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Remeasurement items affecting operating profit (Tables) | 12 Months Ended
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Jun. 30, 2025
Remeasurement items affecting operating profit |
Schedule of remeasurement items affecting operating profit | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 2025 | ​ | 2024 | ​ | 2023 |
for the year ended 30 June |  | Note |  | Rm |  | Rm |  | Rm |
Effect of remeasurement items for subsidiaries and joint operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impairment of assets |  | ​ |  | ​ | 21 836 |  | 76 035 |  | 37 298 | ​
property, plant and equipment |  | 16 |  | ​ | 21 269 |  | 75 112 |  | 36 496 | ​
right of use assets |  | 14 |  | ​ | 532 |  | 166 |  | 546 | ​
other intangible assets and goodwill |  | ​ |  | ​ | 35 |  | 757 |  | 256 | ​
Reversal of impairment of assets |  | ​ |  | ​ | (1 178) |  | (1 149) |  | (3 649) | ​
property, plant and equipment |  | 16 |  | ​ | (1 029) |  | (1 149) |  | (3 649) | ​
right of use assets | ​ | 14 | ​ | ​ | (149) | ​ | — | ​ | — | ​
(profit)/loss on |  | ​ |  | ​ | (1 311) |  | 480 |  | (650) | ​
disposal of property, plant and equipment |  | ​ |  | ​ | (47) |  | (127) |  | (500) | ​
disposal of other intangible assets |  | ​ |  | ​ | — |  | — |  | 3 | ​
disposal of other assets |  | ​ |  | ​ | (23) |  | (8) |  | — | ​
disposal of businesses* |  | ​ |  | ​ | (1 345) |  | (150) |  | (516) | ​
scrapping of property, plant and equipment |  | ​ |  | ​ | 104 |  | 765 |  | 363 | ​
Write-off of unsuccessful exploration wells |  | ​ |  | ​ | 298 |  | 48 |  | 899 | ​
Remeasurement items per income statement |  | ​ |  | ​ | 19 645 |  | 75 414 |  | 33 898 | ​
Tax impact |  | ​ |  | ​ | (4 761) |  | (18 361) |  | (8 951) | ​
impairment of assets | ​ | ​ | ​ | ​ | (4 715) | ​ | (18 157) | ​ | (9 831) | ​
reversal of impairment of assets | ​ | ​ | ​ | ​ | 2 | ​ | — | ​ | 854 | ​
(loss)/profit on disposals and scrapping | ​ | ​ | ​ | ​ | (47) | ​ | (204) | ​ | 26 | ​
write-off of unsuccessful exploration wells | ​ | ​ | ​ | ​ | (1) | ​ | — | ​ | — | ​
Non-controlling interest effect | ​ | ​ | ​ | ​ | (665) | ​ | (1 262) | ​ | 8 | ​
Effect of remeasurement items for equity accounted investments |  | ​ |  | ​ | 5 |  | (7) |  | 23 | ​
Total remeasurement items for the Group, net of tax |  | ​ |  | ​ | 14 224 |  | 55 784 |  | 24 978 | ​
| * | Includes a gain on remeasurement of contingent consideration from the Uzbekistan GTL LLC disposal of R1 428 million.
Schedule of main macro-economic assumptions used for impairment calculations | Main long-term average macroeconomic assumptions used for impairment calculations
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ |  | CGU
​ | ​ | ​ |  | 2025 |  | 2024 |  | 2023 |  | Reference***
Crude oil price (Brent)* | ​ | US$/bbl | ​ | 72,16 | ​ | 83,06 | ​ | 88,02 | ​ | a, c, d, g
Ethane price* |  | US$c/gal |  | 33,40 |  | 39,55 |  | 42,33 |  | ****
Ethylene price* | ​ | US$/ton | ​ | 747,00 | ​ | 745,00 | ​ | 773,00 | ​ | h
Linear low density polyethylene (LLDPE) price* |  | US$/ton |  | 1 039,00 |  | 1 091,00 |  | 1 247,00 |  | *****
Polyvinyl Chloride (PVC) price* | ​ | US$/ton | ​ | 878,00 | ​ | 980,00 | ​ | 1 031,00 | ​ | e
Southern African gas purchase price (real)** |  | US$/Gj |  | — |  | 10,51 |  | 10,93 |  | a, b, e, f
Oil Product Differentials | ​ | US$/bbl | ​ | 11,44 | ​ | 10,86 | ​ | 12,08 | ​ | a, b
Refining margin* |  | US$/bbl |  | 7,54 |  | 8,11 |  | 12,34 |  | a, b
Exchange rate* |  | Rand/US$ |  | 18,31 |  | 17,64 |  | 17,40 |  | All
| * | Assumptions are provided on a long-term average basis in nominal terms unless indicated otherwise and are calculated based on a five year forward-looking period. The refining margin is calculated until 2034, linked to the Sasolburg refinery’s useful life.
