884 59 775 Gas (methane rich and natural gas) and condensate 3 203 3 134 5 953 Other (Technology, refinery services) 1 154 1 148 2 313 Revenue from contracts with customers 91 562 98 707 189 568 Revenue from other contracts (franchise rentals, use of fuel tanks and fuel storage) Total external turnover 91 968 99 170 190 367

Salient features (Tables)

Salient features (Tables)	6 Months Ended
	Dec. 31, 2020
Salient features
Summary of other financial information	for the period ended Half year Half year Full year 31 Dec 20 31 Dec 19 30 Jun 20 Other financial information Total debt (including bank overdraft) Rm 126 341 137 974 189 730 interest-bearing Rm 126 341 137 910 189 730 non-interest-bearing Rm – – Finance expense capitalised¹ Rm 1 974 3 520 Capital commitments (subsidiaries and joint operations)¹ Rm 28 720 49 394 31 950 authorised and contracted Rm 224 246 217 047 260 620 authorised, not yet contracted Rm 20 031 37 827 21 136 less expenditure to date Rm (215 557) (205 480) (249 806) Capital commitments (equity accounted investments) Rm 1 957 1 277 authorised and contracted Rm 1 936 authorised, not yet contracted Rm 1 912 1 089 less expenditure to date Rm (1 748) Effective tax rate² % Number of employees³ number 29 187 31 363 31 001 1 Finance expense capitalised and capital commitments decreased as a result of all LCCP units achieving beneficial operation. 2 The decrease in effective corporate tax rate is mainly as a result of tax losses utilised in the current year which are allowed to be set off against 2021 foreign exchange gains, and the Foreign Currency Translation Reserve (FCTR) reclassified on the disposal of business for which no tax is calculated. 3 The total number of employees includes permanent and non-permanent employees and the Group's share of employees within joint operations, but excludes contractors and equity accounted investments' employees.
Summary of reconciliation of headline earnings	Half year Half year Full year 31 Dec 20 31 Dec 19 30 Jun 20 Rm Rm Rm Reconciliation of headline earnings Earnings/(losses) attributable to owners of Sasol Limited 14 491 4 053 (91 109) Effect of remeasurement items for subsidiaries and joint operations (2 519) 110 834 Impairment of property, plant and equipment 94 032 Impairment of assets under construction – 13 399 Impairment of right of use assets – 3 322 Impairment of goodwill and other intangible assets – Impairment of other assets¹ – Profit on disposal of businesses² (2 957) (1 684) (Profit)/loss on disposal of non-current assets (Profit)/loss on disposal of other assets – Scrapping of non-current assets Write-off of unsuccessful exploration wells Tax effects and non-controlling interests (27 010) Effect of remeasurement items for equity accounted investments – – Headline earnings/(loss) 11 858 3 670 (7 285) Headline earnings/(loss) adjustments by segment Mining Exploration and Production International Energy 11 987 Base Chemicals (1 840) 70 670 Performance Chemicals 27 863 Group Functions Remeasurement items (2 519) 110 834 Headline earnings/(loss) per share³ Rand Diluted headline earnings/(loss) per share Rand 1 Relates mainly to an impairment of R438 million (US$29,8 million) on the US Phenolic assets which were impaired to its fair value less costs to sell. 2 Included is a loss on disposal of R1,1 billion and a corresponding gain on reclassification of foreign currency translation reserve of R3,1 billion relating to the sale of a portion of our US LCCP Base Chemicals business, as well as a profit on disposal of R719 million and a corresponding gain on reclassification of foreign currency translation reserve of R246 million relating to the sale of our 50% equity interest in the Gemini HDPE LLC. 3 Headline earnings per share refers to disclosure made in terms of the JSE Limited Listing Requirements.

Basis of preparation (Tables)

Basis of preparation (Tables)	6 Months Ended
	Dec. 31, 2020
Basis of preparation
Schedule of financial instruments which reference the US LIBOR and have not yet transitioned to an alternative interest rate benchmark	Carrying value Half year 31 Dec 20 Rm Financial liabilities measured at amortised cost US Dollar term loans 26 650 US Dollar Revolving credit facility 47 491 Derivative liability Interest rate swap 2 955 Total 77 096

