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Financial risk management and financial instruments (Tables) | 12 Months Ended
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Jun. 30, 2019
Financial risk management and financial instruments |
Financial instruments |
|  |  |  | Carrying value |  |  |
|  |  |  | At fair value through profit and loss |  | Designated at fair value through other comprehensive income |  | Amortised cost |  | Fair value |
|  | Note |  | Rm |  | Rm |  | Rm |  | Rm |
2019 |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |
Investments in listed securities |  |  |  | — |  | 830 |  | — |  | 830 |
Investments in unlisted securities |  |  |  | — |  | 393 |  | — |  | 393 |
Other long-term investments |  |  |  | — |  | — |  | 25 |  | 25 |
Long-term receivables |  | 19 |  | — |  | — |  | 5 582 |  | 5 582 |
Long- and short-term financial assets |  |  |  | 645 |  | — |  | — |  | 645 |
Trade and other receivables** |  | 24 |  | — |  | — |  | 25 611 |  | 25 611 | *
Cash and cash equivalents* |  | 27 |  | — |  | — |  | 15 877 |  | 15 877 | *
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Listed long-term debt (Bonds issued)+ |  | 16 |  | — |  | — |  | 46 060 |  | 49 421 |
Unlisted long-term debt+ |  | 16 |  | — |  | — |  | 91 279 |  | 91 777 |
Short-term debt and bank overdraft |  |  |  | — |  | — |  | 1 297 |  | 1 297 | *
Long- and short-term financial liabilities |  |  |  | 2 205 |  | — |  | — |  | 2 205 |
Trade and other payables+ |  | 25 |  | — |  | — |  | 28 501 |  | 28 501 | *
|  |  |  | Carrying value |  |  |
|  |  |  | At fair value through profit and loss |  | Available- for-sale |  | Amortised cost |  | Held-to- 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 |  | — |  | — |  | 3 824 |  | — |  | 3 824 |
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 (Bonds issued)+ |  | 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 | *
* | 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.
Schedule of expected credit losses recognised |
|  |  |  | 2019 |  | 2018 |
|  | Life time |  | 12 months |  | Deductions |  | Expected credit loss |  | Impairment |
|  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |
Long-term receivables |  | 211 |  | — |  | — |  | 211 |  | 38 |
Trade receivables |  | 225 |  | — |  | — |  | 225 |  | 199 |
Other receivables |  | 204 |  | 24 |  | — |  | 228 |  | 228 |
|  | 640 |  | 24 |  | — |  | 664 |  | 465 |
Schedule of credit risk profile of financial assets at amortised cost |
|  | 2019 |
|  | % |
AAA to A- |  | 85 |
BBB to B- |  | 8 |
CCC+ and - below |  | 7 |
Maturity profile of the undiscounted cash flows of derivative and non-derivative financial instruments |
|  |  |  | Contractual cash flows* |  | Within one year |  | One to five years |  | More than five years |
|  | Note |  | Rm |  | Rm |  | Rm |  | Rm |
2019 |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |
Non-derivative instruments |  |  |  |  |  |  |  |  |  |  |
Long-term receivables |  | 19 |  | 5 582 |  | — |  | 4 203 |  | 1 379 |
Trade and other receivables |  | 24 |  | 25 611 |  | 25 611 |  | — |  | — |
Cash and cash equivalents (excluding restricted cash) |  |  |  | 13 397 |  | 13 397 |  | — |  | — |
Investments through other comprehensive income |  |  |  | 1 223 |  | 680 |  | 543 |  | — |
Other long-term investments |  |  |  | 25 |  | — |  | 25 |  | — |
|  |  |  | 45 838 |  | 39 688 |  | 4 771 |  | 1 379 |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  | 2 161 |  | 2 161 |  | — |  | — |
Interest rate swap |  |  |  | 15 |  | — |  | 8 |  | 7 |
Zero cost collar |  |  |  | 582 |  | 582 |  | — |  | — |
Ethane swaps |  |  |  | 2 |  | 2 |  | — |  | — |
Other commodity derivatives |  |  |  | 31 |  | 31 |  | — |  | — |
