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Long-term debt and finance leases (Tables) | 12 Months Ended
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Jun. 30, 2019
Long-term debt and finance leases |
Schedule of long-term debt and finance leases |
|  |  |  | 2019 |  | 2018 |
for the year ended 30 June |  | Note |  | Rm |  | Rm |
Total long-term debt |  |  |  | 137 339 |  | 109 454 |
Short-term portion |  |  |  | (2 544 | ) | (12 763 | )
|  |  |  | 134 795 |  | 96 691 |
Comprising: |  |  |  |  |  |  |
Long-term debt |  |  |  | 127 350 |  | 89 411 |
Finance leases |  |  |  | 7 445 |  | 7 280 |
|  |  |  | 134 795 |  | 96 691 |
Analysis of long-term debt and finance leases |  |  |  |  |  |  |
At amortised cost |  |  |  |  |  |  |
Secured debt(1) |  |  |  | 6 602 |  | 62 601 |
Preference shares |  |  |  | — |  | 7 493 |
Finance leases |  |  |  | 7 770 |  | 7 624 |
Unsecured debt* |  |  |  | 123 555 |  | 32 513 |
Unamortised loan costs |  |  |  | (588 | ) | (777 | )
|  |  |  | 137 339 |  | 109 454 |
Reconciliation |  |  |  |  |  |  |
Balance at beginning of year |  |  |  | 109 454 |  | 81 405 |
Loans raised |  |  |  | 94 002 |  | 31 061 |
proceeds from new loans* |  |  |  | 93 884 |  | 24 961 |
finance leases acquired |  |  |  | 118 |  | 6 100 |
Loans repaid** |  |  |  | (70 000 | ) | (9 199 | )
Modification gain |  |  |  | (112 | ) | — |
Interest accrued |  | 7 |  | 1 025 |  | 878 |
Amortisation of loan costs |  | 7 |  | 725 |  | 462 |
Translation effect of foreign currency loans |  |  |  | 212 |  | 22 |
Translation of foreign operations |  |  |  | 2 033 |  | 4 825 |
Balance at end of year |  |  |  | 137 339 |  | 109 454 |
Interest-bearing status |  |  |  |  |  |  |
Interest-bearing debt |  |  |  | 136 394 |  | 108 017 |
Non-interest-bearing debt |  |  |  | 945 |  | 1 437 |
|  |  |  | 137 339 |  | 109 454 |
Maturity profile |  |  |  |  |  |  |
Within one year |  |  |  | 2 544 |  | 12 763 |
One to five years |  |  |  | 113 447 |  | 72 899 |
More than five years |  |  |  | 21 348 |  | 23 792 |
|  |  |  | 137 339 |  | 109 454 |
Business segmentation |  |  |  |  |  |  |
 Mining |  |  |  | — |  | 679 |
 Exploration and Production International |  |  |  | — |  | 784 |
 Energy |  |  |  | 8 893 |  | 9 503 |
 Base Chemicals |  |  |  | 5 503 |  | 33 716 |
 Performance Chemicals |  |  |  | 1 466 |  | 27 914 |
 Group Functions |  |  |  | 121 477 |  | 36 858 |
Total operations |  |  |  | 137 339 |  | 109 454 |
| (1) |  | The LCCP term loan was repaid with the proceeds from the US dollar bonds issued in September 2018 and the subsequent draw down of the term loan and revolving credit facility.
* Loans raised to fund US growth projects. ** 2019 relate mainly to the settlement of the LCCP term loan, discharging the completion guarantee issued in respect of the LCCP and the settlement of the Inzalo Public debt. 2018 mainly relates to the repayment of the Inzalo Groups debt.
