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Long-term debt (Tables) | 12 Months Ended
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Jun. 30, 2024
Long-term debt. |
Schedule of long-term debt | ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
for the year ended 30 June | ​ | Rm | ​ | Rm
Total long-term debt | ​ | 117 031 |  | 124 068
Short-term portion* | ​ | (1 118) |  | (41 749)
Long-term portion* | ​ | 115 913 |  | 82 319
Analysis of long-term debt | ​ | ​ |  |
At amortised cost | ​ | ​ | ​ | ​
Secured debt | ​ | — |  | 29
Unsecured debt | ​ | 117 559 |  | 124 742
Unamortised loan costs | ​ | (528) |  | (703)
​ | ​ | 117 031 |  | 124 068
Reconciliation | ​ | ​ |  |
Balance at beginning of year | ​ | 124 068 |  | 104 834
Loans raised1 | ​ | 30 692 |  | 92 946
Loans repaid2 | ​ | (35 468) |  | (91 564)
Interest accrued | ​ | 1 551 |  | 1 673
Amortisation of loan costs | ​ | 161 |  | 212
Amortisation of loan modification | ​ | — | ​ | (194)
Translation of foreign operations | ​ | (3 973) |  | 16 161
Balance at end of year | ​ | 117 031 |  | 124 068
Interest-bearing status | ​ | ​ |  |
Interest-bearing debt | ​ | 117 031 |  | 124 068
Maturity profile | ​ | ​ |  |
Within one year* | ​ | 1 118 |  | 41 749
One to five years* | ​ | 99 671 |  | 32 747
More than five years | ​ | 16 242 |  | 49 572
​ | ​ | 117 031 |  | 124 068
| * | The Group has revised long-term debt and short-term portion of long-term debt by R11 985 million for June 2023, refer note 1.1. Previously, amounts of R29,8 billion and R44,7 billion were included in the within one year and one to five years categories respectively.
| 1 | In October 2023, Sasol issued senior unsecured notes to the value of R 2 368 million in the local debt market under the R 15 billion Domestic Medium Term Note (DMTN) programme, and in March 2024 R 27 billion (US$1,5 billion) was drawn on the Revolving Credit Facility (RCF). 2023 relates mainly to the drawdown on the previous RCF of R 26,7 billion (US$1,5 billion), R 2,1 billion raised under the new DMTN programme, the issue of a R 13,2 billion (US$750 million) convertible bond, R 35,5 billion (US$2 billion) drawdown on the new RCF and term loan and R 17,8 billion (US$1 billion) bonds issued in May 2023. R 11,1 billion proceeds from the convertible bond was included in long-term debt and R 2,1 billion was included in long-term financial liabilities in 2023. Refer to note 36.
| 2 | 2024 relates mainly to the US$1,5 billion (R 28 billion) US Dollar bond that was repaid in March 2024, as well as partial settlements of R 5,5 billion (US$0,3 billion) in May and June 2024 on the RCF. 2023 relates mainly to the repayment of the previous RCF and term loan of R 53,9 billion (US$3,0 billion), repayment of R 2,2 billion on the previous DMTN, repayment of R 17,8 billion on the US$1 billion bond, as well as repayment of R 17,8 billion (US$1 billion) on the new RCF.
Schedule of liquidity available from borrowings | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2024 | ​ | 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Interest | ​ | Contract | ​ | Rand | ​ | Available | ​ | Utilised | ​ | Utilised | ​
​ | ​ | ​ | ​ | ​ | ​ | rate | ​ | amount | ​ | equivalent | ​ | facilities | ​ | facilities | ​ | facilities | ​
for the year ended 30 June |  | Expiry date |  | Currency |  | % |  | million |  | Rm |  | Rm |  | Rm |  | Rm | ​
Banking facilities and debt arrangements | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Group treasury facilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial paper (uncommitted)1 |  | None |  | Rand |  | 3 month Jibar + 1,42% - 1,59% | ​ | 15 000 |  | 15 000 |  | 10 566 | ​ | 4 434 |  | 2 066 | ​
Commercial banking facilities |  | None |  | Rand |  | ** | ​ | 8 150 |  | 8 150 |  | 8 150 | ​ | — |  | — | ​
Revolving credit facility2 |  | April 2029 |  | US dollar |  | SOFR+ Credit Adj +1,45% | ​ | 1 987 |  | 36 148 |  | 14 317 | ​ | 21 831 |  | — | ​
Debt arrangements |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
US Dollar Bond3 |  | March 2024 |  | US dollar |  | 5,88% | ​ | — |  | — |  | — | ​ | — |  | 28 245 | ​
US Dollar Bond3 |  | September 2026 |  | US dollar |  | 4,38% | ​ | 650 | ​ | 11 825 | ​ | — | ​ | 11 825 |  | 12 240 | ​
US Dollar Convertible Bond4 | ​ | November 2027 | ​ | US dollar | ​ | 4,50% | ​ | 750 |  | 13 644 |  | — | ​ | 13 644 | ​ | 14 123 | ​
