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Financial risk management and financial instruments (Tables) | 12 Months Ended
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Jun. 30, 2025
Financial risk management and financial instruments |
Financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Carrying |  | ​ |  | Carrying |  | ​ |  | ​
​ | ​ | ​ | ​ | value | ​ | Fair value | ​ | value | ​ | Fair value | ​ | Fair value
​ | ​ | ​ | ​ | 2025 | ​ | 2025 | ​ | 2024 | ​ | 2024 | ​ | hierarchy
Financial instrument | ​ | Note | ​ | Rm | ​ | Rm | ​ | Rm | ​ | Rm | ​ | of inputs
Financial assets |  |  |  |  |  |  |  |  |  |  |  |
At amortised cost |  |  |  |  |  |  |  |  |  |  |  |
Long-term restricted cash6 |  |  |  | 1 945 |  | 1 945 |  | 1 709 |  | 1 709 |  | ​
Long-term receivables |  | 17 |  | 2 884 |  | 2 848 |  | 3 051 |  | 2 906 |  | Level 31
Trade and other receivables |  | 22 |  | 33 752 |  | 33 752 |  | 31 272 |  | 31 272 |  | ​
Cash and cash equivalents |  | 25 |  | 41 050 |  | 41 050 |  | 45 383 |  | 45 383 |  | ​
At fair value through profit or loss |  |  |  | ​ |  | ​ |  |  |  |  |  |
Long-term and short-term financial assets |  |  |  | 6 395 |  | 6 395 |  | 3 978 |  | 3 978 |  |
Commodity and currency derivative assets |  |  |  | 2 360 |  | 2 360 |  | 1 297 |  | 1 297 |  | Level 2
Oxygen supply contract embedded derivative assets |  |  |  | 863 |  | 863 |  | 508 |  | 508 |  | Level 3
Other short-term investments | ​ | ​ | ​ | 3 172 | ​ | 3 172 | ​ | 2 173 | ​ | 2 173 | ​ | Level 1
Other long-term investments4 | ​ | ​ | ​ | 1 052 | ​ | 1 052 | ​ | 814 | ​ | 814 | ​ | Level 12
Other receivables | ​ | ​ | ​ | 1 428 | ​ | 1 428 | ​ | — | ​ | — | ​ | Level 37
Designated at fair value through other comprehensive income |  |  |  | ​ |  | ​ |  | ​ |  |  |  |
Investments in unlisted securities4 |  |  |  | 8 |  | 8 |  | 9 |  | 9 |  | Level 33
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
At amortised cost |  |  |  |  |  |  |  |  |  |  |  |
Total long-term debt |  | 13 |  | 102 645 |  | 98 316 |  | 117 031 |  | 113 315 |  |
Listed long-term debt (USD bonds)5 |  |  |  | 58 313 |  | 53 959 |  | 59 687 |  | 55 778 |  | Level 12
Listed long-term debt (ZAR bonds)5 | ​ | ​ | ​ | 4 522 | ​ | 4 445 | ​ | 4 530 | ​ | 4 453 | ​ | Level 22
Listed convertible bonds6 | ​ | ​ | ​ | 12 238 | ​ | 12 263 | ​ | 12 099 | ​ | 12 276 | ​ | Level 36
Unlisted long-term debt5 |  |  |  | 27 572 |  | 27 649 |  | 40 715 |  | 40 808 |  | Level 31
Short-term debt and bank overdraft |  |  |  | 668 |  | 668 |  | 687 |  | 687 |  | ​
Trade and other payables |  | 23 |  | 34 757 |  | 34 757 |  | 32 551 |  | 32 551 |  | ​
At fair value through profit or loss |  |  |  | ​ |  | ​ |  |  |  |  |  |
Long-term and short-term financial liabilities |  |  |  | 66 |  | 66 |  | 619 |  | 619 |  |
Commodity and currency derivative liabilities |  |  |  | 45 |  | 45 |  | 18 |  | 18 |  | Level 2
Convertible bond embedded derivative liability |  |  |  | 7 |  | 7 |  | 59 |  | 59 |  | Level 3
Oxygen supply contract embedded derivative liabilities |  |  |  | 14 |  | 14 |  | 542 |  | 542 |  | Level 3
| 1 | Determined with a discounted cash flow model using market related interest rates.
