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Financial risk management and financial instruments (Tables) | 12 Months Ended
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Jun. 30, 2023
Financial risk management and financial instruments |
Financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Carrying |  | ​ |  | Carrying |  | ​ |  | ​
​ | ​ | ​ | ​ | value | ​ | Fair value | ​ | value | ​ | Fair value | ​ | Fair value
​ | ​ | ​ | ​ | 2023 | ​ | 2023 | ​ | 2022 | ​ | 2022 | ​ | hierarchy
Financial instrument | ​ | Note | ​ | Rm | ​ | Rm | ​ | Rm | ​ | Rm | ​ | of inputs
Financial assets |  | ​ |  |  |  |  |  |  |  |  |  |
At amortised cost |  | ​ |  |  |  |  |  |  |  |  |  |
Long-term restricted cash6 |  | ​ |  | 1 447 |  | 1 447 |  | 1 531 |  | 1 531 |  | Level 11
Long-term receivables |  | 18 |  | 2 803 |  | 2 803 |  | 3 023 |  | 3 023 |  | Level 32
Trade and other receivables |  | 23 |  | 30 915 |  | 30 915 |  | 38 936 |  | 38 936 |  | Level 33
Cash and cash equivalents |  | 26 |  | 53 926 |  | 53 926 |  | 43 140 |  | 43 140 |  | Level 11
At fair value through profit or loss |  | ​ |  |  |  |  |  |  |  |  |  |
Long-term and short-term financial assets |  | ​ |  | 2 225 |  | 2 225 |  | 868 |  | 868 |  |
Commodity and currency derivative assets |  | ​ |  | 472 |  | 472 |  | 247 |  | 247 |  | Level 2
Oxygen supply contract embedded derivative assets |  | ​ |  | 516 |  | 516 |  | 621 |  | 621 |  | Level 3
Other short-term investments | ​ | ​ | ​ | 1 237 | ​ | 1 237 | ​ | — | ​ | — | ​ | Level 11
Designated at fair value through other comprehensive income |  | ​ |  |  |  |  |  |  |  |  |  |
Investments in listed securities6 |  | ​ |  | 701 |  | 701 |  | 480 |  | 480 |  | Level 14
Investments in unlisted securities6 |  | ​ |  | 12 |  | 12 |  | 13 |  | 13 |  | Level 35
Financial liabilities |  | ​ |  |  |  |  |  |  |  |  |  |
At amortised cost |  | ​ |  |  |  |  |  |  |  |  |  |
Total long-term debt |  | 14 |  | 124 068 |  | 116 533 |  | 104 834 |  | 98 491 |  |
Listed long-term debt (Bonds issued)7 |  | ​ |  | 90 248 |  | 82 768 |  | 78 076 |  | 71 667 |  | Level 14
Listed convertible bonds | ​ | ​ | ​ | 12 238 | ​ | 12 072 | ​ | — | ​ | — | ​ | Level 38
Unlisted long-term debt7 |  | ​ |  | 21 582 |  | 21 693 |  | 26 758 |  | 26 824 |  | Level 32
Lease liabilities |  | 15 |  | 16 297 |  | ​ |  | 16 034 |  |  |  |
Short-term debt and bank overdraft |  | ​ |  | 238 |  | 238 |  | 255 |  | 255 |  | Level 33
Trade and other payables |  | 24 |  | 35 118 |  | 35 118 |  | 39 873 |  | 39 873 |  | Level 33
At fair value through profit or loss |  | ​ |  |  |  |  |  |  |  |  |  |
Long-term and short-term financial liabilities |  | ​ |  | 3 397 |  | 3 397 |  | 7 127 |  | 7 127 |  |
Commodity and currency derivative liabilities |  | ​ |  | 1 102 |  | 1 102 |  | 6 845 |  | 6 845 |  | Level 2
Convertible bond embedded derivative liability |  | ​ |  | 1 302 |  | 1 302 |  | — |  | — |  | Level 3
Oxygen supply contract embedded derivative liabilities |  | ​ |  | 993 |  | 993 |  | 282 |  | 282 |  | Level 3
| 1 | The carrying value of cash, other short-term deposits and other short-term investments is considered to reflect its fair value.
