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Long-term debt (Tables) | 12 Months Ended
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Jun. 30, 2018
Long-term debt. |
Schedule of long-term debt |
|  |  |  | 2018 |  | 2017 |
for the year ended 30 June |  | Note |  | Rm |  | Rm |
Total long-term debt |  |  |  | 109 454 |  | 81 405 |
Short-term portion |  |  |  | (12 763 | ) | (7 093 | )
|  |  |  | 96 691 |  | 74 312 |
Analysis of long-term debt |  |  |  |  |  |  |
At amortised cost |  |  |  |  |  |  |
Secured debt |  |  |  | 62 601 |  | 43 827 |
Preference shares |  |  |  | 7 493 |  | 12 045 |
Finance leases |  |  |  | 7 624 |  | 1 864 |
Unsecured debt |  |  |  | 32 513 |  | 24 461 |
Unamortised loan costs |  |  |  | (777 | ) | (792 | )
|  |  |  | 109 454 |  | 81 405 |
Reconciliation |  |  |  |  |  |  |
Balance at beginning of year |  |  |  | 81 405 |  | 79 877 |
Loans raised |  |  |  | 31 061 |  | 9 664 |
proceeds from new loans* |  |  |  | 24 961 |  | 9 277 |
finance leases acquired |  |  |  | 6 100 |  | 387 |
Loans repaid** |  |  |  | (9 199 | ) | (2 364 | )
Interest accrued |  | 7 |  | 878 |  | 956 |
Amortisation of loan costs |  | 7 |  | 462 |  | 279 |
Translation effect of foreign currency loans |  |  |  | 22 |  | (15 | )
Translation of foreign operations |  |  |  | 4 825 |  | (6 992 | )
Balance at end of year |  |  |  | 109 454 |  | 81 405 |
Interest-bearing status |  |  |  |  |  |  |
Interest-bearing debt |  |  |  | 108 017 |  | 80 352 |
Non-interest-bearing debt |  |  |  | 1 437 |  | 1 053 |
|  |  |  | 109 454 |  | 81 405 |
Maturity profile |  |  |  |  |  |  |
Within one year |  |  |  | 12 763 |  | 7 093 |
One to five years |  |  |  | 72 899 |  | 58 933 |
More than five years |  |  |  | 23 792 |  | 15 379 |
|  |  |  | 109 454 |  | 81 405 |
Business segmentation |  |  |  |  |  |  |
 Mining |  |  |  | 679 |  | 1 360 |
 Exploration and Production International |  |  |  | 784 |  | 755 |
 Energy |  |  |  | 9 503 |  | 7 058 |
 Base Chemicals |  |  |  | 33 511 |  | 21 890 |
 Performance Chemicals |  |  |  | 28 119 |  | 18 037 |
 Group Functions |  |  |  | 36 858 |  | 32 305 |
Total operations |  |  |  | 109 454 |  | 81 405 |
|  | 2018 |  | 2017 |
|  | Rm |  | Rm |
Total long-term debt (before unamortised loan costs)*** |  | 109 984 |  | 82 261 |
*Loans raised to fund US growth projects. **Mainly relates to the repayment of the Inzalo Groups debt. ***The difference in the fair value of long-term debt when compared to the carrying value is mainly due to the prevailing market price of the debt instruments.
|  |  |  |  |  |  |  | Interest rate at |  | 2018 |  | 2017 |
Terms of repayment |  | Security |  | Business |  | Currency |  | 30 June 2018 |  | Rm |  | Rm |
Secured debt |  |  |  |  |  |  |  |  |  |  |  |  |
Repayable in bi-annual instalments ending December 2021 |  | Secured by assets under construction with a carrying value of R140 912 million (2017 – R101 039 million) and other assets with a carrying value of R24 368 million (2017 – R17 294 million) |  | Base and Performance Chemicals (US Operations) |  | US dollar |  | Libor + 2,25% | (1) | 54 953 |  | 36 748 |
Repayable in quarterly instalments ending April 2021 |  | Secured by property, plant and equipment with a carrying value of R4 551 million (2017 – R4 593 million). |  | Base Chemicals |  | US dollar |  | Libor + 2,5% |  | 2 765 |  | 2 686 |
Repayable in bi-annual instalments ending June 2022 |  | Secured by property, plant and equipment with a carrying value of R5 415 million (2017 – R5 888 million) |  | Energy (Rompco) |  | Rand |  | Jibar + 1,75% |  | 3 473 |  | 4 148 |
Repayable in bi-annual instalments ending February 2030 |  | Secured by shares, property, plant and equipment with a carrying value of R1 443 million |  | Energy (CTRG) |  | US dollar |  | Jibar + 5,5% |  | 1 183 |  | — |
|  |  |  | Various |  | Various |  | Various |  | 227 |  | 245 |
|  |  |  |  |  |  |  |  |  | 62 601 |  | 43 827 |
Preference shares |  |  |  |  |  |  |  |  |  |  |  |  |
A preference shares repayable in semi-annual instalments between June 2008 and September 2018(2) |  | Secured by Sasol preferred ordinary shares held by the company |  | Group Functions (Inzalo) |  | Rand |  | Fixed 11,1% |  | 828 |  | 1 471 |
B preference shares repayable between June 2008 and September 2018(2) |  | Secured by Sasol preferred ordinary shares held by the company |  | Group Functions (Inzalo) |  | Rand |  | Fixed 13,3% |  | 789 |  | 1 164 |
C preference shares repayable September 2018(2) |  | Secured by guarantee from Sasol Limited |  | Group Functions (Inzalo) |  | Rand |  | Variable 68% of prime |  | 5 822 |  | 9 247 |
A preference shares repayable between March 2013 and September 2018(3) |  | Secured by preference shares held in Sasol Mining (Pty) Ltd |  | Mining (Ixia) |  | Rand |  | Fixed 10,0% |  | 54 |  | 163 |
|  |  |  |  |  |  |  |  |  | 7 493 |  | 12 045 |
| (1) |  | The Libor exposure for approximately 50% of the debt profile is hedged using an interest rate swap, under which the variable rate is swapped for a fixed rate. Refer to note 40.
