XML 257 R82.htm IDEA: XBRL DOCUMENT v3.25.2
Financial risk management and financial instruments (Tables)
12 Months Ended
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

1Determined with a discounted cash flow model using market related interest rates.
2Based 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.
3Determined 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.
4Presented as part of Other long-term investments in the Statement of financial position.
5Carrying value includes unamortised loan costs.
6The 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.
7The 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)

1Significant increase in credit risk since initial recognition but not credit impaired.
2A significant balance has been fully provided for and this reflects management’s assessment that there is no reasonable expectation of recovery.
3This gross carrying amount excludes financial assets classified as measuring at fair value through profit or loss.
4The 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)

1Significant 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