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Financial risk management and financial instruments (Tables) | 12 Months Ended
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Jun. 30, 2018
Financial risk management and financial instruments |
Summary of classification of financial instruments |
|  |  |  | Carrying value |  |  |
|  |  |  | At fair value |  |  |  |  |  |  |  |  |
|  |  |  | through |  |  |  |  |  |  |  |  |
|  |  |  | profit and |  | Available- |  | Amortised |  | Held-to- |  |  |
|  |  |  | loss |  | for-sale |  | cost |  | maturity |  | Fair value |
|  | Note |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in listed securities |  |  |  | — |  | 682 |  | — |  | — |  | 682 |
Investments in unlisted securities |  |  |  | — |  | 244 |  | — |  | — |  | 244 |
Other long-term investments |  |  |  | — |  | — |  | — |  | 25 |  | 25 |
Long-term receivables |  | 19 |  | — |  | — |  | 3 786 |  | — |  | 3 786 |
Long- and short-term financial assets |  |  |  | 1 827 |  | — |  | — |  | — |  | 1 827 |
Trade and other receivables** |  |  |  | — |  | — |  | 26 648 |  | — |  | 26 648 | *
Cash and cash equivalents |  | 27 |  | — |  | — |  | 17 128 |  | — |  | 17 128 | *
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Listed long-term debt (US Dollar Bond)+ |  | 16 |  | — |  | — |  | 13 704 |  | — |  | 13 345 |
Unlisted long-term debt+ |  | 16 |  | — |  | — |  | 95 750 |  | — |  | 95 984 |
Short-term debt and bank overdraft |  |  |  | — |  | — |  | 2 035 |  | — |  | 2 035 | *
Long- and short-term financial liabilities |  |  |  | 2 059 |  | — |  | — |  | — |  | 2 059 |
Trade and other payables+ |  | 25 |  | — |  | — |  | 26 518 |  | — |  | 26 518 | *
|  |  |  | Carrying value |  |  |
|  |  |  | At fair value |  |  |  |  |  |  |  |  |
|  |  |  | through |  |  |  |  |  |  |  |  |
|  |  |  | profit and |  | Available- |  | Amortised |  | Held-to- |  |  |
|  |  |  | loss |  | for-sale |  | cost |  | maturity |  | Fair value |
|  | Note |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in listed securities |  |  |  | — |  | 681 |  | — |  | — |  | 681 |
Investments in unlisted securities |  |  |  | — |  | 225 |  | — |  | — |  | 225 |
Other long-term investments |  |  |  | — |  | — |  | — |  | 81 |  | 81 |
Long-term receivables |  | 19 |  | — |  | — |  | 3 737 |  | — |  | 3 737 |
Short-term financial assets |  |  |  | 2 739 |  | — |  | — |  | — |  | 2 739 |
Trade and other receivables** |  |  |  | — |  | — |  | 24 675 |  | — |  | 24 675 | *
Cash and cash equivalents |  | 27 |  | — |  | — |  | 29 446 |  | — |  | 29 446 | *
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Listed long-term debt (US Dollar Bond)+ |  | 16 |  | — |  | — |  | 13 014 |  | — |  | 13 365 |
Unlisted long-term debt+ |  | 16 |  | — |  | — |  | 68 153 |  | — |  | 68 896 |
Short-term debt and bank overdraft |  |  |  | — |  | — |  | 2 986 |  | — |  | 2 986 | *
Long- and short-term financial liabilities |  |  |  | 1 473 |  | — |  | — |  | — |  | 1 473 |
Trade and other payables+ |  | 25 |  | — |  | — |  | 26 131 |  | — |  | 26 131 | *
* The fair value of these instruments approximates carrying value, due to their short-term nature. ** Trade and other receivables includes employee-related and insurance-related receivables. + Includes unamortised loan costs.