| 2 | Based on quoted market price for the same instrument. The ZAR bonds have been classified as a level 2 fair value measurement due to the relatively low level of liquidity in the local debt market.
| 3 | 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.
| 4 | Presented as part of Other long-term investments in the Statement of financial position.
| 5 | Carrying value includes unamortised loan costs.
| 6 | The fair value of the amortised cost host liability of the US$ Convertible Bond is based on the quoted price of the instrument after separating the fair value of the derivative component.
| 7 | The fair value of the contingent consideration receivable was determined using a scenario-based technique which involved developing discrete scenario specific cash flow estimates.
Schedule of external credit rating | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Credit rating
Agency | ​ | 2025 | ​ | 2024
S&P |  | BB+ (stable) |  | BB+ (stable)
Moody’s |  | Ba1 (Negative) |  | Ba1 (stable)
Schedule of expected credit losses recognised | A summary of the Group’s exposure to credit risk for trade, other and long - term receivables is as follows: Trade receivables ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Lifetime ECL
​ | ​ | Simplified | ​ | Simplified | ​ | Simplified | ​ | Credit- | ​ | ​
​ | ​ | approach¹ | ​ | approach² | ​ | approach | ​ | impaired | ​ | Total
​ | ​ | Low risk | ​ | Medium risk | ​ | Total | ​ | High risk | ​ | lifetime ECL
​ |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm
2025 |  |  |  |  |  |  |  |  |  |
Gross carrying amount |  | 28 585 |  | 1 374 |  | 29 959 |  | 411 |  | 30 370
Expected credit loss | ​ | (86) | ​ | (7) | ​ | (93) | ​ | (145) | ​ | (238)
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross carrying amount | ​ | 26 254 | ​ | 1 528 | ​ | 27 782 | ​ | 531 | ​ | 28 313
Expected credit loss |  | (173) |  | (11) |  | (184) |  | (116) |  | (300)
| 1 | Simplified approach – low risk for trade receivables with no significant increase in credit risk since initial recognition.
| 2 | Simplified approach – medium risk for trade receivables with significant increase in credit risk but not credit impaired.
Other receivables ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ |  | 12-month |  |
​ | ​ | Lifetime ECL | ​ | ECL | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | No | ​ | ​
​ | ​ | Significant | ​ | ​ | ​ | ​ | ​ | significant | ​ | ​
​ | ​ | increase in | ​ | ​ | ​ | ​ | ​ | increase in | ​ | ​
​ | ​ | credit risk | ​ | ​ | ​ | ​ | ​ | credit risk | ​ | ​
​ | ​ | since initial | ​ | Credit- | ​ | ​ | ​ | since initial | ​ | ​
​ | ​ | recognition1 | ​ | impaired2 | ​ | Total lifetime | ​ | recognition | ​ | ​
​ | ​ | Medium risk | ​ | High risk | ​ | ECL | ​ | Low risk | ​ | Total
​ |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm
2025 |  |  |  |  |  |  |  |  |  |
Gross carrying amount3 |  | 1 122 |  | 728 |  | 1 850 |  | 2 425 |  | 4 275
Expected credit loss4 |  | (3) |  | (658) |  | (661) |  | (2) |  | (663)
2024 |  |  |  |  |  |  |  |  |  |
Gross carrying amount |  | 658 |  | 660 |  | 1 318 |  | 2 511 |  | 3 829
Expected credit loss |  | (128) |  | (438) |  | (566) |  | (4) |  | (570)
| 1 | Significant increase in credit risk since initial recognition but not credit impaired.
| 2 | A significant balance has been fully provided for and this reflects management’s assessment that there is no reasonable expectation of recovery.
| 3 | This gross carrying amount excludes financial assets classified as measuring at fair value through profit or loss.
| 4 | The ECL relating to Other receivables increased due to deteriorating credit ratings.
