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Share-based payment reserve (Tables)
 12 Months Ended
Jun. 30, 2018
Share-based payment transaction  
Schedule of share-based payment expense

 

 

 

 

 

2018

 

2017

 

2016

 

for the year ended 30 June

 

Note

 

Rm

 

Rm

 

Rm

 

During the year, the following share-based payment expense was recognised in the income statement relating to the equity-settled share- based payment schemes:

 

 

 

 

 

 

 

 

 

Equity-settled – recognised directly in equity

 

 

 

3 776

 
463

 
123

 

Sasol Inzalo share transaction

 
35.1

 
34

 
76

 
123

 

Sasol Khanyisa share transaction(1)

 
35.2

 

2 953

 

—

 

—

 

 

 

 

 

2 866

 

—

 

—

 

Sasol ordinary BEE (SOLBE1) shares issued(2)

 

 

 

1 104

 

—

 

—

 

Khanyisa Public

 

 

 

1 762

 

—

 

—

 

Tier 1 - Khanyisa Employee Share Ownership Plan (ESOP)

 

 

 
52

 

 

 

 

 

Tier 2 - Khanyisa ESOP

 

 

 
35

 

 

 

 

 

Long-term incentives(3)

 
35.3

 
789

 
387

 

—

 

 

 

 

 

 

 

 

 

 

 

Employee-related share-based payment expense (included in amount above)

 

 

 
910

 
463

 
123

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

In November 2017, Sasol Khanyisa a new Broad-Based Black Economic Empowerment (B-BBEE) scheme was approved by shareholders at a General Meeting.

 

(2)

IFRS 2 expense recognised immediately, as shares granted to participants are unencumbered and can be traded immediately.

 

(3)

On 25 November 2016, the cash-settled LTI scheme was converted to an equity-settled share scheme.
Sasol Khanyisa share transaction  
Share-based payment transaction  
Schedule of the average fair value of instruments granted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IFRS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

expense

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

recognised

 

 

 

 

 

Number

 

 

 

Number

 

average

 

Total

 

for the year

 

 

 

 

 

of

 

Number

 

of Sasol

 

fair

 

IFRS

 

ended

 

Components of the

 

 

 

SOLBE1

 

of SOL

 

Khanyisa

 

value

 

expense

 

30 June 2018

 

transaction

 

Grant date

 

Shares

 

shares

 

shares

 

Rand

 

Rm

 

Rm

 

SOLBE1 Election 1 for 4

 

23 March 2018

 

245 741

 

—

 

—

 
386,00

 
95

 
95

 

Khanyisa Public 1 for 10

 

1 June 2018

 

2 727 281

 

—

 

—

 
370,00

 

1 009

 

1 009

 

Sasol Khanyisa Public(1),(3)

 

1 June 2018

 

—

 

—

 

26 503 642

 
66,48

 

1 762

 

1 762

 

ESOP - Tierl(2)

 

1 June 2018

 

—

 

2 082 520

 

—

 
481,50

 

1 003

 
27

 

ESOP - T ierl(2)

 

1 June 2018

 

2 396 048

 

—

 

—

 
370,00

 
887

 
25

 

ESOP - Tier2(2),(3)

 

25 May 2018

 

—

 

—

 

26 503 642

 
66,48

 

1 762

 
35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5 369 070

 

2 082 520

 

53 007 284

 

 

 

6 518

 

2 953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The estimated strike price value for Khanyisa Public and ESOP Tier 2 is R313,25 and represents the remaining vendor funding per share as at 30 June 2018.

 

(2)

The ESOP Tierl and 2 options outstanding have a weighted average remaining vesting period of 2,9 and 5,8 years. ESOP Tier 1 vests after 3 years and ESOP Tier 2 has a staggered vesting period, with portions vesting from 3 years, and then each year until the end of the transaction term, being 10 years.

 

(3)

The weighted average fair value price is derived from the Monte-Carlo option pricing model. The price will move closer to the strike price over the transaction period as certainty of dividends declared by SSA is expected to exceed outstanding vendor financing.
Schedule of the assumptions used to calculate the average fair value of options granted

 

Average fair value Sasol Khanyisa options granted

 

 

 

2018

 

 

 

 

 

 

 

Model

 

 

 

Monte-Carlo

 

Risk - free interest rate

 

(%)

 
8,08

 

Expected volatility

 

(%)

 
28,49

 

Expected dividend yield

 

(%)

 

1,8 – 10,1

 

 

Long Term Incentive Equity Settled  
Share-based payment transaction  
Schedule of the assumptions used to calculate the average fair value of options granted

 

Average fair value of incentives granted

 

 

 

2018

 

2017

 

Model

 

 

 

Monte-Carlo

 

Monte-Carlo

 

Risk-free interest rate - Rand

 

(%)

 

6,98 – 7,34

 

7,03 – 9,22

 

Risk-free interest rate - US$

 

(%)

 

1,01 – 1,47

 

0,76 – 0,91

 

Expected volatility

 

(%)

 
24,73

 
29,87

 

Expected dividend yield

 

(%)

 
3,65

 
3,42

 

Expected forfeiture rate

 

(%)

 
5

 

3 – 5

 

Vesting period - top management

 

 

 

3 / 5 years

 

3 / 5 years

 

Vesting period - all other participants

 

 

 

3 years

 

3 years

 

 

Schedule of movements in the number of incentives outstanding

 

 

 

 

 

Weighted average

 

 

 

Number of

 

fair value

 

Movements in the number of incentives outstanding

 

incentives

 

Rand

 

Balance at 30 June 2016

 

—

 

—

 

Conversion of LTI scheme to equity-settled scheme on 25 November 2016

 

6 398 182

 
340,85

 

LTIs granted

 

150 200

 
370,47

 

LTIs vested

 

(194 390

)
359,92

 

Effect of CPTs and LTIs forfeited

 

(155 403

)
343,03

 

 

 

 

 

 

 

Balance at 30 June 2017

 

6 198 589

 
337,80

 

LTIs granted

 

2 626 268

 
376,73

 

LTIs vested

 

(1 868 963

)
347,93

 

Effect of CPTs and LTIs forfeited

 

(159 406

)
349,95

 

 

 

 

 

 

 

Balance at 30 June 2018*

 

6 796 488

 
348,19

 

 

 

 

 

 

 

 

 

*

The incentives outstanding as at 30 June 2018 have a weighted average remaining vesting period of 1,5 years. The exercise price of these options is Rnil.
Schedule of weighted average market price

 

 

 

2018

 

2017

 

for year ended 30 June

 

Rand

 

Rand

 

Average weighted market price of LTIs vested

 
396,02

 
375,43