Maturity profile of the undiscounted cash flows of derivative and non-derivative financial instruments |
|  |  |  | Contractual |  | Within |  | One to |  | More than |
|  |  |  | cash flows* |  | one year |  | five years |  | five years |
|  | Note |  | Rm |  | Rm |  | Rm |  | Rm |
2018 |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |
Non-derivative instruments |  |  |  |  |  |  |  |  |  |  |
Long-term receivables |  | 19 |  | 3 786 |  | 97 |  | 1 489 |  | 2 200 |
Trade and other receivables |  | 24 |  | 26 648 |  | 26 648 |  | — |  | — |
Cash restricted for use |  | 27 |  | 1 980 |  | 1 980 |  | — |  | — |
Cash |  | 27 |  | 15 148 |  | 15 148 |  | — |  | — |
Investments available-for-sale |  |  |  | 926 |  | 926 |  | — |  | — |
Investments held-to-maturity |  |  |  | 25 |  | — |  | 25 |  | — |
|  |  |  | 48 513 |  | 44 799 |  | 1 514 |  | 2 200 |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  | 1 214 |  | 1 214 |  | — |  | — |
Interest rate swap |  |  |  | 246 |  | — |  | — |  | 246 |
Zero cost collar |  |  |  | 979 |  | 979 |  | — |  | — |
Crude oil options |  |  |  | 482 |  | 482 |  | — |  | — |
Ethane swaps |  |  |  | 33 |  | 33 |  | — |  | — |
|  |  |  | 51 467 |  | 47 507 |  | 1 514 |  | 2 446 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Non-derivative instruments |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | 16 |  | (139 294 | ) | (16 612 | ) | (86 415 | ) | (36 267 | )
Short-term debt |  | 16 |  | (1 946 | ) | (1 946 | ) | — |  | — |
Trade and other payables |  | 25 |  | (26 518 | ) | (26 518 | ) | — |  | — |
Bank overdraft |  | 27 |  | (89 | ) | (89 | ) | — |  | — |
Financial guarantees** |  |  |  | (1 539 | ) | (1 539 | ) | — |  | — |
|  |  |  | (169 386 | ) | (46 704 | ) | (86 415 | ) | (36 267 | )
Derivative instruments |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  | (1 217 | ) | (1 217 | ) | — |  | — |
Coal swaps |  |  |  | (414 | ) | (414 | ) | — |  | — |
Zero cost collar |  |  |  | (1 317 | ) | (1 317 | ) | — |  | — |
Crude oil futures |  |  |  | (91 | ) | (91 | ) | — |  | — |
|  |  |  | (172 425 | ) | (49 743 | ) | (86 415 | ) | (36 267 | )
* Contractual cash flows include interest payments. ** Issued financial guarantees contracts are all repayable on default, however the likelihood of default is considered remote.
|  |  |  | Contractual |  | Within |  | One to |  | More than |
|  |  |  | cash flows* |  | one year |  | five years |  | five years |
|  | Note |  | Rm |  | Rm |  | Rm |  | Rm |
2017 |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |
Non-derivative instruments |  |  |  |  |  |  |  |  |  |  |
Long-term receivables |  | 19 |  | 2 003 |  | — |  | 696 |  | 1 307 |
Trade and other receivables |  | 24 |  | 24 675 |  | 24 675 |  | — |  | — |
Cash restricted for use |  | 27 |  | 1 803 |  | 1 803 |  | — |  | — |
Cash |  | 27 |  | 27 643 |  | 27 643 |  | — |  | — |
Investments available-for-sale |  |  |  | 906 |  | 906 |  | — |  | — |
Investments held-to-maturity |  |  |  | 81 |  | — |  | 81 |  | — |
|  |  |  | 57 111 |  | 55 027 |  | 777 |  | 1 307 |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  | 515 |  | 515 |  | — |  | — |
Coal swaps |  |  |  | 21 |  | 21 |  | — |  | — |
Zero cost collar |  |  |  | 1 546 |  | 1 546 |  | — |  | — |
Crude oil futures |  |  |  | 52 |  | 52 |  | — |  | — |
Crude oil options |  |  |  | 1 116 |  | 1 116 |  | — |  | — |
|  |  |  | 60 361 |  | 58 277 |  | 777 |  | 1 307 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Non-derivative instruments |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | 16 |  | (94 044 | ) | (9 783 | ) | (68 332 | ) | (15 929 | )
Short-term debt |  | 16 |  | (2 625 | ) | (2 625 | ) | — |  | — |
Trade and other payables |  | 25 |  | (26 131 | ) | (26 131 | ) | — |  | — |
Bank overdraft |  | 27 |  | (123 | ) | (123 | ) | — |  | — |
Financial guarantees** |  |  |  | (89 | ) | (89 | ) | — |  | — |
|  |  |  | (123 012 | ) | (38 751 | ) | (68 332 | ) | (15 929 | )
Derivative instruments |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  |  |  | (1 070 | ) | — |  | — |  | (1 070 | )
Foreign exchange contracts |  |  |  | (904 | ) | (904 | ) | — |  | — |
Coal swaps |  |  |  | (2 | ) | (2 | ) | — |  | — |
Zero cost collar |  |  |  | (3 | ) | (3 | ) | — |  | — |
|  |  |  | (124 991 | ) | (39 660 | ) | (68 332 | ) | (16 999 | )
* Contractual cash flows include interest payments. ** Issued financial guarantees contracts are all repayable on default, however the likelihood of default is considered remote.
