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Post-retirement benefit obligations (Tables) | 12 Months Ended
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Jun. 30, 2018
Post-retirement benefit obligations |
Post-retirement benefit obligations |
|  |  |  | 2018 |  | 2017 |
for the year ended 30 June |  | Note |  | Rm |  | Rm |
Post-retirement healthcare benefits |  | 33.1 |  |  |  |  |
South Africa |  |  |  | 3 995 |  | 3 921 |
United States of America |  |  |  | 248 |  | 242 |
|  |  |  | 4 243 |  | 4 163 |
Pension obligations |  | 33.2 |  |  |  |  |
Foreign – post-retirement benefit obligation |  |  |  | 8 046 |  | 7 260 |
Less short-term portion of post-retirement benefit obligation |  |  |  | (389 | ) | (354 | )
Total post-retirement benefit obligations |  |  |  | 11 900 |  | 11 069 |
Pension assets |  | 33.2 |  |  |  |  |
South Africa – post-retirement benefit asset |  |  |  | (582 | ) | (622 | )
Foreign – post-retirement benefit asset |  |  |  | (916 | ) | — |
Total post-retirement benefit assets |  |  |  | (1 498 | ) | (622 | )
Net pension obligations |  |  |  | 6 548 |  | 6 638 |
Schedule of actuarial valuations |
|  | Healthcare benefits |  | Pension benefits |
Last actuarial valuation – South Africa |  | 31 March 2018 |  | 31 March 2018 |
Last actuarial valuation – United States of America |  | 30 April 2018 |  | 30 April 2018 |
Last actuarial valuation – Europe |  | n/a |  | 30 April 2018 |
Full/interim valuation |  | Full |  | Full |
Valuation method adopted |  | Projected unit credit |  | Projected unit credit |
Schedule of actuarial assumptions |
|  | South Africa |  | United States of America |  | Europe |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
at valuation date |  | % |  | % |  | % |  | % |  | % |  | % |
Healthcare cost inflation |  |  |  |  |  |  |  |  |  |  |  |  |
initial |  | 7,5 |  | 7,5 |  | 7,0 | * | 7,0 | * | n/a |  | n/a |
ultimate |  | 7,5 |  | 7,5 |  | 5,5 | * | 5,5 | * | n/a |  | n/a |
Discount rate – post-retirement medical benefits |  | 9,9 |  | 9,8 |  | 3,9 |  | 3,5 |  | n/a |  | n/a |
Discount rate – pension benefits |  | 9,9 |  | 10,1 |  | 2,7 |  | 2,7 |  | 1,8 |  | 1,9 |
Pension increase assumption |  | 4,5 |  | 5,2 |  | n/a | ** | n/a | ** | 1,8 |  | 1,8 |
Average salary increases |  | 5,5 | + | 5,5 | + | 4,2 |  | 4,2 |  | 2,8 |  | 2,8 |
Weighted average duration of the obligation – post- retirement medical obligation |  | 15 years |  | 15 years |  | 9 years |  | 9 years |  | n/a |  | n/a |
Weighted average duration of the obligation – pension obligation |  | 13 years |  | 13 years |  | 13 years |  | 14 years |  | 17 years |  | 18 years |
Assumptions regarding future mortality are based on published statistics and mortality tables. * The healthcare cost inflation rate in respect of the plans for the United States of America is capped. All additional future increases due to the healthcare cost inflation will be borne by the participants. ** There are no automatic pension increases for the United States of America pension plan. + Salary increases are linked to inflation.