35 | Financial risk management and financial instruments continued
35.2 | Financial risk management continued
Long-term receivables
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 12-month | ​ | ​
​ | ​ | Lifetime ECL | ​ | ECL | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | No | ​ | ​
​ | ​ | Significant | ​ | ​ | ​ | ​ | ​ | significant | ​ | ​
​ | ​ | increase in | ​ | ​ | ​ | ​ | ​ | increase in | ​ | ​
​ | ​ | credit risk | ​ | ​ | ​ | ​ | ​ | credit risk | ​ | ​
​ | ​ | since initial | ​ | Credit- | ​ | ​ | ​ | since initial | ​ | ​
​ | ​ | recognition | ​ | impaired | ​ | Total lifetime | ​ | recognition | ​ | ​
​ | ​ | Medium risk | ​ | High risk | ​ | ECL | ​ | Low risk | ​ | Total
​ |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm
2025 |  |  |  |  |  |  |  |  |  |
Gross carrying amount |  | 399 |  | 169 |  | 568 |  | 3 067 |  | 3 635
Expected credit loss | ​ | (5) | ​ | (50) | ​ | (55) | ​ | (28) | ​ | (83)
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross carrying amount | ​ | 97 | ​ | 348 | ​ | 445 | ​ | 3 271 | ​ | 3 716
Expected credit loss |  | — |  | (132) |  | (132) |  | (24) |  | (156)
| 1 | Significant increase in credit risk since initial recognition but not credit impaired.
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
2025 |  |  |  |  |  |  |  |  | ​ |  | ​ | ​ |  |
Financial assets |  |  |  |  |  |  |  |  | ​ |  | ​ | ​ |  |
Non-derivative instruments |  |  |  |  |  |  |  |  | ​ |  | ​ | ​ |  |
Long-term receivables |  | 17 |  | 2 884 |  | 3 074 |  | 42 | ​ | 1 228 | ​ | 246 |  | 1 558
Trade and other receivables |  | 22 |  | 35 180 |  | 35 180 |  | 35 180 | ​ | — | ​ | — |  | —
Cash and cash equivalents |  | 25 |  | 41 050 |  | 41 050 |  | 41 050 | ​ | — | ​ | — |  | —
Investments through other comprehensive income |  |  |  | 8 |  | 8 |  | 8 | ​ | — | ​ | — |  | —
Long-term and short-term investments through profit or loss | ​ | ​ | ​ | 3 172 | ​ | 3 172 | ​ | 3 172 | ​ | — | ​ | — | ​ | —
​ | ​ | ​ |  | 82 294 |  | 82 484 |  | 79 452 | ​ | 1 228 | ​ | 246 |  | 1 558
Derivative instruments |  |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward exchange contracts |  |  |  | 696 | ​ | 18 546 | ​ | 18 546 | ​ | — | ​ | — |  | —
Crude oil put options |  |  |  | 1 055 | ​ | 1 055 | ​ | 1 055 | ​ | — | ​ | — |  | —
Foreign exchange zero cost collars | ​ | ​ | ​ | 609 | ​ | 609 | ​ | 609 | ​ | — | ​ | — | ​ | —
Oxygen supply contract embedded derivative | ​ | ​ | ​ | 863 | ​ | (215) | ​ | 89 | ​ | 201 | ​ | 292 | ​ | (797)
​ | ​ | ​ |  | 85 517 |  | 102 479 |  | 99 751 | ​ | 1 429 | ​ | 538 |  | 761
Financial liabilities |  |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-derivative instruments |  |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt** |  | 13 |  | (102 645) |  | (127 539) |  | (7 237) | ​ | (40 933) | ​ | (62 285) |  | (17 084)
Lease liabilities |  | 14 |  | (17 360) |  | (38 780) |  | (3 659) | ​ | (5 475) | ​ | (4 361) |  | (25 285)