|  | 2019 |  | 2018 |
|  | Rm |  | Rm |
Total long-term debt (before unamortised loan costs)*** |  | 141 198 |  | 109 984 |
|  |  |  |  |  |  |  | Interest rate at |  | 2019 |  | 2018 |
Terms of repayment |  | Security |  | Business |  | Currency |  | 30 June 2019 |  | Rm |  | Rm |
Secured debt |  |  |  |  |  |  |  |  |  |  |  |  |
Repayable in bi-annual instalments ending December 2021(1) |  | Secured by assets under construction with a carrying value of 2018 — R140 912 million and other assets with a carrying value of 2018 — R24 368 million |  | Base and Performance Chemicals (US Operations) |  | US dollar |  |  |  | — |  | 54 953 |
Repayable in quarterly instalments ending August 2024 |  | Secured by property, plant and equipment with a carrying value of R4 183 million (2018 — R4 551 million). |  | Base Chemicals |  | US dollar |  | Libor + 2,5% |  | 2 735 |  | 2 765 |
Repayable in bi-annual instalments ending June 2022 |  | Secured by property, plant and equipment with a carrying value of R4 941 million (2018 — R5 415 million) |  | Energy (Rompco) |  | Rand |  | Jibar + 1,75% |  | 2 590 |  | 3 473 |
Repayable in bi-annual instalments ending February 2030 |  | Secured by shares, property, plant and equipment with a carrying value of R1 480 million (2018 — R1 443 million) |  | Energy (CTRG) |  | US dollar |  | Libor + 5,5% |  | 1 093 |  | 1 183 |
|  |  |  | Various |  | Various |  | Various |  | 184 |  | 227 |
|  |  |  |  |  |  |  |  |  | 6 602 |  | 62 601 |
Preference shares |  |  |  |  |  |  |  |  |  |  |  |  |
A preference shares repayable in semi-annual instalments between June 2008 and September 2018(2) |  | Secured by Sasol preferred ordinary shares held by the company |  | Group Functions (Inzalo) |  | Rand |  |  |  | — |  | 828 |
B preference shares repayable between June 2008 and September 2018(2) |  | Secured by Sasol preferred ordinary shares held by the company |  | Group Functions (Inzalo) |  | Rand |  |  |  | — |  | 789 |
C preference shares repayable September 2018(2) |  | Secured by guarantee from Sasol Limited |  | Group Functions (Inzalo) |  | Rand |  |  |  | — |  | 5 822 |
A preference shares repayable between March 2013 and September 2018 |  | Secured by preference shares held in Sasol Mining (Pty) Ltd |  | Mining (Ixia) |  | Rand |  |  |  | — |  | 54 |
|  |  |  |  |  |  |  |  |  | — |  | 7 493 |
| (1) |  | The US$4 billion secured term loan was settled during the year with the proceeds from the US$2,25 billion bond issued in September 2018 together with a US$1,65 billion term loan and a RCF of US$150 million incurred in June 2019.
| (2) |  | The A, B and C preference share debt relating to the Sasol Inzalo Public share transaction was settled on 10 September 2018.
|  |  |  |  |  |  |  | Interest rate at |  | 2019 |  | 2018 |
Terms of repayment |  | Security |  | Business |  | Currency |  | 30 June 2019 |  | Rm |  | Rm |
Finance leases |  |  |  |  |  |  |  |  |  |  |  |  |
Repayable in monthly instalments over 1 to 37 years ending December 2056 |  | Secured by plant and equipment with a carrying value R7 369 million (2018 – R7 541 million) |  | Energy, Base and Performance Chemicals |  | Various |  | Fixed 2,36% to 16,58% and variable 8% to 9,5% |  | 7 673 |  | 7 521 |