Schedule of foreign exchange rates |
|  | Average rate |  | Closing rate |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |
|  | Rand |  | Rand |  | Rand |  | Rand |
Rand/Euro |  | 15,34 |  | 14,83 |  | 16,04 |  | 14,92 |
Rand/US dollar |  | 12,85 |  | 13,61 |  | 13,73 |  | 13,06 |
Summary of interest rate profile of interest-bearing financial instruments including the effect of the interest rate swap |
|  | Carrying value |
|  | 2018 |  | 2017 |
|  | Rm |  | Rm |
Variable rate instruments |  |  |  |  |
Financial assets |  | 18 657 |  | 29 044 |
Financial liabilities |  | (58 908 | ) | (38 454 | )
|  | (40 251 | ) | (9 410 | )
Fixed rate instruments |  |  |  |  |
Financial assets |  | 97 |  | 250 |
Financial liabilities |  | (51 144 | ) | (44 395 | )
|  | (51 047 | ) | (44 145 | )
Interest profile (variable: fixed rate as a percentage of total financial assets) |  | 99:1 |  | 99:1 |
Interest profile (variable: fixed rate as a percentage of total financial liabilities) |  | 54:46 |  | 46:54 |
Schedule of derivative transactions |
|  | 2018 |  | 2017 |  | 2016 |
|  | Rm |  | Rm |  | Rm |
Financial instruments |  |  |  |  |  |  |
Net (loss)/gain on derivative instruments |  |  |  |  |  |  |
Foreign exchange contracts (losses)/gains |  | 121 |  | (1 107 | ) | 920 |
Put option crude oil derivatives |  | (3 303 | ) | (237 | ) | — |
Zero cost collar foreign exchange derivatives |  | 936 |  | 1 608 |  | — |
Crude oil futures |  | (687 | ) | 277 |  | 330 |
Coal swaps |  | (1 024 | ) | 94 |  | — |
Ethane swaps |  | 29 |  | — |  | — |
Interest rate swap |  | 52 |  | 14 |  | 15 |
|  | (3 876 | ) | 649 |  | 1 265 |
Statement of financial position impact
|  | 2018 |  | 2017 |
|  | Rm |  | Rm |
Financial instrument |  |  |  |  |
Derivative financial assets |  |  |  |  |
Foreign exchange contracts |  | 42 |  | 4 |
Coal swaps |  | — |  | 21 |
Crude oil futures |  | — |  | 52 |
Zero cost collar |  | 979 |  | 1 546 |
Crude oil options |  | 482 |  | 1 116 |
Interest rate swap |  | 291 |  | — |
Ethane swaps |  | 33 |  | — |
|  | 1 827 |  | 2 739 |
Derivative financial liabilities |  |  |  |  |
Foreign exchange contracts |  | (45 | ) | (393 | )
Coal swaps |  | (414 | ) | (2 | )
Crude oil futures |  | (91 | ) | — |
Zero cost collar |  | (1 317 | ) | (3 | )
Interest rate swap |  | (45 | ) | (1 070 | )
|  | (1 912 | ) | (1 468 | )
Non-derivative financial liabilities |  |  |  |  |
Financial guarantees |  | (147 | ) | (5 | )
|  | (2 059 | ) | (1 473 | )
Derivatives designated in hedge relationships
|  | Fair value |  | Fair value |
|  | of assets |  | of assets |
|  | (liabilities) |  | (liabilities) |
|  | 2018 |  | 2017 |
|  | Rm |  | Rm |
Interest rate derivatives - cash flow hedge |  | 246 |  | (1 070 | )
|  | Fair value |  | Fair value |  | Fair value |  | Fair value |  |  |  | Contract / |  | Contract / |
|  | of assets |  | of assets |  | of liabilities |  | of liabilities |  |  |  | Notional |  | Notional |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |  |  |  | amount* |  | amount* |
|  | Rm |  | Rm |  | Rm |  | Rm |  |  |  | 2018 |  | 2017 |
Derivatives held for trading |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
contracts |  | 42 |  | 4 |  | (45 | ) | (393 | ) | US$m |  | 226 |  | 300 |
Crude oil futures |  | — |  | 52 |  | (91 | ) | — |  | US$m |  | 194 |  | 123 |
|  | 42 |  | 56 |  | (136 | ) | (393 | ) |  |  |  |  |  |
| * |  | The notional amount is the sum of the absolute value of all contracts for both derivative assets and liabilities.