Short-term debt |  | 15 |  | (666) |  | (666) |  | (666) | ​ | — | ​ | — |  | —
Trade and other payables |  | 23 |  | (34 757) |  | (34 757) |  | (34 757) | ​ | — | ​ | — |  | —
Bank overdraft |  | 25 |  | (1) |  | (1) |  | (1) | ​ | — | ​ | — |  | —
​ | ​ | ​ |  | (155 429) |  | (201 743) |  | (46 320) | ​ | (46 408) | ​ | (66 646) |  | (42 369)
Derivative instruments |  |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward exchange contracts |  |  |  | (15) |  | (17 866) |  | (17 866) | ​ | — | ​ | — |  | —
Other commodity derivatives |  |  |  | (37) |  | (39) |  | (39) | ​ | — | ​ | — |  | —
Oxygen supply contract embedded derivative |  |  |  | (14) |  | 15 |  | 15 | ​ | — | ​ | — |  | —
​ | ​ | ​ |  | (155 495) |  | (219 633) |  | (64 210) | ​ | (46 408) | ​ | (66 646) |  | (42 369)
| * | 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 conversion rights are exercisable at any time.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | 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
2024 |  |  |  |  |  |  |  |  | ​ | ​ |  | ​ | ​ |
Financial assets |  |  |  |  |  |  |  |  | ​ | ​ |  | ​ | ​ |
Non-derivative instruments |  |  |  |  |  |  |  |  | ​ | ​ |  | ​ | ​ |
Long-term receivables |  | 17 |  | 3 051 |  | 3 283 |  | 90 | ​ | 1 630 |  | 588 | ​ | 975
Trade and other receivables |  | 22 |  | 31 272 |  | 31 272 |  | 31 272 | ​ | — |  | — | ​ | —
Cash and cash equivalents |  | 25 |  | 45 383 |  | 45 383 |  | 45 383 | ​ | — |  | — | ​ | —
Investments through other comprehensive income |  |  |  | 9 |  | 9 |  | 9 | ​ | — |  | — | ​ | —
Investments through profit or loss |  |  |  | 2 987 |  | 2 987 |  | 2 987 | ​ | — |  | — | ​ | —
Long-term restricted cash |  |  |  | 1 709 |  | 1 709 |  | — | ​ | — |  | — | ​ | 1 709
​ | ​ | ​ |  | 84 411 |  | 84 643 |  | 79 741 | ​ | 1 630 |  | 588 | ​ | 2 684
Derivative instruments |  |  |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ | ​ |
Forward exchange contracts |  |  |  | 711 |  | 22 090 |  | 22 090 | ​ | — |  | — | ​ | —
Crude oil put options |  |  |  | 279 |  | 279 |  | 279 | ​ | — |  | — | ​ | —
Foreign exchange zero cost collars |  |  |  | 302 | ​ | 302 |  | 302 | ​ | — |  | — | ​ | —
Other commodity derivatives |  |  |  | 5 |  | 5 |  | 5 | ​ | — |  | — | ​ | —
Oxygen supply contract embedded derivative | ​ | ​ | ​ | 508 | ​ | 822 | ​ | 69 | ​ | 138 | ​ | 138 | ​ | 477
​ | ​ | ​ |  | 86 216 |  | 108 141 |  | 102 486 | ​ | 1 768 |  | 726 | ​ | 3 161
Financial liabilities |  |  |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ | ​ |
Non-derivative instruments |  |  |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ | ​ |
Long-term debt** |  | 13 |  | (117 031) |  | (153 995) |  | (7 805) | ​ | (28 914) |  | (99 312) | ​ | (17 964)
Lease liabilities |  | 14 |  | (17 437) |  | (37 769) |  | (3 718) | ​ | (5 595) |  | (4 289) | ​ | (24 167)