Disposal group held for sale (T

Disposal group held for sale (Tables)	6 Months Ended
	Dec. 31, 2020
Disposal groups held for sale
Schedule of disposal groups held for sale	The table below depicts the disposal groups held for sale at 31 December 2020: Half year Full year 31 Dec 20 30 Jun 20 Rm Rm Assets in disposal groups held for sale Segment US Base Chemicals Assets Base and Performance Chemicals – 71 001 Secunda Synfuels Operations Air Separation Units Energy, Base and Performance Chemicals 5 889 5 675 Investment in Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO) Energy 5 999 5 951 Investment in Central Termica De Ressane Garcia S.A. (CTRG) Energy 3 099 – Interests in Etame Marin block and Block DE-8 offshore Gabon Exploration and Production International 1 148 – Other 1 641 16 695 84 268 Liabilities in disposal groups held for sale Segment US Base Chemicals Assets Base and Performance Chemicals – (2 425) Secunda Synfuels Operations Air Separation Units Energy, Base and Performance Chemicals Investment in Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO) Energy (2 136) (2 604) Investment in Central Termica De Ressane Garcia S.A. (CTRG) Energy (1 256) – Interests in Etame Marin block and Block DE-8 offshore Gabon Exploration and Production International – Other (4 577) (5 531)

Financial instruments (Tables)

Financial instruments (Tables)	6 Months Ended
	Dec. 31, 2020
Financial instruments
Schedule of financial instruments classified into the hierarchical levels in line with IFRS 13	Half year Full year 31 Dec 20 30 Jun 20 IFRS 13 fair value Carrying value Fair value Carrying value Fair value Instrument hierarchy Rm Rm Rm Rm Valuation method Significant inputs Listed long-term debt Level 1 50 373 52 710 56 760 50 701 Fair value Quoted market price for the same or similar instruments Derivative financial assets and liabilities¹ Level 2 2 237 2 237 7 078 7 078 Forward rate interpolator model, discounted expected cash flows, numerical approximation, as appropriate Foreign exchange rates, market commodity prices, US dollar swap curve, as appropriate Derivative financial liabilities² Level 3 2 168 2 168 Forward rate interpolator model, discounted expected cash flows, numerical approximation, as appropriate US PPI and US labour index forecast, US dollar and Rand treasury curves, Rand zero swap discount rate 1 Includes derivative financial assets of R1,2 billion (2020: R0,6 billion) and derivative financial liabilities of R3,4 billion (2020: R7,7 billion). Refer to foot note 3 on page 1 2 Relates to the embedded derivative contained in the Oxygen Train 17 service contract with Air Liquide. Refer to foot note 3 on page 1

Segment report - Segment inform

Segment report - Segment information (Details) - ZAR (R) R in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Income Statement
Turnover	R 91,968	R 99,170	R 190,367
Earnings before interest and tax (EBIT)	21,650	9,853	(111,030)
Operating Business Units
Income Statement
Earnings before interest and tax (EBIT)	2,629	2,397	3,953
Mining
Income Statement
Earnings before interest and tax (EBIT)	1,732	1,374	2,756
Exploration And Production International
Income Statement
Earnings before interest and tax (EBIT)	897	1,023	1,197
Strategic Business Units
Income Statement
Earnings before interest and tax (EBIT)	10,476	6,549	(101,937)
Energy
Income Statement
Earnings before interest and tax (EBIT)	5,098	6,743	(6,678)
Base Chemicals
Income Statement
Earnings before interest and tax (EBIT)	3,624	(1,488)	(70,804)
Performance Chemicals
Income Statement
Earnings before interest and tax (EBIT)	1,754	1,294	(24,455)
Group Functions
Income Statement
Earnings before interest and tax (EBIT)	8,545	907	(13,046)
Total Operating Segments Mining
Income Statement
Turnover	104,138	111,764	214,906
Total Operating Segments Mining | Operating Business Units
Income Statement
Turnover	12,795	12,983	25,095
Total Operating Segments Mining | Mining
Income Statement
Turnover	10,807	10,348	19,891
Total Operating Segments Mining | Exploration And Production International
Income Statement
Turnover	1,988	2,635	5,204
Total Operating Segments Mining | Strategic Business Units
Income Statement
Turnover	91,337	98,781	189,781
Total Operating Segments Mining | Energy
Income Statement
Turnover	30,178	41,206	67,901
Total Operating Segments Mining | Base Chemicals
Income Statement
Turnover	27,409	24,642	52,683
Total Operating Segments Mining | Performance Chemicals
Income Statement
Turnover	33,750	32,933	69,197
Total Operating Segments Mining | Group Functions
Income Statement
Turnover	6		30
Intersegmental turnover
Income Statement
Turnover	R (12,170)	R (12,594)	R (24,539)

