Transactions with related parties are on terms that are not more or less favourable than those arranged with independent third parties.
The principal shareholders of the company at 31 December 2018 are detailed in chapter 19, annexure 1.
Exxaro’s previous majority BEE shareholder, Main Street 333, settled its loan (including interest thereon) with Exxaro in January 2017.
Details relating to directors’ emoluments and shareholdings (including options) in the company are disclosed in note 14.5.
Details relating to option and share transactions are disclosed in note 14.3.
KEY MANAGEMENT PERSONNEL
For Exxaro, other than the executive and non-executive directors and executive committee members, no other key management personnel were identified. Refer note 14.5 for details on directors’ remuneration.
For the group, for 2018 and 2017 the executive committee has been identified as being both key management personnel and prescribed officers. Refer note 14.5 for details on their remuneration.
Details of income from and investments in subsidiaries are disclosed in chapter 17.
The group has an interest in the following structured entities which are consolidated unless otherwise indicated:
|Entity||Nature of business|
|Exxaro Chairman’s Fund||Local social economic development1|
|Exxaro Foundation||Local social economic development1|
|Exxaro Employee Empowerment Participation Scheme Trust||Employee share incentive trust|
|Exxaro Employee Empowerment Trust||Employee share incentive trust|
|Exxaro Environmental Rehabilitation Fund||Trust fund for mine closure|
|Exxaro Mountain Bike Academy NPC||Local social economic development1|
|Exxaro People Development Initiative NPC||Local social economic development — bridging classes1|
|Kumba Resources Management Share Trust||Management share incentive trust|
|Eyesizwe (RF) Proprietary Limited||Structured entity to hold the BEE shares|
|Matla and Arnot Rehabilitation Trust||Trust fund for mine closure|
|The Exxaro Coal Central Trust Fund||Trust fund for mine closure|
ASSOCIATES AND JOINT VENTURES
Details of investments in associates and joint ventures and income received therefrom are disclosed in chapter 10. Details of trading transactions and balances are summarised below.
|Items of income and expense incurred during the year|
|Group sales of goods and services rendered||101||186|
|Group purchases of goods and services rendered||(163)||(154)||(742)||(991)|
|The outstanding balances at 31 December|
|Included in trade and other receivables||112||229|
|Included in trade and other payables||(27)||(26)||(53)||(77)|