​
37 | Financial risk management and financial instruments continued
37.1 Financial instruments classification and fair value measurement continued
| 2 | Determined with a discounted cash flow model using market related interest rates.
| 3 | The fair value of these instruments approximates their carrying value, due to their short-term nature.
| 4 | Based on quoted market price for the same instrument.
| 5 | Determined using discounted cash flows modelling forecasted earnings, capital expenditure and debt cash flows of the underlying business, based on the forecasted assumptions of inflation, exchange rates, commodity prices and an appropriate WACC for the region.
| 6 | Presented as part of Other long-term investments on the Statement of financial position.
| 7 | Includes unamortised loan costs.
Schedule of external credit rating | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Credit rating
Agency | ​ | 2023 | ​ | 2022
S&P |  | BB+ (stable) |  | BB (positive)
Moody’s |  | Ba2 (positive) |  | Ba2 (positive)
Schedule of expected credit losses recognised | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 12-month |  |
​ | ​ | Lifetime ECL | ​ | ECL | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | No | ​ | ​
​ | ​ | Significant | ​ | ​ | ​ | ​ | ​ | ​ | ​ | significant | ​ | ​
​ | ​ | increase in | ​ | Simplified | ​ | ​ | ​ | ​ | ​ | increase in | ​ | ​
​ | ​ | credit risk | ​ | approach | ​ | ​ | ​ | ​ | ​ | credit risk | ​ | Total
​ | ​ | since initial | ​ | for trade | ​ | Credit- | ​ | Total lifetime | ​ | since initial | ​ | expected
​ | ​ | recognition | ​ | receivables | ​ | impaired | ​ | ECL | ​ | recognition | ​ | credit loss
​ |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm
2023 |  |  |  |  |  |  |  |  |  |  |  |
Long-term receivables |  | — |  | — |  | 49 |  | 49 |  | 62 |  | 111
Trade receivables |  | — |  | 34 |  | 227 |  | 261 |  | — |  | 261
Other receivables |  | 102 |  | — |  | 385 |  | 487 |  | 4 |  | 491
​ |  | 102 |  | 34 |  | 661 |  | 797 |  | 66 |  | 863
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 12-month |  |
​ | ​ | Lifetime ECL | ​ | ECL | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | No | ​ | ​
​ | ​ | Significant | ​ | ​ | ​ | ​ | ​ | ​ | ​ | significant | ​ | ​
​ | ​ | increase in | ​ | Simplified | ​ | ​ | ​ | ​ | ​ | increase in | ​ | ​
​ | ​ | credit risk | ​ | approach | ​ | ​ | ​ | ​ | ​ | credit risk | ​ | Total
​ | ​ | since initial | ​ | for trade | ​ | Credit- | ​ | Total lifetime | ​ | since initial | ​ | expected
​ | ​ | recognition | ​ | receivables | ​ | impaired | ​ | ECL | ​ | recognition | ​ | credit loss
​ |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm
2022 |  |  |  |  |  |  |  |  |  |  |  |
Long-term receivables |  | — |  | — |  | 41 |  | 41 |  | 44 |  | 85
Trade receivables |  | — |  | 30 |  | 101 |  | 131 |  | — |  | 131
Other receivables |  | 1 |  | — |  | 272 |  | 273 |  | 58 |  | 331
​ |  | 1 |  | 30 |  | 414 |  | 445 |  | 102 |  | 547
Schedule of credit risk profile of financial assets at amortised cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | Low risk | ​ | Medium risk | ​ | High risk | ​ | Low risk | ​ | Medium risk | ​ | High risk
​ | ​ | ​ | ​ | ​ | ​ | CCC+ and | ​ | ​ | ​ | ​ | ​ | CCC+ and
​ | ​ | AAA to A- | ​ | BBB+ to B- | ​ | below | ​ | AAA to A- | ​ | BBB+ to B- | ​ | below
​ |  | % |  | % |  | % |  | % |  | % |  | %
Long-term receivables |  | 29 | ​ | 59 | ​ | 12 |  | 51 | ​ | 43 | ​ | 6
Trade receivables |  | 77 | ​ | 18 | ​ | 5 |  | 73 | ​ | 24 | ​ | 3
Other receivables | ​ | 82 | ​ | 15 | ​ | 3 | ​ | 83 | ​ | 15 | ​ | 2
Cash and cash equivalents* |  | 20 | ​ | 78 | ​ | 2 |  | 18 | ​ | 81 | ​ | 1
| * | Includes long-term restricted cash.