Segment report - Turnover (Deta

Segment report - Turnover (Details) - ZAR (R) R in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Income Statement
Revenue from contracts with customers	R 91,562	R 98,707	R 189,568
Revenue from other contracts (franchise rentals, use of fuel tanks and fuel storage)	406	463	799
Total external turnover	91,968	99,170	190,367
Base Chemicals
Income Statement
Revenue from contracts with customers	27,023	24,183	51,868
Polymers
Income Statement
Revenue from contracts with customers	16,491	13,974	30,275
Solvents
Income Statement
Revenue from contracts with customers	7,256	5,965	13,226
Fertilisers and explosives
Income Statement
Revenue from contracts with customers	1,163	2,240	3,820
Other base chemicals
Income Statement
Revenue from contracts with customers	2,113	2,004	4,547
Performance Chemicals
Income Statement
Revenue from contracts with customers	33,318	32,452	68,316
Organics
Income Statement
Revenue from contracts with customers	24,692	24,790	52,189
Waxes
Income Statement
Revenue from contracts with customers	4,943	3,927	8,927
Advanced materials
Income Statement
Revenue from contracts with customers	3,683	3,735	7,200
Coal
Income Statement
Revenue from contracts with customers	935	906	1,343
Liquid fuels and crude oil
Income Statement
Revenue from contracts with customers	25,929	36,884	59,775
Gas (methane rich and natural gas) and condensate
Income Statement
Revenue from contracts with customers	3,203	3,134	5,953
Other (Technology, refinery services)
Income Statement
Revenue from contracts with customers	R 1,154	R 1,148	R 2,313

Segment report - Mining Segment

Segment report - Mining Segment (Details) R in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2020ZAR (R)itemMTR / T	Dec. 31, 2019ZAR (R)	Jun. 30, 2021itemMTR / T	Jun. 30, 2020ZAR (R)
Disclosure of operating segments
EBIT | R	R 21,650	R 9,853		R (111,030)
Mining
Disclosure of operating segments
Increase (decrease) in productivity (as a percent)	2.00%
Productivity rate (in tons per continuous miner per shift) | item	1,162
Increase (decrease) in export sales (as a percent)	8.00%
Increase (decrease) in EBIT (as a percent)	26.00%
EBIT | R	R 1,732	R 1,374		R 2,756
Increase (decrease) in normalised unit cost (as a percent)	2.00%
Normalised unit cost | R / T	351
Mining | Minimum
Disclosure of operating segments
Targeted stockpile levels | MT	1.5
Mining | Maximum
Disclosure of operating segments
Targeted stockpile levels | MT	2
Mining | Forecast
Disclosure of operating segments
Sales volume | MT			3.2
Mining | Forecast | Minimum
Disclosure of operating segments
Productivity rate (in tons per continuous miner per shift) | item			1,160
Normalised unit cost | R / T			340
Mining | Forecast | Maximum
Disclosure of operating segments
Productivity rate (in tons per continuous miner per shift) | item			1,210
Normalised unit cost | R / T			360

Segment report - Exploration an

Segment report - Exploration and Production International Segment (Details) R in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2020ZAR (R)Bcf	Dec. 31, 2019ZAR (R)	Jun. 30, 2021Bcf	Jun. 30, 2020ZAR (R)
Disclosure of operating segments
EBIT	R 21,650	R 9,853		R (111,030)
Exploration And Production International
Disclosure of operating segments
Increase (decrease) in EBIT (as a percent)	(12.00%)
EBIT	R 897	1,023		R 1,197
Exploration And Production International | MOZAMBIQUE
Disclosure of operating segments
Increase (decrease) in EBIT (as a percent)	4.00%
EBIT	R 1,400
Gas production volumes | Bcf	58.7
Exploration And Production International | MOZAMBIQUE | Forecast | Minimum
Disclosure of operating segments
Gas production volumes | Bcf			114
Exploration And Production International | MOZAMBIQUE | Forecast | Maximum
Disclosure of operating segments
Gas production volumes | Bcf			118
Exploration And Production International | GABON
Disclosure of operating segments
EBIT	R (85)
Exploration And Production International | Canada
Disclosure of operating segments
EBIT	R (95)	R (142)