|  |  |  | 48 629 |  | 42 464 |  | 4 779 |  | 1 386 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Non-derivative instruments |  |  |  |  |  |  |  |  |  |  |
Long-term debt*** |  | 16 |  | (183 445 | ) | (8 232 | ) | (138 453 | ) | (36 760 | )
Short-term debt |  | 16 |  | (1 239 | ) | (1 239 | ) | — |  | — |
Trade and other payables |  | 25 |  | (28 501 | ) | (28 501 | ) | — |  | — |
Bank overdraft |  | 27 |  | (58 | ) | (58 | ) | — |  | — |
Financial guarantees** |  |  |  | (1 326 | ) | (1 326 | ) | — |  | — |
|  |  |  | (214 569 | ) | (39 356 | ) | (138 453 | ) | (36 760 | )
Derivative instruments |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  | (2 190 | ) | (2 190 | ) | — |  | — |
Interest rate swap |  |  |  | (1 488 | ) | (213 | ) | (1 029 | ) | (246 | )
Zero cost collar |  |  |  | (3 | ) | (3 | ) | — |  | — |
Ethane swaps |  |  |  | (456 | ) | (456 | ) | — |  | — |
Crude oil futures |  |  |  | (27 | ) | (27 | ) | — |  | — |
Other commodity derivatives |  |  |  | (10 | ) | (10 | ) | — |  | — |
|  |  |  | (218 743 | ) | (42 255 | ) | (139 482 | ) | (37 006 | )
* | Contractual cash flows include interest payments.
** | Issued financial guarantees contracts are all repayable on default, however the likelihood of default is considered remote.
*** | Of the amounts due in one to five years, R131 billion relates to the repayment of the bonds, the revolving credit facility and the term loan.
|  |  |  | 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 |  | — |  | 1 586 |  | 2 200 |
Trade and other receivables |  | 24 |  | 26 648 |  | 26 648 |  | — |  | — |
Cash and cash equivalents (excluding restricted cash) |  | 27 |  | 15 148 |  | 15 148 |  | — |  | — |
Investments available-for-sale |  |  |  | 926 |  | 926 |  | — |  | — |
Investments held-to-maturity |  |  |  | 25 |  | — |  | 25 |  | — |
|  |  |  | 46 533 |  | 42 722 |  | 1 611 |  | 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 |  | — |  | — |
|  |  |  | 49 487 |  | 45 430 |  | 1 611 |  | 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.
Schedule of foreign exchange rates |
|  | Average rate |  | Closing rate |
|  | 2019 |  | 2018 |  | 2019 |  | 2018 |
|  | Rand |  | Rand |  | Rand |  | Rand |
Rand/Euro |  | 16,19 |  | 15,34 |  | 16,01 |  | 16,04 |
Rand/US dollar |  | 14,20 |  | 12,85 |  | 14,08 |  | 13,73 |
Summary of interest rate profile of interest-bearing financial instruments including the effect of the interest rate swap |
|  | Carrying value |
|  | 2019 |  | 2018 |
|  | Rm |  | Rm |
Variable rate instruments |  |  |  |  |
Financial assets |  | 16 663 |  | 18 657 |
Financial liabilities |  | (54 542 | ) | (58 908 | )
|  | (37 879 | ) | (40 251 | )
Fixed rate instruments |  |  |  |  |
Financial assets |  | 197 |  | 97 |
Financial liabilities |  | (83 151 | ) | (51 144 | )
|  | (82 954 | ) | (51 047 | )
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) |  | 40:60 |  | 54:46 |
Schedule of derivative transactions |
|  | 2019 |  | 2018 |  | 2017 |
Income statement impact |  | Rm |  | Rm |  | Rm |
Financial instruments |  |  |  |  |  |  |
Net (loss)/gain on derivative instruments |  |  |  |  |  |  |
Foreign exchange contracts (losses)/gains |  | (794 | ) | 121 |  | (1 107 | )
Put option crude oil derivatives |  | (498 | ) | (3 303 | ) | (237 | )
Zero cost collar foreign exchange derivatives |  | 323 |  | 936 |  | 1 608 |
Crude oil futures |  | 265 |  | (687 | ) | 277 |
Coal swaps |  | 91 |  | (1 024 | ) | 94 |
Ethane swaps |  | (462 | ) | 29 |  | — |
Interest rate swaps |  | (1 475 | ) | 52 |  | 14 |
Other forex derivative |  | 85 |  | — |  | — |
|  | (2 465 | ) | (3 876 | ) | 649 |
Statement of financial position impact
|  | 2019 |  | 2018 |