Maturity profile of the undiscounted cash flows of derivative and non-derivative financial instruments | The maturity profile of the undiscounted contractual cash flows of financial instruments at 30 June were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Carrying |  | Contractual |  | Within one | ​ | One to | ​ | Three to |  | More than
​ | ​ | ​ | ​ | amount | ​ | cash flows* | ​ | year | ​ | three years | ​ | five years | ​ | five years
​ | ​ | Note | ​ | Rm | ​ | Rm | ​ | Rm |  | Rm | ​ | Rm | ​ | Rm
2023 |  |  |  |  |  |  |  |  | ​ |  | ​ | ​ |  |
Financial assets |  |  |  |  |  |  |  |  | ​ |  | ​ | ​ |  |
Non-derivative instruments |  |  |  |  |  |  |  |  | ​ |  | ​ | ​ |  |
Long-term receivables |  | 18 |  | 2 803 |  | 3 105 |  | — | ​ | 1 119 | ​ | 273 |  | 1 713
Trade and other receivables |  | 23 |  | 30 915 |  | 30 915 |  | 30 915 | ​ | — | ​ | — |  | —
Cash and cash equivalents |  | 26 |  | 53 926 |  | 53 926 |  | 53 926 | ​ | — | ​ | — |  | —
Investments through other comprehensive income |  |  |  | 713 |  | 713 |  | 713 | ​ | — | ​ | — |  | —
Investments through profit or loss | ​ | ​ | ​ | 1 237 | ​ | 1 237 | ​ | 1 237 | ​ | — | ​ | — | ​ | —
Long-term restricted cash |  |  |  | 1 447 |  | 1 447 |  | — | ​ | — | ​ | — |  | 1 447
​ | ​ | ​ |  | 91 041 |  | 91 343 |  | 86 791 | ​ | 1 119 | ​ | 273 |  | 3 160
Derivative instruments |  |  |  | ​ |  |  |  | ​ | ​ |  | ​ | ​ |  |
Forward exchange contracts |  |  |  | 133 | ​ | 17 866 | ​ | 17 866 | ​ | — | ​ | — |  | —
Crude oil put options |  |  |  | 253 | ​ | 253 | ​ | 253 | ​ | — | ​ | — |  | —
Foreign exchange zero cost collars | ​ | ​ | ​ | 76 | ​ | 76 | ​ | 76 | ​ | — | ​ | — | ​ | —
Other commodity derivatives |  |  |  | 10 | ​ | 10 | ​ | 10 | ​ | — | ​ | — |  | —
Oxygen supply contract embedded derivative | ​ | ​ | ​ | 516 | ​ | 891 | ​ | 69 | ​ | 138 | ​ | 138 | ​ | 546
​ | ​ | ​ |  | 92 029 |  | 110 439 |  | 105 065 | ​ | 1 257 | ​ | 411 |  | 3 706
Financial liabilities |  |  |  |  |  |  |  |  | ​ |  | ​ | ​ |  |
Non-derivative instruments |  |  |  |  |  |  |  |  | ​ |  | ​ | ​ |  |
Long-term debt** |  | 14 |  | (124 068) |  | (160 266) |  | (36 198) | ​ | (13 241) | ​ | (56 442) |  | (54 385)
Lease liabilities |  | 15 |  | (16 297) |  | (34 111) |  | (3 261) | ​ | (5 364) | ​ | (3 559) |  | (21 927)
Short-term debt |  | 16 |  | (79) |  | (79) |  | (79) | ​ | — | ​ | — |  | —
Trade and other payables |  | 24 |  | (35 118) |  | (35 118) |  | (35 118) | ​ | — | ​ | — |  | —
Bank overdraft |  | 26 |  | (159) |  | (159) |  | (159) | ​ | — | ​ | — |  | —
​ | ​ | ​ |  | (175 721) |  | (229 733) |  | (74 815) | ​ | (18 605) | ​ | (60 001) |  | (76 312)
Derivative instruments |  |  |  |  |  | ​ |  | ​ | ​ |  | ​ | ​ |  |
Forward exchange contracts |  |  |  | (353) |  | (18 086) |  | (18 086) | ​ | — | ​ | — |  | —
Foreign exchange zero cost collars | ​ | ​ | ​ | (579) | ​ | (579) | ​ | (579) | ​ | — | ​ | — | ​ | —
Ethane swap options | ​ | ​ | ​ | (158) | ​ | (158) | ​ | (158) | ​ | — | ​ | — | ​ | —
Crude oil futures |  |  |  | (12) |  | (12) |  | (12) | ​ | — | ​ | — |  | —
Oxygen supply contract embedded derivative |  |  |  | (993) |  | (3 606) |  | (64) | ​ | (109) | ​ | (101) |  | (3 332)
​ | ​ | ​ |  | (177 816) |  | (252 174) |  | (93 714) | ​ | (18 714) | ​ | (60 102) |  | (79 644)
| * | Contractual cash flows include interest payments.