Segment report - Energy Segment

Segment report - Energy Segment (Details) R in Millions	Dec. 31, 2020	Dec. 31, 2020	Nov. 30, 2020	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2020ZAR (R)m³ / h	Dec. 31, 2019ZAR (R)	Jun. 30, 2020ZAR (R)	Jun. 30, 2025
Disclosure of operating segments
EBIT						R 21,650	R 9,853	R (111,030)
Forecast | Minimum
Disclosure of operating segments
Increase (decrease) in cash fixed cost (as a percent)									(15.00%)
Forecast | Maximum
Disclosure of operating segments
Increase (decrease) in cash fixed cost (as a percent)									(20.00%)
Energy
Disclosure of operating segments
Increase (decrease) in EBIT (as a percent)						(24.00%)
EBIT						R 5,098	R 6,743	R (6,678)
Gross margin percentage						45.00%	42.00%
Increase (decrease) in cash fixed cost (as a percent)						(12.00%)
Energy | ORYX GTL
Disclosure of operating segments
EBIT						R 118	R 701
Increase (decrease) in EBIT						R (583)
Utilization rate (as a percent)				90.70%	48.00%	69.00%
Level of utilization rate exceeded		100.00%	100.00%
Energy | Liquid fuels
Disclosure of operating segments
Increase (decrease) in sales volume (as a percent)						(11.00%)
Energy | Liquid fuels | Minimum
Disclosure of operating segments
Demand for diesel as percentage of pre-COVID levels	90.00%	90.00%		90.00%		90.00%
Energy | Liquid fuels | Maximum
Disclosure of operating segments
Demand for diesel as percentage of pre-COVID levels	95.00%	95.00%		95.00%		95.00%
Energy | Liquid fuels | Forecast
Disclosure of operating segments
Period for which jet fuel is expected to be below pre-COVID levels	12 months
Energy | Natural gas
Disclosure of operating segments
Increase (decrease) in sales volume (as a percent)						6.00%
Energy | Secunda Synfuels Operations
Disclosure of operating segments
Increase (decrease) in production volumes (as a percent)						1.00%
Energy | Natref
Disclosure of operating segments
Increase (decrease) in production volumes (as a percent)						(12.00%)
Crude rate | m³ / h						512

Segment report - Performance ch

Segment report - Performance chemicals Segment (Details) R in Millions, $ in Millions		Dec. 01, 2020	Dec. 31, 2020USD ($)	Dec. 31, 2020ZAR (R)	Dec. 31, 2019ZAR (R)	Jun. 30, 2020ZAR (R)
Disclosure of operating segments
EBIT				R 21,650	R 9,853	R (111,030)
Profit/(loss)	[1]			R 15,288	4,506	(91,272)
Performance Chemicals
Disclosure of operating segments
Increase (decrease) in sales volume (as a percent)			(3.00%)	(3.00%)
EBIT				R 1,754	1,294	(24,455)
Increase (decrease) in EBIT (as a percent)			36.00%	36.00%
Performance Chemicals | Lake Charles Chemicals Project
Disclosure of operating segments
Profit/(loss)			$ (98)	R (1,595)
Performance Chemicals | Organics
Disclosure of operating segments
Increase (decrease) in sales volume (as a percent)			(10.00%)	(10.00%)
Performance Chemicals | Waxes
Disclosure of operating segments
Increase (decrease) in sales volume (as a percent)			20.00%	20.00%
Performance Chemicals | Advanced materials
Disclosure of operating segments
Increase (decrease) in sales volume (as a percent)			20.00%	20.00%
Base Chemicals
Disclosure of operating segments
EBIT				R 3,624	R (1,488)	R (70,804)
Base Chemicals | Lake Charles Chemicals Project
Disclosure of operating segments
EBIT				R (451)
Proportion of equity interest disposed of		50.00%	50.00%	50.00%
[1]	Earnings increased by more than 100% to R15.3 billion from R4.5 billion in the prior period. These results were underpinned by a strong cash cost and working capital performance in response to the challenging environment, as well as the gains of R4.6 billion on the translation of monetary assets and liabilities and gains of R5.0 billion on the valuation of financial instruments and derivative contracts due to a 15% strengthening of the closing rand/US dollar exchange rate compared to June 2020; and R3.3 billion gain on the reclassification of the foreign currency translation reserve (FCTR), mainly on the divestment of 50% interest in the US LCCP Base Chemicals business. Remeasurement items in the prior year included the impairment of R72.6 billion (US$4.2 billion) of our Base Chemicals portfolio within Sasol Chemicals USA which have been classified as disposal groups held for sale at 30 June 2020 and impaired to its fair value less cost to sell, the impairment of the Synfuels liquid fuels refinery and Sasolburg liquid fuels refinery CGUs of R3.8 billion and R8.6 billion respectively, our Base Chemicals foundation business in the Southern African value chain of R18.1 billion and our South African wax business and Eurasian wax businesses of R4.6 billion and R2.8 billion respectively.

