Condensed group statement of changes in equity
| Download (EXCEL) |
| Other components of equity | ||||||
| Share capital Rm |
Foreign currency translation Rm |
Financial instruments revaluation Rm |
Equity- settled Rm |
Post- retirement employee obligations Rm |
Available- for-sale revaluation Rm |
|
| At 31 December 2016 (Audited) | 2 509 | 4 010 | 23 | 1 898 | (262) | (60) |
| Profit for the period | ||||||
| Other comprehensive (loss)/income | (39) | (29) | 5 | |||
| Share of other comprehensive (loss)/income of equity-accounted investments | (174) | (58) | 89 | 25 | ||
| Issue of share capital1 | 463 | |||||
| Share-based payments movement2 | (422) | |||||
| Dividends paid | ||||||
| Share repurchase3 | (1 312) | |||||
| Reclassification within equity | ||||||
| At 30 June 2017 (Reviewed) | 1 660 | 3 797 | (35) | 1 565 | (266) | (55) |
| Profit for the period | ||||||
| Other comprehensive loss | (23) | (19) | ||||
| Share of other comprehensive income/(loss) of equity-accounted investments | 20 | (7) | 114 | 17 | ||
| Issue of share capital1 | 10 242 | |||||
| Share-based payments movement2 | 4 479 | |||||
| Dividends paid | ||||||
| Share repurchase3 | (639) | |||||
| Treasury shares4 | (10 242) | |||||
| Partial disposal of an associate5 | (1 332) | 1 | (286) | 91 | ||
| Liquidation of subsidiaries6 | 58 | |||||
| At 31 December 2017 (Audited) | 1 021 | 2 520 | (41) | 5 872 | (158) | (74) |
| Adjustment on initial application of IFRS 15 (net of tax)7 | ||||||
| Adjustment on initial application of IFRS 9 (net of tax)7 | 74 | |||||
| Adjusted balance at 1 January 2018 | 1 021 | 2 520 | (41) | 5 872 | (158) | |
| Profit for the year | ||||||
| Other comprehensive income | 41 | |||||
| Share of other comprehensive income of equity-accounted investments | 88 | 21 | 2 | |||
| Share-based payments movement2 | (280) | |||||
| Dividends paid | ||||||
| Liquidation of subsidiaries6 | 14 | |||||
| At 30 June 2018 (Reviewed) | 1 021 | 2 663 | (20) | 5 592 | (156) | (17) |
| Financial asset FVOCI revaluation Rm |
Other Rm |
Retained earnings Rm |
Attributable to owners of the parent Rm |
Non- controlling interests Rm |
Total equity Rm |
|
| At 31 December 2016 (Audited) | (3 524) | 31 281 | 35 875 | (788) | 35 087 | |
| Profit for the period | 2 692 | 2 692 | 31 | 2 723 | ||
| Other comprehensive (loss)/income | (63) | (63) | ||||
| Share of other comprehensive (loss)/income of equity-accounted investments | (118) | (118) | ||||
| Issue of share capital1 | 463 | 463 | ||||
| Sharebased payments movement2 | (422) | (422) | ||||
| Dividends paid | (1 284) | (1 284) | (1 284) | |||
| Share repurchase3 | 3 524 | (2 212) | ||||
| Reclassification within equity | 1 | (1) | ||||
| At 30 June 2017 (Reviewed) | 1 | 30 476 | 37 143 | (757) | 36 386 | |
| Profit for the period | 3 290 | 3 290 | 19 | 3 309 | ||
| Other comprehensive loss | (42) | (42) | ||||
| Share of other comprehensive income/(loss) of equity-accounted investments | 144 | 144 | ||||
| Issue of share capital1 | 10 242 | 10 242 | ||||
| Share–based payments movement2 | 4 479 | 4 479 | ||||
| Dividends paid | (943) | (943) | (943) | |||
| Share repurchase3 | (2 056) | (2 695) | (2 695) | |||
| Treasury shares4 | (10 242) | (10 242) | ||||
| Partial disposal of an associate5 | 195 | (1 331) | (1 331) | |||
| Liquidation of subsidiaries6 | 58 | 58 | ||||
| At 31 December 2017 (Audited) | 1 | 30 962 | 40 103 | (738) | 39 365 | |
| Adjustment on initial application of IFRS 15 (net of tax)7 | 314 | 314 | 314 | |||
|---|---|---|---|---|---|---|
| Adjustment on initial application of IFRS 9 (net of tax)7 | (74) | (11) | (11) | (11) | ||
| Adjusted balance at 1 January 2018 | (74) | 1 | 31 265 | 40 406 | (738) | 39 668 |