|  |  |  | 2018 |  | 2017 |
Brent crude oil - Put options |  |  |  |  |  |  |
Premium paid |  | US$m |  | 207 |  | 103 |
Number of barrels |  | million |  | 98 |  | 55 |
Open positions |  | million |  | 48 |  | 25 |
Settled |  | million |  | 50 |  | 30 |
Average Brent crude oil price floor, net of costs (open positions) |  | US$/bbl |  | 53,36 |  | 48,15 |
Realised losses recognised in the income statement |  | Rm |  | (1 605 | ) | (732 | )
Unrealised (losses)/gains recognised in the income statement |  | Rm |  | (1 698 | ) | 495 |
Amount included in the statement of financial position |  | Rm |  | 482 |  | 1 116 |
Rand/US dollar currency - Zero-cost collar instruments |  |  |  |  |  |  |
US$ exposure - open positions |  | US$bn |  | 4 |  | 4 |
Annual average floor |  | R/US$ |  | 13,14 |  | 13,46 |
Annual average cap |  | R/US$ |  | 15,14 |  | 15,51 |
Realised gains recognised in the income statement |  | Rm |  | 2 772 |  | — |
Unrealised (losses)/gains recognised in the income statement |  | Rm |  | (1 836 | ) | 1 608 |
Amount included in the statement of financial position |  | Rm |  | (338 | ) | 1 543 |
Export coal - Swap options |  |  |  |  |  |  |
Number of tons |  | million |  | 4,20 |  | 3,93 |
Open positions |  | million |  | 1,40 |  | 2,10 |
Settled |  | million |  | 2,80 |  | 1,83 |
Average coal swap price (open positions) |  | US$/ton |  | 81,82 |  | 77,52 |
Realised (losses)/gains recognised in the income statement |  | Rm |  | (618 | ) | 74 |
Unrealised (losses)/gains recognised in the income statement |  | Rm |  | (406 | ) | 20 |
Amount included in the statement of financial position |  | Rm |  | (414 | ) | 19 |
Ethane - Swap options |  |  |  |  |  |  |
Number of barrels |  | million |  | 5,80 |  | — |
Open positions |  | million |  | 3,50 |  | — |
Settled |  | million |  | 2,30 |  | — |
Average ethane swap price (open positions) |  | US$c/gal |  | 27 |  | — |
Realised losses recognised in the income statement |  | Rm |  | (1 | ) | — |
Unrealised gains recognised in the income statement |  | Rm |  | 30 |  | — |
Amount included in the statement of financial position |  | Rm |  | 33 |  | — |
Sensitivity analysis of derivative transactions |
|  |  |  |  |  |  |  | Brent crude oil |  |  |  |  |  |  |
|  |  |  | Volatility |  | price |  | Rand/US$ |  | US$ Libor curve |
30 June 2018 |  |  |  | +2% |  | -2% |  | +USD 2/bbl |  | -USD 2/bbl |  | -R1/USD* |  | +0,5% |  | -0,5% |
Crude oil options |  | Rm |  | 88 |  | (80 | ) | (68 | ) | 81 |  |  |  |  |  |  |
Zero-cost collar |  | Rm |  | 27 |  | (22 | ) |  |  |  |  | 2 731 |  |  |  |  |
Interest rate swap |  | Rm |  |  |  |  |  |  |  |  |  |  |  | 866 |  | (865 | )
30 June 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil options |  | Rm |  | 50 |  | (50 | ) | (351 | ) | 427 |  |  |  |  |  |  |
Zero-cost collar |  | Rm |  | 90 |  | (99 | ) |  |  |  |  | 3 479 |  |  |  |  |
Interest rate swap |  | Rm |  |  |  |  |  |  |  |  |  |  |  | 940 |  | (940 | )
| * |  | A weakening of the Rand/US$ spot exchange rate of R1,41, will likely result in the spot price falling within the corridor of the cap and floor rates of the zero-cost collars. No gain or loss will be made if these derivatives are settled at a spot price between the cap and floor. The exchange rate would have to weaken by at least R1,41/US$, up to the cap of R15,14, before losses are incurred on the derivatives.