US Dollar term loan |  | April 2029 |  | US dollar |  | SOFR+ Credit Adj +1,65% | ​ | 982 | ​ | 17 874 | ​ | — | ​ | 17 874 |  | 18 499 | ​
US Dollar Bond3 | ​ | September 2028 | ​ | US dollar | ​ | 6,50% | ​ | 750 | ​ | 13 644 | ​ | — | ​ | 13 644 | ​ | 14 123 | ​
US Dollar Bond3 |  | May 2029 |  | US dollar |  | 8,75% | ​ | 1 000 | ​ | 18 193 | ​ | — | ​ | 18 193 |  | 18 830 | ​
US Dollar Bond3 | ​ | March 2031 | ​ | US dollar | ​ | 5,50% | ​ | 850 | ​ | 15 464 | ​ | — | ​ | 15 464 | ​ | 16 006 | ​
Other Sasol businesses |  |  |  |  |  | ​ | ​ |  |  |  |  |  | ​ |  |  |  | ​
Specific project asset finance |  |  |  |  |  | ​ | ​ |  |  |  |  |  | ​ |  |  |  | ​
Energy — Clean Fuels II (Natref) |  | Various |  | Rand |  | Various | ​ | 966 |  | 966 |  | — | ​ | 966 |  | 901 | ​
Debt arrangements |  |  |  |  |  | ​ | ​ |  |  |  |  |  | ​ |  |  |  | ​
Other debt arrangements Various |  | ​ |  | ​ | ​ | Various | ​ | — |  | — |  | — | ​ | 909 |  | 472 | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 33 033 | ​ | 118 784 |  | 125 505 | ​
Available cash excluding restricted cash |  | ​ |  |  |  | ​ | ​ |  |  |  |  | 42 846 | ​ |  |  | ​ | ​
Total funds available for use |  | ​ |  |  |  | ​ | ​ |  |  |  |  | 75 879 | ​ |  |  | ​ | ​
Accrued interest |  | ​ |  |  |  | ​ | ​ |  |  |  |  | ​ | ​ | 1 551 |  | 1 673 | ​
Unamortised loan cost |  | ​ |  |  |  | ​ | ​ |  |  |  |  | ​ | ​ | (528) |  | (703) | ​
Cumulative fair value gains and foreign exchange movements on convertible bond embedded derivative financial liability | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2 030) | ​ | (867) | ​
Total debt including accrued interest and unamortised loan cost |  | ​ |  |  |  | ​ | ​ |  |  |  |  | ​ | ​ | 117 777 |  | 125 608 | ​
Comprising |  | ​ |  |  |  | ​ | ​ |  |  |  |  | ​ | ​ |  |  |  | ​
Long-term debt* |  | ​ |  |  |  | ​ | ​ |  |  |  |  | ​ | ​ | 115 913 |  | 82 319 | ​
Short-term debt* |  | ​ |  |  |  | ​ | ​ |  |  |  |  | ​ | ​ | 1 684 |  | 41 828 | ​
Short-term debt |  | ​ |  |  |  | ​ | ​ |  |  |  |  | ​ | ​ | 566 |  | 79 | ​
Short-term portion of long-term debt |  | ​ |  |  |  | ​ | ​ |  |  |  |  | ​ | ​ | 1 118 |  | 41 749 | ​
Bank overdraft |  | ​ |  |  |  | ​ | ​ |  |  |  |  | ​ | ​ | 121 |  | 159 | ​
Convertible bond derivative financial liability | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 59 | ​ | 1 302 | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 117 777 | ​ | 125 608 | ​
| * | The Group has revised long-term debt and short-term portion of long-term debt by R11 985 million for June 2023, refer note 1.1.
**Interest rate only available when funds are utilised.
| 1 | Sasol has issued two tranches under the R 15 billion DMTN programme, R 2 066 million in October 2022 and R 2 368 million in October 2023.
| 2 | In March 2024 R 27 billion (US$1,5 billion) was drawn on the Revolving Credit Facility (RCF), while partial settlements of R 5,5 billion (US$0,3 billion) were made in May and June 2024 on the RCF.
| 3 | Included in this amount is the US$3,25 billion (R 59,1 billion) bonds with fixed interest rates of between 4,38% and 8,75% which are listed on the New York Stock Exchange and is recognised in Sasol Financing USA LLC (SFUSA), a 100% owned subsidiary of the Group. Sasol Limited has fully and unconditionally guaranteed the bonds. There are no restrictions on the ability of Sasol Limited to obtain funds from the finance subsidiary, SFUSA, by dividend or loan.
| 4 | The convertible bonds have a principal amount of US$750 million and contain conversion rights exercisable by the bond holders at any time before maturity of the bond on 8 November 2027. The convertible bonds pay a coupon of 4,5% per annum, payable semi-annually in arrears and in equal instalments on 8 May and 8 November of each year. The requisite approval for the convertible bonds to be capable of being convertible into Sasol ordinary shares was obtained at a general meeting of the shareholders of the Company on 17 November 2023. The convertible bonds can now be settled in cash, Sasol ordinary shares, or any combination thereof at the election of Sasol. The conversion price (initially set at US$20,39) is subject to standard market anti-dilution adjustments, including, among other things, dividends paid by Sasol. The conversion price at 30 June 2024 was US$18,79 (30 June 2023: US$19,86).

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