Exxaro Resource limited Report Selector 2018
Currently viewing Annual Financial Report 2018
Currently viewing Annual Financial Report 2018
Exxaro Resources Limited Group and company annual financial statements
| Other components of equity | ||||||
| Share capital Rm |
Foreign currency translation Rm |
Financial instruments revaluation Rm |
Equity- settled Rm |
Post- retirement employee obligations Rm |
||
| At 31 December 2016 | 2 509 | 4 010 | 23 | 1 898 | (262) | |
| Profit for the year | ||||||
| Other comprehensive loss for the year | (62) | (29) | ||||
| Share of other comprehensive (loss)/income of equity-accounted investments | (154) | (65) | 203 | 42 | ||
| Issue of share capital1 | 10 705 | |||||
| Share-based payments movement2 | 4 057 | |||||
| Dividends paid | ||||||
| Share repurchase3 | (1 951) | |||||
| Treasury shares4 | (10 242) | |||||
| Disposal of an associate5 | (1 332) | 1 | (286) | 91 | ||
| Liquidation of subsidiary6 | 58 | |||||
| Reclassification within equity | ||||||
| At 31 December 2017 | 1 021 | 2 520 | (41) | 5 872 | (158) | |
| Adjustment on initial application of IFRS 9 (net of tax)7 | ||||||
| Adjustment on initial application of IFRS 15 (net of tax)7 | ||||||
| Adjusted balance at 1 January 2018 | 1 021 | 2 520 | (41) | 5 872 | (158) | |
| Profit for the year | ||||||
| Other comprehensive income for the year | 67 | 39 | ||||
| Share of other comprehensive income of equity-accounted investments | 118 | 9 | 6 | |||
| Adjustment to NCI8 | ||||||
| Share-based payments movement2 | (338) | |||||
| Dividends paid | ||||||
| Disposal of subsidiaries9 | ||||||
| Liquidation of subsidiary6 | (14) | |||||
| At 31 December 2018 | 1 021 | 2 691 | (32) | 5 534 | (113) | |
| Other components of equity | |||||
| Available- for-sale revaluation Rm |
Financial asset FVOCI revaluation Rm |
Other Rm |
Retained earnings Rm |
||
| At 31 December 2016 | (60) | (3 524) | 31 281 | ||
| Profit for the year | 5 982 | ||||
| Other comprehensive loss for the year | (14) | ||||
| Share of other comprehensive (loss)/income of equity-accounted investments | |||||
| Issue of share capital1 | |||||
| Share-based payments movement2 | |||||
| Dividends paid | (2 227) | ||||
| Share repurchase3 | 3 524 | (4 268) | |||
| Treasury shares4 | |||||
| Disposal of an associate5 | 195 | ||||
| Liquidation of subsidiary6 | |||||
| Reclassification within equity | 1 | (1) | |||
| At 31 December 2017 | (74) | 1 | 30 962 | ||
| Adjustment on initial application of IFRS 9 (net of tax)7 | 74 | (74) | (11) | ||
|---|---|---|---|---|---|
| Adjustment on initial application of IFRS 15 (net of tax)7 | 314 | ||||
| Adjusted balance at 1 January 2018 | (74) | 1 | 31 265 | ||
| Profit for the year | 7 030 | ||||
| Other comprehensive income for the year | 21 | ||||
| Share of other comprehensive income of equity-accounted investments | |||||
| Adjustment to NCI8 | (15) | ||||
| Share-based payments movement2 | |||||
| Dividends paid | (5 483) | ||||
| Disposal of subsidiaries9 | |||||
| Liquidation of subsidiary6 | |||||
| At 31 December 2018 | (53) | 1 | 32 797 | ||
| Attributable to owners of the parent Rm |
Non- controlling interests Rm |
Total equity Rm |
|||
| At 31 December 2016 | 35 875 | (788) | 35 087 | ||
| Profit for the year | 5 982 | 50 | 6 032 | ||
| Other comprehensive loss for the year | (105) | (105) | |||
| Share of other comprehensive (loss)/income of equity-accounted investments | 26 | 26 | |||
| Issue of share capital1 | 10 705 | 10 705 | |||
| Share-based payments movement2 | 4 057 | 4 057 | |||
| Dividends paid | (2 227) | (2 227) | |||
| Share repurchase3 | (2 695) | (2 695) | |||
| Treasury shares4 | (10 242) | (10 242) | |||
| Disposal of an associate5 | (1 331) | (1 331) | |||
| Liquidation of subsidiary6 | 58 | 58 | |||
| Reclassification within equity | |||||
| At 31 December 2017 | 40 103 | (738) | 39 365 | ||
| Adjustment on initial application of IFRS 9 (net of tax)7 | (11) | (11) | |||
|---|---|---|---|---|---|
| Adjustment on initial application of IFRS 15 (net of tax)7 | 314 | 314 | |||
| Adjusted balance at 1 January 2018 | 40 406 | (738) | 39 668 | ||
| Profit for the year | 7 030 | 32 | 7 062 | ||
| Other comprehensive income for the year | 127 | 127 | |||
| Share of other comprehensive income of equity-accounted investments | 133 | 133 | |||
| Adjustment to NCI8 | (15) | 15 | |||
| Share-based payments movement2 | (338) | (338) | |||
| Dividends paid | (5 483) | (5 483) | |||
| Disposal of subsidiaries9 | (10) | (10) | |||
| Liquidation of subsidiary6 | (14) | (14) | |||
| At 31 December 2018 | 41 846 | (701) | 41 145 |
| 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 Eyesizwe 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 R247 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 Eyesizwe in Exxaro were accounted for as treasury shares on consolidation of Eyesizwe. |
| 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 post-retirement employee obligations 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 loss on translation difference recycled to profit or loss on the liquidation of a foreign subsidiary (Exxaro Mineral Sands BV). |
| 7 | Refer note 5.6 for details of the adjustments on initial application of IFRS 9 and IFRS 15. |
| 8 | NCI’s share of an error which was identified at a subsidiary company level. Interest on the environmental rehabilitation trust fund was erroneously omitted in the subsidiary accounting records. This was considered material for the subsidiary companies which were impacted however this was not considered a material error for group and therefore there was no restatement for the Exxaro group. |
| 9 | For 2018, derecognised the NCI reserve which relates to Eloff which was disposed of as part of the Manyeka disposal. |
| DIVIDEND DISTRIBUTION | cents |
| Dividend per share paid in respect of a special dividend declared during 2018 | 1 255 |
| Final dividend per share paid in respect of the 2017 financial year | 400 |
| Dividend per share paid in respect of the 2018 interim period | 530 |
| Final dividend per share payable in respect of the 2018 financial year | 555 |
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.