|  | Rm |  | Rm |
Financial instrument |  |  |  |  |
Derivative financial assets |  |  |  |  |
Foreign exchange contracts |  | 15 |  | 42 |
Zero cost collar |  | 582 |  | 979 |
Crude oil options |  | — |  | 482 |
Interest rate swaps |  | 15 |  | 291 |
Ethane swaps |  | 2 |  | 33 |
Other commodity derivatives |  | 31 |  | — |
|  | 645 |  | 1 827 |
Derivative financial liabilities |  |  |  |  |
Foreign exchange contracts |  | (44 | ) | (45 | )
Coal swaps |  | — |  | (414 | )
Crude oil futures |  | (27 | ) | (91 | )
Zero cost collar |  | (3 | ) | (1 317 | )
Interest rate swaps |  | (1 488 | ) | (45 | )
Ethane swaps |  | (456 | ) | — |
Other commodity derivatives |  | (10 | ) | — |
|  | (2 028 | ) | (1 912 | )
Non-derivative financial liabilities |  |  |  |  |
Financial guarantees |  | (177 | ) | (147 | )
|  | (2 205 | ) | (2 059 | )
Derivatives designated in the hedge relationships
|  | Fair value of assets/ (liabilities) |  | Fair value of assets/ (liabilities) |
|  | 2019 |  | 2018 |
|  | Rm |  | Rm |
Interest rate swap derivatives — held for trading (2018 — cash flow hedge) |  | (1 473 | ) | 246 |
|  | Fair value |  | Fair value |  | Fair value |  | Fair value |  |  |  | Contract/ |  | Contract/ |
|  | of assets |  | of assets |  | of liabilities |  | of liabilities |  |  |  | Notional |  | Notional |
|  | 2019 |  | 2018 |  | 2019 |  | 2018 |  |  |  | amount* |  | amount* |
|  | Rm |  | Rm |  | Rm |  | Rm |  |  |  | 2019 |  | 2018 |
Derivatives held for trading |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | 15 |  | 42 |  | (44 | ) | (45 | ) | US$m |  | 146 |  | 226 |
Crude oil futures |  | — |  | — |  | (27 | ) | (91 | ) | US$m |  | 92 |  | 194 |
|  | 15 |  | 42 |  | (71 | ) | (136 | ) |  |  |  |  |  |
*The notional amount is the sum of the absolute value of all contracts for both derivative assets and liabilities.
|  |  |  | 2019 |  | 2018 |
Brent crude oil — Put options |  |  |  |  |  |  |
Premium paid |  | US$m |  | — |  | 207 |
Number of barrels |  | million |  | 48 |  | 98 |
Open positions |  | million |  | — |  | 48 |
Settled |  | million |  | 48 |  | 50 |
Average Brent crude oil price floor, net of costs (open positions) |  | US$/bbl |  | — |  | 53,36 |
Realised losses recognised in the income statement |  | Rm |  | (1 857 | ) | (1 605 | )
Unrealised (losses)/gains recognised in the income statement |  | Rm |  | 1 359 |  | (1 698 | )
Amount included in the statement of financial position |  | Rm |  | — |  | 482 |
Rand/US$ currency — Zero-cost collar instruments |  |  |  |  |  |  |
US$ exposure — open positions |  | US$bn |  | 4 |  | 4 |
Annual average floor |  | R/US$ |  | 13,84 |  | 13,14 |
Annual average cap |  | R/US$ |  | 16,63 |  | 15,14 |
Realised (losses)/gains recognised in the income statement |  | Rm |  | (610 | ) | 2 772 |
Unrealised gains/(losses) recognised in the income statement |  | Rm |  | 933 |  | (1 836 | )
Amount included in the statement of financial position |  | Rm |  | 579 |  | (338 | )
Export coal — Swap options |  |  |  |  |  |  |
Number of tons |  | million |  | 1,40 |  | 4,20 |
Open positions |  | million |  | — |  | 1,40 |
Settled |  | million |  | 1,40 |  | 2,80 |
Average coal swap price (open positions) |  | US$/ton |  | — |  | 81,82 |
Realised losses recognised in the income statement |  | Rm |  | (337 | ) | (618 | )
Unrealised gains/(losses) recognised in the income statement |  | Rm |  | 428 |  | (406 | )
Amount included in the statement of financial position |  | Rm |  | — |  | (414 | )
Ethane — Swap options |  |  |  |  |  |  |
Number of barrels |  | million |  | 16,00 |  | 5,80 |
Open positions |  | million |  | 12,50 |  | 3,50 |
Settled |  | million |  | 3,50 |  | 2,30 |