Segment report - Base chemicals

Segment report - Base chemicals Segment (Details) - ZAR (R) R in Millions	Dec. 31, 2020	Dec. 01, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Disclosure of operating segments
EBIT				R 21,650	R 9,853	R (111,030)
Gemini HDPE LLC
Disclosure of operating segments
Proportion of equity interest disposed of	50.00%			50.00%
Base Chemicals
Disclosure of operating segments
Increase (decrease) in foundation business sales volumes (excluding Polymers US products) (as a percent)				8.00%
Increase (decrease) in average sales price				(6.00%)
Increase (decrease) in ethane price (as a percent)				19.00%
EBIT				R 3,624	(1,488)	R (70,804)
Increase (decrease) in EBIT				R 5,112
Base Chemicals | Gemini HDPE LLC
Disclosure of operating segments
Proportion of equity interest disposed of	50.00%
Base Chemicals | Louisiana Integrated Polyethylene JV LLC
Disclosure of operating segments
Proportion of ownership interest in joint operation		50.00%
Base Chemicals | Lake Charles Chemicals Project
Disclosure of operating segments
Proportion of equity interest disposed of		50.00%		50.00%
EBIT				R (451)
Base Chemicals | Polymer US
Disclosure of operating segments
Increase (decrease) in sales volume (as a percent)			(23.00%)	15.00%
Increase (decrease) in average sales price				(11.00%)
Base Chemicals | US phenolics
Disclosure of operating segments
Impairment				R (438)
Base Chemicals | Blends and Mining Chemicals and Methyl Isobutyl Ketone (MIBK)
Disclosure of operating segments
Impairment					R (465)

Salient features - Other financ

Salient features - Other financial information (Details) R in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2020ZAR (R)employee	Dec. 31, 2019ZAR (R)employee	Jun. 30, 2020ZAR (R)employee
Other financial information
Total debt (including bank overdraft)	R 126,341	R 137,974	R 189,730
interest-bearing debt	126,341	137,910	189,730
non-interest-bearing debt		64
Finance expense capitalised	R 602	R 1,974	R 3,520
Effective tax rate	16.20%	40.70%	22.30%
Number of employees | employee	29,187	31,363	31,001
Subsidiaries and joint operations
Other financial information
Capital commitments	R 28,720	R 49,394	R 31,950
authorised and contracted	224,246	217,047	260,620
authorised, not yet contracted	20,031	37,827	21,136
less expenditure to date	(215,557)	(205,480)	(249,806)
Investments Accounted for Using Equity Method
Other financial information
Capital commitments	923	1,957	1,277
authorised and contracted	765	641	1,936
authorised, not yet contracted	576	1,912	1,089
less expenditure to date	R (418)	R (596)	R (1,748)

