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Share-based payment reserve (Tables) | 12 Months Ended
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Jun. 30, 2019
Share-based payment transaction |
Schedule of share-based payment expense |
|  |  |  | 2019 |  | 2018 |  | 2017 |
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: |  |  |  |  |  |  |  |  |
Sasol Khanyisa share transaction(1) |  | 35.1 |  | 952 |  | 2 953 |  |  |
Sasol ordinary BEE (SOLBE1) shares issued(2) |  |  |  | — |  | 1 104 |  |  |
Khanyisa Public |  |  |  | — |  | 1 762 |  |  |
Tier 1 — Khanyisa Employee Share Ownership Plan (ESOP) |  |  |  | 628 |  | 52 |  |  |
Tier 2 — Khanyisa ESOP |  |  |  | 324 |  | 35 |  |  |
Long-term incentives(3) |  | 35.2 |  | 707 |  | 789 |  | 387 |
Sasol Inzalo share transaction |  | 35.3 |  | — |  | 34 |  | 76 |
Equity-settled — recognised directly in equity(4) |  |  |  | 1 659 |  | 3 776 |  | 463 |
(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)IFRS2 expense was recognised immediately on date shares were granted to participants. Shares were not encumbered and could be traded immediately. (3)On 25 November 2016, the cash-settled LTI scheme was converted to an equity-settled share scheme. (4)The employee-related share-based payment expense in 2018 was R910 million.
Sasol Khanyisa share transaction |
Share-based payment transaction |
Schedule of the average fair value of instruments granted |
|  |  |  | ESOP — Tier 1(1) |  | ESOP — Tier 1(1) |  | ESOP — Tier 2(1)(2)(3) |  | Sasol Khanyisa Public(3) |
for the year ended 30 June |  |  |  | 2019 |  | 2019 |  | 2019 |  | 2019 |
Grant date |  | Date |  | 1 June 2018 |  | 1 June 2018 |  | 25 May 2018 |  | 1 June 2018 |
Class of shares |  |  |  | SOL shares |  | SOLBE1 shares |  | Khanyisa shares |  | Khanyisa shares |
Shares |  | Number |  | 2 082 520 |  | 2 396 048 |  | 26 503 642 |  | 26 503 642 |
Weighted average fair value on grant date |  | Rand |  | 481,50 |  | 370,00 |  | 66,48 |  | 66,48 |
Total IFRS expense |  | Rm |  | 1 003 |  | 887 |  | 1 762 |  | 1 762 |
IFRS expense recognised for the year |  | Rm |  | 334 |  | 294 |  | 324 |  | — |
(1)The ESOP Tier 1 and 2 options outstanding have a weighted average remaining vesting period of 1,9 and 4,7 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. (2)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. (3)The estimated strike price value for Khanyisa Public and ESOP Tier 2 is R326,55 and represents the remaining vendor funding per share at 30 June 2019.
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 |  |  |  | 2019 |  | 2018 |
Model |  |  |  | Monte-Carlo |  | Monte-Carlo |
Risk-free interest rate — Rand |  | (%) |  | 6,90 – 7,87 |  | 6,98 – 7,34 |
Risk-free interest rate — US$ |  | (%) |  | 0,91 – 1,56 |  | 1,01 – 1,47 |
Expected volatility |  | (%) |  | 26,17 |  | 24,73 |
Expected dividend yield |  | (%) |  | 3,43 |  | 3,65 |
Expected forfeiture rate |  | (%) |  | 5 |  | 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 |
Movements in the number of incentives outstanding |  | Number of incentives |  | Weighted average fair value Rand |
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 |
LTIs granted |  | 2 089 674 |  | 555,86 |
LTIs vested |  | (1 600 899 | ) | 308,27 |
Effect of CPTs and LTIs forfeited |  | (665 666 | ) | 360,19 |
Balance at 30 June 2019* |  | 6 619 597 |  | 422,20 |
*The incentives outstanding as at 30 June 2019 have a weighted average remaining vesting period of 1,4 years. The exercise price of these options is Rnil.
Schedule of weighted average market price |
|  | 2019 |  | 2018 |
for year ended 30 June |  | Rand |  | Rand |
Average weighted market price of LTIs vested |  | 507,50 |  | 396,02 |

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