Average ethane swap price (open positions) |  | US$ c/gal |  | 28 |  | 27 |
Realised gains/(losses) recognised in the income statement |  | Rm |  | 29 |  | (1 | )
Unrealised (losses)/gains recognised in the income statement |  | Rm |  | (491 | ) | 30 |
Amount included in the statement of financial position |  | Rm |  | (454 | ) | 33 |
Sensitivity analysis of derivative transactions |
|  |  |  | Volatility |  | Commodity price |  | Rand/US$ |  | US$ Libor curve |
|  |  |  |  |  |  |  | +USD 2 |  | -USD 2 |  |  |  |  |  |  |
30 June 2019 |  |  |  | +2% |  | -2% |  | c/gal |  | c/gal |  | -R1/US$* |  | +0,5% |  | -0,5% |
Ethane swap |  | Rm |  | 90 |  | (82 | ) | 146 |  | (146 | ) |  |  |  |  |  |
Zero-cost collar |  | Rm |  | 115 |  | (125 | ) |  |  |  |  | 2 495 |  |  |  |  |
Interest rate swap |  | Rm |  |  |  |  |  |  |  |  |  |  |  | 754 |  | (748 | )
|  |  |  | Volatility |  | Commodity price |  | Rand/US$ |  | US$ Libor curve |
30 June 2018 |  |  |  | +2% |  | -2% |  | +USD 2/bbl |  | -USD 2/bbl |  | -R1/US$* |  | +0,5% |  | -0,5% |
Crude oil options |  | Rm |  | 88 |  | (80 | ) | (68 | ) | 81 |  |  |  |  |  |  |
Zero-cost collar |  | Rm |  | 27 |  | (22 | ) |  |  |  |  | 2 731 |  |  |  |  |
Interest rate swap |  | Rm |  |  |  |  |  |  |  |  |  |  |  | 866 |  | (865 | )
*A weakening of the Rand/US$ spot exchange rate of R2,55, 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 R2,55/US$, up to the cap of R16,63, 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 |  | 2019 |  | Valuation method |  | Significant inputs |  | of inputs |
Financial assets |  |  |  |  |  |  |  |  |
Investments in listed securities |  | 830 |  | Quoted market price for the same instrument |  | Quoted market price for the same instrument |  | Level 1 |
Investments in unlisted securities |  | 393 |  | 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 |  | 5 582 |  | Discounted cash flow |  | Market related interest rates. |  | Level 3 |
Derivative assets |  | 645 |  | 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 |  | 25 611 |  | Discounted cash flow |  | Market related interest rates. |  | Level 3 | *
Cash and cash equivalents |  | 15 877 |  | ** |  | ** |  | Level 1 | **
Financial liabilities |  |  |  |  |  |  |  |  |
Listed long-term debt |  | 49 421 |  | Quoted market price for the same instrument |  | Quoted market price for the same instrument |  | Level 1 |
Unlisted long-term debt |  | 91 777 |  | Discounted cash flow |  | Market related interest rates |  | Level 3 |
Short-term debt and bank overdraft |  | 1 297 |  | Discounted cash flow |  | Market related interest rates |  | Level 3 | *
Derivative liabilities |  | 2 205 |  | 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 |  | 28 501 |  | 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 |
|  | 2019 |  | 2018 |
|  | Euro |  | US dollar |  | Euro |  | US dollar |
|  | Rm |  | Rm |  | Rm |  | Rm |
Trade and other receivables |  | 515 |  | 2 375 |  | 586 |  | 2 500 |
Cash and cash equivalents |  | 1 470 |  | 1 256 |  | 2 257 |  | 1 452 |
Net exposure on assets |  | 1 985 |  | 3 631 |  | 2 843 |  | 3 952 |
Long-term debt |  | (122 | ) | (1 851 | ) | (153 | ) | (1 651 | )
Short-term debt |  | — |  | — |  | — |  | (23 | )
Trade and other payables |  | (186 | ) | (1 077 | ) | (128 | ) | (1 248 | )
Net exposure on liabilities |  | (308 | ) | (2 928 | ) | (281 | ) | (2 922 | )
Exposure on external balances |  | 1 677 |  | 703 |  | 2 562 |  | 1 030 |
Net exposure on balances between group companies* |  | (1 135 | ) | (22 132 | ) | (2 391 | ) | 9 584 |
Total net exposure |  | 542 |  | (21 429 | ) | 171 |  | 10 614 |
* | The US$ increase relates to additional funding provided to the LCCP by Sasol Financing International.