​
| ** | The repayment of the notional amount of the convertible bonds is included in the one to three years category, in line with the contractual maturity date. The convertible bonds are convertible into ordinary shares of Sasol at the election of the holders if the Sasol share price appreciates above a specified conversion price. Refer to note 14 for more information.
The impact of the refinancing activities can be seen in the significant increase in contractual payments due beyond three years. Current financial assets are sufficient to cover financial liabilities for the next year. The shortfall beyond one year will be funded through cash generated from operations, utilisation of available facilities and the refinancing of existing debt. ​
37 | Financial risk management and financial instruments continued
​
37.2 | Financial risk management continued
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Carrying |  | Contractual |  | Within one | ​ | One to |  | Three to | ​ | More than
​ | ​ | ​ | ​ | amount | ​ | cash flows* | ​ | year | ​ | three years | ​ | five years | ​ | five years
​ | ​ | Note | ​ | Rm | ​ | Rm | ​ | Rm |  | Rm | ​ | Rm | ​ | Rm
2022 |  |  |  |  |  |  |  |  | ​ | ​ |  | ​ | ​ |
Financial assets |  |  |  |  |  |  |  |  | ​ | ​ |  | ​ | ​ |
Non-derivative instruments |  |  |  |  |  |  |  |  | ​ | ​ |  | ​ | ​ |
Long-term receivables |  | 18 |  | 3 023 |  | 3 316 |  | — | ​ | 1 447 |  | 777 | ​ | 1 092
Trade and other receivables |  | 23 |  | 38 936 |  | 38 936 |  | 38 936 | ​ | — |  | — | ​ | —
Cash and cash equivalents |  | 26 |  | 43 140 |  | 43 140 |  | 43 140 | ​ | — |  | — | ​ | —
Investments through other comprehensive income |  |  |  | 493 |  | 493 |  | 493 | ​ | — |  | — | ​ | —
Long-term restricted cash |  |  |  | 1 531 |  | 1 531 |  | — | ​ | — |  | — | ​ | 1 531
​ | ​ | ​ |  | 87 123 |  | 87 416 |  | 82 569 | ​ | 1 447 |  | 777 | ​ | 2 623
Derivative instruments |  |  |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ | ​ |
Forward exchange contracts |  |  |  | 68 |  | 9 005 |  | 9 005 | ​ | — |  | — | ​ | —
Crude oil futures |  |  |  | 25 |  | 25 |  | 25 | ​ | — |  | — | ​ | —
Foreign exchange zero cost collars |  |  |  | 76 | ​ | 76 |  | 76 | ​ | — |  | — | ​ | —
Crude oil zero cost collars |  |  |  | 17 |  | 17 |  | 17 | ​ | — |  | — | ​ | —
Other commodity derivatives |  |  |  | 61 |  | 61 |  | 61 | ​ | — |  | — | ​ | —
Oxygen supply contract embedded derivative | ​ | ​ | ​ | 621 | ​ | 1 236 | ​ | 69 | ​ | 135 | ​ | 142 | ​ | 890
​ | ​ | ​ |  | 87 991 |  | 97 836 |  | 91 822 | ​ | 1 582 |  | 919 | ​ | 3 513
Financial liabilities |  |  |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ | ​ |
Non-derivative instruments |  |  |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ | ​ |
Long-term debt |  | 14 |  | (104 834) |  | (123 107) |  | (25 980) | ​ | (51 730) |  | (14 527) | ​ | (30 870)
Lease liabilities** |  | 15 |  | (16 034) |  | (31 386) |  | (2 941) | ​ | (4 778) |  | (3 550) | ​ | (20 117)
Short-term debt |  | 16 |  | (82) |  | (82) |  | (82) | ​ | — |  | — | ​ | —
Trade and other payables |  | 24 |  | (39 873) |  | (39 873) |  | (39 873) | ​ | — |  | — | ​ | —
Bank overdraft |  | 26 |  | (173) |  | (173) |  | (173) | ​ | — |  | — | ​ | —