Salient features - Reconciliati

Salient features - Reconciliation of headline earnings (Details) R / shares in Units, R in Millions, $ in Millions	Dec. 31, 2020	Dec. 01, 2020	Dec. 31, 2020USD ($)	Dec. 31, 2020ZAR (R)R / shares	Dec. 31, 2019ZAR (R)R / shares	Jun. 30, 2020ZAR (R)R / shares
Salient features
Earnings/(losses) attributable to owners of Sasol Limited				R 14,491	R 4,053	R (91,109)
Effect of remeasurement items for subsidiaries and joint operations				(2,519)	(169)	110,834
Profit on disposal of businesses				(2,957)	(983)	(1,684)
(Profit)/loss on disposal of non-current assets				(91)	(61)	25
(Profit)/loss on disposal of other assets				(60)		148
Scrapping of non-current assets				39	426	796
Write-off of unsuccessful exploration wells				5	(18)	(43)
Tax effect and non-controlling interest effect				(143)	(214)	(27,010)
Effect of remeasurement items for equity accounted investments				29
Headline earnings/(loss)				R 11,858	R 3,670	R (7,285)
Headline earnings/(loss) per share (HEPS)
Headline earnings/(loss) per share (in rand per share) | R / shares				R 19.16	R 5.94	R (11.79)
Diluted headline earnings/(loss) per share (in rand per share) | R / shares				R 19.06	R 5.91	R (11.79)
Gain on reclassification of the foreign currency translation reserve				R 3,300
Gemini HDPE LLC
Headline earnings/(loss) per share (HEPS)
Profit (loss) on disposal of investments, excluding release of foreign currency translation				719
Gain on reclassification of the foreign currency translation reserve				R 246
Proportion of equity interest disposed of	50.00%		50.00%	50.00%
US Phenolic assets
Salient features
Impairment loss			$ 29.8	R 438
Mining
Salient features
Effect of remeasurement items for subsidiaries and joint operations				(2)	R 106	R 113
Exploration And Production International
Salient features
Effect of remeasurement items for subsidiaries and joint operations				70	(18)	(30)
Energy
Salient features
Effect of remeasurement items for subsidiaries and joint operations				30	(27)	11,987
Base Chemicals
Salient features
Effect of remeasurement items for subsidiaries and joint operations				(1,840)	(352)	70,670
Base Chemicals | Lake Charles Chemicals Project
Headline earnings/(loss) per share (HEPS)
Profit (loss) on disposal of investments, excluding release of foreign currency translation				(1,100)
Gain on reclassification of the foreign currency translation reserve				R 3,100
Proportion of equity interest disposed of		50.00%	50.00%	50.00%
Base Chemicals | Gemini HDPE LLC
Headline earnings/(loss) per share (HEPS)
Proportion of equity interest disposed of	50.00%
Performance Chemicals
Salient features
Effect of remeasurement items for subsidiaries and joint operations				R (775)	118	27,863
Group Functions
Salient features
Effect of remeasurement items for subsidiaries and joint operations				(2)	4	231
Property, plant and equipment
Salient features
Impairment loss				51	464	94,032
Assets under construction
Salient features
Impairment loss				48		13,399
Right of use assets
Salient features
Impairment loss				5		3,322
Intangible assets and goodwill
Salient features
Impairment loss				2		R 839
Other assets
Salient features
Impairment loss				R 439	R 3

Basis of preparation - Financia

Basis of preparation - Financial instruments (Details) R in Millions	Dec. 31, 2020ZAR (R)
Disclosure Of Financial Instruments
Carrying value of financial instruments which reference to US LIBOR that have not yet transitioned to alternative interest rate benchmark	R 77,096
US Dollar term loans measured at amortized cost
Disclosure Of Financial Instruments
Carrying value of financial instruments which reference to US LIBOR that have not yet transitioned to alternative interest rate benchmark	26,650
US Dollar Revolving credit facility measured at amortized cost
Disclosure Of Financial Instruments
Carrying value of financial instruments which reference to US LIBOR that have not yet transitioned to alternative interest rate benchmark	47,491
Interest rate swap
Disclosure Of Financial Instruments
Carrying value of financial instruments which reference to US LIBOR that have not yet transitioned to alternative interest rate benchmark	R 2,955

Disposal group held for sale (D

Disposal group held for sale (Details) - ZAR (R) R in Millions	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Disposal groups held for sale
Assets	R 397,516	R 479,162	R 486,345
Disposal groups held-for-sale
Disposal groups held for sale
Assets	16,695	84,268
Liabilities	(4,577)	(5,531)
US Chemicals assets | Base and Performance Chemicals
Disposal groups held for sale
Assets		71,001
Liabilities		(2,425)
Secunda Synfuels Operations Air Separation Units | Energy, Base and Performance Chemicals
Disposal groups held for sale
Assets	5,889	5,675
Liabilities	(18)	(38)
Investment in Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO) | Energy
Disposal groups held for sale
Assets	5,999	5,951
Liabilities	(2,136)	(2,604)
Investment in Central Termica De Ressane Garcia S.A. (CTRG) | Energy
Disposal groups held for sale
Assets	3,099
Liabilities	(1,256)
Interests in Etame Marin block and Block DE-8 offshore Gabon | Exploration And Production International
Disposal groups held for sale
Assets	1,148
Liabilities	(834)
Other
Disposal groups held for sale
Assets	560	1,641
Liabilities	R (333)	R (464)