| (2) |  | A, B and C preference share debt was raised within structured entities as part of the Sasol Inzalo share transaction (refer to note 35.1).
The Sasol Inzalo Public transaction will unwind in September 2018. The A and B preference shares are secured by rights over the Sasol Limited preferred ordinary shares held in the Inzalo Public entities. It is expected that the A, B and C preference share debt will be settled by Sasol as a repurchase of shares in the Inzalo Public entities. The estimated required share price at that point, to create value for the Inzalo Public participants, is R462.
| (3) |  | Preference share debt was raised in 2011 within structured entities as part of the Sasol Ixia Coal broad-based black economic empowerment transaction. Dividends and the principal amount on these preference shares are payable on maturity between March 2013 and October 2018. The preference shares are secured by preference shares held in Sasol Mining (Pty) Ltd, a subsidiary of Sasol Mining Holdings (Pty) Ltd. These preference shares may not be disposed of or encumbered in any way.
|  |  |  |  |  |  |  | Interest rate at |  | 2018 |  | 2017 |
Terms of repayment |  | Security |  | Business |  | Currency |  | 30 June 2018 |  | Rm |  | Rm |
Finance leases(4) |  |  |  |  |  |  |  |  |  |  |  |  |
Repayable in monthly instalments over 15 to 40 years ending December 2056 |  | Secured by plant and with a carrying value R7 541 million (2017 – R1 955 million) |  | Energy,Base and Performance Chemicals |  | Various |  | Fixed 4,0% to 16,6% and variable 8,2% to 13,3% |  | 7 521 |  | 1 730 |
Other finance leases |  | Underlying assets |  | Various |  | Various |  | Various |  | 103 |  | 134 |
|  |  |  |  |  |  |  |  |  | 7 624 |  | 1 864 |
|  |  |  |  |  |  |  |  |  | 77 718 |  | 57 736 |
| (4) |  | The increase in finance leases mainly relate to:
Air Liquide: We have entered into a lease agreement for an Air Separation Unit, built and owned by Air Liquide. The finance lease was capitalised on 1 January 2018 at R3,4 billion. Lake Charles Chemicals Project: We entered into rail yard and wash bay lease agreements to support our Lake Charles Chemicals Project rail operations. The leases were capitalised in December 2017 and April 2018 respectively. The finance lease assets capitalised was R1,8 billion.
|  |  |  |  |  | Interest rate at |  | 2018 |  | 2017 |
Terms of repayment |  | Business |  | Currency |  | 30 June 2018 |  | Rm |  | Rm |
Unsecured debt |  |  |  |  |  |  |  |  |  |  |
Various repayment terms ending June 2029 |  | Various |  | Various |  | Various |  | 1 567 |  | 1 773 |
Repayable in July 2018 |  | Exploration and Production International |  | Canadian dollar |  | — |  | 784 |  | 755 |
Various repayment terms |  | Energy |  | Rand |  | Fixed 8,0% |  | 523 |  | 397 |
Various repayment terms from December 2018 to November 2024(5) |  | Group Functions (Sasol Financing) |  | US dollar |  | Fixed 4,5% and variable Libor + 1% to 1,50% |  | 29 014 |  | 20 336 |
Repayable in bi-annual instalments ending December 2018 |  | Mining |  | Rand |  | Jibar + 1,25% |  | 625 |  | 1 200 |
Total unsecured debt |  |  |  |  |  |  |  | 32 513 |  | 24 461 |
Total long-term debt |  |  |  |  |  |  |  | 110 231 |  | 82 197 |
Unamortised loan costs (amortised over period of debt using the effective interest rate method) |  |  |  |  |  |  |  | (777 | ) | (792 | )
|  |  |  |  |  |  |  | 109 454 |  | 81 405 |
Short-term portion of long-term debt |  |  |  |  |  |  |  | (12 763 | ) | (7 093 | )
|  |  |  |  |  |  |  | 96 691 |  | 74 312 |
| (5) |  | Included in this amount is the US$1 billion (R13 billion) bond, with a fixed interest rate of 4,5% which is listed on the New York Stock Exchange and is recognised in Sasol Financing International Limited, a 100% owned subsidiary of the group. Sasol Limited has fully and unconditionally guaranteed the bond. There are no restrictions on the ability of Sasol Limited to obtain funds from the finance subsidiary by dividend or loan.