Short-term debt |  | 15 |  | (566) |  | (566) |  | (566) | ​ | — |  | — | ​ | —
Trade and other payables |  | 23 |  | (32 551) |  | (32 551) |  | (32 551) | ​ | — |  | — | ​ | —
Bank overdraft |  | 25 |  | (121) |  | (121) |  | (121) | ​ | — |  | — | ​ | —
​ | ​ | ​ |  | (167 706) |  | (225 002) |  | (44 761) | ​ | (34 509) |  | (103 601) | ​ | (42 131)
Derivative instruments |  |  |  |  |  |  |  |  | ​ | ​ |  | ​ | ​ |
Forward exchange contracts |  |  |  | (11) |  | (21 390) |  | (21 390) | ​ | — |  | — | ​ | —
Other commodity derivatives | ​ | ​ | ​ | (7) | ​ | (7) | ​ | (7) | ​ | — | ​ | — | ​ | —
Oxygen supply contract embedded derivative |  |  |  | (542) |  | (3 654) |  | (34) | ​ | (35) |  | 14 | ​ | (3 599)
​ | ​ | ​ |  | (168 266) |  | (250 053) |  | (66 192) | ​ | (34 544) |  | (103 587) | ​ | (45 730)
| * | 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, based on obtaining the requisite shareholder approval for the convertible bonds to be settled in Sasol ordinary shares.
Schedule of derivative transactions |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Financial | ​ | Financial | ​ | Financial | ​ | Financial | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | asset | ​ | liability | ​ | asset | ​ | liability | ​ | Income statement gain/(loss)
​ |  | 2025 |  | 2025 |  | 2024 |  | 2024 | ​ | 2025 | ​ | 2024 | ​ | 2023
​ |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm |  | Rm
Commodity and currency derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Crude oil put options | ​ | 1 055 | ​ | — | ​ | 279 | ​ | — | ​ | (391) | ​ | (953) | ​ | (507)
Crude oil zero cost collars | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 3 953
Crude oil futures | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (180) | ​ | 401
Ethane swap options | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (17) | ​ | (272)
Coal swap options | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 1 099
Other commodity derivatives | ​ | — | ​ | (30) | ​ | 5 | ​ | (7) | ​ | (36) | ​ | (63) | ​ | 180
Forward exchange contracts | ​ | 696 | ​ | (15) | ​ | 711 | ​ | (11) | ​ | 1 132 | ​ | 1 091 | ​ | (1 339)
Foreign exchange zero cost collars |  | 609 |  | — |  | 302 |  | — | ​ | 323 | ​ | 810 | ​ | (301)
Embedded derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Convertible bond embedded derivative | ​ | — | ​ | (7) | ​ | — | ​ | (59) | ​ | 52 | ​ | 1 233 | ​ | 867
Oxygen supply contract embedded derivatives* | ​ | 863 | ​ | (14) | ​ | 508 | ​ | (542) | ​ | 924 | ​ | 442 | ​ | (794)
Non-derivative financial instruments |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments at fair value through profit or loss** | ​ | 3 172 | ​ | — | ​ | 2 173 | ​ | — | ​ | — | ​ | — | ​ | —
​ | ​ | 6 395 | ​ | (66) | ​ | 3 978 | ​ | (619) | ​ | 2 004 | ​ | 2 364 | ​ | 3 287
| * | Relates to a US dollar derivative that is embedded in long-term oxygen supply contracts to our Secunda Operations.
