10.2 Financial assets

10.2.1 ACCOUNTING POLICIES RELATING TO FINANCIAL ASSETS

The accounting policy for financial assets is disclosed in note 16.1 of financial instruments.

10.2.2 FINANCIAL ASSETS COMPOSITION

		Group			Company
At 31 December	Note		2019 Rm	2018 Rm		2019 Rm	2018 Rm
Non-current financial assets
Financial assets at FVOCI			235	185
Equity: unlisted Chifeng			235	185
Financial assets at FVPL			2 039	1 432		29	26
Debt: unlisted – environmental rehabilitation funds			2 039	1 432		29	26
Financial assets at amortised cost			400	1 017		7 124	3 580
Loans to associates and joint ventures				250
– Joint ventures: Mafube¹				250
ESD loans²			124	80		124	80
Interest-bearing loans to subsidiaries³	17.5					7 000	3 500
Other financial assets at amortised cost			276	687
– Environmental rehabilitation funds				351
– Deferred pricing receivable⁴			279	336
– Impairment allowances			(3)


Total non-current financial assets	16.3		2 674	2 634		7 153	3 606
Current financial assets
Financial assets at amortised cost			272	134		4 539	2 583
Loans to associates and joint ventures			133	9
– Associates: Tumelo⁵			133
– Joint ventures: Mafube¹				9
ESD loans²			82	45		82	45
Interest-bearing loans to subsidiaries³						60	586
Non-interest-bearing loans to subsidiaries⁶						359	341
Treasury facilities with subsidiaries at amortised cost⁷						4 038	1 611
Other current financial assets at amortised cost			57	80
– Deferred pricing receivable⁴			57	52
– Deferred consideration receivable⁸			1	29
– Employee receivables			5	4		5	4
– Impairment allowances			(6)			(5)	(4)


Total current financial assets	16.3		272	134		4 539	2 583
Total financial assets			2 946	2 768		11 692	6 189

¹	Loan granted to Mafube in 2018. The loan attracted interest at JIBAR plus a margin of 4%, was unsecured and repayable within five years (ending 2023), unless otherwise agreed by the parties. The loan has been settled in full during 2019.
²	Interest-free loans advanced to successful applicants in terms of the Exxaro ESD programme.
³	Back-to-back loans which have similar terms as agreed with external lenders except for interest, which is charged based on JIBAR plus a margin.
⁴	Relates to a deferred pricing adjustment which arose during 2017. The amount receivable will be settled over seven years (ending 2024) and bears interest at Prime Rate less 2%.
⁵	Loan granted to Tumelo. The loan is interest free, unsecured and repayable on demand, unless otherwise agreed by the parties.
⁶	These loans are interest free, unsecured and repayable on demand.
⁷	Treasury facilities with subsidiaries have no repayments terms and are repayable on demand. Interest is charged at money-market rates.
⁸	Relates to deferred consideration receivable which arose on the disposal of a mining right.

Exxaro report selector 2019