| Profit for the year | 3 182 | 3 182 | 36 | 3 218 | ||
| Other comprehensive income | 57 | 98 | 98 | |||
| Share of other comprehensive income of equity-accounted investments | 111 | 111 | ||||
| Share-based payments movement2 | (280) | (280) | ||||
| Dividends paid | (4 153) | (4 153) | (4 153) | |||
| Liquidation of subsidiaries6 | 14 | 14 | ||||
| At 30 June 2018 (Reviewed) | (17) | 1 | 30 294 | 39 378 | (702) | 38 676 |
| 1 | For 2017, the issue of share capital comprises the vesting of Mpower 2012 treasury shares to good leavers and beneficiaries upon final vesting of the share-based payment scheme on 31 May 2017 amounting to R463 million and an issue of 67 221 565 ordinary shares to NewBEECo at a discounted share price of R73.92 per share which had a market share price of R152.35 on 11 December 2017. |
| 2 | For 2018, the share-based payment movements include an amount of R147 million paid to the BEE Parties as a dividend. For 2017, comprises the final vesting of Mpower 2012 shares as well as the potential benefit to be obtained by the BEE Parties amounting to R4 245 million. |
| 3 | Exxaro executed two repurchases during 2017. Exxaro repurchased 43 943 744 ordinary shares from Main Street 333 for a purchase consideration of R3 524 million during January 2017 and 22 686 572 ordinary shares from Main Street 333 for a purchase consideration of R2 695 million during December 2017. |
| 4 | For 2017, 107 612 026 ordinary shares held by NewBEECo in Exxaro were accounted for as treasury shares on consolidation of NewBEECo. |
| 5 | During October 2017, Exxaro disposed of 22 425 000 Class A Tronox Limited ordinary shares which resulted in a gain on translation differences being recycled to profit or loss, the release of a loss from the financial instruments revaluation reserve to profit or loss, a net reclassification within equity from retirement benefit obligation reserve and equity-settled reserve to retained earnings. |
| 6 | For 2018, recognised a gain on translation difference recycled to profit or loss on the liquidation of a foreign subsidiary (Exxaro Coal Botswana Holding Company Proprietary Limited). For 2017, recognised a gain on translation difference recycled to profit or loss on the liquidation of a foreign subsidiary (Exxaro Mineral Sands BV). |
| 7 | Refer note 4 for details of the adjustments on initial application of IFRS 9 Financial Instruments (IFRS 9) and IFRS 15 Revenue from Contracts with Customers (IFRS 15). |
| Dividend distribution cents | cents |
| Final dividend per share paid in respect of the 2017 financial year | 400 |
| Dividend per share paid in respect of the 2017 interim period | 300 |
| Dividend per share payable in respect of the 2018 interim period | 530 |
Foreign currency translation
Arises from the translation of the financial statements of foreign operations within the group.
Financial instruments revaluation
Comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments where the hedged transaction has not yet occurred.
Equity-settled
Represents the fair value, net of tax, of services received from employees and settled by equity instruments granted as well as the fair value of the potential benefit to be obtained by the BEE Parties in relation to the Replacement BEE Transaction.
Post-retirement employee obligations
Comprises remeasurements, net of tax, on the post-retirement employee obligations.
Available-for-sale revaluation
Comprises the fair value adjustments, net of tax, on the available-for-sale financial assets.
Financial asset FVOCI revaluation
Comprises the fair value adjustments, net of tax, on the financial assets classified at FVOCI.