​
| ** | Fair value gains and losses are presented in other operating income and expenses, separately from derivative gains and losses.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Contract/Nominal amount* | ​ | ​ | ​ | Average price
​ | ​ | ​ | ​ | Open | ​ | Settled | ​ | Open | ​ | Settled | ​ | ​ | ​ | Open | ​ | Open
​ |  | ​ | ​ | 2025 | ​ | 2025 | ​ | 2024 | ​ | 2024 | ​ | ​ | ​ | 2025 | ​ | 2024
​ | ​ | ​ |  | Million |  | Million |  | Million |  | Million |  | ​ |  | ​ |  | ​
Crude oil put options purchased** | ​ | barrels | ​ | 22,5 | ​ | 16,8 | ​ | 16,8 | ​ | 18,0 | ​ | US$/bbl | ​ | 59,8 | ​ | 58,7
Forward exchange contracts | ​ | US$ |  | 907 |  | — | ​ | 1 080 |  | — | ​ | R/US$ | ​ | 18,51 | ​ | 18,90
Forward exchange contracts | ​ | EUR | ​ | 54 | ​ | — | ​ | 43 | ​ | — | ​ | US$/EUR | ​ | 1,11 | ​ | 1,08
Foreign exchange zero cost collars | ​ | US$ |  | 1 720 |  | 1 652 | ​ | 1 530 |  | 2 760 | ​ | R/US$ Floor | ​ | 17,60 | ​ | 17,53
​ | ​ | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | R/US$ Cap | ​ | 21,13 | ​ | 22,65
| * | The notional amount is the sum of the absolute value of all contracts for both derivative assets and liabilities.
| ** | Total premium paid for contracts entered into in the year US$114,09 million (2024: US$94,8 million).
Other receivable - Contingent consideration from disposal of Uzbekistan GTL LLC |
Financial risk management and financial instruments |
Summary of reconciliation of opening and closing balance of contingent consideration | ​
​ | ​ | ​ | ​ | ​
​ |  | 2025 |  | 2024
for the year ended 30 June |  | Rm |  | Rm
Balance at the beginning of the year |  | — |  | —
Amounts recognised in remeasurement items affecting operating income |  | 1 436 |  | —
Balance at the end of the year |  | 1 436 |  | —
Oxygen supply contract embedded derivative assets and liabilities |
Financial risk management and financial instruments |
Summary of reconciliation of opening and closing balance of embedded derivative | ​
​ | ​ | ​ | ​ | ​
​ |  | 2025 |  | 2024
for the year ended 30 June | ​ | Rm | ​ | Rm
Balance at the beginning of the year |  | (34) |  | (477)
Amounts settled during the year | ​ | (41) | ​ | 1
Unrealised fair value gain recognised in other expenses and income in operating profit | ​ | 924 | ​ | 442
Balance at the end of the year |  | 849 |  | (34)
Summary of sensitivities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Increase/(decrease) in
​ | ​ | ​ | ​ | ​ | ​ | profit or loss
​ | ​ | Inputs | ​ | Change | ​ | 2025 | ​ | 2024
Input |  | applied |  | in input |  | Rm |  | Rm
Rand/US$ Spot price | ​ | R17,75/US$ | ​ | +R1/US$ | ​ | (469) | ​ | (478)
​ |  | (2024: R18,19/US$) | ​ | -R1/US$ |  | 469 |  | 478
US$ Swap curve |  | 3,42% - 4,07% | ​ | +10bps | ​ | 73 |  | 81
​ |  | (2024: 3,63% – 5,06%) | ​ | -10bps | ​ | (74) |  | (82)
Rand Swap curve |  | 6,94% - 10,07% | ​ | +100bps | ​ | (699) |  | (688)
​ |  | (2024: 7,76% – 10,35%) | ​ | -100bps | ​ | 791 |  | 784
Convertible bond embedded derivative liability |
Financial risk management and financial instruments |
Summary of reconciliation of opening and closing balance of embedded derivative | ​
​ | ​ | ​ | ​ | ​
​ |  | 2025 |  | 2024
for the year ended 30 June | ​ | Rm | ​ | Rm
Balance at the beginning of the year |  | 59 |  | 1 302
Unrealised fair value gain recognised in other expenses and income in operating profit |  | (52) |  | (1 233)