Schedule of assets and liabilities measured at fair value |
|  | Fair value |  |  |  |  |  | Fair value
|  | 30 June |  |  |  |  |  | hierarchy
Financial instrument |  | 2018 |  | Valuation method |  | Significant inputs |  | of inputs
Financial assets |  |  |  |  |  |  |  |
Investments in listed securities |  | 682 |  | Quoted market price for the same instrument |  | Quoted market price for the same instrument |  | Level 1
Investments in unlisted securities |  | 244 |  | Discounted cash flow |  | Forecasted earnings, capital expenditure and debt cash flows of the underlying business, based on the forecasted assumptions of inflation, exchange rates, commodity prices etc. Appropriate WACC for the region. |  | Level 3
Other long-term investments |  | 25 |  | Discounted cash flow |  | Market related interest rates. |  | Level 3
Long-term receivables |  | 3 883 |  | Discounted cash flow |  | Market related interest rates. |  | Level 3
Derivative assets |  | 1 827 |  | Forward rate interpolator model, appropriate currency specific discount curve, discounted expected cash flows, numerical approximation |  | Forward exchange contracted rates, market foreign exchange rates, forward contract rates, market commodity prices, coal prices, crude oil prices |  | Level 2
Trade and other receivables |  | 26 648 |  | Discounted cash flow |  | Market related interest rates. |  | Level 3 *
Cash and cash equivalents |  | 17 128 |  | ** |  | ** |  | Level 1 **
Financial liabilities |  |  |  |  |  |  |  |
Listed long-term debt |  | 13 345 |  | Quoted market price for the same instrument |  | Quoted market price for the same instrument |  | Level 1
Unlisted long-term debt |  | 95 984 |  | Discounted cash flow |  | Market related interest rates |  | Level 3
Short-term debt and bank overdraft |  | 2 035 |  | Discounted cash flow |  | Market related interest rates |  | Level 3 *
Derivative liabilities |  | 2 059 |  | Discounted net cash flows, using a swap curve to infer the future floating cash flows, forward rate interpolator model, discounted expected cash flows, numerical approximation |  | US$Overnight Indexed Swap (OIS) curve, recovery probabilities, forward exchange contracted rates, coal prices, market foreign exchange rates |  | Level 2
Trade and other payables |  | 26 518 |  | Discounted cash flow |  | Market related interest rates |  | Level 3 *
*The fair value of these instruments approximates their carrying value, due to their short-term nature. **The carrying value of cash is considered to reflect its fair value.