| ** | Aligned to our optimised transition plan and ERR, LNG as an alternative gas feedstock is no longer feasible and has been excluded from future cash flow projections.
| *** | Refer to page 31.
| **** | Relevant to 2024 impairment of Ethane value chain (Alc/Alu/EO/EG) in Chemicals America.
| ***** | Relevant to the 2024 impairment of Secunda and Sasolburg Polyethylene in Chemicals Africa.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | United |  | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | South | ​ | States of | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Africa | ​ | America | ​ | Europe | ​ | Mozambique
​ | ​ | ​ | ​ | % | ​ | % | ​ | % |  | %
Growth rate – Producer Price Index |  | 2025 |  | 5,50 |  | 2,00 |  | ​ | ​ | 2,00 | ​ | 2,00
Weighted average cost of capital* |  | 2025 |  | 14,50 |  | 9,10 |  | 7,60 | – | 10,00 | ​ | 18,40
Growth rate – Producer Price Index |  | 2024 |  | 5,50 |  | 2,00 |  | ​ | ​ | 2,00 | ​ | 2,00
Weighted average cost of capital* |  | 2024 |  | 15,00 |  | 9,40 |  | 9,40 | – | 10,50 | ​ | 16,80
Growth rate – Producer Price Index |  | 2023 |  | 5,50 |  | 2,00 |  | ​ | ​ | 2,00 | ​ | 2,00
Weighted average cost of capital* |  | 2023 |  | 15,20 |  | 9,07 |  | 9,07 | – | 10,68 | ​ | ​
| * | Calculated using spot market factors on 30 June. Sasol’s approach now includes using a 5-year average of the median debt-to-equity ratios of a peer group. Sasol also has refined its Euro WACC for Italy and Germany. The Mozambique WACC rate increase is largely attributable to the independently calculated country risk premium.
Summary of significant impairment/(reversal of impairment) of assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Property, |  | ​ |  | Other |  | ​
​ | ​ | plant and | ​ | Right of | ​ | intangible | ​ | ​
​ | ​ | equipment | ​ | use assets | ​ | assets | ​ | Total
​ | ​ | 2025 | ​ | 2025 | ​ | 2025 | ​ | 2025
Segment and Cash-generating unit (CGU) | ​ | Rm | ​ | Rm | ​ | Rm | ​ | Rm
Fuels segment |  |  |  |  |  |  |  |
Secunda liquid fuels refinery |  | 11 713 |  | 118 |  | — |  | 11 831
Sasolburg liquid fuels refinery | ​ | 1 256 | ​ | — | ​ | — | ​ | 1 256
Gas | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production Sharing Agreement (PSA) | ​ | 3 142 | ​ | — | ​ | — | ​ | 3 142
Exploration Block PT5-C | ​ | 1 242 | ​ | — | ​ | — | ​ | 1 242
Chemicals Africa |  |  |  |  |  |  |  |
Sasolburg Chlor-Alkali and PVC | ​ | 461 | ​ | — | ​ | 2 | ​ | 463
Sasolburg Wax |  | 23 |  | 341 |  | — |  | 364
Chemicals Eurasia |  |  |  |  |  |  |  |
Sasol Italy Care Chemicals (CC) |  | 3 166 |  | 72 |  | 20 |  | 3 258
Sasol China Care Chemicals (CC) | ​ | (1 019) | ​ | (149) | ​ | — | ​ | (1 168)
Other (net) |  | 256 |  | 1 |  | 13 |  | 270
​ |  | 20 240 |  | 383 |  | 35 |  | 20 658
​ Other than for the CGUs specifically mentioned, all of the Group’s remaining CGUs have significant headroom and reasonable changes to the assumptions applied would not result in any impairment. ​ ​
​ | ​ | ​ | ​ | ​
Segment and Cash-generating unit | ​ | ​ | ​ | 2024
(CGU) | ​ | Description | ​ | Rm
Fuels segment | ​ | ​ | ​ | ​
Secunda liquid fuels refinery | ​ | The liquid fuels component of the Secunda reﬁnery was fully impaired at 30 June 2023 as described below. At 31 December 2023 and 30 June 2024, the recoverable amount of the refinery was further negatively impacted after updating feedstock and macroeconomic price assumptions including lower Brent crude prices and product differentials, resulting in the full amount of costs capitalised during the year to be impaired. | ​ | 7 803
Sasolburg liquid fuels refinery | ​ | The Sasolburg liquid fuels refinery was further impaired and is fully impaired, mainly as a result of the decrease in refining margins. | ​ | 637
Gas | ​ | ​ | ​ | ​
Production Sharing Agreement (PSA) | ​ | At 30 June 2018 an impairment of R1,1 billion was recognised in respect of the PSA asset mainly due to lower sales volumes and weaker long-term macroeconomic assumptions at the time. The asset reached beneficial operation (BO) on the Initial Gas Facility (IGF) with production commencing on 7 May 2024. This enabled excess gas production earlier than initially expected. In addition, increases in both liquid product volumes as well as gas sales prices resulted in the full impairment to be reversed at 30 June 2024. | ​ | (1 143)