​ | ​ | ​ |  | (160 996) |  | (194 621) |  | (69 049) | ​ | (56 508) |  | (18 077) | ​ | (50 987)
Derivative instruments |  |  |  |  |  |  |  |  | ​ | ​ |  | ​ | ​ |
Forward exchange contracts |  |  |  | (50) |  | (8 986) |  | (8 986) | ​ | — |  | — | ​ | —
Foreign exchange zero cost collars | ​ | ​ | ​ | (454) | ​ | (454) | ​ | (454) | ​ | — | ​ | — | ​ | —
Crude oil zero cost collar | ​ | ​ | ​ | (6 176) | ​ | (6 176) | ​ | (6 176) | ​ | — | ​ | — | ​ | —
Coal swap options |  |  |  | (112) |  | (112) |  | (112) | ​ | — |  | — | ​ | —
Oxygen supply contract embedded derivative |  |  |  | (282) |  | (1 850) |  | (6) | ​ | — |  | — | ​ | (1 844)
Other commodity derivatives |  |  |  | (53) |  | (53) |  | (53) | ​ | — |  | — | ​ | —
​ | ​ | ​ |  | (168 123) |  | (212 252) |  | (84 836) | ​ | (56 508) |  | (18 077) | ​ | (52 831)
| * | Contractual cash flows include interest payments.
| ** | During the year a misstatement was identified in the calculation of the contractual cash flows in relation to certain lease liabilities. Contractual cash flows presented as R27 107 million have been revised by R4 279 million to R31 386 million for 2022. The maturity profile was also adjusted accordingly.
Schedule of derivative transactions |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Financial | ​ | Financial | ​ | Financial | ​ | Financial | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | asset | ​ | liability | ​ | asset | ​ | liability | ​ | Income statement gain/(loss)
​ |  | 2023 |  | 2023 |  | 2022 |  | 2022 | ​ | 2023 | ​ | 2022 | ​ | 2021
​ |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm
Commodity and currency derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swap options |  | — |  | — |  | — | ​ | — | ​ | — | ​ | 1 029 | ​ | (37)
Crude oil put options | ​ | 253 | ​ | — | ​ | — | ​ | — | ​ | (507) | ​ | — | ​ | (1 545)
Crude oil zero cost collars | ​ | — | ​ | — | ​ | 17 | ​ | (6 176) | ​ | 3 953 | ​ | (11 349) | ​ | (1 871)
Crude oil swap options | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (5 140) | ​ | (1 267)
Crude oil futures | ​ | — | ​ | (12) | ​ | 25 | ​ | — | ​ | 401 | ​ | (1 049) | ​ | (774)
Ethane swap options | ​ | — | ​ | (158) | ​ | — | ​ | — | ​ | (272) | ​ | 279 | ​ | 680
Coal swap options | ​ | — | ​ | — | ​ | — | ​ | (112) | ​ | 1 099 | ​ | 691 | ​ | —
Other commodity derivatives | ​ | 10 | ​ | — | ​ | 61 | ​ | (53) | ​ | 180 | ​ | (593) | ​ | —
Forward exchange contracts | ​ | 133 | ​ | (353) | ​ | 68 | ​ | (50) | ​ | (1 339) | ​ | (677) | ​ | 1 011
Foreign exchange zero cost collars |  | 76 |  | (579) |  | 76 | ​ | (454) | ​ | (301) | ​ | (1 580) | ​ | 4 027
Embedded derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Convertible bond embedded derivative | ​ | — | ​ | (1 302) | ​ | — | ​ | — | ​ | 867 | ​ | — | ​ | —
Oxygen supply contract embedded derivatives* | ​ | 516 | ​ | (993) | ​ | 621 | ​ | (282) | ​ | (794) | ​ | 64 | ​ | 2 058
Non-derivative financial instruments |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments at fair value through profit or loss** | ​ | 1 237 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
​ | ​ | 2 225 | ​ | (3 397) | ​ | 868 | ​ | (7 127) | ​ | 3 287 | ​ | (18 325) | ​ | 2 282
| * | Relates to a US dollar derivative that is embedded in long-term oxygen supply contracts to our SO.
