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Post-retirement benefit obligations (Tables)

12 Months Ended

Jun. 30, 2023

Post-retirement benefit obligations

Schedule of post-retirement benefit obligations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-current

​

Current

​

Total

​

​

​

2023

​

2022

2023

​

2022

​

2023

​

2022

for the year ended 30 June

​

Note

Rm

Rm

Rm

Rm

Rm

Rm

Post-retirement healthcare obligations

32.1

​

​

​

​

​

​

​

​

South Africa

​

3 286

​

3 300

281

​

256

​

3 567

​

3 556

United States of America

​

241

​

228

19

​

20

​

260

​

248

​

​

​

3 527

​

3 528

300

​

276

​

3 827

​

3 804

Pension obligations

32.2

​

​

​

​

​

​

​

​

​

​

​

Foreign — post-retirement benefit obligation

​

7 816

​

6 535

413

​

277

​

8 229

​

6 812

Total post-retirement benefit obligations

​

11 343

​

10 063

713

​

553

​

12 056

​

10 616

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pension assets

32.2

​

​

​

​

​

​

​

​

​

​

South Africa — post-retirement benefit asset

​

(84)

​

(64)

—

​

—

​

(84)

​

(64)

Foreign — post-retirement benefit asset

​

(700)

​

(569)

—

​

—

​

(700)

​

(569)

Total post-retirement benefit assets

​

(784)

​

(633)

—

​

—

​

(784)

​

(633)

Net pension obligations

​

7 032

​

5 902

413

​

277

​

7 445

​

6 179

Schedule of loss/(gain) on post-retirement benefit obligations

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		​		Loss/(gain) recognised in the income						Loss/(gain) recognised in other
​	​	​	​	statement					​	comprehensive income
​	​	​	​	2023	​	2022	​	2021	​	2023	​	2022	​	2021
for the year ended 30 June		Note		Rm		Rm		Rm		Rm		Rm		Rm
Post-retirement benefit obligations
Post-retirement healthcare obligations		32.1		477		442		407		(222)		(131)		201
Pension benefits - projected benefit obligation		32.2		9 310		7 934		7 248		(1 835)		(3 184)		5 715
Pension benefits - plan asset of funded obligation		32.2		(8 259)		(6 699)		(6 115)		2 884		(963)		(7 062)
Interest on asset limitation	​	​	​	712	​	396	​	357	​	—	​	—	​	—
Net movement on asset limitation and reimbursive right		​	​	—		—		—		(1 254)		1 863		312
​		​	​	2 240		2 073		1 897		(427)		(2 415)		(834)

Schedule of actuarial valuations

​

​	​	​	​	​
​		Healthcare benefits		Pension benefits
Last actuarial valuation — South Africa		31 March 2023		31 March 2023
Last actuarial valuation — United States of America		30 June 2023		30 June 2023
Last actuarial valuation — Europe		n/a		30 April 2023
Full/interim valuation		Full		Full
Valuation method adopted		Projected unit credit		Projected unit credit

Schedule of actuarial assumptions

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

United States of

​

​

​

​

​

​

South Africa

​

America

​

Europe

​

​

2023

​

2022

​

2023

​

2022

​

2023

​

2022

at valuation date

​

%

​

%

​

%

​

%

​

%

​

%

Healthcare cost inflation

7,5

7,5

n/a

*

n/a

*

n/a

n/a

Discount rate — post-retirement medical benefits

13,0

12,4

4,9

4,3

n/a

n/a

Discount rate — pension benefits

12,9

12,4

4,9

4,2

3,7

​

2,5

Pension increase assumption

5,8

5,1

n/a

**

n/a

**

2,2

2,2

Average salary increases

5,5

​

5,5

​

4,2

4,2

3,2

3,2

Weighted average duration of the obligation — post-retirement medical obligation

13 years

14 years

10 years

10 years

n/a

n/a

Weighted average duration of the obligation — pension obligation

11 years

12 years

4 years

​

4 years

15 years

16 years

​

​

​

​

​

​

​

​

​

​

​

​

* The healthcare cost inflation rate in respect of the plans for the United States of America is capped. All additional future increases due to the healthcare cost inflation will be borne by the participants.

