XML 156 R84.htm IDEA: XBRL DOCUMENT v3.23.2

Financial risk management and financial instruments (Tables)

12 Months Ended

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

37.1Financial 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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