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v3.23.2

Long-term provisions | 12 Months Ended
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Jun. 30, 2023
Long-term provisions |
Long-term provisions |
30 | Long-term provisions
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Environmental | ​ | Other | ​ | Total | ​
​ | ​ | ​ | 2023 | ​ | 2023 | ​ | 2023 | ​
for the year ended 30 June |  |  | Rm |  | Rm |  | Rm | ​
Balance at beginning of year | ​ | ​ | 17 207 | ​ | 808 | ​ | 18 015 |
Capitalised to property, plant and equipment | ​ | ​ | 50 | ​ | — | ​ | 50 |
Reduction in rehabilitation provision capitalised1 |  | ​ | (644) |  | — |  | (644) | ​
Per the income statement |  | ​ | (708) |  | (10) |  | (718) | ​
additional provisions and changes to existing provisions |  | ​ | 121 |  | (1) |  | 120 | ​
reversal of unutilised amounts |  | ​ | (36) |  | — |  | (36) | ​
effect of change in discount rate |  | ​ | (793) |  | (9) |  | (802) | ​
Notional interest |  | ​ | 1 099 |  | 10 |  | 1 109 | ​
Utilised during year (cash flow) |  | ​ | (741) |  | (70) |  | (811) | ​
Translation of foreign operations |  | ​ | 172 |  | 88 |  | 260 | ​
Foreign exchange differences recognised in income statement |  | ​ | 858 |  | 13 |  | 871 | ​
Balance at end of year |  | ​ | 17 293 |  | 839 |  | 18 132 | ​
| 1 | Decrease in rehabilitation provision capitalised in 2023 relates primarily to an increase in discount rates.
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 2023 | ​ | 2022 |
for the year ended 30 June |  | Note |  | Rm |  | Rm |
Expected timing of future cash flows | ​ | ​ |  | ​ |  | ​ | ​
Within one year | ​ | ​ |  | 2 601 |  | 1 465 | ​
One to five years | ​ | ​ |  | 6 060 |  | 5 429 | ​
More than five years | ​ | ​ |  | 9 471 |  | 11 121 | ​
​ | ​ | ​ |  | 18 132 |  | 18 015 | ​
Short-term portion |  | 31 |  | (2 601) |  | (1 465) | ​
Long-term provisions | ​ | ​ |  | 15 531 |  | 16 550 | ​
Estimated undiscounted obligation* | ​ | ​ |  | 114 986 |  | 105 792 | ​
| * | Increase relates mainly to a reassessment of cost estimates and volumes used in the environmental provisions.
​ Environmental provisions In accordance with the Group’s published environmental policy and applicable legislation, a provision for rehabilitation is recognised when the obligation arises, representing the estimated actual cash flows in the period in which the obligation is settled. The environmental obligation includes estimated costs for the rehabilitation of coal mining, oil, gas and petrochemical sites. The amount provided is calculated based on currently available facts and applicable legislation. ​
30 | Long-term provisions continued
In line with the requirements of the legislation of South Africa, the utilisation of certain investments is restricted for mining rehabilitation purposes. These investments amounted to R749 million (2022 – R700 million). In addition, indemnities of R2 527 million (2022 – R2 314 million) are in place. The following risk-free rates were used to discount the estimated cash flows based on the underlying currency and time duration of the obligation. ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022
for the year ended 30 June |  | % |  | %
South Africa |  | 8,7 to 10,9 |  | 6,6 to 10,1
Europe |  | 2,0 to 4,0 |  | 0,6 to 2,4
United States of America |  | 2,7 to 5,7 |  | 2,2 to 3,3
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 |
for the year ended 30 June |  | Rm |  | Rm |
A 1% point change in the discount rate would have the following effect on the long-term provisions recognised |  | ​ |  |  |  | ​
Increase in the discount rate |  | ​ | (4 250) |  | (4 405) | ​
amount capitalised to property, plant and equipment |  | ​ | (858) |  | (1 237) | ​
income recognised in income statement |  | ​ | (3 392) |  | (3 168) | ​
Decrease in the discount rate |  | ​ | 5 338 |  | 5 474 | ​
amount capitalised to property, plant and equipment |  | ​ | 1 518 |  | 1 646 | ​
expense recognised in income statement |  | ​ | 3 820 |  | 3 828 | ​

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