Other finance leases |  | Underlying assets |  | Various |  | Various |  | Various |  | 97 |  | 103 |
|  |  |  |  |  |  |  |  |  | 7 770 |  | 7 624 |
|  |  |  |  |  |  |  |  |  | 14 372 |  | 77 718 |
|  |  |  |  |  |  |  | Interest rate at |  | 2019 |  | 2018 |
Terms of repayment |  |  |  | Business |  | Currency |  | 30 June 2019 |  | Rm |  | Rm |
Unsecured debt |  |  |  |  |  |  |  |  |  |  |  |  |
Various repayment terms ending April 2031 |  | Various |  | Various |  | Various |  | 1 779 |  | 1 567 |
Repayable in July 2018(1) |  | Exploration and Production International |  | Canadian dollar |  |  |  | — |  | 784 |
Various repayment terms |  | Energy |  | Rand |  | Fixed 8,0% |  | 626 |  | 523 |
Various repayment terms from November 2022 to November 2023(2)(3) |  | Group Functions (Sasol Financing International) |  | US dollar |  | Fixed 4,5% and variable Libor + 1% |  | 63 548 |  | 29 014 |
Various repayment terms from June 2024 to September 2028(4)(5) |  | Group Functions (Sasol Financing USA) |  | US dollar |  | Fixed 5,8% to 6,5% and variable Libor + 1% to 1,4% |  | 57 602 |  | — |
Repayable in bi-annual instalments ending December 2018 |  | Mining |  | Rand |  |  |  | — |  | 625 |
Total unsecured debt |  |  |  |  |  |  |  | 123 555 |  | 32 513 |
Total long-term debt |  |  |  |  |  |  |  | 137 927 |  | 110 231 |
Unamortised loan costs (amortised over period of debt using the effective interest rate method) |  |  |  |  |  |  |  | (588 | ) | (777 | )
|  |  |  |  |  |  |  |  |  | 137 339 |  | 109 454 |
Short-term portion of long-term debt |  |  |  | (2 544 | ) | (12 763 | )
|  |  |  |  |  |  |  |  |  | 134 795 |  | 96 691 |
| (1) |  | The carry of CAD75 million (R780 million) was repaid on 3 July 2018.
| (2) |  | Included in this amount is the US$1 billion (R14 billion) bond, with a fixed interest rate of 4,5% which is listed on the New York Stock Exchange and is recognised in Sasol Financing International Limited, a 100% owned subsidiary of the group. Sasol Limited has fully and unconditionally guaranteed the bond. There are no restrictions on the ability of Sasol Limited to obtain funds from the finance subsidiary by dividend or loan.
| (3) |  | During the year Sasol Financing International Limited, drew down on its revolving credit facility US$2,6 billion to fund mainly the LCCP.
| (4) |  | In September 2018 Sasol Financing USA LLC issued bonds to the value of US$1,50 billion and US$0,75 billion respectively and in June 2019 incurred a term loan of US$1,65 billion and a revolving credit facility of US$150 million. The proceeds were utilised to fully repay the US$4 billion secured term loan.
| (5) |  | Included in this amount is the US$2,25 billion (R31,7 billion) bonds, with fixed interest rates of 5,88% and 6,5% which are listed on the New York Stock Exchange and is recognised in Sasol Financing USA LLC, a 100% owned subsidiary of the group. Sasol Limited has fully and unconditionally guaranteed the bond. There are no restrictions on the ability of Sasol Limited to obtain funds from the finance subsidiary by dividend or loan.
