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Remeasurement items affecting operating profit (Tables) | 12 Months Ended
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Jun. 30, 2019
Remeasurement items affecting operating profit |
Schedule of remeasurement items affecting operating profit |
|  |  |  | 2019 |  | 2018 |  | 2017 |
for the year ended 30 June |  | Note |  | Rm |  | Rm |  | Rm |
Effect of remeasurement items for subsidiaries and joint operations |  |  |  |  |  |  |  |  |
Impairment of |  |  |  | 18 451 |  | 9 115 |  | 2 477 |
property, plant and equipment |  | 17 |  | 14 161 |  | 7 623 |  | 415 |
assets under construction |  | 18 |  | 4 272 |  | 1 492 |  | 1 942 |
goodwill and other intangible assets |  |  |  | 11 |  | — |  | 120 |
other assets |  |  |  | 7 |  | — |  | — |
Reversal of impairment of |  |  |  | (949 | ) | (354 | ) | (1 136 | )
property, plant and equipment |  | 17 |  | (650 | ) | — |  | (272 | )
assets under construction |  | 18 |  | (299 | ) | (14 | ) | (849 | )
goodwill and other intangible assets |  |  |  | — |  | (56 | ) | — |
equity accounted investments |  |  |  | — |  | (269 | ) | (15 | )
other assets |  |  |  | — |  | (15 | ) | — |
Fair value write down — assets held for sale |  |  |  | — |  | — |  | 64 |
Loss/(profit) on |  | 10 |  | 1 109 |  | 828 |  | 211 |
disposal of property, plant and equipment |  |  |  | (32 | ) | (3 | ) | (25 | )
disposal of goodwill and other intangible assets |  |  |  | — |  | 11 |  | 4 |
disposal of other assets |  |  |  | — |  | (1 | ) | — |
disposal of businesses |  |  |  | (267 | ) | (833 | ) | (51 | )
scrapping of property, plant and equipment |  |  |  | 556 |  | 454 |  | 183 |
disposal and scrapping of assets under construction |  |  |  | 852 |  | 1 200 |  | 100 |
Write-off of unsuccessful exploration wells |  | 18 |  | 34 |  | 312 |  | — |
Remeasurement items per income statement |  |  |  | 18 645 |  | 9 901 |  | 1 616 |
Tax effect |  |  |  | (4 012 | ) | (1 834 | ) | (532 | )
Non-controlling interest effect |  |  |  | (5 | ) | (9 | ) | (7 | )
Total remeasurement items for subsidiaries and joint operations, net of tax |  |  |  | 14 628 |  | 8 058 |  | 1 077 |
Effect of remeasurement items for equity accounted investments |  |  |  | 15 |  | 11 |  | 14 |
Total remeasurement items for the group, net of tax |  |  |  | 14 643 |  | 8 069 |  | 1 091 |
Schedule of main assumptions used for impairment calculations |
|  |  |  | 2019 |  | 2018 |  | 2017 |
Long-term average crude oil price (Brent) (nominal)* |  | US$/bbl |  | 71,17 |  | 73,91 |  | 74,29 |
Long-term average gas price (Henry Hub), excluding margins (real)* |  | US$/mmbtu |  | 3,44 |  | 3,49 |  | 3,69 |
Long-term average ethane price (nominal)* |  | US$c/gal |  | 39,04 |  | 37,42 |  | 44,27 |
Long-term average ammonia price* |  | Rand/ton |  | 4 258,54 |  | 5 807,46 |  | 6 392,85 |
Long-term average exchange rate* |  | Rand/US$ |  | 14,29 |  | 13,57 |  | 14,71 |
* | Assumptions are provided on a long-term average basis. Oil price, ammonia price and exchange rate assumptions are calculated based on a five year period, while the ethane price is based on a ten year period. The Henry Hub gas price is calculated until 2041, linked to the plant’s useful life.
|  |  |  | South Africa |  | United States of America |  | Europe |  | Canada |
|  |  |  | % |  | % |  | % |  | % |
Growth rate — long-term Producer Price Index |  | 2019 |  | 5,50 |  | 2,00 |  | 2,00 |  | 2,00 |
Weighted average cost of capital* |  | 2019 |  | 13,12 |  | 7,18 |  | 7,18 – 9,48 |  | 7,18 |
Discount rate — risk adjusted |  | 2019 |  | 13,12 |  | 7,18 |  | 7,18 – 9,48 |  | 10,00 |
Growth rate — long-term Producer Price Index |  | 2018 |  | 5,50 |  | 2,00 |  | 2,00 |  | 2,00 |
Weighted average cost of capital* |  | 2018 |  | 12,71 |  | 7,56 |  | 7,68 – 9,35 |  | 7,68 |
Discount rate — risk adjusted |  | 2018 |  | 12,71 |  | 7,56 |  | 7,68 – 9,35 |  | 10,00 |
Growth rate — long-term Producer Price Index |  | 2017 |  | 5,50 |  | 2,00 |  | 2,00 |  | 2,00 |
Weighted average cost of capital* |  | 2017 |  | 12,50 |  | 6,60 |  | 6,60 – 8,22 |  | 6,60 |
Discount rate — risk adjusted |  | 2017 |  | 12,50 |  | 6,60 |  | 6,60 – 8,22 |  | 9,50 – 9,80 |
* | Calculated using spot market factors on 30 June.
Schedule of significant impairments and reversals | Significant impairment (reversals of impairment) of assets in 2019
|  |  |  | Property, plant and equipment |  | Assets under con- struction |  | Goodwill and other intangible assets |  | Other |  | Total |
|  | Business |  | 2019 |  | 2019 |  | 2019 |  | 2019 |  | 2019 |
Cash-generating unit (CGU) |  | segmentation |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |
Tetramerization value chain (LCCP) |  | Performance Chemicals |  | 3 929 |  | 3 474 |  | — |  | — |  | 7 403 |
Ethylene Oxide/Ethylene Glycol value chain (LCCP) |  | Performance Chemicals |  | 4 662 |  | 798 |  | — |  | — |  | 5 460 |
Ammonia value chain |  | Base Chemicals |  | 3 347 |  | — |  | — |  | — |  | 3 347 |
Sasol Canada — Shale gas assets |  | Exploration and Production International |  | 1 947 |  | — |  | — |  | — |  | 1 947 |
Chlor Vinyls value chain |  | Base Chemicals |  | (650 | ) | (299 | ) | — |  | — |  | (949 | )
High Purity Alumina assets |  | Performance Chemicals |  | 205 |  | — |  | — |  | — |  | 205 |
Sasol Wilmar Alcohol Industries |  | Performance Chemicals |  | 65 |  | — |  | 11 |  | 7 |  | 83 |
Other |  | Various |  | 6 |  | — |  | — |  | — |  | 6 |
|  |  |  | 13 511 |  | 3 973 |  | 11 |  | 7 |  | 17 502 |

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