Schedule of Lake Charles Chemicals Project funding profile |
|  | Total |  |  |  |  |  |  |
|  | facilities |  | Cash utilised |  | Remaining |  | Rand |
at 30 June 2018 |  | US$m |  | US$m |  | US$m |  | equivalent |
Lake Charles Chemicals Project funding profile |  |  |  |  |  |  |  |  |
Term loan |  | 3 995 |  | 3 995 |  | — |  | — |
Available cash, cash flow from operations and general borrowings |  | 7 135 |  | 5 243 |  | 1 892 |  | 25 977 |
Total funding requirement |  | 11 130 |  | 9 238 |  | 1 892 |  | 25 977 |
Schedule of liquidity available from borrowings |
|  |  |  |  |  |  |  | Total |  |  |  |  |
|  |  |  |  |  | Contract |  | Rand |  | Utilised |  | Available |
|  |  |  |  |  | amount |  | equivalent |  | facilities |  | facilities |
30 June 2018 |  | Expiry date |  | Currency |  | million |  | Rm |  | Rm |  | Rm |
Banking facilities and debt arrangements |  |  |  |  |  |  |  |  |  |  |  |  |
Group treasury facilities |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper (uncommitted) |  | None |  | Rand |  | 8 000 |  | 8 000 |  | — |  | 8 000 |
Commercial banking facilities |  | Various |  | Rand |  | 5 900 |  | 5 900 |  | 1 719 |  | 4 181 |
Commercial banking facilities |  | Various |  | US dollar |  | 250 |  | 3 432 |  | 2 059 |  | 1 373 |
Revolving credit facility |  | November 2024 |  | US dollar |  | 3 900 |  | 53 537 |  | 13 041 |  | 40 496 |
Debt arrangements |  |  |  |  |  |  |  |  |  |  |  |  |
US Dollar Bond |  | November 2022 |  | US dollar |  | 1 000 |  | 13 728 |  | 13 728 |  | — |
Other Sasol businesses |  |  |  |  |  |  |  |  |  |  |  |  |
Specific project asset finance |  |  |  |  |  |  |  |  |  |  |  |  |
US Operations (funding of LCCP) |  | December 2021 |  | US dollar |  | 3 995 |  | 54 841 |  | 54 841 |  | — |
US Operations (Letter of credit for LCCP) |  | December 2021 |  | US dollar |  | 45 |  | 618 |  | — |  | 618 |
Energy — Republic of Mozambique Pipeline Investments Company (Rompco) |  | June 2022 |  | Rand |  | 2 511 |  | 2 511 |  | 2 511 |  | — |
Energy — Republic of Mozambique Pipeline Investments Company (Rompco) |  | December 2019 |  | Rand |  | 952 |  | 952 |  | 952 |  | — |
Base Chemicals — High-density polyethylene plant |  | July 2028 |  | US dollar |  | 202 |  | 2 732 |  | 2 732 |  | — |
Mining — Mine replacement programme |  | December 2018 |  | Rand |  | 625 |  | 625 |  | 625 |  | — |
Energy — Clean Fuels II (Natref) |  | Various |  | Rand |  | 1 409 |  | 1 409 |  | 1 409 |  | — |
Debt arrangements |  |  |  |  |  |  |  |  |  |  |  |  |
Sasol Inzalo (preference shares) |  | September 2018 |  | Rand |  | 5 649 |  | 5 649 |  | 5 649 |  | — |
Mining preference shares |  | October 2018 |  | Rand |  | 53 |  | 53 |  | 53 |  | — |
Other debt arrangements |  |  |  | Various |  | — |  | — |  | 10 515 |  | — |
|  |  |  |  |  |  |  |  |  | 109 834 |  | 54 668 |
Available cash |  |  |  |  |  |  |  |  |  |  |  | 15 059 |
Total funds available for use |  |  |  |  |  |  |  |  |  |  |  | 69 727 |
Total utilised facilities |  |  |  |  |  |  |  |  |  |  |  | 109 834 |
Accrued interest |  |  |  |  |  |  |  |  |  |  |  | 878 |
Unamortised loan cost |  |  |  |  |  |  |  |  |  |  |  | 777 |
Total debt including accrued interest and unamortised loan cost |  |  |  |  |  |  |  |  |  |  |  | 111 489 |
Comprising |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  | 96 691 |
Short-term debt |  |  |  |  |  |  |  |  |  |  |  | 14 709 |
Short-term debt |  |  |  |  |  |  |  |  |  |  |  | 1 946 |
Short-term portion of long-term debt |  |  |  |  |  |  |  |  |  |  |  | 12 763 |
Bank overdraft |  |  |  |  |  |  |  |  |  |  |  | 89 |
|  |  |  |  |  |  |  |  |  |  |  | 111 489 |

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