​
| ** | Fair value gains and losses are presented in other operating income and expenses, separately from derivative gains and losses.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Contract/Notional amount* | ​ | ​ | ​ | Average price**
​ | ​ | ​ | ​ | Open | ​ | Settled | ​ | Open | ​ | Settled | ​ | ​ | ​ | Floor | ​ | Cap | ​ | Floor | ​ | Cap
​ |  | ​ | ​ | 2023 | ​ | 2023 | ​ | 2022 | ​ | 2022 | ​ | ​ | ​ | 2023 | ​ | 2023 | ​ | 2022 | ​ | 2022
​ | ​ | ​ |  | Million |  | Million |  | Million |  | Million |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Fair value hedges | ​ | ​ | ​ |  | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Crude oil put options purchased*** | ​ | barrels | ​ | 16,3 | ​ | — | ​ | — | ​ | 10,0 | ​ | US$/bbl | ​ | 49,4 | ​ | — | ​ | — | ​ | —
Crude oil put options sold | ​ | barrels | ​ | — | ​ | — | ​ | — | ​ | 10,0 | ​ | US$/bbl | ​ | — | ​ | — | ​ | — | ​ | —
Crude oil zero cost collars | ​ | barrels |  | — |  | 29,0 | ​ | 29,0 | ​ | 24,0 | ​ | US$/bbl | ​ | — | ​ | — | ​ | 63,3 | ​ | 96,6
Crude oil swap options | ​ | barrels | ​ | — | ​ | — | ​ | — | ​ | 18,0 | ​ | US$/bbl | ​ | — | ​ | ​ | ​ | — | ​ | ​
Crude oil futures | ​ | US$ |  | 2 |  | 21 | ​ | 1 | ​ | 29 | ​ | US$/bbl | ​ | 75,0 | ​ | ​ | ​ | 109,9 | ​ | ​
Ethane swap options | ​ | barrels |  | 3,6 |  | 1,3 | ​ | — | ​ | 4,0 | ​ | US$ c/gal | ​ | 30,1 | ​ | — | ​ | — | ​ | —
Coal swaps | ​ | ton | ​ | — | ​ | 0,9 | ​ | 0,4 | ​ | 1,0 | ​ | US$/ton | ​ | — | ​ | — | ​ | 293,7 | ​ | —
Forward exchange contracts | ​ | US$ |  | 836 |  | — | ​ | 334 | ​ | — | ​ | R/US$ | ​ | 18,61 | ​ | ​ | ​ | 16,24 | ​ | ​
Forward exchange contracts | ​ | EUR | ​ | 30 | ​ | — | ​ | 70 | ​ | — | ​ | US$/EUR | ​ | 1,10 | ​ | ​ | ​ | 1,07 | ​ | ​
Foreign exchange zero cost collars | ​ | US$ |  | 2 760 |  | 4 400 | ​ | 4 400 | ​ | 3 900 | ​ | R/US$ | ​ | 16,72 | ​ | 20,71 | ​ | 15,04 | ​ | 18,06
* The notional amount is the sum of the absolute value of all contracts for both derivative assets and liabilities. ** For open positions. *** Total premium paid for contracts entered into in the year US$42,0 million (2022: US$nil million).
Oxygen supply contract embedded derivative assets and liabilities |
Financial risk management and financial instruments |
Summary of reconciliation of opening and closing balance of embedded derivative | ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
for the year ended 30 June | ​ | Rm | ​ | Rm
Balance at the beginning of the year |  | 339 |  | 373
Amounts settled during the year | ​ | (22) | ​ | (98)
Fair value loss recognised in other operating expenses and income | ​ | (794) | ​ | 64
Balance at the end of the year |  | (477) |  | 339
Summary of sensitivities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Increase/(decrease) in profit or
​ | ​ | ​ | loss
​ | ​ | Change | ​ | 2023 | ​ | 2022
Input |  | in input |  | Rm |  | Rm
Rand/US$ Spot price | ​ | +R1/US$ | ​ | (478) | ​ | (513)
​ |  | -R1/US$ |  | 478 |  | 513
US$ Swap curve |  | +0,10 | % | 87 |  | 86
​ |  | -0,10 | % | (89) |  | (87)
Rand Swap curve |  | +1,00 | % | (734) |  | (786)
​ |  | -1,00 | % | 848 |  | 911
Convertible bond embedded derivative liability |
Financial risk management and financial instruments |
Summary of reconciliation of opening and closing balance of embedded derivative | ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
for the year ended 30 June | ​ | Rm | ​ | Rm
Recognition of embedded derivative upon issue of bond |  | 2 089 |  | —
Fair value loss recognised in other operating expenses and income |  | (867) |  | —
Translation of foreign operations |  | 80 |  | —
Balance at the end of the year |  | 1 302 |  | —