Healthcare |
Post-retirement benefit obligations |
Benefit obligation by geographic area |
|  | South Africa |  | United States of America |  | Total |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
for the year ended 30 June |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |
Projected benefit obligation |  | 3 995 |  | 3 921 |  | 248 |  | 242 |  | 4 243 |  | 4 163 |
Less short-term portion |  | (177 | ) | (159 | ) | (20 | ) | (19 | ) | (197 | ) | (178 | )
Non-current post-retirement healthcare obligation |  | 3 818 |  | 3 762 |  | 228 |  | 223 |  | 4 046 |  | 3 985 |
Reconciliation of obligation recognised |
|  | South Africa |  | United States of America |  | Total |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
for the year ended 30 June |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |
Total post-retirement healthcare obligation at beginning of year |  | 3 921 |  | 3 690 |  | 242 |  | 304 |  | 4 163 |  | 3 994 |
Movements recognised in the income statement: |  | 542 |  | 414 |  | 18 |  | 19 |  | 560 |  | 433 |
current service cost |  | 73 |  | 59 |  | 10 |  | 11 |  | 83 |  | 70 |
interest cost |  | 472 |  | 357 |  | 8 |  | 8 |  | 480 |  | 365 |
curtailments and settlements |  | (3 | ) | (2 | ) | — |  | — |  | (3 | ) | (2 | )
Actuarial (gains)/losses recognised in other comprehensive income: |  | (258 | ) | (32 | ) | (5 | ) | (21 | ) | (263 | ) | (53 | )
arising from changes in financial assumptions |  | (54 | ) | 54 |  | (6 | ) | (8 | ) | (60 | ) | 46 |
arising from changes in demographic assumptions |  | — |  | — |  | — |  | 1 |  | — |  | 1 |
arising from changes in actuarial experience |  | (204 | ) | (86 | ) | 1 |  | (14 | ) | (203 | ) | (100 | )
Benefits paid |  | (210 | ) | (151 | ) | (19 | ) | (24 | ) | (229 | ) | (175 | )
Translation of foreign operations |  | — |  | — |  | 12 |  | (36 | ) | 12 |  | (36 | )
Total post-retirement healthcare obligation at end of year |  | 3 995 |  | 3 921 |  | 248 |  | 242 |  | 4 243 |  | 4 163 |
Schedule of sensitivity analysis for actuarial assumptions |
|  | South Africa |  | United States of America |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |
for the year ended 30 June |  | Rm |  | Rm |  | Rm |  | Rm |
1% point change in actuarial assumptions: |  |  |  |  |  |  |  |  |
Increase in the healthcare cost inflation |  | 582 |  | 594 |  | — | * | — | *
Decrease in the healthcare cost inflation |  | (475 | ) | (487 | ) | — | * | — | *
Increase in the discount rate |  | (452 | ) | (472 | ) | (21 | ) | (20 | )
Decrease in the discount rate |  | 562 |  | 584 |  | 25 |  | 24 |
Increase in the pension increase assumption |  | 159 |  | 145 |  | — | * | — | *
Decrease in the pension increase assumption |  | (191 | ) | (183 | ) | — | * | — | *
| * |  | A change in the healthcare cost inflation for the United States of America will not have an effect on the above components or the obligation as the employer’s cost is capped and all future increases due to the healthcare cost inflation are borne by the participants. There are no automatic pension increases for the United States pension plan.
Pension |
Post-retirement benefit obligations |
Reconciliation of obligation recognised |
|  | South Africa |  | Foreign |  | Total |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
for the year ended 30 June |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |
Projected benefit obligation at beginning of year |  | 46 508 |  | 44 823 |  | 9 774 |  | 11 506 |  | 56 282 |  | 56 329 |
Movements recognised in income statement: |  | 5 678 |  | 5 277 |  | 596 |  | 587 |  | 6 274 |  | 5 864 |
current service cost |  | 1 028 |  | 927 |  | 386 |  | 370 |  | 1 414 |  | 1 297 |
past service cost |  | — |  | — |  | — |  | 21 |  | — |  | 21 |
interest cost |  | 4 650 |  | 4 350 |  | 210 |  | 196 |  | 4 860 |  | 4 546 |
Actuarial (gains)/losses recognised in other comprehensive income: |  | (2 950 | ) | (1 803 | ) | 462 |  | (931 | ) | (2 488 | ) | (2 734 | )
arising from changes in demographic assumptions |  | — |  | — |  | 20 |  | (3 | ) | 20 |  | (3 | )
arising from changes in financial assumptions |  | (2 950 | ) | (1 803 | ) | 312 |  | (971 | ) | (2 638 | ) | (2 774 | )
arising from change in actuarial experience |  | — |  | — |  | 130 |  | 43 |  | 130 |  | 43 |
Member contributions |  | 447 |  | 411 |  | — |  | — |  | 447 |  | 411 |
Benefits paid |  | (2 398 | ) | (2 200 | ) | (477 | ) | (304 | ) | (2 875 | ) | (2 504 | )
Transferred to assets held for sale |  | — |  | — |  | (30 | ) | — |  | (30 | ) | — |
Translation of foreign operations |  | — |  | — |  | 695 |  | (1 084 | ) | 695 |  | (1 084 | )
Projected benefit obligation at end of year |  | 47 285 |  | 46 508 |  | 11 020 |  | 9 774 |  | 58 305 |  | 56 282 |
unfunded obligation* |  | — |  | — |  | 7 915 |  | 6 861 |  | 7 915 |  | 6 861 |
funded obligation |  | 47 285 |  | 46 508 |  | 3 105 |  | 2 913 |  | 50 390 |  | 49 421 |
| * |  | Certain of the foreign defined benefit plans have reimbursement rights under contractually agreed legal binding terms that match the amount and timing of some of the benefits payable under the plan. This reimbursive right has been recognised in long-term receivables at fair value (2018 — R305 million; 2017 — R268 million). A decrease of R1 million (2017 — increase of R50 million) has been recognised as a loss in other comprehensive income in respect of the reimbursive right.