Foreign currency risk |
Financial risk management and financial instruments |
Schedules of information related to foreign currency risk and commodity price risk |
|  | 2018 |  | 2017 |
|  | Euro |  | US dollar |  | Euro |  | US dollar |
|  | Rm |  | Rm |  | Rm |  | Rm |
Trade and other receivables |  | 586 |  | 2 500 |  | 312 |  | 1 911 |
Cash restricted for use |  | — |  | 245 |  | — |  | 515 |
Cash |  | 2 257 |  | 1 207 |  | 2 410 |  | 1 755 |
Net exposure on assets |  | 2 843 |  | 3 952 |  | 2 722 |  | 4 181 |
Long-term debt |  | (153 | ) | (1 651 | ) | (103 | ) | (31 | )
Short-term debt |  | — |  | (23 | ) | (2 542 | ) | (22 | )
Trade and other payables |  | (128 | ) | (1 248 | ) | (166 | ) | (986 | )
Bank overdraft |  | — |  | — |  | — |  | (14 | )
Net exposure on liabilities |  | (281 | ) | (2 922 | ) | (2 811 | ) | (1 053 | )
Exposure on external balances |  | 2 562 |  | 1 030 |  | (89 | ) | 3 128 |
Net exposure on balances between group companies |  | (2 391 | ) | 9 584 |  | (2 871 | ) | 8 262 |
Total net exposure |  | 171 |  | 10 614 |  | (2 960 | ) | 11 390 |
Schedule of sensitivity analysis |
|  | 2018 |  | 2017 |
|  |  |  | Income |  |  |  | Income |
|  | Equity |  | statement |  | Equity |  | statement |
|  | Rm |  | Rm |  | Rm |  | Rm |
Euro |  | 17 |  | 17 |  | (296 | ) | (296 | )
US dollar |  | 1 053 |  | 1 053 |  | 1 139 |  | 1 139 |
Interest rate risk |
Financial risk management and financial instruments |
Schedule of sensitivity analysis |
|  | Income statement – 1% increase |
|  |  |  |  |  | United States |  |  |
|  | South Africa |  | Europe |  | of America |  | Other |
|  | Rm |  | Rm |  | Rm |  | Rm |
30 June 2018 |  | (66 | ) | 6 |  | (362 | ) | 18 |
30 June 2017 |  | (82 | ) | 7 |  | (42 | ) | 23 |
|  | Income statement – 1% decrease |
|  |  |  |  |  | United States |  |  |
|  | South Africa |  | Europe* |  | of America* |  | Other* |
|  | Rm |  | Rm |  | Rm |  | Rm |
30 June 2018 |  | 66 |  | (6 | ) | 362 |  | (18 | )
30 June 2017 |  | 81 |  | — |  | — |  | — |
*A decrease of 1% in interest rates for the United States of America and Europe will not have an effect on the income statement as it is not considered reasonably possible that the repo interest rates will decrease below 0%.
Schedule of information about cash flow hedges |
|  |  |  |  |  | Fair value loss |  | Fair value loss |  |  |  | Over- |
|  |  |  |  |  | recognised |  | recognised |  | Over- |  | effectiveness |
|  |  |  |  |  | in other |  | in other |  | effectiveness |  | recognised |
|  | Average |  |  |  | comprehensive |  | comprehensive |  | recognised in |  | in profit |
|  | fixed |  |  |  | income |  | income |  | profit and loss |  | and loss |
|  | rate |  |  |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
|  | % |  | Expiry |  | Rm |  | Rm |  | Rm |  | Rm |
Interest rate derivatives - cash flow hedge |  |  |  |  |  |  |  |  |  |  |  |  |
US$ – pay fixed rate receive floating rate** |  | 2,70 |  | December 2026 |  | (950 | ) | (1 560 | ) | 52 |  | 14 |
**Losses incurred on the movement in the swap derivative were recognised in other comprehensive income, as part of the effect of cash flow hedges, as it has been designated as the hedging instrument in the cash flow hedge of approximately 50% of the LIBOR risk associated with the US$3 995 million borrowings to fund the LCCP. This is capitalised to assets under construction as part of the specific borrowing cost of the LCCP.
Commodity price risk - crude oil |
Financial risk management and financial instruments |
Schedules of information related to foreign currency risk and commodity price risk |
|  | Dated Brent Crude |
|  | 2018 |  | 2017 |
|  | US$ |  | US$ |
High |  | 80,29 |  | 56,30 |
Average |  | 63,62 |  | 49,77 |
Low |  | 46,53 |  | 40,26 |
|  | Contract |  |  |  | Within |  | Contract |  |  |  | Within |
|  | amount |  | Fair value |  | one year |  | amount |  | Fair value |  | one year |
|  | 2018 |  | 2018 |  | 2018 |  | 2017 |  | 2017 |  | 2017 |
|  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |
Crude oil futures |  | 2 792 |  | (91 | ) | (91 | ) | 1 602 |  | 52 |  | 52 |
Schedule of sensitivity analysis |
|  | 2018 |  | 2017 |
|  | Rm |  | Rm |
Crude oil |  | (153 | ) | (95 | )

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