Summary of sensitivities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Increase/(decrease) in profit or
​ | ​ | ​ | ​ | loss
​ | ​ | Change | ​ | 2023 | ​ | 2022
Input |  | in input |  | Rm |  | Rm
Credit spread |  | +100bps | ​ | (433) |  | —
​ |  | -100bps | ​ | 455 |  | —
Calibrated volatility | ​ | +5 | % | (377) | ​ | —
​ | ​ | -5 | % | 364 | ​ | —
Exchange rate |
Financial risk management and financial instruments |
Summary of sensitivities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022
​ | ​ | Euro | ​ | US dollar | ​ | Euro | ​ | US dollar
​ |  | Rm |  | Rm |  | Rm |  | Rm
Equity |  | 75 |  | 1 209 |  | 325 |  | 1 239
Income statement |  | 75 |  | 1 209 |  | 325 |  | 1 239
Schedule of foreign exchange rates | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average rate | ​ | Closing rate
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | Rand | ​ | Rand | ​ | Rand | ​ | Rand
Rand/Euro |  | 18,62 |  | 17,15 |  | 20,55 |  | 17,07
Rand/US$ |  | 17,77 |  | 15,21 |  | 18,83 |  | 16,28
Schedules of information related to foreign currency risk and commodity price risk | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022
​ |  | Euro |  | US dollar |  | Euro |  | US dollar
​ |  | Rm | ​ | Rm |  | Rm | ​ | Rm
Long-term receivables |  | — |  | 339 |  | — |  | 336
Trade and other receivables1 |  | 544 |  | 3 520 |  | 739 |  | 4 961
Cash and cash equivalents1 |  | 2 835 |  | 1 872 |  | 2 158 |  | 3 359
Net exposure on assets |  | 3 379 |  | 5 731 |  | 2 897 |  | 8 656
Trade and other payables2 |  | (302) |  | (2 129) |  | (166) |  | (4 552)
Net exposure on liabilities |  | (302) |  | (2 129) |  | (166) |  | (4 552)
Exposure on external balances |  | 3 077 |  | 3 602 |  | 2 731 |  | 4 104
Net exposure on balances between Group companies |  | (2 323) |  | 8 484 |  | 1 981 |  | 8 286
Total net exposure |  | 754 |  | 12 086 |  | 4 712 |  | 12 390
| 1 | The US$ amounts in 2022 related to proceeds generated through exports from South Africa.
| 2 | The above-average US$ amount in 2022 was due to purchases of crude oil at higher prices which normalised in the current year.
Interest rate risk |
Financial risk management and financial instruments |
Summary of sensitivities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income statement — 1% increase
​ |  | ​ |  | ​ |  | United States |  | ​
​ | ​ | South Africa | ​ | Europe | ​ | of America | ​ | Other
​ |  | Rm |  | Rm |  | Rm |  | Rm
30 June 2023 |  | 300 |  | 28 |  | (63) |  | 26
30 June 2022 |  | 257 |  | 22 |  | (153) |  | 16
​
Summary of interest rate profile of interest-bearing financial instruments including the effect of the interest rate swap | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Carrying value
​ | ​ | 2023 | ​ | 2022
​ |  | Rm |  | Rm
Variable rate instruments |  |  |  |
Financial assets |  | 50 123 |  | 40 250
Financial liabilities |  | (20 911) |  | (26 094)
​ |  | 29 212 |  | 14 156
Fixed rate instruments |  | ​ |  | ​
Financial assets |  | 7 005 |  | 7 121
Financial liabilities* |  | (103 317) |  | (78 913)
​ |  | (96 312) |  | (71 792)
Interest profile (variable: fixed rate as a percentage of total financial assets) |  | 88:12 |  | 85:15
Interest profile (variable: fixed rate as a percentage of total financial liabilities) |  | 17:83 |  | 25:75
| * | The increase in fixed exposure is due to the issuance of additional fixed-rate debt in the current period.
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
​ | ​ | 2023 | ​ | 2022
​ | ​ | US$ | ​ | US$
High | ​ | 124,79 | ​ | 137,64
Average |  | 87,34 |  | 92,06
Low |  | 71,70 |  | 66,17

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