Schedule of sensitivity analysis for actuarial assumptions |
|  | South Africa |  | Foreign |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |
for the year ended 30 June |  | Rm |  | Rm |  | Rm |  | Rm |
1% point change in actuarial assumptions |  |  |  |  |  |  |  |  |
Increase in average salaries increase assumption |  | 14 |  | 15 |  | 454 |  | 416 |
Decrease in average salaries increase assumption |  | (13 | ) | (14 | ) | (368 | ) | (353 | )
Increase in the discount rate |  | (1 447 | ) | (1 552 | ) | (1 634 | ) | (1 507 | )
Decrease in the discount rate |  | 1 981 |  | 2 494 |  | 2 174 |  | 1 989 |
Increase in the pension increase assumption |  | 2 035 |  | 2 538 |  | 1 071 | * | 956 | *
Decrease in the pension increase assumption |  | (1 523 | ) | (1 622 | ) | (851 | )* | (731 | )*
| * |  | This sensitivity analysis relates only to the Europe obligations as there are no automatic pension increases for the United States of America pension plan, and thus it is not one of the inputs utilised in calculating the obligation.
Schedule of allocation of plan assets |
|  | South Africa |  | United States of America |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |
at 30 June |  | % |  | % |  | % |  | % |
Equities |  | 53 |  | 53 |  | 32 |  | 44 |
resources |  | 6 |  | 5 |  | 5 |  | 7 |
industrials |  | 3 |  | 2 |  | 3 |  | 5 |
consumer discretionary |  | 12 |  | 14 |  | 4 |  | 5 |
consumer staples |  | 12 |  | 13 |  | 2 |  | 3 |
healthcare |  | 3 |  | 4 |  | 3 |  | 5 |
information technologies |  | 4 |  | 3 |  | 7 |  | 9 |
telecommunications |  | 1 |  | 2 |  | 2 |  | 2 |
financials (ex real estate) |  | 12 |  | 10 |  | 6 |  | 8 |
Fixed interest |  | 10 |  | 10 |  | 59 |  | 44 |
Direct property |  | 17 |  | 16 |  | 5 |  | 7 |
Listed property |  | 5 |  | 7 |  | — |  | — |
Cash and cash equivalents |  | 4 |  | 3 |  | — |  | — |
Third party managed assets |  | 11 |  | 11 |  | — |  | — |
Other |  | — |  | — |  | 4 |  | 5 |
Total |  | 100 |  | 100 |  | 100 |  | 100 |
|  | South Africa(1) |  | United States of America |
|  | Minimum |  | Maximum |  | Minimum |  | Maximum |
Asset classes |  | % |  | % |  | % |  | % |
Equities |  |  |  |  |  |  |  |  |
local |  | 30 |  | 45 |  | 17 |  | 37 |
foreign |  | 15 |  | 30 |  | 17 |  | 37 |
Fixed interest |  | 5 |  | 25 |  | 55 |  | 75 |
Property |  | 10 |  | 25 |  | — |  | 18 |
Other |  | — |  | 15 |  | — |  | 18 |
| (1) |  | Members of the defined contribution scheme have a choice of four investment portfolios. The targeted allocation disclosed represents the moderate balanced investment portfolio which the majority of the members of the scheme have adopted. The total assets of the fund under these investment portfolios are R146 million, R47 929 million, R700 million and R678 million for the low risk portfolio, moderate balanced portfolio, aggressive balanced portfolio and money market portfolio, respectively. Defined benefit members’ funds are invested in the moderate balanced portfolio. The money market portfolio is restricted to active members from age 55.