Schedule of Lake Charles Chemicals Project funding profile |
|  | Total facilities |  | Cash utilised |  | Remaining |  | Rand |
at 30 June 2019 |  | US$m |  | US$m |  | US$m |  | equivalent |
Lake Charles Chemicals Project funding profile |  |  |  |  |  |  |  |  |
Term loan |  | 1 650 |  | 1 650 |  | — |  | — |
Bonds |  | 2 250 |  | 2 250 |  | — |  | — |
Available cash, cash flow from operations and general borrowings |  | 9 000 |  | 7 533 |  | 1 467 |  | 20 655 |
Total funding requirement |  | 12 900 | * | 11 433 |  | 1 467 |  | 20 655 |
* Includes the US$300 million contingency
Schedule of liquidity available from borrowings |
|  |  |  |  |  | Contract amount |  | Total Rand equivalent |  | Utilised facilities |  | Available facilities |
30 June 2019 |  | Expiry date |  | Currency |  | million |  | Rm |  | Rm |  | Rm |
Banking facilities and debt arrangements |  |  |  |  |  |  |  |  |  |  |
Group treasury facilities |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper (uncommitted)(1) |  | None |  | Rand |  | 8 000 |  | 8 000 |  | — |  | 8 000 |
Commercial banking facilities |  | None |  | Rand |  | 10 300 |  | 10 300 |  | 953 |  | 9 347 |
Revolving credit facility |  | November 2023 |  | US dollar |  | 3 900 |  | 54 915 |  | 49 283 |  | 5 632 |
Revolving credit facility(3) |  | June 2024 |  | US dollar |  | 150 |  | 2 112 |  | 2 112 |  | — |
Debt arrangements |  |  |  |  |  |  |  |  |  |  |  |  |
US Dollar Bond |  | November 2022 |  | US dollar |  | 1 000 |  | 14 081 |  | 14 081 |  | — |
US Dollar Bond(2) |  | March 2024 |  | US dollar |  | 1 500 |  | 21 121 |  | 21 121 |  | — |
US Dollar Bond(2) |  | September 2028 |  | US dollar |  | 750 |  | 10 561 |  | 10 561 |  | — |
US Dollar term loan(3) |  | June 2024 |  | US dollar |  | 1 650 |  | 23 233 |  | 23 233 |  | — |
Other Sasol businesses |  |  |  |  |  |  |  |  |  |  |  |  |
Specific project asset finance |  |  |  |  |  |  |  |  |  |  |  |  |
Energy — Republic of Mozambique Pipeline Investments Company (Rompco) |  | June 2022 |  | Rand |  | 2 511 |  | 2 511 |  | 2 511 |  | — |
Energy — Republic of Mozambique Pipeline Investments Company (Rompco) |  | December 2019 |  | Rand |  | 71 |  | 71 |  | 71 |  | — |
Energy — Clean Fuels II (Natref) |  | Various |  | Rand |  | 1 948 |  | 1 948 |  | 1 948 |  | — |
Debt arrangements |  |  |  |  |  |  |  |  |  |  |  |  |
Other debt arrangements |  |  |  | Various |  | — |  | — |  | 11 149 |  | — |
|  |  |  |  |  |  |  |  |  | 137 023 |  | 22 979 |
Available cash |  |  |  |  |  |  |  |  |  |  |  | 13 339 |
Total funds available for use |  |  |  |  |  |  |  |  |  |  |  | 36 318 |
Total utilised facilities |  |  |  |  |  |  |  |  |  |  |  | 137 023 |
Accrued interest |  |  |  |  |  |  |  |  |  |  |  | 1 025 |
Unamortised loan cost |  |  |  |  |  |  |  |  |  |  |  | 588 |
Total debt including accrued interest and unamortised loan cost |  |  |  |  |  |  |  |  |  |  |  | 138 636 |
Comprising |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  | 134 795 |
Short-term debt |  |  |  |  |  |  |  |  |  |  |  | 3 783 |
Short-term debt |  |  |  |  |  |  |  |  |  |  |  | 1 239 |
Short-term portion of long-term debt |  |  |  |  |  |  |  |  |  |  |  | 2 544 |
Bank overdraft |  |  |  |  |  |  |  |  |  |  |  | 58 |
|  |  |  |  |  |  |  |  |  |  |  | 138 636 |
(1)In August 2019, Sasol issued its inaugural paper to the value of R2 176 million in the local debt market under the current Domestic Medium Term Note (DMTN) programme, at 130 basis points above 3 month Jibar. The net proceeds from the notes issue will be used for general corporate purposes and to refinance existing facilities. (2)In September 2018 Sasol Financing USA LLC issued bonds to the value of US$1,50 billion and US$0,75 billion respectively. The net proceeds from the bonds of US$2,24 billion were used to partially repay the US$4,0 billion secured term loan. (3)In June 2019 Sasol Financing USA LLC obtained a term loan of US$1,65 billion and a revolving credit facility of US$150 million, the proceeds of which were utilised to fully repay the remainder of the US$4 billion secured term loan.

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