Schedule of sensitivity analysis |
|  | 2019 |  | 2018 |
|  |  |  | Income |  |  |  | Income |
|  | Equity |  | statement |  | Equity |  | statement |
|  | Rm |  | Rm |  | Rm |  | Rm |
Euro |  | 54 |  | 54 |  | 17 |  | 17 |
US dollar |  | (2 143 | ) | (2 143 | ) | 1 053 |  | 1 053 |
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 2019 |  | 27 |  | 15 |  | (433 | ) | 12 |
30 June 2018 |  | (66 | ) | 6 |  | (362 | ) | 18 |
Income statement – 1% decrease
|  |  |  |  |  | United States |  |  |
|  | South Africa |  | Europe* |  | of America* |  | Other* |
|  | Rm |  | Rm |  | Rm |  | Rm |
30 June 2019 |  | (27 | ) | (15 | ) | 433 |  | (12 | )
30 June 2018 |  | 66 |  | (6 | ) | 362 |  | (18 | )
* | 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 |
|  | Average fixed rate % |  | Expiry |  | Fair value loss recognised in other comprehensive income 2019 Rm |  | Fair value loss recognised in other comprehensive income 2018 Rm |  | Recognised in profit and loss 2019 Rm |  | Recognised in profit and loss 2018 Rm |
Interest rate swap derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
US$ — pay fixed rate receive floating rate |  |  |  |  |  |  |  |  |  |  |  |  |
North America** |  | 2,78 |  | December 2026 |  | (285 | ) | (950 | ) | (1 485 | ) | 52 |
Mozambique |  | 2,80 |  | February 2030 |  | — |  | — |  | 10 |  | — |
** | The interest rate swap was novated in June 2019 when the underlying LCCP bank term loan was refinanced. This ended the hedge relationship with hedge accounting discontinued. A loss of R1 400 million was recognised in other comprehensive income on the revaluation of the cash flow hedge that was offset by a gain of R1 115 million on the reclassification of the swap to profit and loss on termination of the hedge relationship. We will redesignate the swap as a hedging instrument in a cash flow hedge in financial year 2020.
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 |
|  | 2019 |  | 2018 |
|  | US$ |  | US$ |
High |  | 86,16 |  | 80,29 |
Average |  | 68,63 |  | 63,62 |
Low |  | 50,21 |  | 46,53 |
|  | Contract amount |  | Fair value |  | Within one year |  | Contract amount |  | Fair value |  | Within one year |
|  | 2019 |  | 2019 |  | 2019 |  | 2018 |  | 2018 |  | 2018 |
|  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |
Crude oil futures |  | 1 521 |  | (27 | ) | (27 | ) | 2 792 |  | (91 | ) | (91 | )
Other commodity derivatives |  | 254 |  | 21 |  | 21 |  | — |  | — |  | — |
Schedule of sensitivity analysis |
|  | 2019 |  | 2018 |
|  | Rm |  | Rm |
Crude oil |  | (193 | ) | (153 | )

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