Chemicals Africa | ​ | ​ | ​ | ​
Polyethylene | ​ | The CGU was further impaired at 30 June 2024 by R4,1 billion mainly due to lower selling prices associated with over supply and reduced demand in the global market. | ​ | 4 110
Chlor-Alkali and PVC | ​ | The CGU remains fully impaired, resulting in the full amount of costs capitalised during the year to be impaired. An updated impairment assessment performed at 30 June 2024 did not indicate any further impairments on the CGU. | ​ | 645
Wax | ​ | The CGU remains fully impaired, resulting in the full amount of costs capitalised during the year to be impaired. | ​ | 524
Chemicals America | ​ | ​ | ​ | ​
Ethane value chain (Alc/Alu/EO/EG) | ​ | The impairment was driven mainly by the decrease in Ethylene over Ethane margin assumptions and the impact thereof on the downstream ethane value chain (Alcohols, Alumina, Ethylene Oxide, Ethylene Glycols and associated shared assets), in both the short and long term, in addition to the impact of the increase in the WACC rate. Ethylene/ethane margins were lower than previously anticipated since the Ethylene price outlook declined more than the Ethane price outlook. Ethylene prices were lower due to a combination of weak supply/demand fundamentals as well as lower feedstock costs. | ​ | 58 942
Chemicals Eurasia | ​ | ​ | ​ | ​
Sasol Italy Care Chemicals | ​ | The impairment resulted from an increase in WACC rate as well as lower forecasted sales margins, especially in the short-term due to slower recovery of demand. | ​ | 2 037
Other (net)¹ | ​ | ​ | ​ | 1 331
​ | ​ | ​ | ​ | 74 886
1 Relates largely to the Chemicals America and Energy segments ​
​ | ​ | ​ | ​ | ​
Segment and Cash-generating unit |  | ​ |  | 2023
(CGU) | ​ | Description | ​ | Rm
Fuels segment | ​ | ​ | ​ | ​
Secunda liquid fuels refinery | ​ | The liquid fuels component of the Secunda refinery was fully impaired at 30 June 2023 mainly as a result of the Group’s Emission Reduction Roadmap (ERR) to achieve a 30% reduction in greenhouse gas (GHG) emissions by 2030 and comply with the requirements of the National Environmental Management: Air Quality Act, 39 of 2004. The ERR involves the turning down of boilers, implementing energy efficiency projects, reducing coal usage and integrating 1 200 MW of renewable energy into our operations by 2030. With no significant additional gas, which is affordable, to restore volumes back to historic levels, the ERR assumes lower production volumes of 6,7 mt/a post 2030. The increasing cost of coal, capital investment to implement the ERR and cost of compliance were also included in the impairment calculation. | ​ | 35 316
Chemicals Africa | ​ | ​ | ​ | ​
Wax |  | The full impairment on the Wax CGU in Southern Africa was driven by higher cost to procure gas and lower sales volumes and prices due to an increasingly challenging market environment. A WACC rate of 14,66% was applied in estimating the recoverable amount of the CGU. |  | 932
Chemicals Eurasia | ​ | ​ | ​ | ​
China Care Chemicals | ​ | The full impairment on the CGU was driven by a combination of lower unit margins and higher costs resulting from the prolonged impact of COVID-19 on China’s economy. A WACC rate of 9,21% was applied in estimating the recoverable amount of the CGU. | ​ | 876
Chemicals America | ​ | ​ | ​ | ​
Tetramerization | ​ | The Tetramerization CGU was impaired in 2019. At 31 December 2022, a sustained improvement in plant reliability resulted in increased volumes available for sale while longer-term contracts signed with several customers improved the overall profitability of the cash-generating unit. A WACC rate of 8,33% was applied in estimating the recoverable amount of the CGU. | ​ | (3 645)
Other (net) | ​ | ​ |  | 170
​ | ​ | ​ |  | 33 649

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