** There are no automatic pension increases for the United States of America pension plan.

Healthcare

Post-retirement benefit obligations

Schedule of reconciliation of obligation recognised

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​
​			South Africa				United States of America				Total
​	​	​	2023	​	2022	​	2023	​	2022	​	2023	​	2022
for the year ended 30 June	​	​	Rm	​	Rm	​	Rm	​	Rm	​	Rm	​	Rm
Total post-retirement healthcare obligation at beginning of year		​	3 556		3 456		248		257		3 804		3 713
Movements recognised in the income statement:		​	452		421		25		21		477		442
current service cost		​	25		30		13		14		38		44
interest cost		​	427		391		12		7		439		398
Actuarial (gains)/losses recognised in other comprehensive income:		​	(191)		(91)		(31)		(40)		(222)		(131)
arising from changes in financial assumptions		​	(197)		(284)		(14)		(41)		(211)		(325)
arising from changes in actuarial experience		​	6		193		(17)		1		(11)		194
Benefits paid		​	(250)		(230)		(19)		(22)		(269)		(252)
Translation of foreign operations		​	—		—		37		32		37		32
Total post-retirement healthcare obligation at end of year		​	3 567		3 556		260		248		3 827		3 804

Schedule of sensitivity analysis for actuarial assumptions

​

​	​	​	​	​	​	​	​	​	​
​		South Africa				United States of America
​	​	2023	​	2022	​	2023	​	2022
for the year ended 30 June	​	Rm	​	Rm	​	Rm	​	Rm
1% point change in actuarial assumptions:									​
Increase in the healthcare cost inflation		361		387		—	*	—	*
Decrease in the healthcare cost inflation		(310)		(325)		—	*	—	*
Increase in the discount rate		(293)		(309)		(22)		(21)	​
Decrease in the discount rate		346		373		27		28	​

* A change in the healthcare cost inflation for the United States of America will not have an effect on the above components or the obligation as the employer’s cost is capped and all future increases due to the healthcare cost inflation are borne by the participants. There are no automatic pension increases for the United States of America pension plan.

Pension

Post-retirement benefit obligations

Schedule of reconciliation of obligation recognised

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	South Africa			​	Foreign			​	Total
​	​	2023		​	2022	​	2023	​	2022	​	2023	​	2022
for the year ended 30 June		Rm			Rm		Rm		Rm		Rm		Rm
Projected benefit obligation at beginning of year		​	60 478		57 054		10 030		13 268		70 508		70 322	​
Movements recognised in income statement:		​	8 426		7 326		884		608		9 310		7 934	​
current service cost		​	1 066		1 115		498		434		1 564		1 549	​
interest cost		​	7 360		6 211		386		174		7 746		6 385	​
Actuarial (gains)/losses recognised in other comprehensive income:		​	(1 482)		(533)		(353)		(2 651)		(1 835)		(3 184)	​
arising from changes in financial assumptions		​	421		(2 133)		(562)		(2 654)		(141)		(4 787)	​
arising from change in actuarial experience		​	(1 903)		1 600		209		3		(1 694)		1 603	​
Member contributions		​	562		536		—		—		562		536	​
Benefits paid		​	(3 935)		(3 905)		(450)		(496)		(4 385)		(4 401)	​
Disposal of business1	​	​	—	​	—	​	—	​	(1 223)	​	—	​	(1 223)	​
Translation of foreign operations		​	—		—		1 896		524		1 896		524	​
Projected benefit obligation at end of year		​	64 049		60 478		12 007		10 030		76 056		70 508	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
unfunded obligation2		​	—		—		8 229		6 812		8 229		6 812	​
funded obligation		​	64 049		60 478		3 778		3 218		67 827		63 696	​

1 Relates to the disposal of Sasol’s European wax business in Germany in the prior year.

2 Certain of the foreign defined benefit plans have reimbursement rights under contractually agreed legal binding terms that match the amount and timing of some of the benefits payable under the plan. This reimbursive right has been recognised in long-term receivables at fair value of R137 million (2022 – R135 million). A loss of R42 million (2022 – R88 million) has been recognised as a loss in other comprehensive income in respect of the reimbursive right offset by the translation impact of the weakening Rand.

Schedule of sensitivity analysis for actuarial assumptions

​

​	​	​	​	​	​	​	​	​	​
​	​	South Africa			​	Foreign
​	​	2023	​	2022	​	2023	​	2022
for the year ended 30 June		Rm		Rm		Rm		Rm
1% point change in actuarial assumptions									​
Increase in average salaries increase assumption		5		6		297		312	​
Decrease in average salaries increase assumption		(5)		(6)		(227)		(271)	​
Increase in the discount rate		(1 251)		(1 161)		(1 169)		(1 199)	​
Decrease in the discount rate		1 471		1 364		1 445		1 507	​
Increase in the pension increase assumption		1 561		1 453		897	*	929	*
Decrease in the pension increase assumption		(1 354)		(1 261)		(690)	*	(737)	*

* This sensitivity analysis relates only to the Europe obligations as there are no automatic pension increases for the United States of America pension plan, and thus it is not one of the inputs utilised in calculating the obligation.