Going concern - Financial perfo

Going concern - Financial performance during the year (Details) R in Millions		Dec. 01, 2020	Dec. 31, 2020ZAR (R)kT	Dec. 31, 2019ZAR (R)	Jun. 30, 2020ZAR (R)
Going concern
Gearing ratio			76.00%		114.50%
Net debt to EBITDA			2.6		4.3
Net debt to EBITDA under the debt covenant			4
Profit (loss)	[1]		R 15,288	R 4,506	R (91,272)
Gain from translation of monetary assets and liabilities			R 4,619	R (227)	R (6,542)
Strengthening of closing rand/US dollar exchange rate			15.00%
Gain (loss) on valuation of financial instruments and derivative contracts			R 5,000
Gain on reclassification of the foreign currency translation reserve			R 3,300
Lake Charles Chemicals Project
Going concern
Production loss | kT			(300)
Base Chemicals | Lake Charles Chemicals Project
Going concern
Gain on reclassification of the foreign currency translation reserve			R 3,100
Proportion of equity interest disposed of		50.00%	50.00%
[1]	Earnings increased by more than 100% to R15.3 billion from R4.5 billion in the prior period. These results were underpinned by a strong cash cost and working capital performance in response to the challenging environment, as well as the gains of R4.6 billion on the translation of monetary assets and liabilities and gains of R5.0 billion on the valuation of financial instruments and derivative contracts due to a 15% strengthening of the closing rand/US dollar exchange rate compared to June 2020; and R3.3 billion gain on the reclassification of the foreign currency translation reserve (FCTR), mainly on the divestment of 50% interest in the US LCCP Base Chemicals business. Remeasurement items in the prior year included the impairment of R72.6 billion (US$4.2 billion) of our Base Chemicals portfolio within Sasol Chemicals USA which have been classified as disposal groups held for sale at 30 June 2020 and impaired to its fair value less cost to sell, the impairment of the Synfuels liquid fuels refinery and Sasolburg liquid fuels refinery CGUs of R3.8 billion and R8.6 billion respectively, our Base Chemicals foundation business in the Southern African value chain of R18.1 billion and our South African wax business and Eurasian wax businesses of R4.6 billion and R2.8 billion respectively.

Going concern - Timing and succ

Going concern - Timing and success of asset disposals (Details) R in Millions, $ in Millions		Dec. 31, 2020USD ($)	Dec. 01, 2020	Jan. 31, 2021USD ($)	Jan. 31, 2021ZAR (R)	Dec. 31, 2020USD ($)	Dec. 31, 2020ZAR (R)	Dec. 31, 2019ZAR (R)	Jun. 30, 2020ZAR (R)	Dec. 31, 2020ZAR (R)
Going concern
Proceeds on disposals	[1]						R 33,963	R 2,032	R 4,285
Sale and purchase agreements concluded		$ 750				$ 750				R 11,000
Disposal groups held-for-sale
Going concern
Net assets held for sale										12,100
Syndicated loan
Going concern
Repayments of borrowings						1,000	15,500
RCF
Going concern
Repayments of borrowings						840	12,300
RCF | Revolving credit facility repayments
Going concern
Repayments of borrowings				$ 250	R 3,700
Term loan, maturing in November 2021
Going concern
Notional amount		$ 150				$ 150				R 2,200
Gemini HDPE LLC
Going concern
Proceeds on disposals							R 5,900
Proportion of equity interest disposed of		50.00%				50.00%	50.00%
Base Chemicals | Gemini HDPE LLC
Going concern
Proportion of equity interest disposed of		50.00%
Base Chemicals | Lake Charles Chemicals Project
Going concern
Proceeds on disposals							R 30,200
Proportion of equity interest disposed of			50.00%			50.00%	50.00%
US Base Chemicals and Gemini HDPE LLC
Going concern
Proceeds on disposals						$ 2,400	R 33,000
[1]	Includes proceeds received from the disposal of a portion of our US LCCP Base Chemicals business, as well as our 50% equity interest in the Gemini HDPE LLC (approximately R33 billion

Going concern - Repositioning t

Going concern - Repositioning the business (Details) R in Billions	Dec. 31, 2020$ / bbl	Jun. 30, 2021$ / bbl	Jun. 30, 2023ZAR (R)	Jun. 30, 2022$ / bbl	Jun. 30, 2023ZAR (R)	Jun. 30, 2023	Jun. 30, 2025ZAR (R)
Going concern
Brent crude oil price per unit | $ / bbl	45
Working capital percentage	14.90%
Forecast
Going concern
Brent crude oil price per unit | $ / bbl		45.50		53.58
Reduction in capital expenditure on sustenance capital (as a percent)					(30.00%)
Working capital percentage		15.60%	14.00%		14.00%	14.00%
Working capital improvement (as a percent)						1.00%
Minimum
Going concern
Delivery period of financial targets	3 years
Minimum | Forecast
Going concern
Cash fixed cost reduction (as a percent)							(15.00%)
Cash fixed cost reduction							R (8)
Gross margin improvement (as a percent)					5.00%
Gross margin improvement					R 6
Annualised spend rate			R 20
Maximum
Going concern
Delivery period of financial targets	4 years
Maximum | Forecast
Going concern
Cash fixed cost reduction (as a percent)							(20.00%)
Cash fixed cost reduction							R (10)
Gross margin improvement (as a percent)					10.00%
Gross margin improvement					R 8
Annualised spend rate			R 25