Schedule of net defined benefit liability (asset) |
|  | South Africa |  | Foreign |  | Total |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
for the year ended 30 June |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |
Projected benefit obligation (funded) |  | 47 285 |  | 46 508 |  | 3 105 |  | 2 913 |  | 50 390 |  | 49 421 |
defined benefit portion |  | 19 970 |  | 19 200 |  | 3 105 |  | 2 913 |  | 23 075 |  | 22 113 |
defined benefit option for defined contribution members |  | 27 315 |  | 27 308 |  | — |  | — |  | 27 315 |  | 27 308 |
Plan assets |  | (50 128 | ) | (48 340 | ) | (3 890 | ) | (2 514 | ) | (54 018 | ) | (50 854 | )
defined benefit portion |  | (22 502 | ) | (21 669 | ) | (3 890 | ) | (2 514 | ) | (26 392 | ) | (24 183 | )
defined benefit option for defined contribution members |  | (27 626 | ) | (26 671 | ) | — |  | — |  | (27 626 | ) | (26 671 | )
Projected benefit obligation (unfunded) |  | — |  | — |  | 7 915 |  | 6 861 |  | 7 915 |  | 6 861 |
Asset not recognised due to asset limitation |  | 2 261 |  | 1 210 |  | — |  | — |  | 2 261 |  | 1 210 |
Net liability/(asset) recognised |  | (582 | ) | (622 | ) | 7 130 |  | 7 260 |  | 6 548 |  | 6 638 |
|  | South Africa |  | Foreign |  | Total |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
for the year ended 30 June |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |
Pension asset |  | (582 | ) | (622 | ) | (916 | ) | — |  | (1 498 | ) | (622 | )
Pension benefit obligation |  | — |  | — |  | 8 046 |  | 7 260 |  | 8 046 |  | 7 260 |
long-term portion |  | — |  | — |  | 7 854 |  | 7 084 |  | 7 854 |  | 7 084 |
short-term portion |  | — |  | — |  | 192 |  | 176 |  | 192 |  | 176 |
Net liability/(asset) |  | (582 | ) | (622 | ) | 7 130 |  | 7 260 |  | 6 548 |  | 6 638 |
Schedule of reconciliation of plan assets of funded obligation |
|  | South Africa |  | Foreign |  | Total |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
for the year ended 30 June |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |
Fair value of plan assets at beginning of year |  | 48 340 |  | 46 752 |  | 2 514 |  | 2 439 |  | 50 854 |  | 49 191 |
Movements recognised in income statement: |  | 4 707 |  | 4 407 |  | 67 |  | 58 |  | 4 774 |  | 4 465 |
interest income |  | 4 829 |  | 4 535 |  | 67 |  | 58 |  | 4 896 |  | 4 593 |
interest on asset limitation |  | (122 | ) | (128 | ) | — |  | — |  | (122 | ) | (128 | )
Actuarial (losses)/gains recognised in other comprehensive income: |  | (1 959 | ) | (1 930 | ) | 180 |  | 202 |  | (1 779 | ) | (1 728 | )
arising from return on plan assets (excluding interest income) |  | (1 959 | ) | (1 930 | ) | 180 |  | 202 |  | (1 779 | ) | (1 728 | )
Plan participant contributions* |  | 447 |  | 411 |  | — |  | — |  | 447 |  | 411 |
Employer contributions* + |  | 991 |  | 900 |  | 1 233 |  | 265 |  | 2 224 |  | 1 165 |
Benefit payments |  | (2 398 | ) | (2 200 | ) | (314 | ) | (165 | ) | (2 712 | ) | (2 365 | )
Translation of foreign operations |  | — |  | — |  | 210 |  | (285 | ) | 210 |  | (285 | )
Fair value of plan assets at end of year |  | 50 128 |  | 48 340 |  | 3 890 |  | 2 514 |  | 54 018 |  | 50 854 |
Actual return on plan assets |  | 2 748 |  | 2 477 |  | 247 |  | 260 |  | 2 995 |  | 2 737 |
| * |  | Contributions, for the defined contribution section, are paid by the members and Sasol at fixed rates.
| + |  | In 2018, in the United States of America there was a once-off payment R963 million (US$75 million) made by the employer to the fund.
Schedule of contributions to plans |
|  | South Africa |  | Foreign |
|  | Rm |  | Rm |
Pension contributions |  | 1 009 |  | 287 |

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