Translation of foreign operations |  | — |  | (10)
Balance at the end of the year |  | 7 |  | 59
Summary of sensitivities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Increase/(decrease) in
​ | ​ | ​ | ​ | ​ | ​ | profit or loss
​ | ​ | Inputs | ​ | Change | ​ | 2025 | ​ | 2024
Input |  | applied |  | in input |  | Rm |  | Rm
Credit spread |  | 485bps | ​ | +100bps | ​ | (261) |  | (364)
​ |  | (2024: 372bps) | ​ | +100bps* | ​ | 7 |  | 59
Calibrated volatility | ​ | 34% | ​ | +5 | % | (12) | ​ | (81)
​ | ​ | (2024: 21,39%) | ​ | +5 | % | 6 | ​ | 45
Exchange rate |
Financial risk management and financial instruments |
Summary of sensitivities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2025 | ​ | 2024
​ | ​ | Euro | ​ | US dollar | ​ | Euro | ​ | US dollar
​ |  | Rm |  | Rm |  | Rm |  | Rm
Equity |  | 8 |  | 2 058 |  | 171 |  | 2 740
Income statement |  | 8 |  | 2 058 |  | 171 |  | 2 740
Schedule of foreign exchange rates | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average rate | ​ | Closing rate
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | Rand | ​ | Rand | ​ | Rand | ​ | Rand
Rand/Euro |  | 19,76 |  | 20,24 |  | 20,92 |  | 19,49
Rand/US$ |  | 18,17 |  | 18,71 |  | 17,75 |  | 18,19
Schedules of information related to foreign currency risk and commodity price risk | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2025 | ​ | 2024
​ |  | Euro |  | US dollar |  | Euro |  | US dollar
​ |  | Rm | ​ | Rm |  | Rm | ​ | Rm
Long-term receivables |  | 127 |  | 645 |  | 67 |  | 745
Trade and other receivables |  | 429 |  | 3 912 |  | 564 |  | 2 595
Cash and cash equivalents |  | 1 479 |  | 783 |  | 3 319 |  | 1 241
Net exposure on assets |  | 2 035 |  | 5 340 |  | 3 950 |  | 4 581
Trade and other payables |  | (547) |  | (3 631) |  | (227) |  | (2 949)
Net exposure on liabilities |  | (547) |  | (3 631) |  | (227) |  | (2 949)
Exposure on external balances |  | 1 488 |  | 1 709 |  | 3 723 |  | 1 632
Net exposure on balances between Group companies |  | (1 409) |  | 18 867 |  | (2 014) |  | 25 769
Total net exposure |  | 79 |  | 20 576 |  | 1 709 |  | 27 401
​
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 2025 |  | 247 |  | 15 |  | (218) |  | 22
30 June 2024 |  | 250 |  | 32 |  | (328) |  | 21
​
Summary of interest rate profile of interest-bearing financial instruments including the effect of the interest rate swap | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Carrying value
​ | ​ | 2025 | ​ | 2024
​ |  | Rm |  | Rm
Variable rate instruments |  |  |  |
Financial assets |  | 37 790 |  | 42 053
Financial liabilities* |  | (30 886) |  | (44 471)
​ |  | 6 904 |  | (2 418)
Fixed rate instruments |  | ​ |  | ​
Financial assets |  | 6 895 |  | 7 046
Financial liabilities |  | (71 759) |  | (72 680)
​ |  | (64 864) |  | (65 634)
Interest profile (variable: fixed rate as a percentage of total financial assets) |  | 85:15 |  | 86:14
Interest profile (variable: fixed rate as a percentage of total financial liabilities) |  | 30:70 |  | 38:62
| * | The decrease in variable exposure is mainly due to the repayments made on the RCF. Refer to note 13.
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
​ | ​ | 2025 | ​ | 2024
​ | ​ | US$ | ​ | US$
High | ​ | 89,10 | ​ | 97,92
Average |  | 74,59 |  | 84,74
Low |  | 61,09 |  | 73,56

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