Going concern - Solvency and Li

Going concern - Solvency and Liquidity (Details) R in Millions	Dec. 31, 2020ZAR (R)$ / bbl		Jun. 30, 2021R / $$ / bbl	Jun. 30, 2022R / $$ / bbl	Jun. 30, 2023	Jun. 30, 2020ZAR (R)		Dec. 31, 2019ZAR (R)	[1]	Jun. 30, 2019ZAR (R)
Going concern
Cash and cash equivalents	R 27,608	[1]				R 34,094	[1]	R 12,670		R 15,819
Available facilities	R 27,000					R 10,500
Net Debt To EBITDA Ratio	2.6					4.3
Covenant level of net debt to EBITDA	4
Cash flow forecast period following the reporting date	9 months
Brent crude oil price per unit | $ / bbl	45
Working capital percentage	14.90%
Announced asset divestment proceeds	R 3,300
Forecast
Going concern
Brent crude oil price per unit | $ / bbl			45.50	53.58
Average foreign exchange rate | R / $			14.83	15.10
Working capital percentage			15.60%		14.00%
[1]	Includes bank overdraft.

Tax litigation and other lega_2

Tax litigation and other legal matters (Details) R in Millions	1 Months Ended
	Oct. 31, 2013customer	Dec. 31, 2020ZAR (R)
Contingent liability
Contingent liabilities
Estimated financial effect of contingent liabilities		R 2,540
Securities class action | Lake Charles Chemicals Project
Contingent liabilities
Legal proceedings provision		0
Legal review of Sasol Gas National Energy Regulator of South Africa (NERSA) maximum price decision and NERSA gas transmission tariff application
Contingent liabilities
Number of customers that requested review application | customer	7
Legal proceedings provision		R 0

Significant events and transa_2

Significant events and transactions since 30 June 2019 (Details) - item	Dec. 31, 2020	Dec. 01, 2020	Dec. 31, 2020
Secunda Synfuels Operations Air Separation Units
Events and transactions since prior financial year-end
Number of air separation units to be sold	16		16
Investment in Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO)
Events and transactions since prior financial year-end
Percentage of interest held for sale	50.00%		50.00%
Investment in Central Termica De Ressane Garcia S.A. (CTRG)
Events and transactions since prior financial year-end
Percentage of interest held for sale	100.00%		100.00%
Etame Marin block offshore Gabon
Events and transactions since prior financial year-end
Percentage of interest held for sale	27.80%		27.80%
Block DE-8 offshore Gabon
Events and transactions since prior financial year-end
Percentage of interest held for sale	40.00%		40.00%
Gemini HDPE LLC
Events and transactions since prior financial year-end
Proportion of equity interest disposed of	50.00%		50.00%
Base Chemicals | Louisiana Integrated Polyethylene JV LLC
Events and transactions since prior financial year-end
Proportion of ownership interest in joint operation		50.00%
Base Chemicals | Gemini HDPE LLC
Events and transactions since prior financial year-end
Proportion of equity interest disposed of	50.00%
Base Chemicals | Lake Charles Chemicals Project
Events and transactions since prior financial year-end
Proportion of equity interest disposed of		50.00%	50.00%

Financial instruments (Details)

Financial instruments (Details) - ZAR (R) R in Millions	Dec. 31, 2020	Jun. 30, 2020
Derivatives | Level 2
Financial instruments
Derivative financial assets (liabilities) - carrying value	R (2,237)	R (7,078)
Derivative financial assets (liabilities) - fair value	(2,237)	(7,078)
Derivative financial assets	1,200	600
Derivative financial liabilities	(3,400)	(7,700)
Derivatives | Level 3
Financial instruments
Derivative financial assets (liabilities) - carrying value	(668)	(2,168)
Derivative financial assets (liabilities) - fair value	(668)	(2,168)
Listed long-term debt | Level 1
Financial instruments
Financial liabilities - carrying value	50,373	56,760
Financial liabilities - fair value	R 52,710	R 50,701