Schedule of allocation of plan assets

​

​	​	​	​	​	​	​	​	​	​
​	​	​	South Africa			​	United States of America
​		2023		​	2022	​	2023	​	2022
at 30 June	​	%		​	%	​	%	​	%
Equities	​	​	52	​	55	​	35	​	35
resources		​	7		7		6		5
industrials		​	4		3		4		4
consumer discretionary		​	9		9		4		4
consumer staples		​	7		7		2		2
healthcare		​	5		5		4		4
information technologies		​	7		8		8		8
telecommunications		​	2		4		2		3
financials (ex real estate)		​	11		12		5		5
Fixed interest		​	19		18		39		40
Direct property		​	11		10		9		9
Listed property		​	3		3		—		—
Cash and cash equivalents		​	3		2		—		—
Third party managed assets		​	11		11		—		—
Other		​	1		1		17		16
Total		​	100		100		100		100

​

​	​	​	​	​	​	​	​	​
​	​	South Africa¹			​	United States of America
​	​	Minimum	​	Maximum	​	Minimum	​	Maximum
Asset classes		%	​	%	​	%	​	%
Equities
local		25		35		—		100
foreign		25		35		—		100
Fixed interest		10		25		—		100
Property		10		20		—		100
Other		—		15		—		100

1 Members of the defined contribution scheme have a choice of four investment portfolios. The portion of fund assets invested in each portfolio is 0,4%, 96,8%, 1,9% and 0,9% for the low risk portfolio, moderate balanced portfolio, aggressive balanced portfolio and money market portfolio, respectively. Defined benefit members’ funds are invested in the moderate balanced portfolio. The money market portfolio is restricted to active members from age 55. The targeted allocation disclosed represents the moderate balanced investment portfolio which the majority of the members of the scheme have adopted.

Schedule of net defined benefit liability (asset)

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	South Africa			​	Foreign			​	Total
​		2023			2022		2023		2022		2023		2022	​
for the year ended 30 June	​	Rm		​	Rm	​	Rm	​	Rm	​	Rm	​	Rm	​
Projected benefit obligation (funded)	​	​	64 049	​	60 478	​	3 778	​	3 218	​	67 827	​	63 696	​
defined benefit portion		​	30 632		29 569		3 778		3 218		34 410		32 787	​
defined benefit option for defined contribution members		​	33 417		30 909		—		—		33 417		30 909	​
Plan assets		​	(69 291)		(66 284)		(4 478)		(3 787)		(73 769)		(70 071)	​
defined benefit portion		​	(35 874)		(35 375)		(4 478)		(3 787)		(40 352)		(39 162)	​
defined benefit option for defined contribution members		​	(33 417)		(30 909)		—		—		(33 417)		(30 909)	​
Projected benefit obligation (unfunded)		​	—		—		8 229		6 812		8 229		6 812	​
Asset not recognised due to asset limitation		​	5 158		5 742		—		—		5 158		5 742	​
Net liability/(asset) recognised		​	(84)		(64)		7 529		6 243		7 445		6 179	​

Schedule of reconciliation of plan assets of funded obligation

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	South Africa			​	Foreign			​	Total
​	​	2023		​	2022	​	2023	​	2022	​	2023	​	2022
for the year ended 30 June		Rm			Rm		Rm		Rm		Rm		Rm
Fair value of plan assets at beginning of year		​	66 284		60 671		3 787		3 732		70 071		64 403	​
Movements recognised in income statement:		​	8 084		6 610		175		89		8 259		6 699	​
interest income		​	8 084		6 610		175		89		8 259		6 699	​
Actuarial (losses)/gains recognised in other comprehensive income:		​	(2 939)		1 200		55		(237)		(2 884)		963	​
arising from return on plan assets (excluding interest income)		​	(2 939)		1 200		55		(237)		(2 884)		963	​
Plan participant contributions1		​	562		536		—		—		562		536	​
Employer contributions1		​	1 235		1 172		71		27		1 306		1 199	​
Benefit payments		​	(3 935)		(3 905)		(212)		(312)		(4 147)		(4 217)	​
Translation of foreign operations		​	—		—		602		488		602		488	​
Fair value of plan assets at end of year		​	69 291		66 284		4 478		3 787		73 769		70 071	​
Actual return on plan assets		​	5 145		7 810		231		(148)		5 376		7 662	​

1 Contributions, for the defined contribution section, are paid by the members and Sasol at fixed rates.

Schedule of contributions to plans

​

​	​	​	​	​
​		South Africa		Foreign
​	​	Rm	​	Rm
Pension contributions		1 305	​	75

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